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)

Carrie M. Schoffman 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, 2015

Date of reporting period: March 31, 2015

Item 1. Reports to Stockholders.

2015 SEMIANNUAL REPORT

ICON DIVERSIFIED FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Bond Fund

ICON Equity Income Fund

ICON Fund

ICON High Yield Bond Fund

ICON Long/Short Fund

ICON Opportunities Fund

ICON Risk-Managed Balanced Fund

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

SAR-DIV-15

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	9
ICON Fund	13
ICON High Yield Bond Fund	16
ICON Long/Short Fund	19
ICON Opportunities Fund	23
ICON Risk-Managed Balanced Fund	26
Financial Statements (Unaudited)	34
Financial Highlights (Unaudited)	48
Notes to Financial Statements (Unaudited)	54
Six Month Hypothetical Expense Example (Unaudited)	75
Other Information (Unaudited)	78
Funds Privacy Information	80

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, 2015, 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 and ICON Equity Income Fund may invest up

2 ABOUT THIS REPORT

to 25% of its assets in high-yield bonds that are below investment grade. ICON Risk-Managed Balanced Fund may invest up to 10% of its assets in high-yield bonds that are below investment grade. The ICON High Yield Bond Fund invests at least 80% of its assets in high-yield bonds that are below investment grade, under normal circumstances. 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 the financial statements released to the market as part of our analysis.

Investments in other mutual fund companies may entail certain risks. For example, the Fund’s performance depends on the underlying funds in which it invests, and it is subject to the risks of the underlying funds. Additionally, an investment by the Fund or underlying fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund.

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, 2015 (UNAUDITED)

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (68.3%)
	Basic Materials (1.4%)
$	1,250,000	Alcoa, Inc.		5.13	%		10/01/24	$	1,337,890
	Communications (10.1%)
	950,000	CCO Holdings LLC / CCO Holdings Capital Corp.		7.25	%		10/30/17		990,375
	1,977,000	Cequel Communications Holdings I LLC / Cequel Capital Corp.(a)		5.13	%		12/15/21		1,974,529
	3,450,000	Clearwire Communications LLC / Clearwire Finance, Inc.(a)		14.75	%		12/01/16		4,122,750
	1,500,000	Goodman Networks, Inc.(b)		12.13	%		07/01/18		1,395,000
	900,000	Windstream Corp.		8.13	%		09/01/18		941,625
									9,424,279
	Consumer Staples (3.9%)
	2,798,000	Altria Group, Inc.		9.25	%		08/06/19		3,590,061
	Consumer, Non-cyclical (13.7%)
	1,000,000	Brightstar Corp.(a)		7.25	%		08/01/18		1,067,500
	350,000	DaVita HealthCare Partners, Inc.		6.63	%		11/01/20		366,625
	3,000,000	Hospira, Inc.		5.80	%		08/12/23		3,612,759
	1,000,000	inVentiv Health, Inc.(a)		9.00	%		01/15/18		1,050,000
	3,912,000	Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc.		5.75	%		04/15/23		4,145,077
	1,200,000	MDC Holdings, Inc.		5.50	%		01/15/24		1,170,000
	1,000,000	Prospect Medical Holdings, Inc.(a)		8.38	%		05/01/19		1,062,500
	300,000	Salix Pharmaceuticals Ltd.(a)(b)		6.50	%		01/15/21		332,625
									12,807,086
	Energy (2.1%)
	500,000	Chesapeake Energy Corp.(c)		5.75	%		03/15/23		487,500
	500,000	Denbury Resources, Inc.		4.63	%		07/15/23		428,750
	1,000,000	United Refining Co.		10.50	%		02/28/18		1,050,000
									1,966,250
	Financial (29.8%)
	1,000,000	Deutsche Bank Capital Trust V, VRN(a)(d)		4.90	%		06/30/15		1,000,000
	1,300,000	Everest Reinsurance Holdings, Inc.(d)		6.60	%		05/01/67		1,333,150
	1,000,000	Fulton Capital Trust I Ltd.(e)		6.29	%		02/01/36		992,600
	2,500,000	General Electric Capital Corp., Series A(d)		7.13	%		06/15/22		2,934,375

4 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
$	1,000,000	General Electric Capital Corp., Series B(d)		6.25	%		12/15/22	$	1,125,000
	1,030,000	Goldman Sachs Group, Inc., MTN		5.25	%		08/15/24		1,135,531
	1,500,000	Highmark, Inc.(a)		4.75	%		05/15/21		1,575,618
	1,000,000	Highmark, Inc.(a)		6.13	%		05/15/41		1,063,186
	1,500,000	KCG Holdings, Inc.(a)		6.88	%		03/15/20		1,463,250
	1,094,000	KeyCorp Capital II		6.88	%		03/17/29		1,234,645
	1,000,000	Liberty Mutual Group, Inc.(a)(c)(d)		7.00	%		03/07/67		1,025,500
	2,439,000	MBIA, Inc.		6.63	%		10/01/28		2,481,682
	1,000,000	PNC Preferred Funding Trust II, FRN(a)(d)		1.49	%		03/15/17		915,000
	2,500,000	Prudential Financial, Inc.(d)		8.88	%		06/15/68		2,946,875
	2,000,000	Prudential Insurance Co. of America(a)		8.30	%		07/01/25		2,742,954
	1,000,000	Regions Financial Corp.		7.75	%		09/15/24		1,243,949
	2,800,000	USB Realty Corp., FRN(a)(d)		1.40	%		01/15/17		2,548,000
									27,761,315
	Industrials (5.1%)
	230,000	ADT Corp.(c)		4.13	%		04/15/19		234,313
	1,260,000	Ingersoll-Rand Co.		6.39	%		11/15/27		1,535,073
	500,000	LSB Industries, Inc.		7.75	%		08/01/19		521,250
	1,000,000	Masco Corp.		5.95	%		03/15/22		1,122,500
	300,000	PaperWorks Industries, Inc.(a)		9.50	%		08/15/19		307,500
	975,000	USG Corp.(a)		5.88	%		11/01/21		1,035,937
									4,756,573
	Technology (2.2%)
	171,000	First Data Corp.		12.63	%		01/15/21		202,635
	1,701,000	Freescale Semiconductor, Inc.		10.75	%		08/01/20		1,849,837
									2,052,472
	Total Corporate Bonds (Cost $63,928,280)								63,695,926
	U.S. Treasury Obligations (6.4%)
	1,995,080	Treasury Inflation Protected Security		0.13	%		04/15/19		2,032,021
	1,968,800	Treasury Inflation Protected Security		0.13	%		07/15/24		1,968,030
	2,000,000	U.S. Treasury Note		2.00	%		02/15/25		2,012,656
	Total U.S. Treasury Obligations (Cost $5,913,158)								6,012,707

SCHEDULEOF INVESTMENTS 5

Shares or Principal Amount			Value
	Closed-End Mutual Funds (9.0%)
	86,952	Alliance New York Municipal Income Fund, Inc.	$	1,213,850
	187,643	Diversified Real Asset Income Fund		3,400,091
	16,258	Federated Enhanced Treasury Income Fund		219,646
	28,289	Firsthand Technology Value Fund, Inc.(c)		405,664
	29,808	MFS InterMarket Income Trust I		252,772
	44,079	Montgomery Street Income Securities, Inc.(c)		744,494

Shares or Principal Amount			Value
	50,154	Nuveen Global High Income Fund	$	856,129
	43,812	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		496,828
	68,741	Western Asset/Claymore Inflation-Linked Securities & Income Fund		792,584
	Total Closed-End Mutual Funds (Cost $8,386,681)			8,382,058

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Collateralized Mortgage Obligations (7.1%)
$	1,461,934	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB1, CMO		5.50	%		08/25/34	$	1,576,092
	1,560,203	MASTR Seasoned Securitization Trust, Inc., Series 2005-1, Class 1A1, CMO		6.62	%		09/25/32		1,707,822
	1,927,234	Sequoia Mortgage Trust, Inc., Series 2013-10, Class B2, CMO, VRN(a)(e)		3.59	%		08/25/43		1,807,990
	1,489,810	Sequoia Mortgage Trust, Inc., Series 2014-4, Class B2, CMO, VRN(a)(e)		3.91	%		11/25/44		1,482,202
	Total Collateralized Mortgage Obligations (Cost $6,649,208)								6,574,106

Shares or Principal Amount			Value
	Preferred Stocks (4.4%)
	Diversified Banks (2.5%)
	92,993	RBS Capital Funding Trust V, Series E	$	2,282,978

Shares or Principal Amount			Value
	Office REIT’s (1.9%)
	67,733	Gramercy Property Trust, Inc., Series B(c)(e)	$	1,788,151
	Total Preferred Stocks (Cost $3,960,821)			4,071,129

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Foreign Corporate Bonds (1.7%)
	Basic Materials (1.1%)
$	1,000,000	Kissner Milling Co. Ltd.(a)		7.25	%		06/01/19	$	1,032,500
	Energy (0.6%)
	962,000	CHC Helicopter S.A.		9.38	%		06/01/21		577,200
	Total Foreign Corporate Bonds (Cost $2,077,013)								1,609,700

6 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Collateral for Securities on Loan (2.1%)
	2,004,800	State Street Navigator Prime Portfolio, 0.16%	$	2,004,800
	Total Collateral for Securities on Loan (Cost $2,004,800)			2,004,800

Shares or Principal Amount			Value
	Short-Term Investments (4.9%)
$	4,562,697	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15	$	4,562,697
	Total Short-Term Investments (Cost $4,562,697)			4,562,697
	Total Investments 103.9% (Cost $97,482,658)			96,913,123
	Liabilities Less Other Assets (3.9)%			(3,643,536	)
	Net Assets 100.0%		$	93,269,587

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

(a) 144A - Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) 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, 2015.

(c) All or a portion of the security was on loan as of March 31, 2015.

(d) Floating Rate Security. Rate disclosed is as of March 31, 2015.

(e) These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2015 was $6,070,943, which represent 6.5% of the Fund’s Net Assets.

FRN Floating Rate Note

MTN Medium Term Note

VRN Variable Rate Note

REIT Real Estate Investment Trust

SCHEDULEOF INVESTMENTS 7

ICON Bond Fund

Credit Diversification

March 31, 2015 (unaudited)

Aaa	6.4%
A3	2.9%
A-	1.8%	*
Baa1	13.9%
Baa2	6.2%
Baa3	11.7%
Ba1	15.3%
Ba2	2.8%
Ba3	1.7%
B1	5.7%
B2	3.8%
B3	5.0%
Caa1	2.8%
NR	3.5%
	83.5%

* Reflects S&P Rating of A- since a Moody’s rating is unavailable for MASTR Seasoned Security Trust 2005-1, CMO as of March 31, 2015.

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

8 SCHEDULEOF INVESTMENTS

ICON EQUITY INCOME FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (85.9%)
	Asset Management & Custody Banks (6.4%)
	39,700	Ares Capital Corp.	$	681,649
	18,700	Invesco, Ltd.		742,203
	25,400	Main Street Capital Corp.(a)		784,860
	28,700	Triangle Capital Corp.(a)		654,647
				2,863,359
	Automobile Manufacturers (4.0%)
	48,200	Ford Motor Co.		777,948
	20,900	Nissan Motor Co. Ltd., ADR		424,897
	4,000	Toyota Motor Corp., ADR(a)		559,560
				1,762,405
	Biotechnology (1.7%)
	7,700	Gilead Sciences, Inc.†		755,601
	Cable & Satellite (1.8%)
	5,400	Time Warner Cable, Inc.		809,352
	Commodity Chemicals (1.5%)
	7,800	LyondellBasell Industries, Class A		684,840
	Communications Equipment (2.0%)
	12,500	QUALCOMM, Inc.		866,750
	Computer & Electronics Retail (1.9%)
	21,800	GameStop Corp., Class A(a)		827,528
	Construction & Farm Machinery & Heavy Trucks (1.6%)
	5,000	Cummins, Inc.		693,200
	Diversified Banks (4.1%)
	16,300	JPMorgan Chase & Co.		987,454
	15,500	Wells Fargo & Co.		843,200
				1,830,654

Shares or Principal Amount			Value
	Diversified Chemicals (1.6%)
	14,800	Dow Chemical Co.	$	710,104
	Electric Utilities (4.0%)
	16,200	ALLETE, Inc.		854,712
	34,000	Great Plains Energy, Inc.		907,120
				1,761,832
	Electronic Equipment & Instruments (1.8%)
	73,800	Daktronics, Inc.		797,778
	Gas Utilities (1.7%)
	12,400	National Fuel Gas Co.		748,092
	Health Care REITs (3.5%)
	20,800	HCP, Inc., REIT		898,768
	9,100	Ventas, Inc., REIT		664,482
				1,563,250
	Home Furnishings (2.1%)
	20,300	Leggett & Platt, Inc.		935,627
	Home Improvement Retail (1.9%)
	7,500	Home Depot, Inc.		852,075
	Housewares & Specialties (2.0%)
	13,200	Tupperware Brands Corp.		911,064
	Insurance Brokers (2.1%)
	19,800	Arthur J Gallagher & Co.		925,650
	Integrated Telecommunication Services (4.2%)
	20,500	BCE, Inc.		868,380
	20,400	Verizon Communications, Inc.		992,052
				1,860,432
	Multi-line Insurance (4.3%)
	29,600	Horace Mann Educators Corp.		1,012,320

SCHEDULEOF INVESTMENTS 9

Shares or Principal Amount			Value
	22,900	Kemper Corp.	$	892,184
				1,904,504
	Multi-Utilities (3.7%)
	17,600	Black Hills Corp.		887,744
	21,900	CMS Energy Corp.		764,529
				1,652,273
	Oil & Gas Drilling (2.3%)
	15,100	Helmerich & Payne, Inc.		1,027,857
	Oil & Gas Equipment & Services (1.3%)
	10,800	Bristow Group, Inc.		588,060
	Oil & Gas Exploration & Production (1.2%)
	49,200	Encana Corp.		548,580
	Packaged Foods & Meats (2.1%)
	31,900	B&G Foods, Inc.		938,817
	Paper Packaging (3.5%)
	15,400	Avery Dennison Corp.		814,814
	9,500	Packaging Corp. of America		742,805
				1,557,619
	Pharmaceuticals (2.0%)
	15,100	AbbVie, Inc.		883,954
	Regional Banks (6.4%)
	31,300	Fifth Third Bancorp		590,005

Shares or Principal Amount			Value
	63,200	First Commonwealth Financial Corp.	$	568,800
	32,900	Glacier Bancorp, Inc.		827,435
	23,200	Webster Financial Corp.		859,560
				2,845,800
	Residential REIT’s (1.3%)
	7,300	Camden Property Trust, REIT		570,349
	Semiconductors (1.3%)
	9,800	Texas Instruments, Inc.		560,413
	Soft Drinks (2.9%)
	10,700	Coca-Cola Enterprises, Inc.		472,940
	10,200	Dr. Pepper Snapple Group, Inc.		800,496
				1,273,436
	Tobacco (1.7%)
	15,200	Altria Group, Inc.		760,304
	Trading Companies & Distributors (2.0%)
	21,600	Fastenal Co.		894,996
	Total Common Stocks (Cost $36,923,729)			38,166,555

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (5.4%)
	Basic Materials (1.0%)
$	400,000	Alcoa, Inc.		5.13	%		10/01/24	$	428,125
	Energy (3.0%)
	500,000	California Resources Corp.(a)(b)		6.00	%		11/15/24		438,750
	500,000	Chesapeake Energy Corp.(a)		5.75	%		03/15/23		487,500
	500,000	Denbury Resources, Inc.		4.63	%		07/15/23		428,750
									1,355,000
	Financial (1.4%)
	500,000	Ironshore Holdings US, Inc.(b)		8.50	%		05/15/20		607,179
	Total Corporate Bonds (Cost $2,382,160)								2,390,304

10 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Preferred Stocks (4.3%)
	Consumer Finance (1.1%)
	19,600	Discover Financial Services, Series B(a)	$	508,032
	Diversified Banks (1.3%)
	23,117	RBS Capital Funding Trust V, Series E		567,522
	Industrial Machinery (1.9%)
	33,300	Stanley Black & Decker, Inc.(a)		855,144
	Total Preferred Stocks (Cost $1,877,105)			1,930,698
	Convertible Preferred Stock (1.9%)
	Diversified Banks (1.9%)
	700	Wells Fargo & Co., Series L		856,100
	Total Convertible Preferred Stocks (Cost $828,278)			856,100
	Exchange Traded Fund (1.0%)
	11,300	SPDR Barclays High Yield Bond ETF		443,186
	Total Exchange Traded Funds (Cost $449,464)			443,186

Shares or Principal Amount			Value
	Collateral for Securities on Loan (9.3%)
	4,121,010	State Street Navigator Prime Portfolio, 0.16%	$	4,121,010
	Total Collateral for Securities on Loan (Cost $4,121,010)			4,121,010
	Short-Term Investments (1.6%)
$	693,244	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		693,244
	Total Short-Term Investments (Cost $693,244)			693,244
	Total Investments 109.4% (Cost $47,274,990)			48,601,097
	Liabilities Less Other Assets (9.4)%			(4,181,312	)
	Net Assets 100.0%		$	44,419,785

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, 2015.

(b) 144A - Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SCHEDULEOF INVESTMENTS 11

ICON Equity Income Fund

Sector Composition

March 31, 2015 (unaudited)

Financial	32.4%
Consumer Discretionary	13.7%
Utilities	9.4%
Consumer Staples	6.7%
Materials	6.6%
Industrials	5.5%
Information Technology	5.1%
Energy	4.8%
Telecommunication	4.2%
Health Care	3.7%
	92.1%

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

ICON Equity Income Fund

Industry Composition

March 31, 2015 (unaudited)

Diversified Banks	7.3%
Asset Management & Custody Banks	6.4%
Regional Banks	6.4%
Multi-line Insurance	4.3%
Integrated Telecommunication Services	4.2%
Automobile Manufacturers	4.0%
Electric Utilities	4.0%
Multi-Utilities	3.7%
Health Care REITs	3.5%
Paper Packaging	3.5%
Soft Drinks	2.9%
Oil & Gas Drilling	2.3%
Home Furnishings	2.1%
Insurance Brokers	2.1%
Packaged Foods & Meats	2.1%
Communications Equipment	2.0%
Housewares & Specialties	2.0%
Pharmaceuticals	2.0%
Trading Companies & Distributors	2.0%
Computer & Electronics Retail	1.9%

Home Improvement Retail	1.9%
Industrial Machinery	1.9%
Cable & Satellite	1.8%
Electronic Equipment & Instruments	1.8%
Biotechnology	1.7%
Gas Utilities	1.7%
Tobacco	1.7%
Construction & Farm Machinery & Heavy Trucks	1.6%
Diversified Chemicals	1.6%
Commodity Chemicals	1.5%
Oil & Gas Equipment & Services	1.3%
Residential REIT’s	1.3%
Semiconductors	1.3%
Oil & Gas Exploration & Production	1.2%
Consumer Finance	1.1%
	92.1%

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

12 SCHEDULEOF INVESTMENTS

ICON FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (100.2%)
	Airlines (5.4%)
	32,500	Alaska Air Group, Inc.	$	2,150,850
	35,700	Delta Air Lines, Inc.		1,605,072
				3,755,922
	Asset Management & Custody Banks (2.3%)
	94,900	Janus Capital Group, Inc.		1,631,331
	Auto Parts & Equipment (1.5%)
	16,900	BorgWarner, Inc.		1,022,112
	Automobile Manufacturers (3.3%)
	36,000	Thor Industries, Inc.		2,275,560
	Biotechnology (10.3%)
	7,200	Biogen Idec, Inc.†		3,040,128
	35,900	Celgene Corp.†		4,138,552
				7,178,680
	Broadcasting (6.7%)
	41,500	CBS Corp., Class B		2,516,145
	36,200	Discovery Communications, Inc., Class A†		1,113,512
	36,200	Discovery Communications, Inc., Class C†		1,066,995
				4,696,652
	Construction Materials (2.2%)
	11,100	Martin Marietta Materials, Inc.		1,551,780
	Consumer Finance (3.0%)
	50,800	Encore Capital Group, Inc.†(a)		2,112,772
	Diversified Banks (3.0%)
	134,200	Bank of America Corp.		2,065,338
	Electronic Components (3.2%)
	27,300	Rogers Corp.†		2,244,333

Shares or Principal Amount			Value
	Electronic Manufacturing Services (4.4%)
	64,800	Methode Electronics, Inc.	$	3,048,192
	Health Care Distributors (1.9%)
	5,900	McKesson Corp.		1,334,580
	Home Furnishings (4.5%)
	16,800	Mohawk Industries, Inc.†		3,120,600
	Home Improvement Retail (6.2%)
	38,200	Home Depot, Inc.		4,339,902
	Hotels, Resorts & Cruise Lines (2.4%)
	18,700	Wyndham Worldwide Corp.		1,691,789
	Leisure Products (2.9%)
	14,400	Polaris Industries, Inc.		2,031,840
	Movies & Entertainment (2.6%)
	26,100	Viacom, Inc., Class B		1,782,630
	Paper Products (3.8%)
	40,600	Clearwater Paper Corp.†		2,651,180
	Pharmaceuticals (7.7%)
	13,000	Jazz Pharmaceuticals PLC†		2,246,270
	18,700	Perrigo Co. PLC		3,095,785
				5,342,055
	Railroads (4.1%)
��	42,800	CSX Corp.		1,417,536
	13,600	Union Pacific Corp.		1,473,016
				2,890,552
	Real Estate Services (2.6%)
	46,500	CBRE Group, Inc., Class A†		1,800,015
	Regional Banks (2.6%)
	13,800	Signature Bank†		1,788,204

SCHEDULEOF INVESTMENTS 13

Shares or Principal Amount			Value
	Semiconductor Equipment (3.0%)
	93,400	Applied Materials, Inc.	$	2,107,104
	Semiconductors (4.2%)
	29,500	Skyworks Solutions, Inc.		2,899,555
	Specialty Chemicals (4.5%)
	24,800	Ashland, Inc.		3,157,288
	Specialty Stores (1.9%)
	15,900	Tractor Supply Co.		1,352,454
	Total Common Stocks (Cost $58,128,496)			69,872,420

Shares or Principal Amount			Value
	Collateral for Securities on Loan (2.0%)
	1,363,939	State Street Navigator Prime Portfolio, 0.16%	$	1,363,939
	Total Collateral for Securities on Loan (Cost $1,363,939)			1,363,939
	Total Investments 102.2% (Cost $59,492,435)			71,236,359
	Liabilities Less Other Assets (2.2)%			(1,499,773	)
	Net Assets 100.0%		$	69,736,586

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, 2015.

14 SCHEDULEOF INVESTMENTS

ICON Fund

Sector Composition

March 31, 2015 (unaudited)

Consumer Discretionary	32.0%
Health Care	19.9%
Information Technology	14.8%
Financial	13.5%
Industrials	9.5%
Materials	10.5%
	100.2%

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

ICON Fund

Industry Composition

March 31, 2015 (unaudited)

Biotechnology	10.3%
Pharmaceuticals	7.7%
Broadcasting	6.7%
Home Improvement Retail	6.2%
Airlines	5.4%
Home Furnishings	4.5%
Specialty Chemicals	4.5%
Electronic Manufacturing Services	4.4%
Semiconductors	4.2%
Railroads	4.1%
Paper Products	3.8%
Automobile Manufacturers	3.3%
Electronic Components	3.2%
Consumer Finance	3.0%
Diversified Banks	3.0%

Semiconductor Equipment	3.0%
Leisure Products	2.9%
Movies & Entertainment	2.6%
Real Estate Services	2.6%
Regional Banks	2.6%
Hotels, Resorts & Cruise Lines	2.4%
Asset Management & Custody Banks	2.3%
Construction Materials	2.2%
Health Care Distributors	1.9%
Specialty Stores	1.9%
Auto Parts & Equipment	1.5%
	100.2%

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

SCHEDULEOF INVESTMENTS 15

ICON HIGH YIELD BOND FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (73.8%)
	Communications (24.8%)
$	50,000	CCO Holdings LLC / CCO Holdings Capital Corp.		7.25	%		10/30/17	$	52,125
	25,000	Cequel Communications Holdings I LLC / Cequel Capital Corp.(a)		6.38	%		09/15/20		26,344
	23,000	Cequel Communications Holdings I LLC / Cequel Capital Corp.(a)		5.13	%		12/15/21		22,971
	30,000	Goodman Networks, Inc.		12.13	%		07/01/18		27,900
	45,000	Level 3 Financing, Inc.		8.63	%		07/15/20		48,769
	25,000	Sprint Communications, Inc.		6.00	%		11/15/22		23,750
	50,000	Windstream Corp.		8.13	%		09/01/18		52,312
									254,171
	Consumer, Non-cyclical (17.5%)
	18,000	Brightstar Corp.(a)		7.25	%		08/01/18		19,215
	50,000	DaVita HealthCare Partners, Inc.		6.63	%		11/01/20		52,375
	18,000	inVentiv Health, Inc.(a)		9.00	%		01/15/18		18,900
	52,000	MDC Holdings, Inc.		5.50	%		01/15/24		50,700
	15,000	Prospect Medical Holdings, Inc.(a)		8.38	%		05/01/19		15,937
	20,000	Salix Pharmaceuticals Ltd.(a)		6.50	%		01/15/21		22,175
									179,302
	Energy (5.3%)
	15,000	Chesapeake Energy Corp.		5.75	%		03/15/23		14,625
	25,000	Denbury Resources, Inc.		4.63	%		07/15/23		21,438
	18,000	United Refining Co.		10.50	%		02/28/18		18,900
									54,963
	Financial (6.3%)
	15,000	Highmark, Inc.(a)		4.75	%		05/15/21		15,756
	50,000	KCG Holdings, Inc.(a)		6.88	%		03/15/20		48,775
									64,531
	Industrials (14.7%)
	35,000	ADT Corp.		4.13	%		04/15/19		35,656
	20,000	Case New Holland Industrial, Inc.		7.88	%		12/01/17		22,156
	20,000	LSB Industries, Inc.		7.75	%		08/01/19		20,850
	15,000	PaperWorks Industries, Inc.(a)		9.50	%		08/15/19		15,375
	53,000	USG Corp.(a)		5.88	%		11/01/21		56,313
									150,350

16 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Technology (5.2%)
$	45,000	First Data Corp.		12.63	%		01/15/21	$	53,325
	Total Corporate Bonds (Cost $761,300)								756,642

Shares or Principal Amount			Value
	Closed-End Mutual Funds (10.1%)
	1,287	Alliance New York Municipal Income Fund, Inc.	$	17,967
	3,700	Deutsche Global High Income Fund, Inc.		30,895
	1,503	Diversified Real Asset Income Fund		27,234
	1,599	Nuveen Global High Income Fund		27,295
	Total Closed-End Mutual Funds (Cost $101,616)			103,391

Shares or Principal Amount			Value
	Preferred Stock (4.8%)
	Diversified Banks (4.8%)
	2,004	RBS Capital Funding Trust V, Series E	$	49,198
	Total Preferred Stocks (Cost $48,664)			49,198

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Foreign Corporate Bonds (5.8%)
	Communications (1.8%)
$	18,000	Intelsat Jackson Holdings S.A.		7.25	%		04/01/19	$	18,657
	Energy (1.5%)
	26,000	CHC Helicopter S.A.		9.38	%		06/01/21		15,600
	Materials (2.5%)
	25,000	Kissner Milling Co. Ltd.(a)		7.25	%		06/01/19		25,813
	Total Foreign Corporate Bonds (Cost $72,223)								60,070
	Total Investments 94.5% (Cost $983,803)								969,301
	Other Assets Less Liabilities 5.5%								56,184
	Net Assets 100.0%							$	1,025,485

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

(a) 144A - Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

SCHEDULEOF INVESTMENTS 17

ICON High Yield Bond Fund

Credit Diversification

March 31, 2015 (unaudited)

Baa3	1.5%
Ba1	10.4%
Ba2	3.5%
Ba3	2.0%
B1	27.7%
B2	9.7%
B3	18.1%
Caa1	6.7%
	79.6%

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

18 SCHEDULEOF INVESTMENTS

ICON LONG/SHORT FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.8%)
	Asset Management & Custody Banks (2.8%)
	66,600	Janus Capital Group, Inc.	$	1,144,854
	Automobile Manufacturers (2.8%)
	18,300	Thor Industries, Inc.(x)		1,156,743
	Biotechnology (11.9%)
	3,300	Biogen Idec, Inc.†		1,393,392
	14,600	Celgene Corp.†		1,683,088
	23,600	Ligand Pharmaceuticals, Inc.†(a)		1,819,796
				4,896,276
	Broadcasting (5.6%)
	22,500	CBS Corp., Class B		1,364,175
	15,600	Discovery Communications, Inc., Class A†		479,856
	15,600	Discovery Communications, Inc., Class C†		459,810
				2,303,841
	Construction Materials (1.2%)
	3,500	Martin Marietta Materials, Inc.		489,300
	Consumer Finance (3.2%)
	31,600	Encore Capital Group, Inc.†(a)		1,314,244
	Data Processing & Outsourced Services (2.8%)
	13,300	Mastercard, Inc., Class A(x)		1,148,987
	Diversified Banks (2.8%)
	75,100	Bank of America Corp.		1,155,789
	Electronic Components (4.2%)
	21,200	Rogers Corp.†		1,742,852

Shares or Principal Amount			Value
	Electronic Manufacturing Services (5.5%)
	48,200	Methode Electronics, Inc.	$	2,267,328
	Health Care Distributors (2.6%)
	4,800	McKesson Corp.		1,085,760
	Home Furnishings (3.9%)
	8,700	Mohawk Industries, Inc.†		1,616,025
	Home Improvement Retail (4.8%)
	17,300	Home Depot, Inc.		1,965,453
	Hotels, Resorts & Cruise Lines (2.7%)
	12,400	Wyndham Worldwide Corp.		1,121,828
	Housewares & Specialties (2.8%)
	21,600	Jarden Corp.†		1,142,640
	IT Consulting & Other Services (3.3%)
	22,200	Cognizant Technology Solutions Corp., Class A† (x)		1,385,058
	Leisure Products (2.6%)
	7,700	Polaris Industries, Inc.		1,086,470
	Paper Products (3.3%)
	20,900	Clearwater Paper Corp.†		1,364,770
	Pharmaceuticals (6.8%)
	6,800	Jazz Pharmaceuticals PLC†		1,174,972
	9,800	Perrigo Co. PLC		1,622,390
				2,797,362
	Railroads (3.7%)
	22,000	CSX Corp.		728,640
	7,700	Norfolk Southern Corp.		792,484
				1,521,124
	Real Estate Services (2.2%)
	23,500	CBRE Group, Inc., Class A†		909,685

SCHEDULEOF INVESTMENTS 19

Shares or Principal Amount			Value
	Regional Banks (2.9%)
	9,300	Signature Bank†	$	1,205,094
	Semiconductor Equipment (3.0%)
	54,900	Applied Materials, Inc.		1,238,544
	Semiconductors (4.0%)
	16,900	Skyworks Solutions, Inc.		1,661,101
	Specialty Chemicals (4.2%)
	13,600	Ashland, Inc.		1,731,416
	Specialty Stores (3.2%)
	15,400	Tractor Supply Co.		1,309,924
	Total Common Stocks (Cost $32,688,892)			40,762,468

Shares or Principal Amount			Value
	Collateral for Securities on Loan (6.0%)
	2,479,870	State Street Navigator Prime Portfolio, 0.16%	$	2,479,870
	Total Collateral for Securities on Loan (Cost $2,479,870)			2,479,870
	Short-Term Investments (0.4%)
$	177,539	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		177,539
	Total Short-Term Investments (Cost $177,539)			177,539
	Total Investments 105.2% (Cost $35,346,301)			43,419,877
	Liabilities Less Other Assets (5.2)%			(2,133,236	)
	Net Assets 100.0%		$	41,286,641

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, 2015.

20 SCHEDULEOF INVESTMENTS

ICON LONG/SHORT FUND

SCHEDULEOF SECURITIES SOLD SHORT

MARCH 31, 2015 (UNAUDITED)

Shares		Short Security	Value
	Integrated Telecommunication Services ((1.9)%)
	225,000	Cincinnati Bell, Inc.†	$	794,250
	Total Securities Sold Short (Proceeds $803,622)		$	794,250

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

† Non-income producing security.

SCHEDULEOF INVESTMENTS 21

ICON Long/Short Fund

Sector Composition

March 31, 2015 (unaudited)

Consumer Discretionary	28.4%
Information Technology	22.8%
Health Care	21.3%
Financial	13.9%
Materials	8.7%
Industrials	3.7%
	98.8%

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

ICON Long/Short Fund

Industry Composition

March 31, 2015 (unaudited)

Biotechnology	11.9%
Pharmaceuticals	6.8%
Broadcasting	5.6%
Electronic Manufacturing Services	5.5%
Home Improvement Retail	4.8%
Electronic Components	4.2%
Specialty Chemicals	4.2%
Semiconductors	4.0%
Home Furnishings	3.9%
Railroads	3.7%
IT Consulting & Other Services	3.3%
Paper Products	3.3%
Consumer Finance	3.2%
Specialty Stores	3.2%
Semiconductor Equipment	3.0%
Regional Banks	2.9%

Asset Management & Custody Banks	2.8%
Automobile Manufacturers	2.8%
Data Processing & Outsourced Services	2.8%
Diversified Banks	2.8%
Housewares & Specialties	2.8%
Hotels, Resorts & Cruise Lines	2.7%
Health Care Distributors	2.6%
Leisure Products	2.6%
Real Estate Services	2.2%
Construction Materials	1.2%
	98.8%

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

22 SCHEDULEOF INVESTMENTS

ICON OPPORTUNITIES FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (100.3%)
	Aerospace & Defense (3.1%)
	5,449	Curtiss-Wright Corp.	$	402,899
	Asset Management & Custody Banks (3.1%)
	23,000	Janus Capital Group, Inc.		395,370
	Auto Parts & Equipment (1.9%)
	4,800	Dorman Products, Inc.†		238,800
	Automobile Manufacturers (4.6%)
	9,401	Thor Industries, Inc.		594,237
	Biotechnology (5.9%)
	9,931	Ligand Pharmaceuticals, Inc.†		765,779
	Construction & Farm Machinery & Heavy Trucks (3.0%)
	30,900	Meritor, Inc.†		389,649
	Consumer Finance (5.2%)
	8,873	Encore Capital Group, Inc.†		369,028
	5,453	PRA Group, Inc.†		296,207
				665,235
	Data Processing & Outsourced Services (1.3%)
	4,400	Total System Services, Inc.		167,860
	Diversified Chemicals (2.6%)
	8,100	LSB Industries, Inc.†		334,773
	Electronic Components (2.6%)
	4,160	Rogers Corp.†		341,994
	Electronic Equipment & Instruments (6.6%)
	4,894	Coherent, Inc.†		317,914
	16,500	Daktronics, Inc.		178,365
	4,665	FEI Co.		356,126
				852,405

Shares or Principal Amount			Value
	Electronic Manufacturing Services (5.3%)
	14,618	Methode Electronics, Inc.	$	687,631
	Health Care Equipment (2.4%)
	11,900	Exactech, Inc.†		304,997
	Health Care Facilities (2.1%)
	3,800	Acadia Healthcare Co., Inc.†		272,080
	Health Care Supplies (1.9%)
	4,600	Align Technology, Inc.†		247,411
	Homefurnishing Retail (2.3%)
	11,900	Haverty Furniture Cos., Inc.		296,072
	Industrial Machinery (1.0%)
	2,100	Crane Co.		131,061
	Insurance Brokers (2.0%)
	7,700	Brown & Brown, Inc.		254,947
	Internet Retail (3.0%)
	19,100	Nutrisystem, Inc.		381,618
	Internet Software & Services (2.3%)
	4,514	j2 Global, Inc.		296,480
	Leisure Products (2.4%)
	6,000	Brunswick Corp.		308,700
	Life Sciences Tools & Services (4.5%)
	14,800	Cambrex Corp.†		586,524
	Multi-line Insurance (1.5%)
	5,700	Horace Mann Educators Corp.		194,940
	Packaged Foods & Meats (2.2%)
	20,100	Landec Corp.†		280,395
	Paper Packaging (2.7%)
	6,600	Avery Dennison Corp.		349,206

SCHEDULEOF INVESTMENTS 23

Shares or Principal Amount			Value
	Paper Products (3.8%)
	7,566	Clearwater Paper Corp.†	$	494,060
	Pharmaceuticals (2.8%)
	5,425	Lannett Co., Inc.†		367,327
	Real Estate Services (2.9%)
	5,800	FirstService Corp.		375,376
	Restaurants (4.0%)
	2,867	Buffalo Wild Wings, Inc.†		519,615
	Semiconductor Equipment (3.1%)
	20,992	Teradyne, Inc.		395,699
	Semiconductors (2.3%)
	8,500	Microsemi Corp.†		300,900

Shares or Principal Amount			Value
	Specialty Chemicals (5.9%)
	5,369	HB Fuller Co.	$	230,169
	7,333	Minerals Technologies, Inc.		536,042
				766,211
	Total Common Stocks (Cost $11,594,307)			12,960,251
	Total Investments 100.3% (Cost $11,594,307)			12,960,251
	Liabilities Less Other Assets (0.3)%			(39,178	)
	Net Assets 100.0%		$	12,921,073

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

† Non-income producing security.

24 SCHEDULEOF INVESTMENTS

ICON Opportunities Fund

Sector Composition

March 31, 2015 (unaudited)

Information Technology	23.5%
Health Care	19.6%
Consumer Discretionary	18.2%
Materials	17.2%
Financial	14.7%
Industrials	7.1%
	100.3%

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

ICON Opportunities Fund

Industry Composition

March 31, 2015 (unaudited)

Electronic Equipment & Instruments	6.6%
Biotechnology	5.9%
Specialty Chemicals	5.9%
Electronic Manufacturing Services	5.3%
Consumer Finance	5.2%
Automobile Manufacturers	4.6%
Life Sciences Tools & Services	4.5%
Restaurants	4.0%
Paper Products	3.8%
Aerospace & Defense	3.1%
Asset Management & Custody Banks	3.1%
Semiconductor Equipment	3.1%
Construction & Farm Machinery & Heavy Trucks	3.0%
Internet Retail	3.0%
Real Estate Services	2.9%
Pharmaceuticals	2.8%
Paper Packaging	2.7%

Diversified Chemicals	2.6%
Electronic Components	2.6%
Health Care Equipment	2.4%
Leisure Products	2.4%
Homefurnishing Retail	2.3%
Internet Software & Services	2.3%
Semiconductors	2.3%
Packaged Foods & Meats	2.2%
Health Care Facilities	2.1%
Insurance Brokers	2.0%
Auto Parts & Equipment	1.9%
Health Care Supplies	1.9%
Multi-line Insurance	1.5%
Data Processing & Outsourced Services	1.3%
Industrial Machinery	1.0%
	100.3%

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

SCHEDULEOF INVESTMENTS 25

ICON RISK-MANAGED BALANCED FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (61.7%)
	Consumer Discretionary (11.0%)
	6,300	BorgWarner, Inc.	$	381,024
	6,200	CBS Corp., Class B		375,906
	500	Chipotle Mexican Grill, Inc.†		325,270
	2,800	Comcast Corp., Class A		158,116
	2,200	Delphi Automotive plc		175,428
	8,000	Gentherm, Inc.†		404,080
	8,000	Gildan Activewear, Inc.		236,160
	4,000	Home Depot, Inc.x		454,440
	5,000	Jarden Corp.†		264,500
	3,500	Macy’s, Inc.		227,185
	3,400	Starbucks Corp.		321,980
	3,500	Walt Disney Co.		367,115
				3,691,204
	Consumer Staples (1.2%)
	1,900	Reynolds American, Inc.x		130,929
	7,000	Tyson Foods, Inc., Class A		268,100
				399,029
	Energy (2.9%)
	4,000	Bristow Group, Inc.		217,800
	1,500	EQT Corp.x		124,305
	2,100	Oceaneering International, Inc.		113,253
	2,600	Range Resources Corp.x		135,304
	3,600	Schlumberger, Ltd.		300,384
	2,000	Whiting Petroleum Corp.†		61,800
				952,846
	Financial (12.9%)
	7,500	Arthur J Gallagher & Co.		350,625
	10,000	Bank of America Corp.		153,900
	14,000	CBRE Group, Inc., Class A†		541,940

Shares or Principal Amount			Value
	7,900	Discover Financial Servicesx	$	445,165
	8,900	Encore Capital Group, Inc.†(a)		370,151
	7,600	Invesco, Ltd.		301,644
	3,000	Jones Lang LaSalle, Inc.		511,200
	4,300	Signature Bankx†		557,194
	5,000	SVB Financial Group†		635,200
	6,000	Waddell & Reed Financial, Inc., Class A		297,240
	3,000	Wells Fargo & Co.		163,200
				4,327,459
	Health Care (8.0%)
	5,000	AbbVie, Inc.		292,700
	2,100	Actavis PLC†		625,002
	1,000	Biogen Idec, Inc.†		422,240
	3,200	Gilead Sciences, Inc.†		314,016
	2,000	Jazz Pharmaceuticals PLC†		345,580
	3,000	McKesson Corp.x		678,600
				2,678,138
	Industrials (6.4%)
	2,973	Curtiss-Wright Corp.		219,824
	14,000	Delta Air Lines, Inc.x		629,440
	1,900	Genesee & Wyoming, Inc., Class A†		183,236
	1,100	Precision Castparts Corp.		231,000
	5,000	Ryder System, Inc.		474,450
	3,800	Union Pacific Corp.x		411,578
				2,149,528
	Information Technology (11.8%)
	4,400	Accenture PLC, Class A		412,236
	1,800	Alliance Data Systems Corp.†		533,250
	3,900	Apple, Inc.		485,277
	13,000	Applied Materials, Inc.		293,280

26 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	1,500	DST Systems, Inc.	$	166,065
	6,000	Facebook, Inc., Class Ax†		493,290
	500	Google, Inc., Class C†		274,000
	5,000	Mastercard, Inc., Class Ax		431,950
	11,000	Micron Technology, Inc.†		298,430
	3,100	Synaptics, Inc.†		252,045
	4,400	Visa, Inc., Class A		287,804
				3,927,627
	Materials (5.4%)
	4,000	Ashland, Inc.		509,240
	2,000	Clearwater Paper Corp.†		130,600
	3,000	Eagle Materials, Inc.		250,680

Shares or Principal Amount			Value
	2,800	LyondellBasell Industries, Class Ax	$	245,840
	7,300	Methanex Corp.x		391,061
	2,500	Monsanto Co.		281,350
				1,808,771
	Telecommunication (0.6%)
	4,000	Verizon Communications, Inc.		194,520
	Utilities (1.5%)
	2,700	Atmos Energy Corp.		149,310
	6,200	CMS Energy Corp.		216,442
	2,600	Laclede Group, Inc.		133,172
				498,924
	Total Common Stocks (Cost $18,770,826)			20,628,046

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (21.2%)
	Communications (2.7%)
$	225,000	Cequel Communications Holdings I LLC / Cequel Capital Corp.(b)		6.38	%		09/15/20	$	237,094
	400,000	Clearwire Communications LLC / Clearwire Finance, Inc.(b)		14.75	%		12/01/16		478,000
	150,000	Goodman Networks, Inc.(c)		12.13	%		07/01/18		139,500
	50,000	Windstream Corp.		8.13	%		09/01/18		52,312
									906,906
	Consumer Staples (1.2%)
	328,000	Altria Group, Inc.		9.25	%		08/06/19		420,851
	Consumer, Non-cyclical (4.2%)
	150,000	Brightstar Corp.(b)		7.25	%		08/01/18		160,125
	100,000	DaVita HealthCare Partners, Inc.		6.63	%		11/01/20		104,750
	300,000	Hospira, Inc.		5.80	%		08/12/23		361,276
	525,000	Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc.		5.75	%		04/15/23		556,279
	100,000	MDC Holdings, Inc.		5.50	%		01/15/24		97,500
	100,000	Salix Pharmaceuticals Ltd.(b)(c)		6.50	%		01/15/21		110,875
									1,390,805
	Energy (1.0%)
	100,000	Chesapeake Energy Corp.(a)		5.75	%		03/15/23		97,500
	100,000	Denbury Resources, Inc.		4.63	%		07/15/23		85,750
	150,000	United Refining Co.		10.50	%		02/28/18		157,500
									340,750

SCHEDULEOF INVESTMENTS 27

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Financial (10.5%)
$	355,000	AIG Retirement		8.13	%		04/28/23	$	468,294
	378,000	City National Corp.		5.25	%		09/15/20		433,377
	100,000	Deutsche Bank Capital Trust V, VRN(b)(d)		4.90	%		06/30/15		100,000
	100,000	Everest Reinsurance Holdings, Inc.(d)		6.60	%		05/01/67		102,550
	170,000	Highmark, Inc.(b)		4.75	%		05/15/21		178,570
	225,000	Highmark, Inc.(b)		6.13	%		05/15/41		239,217
	150,000	KCG Holdings, Inc.(b)		6.88	%		03/15/20		146,325
	250,000	Liberty Mutual Group, Inc.(b)(d)		7.00	%		03/07/67		256,375
	151,000	PNC Preferred Funding Trust II, FRN(b)(d)		1.49	%		03/15/17		138,165
	500,000	Prudential Financial, Inc.(d)		8.88	%		06/15/68		589,375
	500,000	Prudential Insurance Co. of America(b)		8.30	%		07/01/25		685,739
	200,000	USB Realty Corp., FRN(b)(d)		1.40	%		01/15/17		182,000
									3,519,987
	Industrials (1.4%)
	110,000	Ingersoll-Rand Co.		6.39	%		11/15/27		134,014
	50,000	LSB Industries, Inc.		7.75	%		08/01/19		52,125
	250,000	Masco Corp.		5.95	%		03/15/22		280,625
									466,764
	Technology (0.2%)
	50,000	First Data Corp.		12.63	%		01/15/21		59,250
	Total Corporate Bonds (Cost $7,150,725)								7,105,313
	U.S. Treasury Obligations (7.6%)
	295,320	Treasury Inflation Protected Security		0.13	%		07/15/24		295,205
	199,508	Treasury Inflation Protected Security		0.13	%		04/15/19		203,202
	500,000	U.S. Treasury Note		2.13	%		09/30/21		514,375
	500,000	U.S. Treasury Note		2.25	%		11/15/24		514,023
	500,000	U.S. Treasury Note		1.00	%		09/15/17		503,438
	500,000	U.S. Treasury Note		2.00	%		02/15/25		503,164
	Total U.S. Treasury Obligations (Cost $2,486,816)								2,533,407

Shares or Principal Amount			Value
	Closed-End Mutual Funds (3.3%)
	7,981	Alliance New York Municipal Income Fund, Inc.	$	111,415
	1,062	BlackRock Enhanced Government Fund, Inc.		14,730
	15,233	Deutsche Global High Income Fund, Inc.		127,196
	17,112	Diversified Real Asset Income Fund		310,069
	3,617	Federated Enhanced Treasury Income Fund		48,866
	2,813	Firsthand Technology Value Fund, Inc.		40,338
	5,180	LMP Real Estate Income Fund, Inc.		67,444

28 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	2,762	MFS InterMarket Income Trust I	$	23,422
	3,577	Montgomery Street Income Securities, Inc.		60,415
	8,396	Nuveen Global High Income Fund		143,320
	6,342	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		71,918
	6,467	Western Asset/Claymore Inflation-Linked Securities & Income Fund		74,564
	Total Closed-End Mutual Funds (Cost $1,112,241)			1,093,697

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Collateralized Mortgage Obligations (2.1%)
	472,789	MASTR Seasoned Securitization Trust, Inc., Series 2005-1, Class 1A1, CMO		6.62	%		09/25/32	$	517,522
	192,723	Sequoia Mortgage Trust, Inc., Series 2013-10, Class B2, CMO, VRN(b)(e)		3.59	%		08/25/43		180,799
	Total Collateralized Mortgage Obligations (Cost $706,198)								698,321
	Preferred Stocks (1.2%)
	Diversified Banks (0.8%)
	10,505	RBS Capital Funding Trust V, Series E							257,898
	Office REIT’s (0.4%)
	5,700	Gramercy Property Trust, Inc., Series B(e)							150,480
	Total Preferred Stocks (Cost $397,894)								408,378
	Foreign Corporate Bonds (0.5%)
	Basic Materials (0.3%)
	100,000	Kissner Milling Co. Ltd.(b)		7.25	%		06/01/19		103,250
	Energy (0.2%)
	100,750	CHC Helicopter S.A.		9.38	%		06/01/21		60,450
	Total Foreign Corporate Bonds (Cost $211,297)								163,700

Underlying Security/ Expiration Date/ Exercise Price	Contracts*		Value
Put Options Purchased (0.2%)
S+P 500 Index, April 2015, 2,000.00		20	$	15,700
S+P 500 Index, April 2015, 1,900.00		15		1,950
S+P 500 Index, April 2015, 1,950.00		10		3,050

Underlying Security/ Expiration Date/ Exercise Price	Contracts*		Value
S+P 500 Index, June 2015, 1,900.00		5	$	9,925
S+P 500 Index, May 2015, 2,000.00		10		22,950
Total Put Options Purchased (Cost $138,719)				53,575

SCHEDULEOF INVESTMENTS 29

Shares or Principal Amount			Value
	Collateral for Securities on Loan (1.4%)
	480,225	State Street Navigator Prime Portfolio, 0.16%	$	480,225
	Total Collateral for Securities on Loan (Cost $480,225)			480,225
	Short-Term Investments (5.8%)
$	1,937,772	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		1,937,772

Shares or Principal Amount	Value
Total Short-Term Investments (Cost $1,937,772)	$	1,937,772
Total Investments 105.0% (Cost $33,392,713)		35,102,434
Liabilities Less Other Assets (5.0)%		(1,672,684	)
Net Assets 100.0%	$	33,429,750

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

* All options have 100 shares per contract.

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2015.

(b) 144A - Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) 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, 2015.

(d) Floating Rate Security. Rate disclosed is as of March 31, 2015.

(e) These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2015 was $331,279, which represent 1.0% of the Fund’s Net Assets.

FRN Floating Rate Note

REIT Real Estate Investment Trust

VRN Variable Rate Note

30 SCHEDULEOF INVESTMENTS

ICON RISK-MANAGED BALANCED FUND

SCHEDULEOF WRITTEN CALL OPTIONS

MARCH 31, 2015 (UNAUDITED)

Underlying Security/ Expiration Date/ Exercise Price	Contracts*		Value
S+P 500 Index, June 2015, 2,175.00		5	$	3,975
S+P 500 Index, May 2015, 2,150.00		5		2,450
Total Options Written (Premiums received $11,526)			$	6,425

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

* All options have 100 shares per contract.

SCHEDULEOF INVESTMENTS 31

ICON Risk-Managed Balanced Fund

Sector Composition

March 31, 2015 (unaudited)

Financial	14.1%
Information Technology	11.8%
Consumer Discretionary	11.0%
Health Care	8.0%
Industrials	6.4%
Materials	5.4%
Energy	2.9%
Utilities	1.5%
Consumer Staples	1.2%
Telecommunication	0.6%
	62.9%

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

ICON Risk-Managed Balanced Fund

Industry Composition

March 31, 2015 (unaudited)

Data Processing & Outsourced Services	4.3%
Pharmaceuticals	3.8%
Regional Banks	3.6%
Real Estate Services	3.1%
Auto Parts & Equipment	2.8%
Consumer Finance	2.4%
Internet Software & Services	2.3%
Biotechnology	2.2%
Health Care Distributors	2.0%
Restaurants	2.0%
Airlines	1.9%
Commodity Chemicals	1.9%
Oil & Gas Equipment & Services	1.9%
Asset Management & Custody Banks	1.8%
Diversified Banks	1.8%
Railroads	1.7%
Semiconductors	1.7%

Specialty Chemicals	1.5%
Aerospace & Defense	1.4%
Technology Hardware, Storage & Peripherals	1.4%
Trucking	1.4%
Home Improvement Retail	1.3%
IT Consulting & Other Services	1.2%
Broadcasting	1.1%
Movies & Entertainment	1.1%
Insurance Brokers	1.0%
Oil & Gas Exploration & Production	1.0%
Other Industries (each less than 1%)	9.3%
	62.9%

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

32 SCHEDULEOF INVESTMENTS

ICON Risk-Managed Balanced Fund

Credit Diversification

March 31, 2015 (unaudited)

Aaa	7.6%
A3	3.4%
A-	1.6%	*
Baa1	3.1%
Baa2	2.5%
Baa3	4.1%
Ba1	3.6%
Ba2	0.8%
Ba3	0.5%
B1	1.1%
B2	0.8%
B3	1.4%
Caa1	0.4%
NR	0.5%
	31.4%

* Reflects S&P Rating of A- since a Moody’s rating is unavailable for MASTR Seasoned Security Trust 2005-1, CMO as of March 31, 2015.

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

SCHEDULEOF INVESTMENTS 33

STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2015 (UNAUDITED)

	ICON Bond Fund		ICON Equity Income Fund		ICON Fund		ICON High Yield Bond Fund
Assets
Investments, at cost	$	97,482,658	$	47,274,990	$	59,492,435	$	983,803
Investments, at value†		96,913,123		48,601,097		71,236,359		969,301
Foreign currency, at value(a)		-		2		-		-
Cash		56,982		2,859		119,203		21,178
Receivables:
Fund shares sold		254,996		118,023		41,901		-
Investments sold		1,355,317		1,488,906		-		32,383
Interest		1,181,990		47,978		-		-
Dividends		32,935		106,135		26,279		15,776
Expense reimbursements due from Adviser		39,064		2,452		1,323		18,962
Foreign tax reclaims		-		3,056		476		-
Other assets		27,378		27,430		23,196		1
Total Assets		99,861,785		50,397,938		71,448,737		1,057,601
Liabilities
Payables:
Due to custodian bank		-		–		114,361		11,334
Expense recoupment due to adviser		-		6,085		-		-
Investments purchased		4,159,280		1,675,938		-		-
Payable for collateral received on securities loaned		2,004,800		4,121,010		1,363,939		-
Fund shares redeemed		280,990		73,946		135,719		9,691
Distributions due to shareholders		49,154		34,085		-		1,675
Advisory fees		47,350		28,590		45,101		576
Accrued distribution fees		4,569		8,841		16,984		-
Fund accounting fees		3,098		1,482		2,276		34
Transfer agent fees		15,193		5,421		10,007		1,003
Administration fees		3,946		1,906		3,007		44
Trustee fees		3,283		1,047		2,374		10
Accrued expenses		20,535		19,802		18,383		7,749
Total Liabilities		6,592,198		5,978,153		1,712,151		32,116
Net Assets - all share classes	$	93,269,587	$	44,419,785	$	69,736,586	$	1,025,485
Net Assets - Class S	$	81,029,392	$	23,588,854	$	43,479,190	$	-
Net Assets - Class C	$	3,964,338	$	6,931,639	$	17,605,497	$	-
Net Assets - Class A	$	8,275,857	$	13,899,292	$	8,651,899	$	-

34 FINANCIAL STATEMENTS

	ICON Bond Fund			ICON Equity Income Fund			ICON Fund			ICON High Yield Bond Fund
Net Assets Consist of
Paid-in capital	$	95,286,786		$	63,575,646		$	79,630,154		$	1,078,655
Accumulated undistributed net investment income/(loss)		(26,085	)		17,375			(368,572	)		(15,012	)
Accumulated undistributed net realized gain/(loss)		(1,421,579	)		(20,499,361	)		(21,268,920	)		(23,656	)
Unrealized appreciation/(depreciation)		(569,535	)		1,326,125			11,743,924			(14,502	)
Net Assets	$	93,269,587		$	44,419,785		$	69,736,586		$	1,025,485
Shares outstanding (unlimited shares authorized, no par value)		-			-			-			108,172
Class S		8,541,765			1,502,754			2,660,949			-
Class C		416,175			438,967			1,197,061			-
Class A		875,478			890,025			556,731			-
Net asset value (offering and redemption price per share)	$	-		$	-		$	-		$	9.48
Class S	$	9.49		$	15.70		$	16.34		$	-
Class C	$	9.53		$	15.79		$	14.71		$	-
Class A	$	9.45		$	15.62		$	15.54		$	-
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	9.92		$	16.57		$	16.49		$	-
†  Includes securities on loan of	$	1,900,895		$	4,004,564		$	1,326,929		$	-
(a)  Foreign currency, at cost	$	-		$	2		$	-		$	-

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

FINANCIAL STATEMENTS 35

STATEMENTSOF ASSETSAND LIABILITIES (CONTINUED)

MARCH 31, 2015 (UNAUDITED)

	ICON Long/Short Fund		ICON Opportunities Fund		ICON Risk-Managed Balanced Fund
Assets
Investments, at cost	$	35,346,301	$	11,594,307	$	33,392,713
Investments, at value†		43,419,877		12,960,251		35,102,434
Deposits for Short Sales		1,124,840		-		-
Cash		-		16		1,225
Cash due from prime broker		-		-		6,896
Receivables:
Fund shares sold		106,222		269		12,119
Investments sold		-		-		75,560
Interest		-		-		125,502
Dividends		6,180		1,641		14,044
Expense reimbursements due from Adviser		6,585		3,218		13,564
Other assets		18,990		8,322		20,920
Total Assets		44,682,694		12,973,717		35,372,264
Liabilities
Options written, at value (premiums received $11,526)		-		-		6,425
Securities sold short, at value (proceeds of $803,622)		794,250		-		-
Payables:
Due to custodian bank		-		1,000		-
Due to prime broker		8,489		-		-
Expense recoupment due to adviser		418		2,362		-
Investments purchased		-		-		1,310,269
Payable for collateral received on securities loaned		2,479,870		-		480,225
Fund shares redeemed		31,127		25,481		57,362
Distributions due to shareholders		-		-		1,713
Advisory fees		29,676		8,134		21,162
Accrued distribution fees		8,596		-		11,153
Fund accounting fees		1,325		409		1,099
Transfer agent fees		19,180		2,267		19,657
Administration fees		1,745		542		1,411
Trustee fees		1,284		416		1,292
Accrued expenses		20,093		12,033		30,746
Total Liabilities		3,396,053		52,644		1,942,514
Net Assets - all share classes	$	41,286,641	$	12,921,073	$	33,429,750
Net Assets - Class S	$	23,083,437	$	-	$	12,706,587
Net Assets - Class C	$	7,503,062	$	-	$	10,761,256
Net Assets - Class A	$	10,700,142	$	-	$	9,961,907

36 FINANCIAL STATEMENTS

	ICON Long/Short Fund			ICON Opportunities Fund			ICON Risk-Managed Balanced Fund
Net Assets Consist of
Paid-in capital	$	91,624,928		$	12,108,356		$	45,240,677
Accumulated undistributed net investment income/(loss)		(374,147	)		(47,432	)		24,714
Accumulated undistributed net realized gain/(loss)		(58,047,088	)		(505,795	)		(13,550,463	)
Unrealized appreciation/(depreciation)		8,082,948			1,365,944			1,714,822
Net Assets	$	41,286,641		$	12,921,073		$	33,429,750
Shares outstanding (unlimited shares authorized, no par value)		-			891,920			-
Class S		1,097,128			-			860,974
Class C		394,424			-			792,525
Class A		521,464			-			691,494
Net asset value (offering and redemption price per share)	$	-		$	14.49		$	-
Class S	$	21.04		$	-		$	14.76
Class C	$	19.02		$	-		$	13.58
Class A	$	20.52		$	-		$	14.41
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	21.77		$	-		$	15.29
† Includes securities on loan of	$	2,441,525		$	-		$	467,651

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

FINANCIAL STATEMENTS 37

STATEMENTSOF OPERATIONS

FORTHEPERIODENDED MARCH 31, 2015 (UNAUDITED)

	ICON Bond Fund			ICON Equity Income Fund			ICON Fund
Investment Income
Interest	$	1,822,982		$	27,878		$	4,560
Dividends		635,702			895,144			302,124
Income from securities lending, net		12,001			41,051			6,059
Foreign taxes withheld		–			(11,274	)		–
Total Investment Income		2,470,685			952,799			312,743
Expenses
Advisory fees		282,939			158,114			259,623
Distribution fees:
Class C		14,227			31,324			87,000
Class A		7,372			17,992			10,464
Fund accounting fees		9,431			4,216			6,923
Transfer agent fees		39,950			23,913			42,230
Administration fees		23,578			10,541			17,308
Custody fees		4,452			2,014			1,239
Registration fees:		–			–			–
Class S		6,558			2,355			4,710
Class C		5,995			5,639			6,756
Class A		4,036			7,102			5,675
Insurance expense		5,385			1,305			2,168
Trustee fees and expenses		5,671			2,087			4,165
Organizational Expenses		–			–			–
Audit and tax service expense		15,247			16,272			12,817
Interest expense		100			49			2,864
Recoupment of previously reimbursed expenses		–			12,848			767
Prime broker expense		–			–			–
Other expenses		25,116			11,649			19,439
Total expenses before expense reimbursement		450,057			307,420			484,148
Expense reimbursement by Adviser due to expense limitation agreement		(74,684	)		(5,073	)		(2,531	)
Net Expenses		375,373			302,347			481,617
Net Investment Income/(Loss)		2,095,312			650,452			(168,874	)
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		(1,125,383	)		1,641,781			(259,821	)
Foreign currency		–			(1,367	)		–
Written options		–			–			–
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(250,645	)		796,933			8,429,128
Written options		–			–			–
Securities sold short		–			–			–
Net realized and unrealized gain/(loss)		(1,376,028	)		2,437,347			8,169,307
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	719,284		$	3,087,799		$	8,000,433

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

38 FINANCIAL STATEMENTS

ICON High Yield Bond Fund			ICON Long/Short Fund			ICON Opportunities Fund			ICON Risk-Managed Balanced Fund
$	23,730		$	457		$	1		$	185,064
	4,121			136,130			45,359			185,199
	–			5,043			–			1,031
	–			–			(250	)		(355	)
	27,851			141,630			45,110			370,939
	2,944			162,369			46,129			113,573
	–			35,912			–			50,463
	–			13,618			–			9,733
	91			3,821			1,230			3,029
	1,779			37,761			7,406			32,338
	226			9,551			3,075			7,571
	944			919			700			4,410
	–			–			7,704			–
	–			2,389			–			5,403
	–			6,008			–			6,661
	–			7,588			–			6,421
	–			1,720			80			3,842
	29			2,199			754			1,926
	22,297			–			–			–
	6,669			15,123			11,055			18,274
	–			1,515			284			80
	–			418			10,472			–
	–			4,049			–			40
	5,269			13,556			6,871			17,817
	40,248			318,516			95,760			281,581
	(36,624	)		(20,125	)		(3,218	)		(39,548	)
	3,624			298,391			92,542			242,033
	24,227			(156,761	)		(47,432	)		128,906
	(23,656	)		(1,256,686	)		(482,919	)		130,460
	–			–			–			–
	–			–			–			1,118
	(14,502	)		6,239,960			2,028,241			1,337,418
	–			–			–			(16,631	)
	–			2,112			–			–
	(38,158	)		4,985,386			1,545,322			1,452,365
$	(13,931	)	$	4,828,625		$	1,497,890		$	1,581,271

FINANCIAL STATEMENTS 39

STATEMENTSOF CHANGESIN NET ASSETS

	ICON Bond Fund
	Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014
Operations
Net investment income/(loss)	$	2,095,312		$	4,205,519
Net realized gain/(loss)		(1,125,383	)		2,391,782
Change in net unrealized appreciation/(depreciation)		(250,645	)		(923,132	)
Net increase/(decrease) in net assets resulting from operations		719,284			5,674,169
Dividends and Distributions to Shareholders
Net investment income
Class S		(1,940,921	)		(3,980,600	)
Class C		(60,913	)		(91,693	)
Class A		(119,563	)		(207,239	)
Net realized gains
Class S		(2,404,305	)		(1,221,845	)
Class C		(87,562	)		(33,641	)
Class A		(121,178	)		(84,193	)
Net decrease from dividends and distributions		(4,734,442	)		(5,619,211	)
Fund Share Transactions
Shares sold
Class S		14,182,357			25,808,977
Class C		1,322,814			1,037,215
Class A		4,606,305			2,174,465
Reinvested dividends and distributions
Class S		3,912,696			5,037,958
Class C		113,802			110,073
Class A		178,573			193,306
Shares repurchased
Class S		(21,060,000	)		(31,574,518	)
Class C		(214,788	)		(1,273,625	)
Class A		(588,921	)		(4,849,752	)
Net increase/(decrease) from fund share transactions		2,452,838			(3,335,901	)
Total net increase/(decrease) in net assets		(1,562,320	)		(3,280,943	)
Net Assets
Beginning of period		94,831,907			98,112,850
End of period	$	93,269,587		$	94,831,907

40 FINANCIAL STATEMENTS

ICON Equity Income Fund						ICON Fund						ICON High Yield Bond Fund
Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014			Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014			Period ended March 31, 2015*  (unaudited)
$	650,452		$	755,368		$	(168,874	)	$	(225,339	)	$	24,227
	1,640,414			1,899,218			(259,821	)		9,583,650			(23,656	)
	796,933			(234,459	)		8,429,128			(8,157,199	)		(14,502	)
	3,087,799			2,420,127			8,000,433			1,201,112			(13,931	)
													(39,239	)
	(359,829	)		(212,507	)		-			-			-
	(70,444	)		(119,845	)		-			-			-
	(205,360	)		(399,464	)		-			-			-
							-			-			-
	-			-			-			-			-
	-			-			-			-			-
	-			-
	(635,633	)		(731,816	)		-			-			(39,239	)
													1,083,850
	17,109,992			4,320,227			1,491,653			39,338,371			-
	1,351,142			1,565,617			238,574			701,776			-
	1,319,390			4,270,619			431,109			714,468			-
													35,694
	336,259			176,730			-			-			-
	47,220			77,814			-			-			-
	188,432			329,999			-			-			-
													(140,889	)
	(3,211,642	)		(1,950,944	)		(4,714,230	)		(5,050,068	)		-
	(269,779	)		(1,969,692	)		(1,608,295	)		(3,026,141	)		-
	(2,253,260	)		(4,496,032	)		(805,316	)		(3,010,830	)		-
	14,617,754			2,324,338			(4,966,505	)		29,667,576			978,655
	17,069,920			4,012,649			3,033,928			30,868,688			925,485
	27,349,865			23,337,216			66,702,658			35,833,970			100,000
$	44,419,785		$	27,349,865		$	69,736,586		$	66,702,658		$	1,025,485

FINANCIAL STATEMENTS 41

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Bond Fund
	Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014
Transactions in Fund Shares
Shares sold
Class S		1,464,422			2,592,865
Class C		136,630			103,517
Class A		484,209			218,528
Reinvested dividends and distributions
Class S		411,595			509,394
Class C		11,940			11,098
Class A		18,858			19,561
Shares repurchased
Class S		(2,193,981	)		(3,173,085	)
Class C		(22,151	)		(127,850	)
Class A		(61,409	)		(490,776	)
Net increase/(decrease)		250,113			(336,748	)
Shares outstanding, beginning of period		9,583,305			9,920,053
Shares outstanding, end of period		9,833,418			9,583,305
Accumulated undistributed net investment income/(loss)	$	(26,085	)	$	–

* The Fund commenced operations on October 1, 2014.

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

42 FINANCIAL STATEMENTS

ICON Equity Income Fund						ICON Fund						ICON High Yield Bond Fund
Period ended March 31, 2015  (unaudited)			Year ended September 30, 2014			Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014			Period ended March 31, 2015* (unaudited)
													108,969
	1,147,163			290,158			97,320			2,703,725			-
	86,922			106,051			16,865			52,934			-
	85,339			287,965			28,601			51,369			-
													3,757
	21,507			11,918			-			-			-
	3,002			5,226			-			-			-
	12,118			22,426			-			-			-
													(14,554	)
	(205,380	)		(133,350	)		(299,736	)		(339,356	)		-
	(17,415	)		(135,659	)		(116,257	)		(226,841	)		-
	(143,666	)		(306,449	)		(55,233	)		(214,698	)		-
	989,590			148,286			(328,440	)		2,027,133			98,172
	1,842,156			1,693,870			4,743,181			2,716,048			10,000
	2,831,746			1,842,156			4,414,741			4,743,181			108,172
$	17,375		$	2,556		$	(368,572	)	$	(199,698	)	$	24,227

FINANCIAL STATEMENTS 43

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Long/Short Fund
	Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014
Operations
Net investment income/(loss)	$	(156,761	)	$	(216,208	)
Net realized gain/(loss)		(1,256,686	)		2,801,025
Change in net unrealized appreciation/(depreciation)		6,242,072			(1,895,125	)
Net increase/(decrease) in net assets resulting from operations		4,828,625			689,692
Dividends and Distributions to Shareholders
Net investment income
Class S		–			–
Class C		–			–
Class A		–			–
Net realized gains
Net decrease from dividends and distributions		–			–
Fund Share Transactions
Shares sold
Class S		8,986,759			20,303,844
Class C		485,125			1,899,217
Class A		535,792			8,514,859
Reinvested dividends and distributions
Class S		–			–
Class C		–			–
Class A		–			–
Shares repurchased
Class S		(4,836,495	)		(8,631,931	)
Class C		(824,479	)		(1,322,859	)
Class A		(2,445,465	)		(6,591,448	)
Net increase/(decrease) from fund share transactions		1,901,237			14,171,682
Total net increase/(decrease) in net assets		6,729,862			14,861,374
Net Assets
Beginning of period		34,556,779			19,695,405
End of period	$	41,286,641		$	34,556,779

44 FINANCIAL STATEMENTS

ICON Opportunities Fund						ICON Risk-Managed Balanced Fund
Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014			Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014
$	(47,432	)	$	(20,738	)	$	128,906		$	1,070,093
	(482,919	)		185,354			131,578			3,386,300
	2,028,241			(737,258	)		1,320,787			(694,123	)
	1,497,890			(572,642	)		1,581,271			3,762,270
	–			–			(52,867	)		(870,218	)
	–			–			(19,204	)		(73,148	)
	–			–
	(187,492	)		(20,853	)		(40,378	)		(106,307	)
	(187,492	)		(20,853	)		(112,449	)		(1,049,673	)
	529,056			13,145,752
	–			–			3,672,505			26,547,394
	–			–			1,636,398			4,329,625
	–			–			4,506,290			2,947,462
	182,711			20,653
	–			–			43,948			828,672
	–			–			16,755			65,822
	–			–			32,230			84,606
	(1,233,787	)		(882,170	)
	–			–			(11,616,810	)		(52,784,217	)
	–			–			(886,698	)		(874,718	)
	–			–			(1,997,927	)		(4,139,537	)
	(522,020	)		12,284,235			(4,593,309	)		(22,994,891	)
	788,378			11,690,740			(3,124,487	)		(20,282,294	)
	12,132,695			441,955			36,554,237			56,836,531
$	12,921,073		$	12,132,695		$	33,429,750		$	36,554,237

FINANCIAL STATEMENTS 45

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Long/Short Fund
	Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014
Transactions in Fund Shares
Shares sold		-			-
Class S		451,026			1,088,517
Class C		26,167			111,610
Class A		27,387			467,016
Reinvested dividends and distributions		-			-
Class S		-			-
Class C		-			-
Class A		-			-
Shares repurchased		-			-
Class S		(248,041	)		(467,545	)
Class C		(45,947	)		(77,860	)
Class A		(126,433	)		(361,119	)
Net increase/(decrease)		84,159			760,619
Shares outstanding, beginning of period		1,928,857			1,168,238
Shares outstanding, end of period		2,013,016			1,928,857
Accumulated undistributed net investment income/(loss)	$	(374,147	)	$	(217,386	)

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

46 FINANCIAL STATEMENTS

ICON Opportunities Fund						ICON Risk-Managed Balanced Fund
Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014			Period ended March 31, 2015 (unaudited)			Year ended September 30, 2014
	38,240			960,435			-			-
	-			-			256,812			1,936,186
	-			-			123,567			340,349
	-			-			320,097			217,425
	13,494			1,537			-			-
	-			-			3,042			59,893
	-			-			1,264			5,143
	-			-			2,292			6,237
	(90,367	)		(65,353	)		-			-
	-			-			(834,308	)		(3,796,455	)
	-			-			(66,475	)		(68,822	)
	-			-			(143,424	)		(307,113	)
	(38,633	)		896,619			(337,133	)		(1,607,157	)
	930,553			33,934			2,682,126			4,289,283
	891,920			930,553			2,344,993			2,682,126
$	(47,432	)	$	-		$	24,714		$	8,257

FINANCIAL STATEMENTS 47

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, 2015†	$	9.90	$	0.22		$	(0.15	)	$	0.07		$	(0.22	)	$	(0.26	)
Year ended September 30, 2014		9.89		0.43	(g)		0.15			0.58			(0.44	)		(0.13	)
Year ended September 30, 2013		10.51		0.24			(0.32	)		(0.08	)		(0.24	)		(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	)
Class C
Period ended March 31, 2015†		9.94		0.17			(0.14	)		0.03			(0.18	)		(0.26	)
Year ended September 30, 2014		9.93		0.34	(g)		0.15			0.49			(0.35	)		(0.13	)
Year ended September 30, 2013		10.55		0.15			(0.32	)		(0.17	)		(0.15	)		(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	)
Class A***
Period ended March 31, 2015†		9.86		0.19			(0.13	)		0.06			(0.21	)		(0.26	)
Year ended September 30, 2014		9.89		0.43	(g)		0.12			0.55			(0.45	)		(0.13	)
Year ended September 30, 2013		10.51		0.21			(0.32	)		(0.11	)		(0.21	)		(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	)
ICON Equity Income Fund
Class S**
Period ended March 31, 2015†		14.87		0.26			0.82			1.08			(0.25	)		-
Year ended September 30, 2014		13.80		0.52			1.04			1.56			(0.49	)		-
Year ended September 30, 2013		12.18		0.47			1.65			2.12			(0.50	)		-
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	)		-
Class C
Period ended March 31, 2015†		14.96		0.18			0.82			1.00			(0.17	)		-
Year ended September 30, 2014		13.88		0.36			1.06			1.42			(0.34	)		-
Year ended September 30, 2013		12.25		0.35			1.65			2.00			(0.37	)		-
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	)		-
Class A***
Period ended March 31, 2015†		14.79		0.23			0.82			1.05			(0.22	)		-
Year ended September 30, 2014		13.73		0.47			1.04			1.51			(0.45	)		-
Year ended September 30, 2013		12.12		0.45			1.63			2.08			(0.47	)		-
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	)		-

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/ 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)
$	(0.48	)	$	9.49		0.80	%	$	81,030		0.88	%		0.75	%		4.38	%		4.51	%		71.96	%
	(0.57	)		9.90		6.01	%		87,675		0.86	%		0.75	%		4.22	%		4.33	%(g)		175.95	%
	(0.54	)		9.89		(0.84	)%		88,313		0.89	%		0.75	%		2.19	%		2.33	%		96.56	%
	(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	%
	(0.44	)		9.53		0.38	%		3,964		2.19	%		1.60	%		3.00	%		3.59	%		71.96	%
	(0.48	)		9.94		5.10	%		2,879		2.27	%		1.60	%		2.75	%		3.42	%(g)		175.95	%
	(0.45	)		9.93		(1.66	)%		3,008		2.06	%		1.60	%		1.02	%		1.48	%		96.56	%
	(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	%
	(0.47	)		9.45		0.66	%		8,276		1.38	%		1.00	%		3.62	%		4.00	%		71.96	%
	(0.58	)		9.86		5.77	%		4,278		1.44	%		1.00	%		3.84	%		4.28	%(g)		175.95	%
	(0.51	)		9.89		(1.08	)%		6,792		1.34	%		1.00	%		1.71	%		2.06	%		96.56	%
	(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	%
	(0.25	)		15.70		7.26	%		23,589		1.20	%		1.20	%		3.40	%		3.40	%		108.56	%
	(0.49	)		14.87		11.36	%		8,022		1.38	%		1.20	%		3.36	%		3.54	%		147.56	%
	(0.50	)		13.80		17.76	%		5,116		1.53	%		1.21	%		3.28	%		3.60	%		162.82	%
	(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	%
	(0.17	)		15.79		6.69	%		6,932		2.31	%		2.20	%		2.20	%		2.31	%		108.56	%
	(0.34	)		14.96		10.26	%		5,481		2.45	%		2.20	%		2.21	%		2.46	%		147.56	%
	(0.37	)		13.88		16.58	%		5,423		2.42	%		2.21	%		2.49	%		2.70	%		162.82	%
	(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	%
	(0.22	)		15.62		7.14	%		13,899		1.47	%		1.45	%		2.93	%		2.95	%		108.56	%
	(0.45	)		14.79		11.07	%		13,847		1.59	%		1.45	%		3.08	%		3.22	%		147.56	%
	(0.47	)		13.73		17.49	%		12,798		1.68	%		1.46	%		3.24	%		3.45	%		162.82	%
	(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	%

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 Fund
Class S**
Period ended March 31, 2015†	$	14.52	$	(0.01	)	$	1.83		$	1.82		$	–		$	–
Year ended September 30, 2014		14.00		–	(e)		0.52			0.52			–			–
Year ended September 30, 2013		11.34		0.07			2.66			2.73			(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	)		–
Class C
Period ended March 31, 2015†		13.15		(0.10	)		1.66			1.56			–			–
Year ended September 30, 2014		12.82		(0.14	)		0.47			0.33			–			–
Year ended September 30, 2013		10.42		(0.07	)		2.47			2.40			–			–
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	)		–
Class A***
Period ended March 31, 2015†		13.84		(0.04	)		1.74			1.70			–			–
Year ended September 30, 2014		13.39		(0.05	)		0.50			0.45			–			–
Year ended September 30, 2013		10.85		0.02			2.56			2.58			(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	)		–
ICON High Yield Bond Fund
Period ended March 31, 2015†		10.00		0.26			(0.43	)		(0.17	)		(0.35	)		–
ICON Long/Short Fund(d)
Class S**
Period ended March 31, 2015†		18.41		(0.05	)		2.68			2.63			–			–
Year ended September 30, 2014		17.48		(0.06	)		0.99			0.93			–			–
Year ended September 30, 2013		14.56		0.01			2.91			2.92			–			–
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	)		–
Class C
Period ended March 31, 2015†		16.74		(0.14	)		2.42			2.28			–			–
Year ended September 30, 2014		16.05		(0.24	)		0.93			0.69			–			–
Year ended September 30, 2013		13.52		(0.14	)		2.67			2.53			–			–
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	)		–
Class A***
Period ended March 31, 2015†		17.99		(0.08	)		2.61			2.53			–			–
Year ended September 30, 2014		17.13		(0.12	)		0.98			0.86			–			–
Year ended September 30, 2013		14.31		(0.02	)		2.84			2.82			–			–
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	)		–

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/ 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)
$	–		$	16.34		12.53	%	$	43,479		1.02	%		1.02	%		(0.12	)%		(0.12	)%		20.53	%
	–			14.52		3.71	%		41,577		1.10	%		1.10	%		0.02	%		0.02	%		64.51	%
	(0.07	)		14.00		24.27	%		6,986		1.23	%		1.23	%		0.59	%		0.59	%		32.68	%
	–			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	%
	–			14.71		11.86	%		17,606		2.27	%		2.26	%		(1.37	)%		(1.36	)%		20.53	%
	–			13.15		2.57	%		17,050		2.26	%		2.25	%		(1.09	)%		(1.08	)%		64.51	%
	–			12.82		23.03	%		18,848		2.32	%		2.26	%		(0.64	)%		(0.58	)%		32.68	%
	–			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	%
	–			15.54		12.28	%		8,652		1.55	%		1.51	%		(0.64	)%		(0.60	)%		20.53	%
	–			13.84		3.36	%		8,076		1.56	%		1.50	%		(0.38	)%		(0.32	)%		64.51	%
	(0.04	)		13.39		23.90	%		10,000		1.58	%		1.51	%		0.12	%		0.19	%		32.68	%
	–			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	%
	(0.35	)		9.48		(1.63	)%		1,025		8.89	%		0.80	%		(2.74	)%		5.35	%		57.97	%
	–			21.04		14.29	%		23,084		1.31	%		1.28	%		(0.56	)%		(0.53	)%		32.24	%
	–			18.41		5.32	%		16,465		1.45	%		1.32	%		(0.47	)%		(0.34	)%		64.81	%
	–			17.48		20.05	%		4,774		1.53	%		1.32	%		(0.14	)%		0.07	%		32.63	%
	–			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	%
	–			19.02		13.62	%		7,503		2.49	%		2.33	%		(1.76	)%		(1.60	)%		32.24	%
	–			16.74		4.30	%		6,932		2.57	%		2.38	%		(1.58	)%		(1.39	)%		64.81	%
	–			16.05		18.71	%		6,108		2.62	%		2.37	%		(1.21	)%		(0.96	)%		32.63	%
	–			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	%
	–			20.52		14.06	%		10,700		1.79	%		1.58	%		(1.05	)%		(0.84	)%		32.24	%
	–			17.99		5.02	%		11,160		1.81	%		1.63	%		(0.82	)%		(0.64	)%		64.81	%
	–			17.13		19.71	%		8,813		1.91	%		1.61	%		(0.45	)%		(0.16	)%		32.63	%
	–			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	%

FINANCIAL HIGHLIGHTS 51

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 Opportunities Fund
Period ended March 31, 2015†	$	13.04	$	(0.05	)	$	1.71		$	1.66		$	–		$	(0.21	)
Year ended September 30, 2014		13.02		(0.12	)		0.41	(f)		0.29			–			(0.27	)
Year ended September 30, 2013		10.00		(0.01	)		3.03			3.02			–			–
ICON Risk-Managed Balanced Fund
Class S**
Period ended March 31, 2015†		13.98		0.09			0.76			0.85			(0.07	)		–
Year ended September 30, 2014		13.40		0.24			0.56			0.80			(0.22	)		–
Year ended September 30, 2013		12.32		0.24			1.04			1.28			(0.20	)		–
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	)		–
Class C
Period ended March 31, 2015†		12.90		0.02			0.69			0.71			(0.03	)		–
Year ended September 30, 2014		12.39		0.09			0.54			0.63			(0.12	)		–
Year ended September 30, 2013		11.41		0.09			0.98			1.07			(0.09	)		–
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			–			–
Class A***
Period ended March 31, 2015†		13.69		0.07			0.73			0.80			(0.08	)		–
Year ended September 30, 2014		13.12		0.20			0.57			0.77			(0.20	)		–
Year ended September 30, 2013		12.06		0.18			1.05			1.23			(0.17	)		–
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	)		–

(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 dividends on short positions.

(e) Amount less than $0.005.

(f) The per share amount does not correspond to activity reflected in the Statement of Operations due to timing of shareholder activity during the period.

(g) Investment income per share of Class S, Class C and Class A reflects a large, non-recurring dividend which amounted to $0.07, $0.06 and $0.08 per share of each class respectively. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 3.59% for Class S, 2.84% for Class C and 3.55% for Class A.

52 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)
$	(0.21	)	$	14.49		12.86	%	$	12,921		1.55	%		1.50	%		(0.82	)%		(0.77	)%		36.16	%
	(0.27	)		13.04		2.19	%		12,133		2.44	%		1.50	%		(1.81	)%		(0.87	)%		45.99	%
	–			13.02		30.20	%		442		12.47	%		1.52	%		(11.02	)%		(0.07	)%		52.22	%
	(0.07	)		14.76		6.06	%		12,707		1.56	%		1.20	%		0.89	%		1.25	%		60.40	%
	(0.22	)		13.98		6.02	%		20,071		1.22	%		1.20	%		1.72	%		1.74	%		137.48	%
	(0.20	)		13.40		10.51	%		43,350		1.43	%		1.21	%		1.65	%		1.87	%		98.30	%
	(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	%
	(0.03	)		13.58		5.47	%		10,761		2.36	%		2.20	%		0.11	%		0.27	%		60.40	%
	(0.12	)		12.90		5.06	%		9,469		2.33	%		2.20	%		0.61	%		0.74	%		137.48	%
	(0.09	)		12.39		9.45	%		5,667		2.72	%		2.22	%		0.22	%		0.72	%		98.30	%
	(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	%
	(0.08	)		14.41		5.88	%		9,962		1.69	%		1.45	%		0.74	%		0.98	%		60.40	%
	(0.20	)		13.69		5.88	%		7,014		1.65	%		1.45	%		1.29	%		1.49	%		137.48	%
	(0.17	)		13.12		10.28	%		7,819		2.12	%		1.47	%		0.81	%		1.46	%		98.30	%
	(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	%

FINANCIAL HIGHLIGHTS 53

NOTESTO FINANCIAL STATEMENTS

MARCH 31, 2015 (UNAUDITED)

1.   Organization

The ICON Bond Fund (“Bond Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Fund (“ICON Fund”), ICON High Yield Bond Fund (“High Yield Bond Fund”), ICON Long/Short Fund (“Long/Short Fund”), ICON Opportunities Fund (“Opportunities Fund”) and ICON Risk-Managed Balanced Fund (“Risk-Managed Balanced 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, with the exception of the Opportunities Fund and the High Yield Bond Fund, offers three classes of shares: Class S, Class C and Class A. The Opportunities Fund and the High Yield Bond Fund are single-class funds. 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 eleven 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 High Yield Bond Fund is to seek current income and growth of capital. The investment objective of the Opportunities Fund is to provide capital appreciation. 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 income.

The Funds, like all investments in securities, have elements of risk, including risk of loss of principal. For a complete explanation of the risks, please carefully study the prospectuses. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar objectives. An investment concentrated in sectors and industries involves greater risk and volatility than a more diversified investment. 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. Investing in fixed income

54 NOTESTO FINANCIAL STATEMENTS

securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund, Equity Income Fund and the Risk-Managed Balanced Fund may invest in medium-and lower-quality debt securities. The High Yield Bond Fund primarily invests in high-yield bonds. High-yield bonds, also known as “junk bonds” are speculative investments and involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. Junk bonds are also less liquid (more difficult to sell) than equities and higher credit bonds. These illiquid securities are harder to sell; or value, especially in changing markets, such as now with rising interest rates. 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 Balanced Fund invests in call options; selling/writing 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 less 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 Equity Income Fund has significant weights in the Financial sector, and the ICON Fund and Long/Short Fund have significant weights in the Consumer Discretionary sector which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect this sector.

The High Yield Bond Fund may have a significant amount of risk as two Shareholders who are related parties to the Fund, own 9.30% and 16.05% of the net assets of the Fund, respectively. Such concentration of interest

NOTESTO FINANCIAL STATEMENTS 55

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

could have a material effect on the Fund in the event either or both Shareholders request to redeem a substantial amount of capital.

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 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 at the closing price as of 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 is considered inaccurate or does not in the Funds’ judgment 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

56 NOTESTO FINANCIAL STATEMENTS

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.

Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.

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.

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.

NOTESTO FINANCIAL STATEMENTS 57

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 may be 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, 2015:

	Level 1		Level 2		Level 3		Total
ICON Bond Fund*
Assets
Corporate Bonds	$	-	$	63,695,926	$	-	$	63,695,926
U.S. Treasury Obligations		-		6,012,707		-		6,012,707
Closed-End Mutual Funds		8,382,058		-		-		8,382,058
Collateralized Mortgage Obligations		-		6,574,106		-		6,574,106
Preferred Stocks		4,071,129		-		-		4,071,129
Foreign Corporate Bonds		-		1,609,700		-		1,609,700
Collateral for Securities on Loan		-		2,004,800		-		2,004,800
Short-Term Investments		-		4,562,697		-		4,562,697
Total	$	12,453,187	$	84,459,936	$	-	$	96,913,123
ICON Equity Income Fund*
Assets
Common Stocks	$	38,166,555	$	-	$	-	$	38,166,555
Corporate Bonds		-		2,390,304		-		2,390,304
Preferred Stocks		1,930,698		-		-		1,930,698
Convertible Preferred Stock		856,100		-		-		856,100
Exchange Traded Fund		443,186		-		-		443,186
Collateral for Securities on Loan		-		4,121,010		-		4,121,010
Short-Term Investments		-		693,244		-		693,244
Total	$	41,396,539	$	7,204,558	$	-	$	48,601,097
ICON Fund*
Assets
Common Stocks	$	69,872,420	$	-	$	-	$	69,872,420
Collateral for Securities on Loan		-		1,363,939		-		1,363,939
Total	$	69,872,420	$	1,363,939	$	-	$	71,236,359

58 NOTESTO FINANCIAL STATEMENTS

	Level 1			Level 2		Level 3		Total
ICON High Yield Bond Fund*
Assets
Corporate Bonds	$	-		$	756,642	$	-	$	756,642
Closed-End Mutual Funds		103,391			-		-		103,391
Preferred Stock		49,198			-		-		49,198
Foreign Corporate Bonds		-			60,070		-		60,070
Total	$	152,589		$	816,712	$	-	$	969,301
ICON Long/Short Fund*
Assets
Common Stocks	$	40,762,468		$	-	$	-	$	40,762,468
Collateral for Securities on Loan		-			2,479,870		-		2,479,870
Short-Term Investments		-			177,539		-		177,539
Total	$	40,762,468		$	2,657,409	$	-	$	43,419,877
Liabilities
Securities Sold Short
Common Stock	$	(794,250	)	$	-	$	-	$	(794,250	)
Total	$	(794,250	)	$	-	$	-	$	(794,250	)
ICON Opportunities Fund*
Assets
Common Stocks	$	12,960,251		$	-	$	-	$	12,960,251
Total	$	12,960,251		$	-	$	-	$	12,960,251
ICON Risk-Managed Balanced Fund*
Assets
Common Stocks	$	20,628,046		$	-	$	-	$	20,628,046
Corporate Bonds		-			7,105,313		-		7,105,313
U.S. Treasury Obligations		-			2,533,407		-		2,533,407
Closed-End Mutual Funds		1,093,697			-		-		1,093,697
Collateralized Mortgage Obligations		-			698,321		-		698,321
Preferred Stocks		408,378			-		-		408,378
Foreign Corporate Bonds		-			163,700		-		163,700
Put Options Purchased		53,575			-		-		53,575
Collateral for Securities on Loan		-			480,225		-		480,225
Short-Term Investments		-			1,937,772		-		1,937,772
Total	$	22,183,696		$	12,918,738	$	-	$	35,102,434
Liabilities
Written Call Options	$	(6,425	)	$	-	$	-	$	(6,425	)
Total	$	(6,425	)	$	-	$	-	$	(6,425	)

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

NOTESTO FINANCIAL STATEMENTS 59

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

No Level 3 securities were held in any of the Funds at March 31, 2015.

For the period ended March 31, 2015, there was no transfer activity between Level 1, Level 2 or Level 3. The end of period timing recognition is used for transfers between levels of the Fund’s assets and liabilities.

Fund Share Valuation

Fund shares are sold and redeemed on a daily 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, 2015 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.

60 NOTESTO FINANCIAL STATEMENTS

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 purchase or 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, 2015, 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.

NOTESTO FINANCIAL STATEMENTS 61

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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, 2015, were as follows:

	Risk-Managed Balanced Fund
	Number of Contracts			Premiums Received
Options outstanding, beginning of period		20		$	57,732
Options written during period		125			210,367
Options closed during period		(135	)		(256,573	)
Options outstanding, end of period		10		$	11,526

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, 2015

	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 Risk-Managed Balanced Fund	Investments, at value	$	53,575
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund				Options written, at value	$	6,425

62 NOTESTO FINANCIAL STATEMENTS

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 Risk-Managed Balanced Fund	Net realized gain/(loss) from Investment transactions	$	9,101
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund	Net realized gain/(loss) from written option transactions	$	1,118

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 Risk-Managed Balanced Fund	Change in unrealized net appreciation/(depreciation) on investments	$	(97,342	)
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund	Change in unrealized net appreciation/(depreciation) on written options	$	(16,631	)

For the period ended March 31, 2015, the Fund’s quarterly holdings of options contracts were as follows:

	ICON Risk-Managed Balanced Fund		ICON Risk-Managed Balanced Fund
Quarter Ended	Number of Purchased Options Contracts Outstanding		Number of Written Options Contracts Outstanding
June 30, 2014		250		50
September 30, 2014		30		20
December 31, 2014		30		25
March 31, 2015		60		10

NOTESTO FINANCIAL STATEMENTS 63

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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, 2015, 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 give up other rights including the right to vote proxies. 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.

64 NOTESTO FINANCIAL STATEMENTS

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 which is disclosed on the Schedule of Investments. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the period ended March 31, 2015, is included in the Statement of Operations.

For the period ended March 31, 2015, the following Funds had securities with the following values on loan:

Fund	Loaned Securities		Collateral
ICON Bond Fund	$	1,900,895	$	2,004,800
ICON Equity Income Fund		4,004,564		4,121,010
ICON Fund		1,326,929		1,363,939
ICON Long/Short Fund		2,441,525		2,479,870
ICON Risk-Managed Balanced Fund		467,651		480,225

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2015. It may also include collateral received from the pre-funding of security loans.

Income Taxes, Dividends, and Distributions

The Funds intend to continue 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, High Yield Bond Fund and the Risk-Managed Balanced Fund intend to distribute net investment income, if any, to shareholders quarterly. The other Funds

NOTESTO FINANCIAL STATEMENTS 65

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 three 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 fixed income securities purchased are accreted or amortized to income 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.

66 NOTESTO FINANCIAL STATEMENTS

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	$	3,770	$	6,912	$	31,183
Class C		151		386		3,043
Class A		272		833		5,724
ICON Equity Income Fund
Class S		785		1,402		9,108
Class C		229		689		4,569
Class A		517		1,846		10,236
ICON Fund
Class S		1,921		3,257		13,674
Class C		769		2,693		19,898
Class A		371		1,380		8,658
ICON Long/Short Fund
Class S		857		2,323		16,603
Class C		305		1,065		7,095
Class A		462		2,423		14,063
ICON Risk-Managed Balanced Fund
Class S		594		6,980		18,328
Class C		486		1,012		7,232
Class A		370		1,115		6,778

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.

NOTESTO FINANCIAL STATEMENTS 67

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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, 0.65% of average daily net assets of the High Yield Bond Fund, 0.75% of average daily net assets of the Equity Income Fund, ICON Fund, Opportunities 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	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 High Yield Bond Fund		0.80%		-		-		-
ICON Long/Short Fund		-		1.25%		2.30%		1.55%
ICON Opportunities Fund		1.50%		-		-		-
ICON Risk-Managed Balanced Fund		-		1.20%		2.20%		1.45%

The Funds’ expense limitations, excluding the Bond Fund Class A, all classes of the ICON Fund and the Opportunities Fund, will continue in effect until at least January 31, 2021. Limitations for the Bond Fund Class A, all classes of the ICON Fund, the Opportunities Fund and the High Yield Bond Fund will continue in effect until at least January 31, 2016. 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, 2015 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2015		2016		2017		2018
ICON Bond Fund	$	95,572	$	148,484	$	136,560	$	74,684
ICON Equity Income Fund		33,175		52,885		42,058		5,073
ICON Fund		3,005		18,393		6,978		2,531
ICON High Yield Bond Fund		-		-		-		36,624
ICON Long/Short Fund		47,798		56,161		50,612		20,125
ICON Opportunities Fund		-		23,491		22,580		3,218
ICON Risk-Managed Balanced Fund		33,177		40,835		33,132		39,548

68 NOTESTO FINANCIAL STATEMENTS

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 Trust’s 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, 2015, 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 under 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.

NOTESTO FINANCIAL STATEMENTS 69

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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. There is no annual distribution and service fee for Class S 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 Trust paid 95% of the CCO’s salary and the remaining portion is paid by ICON Advisers. For the period ended March 31, 2015, the total related amounts paid by the Funds 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, 2015, 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/arrangement with State Street to provide temporary funding for redemption requests. Effective March 21, 2015, the maximum borrowing limit was changed from $150 million to $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The Risk-Managed Balanced and Long/Short Funds may 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 Federal Funds rate plus 0.50%.

70 NOTESTO FINANCIAL STATEMENTS

For the period ended March 31, 2015, the average outstanding loan by Fund was as follows:

Fund	Average Borrowing (10/1/14-3/31/15)		Average Interest Rates (10/1/14-3/31/15)
ICON Bond Fund	$	14,656		1.37	%
ICON Equity Income Fund		7,059		1.37
ICON Fund*		411,970		1.37
ICON High Yield Bond Fund		127		1.37
ICON Long/Short Fund*		112,153		1.07
ICONOpportunities Fund		41,120		1.37
ICON Risk-Managed Balanced Fund*		6,087		0.70

* Fund had outstanding borrowings under these agreements/arrangements as of March 31, 2015.

5.    Purchases and Sales of Investment Securities

For the period ended March 31, 2015, 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	$	63,439,650	$	52,217,394	$	5,966,510	$	11,519,141
ICON Equity Income Fund		59,010,861		43,481,083		-		-
ICON Fund		14,349,995		18,920,212		-		-
ICON High Yield Fund		1,502,968		509,066		-		-
ICON Long/Short Fund		12,676,006		11,907,543		-		-
ICON Opportunities Fund		4,497,726		5,062,214		-		-
ICON Risk-Managed Balanced Fund		15,615,079		20,229,933		2,740,993		1,232,246

6.  Federal Income Tax

The following information is presented on an income tax basis. Differences between U.S. GAAP and federal income tax purposes that are permanent in nature are reclassified within the capital accounts. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds. These differences are due to differing

NOTESTO FINANCIAL STATEMENTS 71

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

treatments for items such as deferrals of wash sale losses, foreign currency transactions, and net investment losses.

For the year ended September 30, 2014, the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Equity Income Fund	$	3,040,715		2017
		19,089,764		2018
ICON Fund		1,175,675		2017
		19,833,424		2018
ICON Long/Short Fund		37,506,125		2017
		19,325,857		2018
ICON Risk-Managed Balanced Fund		13,551,114		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, 2014, the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Equity Income Fund	$	1,930,719
ICON Fund		9,331,874
ICON Long/Short Fund		2,797,232
ICON Risk-Managed Balanced Fund		3,516,915

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) 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, 2014, were as follows:

	Distributions Paid from				Total Distributions Paid
Fund	Ordinary Income		Net Long- Term Gains
ICON Bond Fund	$	4,279,532	$	1,339,679	$	5,619,211
ICON Equity Income Fund		731,816		-		731,816
ICON Opportunity Fund		20,853		-		20,853
ICON Risk-Managed Balanced Fund		1,049,673		-		1,049,673

72 NOTESTO FINANCIAL STATEMENTS

As of September 30, 2014, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Capital Gains		Late Year Loss Deferral**			Capital Loss Carryover			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
ICON Bond Fund	$	1,362,114	$	972,907	$	-		$	-		$	(337,062	)	$	1,997,959
ICON Equity Income Fund		-		-		-			(22,130,479	)		522,452			(21,608,027	)
ICON Fund		-		-		(199,698	)		(21,009,099	)		3,314,796			(17,894,001	)
ICON High Yield Bond Fund		-		-		-			-			-			-
ICON Long/Short Fund		-		-		(217,386	)		(56,831,982	)		1,882,456			(55,166,912	)
ICON Opportunities		104,033		60,583		-			-			(662,297	)		(497,681	)
ICON Risk-Managed Balanced Fund		8,257		-		-			(13,551,114	)		263,108			(13,279,749	)

* 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, 2015, 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	$	97,482,658	$	1,104,787	$	(1,674,322	)	$	(569,535	)
ICON Equity Income Fund		47,274,990		2,207,326		(881,219	)		1,326,107
ICON Fund		59,492,435		12,981,237		(1,237,313	)		11,743,924
ICON High Yield Bond Fund		983,803		6,760		(21,262	)		(14,502	)
ICON Long/Short Fund		35,346,301		8,617,933		(544,357	)		8,073,576
ICON Opportunities Fund		11,594,307		1,614,335		(248,391	)		1,365,944
ICON Risk-Managed Balanced Fund		33,392,713		2,742,622		(1,032,901	)		1,709,721

7.   Accounting Pronouncement

In June 2013, FASB issued Accounting Standards Update No. 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). This

NOTESTO FINANCIAL STATEMENTS 73

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

update sets forth a new approach for determining whether a public or private company is an investment company and sets certain measurement and disclosure requirements for an investment company. FASB has determined that a fund registered under the 1940 Act automatically meets ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Management does not expect this guidance to have an impact on the Funds’ financial statements.

8.   Subsequent Events

Management has evaluated the possibility of subsequent events and determined that there are no material events that would require adjustment to or disclosure in the Funds’ financial statements.

74 NOTESTO FINANCIAL STATEMENTS

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2015 (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 (10/01/14 – 3/31/15).

Actual Expenses

The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

EXPENSE EXAMPLE 75

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 10/1/14		Ending Account Value 3/31/15		Expense Paid During Period 10/1/14 -  3/31/15*		Annualized Expense Ratio 10/1/14 -  3/31/15*
Actual Expenses
ICON Bond Fund
Class S	$	1,000	$	1,008.00	$	3.75		0.75%
Class C		1,000		1,003.80		7.99		1.60%
Class A		1,000		1,006.60		5.00		1.00%
ICON Equity Income Fund
Class S		1,000		1,072.60		6.20		1.20%
Class C		1,000		1,066.90		11.34		2.20%
Class A		1,000		1,071.40		7.49		1.45%
ICON Fund
Class S		1,000		1,125.30		5.40		1.02%
Class C		1,000		1,118.60		11.94		2.26%
Class A		1,000		1,122.80		7.99		1.51%
ICON High Yield Bond Fund		1,000		983.70		3.96		0.80%
ICON Long/Short Fund
Class S		1,000		1,142.90		6.84		1.28%
Class C		1,000		1,136.20		12.41		2.33%
Class A		1,000		1,140.60		8.43		1.58%
ICON Opportunities Fund		1,000		1,128.60		7.96		1.50%
ICON Risk-Managed Balanced Fund
Class S		1,000		1,060.60		6.16		1.20%
Class C		1,000		1,054.70		11.27		2.20%
Class A		1,000		1,058.80		7.44		1.45%
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

76 EXPENSE EXAMPLE

	Beginning Account Value 10/1/14		Ending Account Value 3/31/15		Expense Paid During Period 10/1/14 -  3/31/15*		Annualized Expense Ratio 10/1/14 - 3/31/15*
ICON Fund
Class S	$	1,000	$	1,019.85	$	5.14
Class C		1,000		1,013.66		11.35
Class A		1,000		1,017.40		7.59
ICON High Yield Bond Fund		1,000		1020.94		4.03
ICON Long/Short Fund
Class S		1,000		1,018.55		6.44
Class C		1,000		1,013.31		11.70
Class A		1,000		1,017.05		7.95
ICON Opportunities Fund		1,000		1,017.45		7.54
ICON Risk-Managed Balanced 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

* 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 77

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.

78 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.

OTHER INFORMATION 79

ICON FUNDS PRIVACY INFORMATION

FACTS	WHAT DOES ICON DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: n  Social Security number and account balances n  income and transaction history n  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons ICON chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does ICON share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-764-0442 for the ICON Funds and 1-800-828-4881 for ICON Advisers, Inc. and ICON Distributors, Inc.

80 FUNDS PRIVACY INFORMATION

Page 2

Who we are
Who is providing this notice?	ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON”)
What we do
How does ICON protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Contracts with our service providers require them to restrict access to your non-public personal information, and to maintain physical, electronic and procedural safeguards against unintended disclosure.
How does ICON collect my personal information?	We collect your personal information, for example, when you n  open an account or enter into an investment advisory contract n  provide account information or give us your contact information n  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only n  sharing for affiliates’ everyday business purposes — information about your creditworthiness n  affiliates from using your information to market to you n  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. n  Our affiliates include financial companies such as ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. n  Nonaffiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers and nonfinancial companies such as fulfillment, proxy voting, and class action service providers
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n  ICON doesn’t jointly market

FUNDS PRIVACY INFORMATION 81

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

2015 SEMIANNUAL REPORT

ICON INTERNATIONAL FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Emerging Markets Fund (formerly known as ICON Asia-Pacific Region Fund)

ICON International Equity Fund

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

SAR-INTL-15              

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 Emerging Markets Fund (formerly known as ICON Asia-Pacific Region Fund)	4
ICON International Equity Fund	7
Financial Statements (Unaudited)	14
Financial Highlights (Unaudited)	22
Notes to Financial Statements (Unaudited)	26
Six Month Hypothetical Expense Example (Unaudited)	41
Other Information (Unaudited)	43
Funds Privacy Information	45

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, 2015, 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 the 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 EMERGING MARKETS FUND

(FORMERLYKNOWNAS ICON ASIA-PACIFIC REGION FUND)

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount				Value
	Common Stocks (91.9%)
	Airport Services (6.2%)
	23,000		Airports of Thailand PCL*	$	197,656
	422,000		Beijing Capital International Airport Co., Ltd.*		414,281
					611,937
	Automobile Manufacturers (2.3%)
	77,000		UMW Holdings Bhd*		225,638
	Brewers (1.4%)
	24,500		AMBEV S.A.**		141,632
	Casinos & Gaming (0.9%)
	3,000		Kangwon Land, Inc.*		93,557
	Catalog Retail (1.6%)
	750		CJ O Shopping Co., Ltd.*		154,679
	Construction & Engineering (1.1%)
	25,000		Voltas Ltd.*		111,707
	Diversified Banks (5.9%)
	15,200		HDFC Bank, Ltd.*		248,662
	38,000		ICICI Bank Ltd.*		191,963
	55,000		Malayan Banking Bhd*		138,564
					579,189
	Diversified Chemicals (1.0%)
	14,000		Tata Chemicals Ltd.*		98,781
	Environmental & Facilities Services (1.2%)
	72,000		China Everbright International Ltd.*		119,084
	Footwear (1.1%)
	2,200		CCC S.A.*		106,034
	Gas Utilities (1.8%)
	56,000	��	China Resources Gas Group Ltd.*		174,950

Shares or Principal Amount			Value
	Health Care Facilities (0.9%)
	25,000	Life Healthcare Group Holdings Ltd.*	$	87,072
	Highways & Railtracks (1.7%)
	32,000	CCR S.A.**		163,432
	Household Appliances (1.1%)
	1,300	Coway Co. Ltd.*		106,996
	Household Products (4.4%)
	580	LG Household & Health Care, Ltd.**		439,659
	Independent Power Producers & Energy Traders (2.8%)
	64,000	China Resources Power Holdings Co., Ltd.*		160,339
	220,000	Datang International Power Generation Co., Ltd.*		112,796
				273,135
	Industrial Conglomerates (1.8%)
	3,200	Aditya Birla Nuvo, Ltd.*		85,204
	12,000	Beijing Enterprises Holdings, Ltd.*		94,586
				179,790
	Internet Software & Services (6.6%)
	240	NAVER Corp.*		144,793
	26,945	Tencent Holdings, Ltd.*		512,030
				656,823
	IT Consulting & Other Services (5.8%)
	5,600	Infosys, Ltd.*		196,769
	25,200	Tech Mahindra Ltd.**		254,331
	12,000	Wipro, Ltd.*		120,308
				571,408
	Life & Health Insurance (1.9%)
	16,000	Ping An Insurance Group Co.*		192,461

4 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Marine Ports & Services (2.2%)
	21,000	Adani Ports and Special Economic Zone*	$	103,334
	28,000	China Merchants Holdings International Co. Ltd.*		110,450
				213,784
	Motorcycle Manufacturers (0.9%)
	2,100	Hero MotoCorp, Ltd.*		88,741
	Oil & Gas Storage & Transportation (0.9%)
	4,500	Ultrapar Participacoes S.A.**		91,409
	Personal Products (1.9%)
	16,000	Hengan International Group Co., Ltd.*		192,589
	Pharmaceuticals (6.3%)
	186,000	CSPC Pharmaceutical Group, Ltd.*		157,144
	6,400	Dr. Reddy’s Laboratories, Ltd.*		358,895
	100,000	Sino Biopharmaceutical, Ltd.*		101,555
				617,594
	Real Estate Operating Companies (1.5%)
	116,000	Central Pattana PCL*		152,224
	Reinsurance (1.9%)
	20,784	Korean Reinsurance Co.*		190,919
	Semiconductors (7.0%)
	4,500	SK Hynix, Inc.*		183,810
	110,000	Taiwan Semiconductor Manufacturing Co., Ltd.*		511,231
				695,041
	Soft Drinks (1.7%)
	15,000	Arca Continental S.A.B. de C.V.†**		92,241
	4,400	Coca-Cola Icecek AS*		74,302
				166,543

Shares or Principal Amount			Value
	Steel (1.0%)
	32,000	Sesa Sterlite, Ltd.*	$	97,673
	Technology Hardware, Storage & Peripherals (3.8%)
	286	Samsung Electronics Co., Ltd.*		370,871
	Tires & Rubber (0.9%)
	33,000	Apollo Tyres, Ltd.*		88,674
	Tobacco (2.0%)
	38,000	ITC, Ltd.*		197,334
	Water Utilities (1.0%)
	138,000	Beijing Enterprises Water Group Ltd.†*		94,196
	Wireless Telecommunication Services (7.4%)
	18,000	Bharti Airtel, Ltd.*		113,226
	50,000	Intouch Holdings PCL*		118,626
	10,000	MTN Group, Ltd.*		168,572
	1,350	SK Telecom Co., Ltd.*		332,190
				732,614
	Total Common Stocks (Cost $8,236,369)			9,078,170
	Preferred Stock (1.4%)
	Diversified Banks (1.4%)
	12,500	Itau Unibanco Holding S.A.**		138,295
	Total Preferred Stocks (Cost $196,055)			138,295
	Short-Term Investments (8.6%)
$	854,740	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		854,740
	Total Short-Term Investments (Cost $854,740)			854,740
	Total Investments 101.9% (Cost $9,287,164)			10,071,205
	Liabilities Less Other Assets (1.9)%			(188,709	)
	Net Assets 100.0%		$	9,882,496

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, 2015 was 79.9% of net assets.

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

SCHEDULEOF INVESTMENTS 5

ICON Emerging Markets Fund

Country Composition

March 31, 2015 (unaudited)

India	23.8%
South Korea	20.4%
China	14.4%
Hong Kong	10.3%
Brazil	5.4%
Taiwan	5.2%
Thailand	4.7%
Malaysia	3.7%
South Africa	2.6%
Poland	1.1%
Mexico	0.9%
Turkey	0.8%
	93.3%

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

ICON Emerging Markets Fund

Sector Composition

March 31, 2015 (unaudited)

Information Technology	23.2%
Industrials	14.2%
Financial	12.7%
Consumer Staples	11.5%
Consumer Discretionary	8.8%
Utilities	7.2%
Health Care	7.1%
Telecommunication	5.7%
Materials	2.0%
Energy	0.9%
	93.3%

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

ICON Emerging Markets Fund Industry Composition March 31, 2015 (unaudited)

Wireless Telecommunication Services	7.4%
Diversified Banks	7.3%
Semiconductors	7.0%
Internet Software & Services	6.6%
Pharmaceuticals	6.3%
Airport Services	6.2%
IT Consulting & Other Services	5.8%
Household Products	4.4%
Technology Hardware, Storage & Peripherals	3.8%
Independent Power Producers & Energy Traders	2.8%
Automobile Manufacturers	2.3%
Marine Ports & Services	2.2%
Tobacco	2.0%
Life & Health Insurance	1.9%
Personal Products	1.9%
Reinsurance	1.9%
Gas Utilities	1.8%
Industrial Conglomerates	1.8%

Highways & Railtracks	1.7%
Soft Drinks	1.7%
Catalog Retail	1.6%
Real Estate Operating Companies	1.5%
Brewers	1.4%
Environmental & Facilities Services	1.2%
Construction & Engineering	1.1%
Footwear	1.1%
Household Appliances	1.1%
Diversified Chemicals	1.0%
Steel	1.0%
Water Utilities	1.0%
Other Industries (each less than 1%)	4.5%
	93.3%

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

6 SCHEDULEOF INVESTMENTS

ICON INTERNATIONAL EQUITY FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (88.9%)
	Advertising (0.7%)
	16,300	REA Group Ltd.*(a)	$	597,083
	Agricultural Products (1.3%)
	72,779	Kaveri Seed Co. Ltd.*		1,145,097
	Air Freight & Logistics (3.1%)
	22,600	Deutsche Post AG*		704,101
	26,000	Kintetsu World Express, Inc.*		1,168,640
	4,364	Norbert Dentressangle S.A.*		738,542
				2,611,283
	Airlines (0.6%)
	37,150	Deutsche Lufthansa AG*		520,199
	Aluminum (3.7%)
	830,000	Alumina Ltd.*		1,010,037
	1,520,000	National Aluminium Co. Ltd.*		1,133,809
	199,000	Norsk Hydro ASA*		1,046,010
				3,189,856
	Apparel, Accessories & Luxury Goods (0.7%)
	20,400	Gildan Activewear, Inc.**(a)		601,426
	Application Software (2.5%)
	30,000	COLOPL, Inc.*(a)		646,700
	4,500	Com2uSCorp†*		779,135
	27,779	RIB Software AG*(a)		388,945
	4,700	SAP AG*		339,704
				2,154,484
	Auto Parts & Equipment (3.8%)
	12,800	Leoni AG*		808,548
	33,228	Plastic Omnium S.A.*		875,704
	15,050	SHW AG*		718,331

Shares or Principal Amount			Value
	199,970	Weifu High-Technology Group Co. Ltd.*	$	832,993
				3,235,576
	Automobile Manufacturers (1.5%)
	10,000	Fuji Heavy Industries Ltd.*		331,962
	30,000	Mitsubishi Motors Corp.*		270,503
	68,000	Nissan Motor Co., Ltd.*(a)		691,597
				1,294,062
	Biotechnology (1.0%)
	12,300	Grifols S.A.*		527,039
	22,000	Sirtex Medical Ltd.*		347,087
				874,126
	Broadcasting (0.5%)
	4,500	RTL Group S.A.*		433,383
	Building Products (1.8%)
	6,800	Rockwool International AS, Class B*		792,791
	280,000	Sintex Industries Ltd.*		540,745
	45,231	Tyman plc**		210,177
				1,543,713
	Commodity Chemicals (0.8%)
	36,000	Asahi Kasei Corp.*		343,786
	72,000	Tosoh Corp.*		362,663
				706,449
	Construction & Farm Machinery & Heavy Trucks (0.9%)
	60,000	Tadano, Ltd.*		805,662
	Construction Materials (0.5%)
	7,700	Grasim Industries Ltd.*		446,297
	Data Processing & Outsourced Services (0.8%)
	16,500	Wirecard AG*		695,395

SCHEDULEOF INVESTMENTS 7

Shares or Principal Amount			Value
	Diversified Banks (1.1%)
	185,000	ICICI Bank Ltd.*	$	934,559
	Diversified Chemicals (2.2%)
	6,000	BASF SE*		593,973
	142,000	Mitsubishi Gas Chemical Co., Inc.*		698,822
	78,000	Tata Chemicals Ltd.*		550,350
				1,843,145
	Diversified Real Estate Activities (0.5%)
	3,800	Daito Trust Construction Co. Ltd.*		424,329
	Diversified Support Services (1.8%)
	73,000	Babcock International Group PLC*		1,064,914
	7,000	Cewe Stiftung & Co. KGAA*		444,236
				1,509,150
	Electric Utilities (0.5%)
	60,000	Reliance Infrastructure, Ltd.*		415,365
	Electrical Components & Equipment (1.6%)
	84,087	Finolex Cables Ltd.*		381,164
	12,500	Schneider Electric SE*		972,735
				1,353,899
	Electronic Components (3.0%)
	26,700	Japan Aviation Electronics Industry Ltd.*		644,746
	12,000	Largan Precision Co., Ltd.*		1,031,615
	11,000	Omron Corp.*		495,541
	110,000	Zhen Ding Technology Holding Ltd.*		358,219
				2,530,121
	Electronic Equipment & Instruments (5.3%)
	12,500	Hexagon AB, Class B*		443,813
	17,000	Hitachi High-Technologies Corp.*		517,350

Shares or Principal Amount			Value
	130,000	Hitachi, Ltd.*	$	887,881
	10,357	Ingenico*		1,135,965
	6,040	Isra Vision AG*		413,812
	83,595	Jenoptik AG*		1,125,498
				4,524,319
	Electronic Manufacturing Services (0.7%)
	1,100,000	FIH Mobile Ltd.†**		583,155
	Fertilizers & Agricultural Chemicals (0.3%)
	220,000	Gujarat State Fertilisers & Chemicals Ltd.*		291,641
	Gas Utilities (0.3%)
	740,000	Perusahaan Gas Negara Persero Tbk PT*		271,230
	Household Appliances (1.5%)
	10,000	Coway Co. Ltd.*		823,049
	6,200	SEB S.A.*		447,165
				1,270,214
	Household Products (0.4%)
	14,500	Svenska Cellulosa AB SCA, Class B*		333,193
	Industrial Conglomerates (4.0%)
	6,600	Daetwyler Holding AG*		921,018
	16,500	Indus Holding AG*		820,545
	38,300	Koninklijke Philips NV*		1,086,570
	5,650	Siemens AG*		611,071
				3,439,204
	Industrial Machinery (3.8%)
	5,480	Feintool International Holding AG*		529,111
	29,000	JTEKT Corp.*(a)		452,152
	9,500	Makita Corp.*(a)		492,293
	27,100	NGK Insulators Ltd.*		577,407
	18,800	Rotork PLC*		689,279
	15,100	Stabilus S.A.†*		520,439
				3,260,681

8 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Integrated Telecommunication Services (0.5%)
	7,400	Nippon Telegraph & Telephone Corp.*	$	456,810
	Internet Software & Services (0.8%)
	1,200	NAVER Corp.*		723,964
	IT Consulting & Other Services (5.6%)
	14,500	Alten S.A.*		665,206
	24,029	AtoS*		1,654,063
	13,300	Cap Gemini S.A.*		1,091,153
	18,400	Sopra Steria Group*		1,370,399
				4,780,821
	Leisure Products (0.8%)
	34,000	Namco Bandai Holdings, Inc.*		661,776
	Life Sciences Tools & Services (1.0%)
	6,300	Tecan Group AG*		825,986
	Motorcycle Manufacturers (0.8%)
	15,700	Hero MotoCorp, Ltd.*		663,445
	Multi-Sector Holdings (1.3%)
	13,500	Groupe Bruxelles Lambert S.A.*		1,119,274
	Oil & Gas Equipment & Services (2.0%)
	2,242,000	Ezion Holdings, Ltd.*		1,750,141
	Oil & Gas Refining & Marketing (1.6%)
	50,000	Reliance Industries, Ltd.*		657,870
	990,000	Sinopec Kantons Holdings, Ltd.*		713,261
				1,371,131
	Oil & Gas Storage & Transportation (0.3%)
	103,000	Petronet LNG Ltd.*		283,454
	Pharmaceuticals (6.7%)
	20,000	Aurobindo Pharma Ltd.*		389,393
	940,000	CSPC Pharmaceutical Group, Ltd.*		794,166
	320,000	Granules India Ltd.*		434,583
	9,800	Novo Nordisk AS*		523,161
	37,000	Recordati S.p.A.*		690,974

Shares or Principal Amount			Value
	6,100	Roche Holding AG*	$	1,676,231
	5,830	Sanofi*		575,765
	7,900	Shire PLC*		629,812
				5,714,085
	Railroads (0.5%)
	2,400	Canadian Pacific Railway Ltd.**(a)		439,430
	Real Estate Development (0.5%)
	100,000	Oberoi Realty Ltd.*		452,899
	Research & Consulting Services (1.1%)
	6,510	Bertrandt AG*		947,015
	Semiconductor Equipment (1.7%)
	79,000	ASM Pacific Technology Ltd.*		823,806
	43,000	Innox Corp.†*		624,930
				1,448,736
	Semiconductors (1.1%)
	41,402	Duksan Hi-Metal Co., Ltd.†*		323,282
	14,300	SK Hynix, Inc.*		584,107
				907,389
	Specialized Finance (0.5%)
	95,000	Power Finance Corp. Ltd.*		411,818
	Specialty Chemicals (3.6%)
	88,000	Alent plc*		487,467
	137,640	Borregaard ASA*		1,014,852
	28,597	Duk San Neolux Co. Ltd.†**		577,379
	9,000	Johnson Matthey plc*		450,929
	10,000	Koninklijke DSM*		557,344
				3,087,971
	Specialty Stores (0.5%)
	44,584	JUMBO S.A.**		464,049
	Steel (1.9%)
	23,000	JSW Steel, Ltd.*		332,883
	130,000	Kobe Steel Ltd.*		239,774
	170,000	Nippon Steel & Sumitomo Metal Corp.*		427,449
	191,000	Sesa Sterlite, Ltd.*		582,985
				1,583,091

SCHEDULEOF INVESTMENTS 9

Shares or Principal Amount			Value
	Technology Hardware, Storage & Peripherals (0.8%)
	40,000	Seiko Epson Corp.*	$	708,454
	Trading Companies & Distributors (1.2%)
	45,000	Ashtead Group PLC*		721,700
	32,000	ITOCHU Corp.*(a)		346,300
				1,068,000
	Wireless Telecommunication Services (2.9%)
	155,000	Bharti Airtel, Ltd.*		975,004
	150,000	Idea Cellular, Ltd.*		438,894
	250,000	Intouch Holdings PCL*		593,131
	28,000	MTN Group, Ltd.*		472,000
				2,479,029
	Total Common Stocks (Cost $77,481,990)			76,187,064

Shares or Principal Amount			Value
	Collateral for Securities on Loan (5.1%)
	4,334,337	State Street Navigator Prime Portfolio, 0.16%	$	4,334,337
	Total Collateral for Securities on Loan (Cost $4,334,337)			4,334,337
	Short-Term Investments (11.8%)
$	10,145,517	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		10,145,517
	Total Short-Term Investments (Cost $10,145,517)			10,145,517
	Total Investments 105.8% (Cost $91,961,844)			90,666,918
	Liabilities Less Other Assets (5.8)%			(4,962,968	)
	Net Assets 100.0%		$	85,703,950

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, 2015 was 85.5% 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, 2015.

10 SCHEDULEOF INVESTMENTS

ICON International Equity Fund

Country Composition

March 31, 2015 (unaudited)

Japan	14.7%
India	13.3%
France	11.1%
Germany	10.7%
South Korea	5.2%
Switzerland	4.7%
United Kingdom	4.2%
Hong Kong	2.7%
Norway	2.4%
Australia	2.3%
Singapore	2.1%
Netherlands	2.0%
China	1.7%
Taiwan	1.6%
Denmark	1.5%
Belgium	1.3%
Canada	1.2%
Luxembourg	1.1%
Sweden	0.9%
Italy	0.8%
Ireland	0.7%
Thailand	0.7%
South Africa	0.6%
Spain	0.6%
Greece	0.5%
Indonesia	0.3%
	88.9%

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

ICON International Equity Fund

Sector Composition

March 31, 2015 (unaudited)

Information Technology	22.2%
Industrials	20.4%
Materials	13.0%
Consumer Discretionary	10.8%
Health Care	8.7%
Energy	4.0%
Financial	3.9%
Telecommunication	2.3%
Utilities	1.9%
Consumer Staples	1.7%
	88.9%

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

SCHEDULEOF INVESTMENTS 11

ICON International Equity Fund

Industry Composition

March 31, 2015 (unaudited)

Pharmaceuticals	6.7%
IT Consulting & Other Services	5.6%
Electronic Equipment & Instruments	5.3%
Industrial Conglomerates	4.0%
Auto Parts & Equipment	3.8%
Industrial Machinery	3.8%
Aluminum	3.7%
Specialty Chemicals	3.6%
Air Freight & Logistics	3.1%
Electronic Components	3.0%
Wireless Telecommunication Services	2.9%
Application Software	2.5%
Diversified Chemicals	2.2%
Oil & Gas Equipment & Services	2.0%
Steel	1.9%
Building Products	1.8%
Diversified Support Services	1.8%
Semiconductor Equipment	1.7%

Electrical Components & Equipment	1.6%
Oil & Gas Refining & Marketing	1.6%
Automobile Manufacturers	1.5%
Household Appliances	1.5%
Agricultural Products	1.3%
Multi-Sector Holdings	1.3%
Trading Companies & Distributors	1.2%
Diversified Banks	1.1%
Research & Consulting Services	1.1%
Semiconductors	1.1%
Biotechnology	1.0%
Life Sciences Tools & Services	1.0%
Other Industries (each less than 1%)	14.2%
	88.9%

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

12 SCHEDULEOF INVESTMENTS

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STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2015 (UNAUDITED)

	ICON Emerging Markets Fund		ICON International Equity Fund
Assets
Investments, at cost	$	9,287,164	$	91,961,844
Investments, at value†		10,071,205		90,666,918
Foreign currency, at value(a)		109,433		390,052
Receivables:
Fund shares sold		25,366		15,764
Investments sold		109,049		2,985,768
Dividends		25,460		87,612
Expense reimbursements due from Adviser		33,300		7,831
Foreign tax reclaims		3,181		57,076
Other assets		23,783		30,860
Total Assets		10,400,777		94,241,881
Liabilities
Payables:
Investments purchased		464,077		3,762,677
Payable for collateral received on securities loaned		-		4,334,337
Fund shares redeemed		3,563		272,980
Advisory fees		8,284		73,675
Accrued distribution fees		514		4,445
Fund accounting fees		334		2,221
Transfer agent fees		8,270		14,546
Administration fees		414		3,684
Trustee fees		380		3,182
Capital gains tax		1,958		35,513
Accrued expenses		30,487		30,671
Total Liabilities		518,281		8,537,931
Net Assets - all share classes	$	9,882,496	$	85,703,950
Net Assets - Class S	$	9,073,431	$	77,211,970
Net Assets - Class C	$	487,299	$	4,103,514
Net Assets - Class A	$	321,766	$	4,388,466

14 FINANCIAL STATEMENTS

	ICON Emerging Markets Fund			ICON International Equity Fund
Net Assets Consist of
Paid-in capital	$	17,386,103		$	176,029,542
Accumulated undistributed net investment income/(loss)		(50,422	)		(196,697	)
Accumulated undistributed net realized gain/(loss)		(8,234,457	)		(88,786,344	)
Unrealized appreciation/(depreciation)		781,272			(1,342,551	)
Net Assets	$	9,882,496		$	85,703,950
Shares outstanding (unlimited shares authorized, no par value)
Class S		646,522			6,368,781
Class C		36,368			372,871
Class A		22,971			365,684
Net asset value (offering and redemption price per share)
Class S	$	14.03		$	12.12
Class C	$	13.40		$	11.01
Class A	$	14.01		$	12.00
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	14.86		$	12.73
†  Includes securities on loan of	$	-		$	4,135,203
(a)  Foreign currency, at cost	$	109,467		$	389,862

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

FINANCIAL STATEMENTS 15

STATEMENTSOF OPERATIONS

FORTHEPERIODENDED MARCH 31, 2015 (UNAUDITED)

	ICON Emerging Markets Fund			ICON International Equity Fund
Investment Income
Interest	$	69		$	289
Dividends		54,774			442,228
Income from securities lending, net		-			22,041
Foreign taxes withheld		(8,749	)		(43,680	)
Total Investment Income		46,094			420,878
Expenses
Advisory fees		47,659			430,507
Distribution fees:
Class C		3,252			21,364
Class A		580			4,747
Fund accounting fees		953			8,610
Transfer agent fees		15,103			39,453
Administration fees		2,383			21,525
Custody fees		9,340			16,038
Registration fees:
Class S		7,918			6,579
Class C		5,590			5,526
Class A		5,164			5,281
Insurance expense		1,161			3,547
Trustee fees and expenses		594			5,422
Audit and tax service expense		19,338			19,486
Interest expense		-			349
Other expenses		24,724			44,751
Total expenses before expense reimbursement		143,759			633,185
Expense reimbursement by Adviser due to expense limitation agreement		(66,057	)		(15,616	)
Net Expenses		77,702			617,569
Net Investment Income/(Loss)		(31,608	)		(196,691	)
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		(747,647	)		(4,842,566	)
Foreign currency		(10,275	)		(246,034	)
Net realized capital gains tax		-			(28,304	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		991,857			8,040,814
Net unrealized capital gains tax		(1,531	)		(35,514	)
Net realized and unrealized gain/(loss)		232,404			2,888,396
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	200,796		$	2,691,705

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

16 FINANCIAL STATEMENTS

(This page is intentionally left blank)

STATEMENTSOF CHANGESIN NET ASSETS

	ICON Emerging Markets Fund
	Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
Operations
Net investment income/(loss)	$	(31,608	)	$	(44,580	)
Net realized gain/(loss)		(747,647	)		2,609,559
Net realized gain/(loss) from foreign currency		(10,275	)		(37,546	)
Net realized capital gains tax		-			(52,013	)
Change in net unrealized appreciation/(depreciation)		990,326			(2,391,992	)
Net increase/(decrease) in net assets resulting from operations		200,796			83,428
Dividends and Distributions to Shareholders
Net investment income
Class S		-			(59,304	)
Class A		-			(1,490	)
Net realized gains
Return of Capital
Net decrease from dividends and distributions		-			(60,794	)
Fund Share Transactions
Shares sold
Class S		1,155,510			6,840,980
Class C		119,834			123,445
Class A		329,172			75,466
Reinvested dividends and distributions
Class S		-			56,463
Class A		-			1,270
Shares repurchased
Class S		(1,202,264	)		(27,023,177	)
Class C		(404,177	)		(198,478	)
Class A		(325,174	)		(562,635	)
Net increase/(decrease) from fund share transactions		(327,099	)		(20,686,666	)
Total net increase/(decrease) in net assets		(126,303	)		(20,664,032	)
Net Assets
Beginning of period		10,008,799			30,672,831
End of period	$	9,882,496		$	10,008,799

18 FINANCIAL STATEMENTS

ICON International Equity Fund
Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
$	(196,691	)	$	210,917
	(4,842,566	)		7,551,567
	(246,034	)		(271,659	)
	(28,304	)		(35,013	)
	8,005,300			(11,815,994	)
	2,691,705			(4,360,182	)
	(71,695	)		-
	-			-
	(71,695	)		-
	2,135,675			54,955,281
	16,507			194,693
	1,089,436			353,579
	70,813			-
	-			-
	(7,789,544	)		(12,360,031	)
	(611,995	)		(1,233,291	)
	(868,517	)		(1,312,960	)
	(5,957,625	)		40,597,271
	(3,337,615	)		36,237,089
	89,041,565			52,804,476
$	85,703,950		$	89,041,565

FINANCIAL STATEMENTS 19

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Emerging Markets Fund
	Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
Transactions in Fund Shares
Shares sold
Class S		82,969			496,107
Class C		9,302			9,218
Class A		24,257			5,468
Reinvested dividends and distributions
Class S		-			4,198
Class A		-			94
Shares repurchased
Class S		(88,073	)		(1,998,939	)
Class C		(30,744	)		(15,076	)
Class A		(23,553	)		(41,663	)
Net increase/(decrease)		(25,842	)		(1,540,593	)
Shares outstanding, beginning of period		731,703			2,272,296
Shares outstanding, end of period		705,861			731,703
Accumulated undistributed net investment income/(loss)	$	(50,422	)	$	(18,814	)

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

20 FINANCIAL STATEMENTS

ICON International Equity Fund
Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
	186,670			4,258,487
	1,542			16,869
	90,170			28,338
	6,089			-
	-			-
	(661,611	)		(986,622	)
	(57,563	)		(107,336	)
	(75,478	)		(106,543	)
	(510,181	)		3,103,193
	7,617,517			4,514,324
	7,107,336			7,617,517
$	(196,697	)	$	71,689

FINANCIAL STATEMENTS 21

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 Emerging Markets Fund
Class S
Period ended March 31, 2015†	$	13.72	$	(0.04	)	$	0.35		$	0.31		$	-		$	-
Year ended September 30, 2014		13.51		(0.03	)		0.27			0.24			(0.03	)		-
Year ended September 30, 2013		12.21		0.06			1.33			1.39			(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	)		-
Class C
Period ended March 31, 2015†		13.18		(0.10	)		0.32			0.22			-			-
Year ended September 30, 2014		13.06		(0.11	)		0.23			0.12			-			-
Year ended September 30, 2013		11.84		(0.05	)		1.28			1.23			(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	)		-
Class A
Period ended March 31, 2015†		13.71		(0.05	)		0.35			0.30			-			-
Year ended September 30, 2014		13.51		(0.04	)		0.27			0.23			(0.03	)		-
Year ended September 30, 2013		12.17		0.04			1.33			1.37			(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	)		-

22 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			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	-		$	14.03		2.26	%	$	9,073		2.76	%		1.55	%		(1.79	)%		(0.58	)%		21.02	%
	(0.03	)		13.72		1.78	%		8,942		2.11	%		1.88	%(e)		(0.42	)%		(0.19	)%		92.17	%
	(0.09	)		13.51		11.44	%		29,053		1.64	%		1.64	%		0.46	%		0.46	%		59.98	%
	(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	%
	-			13.40		1.67	%		487		5.01	%		2.55	%(c)		(4.06	)%		(1.60	)%		21.02	%
	-			13.18		0.92	%		762		4.65	%		2.78	%(c)		(2.70	)%		(0.83	)%		92.17	%
	(0.01	)		13.06		10.44	%		832		3.76	%		2.56	%(c)		(1.63	)%		(0.43	)%		59.98	%
	-			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	%
	-			14.01		2.19	%		322		4.88	%		1.80	%(c)		(3.86	)%		(0.78	)%		21.02	%
	(0.03	)		13.71		1.68	%		305		4.32	%		1.95	%(c)		(2.65	)%		(0.28	)%		92.17	%
	(0.03	)		13.51		11.29	%		789		2.97	%		1.81	%(c)		(0.82	)%		0.34	%		59.98	%
	(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	%

FINANCIAL HIGHLIGHTS 23

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, 2015†	$	11.75	$	(0.02	)	$	0.40		$	0.38		$	(0.01	)	$	-
Year ended September 30, 2014		11.81		0.06			(0.12	)		(0.06	)		-			-
Year ended September 30, 2013		11.05		0.07			0.74			0.81			-	(d)		(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	)		-
Class C
Period ended March 31, 2015†		10.72		(0.08	)		0.37			0.29			-			-
Year ended September 30, 2014		10.89		(0.08	)		(0.09	)		(0.17	)		-			-
Year ended September 30, 2013		10.26		(0.04	)		0.67			0.63			-			-
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	)		-
Class A***
Period ended March 31, 2015†		11.65		(0.04	)		0.39			0.35			-			-
Year ended September 30, 2014		11.75		-	(d)		(0.10	)		(0.10	)		-			-
Year ended September 30, 2013		10.99		0.04			0.73			0.77			-	(d)		(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	)		-

(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) Amount less than $0.005.

(e) Effective May, 5, 2014, Class S’s operating expenses, not including interest expense, were contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense.

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/ 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)
$	(0.01	)	$	12.12		3.24	%	$	77,212		1.36	%		1.36	%			(0.38	)%		(0.38	)%		80.80	%
	-			11.75		(0.51	)%		80,356		1.41	%		1.41	%			0.44	%		0.44	%		192.93	%
	(0.05	)		11.81		7.33	%		42,105		1.45	%		1.45	%			0.65	%		0.65	%		137.83	%
	(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	%
	-			11.01		2.71	%		4,104		2.89	%		2.55	%	��		(1.93	)%		(1.59	)%		80.80	%
	-			10.72		(1.56	)%		4,597		2.82	%		2.56	%			(0.99	)%		(0.73	)%		192.93	%
	-			10.89		6.14	%		5,657		2.77	%		2.56	%			(0.63	)%		(0.42	)%		137.83	%
	-			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	%
	-			12.00		3.00	%		4,388		2.24	%		1.80	%			(1.21	)%		(0.77	)%		80.80	%
	-			11.65		(0.85	)%		4,089		2.12	%		1.81	%			(0.27	)%		0.04	%		192.93	%
	(0.01	)		11.75		7.03	%		5,043		2.19	%		1.81	%			(0.06	)%		0.32	%		137.83	%
	(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	%

FINANCIAL HIGHLIGHTS 25

NOTESTO FINANCIAL STATEMENTS

MARCH 31, 2015 (UNAUDITED)

1.  Organization

The ICON Emerging Markets Fund (“Emerging Markets Fund” formerly the ICON Asia-Pacific Region 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 offers 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 sixteen 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 Emerging Markets Fund primarily invests in securities of issuers whose principal activities are in emerging market, or are economically tied to an emerging market country. The investment objective of each Fund is to provide long-term capital appreciation.

The Funds, like all investments in securities, have elements of risk, including risk of loss of principal. For a complete explanation of the risks, please carefully study the prospectuses. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar objectives. An investment concentrated in sectors and industries involves 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 less 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

26 NOTESTO FINANCIAL STATEMENTS

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. Securities of emerging or developing market companies may be less liquid and more volatile than securities in countries with more mature markets.

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 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 at the closing price as of 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 is considered inaccurate or does not in the Funds’ judgment reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market

NOTESTO FINANCIAL STATEMENTS 27

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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.

Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.

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.

28 NOTESTO FINANCIAL STATEMENTS

Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities.

Level 2 — 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 may be 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, 2015:

	Level 1		Level 2		Level 3		Total
ICON Emerging Markets Fund*
Assets
Common Stocks
India	$	254,330	$	2,101,271	$	-	$	2,355,601
South Korea		439,659		1,577,816		-		2,017,475
China		-		1,424,158		-		1,424,158
Hong Kong		-		1,012,304		-		1,012,304
Taiwan		-		511,232		-		511,232
Other Countries		488,714		1,268,686		-		1,757,400
Preferred Stock		138,295		-		-		138,295
Short-Term Investments		-		854,740		-		854,740
Total	$	1,320,998	$	8,750,207	$	-	$	10,071,205

NOTESTO FINANCIAL STATEMENTS 29

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

	Level 1		Level 2		Level 3		Total
ICON International Equity Fund*
Assets
Common Stocks
Japan	$	-	$	12,652,598	$	-	$	12,652,598
India		-		11,462,255		-		11,462,255
France		-		9,526,698		-		9,526,698
Germany		-		9,131,373		-		9,131,373
South Korea		577,379		3,858,467		-		4,435,846
Other Countries		2,298,237		26,680,057		-		28,978,294
Collateral for Securities on Loan		-		4,334,337		-		4,334,337
Short-Term Investments		-		10,145,517		-		10,145,517
Total	$	2,875,616	$	87,791,302	$	-	$	90,666,918

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

There were no significant Level 3 securities held in any of the Funds at March 31, 2015.

For the ICON Emerging Markets Fund, common stocks valued at $439,659 were transferred from Level 2 to Level 1 during the period ended March 31, 2015. At September 30, 2014, these securities were valued using quoted market prices in active markets with fair value adjustment factors; at March 31, 2015, these securities were valued using quoted market prices in active markets without using fair value adjustment factors.

For the ICON International Equity Fund, common stocks valued at $738,542 were transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, these securities were valued using quoted market prices in active markets without using fair value adjustment factors; at March 31, 2015, these securities were valued using quoted market prices in active markets with fair value adjustment factors.

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

30 NOTESTO FINANCIAL STATEMENTS

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the period ended March 31, 2015 for the Emerging Markets Fund and the International Equity Fund, is as follows:

	Common Stocks Hong Kong
ICON Emerging Markets Fund
Beginning balance 9/30/14	$	0	*
Purchases		-
Sales		(28,220	)
Accrued discounts/(premiums)		-
Total realized gains/(losses)		(673,960	)
Total change in unrealized appreciation/(depreciation)		702,180
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/15	$	-
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/15	$	-
ICON International Equity Fund
Beginning balance 9/30/14	$	0	*
Purchases		-
Sales		(73,892	)
Accrued discounts/(premiums)		-
Total realized gains/(losses)		(1,651,917	)
Total change in unrealized appreciation/(depreciation)		1,725,809
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/15	$	-
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/15	$	-

* Chaoda Modern Agriculture Holdings, Ltd. was illiquid and valued with a zero market value for the year ended September 30, 2014.

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 daily 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

NOTESTO FINANCIAL STATEMENTS 31

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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.

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 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

32 NOTESTO FINANCIAL STATEMENTS

Statement of Operations. At March 31, 2015, the Emerging Markets Fund and International Equity Fund had no outstanding forward foreign currency contracts.

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 give up other rights including the right to vote proxies. 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 which is disclosed on the Schedule of Investments. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the year ended March 31, 2015, is included in the Statement of Operations.

For the period ended March 31, 2015, the following Fund had securities with the following values on loan:

Fund	Loaned Securities		Collateral
ICON International Equity Fund	$	4,146,756	$	4,334,337

Income Taxes, Dividends, and Distributions

The Funds intend to continue 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.

NOTESTO FINANCIAL STATEMENTS 33

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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

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

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past three 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 fixed income securities purchased are accreted or amortized to income over the life of the respective securities.

34 NOTESTO FINANCIAL STATEMENTS

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 Emerging Markets Fund
Class S	$	394	$	8,503	$	13,852
Class C		30		167		694
Class A		22		291		557
ICON International Equity Fund
Class S		3,618		8,880		26,004
Class C		198		1,622		6,534
Class A		177		1,899		6,915

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.

NOTESTO FINANCIAL STATEMENTS 35

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

ICON Advisers has contractually agreed to limit the Funds’ operating expenses (exclusive of brokerage, interest, taxes, and extraordinary expenses) to the extent necessary to ensure that the Funds’ expenses do not exceed the following amounts:

Fund	Class S		Class C		Class A
ICON Emerging Markets Fund		1.55%		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 for Class A, Class C and International Equity Fund Class S. Effective May 5, 2014, ICON Advisors contractually agreed to limit the total expenses of the Emerging Markets Fund Class S shares to an annual rate of 1.55% in effect until at least January 31, 2016. 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, 2015, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2015		2016		2017		2018
ICON Emerging Markets Fund	$	14,406	$	18,421	$	62,550	$	66,057
ICON International Equity Fund		16,973		33,867		29,665		15,616

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.

36 NOTESTO FINANCIAL STATEMENTS

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 Trust’s 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, 2015, 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 under 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 and for other shareholder services. 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. There is no annual distribution and service fee for Class S shares. The total amount paid under the 12b-1 plans by the Funds, if any, 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 Trust paid 95% of the CCO’s salary and the remaining portion is paid by

NOTESTO FINANCIAL STATEMENTS 37

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

ICON Advisers. For the period ended March 31, 2015, the total related amounts paid by the Funds 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, 2015, 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/arrangement with State Street to provide temporary funding for redemption requests. Effective March 21, 2015, the maximum borrowing limit was changed from $150 million to $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The average interest rate charged for the period ended March 31, 2015 was 1.37%.

For the period ended March 31, 2015, the average outstanding loan by Fund was as follows:

Fund	Average Borrowing (10/1/14-3/31/15)
ICON International Equity Fund*	$	55,242

* There were no outstanding loans at March 31, 2015.

5. Purchases and Sales of Investment Securities

For the period ended March 31, 2015, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term securities) was as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ICON Emerging Markets Fund	$	2,710,972	$	1,742,342
ICON International Equity Fund		65,077,380		81,444,463

6.  Federal Income Tax

The following information is presented on an income tax basis. Differences between U.S. GAAP and federal income tax purposes that are permanent in nature are reclassified within the capital accounts. Temporary differences

38 NOTESTO FINANCIAL STATEMENTS

do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds. These differences are due to differing treatments for items such as deferrals of wash sale losses, foreign currency transactions, and net investment losses.

For the year ended September 30, 2014, the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Emerging Markets Fund	$	7,143,674		2017
ICON International Equity Fund		53,195,839		2017
		27,012,993		2018
		3,460,576		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, 2014, the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Emerging Markets Fund	$	2,958,821
ICON International Equity Fund		7,395,495

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) 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, 2014, were as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Return of Capital		Total Distributions Paid
ICON Emerging Markets Fund	$	60,794	$	-	$	60,794

NOTESTO FINANCIAL STATEMENTS 39

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

As of September 30, 2014, 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 Emerging Markets Fund	$	-	$	(351,675	)	$	(7,143,674	)	$	(209,054	)	$	(7,704,403	)
ICON International Equity Fund		71,689		-			(83,669,408	)		(9,347,883	)		(92,945,602	)

* 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, 2015, 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 Emerging Markets Fund	$	9,287,164	$	1,324,948	$	(540,907	)	$	784,041
ICON International Equity Fund		91,961,844		3,647,519		(4,942,445	)		(1,294,926	)

7.  Accounting Pronouncement

In June 2013, FASB issued Accounting Standards Update No. 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). This update sets forth a new approach for determining whether a public or private company is an investment company and sets certain measurement and disclosure requirements for an investment company. FASB has determined that a fund registered under the 1940 Act automatically meets ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Management does not expect this guidance to have an impact on the Funds’ financial statements.

8.  Subsequent Events

Management has evaluated the possibility of subsequent events and determined that there are no material events that would require adjustment to or disclosure in the Funds’ financial statements.

40 NOTESTO FINANCIAL STATEMENTS

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2015 (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 (10/01/14 - 3/31/15).

Actual Expenses

The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

EXPENSE EXAMPLE 41

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 10/1/14		Ending Account Value 3/31/15		Expense Paid During Period 10/1/14-3/31/15*		Annualized Expense Ratio 10/1/14-3/31/15*
Actual Expenses
ICON Emerging Markets Fund
Class S	$	1,000	$	1,022.60	$	7.82		1.55%
Class C		1,000		1,016.70		12.82		2.55%
Class A		1,000		1,021.90		9.07		1.80%
ICON International Equity Fund
Class S		1,000		1,032.40		6.89		1.36%
Class C		1,000		1,027.10		12.89		2.55%
Class A		1,000		1,030.00		9.11		1.80%
Hypothetical (assuming a 5% return before expenses)
ICON Emerging Markets Fund
Class S		1,000		1,017.20		7.80
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		1,018.15		6.84
Class C		1,000		1,012.22		12.79
Class A		1,000		1,015.96		9.05

* 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.

42 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 43

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.

44 OTHER INFORMATION

ICON FUNDS PRIVACY INFORMATION

FACTS	WHAT DOES ICON DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: n  Social Security number and account balances n  income and transaction history n  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons ICON chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does ICON share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-764-0442 for the ICON Funds and 1-800-828-4881 for ICON Advisers, Inc. and ICON Distributors, Inc.

FUNDS PRIVACY INFORMATION 45

Page 2

Who we are
Who is providing this notice?	ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON”)
What we do
How does ICON protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Contracts with our service providers require them to restrict access to your non-public personal information, and to maintain physical, electronic and procedural safeguards against unintended disclosure.
How does ICON collect my personal information?	We collect your personal information, for example, when you n  open an account or enter into an investment advisory contract n  provide account information or give us your contact information n  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only n  sharing for affiliates’ everyday business purposes — information about your creditworthiness n  affiliates from using your information to market to you n  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. n  Our affiliates include financial companies such as ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. n  Nonaffiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers and nonfinancial companies such as fulfillment, proxy voting, and class action service providers
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n  ICON doesn’t jointly market

46 FUNDS PRIVACY 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

2015 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-15            

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
Management Overview (Unaudited) and Schedules of Investments
ICON Consumer Discretionary Fund	4
ICON Consumer Staples Fund	7
ICON Energy Fund	9
ICON Financial Fund	12
ICON Healthcare Fund	15
ICON Industrials Fund	18
ICON Information Technology Fund	21
ICON Materials Fund	24
ICON Utilities Fund	27
Financial Statements	30
Financial Highlights	46
Notes to Financial Statements	56
Six Month Hypothetical Expense Example (Unaudited)	73
Other Information (Unaudited)	77
Funds Privacy Information	79

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, 2015, 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 the 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, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (93.2%)
	Apparel, Accessories & Luxury Goods (8.8%)
	7,400	Carter’s, Inc.	$	684,278
	40,400	Gildan Activewear, Inc.		1,192,608
	29,400	Michael Kors Holdings Ltd.†		1,933,050
	5,500	PVH Corp.		586,080
	13,000	V.F. Corp.		979,030
				5,375,046
	Auto Parts & Equipment (12.5%)
	37,800	BorgWarner, Inc.		2,286,144
	18,000	Delphi Automotive plc		1,435,320
	36,700	Dorman Products, Inc.† (a)		1,825,825
	16,400	Gentherm, Inc.†		828,364
	6,000	Lear Corp.		664,920
	11,400	Magna International, Inc.		611,724
				7,652,297
	Automobile Manufacturers (1.1%)
	33,700	Nissan Motor Co. Ltd., ADR		685,121
	Automotive Retail (0.9%)
	3,800	Advance Auto Parts, Inc.		568,822
	Cable & Satellite (6.0%)
	64,600	Comcast Corp., Class A		3,647,962
	Catalog Retail (3.1%)
	64,800	Liberty Interactive Corp.†		1,891,512
	Computer & Electronics Retail (1.0%)
	16,300	GameStop Corp., Class A(a)		618,748
	Consumer Electronics (3.1%)
	12,000	Garmin, Ltd.(a)		570,240

Shares or Principal Amount			Value
	30,700	GoPro, Inc., Class A†(a)	$	1,332,687
				1,902,927
	Distributors (3.4%)
	80,900	LKQ Corp.†		2,067,804
	Footwear (6.6%)
	24,800	Nike, Inc., Class B		2,488,184
	21,700	Skechers U.S.A., Inc., Class A†		1,560,447
				4,048,631
	Home Improvement Retail (2.2%)
	11,700	Home Depot, Inc.		1,329,237
	Homebuilding (0.7%)
	25,600	LGI Homes, Inc.†(a)		426,496
	Homefurnishing Retail (3.4%)
	21,000	Restoration Hardware Holdings, Inc.†(a)		2,082,990
	Hotels, Resorts & Cruise Lines (6.8%)
	27,700	Carnival Corp.		1,325,168
	22,000	Hilton Worldwide Holdings, Inc.†		651,640
	23,900	Wyndham Worldwide Corp.		2,162,233
				4,139,041
	Household Appliances (2.0%)
	6,000	Whirlpool Corp.		1,212,360
	Housewares & Specialties (3.4%)
	39,900	Jarden Corp.†		2,110,710
	Internet Retail (2.8%)
	1,500	Priceline Group, Inc.†		1,746,225
	Leisure Products (2.4%)
	10,300	Polaris Industries, Inc.		1,453,330

4 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Movies & Entertainment (9.5%)
	10,800	Time Warner, Inc.	$	911,952
	47,100	Walt Disney Co.		4,940,319
				5,852,271
	Restaurants (9.5%)
	12,500	Brinker International, Inc.		769,500
	4,500	Chipotle Mexican Grill, Inc.†		2,927,430
	22,500	Starbucks Corp.		2,130,750
				5,827,680
	Specialty Stores (4.0%)
	9,400	Signet Jewelers Ltd.		1,304,626
	12,900	Tiffany & Co.		1,135,329
				2,439,955
	Total Common Stocks (Cost $51,911,286)			57,079,165

Shares or Principal Amount			Value
	Collateral for Securities on Loan (10.8%)
	6,619,025	State Street Navigator Prime Portfolio, 0.16%	$	6,619,025
	Total Collateral for Securities on Loan (Cost $6,619,025)			6,619,025
	Short-Term Investments (6.9%)
$	4,235,913	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		4,235,913
	Total Short-Term Investments (Cost $4,235,913)			4,235,913
	Total Investments 110.9% (Cost $62,766,224)			67,934,103
	Liabilities Less Other Assets (10.9)%			(6,682,193	)
	Net Assets 100.0%		$	61,251,910

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, 2015.

ADR American Depositary Receipt

SCHEDULEOF INVESTMENTS 5

ICON Consumer Discretionary Fund

Sector Composition

March 31, 2015 (unaudited)

Consumer Discretionary	93.2%
	93.2%

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

ICON Consumer Discretionary Fund

Industry Composition

March 31, 2015 (unaudited)

Auto Parts & Equipment	12.5%
Movies & Entertainment	9.5%
Restaurants	9.5%
Apparel, Accessories & Luxury Goods	8.8%
Hotels, Resorts & Cruise Lines	6.8%
Footwear	6.6%
Cable & Satellite	6.0%
Specialty Stores	4.0%
Distributors	3.4%
Homefurnishing Retail	3.4%
Housewares & Specialties	3.4%

Catalog Retail	3.1%
Consumer Electronics	3.1%
Internet Retail	2.8%
Leisure Products	2.4%
Home Improvement Retail	2.2%
Household Appliances	2.0%
Automobile Manufacturers	1.1%
Computer & Electronics Retail	1.0%
Other Industries (each less than 1%)	1.6%
	93.2%

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

6 SCHEDULEOF INVESTMENTS

ICON CONSUMER STAPLES FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (95.1%)
	Agricultural Products (7.4%)
	7,300	Bunge, Ltd.	$	601,228
	6,100	Ingredion, Inc.		474,702
				1,075,930
	Brewers (3.1%)
	1,700	Boston Beer Co., Inc., Class A†		454,580
	Distillers & Vintners (2.0%)
	3,200	Brown-Forman Corp., Class B		289,120
	Drug Retail (11.7%)
	10,500	CVS Health Corp.		1,083,705
	7,100	Walgreens Boots Alliance, Inc.		601,228
				1,684,933
	Food Distributors (8.0%)
	11,700	Andersons, Inc.		484,029
	8,700	United Natural Foods, Inc.†		670,248
				1,154,277
	Household Products (13.3%)
	10,900	Church & Dwight Co., Inc.		931,078
	6,400	Colgate-Palmolive Co.		443,776
	6,600	Procter & Gamble Co.		540,804
				1,915,658
	Hypermarkets & Super Centers (4.5%)
	4,300	Costco Wholesale Corp.		651,429
	Packaged Foods & Meats (24.7%)
	12,300	ConAgra Foods, Inc.		449,319
	15,100	Flowers Foods, Inc.		343,374

Shares or Principal Amount			Value
	6,800	Hershey Co.	$	686,188
	6,500	Hormel Foods Corp.		369,525
	4,300	J.M. Smucker Co.		497,639
	6,000	McCormick & Co., Inc.		462,660
	19,800	Tyson Foods, Inc., Class A		758,340
				3,567,045
	Soft Drinks (15.6%)
	9,800	Coca-Cola Co.		397,390
	15,200	Coca-Cola Enterprises, Inc.		671,840
	7,900	Dr. Pepper Snapple Group, Inc.		619,992
	5,900	PepsiCo, Inc.		564,158
				2,253,380
	Tobacco (4.8%)
	10,100	Reynolds American, Inc.		695,991
	Total Common Stocks (Cost $12,131,570)			13,742,343
	Short-Term Investments (4.8%)
$	696,376	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		696,376
	Total Short-Term Investments (Cost $696,376)			696,376
	Total Investments 99.9% (Cost $12,827,946)			14,438,719
	Other Assets Less Liabilities 0.1%			20,785
	Net Assets 100.0%		$	14,459,504

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

† Non-income producing security.

SCHEDULEOF INVESTMENTS 7

ICON Consumer Staples Fund

Sector Composition

March 31, 2015 (unaudited)

Consumer Staples	95.1%
	95.1%

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

ICON Consumer Staples Fund

Industry Composition

March 31, 2015 (unaudited)

Packaged Foods & Meats	24.7%
Soft Drinks	15.6%
Household Products	13.3%
Drug Retail	11.7%
Food Distributors	8.0%
Agricultural Products	7.4%
Tobacco	4.8%

Hypermarkets & Super Centers	4.5%
Brewers	3.1%
Distillers & Vintners	2.0%
	95.1%

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

8 SCHEDULEOF INVESTMENTS

ICON ENERGY FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (96.1%)
	Gas Utilities (1.0%)
	75,400	Southwest Gas Corp.	$	4,386,018
	Integrated Oil & Gas (6.8%)
	350,200	Exxon Mobil Corp.		29,767,000
	Multi-Utilities (3.5%)
	260,900	Ameren Corp.		11,009,980
	86,500	Black Hills Corp.		4,363,060
				15,373,040
	Oil & Gas Drilling (4.0%)
	200,200	Helmerich & Payne, Inc.		13,627,614
	395,000	Seadrill Ltd.(a)		3,693,250
				17,320,864
	Oil & Gas Equipment & Services (28.1%)
	345,100	Bristow Group, Inc.		18,790,695
	244,600	Cameron International Corp.†		11,036,352
	156,800	Dril-Quip, Inc.†		10,723,552
	221,200	FMC Technologies, Inc.†		8,186,612
	241,600	Halliburton Co.		10,601,408
	186,000	National Oilwell Varco, Inc.		9,298,140
	934,062	Newpark Resources, Inc.†		8,509,305
	328,800	Oceaneering International, Inc.		17,732,184
	284,200	Schlumberger, Ltd.		23,713,648
	371,300	Weatherford International plc†		4,566,990
				123,158,886

Shares or Principal Amount			Value
	Oil & Gas Exploration & Production (30.2%)
	152,400	ConocoPhillips	$	9,488,424
	294,100	Continental Resources, Inc.†		12,843,347
	845,900	Encana Corp.		9,431,785
	285,100	EOG Resources, Inc.		26,140,819
	270,800	EQT Corp.		22,441,196
	200,200	Range Resources Corp.		10,418,408
	292,237	SM Energy Co.		15,102,808
	537,800	Southwestern Energy Co.†		12,471,582
	469,100	Ultra Petroleum Corp.† (a)		7,332,033
	210,734	Whiting Petroleum Corp.†		6,511,681
				132,182,083
	Oil & Gas Refining & Marketing (15.8%)
	441,300	Green Plains, Inc.		12,599,115
	138,800	Marathon Petroleum Corp.		14,211,732
	283,950	Phillips 66		22,318,470
	103,300	Tesoro Corp.		9,430,257
	167,700	Valero Energy Corp.		10,669,074
				69,228,648
	Oil & Gas Storage & Transportation (6.7%)
	190,000	Magellan Midstream Partners L.P.		14,574,900
	214,100	Plains All American Pipeline L.P.		10,441,657
	223,100	Ultrapar Participacoes S.A., ADR		4,506,620
				29,523,177
	Total Common Stocks (Cost $471,992,541)			420,939,716

SCHEDULEOF INVESTMENTS 9

Shares or Principal Amount			Value
	Collateral for Securities on Loan (2.6%)
	11,338,325	State Street Navigator Prime Portfolio, 0.16%	$	11,338,325
	Total Collateral for Securities on Loan (Cost $11,338,325)			11,338,325

Shares or Principal Amount			Value
	Short-Term Investments (2.2%)
$	9,600,545	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15	$	9,600,545
	Total Short-Term Investments (Cost $9,600,545)			9,600,545
	Total Investments 100.9% (Cost $492,931,411)			441,878,586
	Liabilities Less Other Assets (0.9)%			(3,772,298	)
	Net Assets 100.0%		$	438,106,288

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, 2015.

ADR American Depositary Receipt

10 SCHEDULEOF INVESTMENTS

ICON Energy Fund

Sector Composition

March 31, 2015 (unaudited)

Energy	91.6%
Utilities	4.5%
	96.1%

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

ICON Energy Fund

Industry Composition

March 31, 2015 (unaudited)

Oil & Gas Exploration & Production	30.2%
Oil & Gas Equipment & Services	28.1%
Oil & Gas Refining & Marketing	15.8%
Integrated Oil & Gas	6.8%
Oil & Gas Storage & Transportation	6.7%

Oil & Gas Drilling	4.0%
Multi-Utilities	3.5%
Gas Utilities	1.0%
	96.1%

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

SCHEDULEOF INVESTMENTS 11

ICON FINANCIAL FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.7%)
	Asset Management & Custody Banks (15.5%)
	3,700	Affiliated Managers Group, Inc.†	$	794,686
	11,700	GAMCO Investors, Inc., Class A		918,567
	20,200	Invesco, Ltd.		801,738
	28,200	Main Street Capital Corp.(a)		871,380
	27,600	SEI Investments Co.		1,216,884
	9,400	T Rowe Price Group, Inc.		761,212
	16,500	Waddell & Reed Financial, Inc., Class A		817,410
				6,181,877
	Consumer Finance (13.9%)
	20,300	American Express Co.		1,585,836
	24,200	Discover Financial Services		1,363,670
	36,500	Encore Capital Group, Inc.†(a)		1,518,035
	19,600	PRA Group, Inc.†(a)		1,064,672
				5,532,213
	Diversified Banks (27.6%)
	124,100	Bank of America Corp.		1,909,899
	36,700	Citigroup, Inc.		1,890,784
	10,100	Credicorp, Ltd.		1,420,363
	33,100	JPMorgan Chase & Co.		2,005,198
	38,800	U.S. Bancorp		1,694,396
	37,900	Wells Fargo & Co.		2,061,760
				10,982,400
	Health Care REITs (1.5%)
	14,000	HCP, Inc., REIT		604,940

Shares or Principal Amount			Value
	Insurance Brokers (5.5%)
	11,400	Aon PLC	$	1,095,768
	10,800	Arthur J Gallagher & Co.		504,900
	17,700	Brown & Brown, Inc.		586,047
				2,186,715
	Multi-line Insurance (9.7%)
	17,500	American Financial Group, Inc.		1,122,625
	23,400	American International Group, Inc.		1,282,086
	24,500	Horace Mann Educators Corp.		837,900
	15,800	Kemper Corp.		615,568
				3,858,179
	Property & Casualty Insurance (3.5%)
	37,700	XL Group PLC		1,387,360
	Real Estate Services (8.4%)
	36,300	CBRE Group, Inc., Class A†		1,405,173
	7,700	FirstService Corp.		498,344
	8,300	Jones Lang LaSalle, Inc.		1,414,320
				3,317,837
	Regional Banks (11.3%)
	24,400	BancorpSouth, Inc.		566,568
	5,700	Cullen/Frost Bankers, Inc.		393,756
	46,500	Fifth Third Bancorp		876,525
	28,600	Glacier Bancorp, Inc.		719,290
	11,100	Signature Bank†		1,438,338
	3,800	SVB Financial Group†		482,752
				4,477,229

12 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Specialized Finance (1.8%)
	7,000	Moody’s Corp.	$	726,600
	Total Common Stocks (Cost $37,635,236)			39,255,350
	Collateral for Securities on Loan (5.7%)
	2,283,449	State Street Navigator Prime Portfolio, 0.16%		2,283,449
	Total Collateral for Securities on Loan (Cost $2,283,449)			2,283,449
	Total Investments 104.4% (Cost $39,918,685)			41,538,799
	Liabilities Less Other Assets (4.4)%			(1,746,471	)
	Net Assets 100.0%		$	39,792,328

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, 2015.

REIT Real Estate Investment Trust

SCHEDULEOF INVESTMENTS 13

ICON Financial Fund

Sector Composition

March 31, 2015 (unaudited)

Financial	98.7%
	98.7%

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

ICON Financial Fund

Industry Composition

March 31, 2015 (unaudited)

Diversified Banks	27.6%
Asset Management & Custody Banks	15.5%
Consumer Finance	13.9%
Regional Banks	11.3%
Multi-line Insurance	9.7%
Real Estate Services	8.4%

Insurance Brokers	5.5%
Property & Casualty Insurance	3.5%
Specialized Finance	1.8%
Health Care REITs	1.5%
	98.7%

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

14 SCHEDULEOF INVESTMENTS

ICON HEALTHCARE FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (86.5%)
	Biotechnology (27.5%)
	31,800	Alexion Pharmaceuticals, Inc.†	$	5,510,940
	56,000	Amgen, Inc.		8,951,600
	25,300	Biogen, Inc.†		10,682,672
	88,300	Celgene Corp.†		10,179,224
	98,782	Gilead Sciences, Inc.†		9,693,478
	146,000	MiMedx Group, Inc.†(a)		1,518,400
				46,536,314
	Health Care Services (3.5%)
	58,553	BioTelemetry, Inc.†		518,194
	41,000	Express Scripts Holding Co.†		3,557,570
	25,000	Omnicare, Inc.		1,926,500
				6,002,264
	Health Care Distributors (10.0%)
	63,800	Cardinal Health, Inc.		5,759,226
	49,200	McKesson Corp.		11,129,040
				16,888,266
	Health Care Equipment (5.7%)
	12,500	Exactech, Inc.†		320,375
	17,500	St Jude Medical, Inc.		1,144,500
	51,000	STERIS Corp.		3,583,770
	32,000	Stryker Corp.		2,952,000
	14,000	Teleflex, Inc.		1,691,620
				9,692,265
	Health Care Facilities (4.1%)
	92,300	HCA Holdings, Inc.†		6,943,729
	Health Care Supplies (0.4%)
	19,000	Anika Therapeutics, Inc.†		782,230

Shares or Principal Amount			Value
	Health Care Technology (1.0%)
	23,400	Cerner Corp.†	$	1,714,284
	Managed Health Care (0.9%)
	10,000	Anthem, Inc.		1,544,100
	Pharmaceuticals (33.4%)
	163,000	AbbVie, Inc.		9,542,020
	27,631	Actavis PLC†		8,223,538
	7,092	ANI Pharmaceuticals, Inc.†(a)		443,605
	45,400	Jazz Pharmaceuticals PLC†		7,844,666
	81,700	Johnson & Johnson		8,219,020
	80,000	Merck & Co., Inc.		4,598,400
	81,000	Mylan N.V.†		4,807,350
	10,400	Pacira Pharmaceuticals, Inc.†		924,040
	244,686	Pernix Therapeutics Holdings, Inc.†		2,615,693
	28,200	Perrigo Co. PLC		4,668,510
	44,000	Sanofi, ADR		2,175,360
	12,300	Valeant Pharmaceuticals International, Inc.†		2,443,026
				56,505,228
	Total Common Stocks (Cost $132,582,134)			146,608,680
	Collateral for Securities on Loan (0.5%)
	768,369	State Street Navigator Prime Portfolio, 0.16%		768,369
	Total Collateral for Securities on Loan (Cost $768,369)			768,369

SCHEDULEOF INVESTMENTS 15

Shares or Principal Amount			Value
	Short-Term Investments (13.6%)
$	8,000,000	State Street Global Advisors Treasury Fund	$	8,000,000
	15,065,617	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		15,065,617
	Total Short-Term Investments (Cost $23,065,617)			23,065,617
	Total Investments 100.6% (Cost $156,416,120)			170,442,666
	Liabilities Less Other Assets (0.6)%			(1,077,545	)
	Net Assets 100.0%		$	169,365,121

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, 2015.

ADR American Depositary Receipt

16 SCHEDULEOF INVESTMENTS

ICON Healthcare Fund Sector Composition March 31, 2015 (unaudited)

Health Care	86.5%
	86.5%

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

ICON Healthcare Fund Industry Composition March 31, 2015 (unaudited)

Pharmaceuticals	33.4%
Biotechnology	27.5%
Health Care Distributors	10.0%
Health Care Equipment	5.7%
Health Care Facilities	4.1%
Health Care Services	3.5%

Health Care Technology	1.0%
Other Industries (each less than 1%)	1.3%
	86.5%

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

SCHEDULEOF INVESTMENTS 17

ICON INDUSTRIALS FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.0%)
	Aerospace & Defense (24.2%)
	5,000	Boeing Co.	$	750,400
	16,700	Curtiss-Wright Corp.		1,234,798
	9,000	General Dynamics Corp.		1,221,570
	5,000	Honeywell International, Inc.		521,550
	5,700	Orbital ATK, Inc.		436,791
	5,000	Precision Castparts Corp.		1,050,000
	11,900	Raytheon Co.		1,300,075
	26,100	United Technologies Corp.		3,058,920
				9,574,104
	Airlines (13.0%)
	30,000	Alaska Air Group, Inc.		1,985,400
	50,500	Delta Air Lines, Inc.		2,270,480
	45,400	JetBlue Airways Corp.†		873,950
				5,129,830
	Construction & Engineering (5.7%)
	15,000	Fluor Corp.		857,400
	12,500	Jacobs Engineering Group, Inc.†		564,500
	35,000	Tutor Perini Corp.†		817,250
				2,239,150
	Construction & Farm Machinery & Heavy Trucks (3.3%)
	10,000	Caterpillar, Inc.		800,300
	5,300	Wabtec Corp.		503,553
				1,303,853
	Electrical Components & Equipment (3.9%)
	16,600	AMETEK, Inc.		872,164
	10,000	Eaton Corp. PLC		679,400
				1,551,564

Shares or Principal Amount			Value
	Industrial Conglomerates (8.3%)
	11,000	Danaher Corp.	$	933,900
	94,500	General Electric Co.		2,344,545
				3,278,445
	Industrial Machinery (10.7%)
	21,700	Crane Co.		1,354,297
	15,000	Flowserve Corp.		847,350
	4,500	Middleby Corp.†		461,925
	5,000	Pall Corp.		501,950
	7,200	Snap-on, Inc.		1,058,832
				4,224,354
	Railroads (14.5%)
	15,000	Genesee & Wyoming, Inc., Class A†		1,446,600
	14,400	Norfolk Southern Corp.		1,482,048
	26,000	Union Pacific Corp.		2,816,060
				5,744,708
	Research & Consulting Services (1.1%)
	5,600	Corporate Executive Board Co.		447,216
	Security & Alarm Services (3.8%)
	35,000	Tyco International PLC		1,507,100
	Trading Companies & Distributors (4.7%)
	17,800	Fastenal Co.(a)		737,543
	4,700	WW Grainger, Inc.		1,108,307
				1,845,850
	Trucking (5.8%)
	5,500	JB Hunt Transport Services, Inc.		469,673
	11,100	Landstar System, Inc.		735,930
	11,400	Ryder System, Inc.		1,081,746
				2,287,349
	Total Common Stocks (Cost $29,306,968)			39,133,523

18 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Collateral for Securities on Loan (1.9%)
	760,950	State Street Navigator Prime Portfolio, 0.16%	$	760,950
	Total Collateral for Securities on Loan (Cost $760,950)			760,950
	Total Investments 100.9% (Cost $30,067,918)			39,894,473
	Liabilities Less Other Assets (0.9)%			(357,193	)
	Net Assets 100.0%		$	39,537,280

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, 2015.

SCHEDULEOF INVESTMENTS 19

ICON Industrials Fund

Sector Composition

March 31, 2015 (unaudited)

Industrials	99.0%
	99.0%

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

ICON Industrials Fund Industry Composition March 31, 2015 (unaudited)

Aerospace & Defense	24.2%
Railroads	14.5%
Airlines	13.0%
Industrial Machinery	10.7%
Industrial Conglomerates	8.3%
Trucking	5.8%
Construction & Engineering	5.7%
Trading Companies & Distributors	4.7%

Electrical Components & Equipment	3.9%
Security & Alarm Services	3.8%
Construction & Farm Machinery & Heavy Trucks	3.3%
Research & Consulting Services	1.1%
	99.0%

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

20 SCHEDULEOF INVESTMENTS

ICON INFORMATION TECHNOLOGY FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (95.0%)
	Application Software (5.4%)
	76,400	Mentor Graphics Corp.	$	1,835,892
	22,600	salesforce.com, Inc.†		1,509,906
				3,345,798
	Data Processing & Outsourced Services (20.3%)
	10,000	Alliance Data Systems Corp.†		2,962,500
	19,000	DST Systems, Inc.		2,103,490
	19,200	Mastercard, Inc., Class A		1,658,688
	57,000	Total System Services, Inc.		2,174,550
	54,980	Visa, Inc., Class A		3,596,242
				12,495,470
	Electronic Components (0.7%)
	5,300	Rogers Corp.†		435,713
	Electronic Equipment & Instruments (2.3%)
	18,300	FEI Co.		1,397,022
	Electronic Manufacturing Services (6.2%)
	54,600	Jabil Circuit, Inc.		1,276,548
	54,900	Methode Electronics, Inc.		2,582,496
				3,859,044
	Home Entertainment Software (3.8%)
	53,200	Activision Blizzard, Inc.		1,208,970
	19,300	Electronic Arts, Inc.†		1,135,130
				2,344,100
	Internet Software & Services (18.3%)
	18,300	eBay, Inc.†		1,055,544
	38,800	Facebook, Inc., Class A†		3,189,942
	4,325	Google, Inc., Class A†		2,399,077

Shares or Principal Amount			Value
	5,425	Google, Inc., Class C†	$	2,972,900
	25,200	j2 Global, Inc.		1,655,136
				11,272,599
	IT Consulting & Other Services (3.3%)
	21,500	Accenture PLC, Class A		2,014,335
	Semiconductor Equipment (5.5%)
	103,200	Applied Materials, Inc.		2,328,192
	57,400	Teradyne, Inc.		1,081,990
				3,410,182
	Semiconductors (13.0%)
	80,600	Micron Technology, Inc.†		2,186,678
	36,900	Skyworks Solutions, Inc.		3,626,901
	27,500	Synaptics, Inc.†		2,235,887
				8,049,466
	Systems Software (5.0%)
	29,500	Microsoft Corp.		1,199,323
	43,300	Oracle Corp.		1,868,395
				3,067,718
	Technology Distributors (4.1%)
	35,277	ScanSource, Inc.†		1,434,010
	14,300	SYNNEX Corp.		1,104,675
				2,538,685
	Technology Hardware, Storage & Peripherals (7.1%)
	31,000	Apple, Inc.		3,857,330
	9,400	Stratasys Ltd.† (a)		496,132
				4,353,462
	Total Common Stocks (Cost $42,532,180)			58,583,594

SCHEDULEOF INVESTMENTS 21

Shares or Principal Amount			Value
	Collateral for Securities on Loan (0.6%)
	368,577	State Street Navigator Prime Portfolio, 0.16%	$	368,577
	Total Collateral for Securities on Loan (Cost $368,577)			368,577
	Short-Term Investments (5.2%)
$	3,186,874	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		3,186,874
	Total Short-Term Investments (Cost $3,186,874)			3,186,874
	Total Investments 100.8% (Cost $46,087,631)			62,139,045
	Liabilities Less Other Assets (0.8)%			(505,224	)
	Net Assets 100.0%		$	61,633,821

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, 2015.

22 SCHEDULEOF INVESTMENTS

ICON Information Technology Fund

Sector Composition

March 31, 2015 (unaudited)

Information Technology	95.0%
	95.0%

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

ICON Information Technology Fund

Industry Composition

March 31, 2015 (unaudited)

Data Processing & Outsourced Services	20.3%
Internet Software & Services	18.3%
Semiconductors	13.0%
Technology Hardware, Storage & Peripherals	7.1%
Electronic Manufacturing Services	6.2%
Semiconductor Equipment	5.5%
Application Software	5.4%
Systems Software	5.0%

Technology Distributors	4.1%
Home Entertainment Software	3.8%
IT Consulting & Other Services	3.3%
Electronic Equipment & Instruments	2.3%
Electronic Components	0.7%
	95.0%

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

SCHEDULEOF INVESTMENTS 23

ICON MATERIALS FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (97.4%)
	Aluminum (2.9%)
	200,000	Alcoa, Inc.	$	2,584,000
	Commodity Chemicals (15.7%)
	50,000	Cabot Corp.		2,250,000
	140,000	Calgon Carbon Corp.		2,949,800
	57,000	LyondellBasell Industries, Class A		5,004,600
	65,000	Methanex Corp.		3,482,050
	5,000	Westlake Chemical Corp.		359,700
				14,046,150
	Construction Materials (10.2%)
	85,000	Eagle Materials, Inc.		7,102,600
	15,000	Martin Marietta Materials, Inc.		2,097,000
				9,199,600
	Diversified Chemicals (17.6%)
	90,000	Dow Chemical Co.		4,318,200
	26,800	E.I. du Pont de Nemours & Co.		1,915,396
	25,000	Eastman Chemical Co.		1,731,500
	40,000	FMC Corp.		2,290,000
	80,000	Huntsman Corp.		1,773,600
	90,000	LSB Industries, Inc.†		3,719,700
				15,748,396
	Diversified Metals & Mining (3.2%)
	150,000	Freeport-McMoRan, Inc.		2,842,500
	Fertilizers & Agricultural Chemicals (9.2%)
	73,300	Monsanto Co.		8,249,182
	Packaged Foods & Meats (3.2%)
	209,300	Landec Corp.†		2,919,735

Shares or Principal Amount			Value
	Paper Packaging (6.0%)
	20,000	Avery Dennison Corp.	$	1,058,200
	165,000	Graphic Packaging Holding Co.		2,399,100
	25,000	Packaging Corp. of America		1,954,750
				5,412,050
	Paper Products (6.5%)
	40,000	Clearwater Paper Corp.†		2,612,000
	40,000	International Paper Co.		2,219,600
	35,000	PH Glatfelter Co.		963,550
				5,795,150
	Precious Metals & Minerals (1.9%)
	135,000	Stillwater Mining Co.†		1,744,200
	Railroads (1.2%)
	10,000	Union Pacific Corp.		1,083,100
	Specialty Chemicals (15.9%)
	23,000	Ashland, Inc.		2,928,130
	35,000	Celanese Corp.		1,955,100
	33,000	Ecolab, Inc.		3,774,540
	20,000	HB Fuller Co.		857,400
	55,000	Innospec, Inc.		2,551,450
	60,000	PolyOne Corp.		2,241,000
				14,307,620
	Steel (3.9%)
	20,000	Nucor Corp.		950,600
	25,000	Reliance Steel & Aluminum Co.		1,527,000
	50,000	Steel Dynamics, Inc.		1,005,000
				3,482,600
	Total Common Stocks (Cost $77,247,128)			87,414,283

24 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Short-Term Investments (1.3%)
$	1,136,186	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15	$	1,136,186
	Total Short-Term Investments (Cost $1,136,186)			1,136,186
	Total Investments 98.7% (Cost $78,383,314)			88,550,469
	Other Assets Less Liabilities 1.3%			1,136,766
	Net Assets 100.0%		$	89,687,235

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

† Non-income producing security.

SCHEDULEOF INVESTMENTS 25

ICON Materials Fund

Sector Composition

March 31, 2015 (unaudited)

Materials	96.2%
Industrials	1.2%
	97.4%

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

ICON Materials Fund

Industry Composition

March 31, 2015 (unaudited)

Diversified Chemicals	17.6%
Specialty Chemicals	15.9%
Commodity Chemicals	15.7%
Construction Materials	10.2%
Fertilizers & Agricultural Chemicals	9.2%
Paper Products	6.5%
Paper Packaging	6.0%
Steel	3.9%

Diversified Metals & Mining	3.2%
Packaged Foods & Meats	3.2%
Aluminum	2.9%
Precious Metals & Minerals	1.9%
Railroads	1.2%
	97.4%

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

26 SCHEDULEOF INVESTMENTS

ICON UTILITIES FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2015 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (97.3%)
	Electric Utilities (44.4%)
	22,800	ALLETE, Inc.	$	1,202,928
	10,400	American Electric Power Co., Inc.		585,000
	6,200	Edison International		387,314
	15,800	Eversource Energy		798,216
	11,900	Exelon Corp.		399,959
	44,400	Great Plains Energy, Inc.		1,184,592
	4,700	NextEra Energy, Inc.		489,035
	29,500	OGE Energy Corp.		932,495
	12,000	Otter Tail Corp.		386,040
	26,000	Portland General Electric Co.		964,340
	37,900	Westar Energy, Inc.		1,469,004
				8,798,923
	Gas Utilities (7.9%)
	15,400	National Fuel Gas Co.		929,082
	3,600	South Jersey Industries, Inc.		195,408
	7,700	Southwest Gas Corp.		447,909
				1,572,399
	Integrated Telecommunication Services (8.6%)
	14,000	BCE, Inc.		593,040
	19,000	Verizon Communications, Inc.		923,970
	25,500	Windstream Holdings, Inc.(a)		188,700
				1,705,710
	Multi-Utilities (26.7%)
	16,600	Ameren Corp.		700,520
	19,900	Black Hills Corp.		1,003,756
	28,476	CMS Energy Corp.		994,097
	14,400	DTE Energy Co.		1,161,936

Shares or Principal Amount			Value
	29,600	MDU Resources Group, Inc.	$	631,664
	18,900	Public Service Enterprise Group, Inc.		792,288
				5,284,261
	Oil & Gas Exploration & Production (1.9%)
	34,200	Encana Corp.		381,330
	Oil & Gas Storage & Transportation (3.6%)
	4,200	Magellan Midstream Partners L.P.		322,182
	8,100	Plains All American Pipeline L.P.		395,037
				717,219
	Water Utilities (4.2%)
	31,500	Aqua America, Inc.		830,025
	Total Common Stocks (Cost $19,201,877)			19,289,867
	Collateral for Securities on Loan (0.7%)
	143,995	State Street Navigator Prime Portfolio, 0.16%		143,995
	Total Collateral for Securities on Loan (Cost $143,995)			143,995
	Short-Term Investments (1.2%)
$	232,291	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/15		232,291
	Total Short-Term Investments (Cost $232,291)			232,291
	Total Investments 99.2% (Cost $19,578,163)			19,666,153
	Other Assets Less Liabilities 0.8%			159,165
	Net Assets 100.0%		$	19,825,318

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

(a) All or a portion of the security was on loan as of March 31, 2015.

SCHEDULEOF INVESTMENTS 27

ICON Utilities Fund

Sector Composition

March 31, 2015 (unaudited)

Utilities	83.2%
Telecommunication	8.6%
Energy	5.5%
	97.3%

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

ICON Utilities Fund

Industry Composition

March 31, 2015 (unaudited)

Electric Utilities	44.4%
Multi-Utilities	26.7%
Integrated Telecommunication Services	8.6%
Gas Utilities	7.9%
Water Utilities	4.2%

Oil & Gas Storage & Transportation	3.6%
Oil & Gas Exploration & Production	1.9%
	97.3%

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

28 SCHEDULEOF INVESTMENTS

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STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2015 (UNAUDITED)

	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Assets
Investments, at cost	$	62,766,224	$	12,827,946	$	492,931,411
Investments, at value†		67,934,103		14,438,719		441,878,586
Receivables:
Fund shares sold		115,862		17,304		756,066
Investments sold		-		-		7,817,717
Dividends		30,756		19,001		183,803
Expense reimbursements due from Adviser		696		17,757		-
Foreign tax reclaims		1,152		-		14,318
Other assets		30,800		17,416		246,135
Total Assets		68,113,369		14,510,197		450,896,625
Liabilities
Payables:
Payable for collateral received on securities loaned		6,619,025		-		11,338,325
Fund shares redeemed		147,751		-		691,808
Advisory fees		52,295		12,449		370,787
Accrued distribution fees		1,411		1,948		15,213
Fund accounting fees		1,975		495		14,446
Transfer agent fees		16,570		15,411		289,597
Administration fees		2,615		622		18,540
Trustee fees		2,197		794		23,331
Accrued expenses		17,620		18,974		28,290
Total Liabilities		6,861,459		50,693		12,790,337
Net Assets - all share classes	$	61,251,910	$	14,459,504	$	438,106,288
Net Assets - Class S	$	56,224,891	$	10,016,166	$	404,722,705
Net Assets - Class C	$	553,480	$	1,489,522	$	13,157,554
Net Assets - Class A	$	4,473,539	$	2,953,816	$	20,226,029

30 FINANCIAL STATEMENTS

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund		ICON Energy Fund
Net Assets Consist of
Paid-in capital	$	56,661,023		$	10,404,017	$	553,929,844
Accumulated undistributed net investment income/(loss)		(107,962	)		25,978		1,146,629
Accumulated undistributed net realized gain/(loss)		(469,030	)		2,418,736		(65,917,360	)
Unrealized appreciation/(depreciation)		5,167,879			1,610,773		(51,052,825	)
Net Assets	$	61,251,910		$	14,459,504	$	438,106,288
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,751,322			1,068,931		28,966,950
Class C		39,145			164,753		972,080
Class A		305,970			315,627		1,453,529
Net asset value (offering and redemption price per share)
Class S	$	14.99		$	9.37	$	13.97
Class C	$	14.14		$	9.04	$	13.54
Class A	$	14.62		$	9.36	$	13.92
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	15.51		$	9.93	$	14.77
†  Includes securities on loan of	$	6,470,637		$	-	$	11,025,283

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

FINANCIAL STATEMENTS 31

STATEMENTSOF ASSETSAND LIABILITIES (CONTINUED)

MARCH 31, 2015 (UNAUDITED)

	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Assets
Investments, at cost	$	39,918,685	$	156,416,120	$	30,067,918
Investments, at value†		41,538,799		170,442,666		39,894,473
Cash		21,879		30,787		-
Receivables:
Fund shares sold		11,303		483,616		2,076
Investments sold		1,223,034		-		1,140,554
Dividends		28,631		83,811		39,214
Expense reimbursements due from Adviser		1,217		-		888
Foreign tax reclaims		189		9,494		-
Other assets		22,447		29,616		17,337
Total Assets		42,847,499		171,079,990		41,094,542
Liabilities
Payables:
Due to custodian bank		-		-		13,021
Expense recoupment due to adviser		6,604		182		-
Investments purchased		612,387		586,598		606,084
Payable for collateral received on securities loaned		2,283,449		768,369		760,950
Fund shares redeemed		93,314		146,131		112,424
Advisory fees		34,278		140,972		34,701
Accrued distribution fees		222		4,794		363
Fund accounting fees		1,370		5,024		1,345
Transfer agent fees		6,346		30,921		8,996
Administration fees		1,713		7,049		1,735
Trustee fees		1,187		4,918		1,325
Accrued expenses		14,301		19,911		16,318
Total Liabilities		3,055,171		1,714,869		1,557,262
Net Assets - all share classes	$	39,792,328	$	169,365,121	$	39,537,280
Net Assets - Class S	$	39,038,292	$	152,355,850	$	38,829,131
Net Assets - Class C	$	102,219	$	1,981,499	$	298,289
Net Assets - Class A	$	651,817	$	15,027,772	$	409,860

32 FINANCIAL STATEMENTS

	ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund
Net Assets Consist of
Paid-in capital	$	125,448,515		$	141,526,287		$	55,724,021
Accumulated undistributed net investment income/(loss)		110,339			(290,281	)		57,955
Accumulated undistributed net realized gain/(loss)		(87,386,640	)		14,102,569			(26,071,251	)
Unrealized appreciation/(depreciation)		1,620,114			14,026,546			9,826,555
Net Assets	$	39,792,328		$	169,365,121		$	39,537,280
Shares outstanding (unlimited shares authorized, no par value)
Class S		4,658,372			7,577,746			3,161,509
Class C		12,372			105,639			25,048
Class A		77,287			766,333			33,664
Net asset value (offering and redemption price per share)
Class S	$	8.38		$	20.11		$	12.28
Class C	$	8.26		$	18.76		$	11.91
Class A	$	8.43		$	19.61		$	12.18
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	8.94		$	20.81		$	12.92
† Includes securities on loan of	$	2,221,824		$	739,256		$	737,543

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

FINANCIAL STATEMENTS 33

STATEMENTSOF ASSETSAND LIABILITIES (CONTINUED)

MARCH 31, 2015 (UNAUDITED)

	ICON Information Technology Fund		ICON Materials Fund		ICON Utilities Fund
Assets
Investments, at cost	$	46,087,631	$	78,383,314	$	19,578,163
Investments, at value†		62,139,045		88,550,469		19,666,153
Cash		-		13,812		-
Receivables:
Fund shares sold		29,613		427,214		58,797
Investments sold		-		1,422,644		1,270,821
Dividends		17,937		147,732		104,192
Expense reimbursements due from Adviser		405		519		9,665
Foreign tax reclaims		-		-		4,916
Other assets		13,337		27,126		18,229
Total Assets		62,200,337		90,589,516		21,132,773
Liabilities
Payables:
Investments purchased		-		583,857		1,075,221
Payable for collateral received on securities loaned		368,577		-		143,995
Fund shares redeemed		97,465		178,612		11,892
Distributions due to shareholders		-		-		19,523
Advisory fees		51,257		76,210		16,869
Accrued distribution fees		805		1,792		2,315
Fund accounting fees		1,913		2,947		678
Transfer agent fees		24,312		32,854		16,076
Administration fees		2,563		3,810		843
Trustee fees		1,866		3,530		815
Accrued expenses		17,758		18,669		19,228
Total Liabilities		566,516		902,281		1,307,455
Net Assets - all share classes	$	61,633,821	$	89,687,235	$	19,825,318
Net Assets - Class S	$	58,545,728	$	83,473,114	$	14,729,799
Net Assets - Class C	$	573,176	$	765,953	$	1,936,146
Net Assets - Class A	$	2,514,917	$	5,448,168	$	3,159,373

34 FINANCIAL STATEMENTS

	ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
Net Assets Consist of
Paid-in capital	$	50,214,457		$	82,031,822		$	19,695,595
Accumulated undistributed net investment income/(loss)		(450,713	)		203,069			36,909
Accumulated undistributed net realized gain/(loss)		(4,181,337	)		(2,714,811	)		4,806
Unrealized appreciation/(depreciation)		16,051,414			10,167,155			88,008
Net Assets	$	61,633,821		$	89,687,235		$	19,825,318
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,797,509			5,504,153			1,747,984
Class C		39,065			51,758			232,654
Class A		166,140			362,107			380,074
Net asset value (offering and redemption price per share)
Class S	$	15.42		$	15.17		$	8.43
Class C	$	14.67		$	14.80		$	8.32
Class A	$	15.14		$	15.05		$	8.31
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	16.06		$	15.97		$	8.82
† Includes securities on loan of	$	355,315		$	-		$	137,492

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

FINANCIAL STATEMENTS 35

STATEMENTSOF OPERATIONS

FORTHEPERIODENDED MARCH 31, 2015 (UNAUDITED)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Investment Income
Interest	$	187		$	51		$	570
Dividends		294,019			177,274			3,930,672
Income from securities lending, net		26,273			1,224			845,238
Foreign taxes withheld		(2,353	)		-			(17,346	)
Total Investment Income		318,126			178,549			4,759,134
Expenses
Advisory fees		299,796			91,706			2,469,853
Distribution fees:
Class C		2,513			8,178			67,297
Class A		4,443			3,646			26,918
Fund accounting fees		5,996			1,834			49,563
Transfer agent fees		47,981			28,648			563,309
Administration fees		14,990			4,585			123,906
Custody fees		2,112			1,317			10,541
Registration fees:
Class S		9,096			6,607			25,436
Class C		2,477			1,491			4,537
Class A		2,188			2,387			2,157
Insurance expense		2,253			2,098			40,602
Trustee fees and expenses		3,719			1,346			37,253
Audit and tax service expense		12,793			12,775			14,977
Interest expense		330			1,390			2,277
Recoupment of previously reimbursed expenses		-			-			-
Other expenses		17,388			11,997			140,027
Total expenses before expense reimbursement		428,075			180,005			3,578,653
Expense reimbursement by Adviser due to expense limitation agreement		(1,987	)		(29,232	)		-
Net Expenses		426,088			150,773			3,578,653
Net Investment Income/(Loss)		(107,962	)		27,776			1,180,481
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		168,455			2,418,737			(50,232,003	)
Foreign currency		-			-			-
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		5,946,981			(230,982	)		(78,679,229	)
Net realized and unrealized gain/(loss)		6,115,436			2,187,755			(128,911,232	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	6,007,474		$	2,215,531		$	(127,730,751	)

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

36 FINANCIAL STATEMENTS

ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund			ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
$	59,467		$	160,462		$	70		$	22,527		$	107		$	703
	344,573			575,053			333,838			198,195			852,431			478,316
	14,441			794			1,013			3,965			1,423			3,452
	(513	)		(6,326	)		-			-			(4,875	)		(8,290	)
	417,968			729,983			334,921			224,687			849,086			474,181
	194,245			758,654			195,671			270,030			456,800			104,335
	394			6,273			1,523			2,323			3,492			10,643
	768			16,609			448			838			6,791			3,657
	3,885			15,173			3,913			5,401			9,136			2,087
	27,857			103,808			26,511			47,018			80,958			28,188
	9,712			37,932			9,783			13,502			22,840			5,217
	1,452			2,892			898			1,267			1,895			1,562
	8,622			14,465			7,761			8,373			10,569			6,413
	821			2,398			1,293			1,462			2,387			2,637
	1,286			2,554			1,372			953			1,943			1,594
	881			6,186			2,027			3,689			4,752			1,895
	2,163			8,890			2,270			3,123			5,927			1,313
	12,713			13,022			12,774			12,865			12,936			12,764
	276			71			-			519			718			521
	19,115			182			-			-			-			-
	11,741			32,241			13,185			17,163			26,839			10,954
	295,931			1,021,350			279,429			388,526			647,983			193,780
	(3,125	)		(1,086	)		(2,463	)		(1,871	)		(1,967	)		(22,456	)
	292,806			1,020,264			276,966			386,655			646,016			171,324
	125,162			(290,281	)		57,955			(161,968	)		203,070			302,857
	1,332,249			16,748,948			262,205			2,782,182			6,879,848			1,144,846
	-			-			-			-			-			(590	)
	1,085,826			5,125,851			1,568,723			3,682,322			(7,119,819	)		165,067
	2,418,075			21,874,799			1,830,928			6,464,504			(239,971	)		1,309,323
$	2,543,237		$	21,584,518		$	1,888,883		$	6,302,536		$	(36,901	)	$	1,612,180

FINANCIAL STATEMENTS 37

STATEMENTSOF CHANGESIN NET ASSETS

	ICON Consumer Discretionary Fund						ICON Consumer Staples Fund
	Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
Operations
Net investment income/(loss)	$	(107,962	)	$	(219,047	)	$	27,776		$	323,098
Net realized gain/(loss)		168,455			8,557,188			2,418,737			4,345,596
Change in net unrealized appreciation/(depreciation)		5,946,981			(6,120,506	)		(230,982	)		(319,405	)
Net increase/(decrease) in net assets resulting from operations		6,007,474			2,217,635			2,215,531			4,349,289
Dividends and Distributions to Shareholders
Net investment income
Class S		-			-			(151,410	)		(90,346	)
Class C		-			-			(27,681	)		-
Class A		-			-			(51,174	)		(4,612	)
Net realized gains
Class S		(7,437,716	)		-			(2,549,485	)		(3,012,548	)
Class C		(61,165	)		-			(526,066	)		(170,527	)
Class A		(598,384	)		-			(758,214	)		(227,301	)
Net decrease from dividends and distributions		(8,097,265	)		-			(4,064,030	)		(3,505,334	)
Fund Share Transactions
Shares sold
Class S		18,728,287			41,907,118			6,036,484			10,374,445
Class C		232,670			145,190			892,724			509,133
Class A		2,461,579			940,301			550,876			453,023
Reinvested dividends and distributions
Class S		7,360,142			-			2,524,671			3,053,902
Class C		52,431			-			201,009			44,192
Class A		539,623			-			685,199			194,753
Shares repurchased
Class S		(23,549,499	)		(28,297,795	)		(23,360,254	)		(22,245,087	)
Class C		(254,801	)		(106,466	)		(669,578	)		(839,836	)
Class A		(735,393	)		(3,354,387	)		(491,070	)		(745,674	)
Net increase/(decrease) from fund share transactions		4,835,039			11,233,961			(13,629,939	)		(9,201,149	)
Total net increase/(decrease) in net assets		2,745,248			13,451,596			(15,478,438	)		(8,357,194	)
Net Assets
Beginning of period		58,506,662			45,055,066			29,937,942			38,295,136
End of period	$	61,251,910		$	58,506,662		$	14,459,504		$	29,937,942

38 FINANCIAL STATEMENTS

ICON Energy Fund						ICON Financial Fund						ICON Healthcare Fund
Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
$	1,180,481		$	3,085,543		$	125,162		$	(12,681	)	$	(290,281	)	$	(620,050	)
	(50,232,003	)		92,771,342			1,332,249			1,405,808			16,748,948			35,568,937
	(78,679,229	)		(79,071,399	)		1,085,826			(493,598	)		5,125,851			(5,261,635	)
	(127,730,751	)		16,785,486			2,543,237			899,529			21,584,518			29,687,252
	(2,185,262	)		(1,893,617	)		-			(278,278	)		-			(127,305	)
	-			-			-			-			-			-
	(46,508	)		(21,999	)		-			-			-			(3,215	)
	(91,546,420	)		(19,835,437	)		-			-			(29,325,741	)		(28,562,135	)
	(2,566,539	)		(474,214	)		-			-			(255,243	)		(77,969	)
	(4,344,666	)		(826,812	)		-			-			(3,330,588	)		(1,764,297	)
	(100,689,395	)		(23,052,079	)		-			(278,278	)		(32,911,572	)		(30,534,921	)
	78,180,328			167,382,750			11,117,833			25,626,071			62,692,257			103,467,905
	4,659,101			5,878,324			28,559			76,434			1,284,112			472,054
	6,708,653			10,311,595			212,464			232,046			6,741,980			17,798,680
	89,035,364			20,337,410			-			264,618			27,557,079			26,680,676
	2,100,297			353,636			-			-			226,826			56,771
	3,519,414			691,659			-			-			3,195,114			1,607,097
	(165,025,866	)		(226,299,050	)		(6,861,485	)		(5,998,164	)		(76,400,308	)		(74,118,289	)
	(4,946,805	)		(3,329,355	)		(2,004	)		(314,733	)		(152,981	)		(88,793	)
	(7,110,326	)		(10,095,019	)		(144,005	)		(695,372	)		(4,306,431	)		(11,351,623	)
	7,120,160			(34,768,050	)		4,351,362			19,190,900			20,837,648			64,524,478
	(221,299,986	)		(41,034,643	)		6,894,599			19,812,151			9,510,594			63,676,809
	659,406,274			700,440,917			32,897,729			13,085,578			159,854,527			96,177,718
$	438,106,288		$	659,406,274		$	39,792,328		$	32,897,729		$	169,365,121		$	159,854,527

FINANCIAL STATEMENTS 39

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Consumer Discretionary Fund						ICON Consumer Staples Fund
	Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
Transactions in Fund Shares
Shares sold
Class S		1,218,309			2,651,639			560,812			915,468
Class C		16,719			9,556			84,588			45,827
Class A		153,942			61,458			53,166			39,755
Reinvested dividends and distributions
Class S		502,056			-			272,055			282,148
Class C		3,777			-			22,384			4,161
Class A		37,710			-			73,916			17,945
Shares repurchased
Class S		(1,536,181	)		(1,835,870	)		(1,991,131	)		(1,993,855	)
Class C		(17,576	)		(7,003	)		(72,281	)		(77,614	)
Class A		(49,125	)		(227,736	)		(48,097	)		(65,428	)
Net increase/(decrease)		329,631			652,044			(1,044,588	)		(831,593	)
Shares outstanding, beginning of period		3,766,806			3,114,762			2,593,899			3,425,492
Shares outstanding, end of period		4,096,437			3,766,806			1,549,311			2,593,899
Accumulated undistributed net investment income/(loss)	$	(107,962	)	$	-		$	25,978		$	228,467

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

40 FINANCIAL STATEMENTS

ICON Energy Fund						ICON Financial Fund						ICON Healthcare Fund
Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
	5,162,573			7,232,880			1,371,102			3,271,278			3,009,141			4,720,711
	322,222			259,250			3,526			9,829			67,558			22,892
	429,757			444,640			26,217			29,716			325,303			782,634
	6,310,086			893,167			-			34,681			1,445,049			1,412,423
	153,195			15,794			-			-			12,714			3,126
	250,314			30,456			-			-			171,688			86,357
	(10,103,961	)		(9,726,177	)		(834,820	)		(771,690	)		(3,490,641	)		(3,675,631	)
	(293,017	)		(146,695	)		(259	)		(41,878	)		(8,158	)		(4,505	)
	(429,286	)		(435,607	)		(17,538	)		(88,044	)		(224,954	)		(545,685	)
	1,801,883			(1,432,292	)		548,228			2,443,892			1,307,700			2,802,322
	29,590,676			31,022,968			4,199,803			1,755,911			7,142,018			4,339,696
	31,392,559			29,590,676			4,748,031			4,199,803			8,449,718			7,142,018
$	1,146,629		$	2,197,918		$	110,339		$	(14,823	)	$	(290,281	)	$	-

FINANCIAL STATEMENTS 41

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Industrials Fund						ICON Information Technology Fund
	Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
Operations
Net investment income/(loss)	$	57,955		$	22,895		$	(161,968	)	$	(375,221	)
Net realized gain/(loss)		262,205			4,402,315			2,782,182			17,646,371
Change in net unrealized appreciation/(depreciation)		1,568,723			(368,853	)		3,682,322			(6,490,713	)
Net increase/(decrease) in net assets resulting from operations		1,888,883			4,056,357			6,302,536			10,780,437
Dividends and Distributions to Shareholders
Net investment income
Class S		(16,629	)		(197,919	)		-			-
Class C		-			(974	)		-			-
Class A		-			-			-			-
Net realized gains
Net decrease from dividends and distributions		(16,629	)		(198,893	)		-			-
Fund Share Transactions
Shares sold
Class S		6,309,810			11,135,221			17,118,840			8,709,140
Class C		78,951			221,178			135,504			92,744
Class A		151,126			212,076			2,043,320			248,732
Reinvested dividends and distributions
Class S		16,450			194,267			-			-
Class C		-			803			-			-
Class A		-			-			-			-
Shares repurchased
Class S		(5,224,626	)		(13,559,727	)		(15,100,969	)		(42,697,099	)
Class C		(66,915	)		(43,871	)		(21,465	)		(63,858	)
Class A		(55,415	)		(4,380,352	)		(63,092	)		(2,347,174	)
Net increase/(decrease) from fund share transactions		1,209,381			(6,220,405	)		4,112,138			(36,057,515	)
Total net increase/(decrease) in net assets		3,081,635			(2,362,941	)		10,414,674			(25,277,078	)
Net Assets
Beginning of period		36,455,645			38,818,586			51,219,147			76,496,225
End of period	$	39,537,280		$	36,455,645		$	61,633,821		$	51,219,147

42 FINANCIAL STATEMENTS

ICON Materials Fund						ICON Utilities Fund
Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
$	203,070		$	208,264		$	302,857		$	932,643
	6,879,848			5,734,068			1,144,256			3,460,870
	(7,119,819	)		3,387,627			165,067			(41,712	)
	(36,901	)		9,329,959			1,612,180			4,351,801
	(208,262	)		(335,560	)		(236,282	)		(783,820	)
	-			-			(17,648	)		(49,984	)
	-			(12,325	)		(48,484	)		(65,419	)
	(208,262	)		(347,885	)		(302,414	)		(899,223	)
	13,469,916			43,480,999			4,898,351			3,908,224
	188,224			465,892			54,195			105,014
	954,962			6,611,987			1,074,097			1,191,616
	200,552			301,996			220,191			748,212
	-			-			3,169			11,949
	-			11,008			40,924			52,883
	(23,761,205	)		(24,468,828	)		(9,304,171	)		(18,863,423	)
	(97,300	)		(48,417	)		(538,386	)		(957,637	)
	(3,536,867	)		(705,580	)		(616,107	)		(1,319,199	)
	(12,581,718	)		25,649,057			(4,167,737	)		(15,122,361	)
	(12,826,881	)		34,631,131			(2,857,971	)		(11,669,783	)
	102,514,116			67,882,985			22,683,289			34,353,072
$	89,687,235		$	102,514,116		$	19,825,318		$	22,683,289

FINANCIAL STATEMENTS 43

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Industrials Fund						ICON Information Technology Fund
	Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
Transactions in Fund Shares
Shares sold
Class S		514,796			968,544			1,179,182			675,116
Class C		6,585			19,526			9,677			7,757
Class A		12,519			17,942			136,767			19,562
Reinvested dividends and distributions
Class S		1,358			17,330			-			-
Class C		-			73			-			-
Class A		-			-			-			-
Shares repurchased
Class S		(430,239	)		(1,168,317	)		(1,098,703	)		(3,413,938	)
Class C		(5,674	)		(3,813	)		(1,581	)		(5,246	)
Class A		(4,586	)		(405,848	)		(4,751	)		(191,533	)
Net increase/(decrease)		94,759			(554,563	)		220,591			(2,908,282	)
Shares outstanding, beginning of period		3,125,462			3,680,025			3,782,123			6,690,405
Shares outstanding, end of period		3,220,221			3,125,462			4,002,714			3,782,123
Accumulated undistributed net investment income/(loss)	$	57,955		$	16,629		$	(450,713	)	$	(288,745	)

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

44 FINANCIAL STATEMENTS

ICON Materials Fund						ICON Utilities Fund
Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014
	907,459			2,950,323			560,549			507,380
	12,958			32,505			6,273			13,552
	64,982			455,567			126,453			152,325
	13,699			21,282			25,489			94,392
	-			-			374			1,526
	-			780			4,803			6,726
	(1,620,986	)		(1,667,011	)		(1,105,154	)		(2,368,098	)
	(6,861	)		(3,294	)		(62,291	)		(124,852	)
	(253,036	)		(47,170	)		(73,464	)		(173,414	)
	(881,785	)		1,742,982			(516,968	)		(1,890,463	)
	6,799,803			5,056,821			2,877,680			4,768,143
	5,918,018			6,799,803			2,360,712			2,877,680
$	203,069		$	208,261		$	36,909		$	36,466

FINANCIAL STATEMENTS 45

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, 2015†	$	15.55	$	(0.02	)	$	1.70	$	1.68	$	-		$	(2.24	)
Year ended September 30, 2014		14.50		(0.07	)		1.12		1.05		-			-
Year ended September 30, 2013		11.82		(0.03	)		2.73		2.70		(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	)		-
Class C
Period ended March 31, 2015†		14.88		(0.12	)		1.62		1.50		-			(2.24	)
Year ended September 30, 2014		14.05		(0.26	)		1.09		0.83		-			-
Year ended September 30, 2013		11.57		(0.24	)		2.72		2.48		-			-
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, 2015†		15.24		(0.05	)		1.67		1.62		-			(2.24	)
Year ended September 30, 2014		14.25		(0.12	)		1.11		0.99		-			-
Year ended September 30, 2013		11.65		(0.09	)		2.69		2.60		-			-
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, 2015†		11.55		0.02			1.14		1.16		(0.19	)		(3.15	)
Year ended September 30, 2014		11.18		0.11			1.31		1.42		(0.03	)		(1.02	)
Year ended September 30, 2013		10.20		0.21			0.98		1.19		(0.21	)		-
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	)		-
Class C
Period ended March 31, 2015†		11.28		(0.02	)		1.10		1.08		(0.17	)		(3.15	)
Year ended September 30, 2014		11.02		(0.01	)		1.29		1.28		-			(1.02	)
Year ended September 30, 2013		10.06		0.08			0.99		1.07		(0.11	)		-
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, 2015†		11.58		0.02			1.12		1.14		(0.21	)		(3.15	)
Year ended September 30, 2014		11.23		0.07			1.32		1.39		(0.02	)		(1.02	)
Year ended September 30, 2013		10.24		0.14			1.03		1.17		(0.18	)		-
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	)		-

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(2.24	)	$	14.99		11.14	%	$	56,225		1.39	%		1.39	%(c)		(0.33	)%		(0.33	)%		93.48	%
	-			15.55		7.24	%		55,476		1.46	%		1.46	%(c)		(0.47	)%		(0.47	)%		202.10	%
	(0.02	)		14.50		22.91	%		39,883		1.38	%		1.38	%(c)		(0.21	)%		(0.21	)%		87.00	%
	-			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	%
	(2.24	)		14.14		10.38	%		553		3.53	%		2.74	%(c)		(2.50	)%		(1.71	)%		93.48	%
	-			14.88		5.91	%		539		3.78	%		2.74	%(c)		(2.80	)%		(1.76	)%		202.10	%
	-			14.05		21.43	%		473		3.68	%		2.75	%(c)		(2.74	)%		(1.81	)%		87.00	%
	-			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	%
	(2.24	)		14.62		10.96	%		4,474		1.71	%		1.71	%(c)		(0.70	)%		(0.70	)%		93.48	%
	-			15.24		6.95	%		2,492		1.76	%		1.76	%(c)		(0.80	)%		(0.80	)%		202.10	%
	-			14.25		22.42	%		4,699		1.78	%		1.78	%(c)		(0.66	)%		(0.66	)%		87.00	%
	-			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	%
	(3.34	)		9.37		10.28	%		10,016		1.85	%		1.51	%(c)		0.05	%		0.39	%		4.24	%
	(1.05	)		11.55		13.32	%		25,731		1.45	%		1.45	%(c)		0.94	%		0.94	%		52.38	%
	(0.21	)		11.18		11.75	%		33,813		1.51	%		1.51	%(c)		1.92	%		1.92	%		90.51	%
	(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	%
	(3.32	)		9.04		9.71	%		1,490		2.73	%		2.52	%(c)		(0.65	)%		(0.44	)%		4.24	%
	(1.02	)		11.28		12.17	%		1,467		2.76	%		2.50	%(c)		(0.38	)%		(0.12	)%		52.38	%
	(0.11	)		11.02		10.69	%		1,738		2.61	%		2.50	%(c)		0.61	%		0.72	%		90.51	%
	(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	%
	(3.36	)		9.36		10.13	%		2,954		2.07	%		1.77	%(c)		0.04	%		0.34	%		4.24	%
	(1.04	)		11.58		12.99	%		2,740		2.04	%		1.75	%(c)		0.35	%		0.64	%		52.38	%
	(0.18	)		11.23		11.52	%		2,744		1.84	%		1.75	%(c)		1.20	%		1.29	%		90.51	%
	(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 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 Energy Fund
Class S
Period ended March 31, 2015†	$	22.30	$	0.04		$	(4.55	)	$	(4.51	)	$	(0.09	)	$	(3.73	)
Year ended September 30, 2014		22.59		0.11			0.33			0.44			(0.06	)		(0.67	)
Year ended September 30, 2013		19.18		0.18			3.51			3.69			(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	)		-
Class C
Period ended March 31, 2015†		21.74		(0.04	)		(4.43	)		(4.47	)		-			(3.73	)
Year ended September 30, 2014		22.21		(0.15	)		0.35			0.20			-			(0.67	)
Year ended September 30, 2013		18.87		(0.05	)		3.48			3.43			(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, 2015†		22.20		0.02			(4.53	)		(4.51	)		(0.04	)		(3.73	)
Year ended September 30, 2014		22.50		0.04			0.35			0.39			(0.02	)		(0.67	)
Year ended September 30, 2013		19.12		0.11			3.51			3.62			(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, 2015†		7.83		0.03			0.52			0.55			-			-
Year ended September 30, 2014		7.47		-	(d)		0.54			0.54			(0.18	)		-
Year ended September 30, 2013		6.04		0.04			1.44			1.48			(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	)		-
Class C
Period ended March 31, 2015†		7.76		(0.01	)		0.51			0.50			-			-
Year ended September 30, 2014		7.20		(0.07	)		0.63			0.56			-			-
Year ended September 30, 2013		5.91		(0.03	)		1.39			1.36			(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, 2015†		7.89		0.02			0.52			0.54			-			-
Year ended September 30, 2014		7.37		(0.02	)		0.54			0.52			-			-
Year ended September 30, 2013		5.99		0.06			1.38			1.44			(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	)		-

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(3.82	)	$	13.97		(20.41	)%	$	404,723		1.41	%		1.41	%(c)		0.51	%		0.51	%		90.65	%
	(0.73	)		22.30		1.92	%		615,541		1.28	%		1.28	%(c)		0.46	%		0.46	%		96.79	%
	(0.28	)		22.59		19.55	%		659,581		1.29	%		1.29	%(c)		0.85	%		0.85	%		88.16	%
	(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	%
	(3.73	)		13.54		(20.79	)%		13,157		2.42	%		2.42	%(c)		(0.48	)%		(0.48	)%		90.65	%
	(0.67	)		21.74		0.83	%		17,170		2.38	%		2.38	%(c)		(0.65	)%		(0.65	)%		96.79	%
	(0.09	)		22.21		18.30	%		14,691		2.35	%		2.35	%(c)		(0.25	)%		(0.25	)%		88.16	%
	(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	%
	(3.77	)		13.92		(20.56	)%		20,226		1.65	%		1.65	%(c)		0.28	%		0.28	%		90.65	%
	(0.69	)		22.20		1.67	%		26,695		1.55	%		1.55	%(c)		0.19	%		0.19	%		96.79	%
	(0.24	)		22.50		19.21	%		26,170		1.61	%		1.61	%(c)		0.51	%		0.51	%		88.16	%
	(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	%
	-			8.38		7.02	%		39,038		1.50	%		1.50	%(c)		0.65	%		0.65	%		33.35	%
	(0.18	)		7.83		7.27	%		32,286		1.64	%		1.50	%(c)		(0.20	)%		(0.06	)%		78.93	%
	(0.05	)		7.47		24.68	%		11,853		1.47	%		1.47	%(c)		0.65	%		0.65	%		95.21	%
	(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	%
	-			8.26		6.44	%		102		4.83	%		2.50	%(c)		(2.65	)%		(0.32	)%		33.35	%
	-			7.76		7.93	%		71		7.35	%		2.50	%(c)		(5.74	)%		(0.89	)%		78.93	%
	(0.07	)		7.20		23.18	%		296		3.19	%		2.51	%(c)		(1.07	)%		(0.40	)%		95.21	%
	(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	%
	-			8.43		6.84	%		652		2.47	%		1.75	%(c)		(0.33	)%		0.39	%		33.35	%
	-			7.89		7.20	%		541		2.35	%		1.75	%(c)		(0.86	)%		(0.26	)%		78.93	%
	(0.06	)		7.37		24.20	%		936		1.88	%		1.76	%(c)		0.82	%		0.94	%		95.21	%
	(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 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 Healthcare Fund
Class S
Period ended March 31, 2015†	$	22.42	$	(0.04	)	$	3.25		$	3.21		$	-		$	(5.52	)
Year ended September 30, 2014		22.17		(0.11	)		6.18			6.07			(0.03	)		(5.79	)
Year ended September 30, 2013		17.56		0.03			4.75			4.78			(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	)		-
Class C
Period ended March 31, 2015†		21.36		(0.14	)		3.06			2.92			-			(5.52	)
Year ended September 30, 2014		21.55		(0.34	)		5.94			5.60			-			(5.79	)
Year ended September 30, 2013		17.21		(0.21	)		4.67			4.46			(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, 2015†		22.01		(0.05	)		3.17			3.12			-			(5.52	)
Year ended September 30, 2014		21.92		(0.14	)		6.03			5.89			(0.01	)		(5.79	)
Year ended September 30, 2013		17.42		(0.03	)		4.69			4.66			(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, 2015†		11.67		0.02			0.60			0.62			(0.01	)		-
Year ended September 30, 2014		10.56		0.01			1.16			1.17			(0.06	)		-
Year ended September 30, 2013		8.26		0.06			2.35			2.41			(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	)		-
Class C
Period ended March 31, 2015†		11.38		(0.05	)		0.58			0.53			-			-
Year ended September 30, 2014		10.41		(0.12	)		1.15			1.03			(0.06	)		-
Year ended September 30, 2013		8.12		(0.06	)		2.35			2.29			-			-
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, 2015†		11.58		-	(d)		0.60			0.60			-			-
Year ended September 30, 2014		10.45		(0.03	)		1.16			1.13			-			-
Year ended September 30, 2013		8.10		-	(d)		2.36			2.36			(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	)		-

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(5.52	)	$	20.11		15.66	%	$	152,356		1.32	%		1.32	%(c)		(0.36	)%		(0.36	)%		90.28	%
	(5.82	)		22.42		32.27	%		148,261		1.36	%		1.36	%(c)		(0.53	)%		(0.53	)%		187.85	%
	(0.17	)		22.17		27.48	%		92,171		1.39	%		1.39	%(c)		0.13	%		0.13	%		111.86	%
	(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	%
	(5.52	)		18.76		15.00	%		1,981		2.67	%		2.50	%(c)		(1.61	)%		(1.44	)%		90.28	%
	(5.79	)		21.36		30.73	%		716		4.31	%		2.50	%(c)		(3.49	)%		(1.68	)%		187.85	%
	(0.12	)		21.55		26.11	%		259		4.42	%		2.50	%(c)		(2.98	)%		(1.06	)%		111.86	%
	(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	%
	(5.52	)		19.61		15.52	%		15,028		1.49	%		1.49	%(c)		(0.53	)%		(0.53	)%		90.28	%
	(5.80	)		22.01		31.72	%		10,878		1.62	%		1.62	%(c)		(0.66	)%		(0.66	)%		187.85	%
	(0.16	)		21.92		26.95	%		3,748		1.69	%		1.69	%(c)		(0.15	)%		(0.15	)%		111.86	%
	(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	%
	(0.01	)		12.28		5.27	%		38,829		1.40	%		1.40	%(c)		0.31	%		0.31	%		8.66	%
	(0.06	)		11.67		11.14	%		35,883		1.41	%		1.41	%(c)		0.07	%		0.07	%		30.09	%
	(0.11	)		10.56		29.52	%		34,409		1.46	%		1.46	%(c)		0.60	%		0.60	%		45.66	%
	(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	%
	-			11.91		4.66	%		298		3.25	%		2.50	%(c)		(1.56	)%		(0.81	)%		8.66	%
	(0.06	)		11.38		9.95	%		275		5.01	%		2.50	%(c)		(3.53	)%		(1.03	)%		30.09	%
	-			10.41		28.20	%		87		9.86	%		2.50	%(c)		(8.02	)%		(0.66	)%		45.66	%
	(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	%
	-			12.18		5.18	%		410		2.49	%		1.75	%(c)		(0.75	)%		(0.01	)%		8.66	%
	-			11.58		10.81	%		298		2.02	%		1.75	%(c)		(0.56	)%		(0.29	)%		30.09	%
	(0.01	)		10.45		29.20	%		4,322		2.09	%		1.75	%(c)		(0.32	)%		0.02	%		45.66	%
	(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 51

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, 2015†	$	13.55	$	(0.04	)	$	1.91		$	1.87		$	-		$	-
Year ended September 30, 2014		11.44		(0.07	)		2.18			2.11			-			-
Year ended September 30, 2013		10.72		(0.02	)		0.74			0.72			-			-
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	)		-
Class C
Period ended March 31, 2015†		12.96		(0.11	)		1.82			1.71			-			-
Year ended September 30, 2014		11.07		(0.21	)		2.10			1.89			-			-
Year ended September 30, 2013		10.49		(0.14	)		0.72			0.58			-			-
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, 2015†		13.32		(0.07	)		1.89			1.82			-			-
Year ended September 30, 2014		11.30		(0.11	)		2.13			2.02			-			-
Year ended September 30, 2013		10.65		(0.05	)		0.70			0.65			-			-
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, 2015†		15.09		0.03			0.09			0.12			(0.04	)		-
Year ended September 30, 2014		13.43		0.04			1.68			1.72			(0.06	)		-
Year ended September 30, 2013		11.12		0.09			2.40			2.49			(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	)		-
Class C
Period ended March 31, 2015†		14.77		(0.05	)		0.08			0.03			-			-
Year ended September 30, 2014		13.24		(0.12	)		1.65			1.53			-			-
Year ended September 30, 2013		10.94		(0.04	)		2.38			2.34			(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, 2015†		14.96		0.01			0.08			0.09			-			-
Year ended September 30, 2014		13.36		(0.01	)		1.67			1.66			(0.06	)		-
Year ended September 30, 2013		11.07		0.05			2.38			2.43			(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	)		-

52 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			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	-		$	15.42		13.80	%	$	58,546		1.42	%		1.42	%(c)		(0.59	)%		(0.59	)%		23.82	%
	-			13.55		18.44	%		50,363		1.40	%		1.40	%(c)		(0.56	)%		(0.56	)%		47.88	%
	-			11.44		6.72	%		73,851		1.38	%		1.38	%(c)		(0.22	)%		(0.22	)%		51.71	%
	-			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	%
	-			14.67		13.19	%		573		3.00	%		2.50	%(c)		(2.17	)%		(1.67	)%		23.82	%
	-			12.96		17.07	%		401		4.20	%		2.50	%(c)		(3.40	)%		(1.70	)%		47.88	%
	-			11.07		5.53	%		315		3.31	%		2.50	%(c)		(2.16	)%		(1.36	)%		51.71	%
	-			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	%
	-			15.14		13.66	%		2,515		1.96	%		1.75	%(c)		(1.18	)%		(0.97	)%		23.82	%
	-			13.32		17.88	%		455		1.94	%		1.75	%(c)		(1.10	)%		(0.91	)%		47.88	%
	-			11.30		6.10	%		2,330		2.23	%		1.75	%(c)		(0.94	)%		(0.45	)%		51.71	%
	-			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	%
	(0.04	)		15.17		0.77	%		83,473		1.39	%		1.39	%(c)		0.47	%		0.47	%		19.84	%
	(0.06	)		15.09		12.85	%		93,610		1.36	%		1.36	%(c)		0.26	%		0.26	%		33.16	%
	(0.18	)		13.43		22.73	%		65,782		1.45	%		1.45	%(c)		0.72	%		0.72	%		55.66	%
	(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	%
	-			14.80		0.20	%		766		3.06	%		2.50	%(c)		(1.19	)%		(0.63	)%		19.84	%
	-			14.77		11.56	%		675		4.17	%		2.50	%(c)		(2.51	)%		(0.84	)%		33.16	%
	(0.04	)		13.24		21.43	%		218		4.12	%		2.50	%(c)		(1.95	)%		(0.33	)%		55.66	%
	(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	%
	-			15.05		0.60	%		5,448		1.72	%		1.72	%(c)		0.18	%		0.18	%		19.84	%
	(0.06	)		14.96		12.47	%		8,229		1.72	%		1.72	%(c)		(0.07	)%		(0.07	)%		33.16	%
	(0.14	)		13.36		22.24	%		1,883		2.02	%		1.75	%(c)		0.17	%		0.44	%		55.66	%
	(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 53

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, 2015†	$	7.90	$	0.13	$	0.53	$	0.66	$	(0.13	)	$	-
Year ended September 30, 2014		7.22		0.22		0.69		0.91		(0.23	)		-
Year ended September 30, 2013		6.81		0.20		0.43		0.63		(0.22	)		-
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	)		-
Class C
Period ended March 31, 2015†		7.79		0.08		0.52		0.60		(0.07	)		-
Year ended September 30, 2014		7.12		0.15		0.68		0.83		(0.16	)		-
Year ended September 30, 2013		6.72		0.13		0.42		0.55		(0.15	)		-
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, 2015†		7.81		0.12		0.52		0.64		(0.14	)		-
Year ended September 30, 2014		7.14		0.21		0.68		0.89		(0.22	)		-
Year ended September 30, 2013		6.73		0.18		0.42		0.60		(0.19	)		-
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.

54 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			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.13	)	$	8.43		8.38	%	$	14,730		1.75	%		1.50	%(c)		2.77	%		3.02	%		121.65	%
	(0.23	)		7.90		12.69	%		17,920		1.52	%		1.50	%(c)		2.84	%		2.86	%		106.99	%
	(0.22	)		7.22		9.25	%		29,117		1.62	%		1.51	%(c)		2.71	%		2.81	%		121.14	%
	(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	%
	(0.07	)		8.32		7.74	%		1,936		2.66	%		2.51	%(c)		1.82	%		1.97	%		121.65	%
	(0.16	)		7.79		11.59	%		2,246		2.55	%		2.50	%(c)		1.87	%		1.92	%		106.99	%
	(0.15	)		7.12		8.16	%		2,834		2.47	%		2.47	%(c)		1.89	%		1.89	%		121.14	%
	(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	%
	(0.14	)		8.31		8.10	%		3,159		1.80	%		1.75	%(c)		2.86	%		2.91	%		121.65	%
	(0.22	)		7.81		12.44	%		2,517		1.81	%		1.75	%(c)		2.69	%		2.75	%		106.99	%
	(0.19	)		7.14		8.96	%		2,402		1.74	%		1.74	%(c)		2.55	%		2.55	%		121.14	%
	(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 55

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2015 (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 offers 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, like all investments in securities, have elements of risk, including risk of loss of principal. For a complete explanation of the risks, please carefully study the prospectuses. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar objectives. An investment concentrated in sectors and industries involves 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

56 NOTESTO FINANCIAL STATEMENTS

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

The ICON Energy Fund has a significant weighting in the Oil & Gas Equipment & Services industry and the Oil & Gas Exploration & Production industry, the ICON Financial Fund has a significant weighting in the Diversified Banks industry, the ICON Healthcare Fund has a significant weighting in the Biotechnology industry and the Pharmaceuticals industry, and the ICON Utilities Fund has a significant weighting in the Electric Utilities industry and the Multi-Utilities industry which may cause the Funds’ performance to be susceptible to the economic, business and/or other developments that may affect those industries.

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 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 at the closing price as of 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

NOTESTO FINANCIAL STATEMENTS 57

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 is considered inaccurate or does not in the Funds’ judgment 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.

Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.

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

58 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.

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 may be 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, 2015:

	Level 1		Level 2		Level 3		Total
ICON Consumer Discretionary Fund*
Assets
Common Stocks	$	57,079,165	$	-	$	-	$	57,079,165
Collateral for Securities on Loan		-		6,619,025		-		6,619,025
Short-Term Investments		-		4,235,913		-		4,235,913
Total	$	57,079,165	$	10,854,938	$	-	$	67,934,103

NOTESTO FINANCIAL STATEMENTS 59

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

	Level 1		Level 2		Level 3		Total
ICON Consumer Staples Fund*
Assets
Common Stocks	$	13,742,343	$	-	$	-	$	13,742,343
Short-Term Investments		-		696,376		-		696,376
Total	$	13,742,343	$	696,376	$	-	$	14,438,719
ICON Energy Fund*
Assets
Common Stocks	$	420,939,716	$	-	$	-	$	420,939,716
Collateral for Securities on Loan		-		11,338,325		-		11,338,325
Short-Term Investments		-		9,600,545		-		9,600,545
Total	$	420,939,716	$	20,938,870	$	-	$	441,878,586
ICON Financial Fund*
Assets
Common Stocks	$	39,255,350	$	-	$	-	$	39,255,350
Collateral for Securities on Loan		-		2,283,449		-		2,283,449
Total	$	39,255,350	$	2,283,449	$	-	$	41,538,799
ICON Healthcare Fund*
Assets
Common Stocks	$	146,608,680	$	-	$	-	$	146,608,680
Collateral for Securities on Loan		-		768,369		-		768,369
Short-Term Investments		-		23,065,617		-		23,065,617
Total	$	146,608,680	$	23,833,986	$	-	$	170,442,666
ICON Industrials Fund*
Assets
Common Stocks	$	39,133,523	$	-	$	-	$	39,133,523
Collateral for Securities on Loan		-		760,950		-		760,950
Total	$	39,133,523	$	760,950	$	-	$	39,894,473
ICON Information Technology Fund*
Assets
Common Stocks	$	58,583,594	$	-	$	-	$	58,583,594
Collateral for Securities on Loan		-		368,577		-		368,577
Short-Term Investments		-		3,186,874		-		3,186,874
Total	$	58,583,594	$	3,555,451	$	-	$	62,139,045

60 NOTESTO FINANCIAL STATEMENTS

	Level 1		Level 2		Level 3		Total
ICON Materials Fund*
Assets
Common Stocks	$	87,414,283	$	-	$	-	$	87,414,283
Short-Term Investments		-		1,136,186		-		1,136,186
Total	$	87,414,283	$	1,136,186	$	-	$	88,550,469
ICON Utilities Fund*
Assets
Common Stocks	$	19,289,867	$	-	$	-	$	19,289,867
Collateral for Securities on Loan		-		143,995		-		143,995
Short-Term Investments		-		232,291		-		232,291
Total	$	19,289,867	$	376,286	$	-	$	19,666,153

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

No Level 3 securities were held in any of the Funds at March 31, 2015.

For the period ended March 31, 2015, there was no transfer activity between Level 1, Level 2 or Level 3. The end of period timing recognition is used for transfers between levels of the Fund’s assets and liabilities.

Fund Share Valuation

Fund shares are sold and redeemed on a daily 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

NOTESTO FINANCIAL STATEMENTS 61

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.

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 give up other rights including the right to vote proxies. 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 which is disclosed on the Schedule of Investments. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the period ended March 31, 2015, is included in the Statement of Operations.

62 NOTESTO FINANCIAL STATEMENTS

For the period ended March 31, 2015, the following Funds had securities with the following values on loan:

Fund	Loaned Securities		Collateral
ICON Consumer Discretionary Fund	$	6,470,637	$	6,619,025
ICON Consumer Staples Fund		-		-
ICON Energy Fund		11,025,283		11,338,325
ICON Financial Fund		2,221,824		2,283,449
ICON Healthcare Fund		739,256		768,369
ICON Industrials Fund		737,543		760,950
ICON Information Technology Fund		355,315		368,577
ICON Materials Fund		-		-
ICON Utilities Fund		137,492		143,995

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2015. It may also include collateral received from the pre-funding of security loans.

Income Taxes, Dividends, and Distributions

The Funds intend to continue 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.

NOTESTO FINANCIAL STATEMENTS 63

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 three 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 fixed income securities purchased are accreted or amortized to income 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.

64 NOTESTO FINANCIAL STATEMENTS

Below are the class level expenses that are included on the Statement of Operations:

Fund	Legal Expense		Printing And Postage Expense		Transfer Agent Expense
ICON Consumer Discretionary Fund
Class S	$	2,553	$	6,025	$	44,700
Class C		23		63		866
Class A		163		313		2,415
ICON Consumer Staples Fund
Class S		729		5,717		23,822
Class C		98		181		1,268
Class A		175		504		3,558
ICON Energy Fund
Class S		25,640		44,973		528,262
Class C		752		1,114		12,480
Class A		1,206		2,094		22,567
ICON Financial Fund
Class S		1,558		4,197		25,985
Class C		3		12		201
Class A		25		179		1,671
ICON Healthcare Fund
Class S		5,907		8,585		99,952
Class C		57		42		626
Class A		579		386		3,230
ICON Industrials Fund
Class S		1,649		5,303		25,820
Class C		13		20		280
Class A		16		70		411
ICON Information Technology Fund
Class S		2,267		7,036		46,094
Class C		20		33		391
Class A		31		99		533
ICON Materials Fund
Class S		4,082		9,809		74,545
Class C		34		74		678
Class A		259		637		5,735
ICON Utilities Fund
Class S		741		5,060		25,186
Class C		100		177		1,072
Class A		138		228		1,930

NOTESTO FINANCIAL STATEMENTS 65

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3.  Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 1.00% on the first $500 million of average daily net assets, 0.95% on the next $250 million, 0.925% on the next $750 million, 0.90% on the next $3.5 billion, and 0.875% on average daily net assets over $5 billion.

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, 2016. 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.

66 NOTESTO FINANCIAL STATEMENTS

As of March 31, 2015 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2015		2016		2017		2018
ICON Consumer Discretionary Fund	$	1,278	$	1,881	$	5,663	$	1,987
ICON Consumer Staples Fund		5,004		3,344		11,844		29,232
ICON Financial Fund		1,276		7,072		18,339		3,125
ICON Healthcare Fund		2,226		3,191		7,400		1,086
ICON Industrials Fund		2,086		4,711		7,089		2,463
ICON Information Technology Fund		2,780		5,822		7,936		1,871
ICON Materials Fund		2,084		3,018		8,051		1,967
ICON Utilities Fund		4,909		25,930		9,172		22,456

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 Trust’s 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, 2015, 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

NOTESTO FINANCIAL STATEMENTS 67

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 under 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. There is no annual distribution and service fee for Class S shares. 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 Trust paid 95% of the CCO’s salary and the remaining portion is paid by ICON Advisers. For the period ended March 31, 2015, the total related amounts paid by the Funds 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, 2015, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

68 NOTESTO FINANCIAL STATEMENTS

4.  Borrowings

The Trust has entered into a Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. Effective March 21, 2015, the maximum borrowing limit was changed from $150 million to $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The average interest rate charged for the period ended March 31, 2015 was 1.37%.

For the period ended March 31, 2015, the average outstanding loan by Fund was as follows:

Fund	Average Borrowing (10/1/14-3/31/15)
ICON Consumer Discretionary Fund	$	47,720
ICON Consumer Staples Fund		203,107
ICON Energy Fund		327,911
ICON Financial Fund		39,496
ICON Healthcare Fund		10,078
ICON Industrials Fund*		72
ICON Information Technology Fund		75,666
ICON Materials Fund		104,633
ICON Utilities Fund		77,021

* Fund had outstanding borrowings under these agreements/arrangements as of March 31, 2015.

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2015, 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	$	52,518,853	$	58,686,592
ICON Consumer Staples Fund		767,769		17,633,175
ICON Energy Fund		445,843,768		520,644,359
ICON Financial Fund		18,096,952		12,533,640
ICON Healthcare Fund		116,500,201		116,867,822
ICON Industrials Fund		4,687,148		3,276,490
ICON Information Technology Fund		13,995,095		12,321,583
ICON Materials Fund		17,783,729		27,977,164
ICON Utilities Fund		25,210,119		29,368,783

NOTESTO FINANCIAL STATEMENTS 69

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6.  Federal Income Tax

The following information is presented on an income tax basis. Differences between U.S. GAAP and federal income tax purposes that are permanent in nature are reclassified within the capital accounts. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds. These differences are due to differing treatments for items such as deferrals of wash sale losses, foreign currency transactions, and net investment losses.

For the year ended September 30, 2014, the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Financial Fund	$	45,004,011		2017
		43,715,782		2018
ICON Industrials Fund		26,339,719		2018
ICON Information Technology Fund		390,260		2017
		6,573,259		2018
ICON Materials Fund		2,148,321		2017
		7,349,690		2018
ICON Utilities Fund		1,129,706		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, 2014 the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Consumer Discretionary Fund	$	724,922
ICON Financial Fund		1,407,388
ICON Industrials Fund		4,402,317
ICON Information Technology Fund		17,531,866
ICON Materials Fund		5,734,068
ICON Utilities Fund		3,470,969

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) 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.

70 NOTESTO FINANCIAL STATEMENTS

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2014, were as follows:

	Distributions Paid from
Fund	Ordinary Income		Net Long- Term Gains		Total Distributions Paid
ICON Consumer Staples Fund	$	188,400	$	3,316,934	$	3,505,334
ICON Energy Fund		7,889,789		15,162,290		23,052,079
ICON Financial Fund		278,278		-		278,278
ICON Healthcare Fund		9,719,828		20,815,093		30,534,921
ICON Industrials Fund		198,893		-		198,893
ICON Materials Fund		347,885		-		347,885
ICON Utilities Fund		899,223		-		899,223

As of September 30, 2014, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Capital Gains		Late Year Loss Deferral**			Capital Loss Carryover			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
ICON Consumer Discretionary Fund	$	2,900,385	$	4,565,209	$	-		$	-		$	(784,916	)	$	6,680,678
ICON Consumer Staples Fund		1,018,444		3,043,787		-			-			1,841,755			5,903,986
ICON Energy Fund		5,849,832		79,120,354		-			-			27,626,404			112,596,590
ICON Financial Fund		-		-		(14,823	)		(88,719,793	)		535,192			(88,199,424	)
ICON Healthcare Fund		16,828,952		13,436,241		-			-			8,900,695			39,165,888
ICON Industrials Fund		16,629		-		-			(26,339,719	)		8,264,095			(18,058,995	)
ICON Information Technology Fund		-		-		(288,745	)		(6,963,519	)		12,369,092			5,116,828
ICON Materials Fund		208,261		-		-			(9,498,011	)		17,190,326			7,900,576
ICON Utilities Fund		36,466		-		-			(1,129,706	)		(86,803	)		(1,180,043	)

* 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.

NOTESTO FINANCIAL STATEMENTS 71

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

As of March 31, 2015, 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	$	62,766,224	$	6,072,290	$	(904,411	)	$	5,167,879
ICON Consumer Staples Fund		12,827,946		1,909,046		(298,273	)		1,610,773
ICON Energy Fund		492,931,411		13,342,322		(64,395,147	)		(51,052,825	)
ICON Financial Fund		39,918,685		2,482,265		(862,151	)		1,620,114
ICON Healthcare Fund		156,416,120		14,571,717		(545,171	)		14,026,546
ICON Industrials Fund		30,067,918		10,377,709		(551,154	)		9,826,555
ICON Information Technology Fund		46,087,631		16,646,794		(595,380	)		16,051,414
ICON Materials Fund		78,383,314		13,860,351		(3,693,196	)		10,167,155
ICON Utilities Fund		19,578,163		616,091		(528,101	)		87,990

7.  Accounting Pronouncement

In June 2013, FASB issued Accounting Standards Update No. 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). This update sets forth a new approach for determining whether a public or private company is an investment company and sets certain measurement and disclosure requirements for an investment company. FASB has determined that a fund registered under the 1940 Act automatically meets ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Management does not expect this guidance to have an impact on the Funds’ financial statements.

8.  Subsequent Events

Management has evaluated the possibility of subsequent events and determined that there are no material events that would require adjustment to or disclosure in the Funds’ financial statements.

72 NOTESTO FINANCIAL STATEMENTS

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2015 (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 (10/01/14 - 3/31/15).

Actual Expenses

The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

EXPENSE EXAMPLE 73

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 10/1/14		Ending Account Value 3/31/15		Expense Paid During Period 10/1/14 -  3/31/15*		Annualized Expense Ratio 10/1/14 -  3/31/15*
Actual Expenses
ICON Consumer Discretionary Fund
Class S	$	1,000	$	1,111.40	$	7.32		1.39%
Class C		1,000		1,103.80		14.37		2.74%
Class A		1,000		1,109.60		8.99		1.71%
ICON Consumer Staples Fund
Class S		1,000		1,102.80		7.92		1.51%
Class C		1,000		1,097.10		13.18		2.52%
Class A		1,000		1,101.30		9.27		1.77%
ICON Energy Fund
Class S		1,000		795.90		6.31		1.41%
Class C		1,000		792.10		10.81		2.42%
Class A		1,000		794.40		7.38		1.65%
ICON Financial Fund
Class S		1,000		1,070.20		7.74		1.50%
Class C		1,000		1,064.40		12.87		2.50%
Class A		1,000		1,068.40		9.02		1.75%
ICON Healthcare Fund
Class S		1,000		1,156.60		7.10		1.32%
Class C		1,000		1,150.00		13.40		2.50%
Class A		1,000		1,155.20		8.01		1.49%
ICON Industrials Fund
Class S		1,000		1,052.70		7.16		1.40%
Class C		1,000		1,046.60		12.76		2.50%
Class A		1,000		1,051.80		8.95		1.75%
ICON Information Technology Fund
Class S		1,000		1,138.00		7.57		1.42%
Class C		1,000		1,131.90		13.29		2.50%
Class A		1,000		1,136.60		9.32		1.75%
ICON Materials Fund
Class S		1,000		1,007.70		6.96		1.39%
Class C		1,000		1,002.00		12.48		2.50%
Class A		1,000		1,006.00		8.60		1.72%

74 EXPENSE EXAMPLE

	Beginning Account Value 10/1/14		Ending Account Value 3/31/15		Expense Paid During Period 10/1/14 -  3/31/15*		Annualized Expense Ratio 10/1/14 -  3/31/15*
ICON Utilities Fund
Class S	$	1,000	$	1,083.80	$	7.79		1.50%
Class C		1,000		1,077.40		13.00		2.51%
Class A		1,000		1,081.00		9.08		1.75%
Hypothetical (assuming a 5% return before expenses)
ICON Consumer Discretionary Fund
Class S		1,000		1,018.00		6.99
Class C		1,000		1,011.27		13.74
Class A		1,000		1,016.40		8.60
ICON Consumer Staples Fund
Class S		1,000		1,017.40		7.59
Class C		1,000		1,012.37		12.64
Class A		1,000		1,016.11		8.90
ICON Energy Fund
Class S		1,000		1,017.90		7.09
Class C		1,000		1,012.86		12.14
Class A		1,000		1,016.70		8.30
ICON Financial Fund
Class S		1,000		1,017.45		7.54
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
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		1,017.50		7.49
ICON Industrials Fund
Class S		1,000		1,017.95		7.04
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
ICON Information Technology Fund
Class S		1,000		1,017.85		7.14
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80

EXPENSE EXAMPLE 75

	Beginning Account Value 10/1/14		Ending Account Value 3/31/15		Expense Paid During Period 10/1/14 -  3/31/15*		Annualized Expense Ratio 10/1/14 - 3/31/15*
ICON Materials Fund
Class S	$	1,000	$	1,018.00	$	6.99
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.36		8.65
ICON Utilities Fund
Class S		1,000		1,017.45		7.54
Class C		1,000		1,012.42		12.59
Class A		1,000		1,016.21		8.80

* 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.

76 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 77

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.

78 OTHER INFORMATION

ICON FUNDS PRIVACY INFORMATION

FACTS	WHAT DOES ICON DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: n  Social Security number and account balances n  income and transaction history n  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons ICON chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does ICON share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-764-0442 for the ICON Funds and 1-800-828-4881 for ICON Advisers, Inc. and ICON Distributors, Inc.

FUNDS PRIVACY INFORMATION 79

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Who we are
Who is providing this notice?	ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON”)
What we do
How does ICON protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Contracts with our service providers require them to restrict access to your non-public personal information, and to maintain physical, electronic and procedural safeguards against unintended disclosure.
How does ICON collect my personal information?	We collect your personal information, for example, when you n  open an account or enter into an investment advisory contract n  provide account information or give us your contact information n  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only n  sharing for affiliates’ everyday business purposes — information about your creditworthiness n  affiliates from using your information to market to you n  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. n  Our affiliates include financial companies such as ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. n  Nonaffiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers and nonfinancial companies such as fulfillment, proxy voting, and class action service providers
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n  ICON doesn’t jointly market

80 FUNDS PRIVACY 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

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 29, 2015                        

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date    May 29, 2015                        

By (Signature and Title)*	/s/ Carrie M. Schoffman
	Carrie M. Schoffman, Vice President, Treasurer (Principal Financial Officer and Principal Accounting Officer)

Date    May 29, 2015                        

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