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, 2016

Date of reporting period: March 31, 2016

Item 1. Reports to Stockholders.

SEMI-ANNUAL REPORT   March 31, 2016   

Diversified Funds

ICON Bond Fund

ICON Equity Income Fund

ICON Fund

ICON Long/Short Fund

ICON Opportunities Fund

ICON Risk-Managed Balanced Fund

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

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Bond Fund	3
ICON Equity Income Fund	6
ICON Fund	10
ICON Long/Short Fund	12
ICON Opportunities Fund	14
ICON Risk-Managed Balanced Fund	16
Financial Statements (Unaudited)	22
Financial Highlights (Unaudited)	31
Notes to Financial Statements (Unaudited)	47
Disclosure of Fund Expenses (Unaudited)	60
Additional Information (Unaudited)	62
Privacy Policy	63

ICON Diversified Funds	About This Report
	March 31, 2016 (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, 2016, 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 to 35% and 25% of its assets in high-yield bonds that are below investment grade, respectively. ICON Risk-Managed Balanced Fund may invest up to 10% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds.

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.

2 www.iconfunds.com

ICON Bond Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (66.80%)
Communications (3.18%)
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28	$	500,000	$	463,750
Cincinnati Bell, Inc.
8.38%, 10/15/20		1,290,000		1,309,350
TCI Communications, Inc.
7.13%, 02/15/28		700,000		942,525
				2,715,625
Consumer, Cyclical (11.16%)
CVS Health Corp.
4.75%, 12/01/22(a)		3,250,000		3,649,431
Darden Restaurants, Inc.
7.05%, 10/15/37(b)		1,300,000		1,404,709
International Game Technology
5.35%, 10/15/23		1,000,000		920,000
Pinnacle Entertainment, Inc.
6.38%, 08/01/21		500,000		530,000
Pinnacle Entertainment, Inc.
7.50%, 04/15/21		2,000,000		2,080,000
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50%, 03/01/25(a)		1,000,000		942,500
				9,526,640
Consumer, Non-cyclical (24.52%)
Altria Group, Inc.
9.25%, 08/06/19		2,798,000		3,457,973
Bumble Bee Holdings, Inc.
9.00%, 12/15/17(a)		650,000		651,625
CHS/Community Health Systems, Inc.
8.00%, 11/15/19(c)		1,000,000		973,750
HCA Holdings, Inc.
5.25%, 04/15/25		2,500,000		2,575,000
Innovation Ventures LLC / Innovation Ventures Finance Corp.
9.50%, 08/15/19(a)		1,500,000		1,561,875
inVentiv Health, Inc.
9.00%, 01/15/18(a)		2,502,000		2,583,315
Kraft Heinz Foods Co.
4.88%, 02/15/25(a)		2,711,000		2,987,679
Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc.
5.75%, 04/15/23		2,565,000		2,656,057
Pfizer, Inc.
5.80%, 08/12/23(c)		1,000,000		1,213,453
Prospect Medical Holdings, Inc.
8.38%, 05/01/19(a)		2,197,000		2,268,403
				20,929,130
Financial (21.82%)
Ally Financial, Inc.
8.00%, 03/15/20		2,493,000		2,792,160
American Equity Investment Life Holding Co.
6.63%, 07/15/21		500,000		513,750

	Shares or Principal Amount		Value
Berkshire Hathaway, Inc.
2.75%, 03/15/23	$	500,000	$	510,074
E*TRADE Financial Corp.
5.38%, 11/15/22		1,760,000		1,859,000
Highmark, Inc.
6.13%, 05/15/41(a)(b)		1,000,000		1,044,847
Highmark, Inc.
4.75%, 05/15/21(a)(b)		1,015,000		1,038,894
KeyCorp Capital II
6.88%, 03/17/29		1,094,000		1,228,876
MBIA, Inc.
6.63%, 10/01/28		2,439,000		2,365,830
MetLife Capital Trust IV
7.88%, 12/15/37(a)		1,000,000		1,150,000
NTC Capital I, Series A
1.14%, 01/15/27(d)		1,500,000		1,207,500
Prudential Financial, Inc.
8.88%, 06/15/38(d)		1,000,000		1,097,500
State Street Capital Trust I
1.18%, 05/15/28(d)		2,000,000		1,575,360
USB Realty Corp.
1.77%, 1/15/17(a)(d)		2,800,000		2,233,000
				18,616,791
Industrials (6.12%)
General Electric Co.
5.00%, 03/31/16(d)		2,625,000		2,703,750
Ingersoll-Rand Co.
6.39%, 11/15/27		1,260,000		1,478,519
Nortek, Inc.
8.50%, 04/15/21		1,000,000		1,037,500
				5,219,769
Total Corporate Bonds (Cost $57,464,766)				57,007,955
Foreign Corporate Bonds (2.63%)
Consumer, Cyclical (2.63%)
Air Canada
8.75%, 04/01/20(a)		2,100,000		2,241,750
Total Foreign Corporate Bonds (Cost $2,261,230)				2,241,750
U.S. Treasury Obligations (1.16%)
U.S. Treasury Note
1.63%, 02/15/26		1,000,000		985,977
Total U.S. Treasury Obligations (Cost $968,580)				985,977
Collateralized Mortgage Obligations (9.03%)
Citigroup Mortgage Loan Trust, Inc.,
Series 2013-J1, Class B3 3.56%, 10/25/43(a)(b)(d)		488,424		478,988

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	3

ICON Bond Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
MASTR Seasoned Securitization Trust, Inc.,
Series 2005-1, Class 1A1 6.56%, 09/25/32(d)	$	1,195,240	$	1,288,422
Sequoia Mortgage Trust, Inc.,
Series 2013-1, Class B2 3.64%, 02/25/43(b)(d)		1,169,824		1,136,022
Sequoia Mortgage Trust, Inc.,
Series 2013-12, Class B3 4.25%, 12/25/43(a)(b)(d)		764,328		777,058
Towd Point Mortgage Trust, Inc.,
Series 2015-4, Class M2 3.75%, 04/25/55(a)(b)(d)		2,000,000		1,957,315
Towd Point Mortgage Trust, Inc.,
Series 2015-2, Class 2M1 3.75%, 11/25/57(a)(b)(d)		1,500,000		1,545,706
Velocity Commercial Capital Loan Trust, Inc.,
Series 2014-1, Class M3 6.89%, 09/25/44(a)(b)(d)		500,000		524,688
Total Collateralized Mortgage Obligations (Cost $7,726,039)				7,708,199
Common Stocks (0.90%)
Diversified REIT’s (0.90%)
Winthrop Realty Trust, REIT		58,356		766,215
Total Common Stocks (Cost $779,359)				766,215
Preferred Stocks (5.52%)
Consumer Finance (0.09%)
Ally Financial, Inc., Series A(c)		3,038		77,348
Diversified Banks (2.40%)
GMAC Capital Trust I, Series 2		83,479		2,046,070
Office REIT’s (3.03%)
Equity Commonwealth, Series E		30,284		769,819
Gramercy Property Trust, Inc., Series A		69,852		1,816,152
				2,585,971
Total Preferred Stocks (Cost $4,631,352)				4,709,389
Closed-End Mutual Funds (9.59%)
Advent/Claymore Enhanced Growth & Income Fund		10,000		82,100
AllianceBernstein Income Fund, Inc.		42,621		334,575
Deutsche Multi-Market Income Trust		97,967		776,878

	Shares or Principal Amount		Value
Deutsche Strategic Income Trust		14,512	$	160,648
First Trust Mortgage Income Fund		68,894		990,007
Firsthand Technology Value Fund, Inc.(c)(e)		13,170		98,775
Fort Dearborn Income Securities, Inc.		27,508		396,940
Franklin Limited Duration Income Trust(c)		9,096		103,149
Global High Income Fund, Inc.		141,832		1,232,520
Managed High Yield Plus Fund, Inc.		859,816		1,530,472
Strategic Global Income Fund, Inc.(c)		278,513		2,481,551
Total Closed-End Mutual Funds (Cost $8,337,460)				8,187,615
Collateral for Securities on Loan (0.74%)
State Street Navigator Prime Portfolio, 0.49%		633,023		633,023
Total Collateral for Securities on Loan (Cost $633,023)				633,023
Short-Term Investments (5.95%)
Time Deposits (5.95%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16		5,080,389		5,080,389
Total Short-Term Investments (Cost $5,080,389)				5,080,389
Total Investments (102.32%) (Cost $87,882,198)			$	87,320,512
Liabilities Less Other Assets (-2.32%)				(1,982,935	)
Net Assets (100.00%)			$	85,337,577

^(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2016, these securities had a total aggregate market value of $27,637,074, representing 32.39% of net assets.

^(b) These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2016 was $11,724,379, which represent 13.74% of the Fund’s Net Assets.

The accompanying notes are an integral part of the financial statements.
4	www.iconfunds.com

ICON Bond Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

^(c)  All or a portion of the security was on loan as of March 31, 2016.

^(d)  Floating Rate Security. Rate disclosed is as of March 31, 2016.

^(e)  Non-income producing security.

REIT - Real Estate Investment Trust

Credit Diversification (March 31, 2016)

Rating	% TNA
Aaa		1.16%
Aa2		0.60%
A1		1.42%
A3		14.20%
A-*		1.51%
Baa1		4.28%
Baa2		9.31%
Baa3		7.73%
BBB*		0.56%
BBB-*		0.60%
Ba1		7.44%
Ba2		1.62%
Ba3		4.38%
B1		5.69%
B2		6.45%
B3		5.72%
NR		6.95%
Total:		79.62%

* Reflects S&P Rating for securities where Moody’s rating is unavailable.

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.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	5

ICON Equity Income Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (3.84%)
Consumer, Cyclical (2.12%)
Darden Restaurants, Inc. 7.05%, 10/15/37(a)	$	750,000	$	810,409
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 5.50%, 03/01/25(b)		200,000		188,500
				998,909
Energy (0.05%)
California Resources Corp. 6.00%, 11/15/24		115,000		25,875
Financial (1.67%)
E*TRADE Financial Corp. 5.38%, 11/15/22		200,000		211,250
Ironshore Holdings U.S., Inc. 8.50%, 05/15/20(b)		500,000		573,655
				784,905
Total Corporate Bonds (Cost $1,961,906)				1,809,689
Common Stocks (84.25%)
Aerospace & Defense (2.00%)
Boeing Co.		3,800		482,372
Honeywell International, Inc.		4,100		459,405
				941,777
Apparel Retail (1.52%)
Buckle, Inc.(c)		21,200		718,044
Asset Management & Custody Banks (6.89%)
Ares Capital Corp.		53,300		790,972
Invesco, Ltd.		18,700		575,399
Main Street Capital Corp.(c)		33,700		1,056,495
Triangle Capital Corp.(c)		39,841		819,928
				3,242,794
Auto Parts & Equipment (1.79%)
Johnson Controls, Inc.		21,600		841,752
Automobile Manufacturers (1.84%)
Ford Motor Co.		64,100		865,350
Biotechnology (1.83%)
AbbVie, Inc.		15,100		862,512
Communications Equipment (1.22%)
Cisco Systems, Inc.		20,200		575,094
Construction & Farm Machinery & Heavy Trucks (1.12%)
Cummins, Inc.		4,800		527,712
Diversified Banks (1.66%)
JPMorgan Chase & Co.		13,200		781,704

	Shares or Principal Amount		Value
Diversified Chemicals (1.80%)
Huntsman Corp.		63,700	$	847,210
Electronic Equipment & Instruments (1.51%)
Daktronics, Inc.(c)		90,300		713,370
Electronic Manufacturing Services (0.99%)
TE Connectivity, Ltd.		7,500		464,400
Fertilizers & Agricultural Chemicals (1.56%)
Agrium, Inc.(c)		8,300		732,807
Gas Utilities (1.77%)
National Fuel Gas Co.		16,700		835,835
Health Care Distributors (2.90%)
Cardinal Health, Inc.		10,400		852,280
Patterson Cos., Inc.		11,000		511,830
				1,364,110
Health Care Facilities (1.00%)
Ensign Group, Inc.		20,800		470,912
Hotels, Resorts & Cruise Lines (3.23%)
Marriott Vacations Worldwide Corp.		10,300		695,250
Wyndham Worldwide Corp.		10,800		825,444
				1,520,694
Housewares & Specialties (1.63%)
Tupperware Brands Corp.(c)		13,200		765,336
Insurance Brokers (2.19%)
Arthur J Gallagher & Co.		23,200		1,031,936
Integrated Oil & Gas (0.94%)
Exxon Mobil Corp.		5,300		443,027
Integrated Telecommunication Services (5.38%)
AT&T, Inc.		26,000		1,018,420
BCE, Inc.		23,300		1,061,082
Verizon Communications, Inc.		8,400		454,272
				2,533,774
Life & Health Insurance (1.80%)
Sun Life Financial, Inc.		26,300		848,701
Mortgage REIT’s (1.33%)
Annaly Capital Management, Inc., REIT		61,000		625,860
Movies & Entertainment (3.16%)
Time Warner, Inc.		10,100		732,755
Viacom, Inc., Class B		18,300		755,424
				1,488,179

The accompanying notes are an integral part of the financial statements.
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ICON Equity Income Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Multi-line Insurance (2.95%)
Horace Mann Educators Corp.		25,600	$	811,264
Kemper Corp.		19,500		576,615
				1,387,879
Multi-Utilities (2.59%)
CenterPoint Energy, Inc.		21,900		458,148
DTE Energy Co.		8,400		761,544
				1,219,692
Oil & Gas Refining & Marketing (1.56%)
Phillips 66		8,500		736,015
Oil & Gas Storage & Transportation (3.19%)
Ship Finance International, Ltd.(c)		36,100		501,429
TransCanada Corp.(c)		25,400		998,474
				1,499,903
Packaged Foods & Meats (1.63%)
Cal-Maine Foods, Inc.(c)		14,800		768,268
Paper Products (1.67%)
International Paper Co.		19,200		787,968
Pharmaceuticals (5.12%)
Bristol-Myers Squibb Co.		11,800		753,784
Merck & Co., Inc.		16,900		894,179
Pfizer, Inc.		25,800		764,712
				2,412,675
Railroads (1.32%)
Union Pacific Corp.		7,800		620,490
Regional Banks (3.59%)
Fifth Third Bancorp		50,100		836,169
First Commonwealth Financial Corp.		96,500		854,990
				1,691,159
Soft Drinks (0.95%)
Dr. Pepper Snapple Group, Inc.		5,000		447,100
Technology Hardware, Storage & Peripherals (4.13%)
Apple, Inc.		7,400		806,526
Lexmark International, Inc., Class A		14,400		481,392
Western Digital Corp.		13,900		656,636
				1,944,554
Thrifts & Mortgage Finance (1.67%)
Dime Community Bancshares, Inc.		44,600		785,852
Tobacco (1.10%)
Reynolds American, Inc.		10,300		518,193

	Shares or Principal Amount		Value
Trucking (1.72%)
Ryder System, Inc.		12,500	$	809,750
Total Common Stocks (Cost $40,479,600)				39,672,388
Preferred Stocks (3.14%)
Consumer Finance (1.04%)
Ally Financial, Inc., Series A		6,929		176,412
Discover Financial Services, Series B		11,792		314,257
				490,669
Diversified Banks (1.03%)
GMAC Capital Trust I, Series 2		10,500		257,355
RBS Capital Funding Trust V, Series E		9,380		226,340
				483,695
Office REIT’s (1.07%)
Equity Commonwealth, Series E		7,752		197,056
Gramercy Property Trust, Inc., Series A(a)		11,843		307,918
				504,974
Total Preferred Stocks (Cost $1,464,979)				1,479,338
Convertible Preferred Stocks (0.51%)
Diversified Banks (0.51%)
Wells Fargo & Co., Series L		200		241,002
Total Convertible Preferred Stocks (Cost $246,403)				241,002
Closed-End Mutual Funds (4.57%)
AllianceBernstein Income Fund, Inc.		60,711		476,581
Deutsche Multi-Market Income Trust		15,817		125,429
Fort Dearborn Income Securities, Inc.		20,269		292,482
Franklin Limited Duration Income Trust		25,267		286,528
Global High Income Fund, Inc.		34,872		303,038
Managed High Yield Plus Fund, Inc.		157,361		280,102

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	7

ICON Equity Income Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Strategic Global
Income Fund, Inc.		43,232	$	385,197
Total Closed-End Mutual Funds (Cost $2,106,723)				2,149,357
Underlying Security/Expiration
Date/Exercise Price		Contracts		Value
Put Options Purchased (0.19%)
S&P 500 Index
05/20/16, 1,900		100		87,000
Total Put Options Purchased (Cost $136,135)				87,000
Collateral for Securities on Loan (13.11%)
State Street Navigator Prime Portfolio, 0.49%		6,173,434		6,173,434
Total Collateral for Securities on Loan (Cost $6,173,434)				6,173,434
Short-Term Investments (1.15%)
Time Deposits (1.15%)
State Street Euro Dollar Time Deposit (USD),
0.01%, 04/01/16		541,259		541,259
Total Short-Term Investments
(Cost $541,259)				541,259
Total Investments (110.76%)
(Cost $53,110,439)			$	52,153,467
Liabilities Less Other Assets (-10.76%)				(5,065,937)
Net Assets (100.00%)			$	47,087,530

^(a)  These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2016 was $1,118,327, which represent 2.37% of the Fund’s Net Assets.

^(b)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2016, these securities had a total aggregate market value of $762,155, representing 1.62% of net assets.

^(c)  All or a portion of the security was on loan as of March 31, 2016.

REIT - Real Estate Investment Trust

Sector Composition (March 31, 2016)

Financial	25.73%
Consumer Discretionary	13.17%
Health Care	10.85%
Information Technology	7.85%
Industrials	6.16%
Energy	5.69%
Telecommunication Services	5.38%
Materials	5.03%
Utilities	4.36%
Consumer Staples	3.68%
	87.90%

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

The accompanying notes are an integral part of the financial statements.
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ICON Equity Income Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Industry Composition (March 31, 2016)

Asset Management & Custody Banks	6.89%
Integrated Telecommunication Services	5.38%
Pharmaceuticals	5.12%
Technology Hardware, Storage & Peripherals	4.13%
Regional Banks	3.59%
Hotels, Resorts & Cruise Lines	3.23%
Diversified Banks	3.20%
Oil & Gas Storage & Transportation	3.19%
Movies & Entertainment	3.16%
Multi-line Insurance	2.95%
Health Care Distributors	2.90%
Multi-Utilities	2.59%
Insurance Brokers	2.19%
Aerospace & Defense	2.00%
Automobile Manufacturers	1.84%
Biotechnology	1.83%
Life & Health Insurance	1.80%
Diversified Chemicals	1.80%
Auto Parts & Equipment	1.79%
Gas Utilities	1.77%
Trucking	1.72%
Paper Products	1.67%
Thrifts & Mortgage Finance	1.67%
Housewares & Specialties	1.63%
Packaged Foods & Meats	1.63%
Oil & Gas Refining & Marketing	1.56%
Fertilizers & Agricultural Chemicals	1.56%
Apparel Retail	1.52%
Electronic Equipment & Instruments	1.51%
Mortgage REIT’s	1.33%
Railroads	1.32%
Communications Equipment	1.22%
Construction & Farm Machinery & Heavy Trucks	1.12%
Tobacco	1.10%
Office REIT’s	1.07%
Consumer Finance	1.04%
Health Care Facilities	1.00%
Other Industries (each less than 1%)	2.88%
	87.90%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	9

ICON Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (86.88%)
Asset Management & Custody Banks (2.79%)
Janus Capital Group, Inc.	94,900	$	1,388,387
Automobile Manufacturers (2.07%)
Thor Industries, Inc.	16,100		1,026,697
Biotechnology (4.11%)
Celgene Corp.(a)	20,400		2,041,836
Construction Materials (3.56%)
Martin Marietta Materials, Inc.	11,100		1,770,561
Consumer Finance (2.05%)
Encore Capital Group, Inc.(a)(b)	39,600		1,019,304
Diversified Banks (5.18%)
Bank of America Corp.	190,600		2,576,912
Electric Utilities (2.27%)
OGE Energy Corp.	39,500		1,130,885
Electronic Components (2.02%)
Rogers Corp.(a)	16,800		1,005,816
Home Improvement Retail (5.07%)
Home Depot, Inc.	18,900		2,521,827
Hotels, Resorts & Cruise Lines (4.71%)
Royal Caribbean Cruises, Ltd.	11,100		911,865
Wyndham Worldwide Corp.	18,700		1,429,241
			2,341,106
Household Appliances (3.12%)
Whirlpool Corp.	8,600		1,550,924
Investment Banking & Brokerage (1.11%)
E*TRADE Financial Corp.(a)	22,500		551,025
Life & Health Insurance (2.42%)
CNO Financial Group, Inc.	67,100		1,202,432
Multi-line Insurance (5.38%)
American International Group, Inc.	19,000		1,026,950
Kemper Corp.	55,800		1,650,006
			2,676,956
Multi-Utilities (5.83%)
CenterPoint Energy, Inc.	63,800		1,334,696
CMS Energy Corp.	36,800		1,561,792
			2,896,488
Pharmaceuticals (4.02%)
Jazz Pharmaceuticals PLC(a)	15,300		1,997,415

	Shares or Principal Amount		Value
Railroads (2.22%)
CSX Corp.	42,800	$	1,102,100
Real Estate Services (2.70%)
CBRE Group, Inc., Class A(a)	46,500		1,340,130
Regional Banks (13.64%)
Fifth Third Bancorp	92,300		1,540,487
First Commonwealth Financial Corp.	183,700		1,627,582
Signature Bank(a)	18,300		2,490,996
SVB Financial Group(a)	11,000		1,122,550
			6,781,615
Semiconductors (4.62%)
Skyworks Solutions, Inc.	29,500		2,298,050
Specialty Chemicals (5.48%)
Ashland, Inc.	24,800		2,727,008
Tires & Rubber (2.51%)
Goodyear Tire & Rubber Co.	37,800		1,246,644
Total Common Stocks (Cost $43,601,205)			43,194,118
Exchange Traded Funds (0.95%)
ProShares UltraShort S&P 500(a)(b)	24,900		471,855
Total Exchange Traded Funds (Cost $494,191)			471,855
Collateral for Securities on Loan (2.79%)
State Street Navigator Prime Portfolio, 0.49%	1,390,200		1,390,200
Total Collateral for Securities on Loan (Cost $1,390,200)			1,390,200
Short-Term Investments (12.39%)
Money Market Funds (8.05%)
State Street Global Advisors Treasury Fund (0.11% 7 Day Yield)	4,000,000		4,000,000

The accompanying notes are an integral part of the financial statements.
10	www.iconfunds.com

ICON Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Time Deposits (4.34%)
State Street Euro Dollar Time Deposit (USD),
0.01%, 04/01/16		2,159,188	$	2,159,188
Total Short-Term Investments (Cost $6,159,188)				6,159,188
Total Investments (103.01%) (Cost $51,644,784)			$	51,215,361
Liabilities Less Other Assets (-3.01%)				(1,498,567)
Net Assets (100.00%)			$	49,716,794

^(a)  Non-income producing security.

^(b)  All or a portion of the security was on loan as of March 31, 2016.

Sector Composition (March 31, 2016)

Financial	35.27%
Consumer Discretionary	17.48%
Materials	9.04%
Health Care	8.13%
Utilities	8.10%
Information Technology	6.64%
Industrials	2.22%
	86.88%

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

Industry Composition (March 31, 2016)

Regional Banks	13.64%
Multi-Utilities	5.83%
Specialty Chemicals	5.48%
Multi-line Insurance	5.38%
Diversified Banks	5.18%
Home Improvement Retail	5.07%
Hotels, Resorts & Cruise Lines	4.71%
Semiconductors	4.62%
Biotechnology	4.11%
Pharmaceuticals	4.02%
Construction Materials	3.56%
Household Appliances	3.12%
Asset Management & Custody Banks	2.79%
Real Estate Services	2.70%
Tires & Rubber	2.51%
Life & Health Insurance	2.42%
Electric Utilities	2.27%
Railroads	2.22%
Automobile Manufacturers	2.07%
Consumer Finance	2.05%
Electronic Components	2.02%
Investment Banking & Brokerage	1.11%
	86.88%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	11

ICON Long/Short Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (94.47%)
Asset Management & Custody Banks (4.56%)
Janus Capital Group, Inc.	61,800	$	904,134
Automobile Manufacturers (2.09%)
Thor Industries, Inc.	6,500		414,505
Biotechnology (3.68%)
Celgene Corp.(a)	7,300		730,657
Construction Materials (2.97%)
Martin Marietta Materials, Inc.	3,700		590,187
Data Processing & Outsourced Services (4.52%)
MasterCard, Inc., Class A	9,500		897,750
Diversified Banks (6.70%)
Bank of America Corp.	98,400		1,330,368
Electric Utilities (2.64%)
OGE Energy Corp.	18,300		523,929
Home Improvement Retail (2.22%)
Home Depot, Inc.	3,300		440,319
Hotels, Resorts & Cruise Lines (6.41%)
Royal Caribbean Cruises, Ltd.	4,800		394,320
Wyndham Worldwide Corp.	11,500		878,945
			1,273,265
Household Appliances (3.45%)
Whirlpool Corp.	3,800		685,292
Insurance Brokers (2.24%)
Arthur J Gallagher & Co.	10,000		444,800
Investment Banking & Brokerage (1.67%)
E*TRADE Financial Corp.(a)	13,500		330,615
Life & Health Insurance (2.47%)
CNO Financial Group, Inc.	27,400		491,008
Multi-line Insurance (7.15%)
American International Group, Inc.	11,600		626,980
Kemper Corp.	26,800		792,476
			1,419,456
Multi-Utilities (5.43%)
CenterPoint Energy, Inc.	20,700		433,044
CMS Energy Corp.	15,200		645,088
			1,078,132
Pharmaceuticals (5.53%)
Jazz Pharmaceuticals PLC(a)	8,400		1,096,620

	Shares or Principal Amount	Value
Real Estate Services (2.37%)
CBRE Group, Inc., Class A(a)	16,300	$	469,766
Regional Banks (16.25%)
Fifth Third Bancorp	29,400		490,686
First Commonwealth Financial Corp.	91,400		809,804
Signature Bank(a)	9,200		1,252,304
SVB Financial Group(a)	6,600		673,530
			3,226,324
Semiconductors (4.75%)
Skyworks Solutions, Inc.	12,100		942,590
Specialty Chemicals (3.60%)
Ashland, Inc.	6,500		714,740
Tires & Rubber (3.77%)
Goodyear Tire & Rubber Co.	22,700		748,646
Total Common Stocks (Cost $18,864,140)			18,753,103
Exchange Traded Funds (0.99%)
ProShares UltraShort S&P 500(a)(b)	10,400		197,080
Total Exchange Traded Funds (Cost $206,409)			197,080
Collateral for Securities on Loan (1.01%)
State Street Navigator Prime Portfolio, 0.49%	200,200		200,200
Total Collateral for Securities on Loan (Cost $200,200)			200,200
Short-Term Investments (4.81%)
Time Deposits (4.81%)
State Street Euro Dollar Time Deposit (USD),
0.01%, 04/01/16	954,724		954,724
Total Short-Term Investments (Cost $954,724)			954,724
Total Investments (101.28%) (Cost $20,225,473)		$	20,105,107
Liabilities Less Other Assets (-1.28%)			(254,047)
Net Assets (100.00%)		$	19,851,060

The accompanying notes are an integral part of the financial statements.
12	www.iconfunds.com

ICON Long/Short Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2016.

Sector Composition (March 31, 2016)

Financial	43.41%
Consumer Discretionary	17.94%
Information Technology	9.27%
Health Care	9.21%
Utilities	8.07%
Materials	6.57%
	94.47%

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

Industry Composition (March 31, 2016)

Regional Banks	16.25%
Multi-line Insurance	7.15%
Diversified Banks	6.70%
Hotels, Resorts & Cruise Lines	6.41%
Pharmaceuticals	5.53%
Multi-Utilities	5.43%
Semiconductors	4.75%
Asset Management & Custody Banks	4.56%
Data Processing & Outsourced Services	4.52%
Tires & Rubber	3.77%
Biotechnology	3.68%
Specialty Chemicals	3.60%
Household Appliances	3.45%
Construction Materials	2.97%
Electric Utilities	2.64%
Life & Health Insurance	2.47%
Real Estate Services	2.37%
Insurance Brokers	2.24%
Home Improvement Retail	2.22%
Automobile Manufacturers	2.09%
Investment Banking & Brokerage	1.67%
	94.47%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	13

ICON Opportunities Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (78.21%)
Aerospace & Defense (3.17%)
Curtiss-Wright Corp.		4,349	$	329,089
Asset Management & Custody Banks (3.25%)
Janus Capital Group, Inc.		23,000		336,490
Automobile Manufacturers (2.52%)
Thor Industries, Inc.		4,101		261,521
Biotechnology (3.61%)
Enzymotec, Ltd.(a)		16,800		151,704
Ligand Pharmaceuticals, Inc.(a)		2,075		222,212
				373,916
Consumer Finance (2.67%)
Encore Capital Group, Inc.(a)		10,773		277,297
Diversified Chemicals (1.08%)
Huntsman Corp.		8,455		112,451
Electric Utilities (5.39%)
ALLETE, Inc.		5,257		294,760
Otter Tail Corp.		8,900		263,618
				558,378
Electronic Components (2.40%)
Rogers Corp.(a)		4,160		249,059
Electronic Equipment & Instruments (3.36%)
Coherent, Inc.(a)		3,794		348,669
Electronic Manufacturing Services (2.32%)
IPG Photonics Corp.(a)		2,500		240,200
Health Care Facilities (3.24%)
Acadia Healthcare Co., Inc.(a)		6,100		336,171
Health Care Services (2.78%)
BioTelemetry, Inc.(a)		24,711		288,625
Insurance Brokers (2.66%)
Brown & Brown, Inc.		7,700		275,660
Internet Retail (3.28%)
Nutrisystem, Inc.		16,300		340,181
Internet Software & Services (3.39%)
j2 Global, Inc.		5,714		351,868
Leisure Products (3.19%)
Brunswick Corp.		6,900		331,062

	Shares or Principal Amount		Value
Life & Health Insurance (1.95%)
CNO Financial Group, Inc.		11,300	$	202,496
Life Sciences Tools & Services (2.63%)
Cambrex Corp.(a)		6,200		272,800
Multi-line Insurance (5.98%)
Horace Mann Educators Corp.		8,100		256,689
Kemper Corp.		12,300		363,711
				620,400
Paper Packaging (4.59%)
Avery Dennison Corp.		6,600		475,926
Pharmaceuticals (2.21%)
Sucampo Pharmaceuticals, Inc., Class A(a)		20,921		228,667
Regional Banks (6.78%)
First Commonwealth Financial Corp.		40,000		354,400
Webster Financial Corp.		9,700		348,230
				702,630
Semiconductor Equipment (2.62%)
Advanced Energy Industries, Inc.(a)		7,800		271,362
Semiconductors (3.14%)
Microsemi Corp.(a)		8,500		325,635
Total Common Stocks (Cost $8,010,052)				8,110,553
Exchange Traded Funds (0.91%)
Direxion Daily Small Cap Bear 3X Shares(a)		2,200		94,468
Total Exchange Traded Funds (Cost $108,799)				94,468
Short-Term Investments (19.88%)
Time Deposits (19.88%)
State Street Euro Dollar Time Deposit (USD),
0.01%, 04/01/16		2,061,247		2,061,247
Total Short-Term Investments (Cost $2,061,247)				2,061,247

The accompanying notes are an integral part of the financial statements.
14	www.iconfunds.com

ICON Opportunities Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Total Investments (99.00%) (Cost $10,180,098)	$	10,266,268
Other Assets Less Liabilities (1.00%)		103,646
Net Assets (100.00%)	$	10,369,914
(a)     Non-income producing security.

Sector Composition (March 31, 2016)
Financial	23.29%
Information Technology	17.23%
Health Care	14.47%
Consumer Discretionary	8.99%
Materials	5.67%
Utilities	5.39%
Industrials	3.17%
	78.21%
Percentages are based upon common stocks as a percentage of net assets.

Industry Composition (March 31, 2016)

Regional Banks	6.78%
Multi-line Insurance	5.98%
Electric Utilities	5.39%
Paper Packaging	4.59%
Biotechnology	3.61%
Internet Software & Services	3.39%
Electronic Equipment & Instruments	3.36%
Internet Retail	3.28%
Asset Management & Custody Banks	3.25%
Health Care Facilities	3.24%
Leisure Products	3.19%
Aerospace & Defense	3.17%
Semiconductors	3.14%
Health Care Services	2.78%
Consumer Finance	2.67%
Insurance Brokers	2.66%
Life Sciences Tools & Services	2.63%
Semiconductor Equipment	2.62%
Automobile Manufacturers	2.52%
Electronic Components	2.40%
Electronic Manufacturing Services	2.32%
Pharmaceuticals	2.21%
Life & Health Insurance	1.95%
Diversified Chemicals	1.08%
	78.21%
Percentages are based upon common stocks as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	15

ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (19.63%)
Communications (1.26%)
Cincinnati Bell, Inc.
8.38%, 10/15/20	$	260,000	$	263,900
TCI Communications, Inc.
7.13%, 02/15/28		300,000		403,940
				667,840
Consumer, Cyclical (2.95%)
CVS Health Corp.
4.75%, 12/01/22(a)		500,000		561,451
Darden Restaurants, Inc.
7.05%, 10/15/37(b)		200,000		216,109
International Game Technology
5.35%, 10/15/23		100,000		92,000
Pinnacle Entertainment, Inc.
7.50%, 04/15/21		390,000		405,600
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50%, 03/01/25(a)		300,000		282,750
				1,557,910
Consumer, Non-cyclical (6.31%)
Altria Group, Inc.
9.25%, 08/06/19		328,000		405,366
Bumble Bee Holdings, Inc.
9.00%, 12/15/17(a)		350,000		350,875
CHS/Community Health Systems, Inc.
8.00%, 11/15/19		250,000		243,437
HCA Holdings, Inc.
5.25%, 04/15/25		400,000		412,000
inVentiv Health, Inc.
9.00%, 01/15/18(a)		418,000		431,585
Kraft Heinz Foods Co.
4.88%, 02/15/25(a)		395,000		435,313
Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc.
5.75%, 04/15/23		444,000		459,762
Pfizer, Inc.
5.80%, 08/12/23		200,000		242,691
Prospect Medical Holdings, Inc.
8.38%, 05/01/19(a)		300,000		309,750
United Rentals North America, Inc.
8.25%, 02/01/21		42,000		43,890
				3,334,669
Financial (7.12%)
Ally Financial, Inc.
8.00%, 03/15/20		240,000		268,800
American Equity Investment Life Holding Co.
6.63%, 07/15/21		200,000		205,500
Berkshire Hathaway, Inc.
2.75%, 03/15/23		250,000		255,037
Chubb INA Holdings, Inc.
8.88%, 08/15/29		300,000		451,167
City National Corp.
5.25%, 09/15/20		378,000		423,638

	Shares or Principal Amount		Value
E*TRADE Financial Corp.
5.38%, 11/15/22	$	335,000	$	353,844
Highmark, Inc.
6.13%, 05/15/41(a)(b)		225,000		235,091
Highmark, Inc.
4.75%, 05/15/21(a)(b)		170,000		174,002
ILFC E-Capital Trust II
4.49%, 12/21/65(a)(c)		100,000		81,000
MetLife Capital Trust IV
7.88%, 12/15/37(a)		210,000		241,500
Neuberger Berman Group LLC / Neuberger Berman Finance Corp.
5.88%, 03/15/22(a)		200,000		208,000
NTC Capital I, Series A
1.14%, 01/15/27(c)		200,000		161,000
PNC Preferred Funding Trust II
1.86%, 03/31/16(a)(c)		151,000		126,840
Prudential Financial, Inc.
8.88%, 06/15/38(c)		200,000		219,500
State Street Capital Trust I
1.18%, 05/15/28(c)		250,000		196,920
USB Realty Corp.
1.77%, 03/31/16(a)(c)		200,000		159,500
				3,761,339
Industrials (1.79%)
General Electric Co.
5.00%,03/31/16 (c)		500,000		515,000
Ingersoll-Rand Co.
6.44%, 11/15/27		51,000		63,070
Ingersoll-Rand Co.
6.39%, 11/15/27		150,000		176,014
Nortek, Inc.
8.50%, 04/15/21		187,000		194,012
				948,096
Information Technology (0.20%)
EarthLink Holdings Corp.
7.38%, 06/01/20		100,000		103,500
Total Corporate Bonds (Cost $10,471,241)				10,373,354
Foreign Corporate Bonds (0.71%)
Consumer, Cyclical (0.71%)
Air Canada
8.75%, 04/01/20(a)		350,000		373,625
Total Foreign Corporate Bonds (Cost $376,021)				373,625

The accompanying notes are an integral part of the financial statements.
16	www.iconfunds.com

ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
U.S. Treasury Obligations (4.03%)
U.S. Treasury Note
1.00%, 09/15/17	$	250,000	$	251,074
U.S. Treasury Note
2.13%, 09/30/21		500,000		520,664
U.S. Treasury Note
1.63%, 02/15/26		600,000		591,586
U.S. Treasury Note
1.88%, 05/31/22		750,000		768,750
Total U.S. Treasury Obligations (Cost $2,071,344)				2,132,074
Collateralized Mortgage Obligations (2.63%)
Citigroup Mortgage Loan Trust, Inc.,
Series 2013-J1, Class B3 3.56%,10/25/43(a)(b)(c)		195,370		191,595
MASTR Seasoned Securitization Trust, Inc.,
Series 2005-1, Class 1A1 6.56%, 09/25/32(c)		362,194		390,431
Sequoia Mortgage Trust, Inc.,
Series 2013-1, Class B2 3.64%, 02/25/43(b)(c)		179,973		174,773
Sequoia Mortgage Trust, Inc.,
Series 2013-12, Class B3 4.25%, 12/25/43(a)(b)(c)		214,967		218,548
Towd Point Mortgage Trust, Inc.,
Series 2015-2, Class 2M1 3.75%, 11/25/57(a)(b)(c)		300,000		309,141
Velocity Commercial Capital Loan Trust, Inc.,
Series 2014-1, Class M3 6.89%, 09/25/44(a)(b)(c)		100,000		104,937
Total Collateralized Mortgage Obligations (Cost $1,393,867)				1,389,425
Common Stocks (51.46%)
Aerospace & Defense (2.11%)
B/E Aerospace, Inc.		3,000	$	138,360
General Dynamics Corp.(d)		2,000		262,740
Honeywell International, Inc.(d)		4,300		481,815
Orbital ATK, Inc.		2,695		234,303
				1,117,218
Airlines (0.69%)
Delta Air Lines, Inc.		5,000		243,400
United Continental Holdings, Inc.(e)		2,000		119,720
				363,120
Apparel, Accessories & Luxury Goods (0.44%)
Hanesbrands, Inc.		8,200		232,388
Application Software (0.95%)
Synchronoss Technologies, Inc.(e)		7,179		232,169

	Shares or Principal Amount		Value
Ultimate Software Group, Inc.(e)		1,400	$	270,900
				503,069
Asset Management & Custody Banks (0.44%)
Invesco, Ltd.		7,600		233,852
Auto Parts & Equipment (0.77%)
Gentherm, Inc.(e)		2,500		103,975
Magna International, Inc.(d)		7,000		300,720
				404,695
Automotive Retail (0.30%)
Advance Auto Parts, Inc.		1,000		160,340
Biotechnology (0.82%)
AbbVie, Inc.		5,000		285,600
Celgene Corp.(e)		1,500		150,135
				435,735
Broadcasting (0.65%)
CBS Corp., Class B		6,200		341,558
Building Products (1.25%)
Fortune Brands Home & Security, Inc.		4,500		252,180
Masco Corp.		13,000		408,850
				661,030
Cable & Satellite (0.84%)
Comcast Corp., Class A		7,300		445,884
Construction & Engineering (0.07%)
Comfort Systems U.S.A., Inc.		1,164		36,980
Construction Materials (0.86%)
Eagle Materials, Inc.		3,500		245,385
Martin Marietta Materials, Inc.		1,300		207,363
				452,748
Consumer Finance (2.73%)
Ally Financial, Inc.(e)		32,000		599,040
American Express Co.		3,000		184,200
Discover Financial Services(d)		10,900		555,028
Encore Capital Group, Inc.(e)(f)		4,135		106,435
				1,444,703
Data Processing & Outsourced Services (3.07%)
Alliance Data Systems Corp.(d)(e)		500		110,000
DST Systems, Inc.		1,500		169,155
MasterCard, Inc., Class A		7,000		661,500
Visa, Inc., Class A		8,900		680,672
				1,621,327
Diversified Banks (2.38%)
Bank of America Corp.(d)		41,000		554,320
JPMorgan Chase & Co.		6,000		355,320
U.S. Bancorp		5,000		202,950

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	17

ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Wells Fargo & Co.		3,000	$	145,080
				1,257,670
Drug Retail (1.62%)
CVS Health Corp.(d)		4,200		435,666
Walgreens Boots Alliance, Inc.		5,000		421,200
				856,866
Electric Utilities (0.59%)
ALLETE, Inc.		3,000		168,210
OGE Energy Corp.		5,000		143,150
				311,360
Electronic Manufacturing Services (1.39%)
IPG Photonics Corp.(e)(f)		3,793		364,431
TE Connectivity, Ltd.		6,000		371,520
				735,951
Fertilizers & Agricultural Chemicals (0.33%)
Monsanto Co.(d)		2,000		175,480
Footwear (0.46%)
Skechers U.S.A., Inc., Class A(e)		8,000		243,600
Health Care Distributors (1.13%)
Cardinal Health, Inc.		1,500		122,925
McKesson Corp.(d)		3,000		471,750
				594,675
Health Care Equipment (0.30%)
Zimmer Biomet Holdings, Inc.		1,500		159,945
Health Care Facilities (0.96%)
HCA Holdings, Inc.(d)(e)		6,500		507,325
Home Improvement Retail (1.17%)
Home Depot, Inc.(d)		1,500		200,145
Lowe’s Cos., Inc.(d)		5,500		416,625
				616,770
Hotels, Resorts & Cruise Lines (1.18%)
Royal Caribbean Cruises, Ltd.		2,500		205,375
Wyndham Worldwide Corp.(d)		5,500		420,365
				625,740
Household Appliances (0.51%)
Whirlpool Corp.		1,500		270,510
Housewares & Specialties (0.38%)
Newell Rubbermaid, Inc.		4,500		199,305
Integrated Telecommunication Services (0.69%)
BCE, Inc.(d)		8,000		364,320
Internet Software & Services (1.65%)
Alphabet, Inc., Class C(e)		401		298,725
Facebook, Inc., Class A(e)		5,000		570,500
				869,225

	Shares or Principal Amount		Value
Investment Banking & Brokerage (0.53%)
Charles Schwab Corp.		10,000	$	280,200
Leisure Products (0.36%)
Brunswick Corp.		4,000		191,920
Life & Health Insurance (0.59%)
Lincoln National Corp.(d)		8,000		313,600
Managed Health Care (1.26%)
Aetna, Inc.		3,500		393,225
CIGNA Corp.		2,000		274,480
				667,705
Movies & Entertainment (0.42%)
Time Warner, Inc.(d)		1,500		108,825
Twenty-First Century Fox, Inc., Class A		4,000		111,520
				220,345
Multi-line Insurance (0.90%)
American International Group, Inc.		5,000		270,250
Kemper Corp.		7,000		206,990
				477,240
Multi-Sector Holdings (1.61%)
Berkshire Hathaway, Inc., Class B(e)		6,000		851,280
Multi-Utilities (1.48%)
CMS Energy Corp.		6,200		263,128
Sempra Energy(d)		5,000		520,250
				783,378
Oil & Gas Equipment & Services (0.53%)
Schlumberger, Ltd.(d)		3,800		280,250
Oil & Gas Refining & Marketing (0.63%)
Marathon Petroleum Corp.		5,000		185,900
PBF Energy, Inc., Class A		4,343		144,188
				330,088
Paper Packaging (0.24%)
Graphic Packaging Holding Co.		10,000		128,500
Paper Products (0.51%)
International Paper Co.		6,500		266,760
Pharmaceuticals (1.92%)
Allergan PLC(d)(e)		2,100		562,863
Bristol-Myers Squibb Co.		3,000		191,640
Jazz Pharmaceuticals PLC(e)		2,000		261,100
				1,015,603
Property & Casualty Insurance (0.87%)
XL Group PLC(d)		12,500		460,000

The accompanying notes are an integral part of the financial statements.
18	www.iconfunds.com

ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Railroads (0.50%)
Union Pacific Corp.		3,300	$	262,515
Real Estate Services (1.31%)
CBRE Group, Inc., Class A(d)(e)		20,000		576,400
Jones Lang LaSalle, Inc.		1,000		117,320
				693,720
Regional Banks (1.62%)
Signature Bank(e)		3,800		517,256
SVB Financial Group(d)(e)		3,300		336,765
				854,021
Semiconductors (1.37%)
Broadcom, Ltd.		2,000		309,000
Microsemi Corp.(d)(e)		8,500		325,635
Synaptics, Inc.(d)(e)		1,100		87,714
				722,349
Specialty Chemicals (0.75%)
Ashland, Inc.		1,000		109,960
Sherwin-Williams Co.(d)		1,000		284,670
				394,630
Specialty Stores (0.59%)
Signet Jewelers, Ltd.		2,500		310,075
Technology Hardware, Storage & Peripherals (0.80%)
Apple, Inc.		3,900		425,061
Trucking (1.21%)
Old Dominion Freight Line, Inc.(d)(e)		4,500		313,290
Ryder System, Inc.(d)		5,000		323,900
				637,190
Wireless Telecommunication Services (0.73%)
T-Mobile US, Inc.(e)		10,000		383,000
Total Common Stocks (Cost $26,632,128)				27,192,819
Preferred Stocks (3.97%)
Consumer Finance (0.48%)
Ally Financial, Inc., Series A(f)		9,961		253,607
Diversified Banks (1.31%)
GMAC Capital Trust I, Series 2		23,155		567,529
RBS Capital Funding Trust V, Series E		5,203		125,549
				693,078
Diversified REIT’s (0.62%)
Winthrop Realty Trust, REIT		24,792		325,519
Office REIT’s (1.56%)
Equity Commonwealth, Series E		18,374		467,067

	Shares or Principal Amount		Value
Gramercy Property Trust, Inc., Series A(b)		13,696	$	356,096
				823,163
Total Preferred Stocks (Cost $2,109,969)				2,095,367
Closed-End Mutual Funds (7.78%)
Advent/Claymore Enhanced Growth & Income Fund		18,601		152,714
AllianceBernstein Income Fund, Inc.		52,887		415,163
Delaware Investments Dividend & Income Fund, Inc.(f)		25,324		231,208
Deutsche Multi-Market Income Trust		25,613		203,111
Deutsche Strategic Income Trust		1,984		21,963
Diversified Real Asset Income Fund		4,165		65,807
First Trust Dividend and Income Fund		34,191		295,752
First Trust Mortgage Income Fund		14,159		203,465
Firsthand Technology Value Fund, Inc.(e)		2,813		21,098
Fort Dearborn Income Securities, Inc.		14,116		203,694
Franklin Limited Duration Income Trust		8,340		94,576
Global High Income Fund, Inc.		33,484		290,976
Managed High Yield Plus Fund, Inc.		135,618		241,400
Nuveen Global Equity Income Fund		33,005		362,065
Strategic Global Income Fund, Inc.		55,241		492,197
Virtus Total Return Fund		5,956		25,253
Zweig Fund, Inc.		24,833		320,097
Zweig Total Return Fund, Inc.		39,428		472,742
Total Closed-End Mutual Funds (Cost $4,102,472)				4,113,281
Exchange Traded Funds (1.97%)
iShares Currency Hedged MSCI Eurozone ETF		20,000		487,000

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	19

ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
iShares Europe ETF		14,100	$	551,451
Total Exchange Traded Funds (Cost $1,133,838)				1,038,451
Underlying Security/Expiration
Date/Exercise Price	Contracts		Value
Put Options Purchased (0.03%)
S&P 500 Index
04/15/16, 1,850		80		4,000
S&P 500 Index
04/15/16, 1,875		10		500
S&P 500 Index
05/20/16, 1,900		15		13,050
Total Put Options Purchased (Cost $182,866)				17,550
Collateral for Securities on Loan (0.67%)
State Street Navigator Prime
Portfolio, 0.49%		356,123		356,123
Total Collateral for Securities on Loan (Cost $356,123)				356,123
Short-Term Investments (8.67%)
Time Deposits (8.67%)
State Street Euro Dollar Time
Deposit (USD),
0.01%, 04/01/16		4,582,305		4,582,305
Total Short-Term Investments (Cost $4,582,305)				4,582,305
Total Investments (101.55%) (Cost $53,412,174)			$	53,664,374
Liabilities Less Other Assets (-1.55%)				(820,029)
Net Assets (100.00%)			$	52,844,345

^(a)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2016, these securities had a total aggregate market value of $4,795,503, representing 9.08% of net assets.

^(b)  These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2016 was $1,980,292, which represent 3.75% of the Fund’s Net Assets.

^(c)  Floating Rate Security. Rate disclosed is as of March 31, 2016.

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

^(e)  Non-income producing security.

^(f)  All or a portion of the security was on loan as of March 31, 2016.

REIT - Real Estate Investment Trust

Schedule of Written Options

	Expiration Date		Exercise Price	Contracts	Value
Written Call Options
S&P 500 Index:
		04/15/2016	2,000	20	$	(126,800)
		04/15/2016	2,025	25		(106,750)
Total Written Call Options
(Premiums received $71,634)					$	(233,550)

Sector Composition(March 31, 2016)

Financial	16.95	%
Information Technology	9.23	%
Consumer Discretionary	8.07	%
Health Care	6.39	%
Industrials	5.83	%
Materials	2.69	%
Utilities	2.07	%
Consumer Staples	1.62	%
Telecommunication Services	1.42	%
Energy	1.16	%
	55.43	%

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

The accompanying notes are an integral part of the financial statements.
20	www.iconfunds.com

ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Industry Composition (March 31, 2016)

Diversified Banks	3.69%
Consumer Finance	3.21%
Data Processing & Outsourced Services	3.07%
Aerospace & Defense	2.11%
Pharmaceuticals	1.92%
Internet Software & Services	1.65%
Drug Retail	1.62%
Regional Banks	1.62%
Multi-Sector Holdings	1.61%
Office REIT’s	1.56%
Multi-Utilities	1.48%
Electronic Manufacturing Services	1.39%
Semiconductors	1.37%
Real Estate Services	1.31%
Managed Health Care	1.26%
Building Products	1.25%
Trucking	1.21%
Hotels, Resorts & Cruise Lines	1.18%
Home Improvement Retail	1.17%
Health Care Distributors	1.13%
Other Industries (each less than 1%)	20.62%
	55.43%

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

Credit Diversification (March 31, 2016)

Rating	% TNA
Aaa	4.05%
Aa2	0.48%
A1	0.46%
A3	4.29%
A*	0.85%
A-*	0.74%
Baa1	1.06%
Baa2	2.15%
Baa3	2.31%
BBB*	0.60%
BBB-*	0.78%
Ba1	1.19%
Ba2	0.17%
Ba3	1.04%
BB*	0.15%
B1	1.40%
B2	2.14%
B3	1.33%
B+*	0.20%
Caa1	0.08%
NR	1.53%
Total:	27.00%

* Reflects S&P Rating for securities where Moody’s rating is unavailable.

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.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	21

ICON Diversified Funds	Statements of Assets and Liabilities
	March 31, 2016 (Unaudited)

	ICON Bond Fund			ICON Equity Income Fund			ICON Fund
Assets
Investments, at cost	$	87,882,198		$	53,110,439		$	51,644,784
Investments, at value(a)		87,320,512			52,153,467			51,215,361
Cash		6,743			–			–
Foreign currency, at value (Cost $–, $6,713 and $–, respectively)		–			6,713			–
Receivables:
Investments sold		3,135,251			1,662,758			–
Fund shares sold		597,164			1,433,917			4,322
Expense reimbursements due from Adviser		46,403			10,214			9,491
Interest		1,063,832			48,166			12
Dividends		564			149,153			19,433
Foreign tax reclaims		–			892			–
Other Assets		22,142			44,470			21,186
Total assets		92,192,611			55,509,750			51,269,805
Liabilities
Payables:
Payable for collateral received on securities loaned		633,023			6,173,434			1,390,200
Investments purchased		5,745,764			2,098,077			–
Fund shares redeemed		114,843			69,791			68,843
Distributions due to shareholders		256,113			–			–
Advisory fees		42,036			27,832			31,163
Transfer agent fees		15,988			12,139			14,637
Fund accounting fees		9,442			4,751			5,599
Accrued distribution fees		4,395			8,613			11,602
Trustee fees and expenses		4,352			2,215			2,925
Administration fees		2,123			1,125			1,265
Accrued expenses		26,955			24,243			26,777
Total liabilities		6,855,034			8,422,220			1,553,011
Net Assets - all share classes	$	85,337,577		$	47,087,530		$	49,716,794
Net Assets - Class S	$	73,815,261		$	25,306,351		$	31,121,388
Net Assets - Class C	$	4,793,523		$	6,814,112		$	12,344,662
Net Assets - Class A	$	6,728,793		$	14,967,067		$	6,250,744
Net Assets Consists of
Paid-in capital	$	89,298,926		$	68,209,500		$	70,816,112
Accumulated undistributed net investment income/(loss)		73,045			83,772			(164,908	)
Accumulated undistributed net realized gain/(loss)		(3,472,708	)		(20,249,018	)		(20,504,987	)
Unrealized appreciation/(depreciation)		(561,686	)		(956,724	)		(429,423	)
Net Assets	$	85,337,577		$	47,087,530		$	49,716,794
Shares outstanding (unlimited shares authorized, no par value)
Class S		7,976,885			1,682,888			2,305,513
Class C		515,970			448,940			1,027,185
Class A		730,297			997,841			488,538
Net asset value (offering and redemption price per share)
Class S	$	9.25		$	15.04		$	13.50
Class C	$	9.29		$	15.18		$	12.02
Class A	$	9.21		$	15.00		$	12.79
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	9.67		$	15.91		$	13.58
(a) Includes securities on loan of	$	602,439		$	5,700,282		$	1,413,258

The accompanying notes are an integral part of the financial statements.
22	www.iconfunds.com

ICON Diversified Funds	Statements of Assets and Liabilities
	March 31, 2016 (Unaudited)

	ICON Long/Short Fund		ICON Opportunities Fund		ICON Risk-Managed Balanced Fund
Assets
Investments, at cost	$	20,225,473	$	10,180,098	$	53,412,174
Investments, at value(a)		20,105,107		10,266,268		53,664,374
Receivables:
Investments sold		–		149,667		485,293
Fund shares sold		60		818		475,271
Expense reimbursements due from Adviser		23,365		–		11,024
Interest		–		–		188,425
Dividends		6,276		1,796		23,886
Foreign tax reclaims		–		–		500
Other Assets		17,936		5,055		21,980
Total assets		20,152,744		10,423,604		54,870,753
Liabilities
Written options, at value (Premiums received $–, $– and $71,634, respectively)		–		–		233,550
Payables:
Payable for collateral received on securities loaned		200,200		–		356,123
Payable for interest expense on securities sold short		53		–		–
Expense recoupment due to Adviser		–		985		–
Investments purchased		–		–		1,284,503
Fund shares redeemed		32,693		23,780		61,028
Advisory fees		14,503		6,521		32,979
Transfer agent fees		18,360		2,318		9,951
Fund accounting fees		2,869		1,324		5,812
Accrued distribution fees		5,402		–		14,654
Trustee fees and expenses		1,692		586		2,315
Administration fees		486		266		1,348
Accrued expenses		25,426		17,910		24,145
Total liabilities		301,684		53,690		2,026,408
Net Assets - all share classes	$	19,851,060	$	10,369,914	$	52,844,345
Net Assets - Class S	$	8,480,025	$	–	$	27,962,864
Net Assets - Class C	$	4,779,007	$	–	$	15,383,296
Net Assets - Class A	$	6,592,028	$	–	$	9,498,185
Net Assets Consists of
Paid-in capital	$	75,367,792	$	10,757,115	$	66,250,174
Accumulated undistributed net investment income/(loss)		(208,436)		(56,611)		79,210
Accumulated undistributed net realized gain/(loss)		(55,187,930)		(416,760)		(13,575,389)
Unrealized appreciation/(depreciation)		(120,366)		86,170		90,350
Net Assets	$	19,851,060	$	10,369,914	$	52,844,345
Shares outstanding (unlimited shares authorized, no par value)				794,606
Class S		472,008		–		1,967,045
Class C		297,280		–		1,178,519
Class A		377,310		–		684,617
Net asset value (offering and redemption price per share)			$	13.05
Class S	$	17.97	$	–	$	14.22
Class C	$	16.08	$	–	$	13.05
Class A	$	17.47	$	–	$	13.87
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	18.54	$	–	$	14.72
(a) Includes securities on loan of	$	197,080	$	–	$	352,913

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	23

ICON Diversified Funds	Statements of Operations
	Period Ended March 31, 2016 (Unaudited)

	ICON Bond Fund		ICON Equity Income Fund		ICON Fund
Investment Income
Interest	$	1,555,567	$	69,709	$	75
Dividends		400,815		1,088,858		383,390
Foreign taxes withheld		–		(9,776)		(269)
Income from securities lending, net		9,097		89,230		5,499
Other Income		–		15		–
Total investment income		1,965,479		1,238,036		388,695
Expenses
Advisory fees		251,496		161,240		194,727
Administration fees		22,338		11,362		13,794
Transfer agent fees		43,966		34,667		44,437
Distribution fees:
Class C		18,978		33,150		64,500
Class A		8,089		16,683		8,317
Registration fees		16,807		17,589		16,247
Audit and tax service expense		15,715		15,608		12,097
Fund accounting fees		11,661		6,043		6,691
Trustee fees and expenses		7,208		3,726		4,751
Insurance expense		5,728		2,586		4,222
Custody fees		4,582		2,755		1,841
Printing fees		7,857		6,506		8,137
Interest expense		415		144		959
Recoupment of previously reimbursed expenses		–		30		–
Other expenses		21,421		14,283		14,929
Total expenses before expense reimbursement		436,261		326,372		395,649
Expense reimbursement by Adviser due to expense limitation agreement		(94,390)		(18,356)		(14,030)
Net Expenses		341,871		308,016		381,619
Net Investment Income/(Loss)		1,623,608		930,020		7,076
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		(733,959)		(524,015)		(1,173,440)
Foreign currency		–		(319)		–
		(733,959)		(524,334)		(1,173,440)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		1,080,197		2,425,539		(253,303)
		1,080,197		2,425,539		(253,303)
Net realized and unrealized gain/(loss)		346,238		1,901,205		(1,426,743)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	1,969,846	$	2,831,225	$	(1,419,667)

The accompanying notes are an integral part of the financial statements.
24	www.iconfunds.com

ICON Diversified Funds	Statements of Operations
	Period Ended March 31, 2016 (Unaudited)

	ICON Long/Short Fund		ICON Opportunities Fund		ICON Risk-Managed Balanced Fund
Investment Income
Interest	$	4	$	13	$	298,901
Dividends		185,299		82,149		393,548
Foreign taxes withheld		–		–		(1,484)
Income from securities lending, net		2,586		–		10,747
Other Income		–		–		4,043
Total investment income		187,889		82,162		705,755
Expenses
Advisory fees		104,820		40,372		192,563
Administration fees		6,533		2,859		13,687
Transfer agent fees		35,559		6,021		38,937
Distribution fees:
Class C		27,569		–		73,394
Class A		9,816		–		11,251
Registration fees		16,741		4,298		18,915
Audit and tax service expense		14,607		10,671		18,060
Fund accounting fees		3,494		1,803		9,085
Trustee fees and expenses		2,624		967		4,130
Insurance expense		2,365		770		2,033
Custody fees		2,420		1,210		6,321
Printing fees		5,579		4,685		5,695
Interest expense		6,090		266		1,585
Recoupment of previously reimbursed expenses		–		2,725		1,390
Other expenses		9,339		4,356		13,709
Total expenses before expense reimbursement		247,556		81,003		410,755
Expense reimbursement by Adviser due to expense limitation agreement		(46,557)		–		(16,378)
Net Expenses		200,999		81,003		394,377
Net Investment Income/(Loss)		(13,110)		1,159		311,378
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		(12,804)		(393,396)		(387,719)
Foreign currency		–		–		(150)
Written options		–		–		(418)
		(12,804)		(393,396)		(388,287)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(626,759)		160,777		1,043,140
Written options		–		–		(161,916)
		(626,759)		160,777		881,224
Net realized and unrealized gain/(loss)		(639,563)		(232,619)		492,937
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(652,673)	$	(231,460)	$	804,315

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	25

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Bond Fund					ICON Equity Income Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015			Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	1,623,608	$	3,856,226		$	930,020	$	1,436,199
Net realized gain/(loss)		(733,959)		(2,721,154)			(524,334)		2,378,033
Change in net unrealized appreciation/(depreciation)		1,080,197		(1,322,993)			2,425,539		(3,911,455)
Net increase/(decrease) in net assets resulting from operations		1,969,846		(187,921)			2,831,225		(97,223)
Dividends and Distributions to Shareholders
Net investment income
Class S		(1,367,824)		(4,367,039)	(a)		(548,826)		(760,578)
Class C		(66,020)		(198,438)	(a)		(100,132)		(154,918)
Class A		(114,321)		(381,214)	(a)		(271,238)		(425,141)
Net realized gains
Class S		–		(1,100,327)			–		–
Class C		–		(49,999)			–		–
Class A		–		(96,051)			–		–
Return of capital
Class S		–		(281,945)			–		–
Class C		–		(12,812)			–		–
Class A		–		(24,612)			–		–
Net decrease from dividends and distributions		(1,548,165)		(6,512,437)			(920,196)		(1,340,637)
Fund Share Transactions
Shares Sold
Class S		10,716,414		19,939,410			6,031,658		22,636,893
Class C		1,219,168		2,204,299			876,147		2,336,246
Class A		3,163,704		5,041,777			2,178,930		2,127,508
Reinvested dividends and distributions
Class S		782,893		5,264,217			330,082		715,630
Class C		30,434		160,822			44,091		105,154
Class A		38,782		245,318			136,935		385,989
Shares repurchased
Class S		(11,230,687)		(33,725,086)			(4,785,008)		(7,873,137)
Class C		(623,081)		(843,849)			(1,266,332)		(796,100)
Class A		(4,313,702)		(1,286,486)			(1,012,980)		(2,907,210)
Net increase/(decrease) from fund share transactions		(216,075)		(2,999,578)			2,533,523		16,730,973
Total net increase/(decrease) in net assets		205,606		(9,699,936)			4,444,552		15,293,113
Net Assets
Beginning of period		85,131,971		94,831,907			42,642,978		27,349,865
End of period	$	85,337,577	$	85,131,971		$	47,087,530	$	42,642,978
Accumulated undistributed net investment income/(loss)	$	73,045	$	(2,398)		$	83,772	$	73,948

^(a) The ICON Bond Fund had a distribution in excess of net investment income during the fiscal year ending September 30, 2015.

The accompanying notes are an integral part of the financial statements.
26	www.iconfunds.com

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Bond Fund						ICON Equity Income Fund
	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		1,168,335			2,079,890			408,071			1,503,214
Class C		132,278			230,646			59,018			150,250
Class A		344,948			531,071			146,550			137,103
Issued to shareholders in reinvestment of distributions
Class S		85,195			556,451			23,051			46,951
Class C		3,299			16,961			3,051			6,871
Class A		4,237			26,037			9,589			25,418
Shares repurchased
Class S		(1,224,556	)		(3,548,159	)		(334,361	)		(503,502	)
Class C		(67,811	)		(89,159	)		(85,523	)		(51,185	)
Class A		(473,534	)		(136,282	)		(70,985	)		(186,068	)
Net increase/(decrease)		(27,609	)		(332,544	)		158,461			1,129,052
Shares outstanding, beginning of period		9,250,761			9,583,305			2,971,208			1,842,156
Shares outstanding, end of period		9,223,152			9,250,761			3,129,669			2,971,208

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	27

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Fund				ICON Long/Short Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	7,076	$	(305,707)	$	(13,110)	$	(272,826)
Net realized gain/(loss)		(1,173,440)		1,666,949		(12,804)		1,596,940
Change in net unrealized appreciation/(depreciation)		(253,303)		(3,490,916)		(626,759)		(1,334,483)
Net increase/(decrease) in net assets resulting from operations		(1,419,667)		(2,129,674)		(652,673)		(10,369)
Fund Share Transactions
Shares Sold
Class S		940,066		2,650,530		832,126		13,446,762
Class C		374,970		570,850		56,867		1,135,887
Class A		211,943		673,069		343,989		2,023,326
Shares repurchased
Class S		(2,676,208)		(9,474,040)		(9,325,634)		(12,681,757)
Class C		(1,384,595)		(3,146,732)		(1,387,569)		(1,710,185)
Class A		(764,096)		(1,412,280)		(2,698,483)		(4,078,006)
Net decrease from fund share transactions		(3,297,920)		(10,138,603)		(12,178,704)		(1,863,973)
Total net decrease in net assets		(4,717,587)		(12,268,277)		(12,831,377)		(1,874,342)
Net Assets
Beginning of period		54,434,381		66,702,658		32,682,437		34,556,779
End of period	$	49,716,794	$	54,434,381	$	19,851,060	$	32,682,437
Accumulated undistributed net investment income/(loss)	$	(164,908)	$	(171,984)	$	(208,436)	$	(195,326)
Transactions in Fund Shares
Shares sold
Class S		66,837		174,791		44,953		668,902
Class C		31,369		40,080		3,467		60,489
Class A		16,195		44,868		19,761		100,326
Shares repurchased
Class S		(197,959)		(601,521)		(508,120)		(627,870)
Class C		(114,404)		(226,313)		(87,105)		(93,775)
Class A		(60,326)		(95,562)		(155,427)		(207,860)
Net decrease		(258,288)		(663,657)		(682,471)		(99,788)
Shares outstanding, beginning of period		4,079,524		4,743,181		1,829,069		1,928,857
Shares outstanding, end of period		3,821,236		4,079,524		1,146,598		1,829,069

The accompanying notes are an integral part of the financial statements.
28	www.iconfunds.com

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Opportunities Fund					ICON Risk-Managed Balanced Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015			Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	1,159	$	(80,515)		$	311,378	$	293,801
Net realized gain/(loss)		(393,396)		29,960			(388,287)		446,087
Change in net unrealized appreciation/(depreciation)		160,777		587,690			881,224		(1,184,909)
Net increase/(decrease) in net assets resulting from operations		(231,460)		537,135			804,315		(445,021)
Dividends and Distributions to Shareholders
Net investment income		–		(126,909)
Class S		–		–			(158,222)		(195,258)	(a)
Class C		–		–			(27,223)		(45,453)	(a)
Class A		–		–			(43,069)		(80,740)	(a)
Net realized gains		(10,170)		(60,583)	(b)
Net decrease from dividends and distributions		(10,170)		(187,492)			(228,514)		(321,451)
Fund Share Transactions
Shares Sold		421,967		1,123,562
Class S		–		–			10,309,611		20,735,760
Class C		–		–			4,959,068		5,157,125
Class A		–		–			2,815,927		7,372,991
Reinvested dividends and distributions		10,162		182,711
Class S		–		–			43,000		158,420
Class C		–		–			–		36,577
Class A		–		–			9,681		63,152
Shares repurchased		(867,552)		(2,741,644)
Class S		–		–			(9,409,735)		(13,651,238)
Class C		–		–			(2,762,387)		(1,464,014)
Class A		–		–			(1,880,129)		(6,013,030)
Net increase/(decrease) from fund share transactions		(435,423)		(1,435,371)			4,085,036		12,395,743
Total net increase/(decrease) in net assets		(677,053)		(1,085,728)			4,660,837		11,629,271
Net Assets
Beginning of period		11,046,967		12,132,695			48,183,508		36,554,237
End of period	$	10,369,914	$	11,046,967		$	52,844,345	$	48,183,508
Accumulated undistributed net investment income/(loss)	$	(56,611)	$	(57,770)		$	79,210	$	(3,654)

^(a) The ICON Risk-Managed Balanced Fund had a distribution in excess of net investment income during the fiscal year ending September 30, 2015.

^(b) The ICON Opportunities Fund had a distribution in excess of net realized gain during the fiscal year ending September 30, 2015.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	29

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Opportunities Fund				ICON Risk-Managed Balanced Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold		31,643		79,579
Class S		–		–		737,265		1,429,825
Class C		–		–		380,220		385,869
Class A		–		–		203,437		521,467
Issued to shareholders in reinvestment of distributions		753		13,494
Class S		–		–		3,009		11,119
Class C		–		–		–		2,801
Class A		–		–		694		4,524
Shares repurchased		(67,095)		(194,321)
Class S		–		–		(676,147)		(973,454)
Class C		–		–		(215,285)		(109,255)
Class A		–		–		(136,774)		(421,260)
Net increase/(decrease)		(34,699)		(101,248)		296,419		851,636
Shares outstanding, beginning of period		829,305		930,553		3,533,762		2,682,126
Shares outstanding, end of period		794,606		829,305		3,830,181		3,533,762

The accompanying notes are an integral part of the financial statements.
30	www.iconfunds.com

ICON Bond Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	9.20		$	9.90		$	9.89		$	10.51		$	10.11		$	10.79
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.18			0.41			0.43	(c)		0.24			0.38			0.47
Net realized and unrealized gains/(losses) on investments		0.04			(0.44)			0.15			(0.32)			0.59			(0.46)
Total from investment operations		0.22			(0.03)			0.58			(0.08)			0.97			0.01
Less dividends and distributions:
Dividends from net investment income		(0.17)			(0.51)			(0.44)			(0.24)			(0.40)			(0.47)
Distributions from net realized gains		–			(0.13)			(0.13)			(0.30)			(0.17)			(0.22)
Return of capital		–			(0.03)			–			–			–			–
Total dividends and distributions		(0.17)			(0.67)			(0.57)			(0.54)			(0.57)			(0.69)
Net asset value, end of period	$	9.25		$	9.20		$	9.90		$	9.89		$	10.51		$	10.11
Total Return		2.44%	(d)		(0.28)	%		6.01	%		(0.84)	%		9.93	%		0.15	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	73,815		$	73,152		$	87,675		$	88,313		$	81,381		$	881
Ratio of expenses to average net assets
Before expense limitation/ recoupment		0.94%	(e)		0.91	%		0.86	%		0.89	%		0.88	%		1.18	%
After expense limitation/ recoupment (f)		0.75%	(e)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		3.75%	(e)		4.10	%		4.22	%		2.19	%		3.46	%		4.08	%
After expense limitation/ recoupment		3.94%	(e)		4.26	%		4.33%	(c)		2.33	%		3.59	%		4.51	%
Portfolio turnover rate		70%	(d)		153	%		176	%		97	%		51	%		32	%

^(a) Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(b) Calculated using the average shares method.

^(c) Investment income per share of Class S reflects a large, non-recurring dividend which amounted to $0.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 3.59% for Class S.

^(d) Not Annualized.

^(e) Annualized.

^(f) 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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	31

ICON Bond Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	9.24		$	9.94		$	9.93		$	10.55		$	10.15		$	10.83
Income/(loss) from investment operations:
Net investment income/ (loss)(a)		0.14			0.32			0.34	(b)		0.15			0.31			0.39
Net realized and unrealized gains/(losses) on investments		0.05			(0.43)			0.15			(0.32)			0.57			(0.46)
Total from investment operations		0.19			(0.11)			0.49			(0.17)			0.88			(0.07)
Less dividends and distributions:
Dividends from net investment income		(0.14)			(0.43)			(0.35)			(0.15)			(0.31)			(0.39)
Distributions from net realized gains		–			(0.13)			(0.13)			(0.30)			(0.17)			(0.22)
Return of capital		–			(0.03)			–			–			–			–
Total dividends and distributions		(0.14)			(0.59)			(0.48)			(0.45)			(0.48)			(0.61)
Net asset value, end of period	$	9.29		$	9.24		$	9.94		$	9.93		$	10.55		$	10.15
Total Return(c)		2.03%	(d)		(1.10)	%		5.10	%		(1.66)	%		8.98	%		(0.68)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,794		$	4,142		$	2,879		$	3,008		$	3,772		$	3,879
Ratio of expenses to average net assets
Before expense limitation/recoupment		2.10%	(e)		2.19	%		2.27	%		2.06	%		2.28	%		2.16	%
After expense limitation/recoupment(f)		1.60%	(e)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		2.61%	(e)		2.76	%		2.75	%		1.02	%		2.35	%		3.11	%
After expense limitation/recoupment		3.11%	(e)		3.35	%		3.42%	(b)		1.48	%		3.03	%		3.67	%
Portfolio turnover rate		70%	(d)		153	%		176	%		97	%		51	%		32	%

^(a)  Calculated using the average shares method.

^(b)  Investment income per share of Class C reflects a large, non-recurring dividend which amounted to $0.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.84% for Class C.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
32	www.iconfunds.com

ICON Bond Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	9.17		$	9.86		$	9.89		$	10.51		$	10.11		$	10.81
Income/(loss) from investment operations:
Net investment income/ (loss)(b)		0.17			0.36			0.43	(c)		0.21			0.36			0.46
Net realized and unrealized gains/(losses) on investments		0.04			(0.41)			0.12			(0.32)			0.58			(0.46)
Total from investment operations		0.21			(0.05)			0.55			(0.11)			0.94			–
Less dividends and distributions:
Dividends from net investment income		(0.17)			(0.48)			(0.45)			(0.21)			(0.37)			(0.48)
Distributions from net realized gains		–			(0.13)			(0.13)			(0.30)			(0.17)			(0.22)
Return of capital		–			(0.03)			–			–			–			–
Total dividends and distributions		(0.17)			(0.64)			(0.58)			(0.51)			(0.54)			(0.70)
Net asset value, end of period	$	9.21		$	9.17		$	9.86		$	9.89		$	10.51		$	10.11
Total Return(d)		2.27%	(e)		(0.44)	%		5.77	%		(1.08)	%		9.66	%		(0.02)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,729		$	7,838		$	4,278		$	6,792		$	7,515		$	249
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.40%	(f)		1.36	%		1.44	%		1.34	%		1.31	%		5.83	%
After expense limitation/recoupment(g)		1.00%	(f)		1.00	%		1.00	%		1.00	%		1.00	%		1.01	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		3.26%	(f)		3.50	%		3.84	%		1.71	%		3.13	%		(0.38)	%
After expense limitation/recoupment		3.66%	(f)		3.86	%		4.28%	(c)		2.06	%		3.44	%		4.44	%
Portfolio turnover rate		70%	(e)		153	%		176	%		97	%		51	%		32	%

^(a)  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.

^(b)  Calculated using the average shares method.

^(c)  Investment income per share of Class A reflects a large, non-recurring dividend which amounted to $0.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 3.55% for Class A.

^(d)  The total return calculation excludes any sales charges.

^(e)  Not Annualized.

^(f)  Annualized.

^(g)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	33

ICON Equity Income Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	14.36		$	14.87		$	13.80		$	12.18		$	10.21		$	10.96
Income/(loss) from investment operations:
Net investment income/ (loss)(b)		0.33			0.56			0.52			0.47			0.43			0.50
Net realized and unrealized gains/(losses) on investments		0.69			(0.56)			1.04			1.65			2.03			(0.71)
Total from investment operations		1.02			(0.00)	(c)		1.56			2.12			2.46			(0.21)
Less dividends and distributions:
Dividends from net investment income		(0.34)			(0.51)			(0.49)			(0.50)			(0.49)			(0.54)
Total dividends and distributions		(0.34)			(0.51)			(0.49)			(0.50)			(0.49)			(0.54)
Net asset value, end of period	$	15.04		$	14.36		$	14.87		$	13.80		$	12.18		$	10.21
Total Return		7.22%	(d)		(0.17)	%		11.36	%		17.76	%		24.43	%		(2.40)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	25,306		$	22,779		$	8,022		$	5,116		$	7,123		$	142
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.26%	(e)		1.25	%		1.38	%		1.53	%		1.47	%		3.99	%
After expense limitation/recoupment (f)		1.20%	(e)		1.20	%		1.20	%		1.21	%		1.21	%		1.20	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		4.50%	(e)		3.52	%		3.36	%		3.28	%		3.31	%		1.45	%
After expense limitation/recoupment		4.56%	(e)		3.57	%		3.54	%		3.60	%		3.57	%		4.24	%
Portfolio turnover rate		67%	(d)		174	%		148	%		163	%		122	%		143	%

^(a)  Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(b)  Calculated using the average shares method.

^(c)  Amount less than $(0.005).

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
34	www.iconfunds.com

ICON Equity Income Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	14.45		$	14.96		$	13.88		$	12.25		$	10.16		$	10.85
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.26			0.40			0.36			0.35			0.29			0.37
Net realized and unrealized gains/(losses) on investments		0.69			(0.56)			1.06			1.65			2.06			(0.72)
Total from investment operations		0.95			(0.16)			1.42			2.00			2.35			(0.35)
Less dividends and distributions:
Dividends from net investment income		(0.22)			(0.35)			(0.34)			(0.37)			(0.26)			(0.34)
Total dividends and distributions		(0.22)			(0.35)			(0.34)			(0.37)			(0.26)			(0.34)
Net asset value, end of period	$	15.18		$	14.45		$	14.96		$	13.88		$	12.25		$	10.16
Total Return(b)		6.66%	(c)		(1.16)	%		10.26	%		16.58	%		23.31	%		(3.47)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,814		$	6,825		$	5,481		$	5,423		$	5,146		$	3,874
Ratio of expenses to average net assets
Before expense limitation/ recoupment		2.37%	(d)		2.34	%		2.45	%		2.42	%		2.62	%		2.53	%
After expense limitation/ recoupment (e)		2.20%	(d)		2.20	%		2.20	%		2.21	%		2.20	%		2.20	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		3.35%	(d)		2.40	%		2.21	%		2.49	%		2.09	%		2.85	%
After expense limitation/ recoupment		3.52%	(d)		2.54	%		2.46	%		2.70	%		2.51	%		3.18	%
Portfolio turnover rate		67%	(c)		174	%		148	%		163	%		122	%		143	%

^(a)  Calculated using the average shares method.

^(b)  The total return calculation excludes any sales charges.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	35

ICON Equity Income Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	14.29		$	14.79		$	13.73		$	12.12		$	10.15		$	10.90
Income/(loss) from investment operations:
Net investment income/ (loss)(b)		0.31			0.50			0.47			0.45			0.39			0.47
Net realized and unrealized gains/(losses) on investments		0.68			(0.53	)		1.04			1.63			2.03			(0.71	)
Total from investment operations		0.99			(0.03	)		1.51			2.08			2.42			(0.24	)
Less dividends and distributions:
Dividends from net investment income		(0.28	)		(0.47	)		(0.45	)		(0.47	)		(0.45	)		(0.51	)
Total dividends and distributions		(0.28	)		(0.47	)		(0.45	)		(0.47	)		(0.45	)		(0.51	)
Net asset value, end of period	$	15.00		$	14.29		$	14.79		$	13.73		$	12.12		$	10.15
Total Return(c)		7.03%	(d)		(0.38)	%		11.07	%		17.49	%		24.10	%		(2.66)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	14,967		$	13,039		$	13,847		$	12,798		$	10,758		$	2,871
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.54%	(e)		1.52	%		1.59	%		1.68	%		1.69	%		1.91	%
After expense limitation/recoupment(f)		1.45%	(e)		1.45	%		1.45	%		1.46	%		1.45	%		1.45	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		4.23%	(e)		3.14	%		3.08	%		3.24	%		3.11	%		3.55	%
After expense limitation/recoupment		4.32%	(e)		3.21	%		3.22	%		3.45	%		3.35	%		4.01	%
Portfolio turnover rate		67%	(d)		174	%		148	%		163	%		122	%		143	%

^(a)  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.

^(b)  Calculated using the average shares method.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
36	www.iconfunds.com

ICON Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	13.83		$	14.52		$	14.00		$	11.34		$	8.82		$	9.04
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.02			(0.02	)		0.00	(c)		0.07			0.07			(0.07	)
Net realized and unrealized gains/(losses) on investments		(0.35	)		(0.67	)		0.52			2.66			2.45			(0.15	)
Total from investment operations		(0.33	)		(0.69	)		0.52			2.73			2.52			(0.22	)
Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.07	)		–			–
Total dividends and distributions		–			–			–			(0.07	)		–			–
Net asset value, end of period	$	13.50		$	13.83		$	14.52		$	14.00		$	11.34		$	8.82
Total Return		(2.39)%	(d)		(4.75	)%		3.71	%		24.27	%		28.57	%		(2.43	)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	31,121		$	33,695		$	41,577		$	6,986		$	22,952		$	133
Ratio of expenses to average net assets
Before expense limitation/ recoupment		1.15%	(e)		1.09	%		1.10	%		1.23	%		1.18	%		2.52	%
After expense limitation/ recoupment (f)		1.15%	(e)		1.09	%		1.10	%		1.23	%		1.18	%		2.52	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		0.35%	(e)		(0.11	)%		0.02	%		0.59	%		0.61	%		(0.72	)%
After expense limitation/ recoupment		0.35%	(e)		(0.11	)%		0.02	%		0.59	%		0.61	%		(0.72	)%
Portfolio turnover rate		3%	(d)		54	%		65	%		33	%		24	%		58	%

^(a)  Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(b)  Calculated using the average shares method.

^(c) Amount less than $0.005.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	37

ICON Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	12.38		$	13.15	$	12.82	$	10.42	$	8.17	$	8.36
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.05)	(b)		(0.18)		(0.14)		(0.07)		(0.04)		(0.05)
Net realized and unrealized gains/(losses) on investments		(0.31)			(0.59)		0.47		2.47		2.29		(0.14)
Total from investment operations		(0.36)			(0.77)		0.33		2.40		2.25		(0.19)
Net asset value, end of period	$	12.02		$	12.38	$	13.15	$	12.82	$	10.42	$	8.17
Total Return(c)		(2.91)%	(d)		(5.86)%		2.57%		23.03%		27.54%		(2.27)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	12,345		$	13,745	$	17,050	$	18,848	$	18,378	$	17,884
Ratio of expenses to average net assets
Before expense limitation/ recoupment		2.39%	(e)		2.27%		2.26%		2.32%		2.35%		2.27%
After expense limitation/ recoupment (f)		2.25%	(e)		2.25%		2.25%		2.26%		2.28%		2.27%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		(0.89)%	(e)		(1.29)%		(1.09)%		(0.64)%		(0.48)%		(0.50)%
After expense limitation/ recoupment		(0.75)%	(e)		(1.27)%		(1.08)%		(0.58)%		(0.41)%		(0.50)%
Portfolio turnover rate		3%	(c)		54%		65%		33%		24%		58%

^(a)  Calculated using the average shares method.

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

^(c) The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
38	www.iconfunds.com

ICON Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	13.13		$	13.84	$	13.39	$	10.85	$	8.46	$	8.67
Income/(loss) from investment operations:
Net investment income/(loss)(b)		(0.00)	(c)(d)		(0.08)		(0.05)		0.02		0.03		(0.07)
Net realized and unrealized gains/(losses) on investments		(0.34)			(0.63)		0.50		2.56		2.36		(0.14)
Total from investment operations		(0.34)			(0.71)		0.45		2.58		2.39		(0.21)
Less dividends and distributions:
Dividends from net investment income		–			–		–		(0.04)		–		–
Total dividends and distributions		–			–		–		(0.04)		–		–
Net asset value, end of period	$	12.79		$	13.13	$	13.84	$	13.39	$	10.85	$	8.46
Total Return(e)		(2.59)%	(f)		(5.13)%		3.36%		23.90%		28.25%		(2.42)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,251		$	6,994	$	8,076	$	10,000	$	12,401	$	1,245
Ratio of expenses to average net assets
Before expense limitation/ recoupment		1.66%	(g)		1.55%		1.56%		1.58%		1.54%		2.52%
After expense limitation/ recoupment (h)		1.50%	(g)		1.50%		1.50%		1.51%		1.54%		2.52%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		(0.17)%	(g)		(0.57)%		(0.38)%		0.12%		0.27%		(0.75)%
After expense limitation/ recoupment		(0.01)%	(g)		(0.52)%		(0.32)%		0.19%		0.27%		(0.75)%
Portfolio turnover rate		3%	(f)		54%		65%		33%		24%		58%

^(a) 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.

^(b)  Calculated using the average shares method.

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

^(d) Amount less than $(0.005).

^(e) The total return calculation excludes any sales charges.

^(f) Not Annualized.

^(g) Annualized.

^(h)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	39

ICON Long/Short Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	18.39		$	18.41	$	17.48	$	14.56	$	11.61	$	11.90
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.02			(0.09)		(0.06)		0.01		0.02		0.02
Net realized and unrealized gains/(losses) on investments		(0.44)			0.07		0.99		2.91		2.93		(0.31)
Total from investment operations		(0.42)			(0.02)		0.93		2.92		2.95		(0.29)
Net asset value, end of period	$	17.97		$	18.39	$	18.41	$	17.48	$	14.56	$	11.61
Total Return		(2.28)%	(c)		(0.11)%		5.32%		20.05%		25.41%		(2.44)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	8,480		$	17,196	$	16,465	$	4,774	$	3,471	$	42
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.68%	(d)		1.37%		1.45%		1.53%		2.18%		7.76%
After expense limitation/recoupment (e)		1.30%	(d)		1.28%		1.32%		1.32%		1.35%		1.65%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.18)%	(d)		(0.52)%		(0.47)%		(0.14)%		(0.70)%		(5.96)%
After expense limitation/recoupment		0.20%	(d)		(0.43)%		(0.34)%		0.07%		0.13%		0.15%
Portfolio turnover rate		3%	(c)		74%		65%		33%		54%		67%

^(a)  Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(b)  Calculated using the average shares method.

^(c)  Not Annualized.

^(d) Annualized.

^(e)  The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable.

The accompanying notes are an integral part of the financial statements.
40	www.iconfunds.com

ICON Long/Short Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	16.54		$	16.74	$	16.05	$	13.52	$	10.89	$	11.29
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.07)			(0.27)		(0.24)		(0.14)		(0.11)		(0.11)
Net realized and unrealized gains/(losses) on investments		(0.39)			0.07		0.93		2.67		2.74		(0.29)
Total from investment operations		(0.46)			(0.20)		0.69		2.53		2.63		(0.40)
Net asset value, end of period	$	16.08		$	16.54	$	16.74	$	16.05	$	13.52	$	10.89
Total Return(b)		(2.78)%	(c)		(1.19)%		4.30%		18.71%		24.15%		(3.54)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,779		$	6,300	$	6,932	$	6,108	$	6,004	$	5,546
Ratio of expenses to average net assets
Before expense limitation/ recoupment		2.77%	(d)		2.53%		2.57%		2.62%		2.95%		3.14%
After expense limitation/ recoupment (e)		2.35%	(d)		2.33%		2.38%		2.37%		2.41%		2.70%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		(1.23)%	(d)		(1.68)%		(1.58)%		(1.21)%		(1.44)%		(1.38)%
After expense limitation/ recoupment		(0.81)%	(d)		(1.48)%		(1.39)%		(0.96)%		(0.90)%		(0.94)%
Portfolio turnover rate		3%	(c)		74%		65%		33%		54%		67%

^(a)  Calculated using the average shares method.

^(b)  The total return calculation excludes any sales charges.

^(c)  Not Annualized.

^(d) Annualized.

^(e)  The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	41

ICON Long/Short Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	17.91		$	17.99	$	17.13	$	14.31	$	11.44	$	11.77
Income/(loss) from investment operations:
Net investment income/(loss)(b)		(0.00)	(c)		(0.15)		(0.12)		(0.02)		(0.02)		(0.02)
Net realized and unrealized gains/(losses) on investments		(0.44)			0.07		0.98		2.84		2.89		(0.31)
Total from investment operations		(0.44)			(0.08)		0.86		2.82		2.87		(0.33)
Net asset value, end of period	$	17.47		$	17.91	$	17.99	$	17.13	$	14.31	$	11.44
Total Return(d)		(2.46)%	(e)		(0.44)%		5.02%		19.71%		25.09%		(2.80)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,592		$	9,186	$	11,160	$	8,813	$	15,687	$	1,213
Ratio of expenses to average net assets
Before expense limitation/ recoupment		1.94%	(f)		1.73%		1.81%		1.91%		2.09%		3.23%
After expense limitation/ recoupment (g)		1.60%	(f)		1.58%		1.63%		1.61%		1.65%		1.91%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		(0.40)%	(f)		(0.89)%		(0.82)%		(0.45)%		(0.58)%		(1.46)%
After expense limitation/ recoupment		(0.06)%	(f)		(0.74)%		(0.64)%		(0.16)%		(0.14)%		(0.14)%
Portfolio turnover rate		3%	(e)		74%		65%		33%		54%		67%

^(a)  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.

^(b)  Calculated using the average shares method.

^(c)  Amount less than $(0.005).

^(d)  The total return calculation excludes any sales charges.

^(e)  Not Annualized.

^(f)  Annualized.

^(g)  The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable.

The accompanying notes are an integral part of the financial statements.
42	www.iconfunds.com

ICON Opportunities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013(a)
Net asset value, beginning of period	$	13.32		$	13.04		$	13.02		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.00	(c)		(0.09)			(0.12)			(0.01)
Net realized and unrealized gains/(losses) on investments		(0.26)			0.58			0.41	(d)		3.03
Total from investment operations		(0.26)			0.49			0.29			3.02
Less dividends and distributions:
Distributions from net realized gains		(0.01)			(0.21)			(0.27)			–
Total dividends and distributions		(0.01)			(0.21)			(0.27)			–
Net asset value, end of period	$	13.05		$	13.32		$	13.04		$	13.02
Total Return		(1.94)	%(e)		3.75	%		2.19	%		30.20	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	10,370		$	11,047		$	12,133		$	442
Ratio of expenses to average net assets
Before expense limitation/ recoupment		1.50	%(f)		1.58	%		2.44	%		12.47	%
After expense limitation/ recoupment (g)		1.50	%(f)		1.50	%		1.50	%		1.52	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		0.02	%(f)		(0.72)	%		(1.81)	%		(11.02)	%
After expense limitation/ recoupment		0.02	%(f)		(0.65)	%		(0.87)	%		(0.07)	%
Portfolio turnover rate		24	%(e)		76	%		46	%		52	%

^(a)  Commenced operations on October 1, 2012.

^(b)  Calculated using the average shares method.

^(c)  Amount less than $0.005.

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

^(e) Not Annualized.

^(f)  Annualized.

^(g)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	43

ICON Risk-Managed Balanced Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	14.02		$	13.98		$	13.40		$	12.32		$	10.88		$	10.96
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.11			0.18			0.24			0.24			0.15			0.12
Net realized and unrealized gains/(losses) on investments		0.17			0.01			0.56			1.04			1.44			(0.05)
Total from investment operations		0.28			0.19			0.80			1.28			1.59			0.07
Less dividends and distributions:
Dividends from net investment income		(0.08)			(0.15)			(0.22)			(0.20)			(0.15)			(0.15)
Total dividends and distributions		(0.08)			(0.15)			(0.22)			(0.20)			(0.15)			(0.15)
Net asset value, end of period	$	14.22		$	14.02		$	13.98		$	13.40		$	12.32		$	10.88
Total Return		2.00	%(c)		1.35	%		6.02	%		10.51	%		14.65	%		0.51	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	27,963		$	26,677		$	20,071		$	43,350		$	6,692		$	60
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.24	%(d)		1.34	%		1.22	%		1.43	%		1.80	%		7.22	%
After expense limitation/ recoupment (e)		1.21	%(d)		1.20	%		1.20	%		1.21	%		1.24	%		1.23	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		1.52	%(d)		1.09	%		1.72	%		1.65	%		0.69	%		(4.94)	%
After expense limitation/recoupment		1.55	%(d)		1.23	%		1.74	%		1.87	%		1.25	%		1.05	%
Portfolio turnover rate		62	%(c)		119	%		137	%		98	%		71	%		68	%

^(a)  Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(b)  Calculated using the average shares method.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
44	www.iconfunds.com

ICON Risk-Managed Balanced Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	12.89			$	12.90			$	12.39			$	11.41			$	10.09			$	10.15
Income/(loss) from investment operations:
Net investment income/(loss)(a)			0.03				0.03				0.09				0.09				0.02				0.01
Net realized and unrealized			0.15				0.01				0.54				0.98				1.34				(0.05)
gains/(losses) on investments
Total from investment operations			0.18				0.04				0.63				1.07				1.36				(0.04)
Less dividends and distributions:
Dividends from net investment income			(0.02)				(0.05)				(0.12)				(0.09)				(0.04)				(0.02)
Total dividends and distributions			(0.02)				(0.05)				(0.12)				(0.09)				(0.04)				(0.02)
Net asset value, end of period		$	13.05			$	12.89			$	12.90			$	12.39			$	11.41			$	10.09
Total Return(b)			1.42	%(c)			0.31	%			5.06	%			9.45	%			13.47	%			(0.45)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	15,383			$	13,061			$	9,469			$	5,667			$	2,243			$	2,099
Ratio of expenses to average net assets
Before expense limitation/recoupment			2.27	%(d)			2.38	%			2.33	%			2.72	%			3.25	%			2.95	%
After expense limitation/recoupment (e)			2.21	%(d)			2.20	%			2.20	%			2.22	%			2.23	%			2.23	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			0.47	%(d)			0.06	%			0.61	%			0.22	%			(0.79)	%			(0.66)	%
After expense limitation/recoupment			0.53	%(d)			0.24	%			0.74	%			0.72	%			0.23	%			0.06	%
Portfolio turnover rate			62	%(c)			119	%			137	%			98	%			71	%			68	%

^(a)  Calculated using the average shares method.

^(b)  The total return calculation excludes any sales charges.

^(c)  Not Annualized.

^(d) Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	45

ICON Risk-Managed Balanced Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	13.68			$	13.69			$	13.12			$	12.06			$	10.66			$	10.72
Income/(loss) from investment operations:
Net investment income/(loss)(b)			0.09				0.14				0.20				0.18				0.11				0.09
Net realized and unrealized gains/(losses) on investments			0.16				0.00	(c)			0.57				1.05				1.41				(0.05)
Total from investment operations			0.25				0.14				0.77				1.23				1.52				0.04
Less dividends and distributions:
Dividends from net investment income			(0.06)				(0.15)				(0.20)				(0.17)				(0.12)				(0.10)
Total dividends and distributions			(0.06)				(0.15)				(0.20)				(0.17)				(0.12)				(0.10)
Net asset value, end of period		$	13.87			$	13.68			$	13.69			$	13.12			$	12.06			$	10.66
Total Return(d)			1.86	%(e)			1.00	%			5.88	%			10.28	%			14.28	%			0.32	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	9,498			$	8,446			$	7,014			$	7,819			$	4,045			$	1,982
Ratio of expenses to average net assets
Before expense limitation/recoupment			1.61	%(f)			1.70	%			1.65	%			2.12	%			2.16	%			2.08	%
After expense limitation/recoupment (g)			1.46	%(f)			1.45	%			1.45	%			1.47	%			1.48	%			1.48	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			1.13	%(f)			0.71	%			1.29	%			0.81	%			0.28	%			0.20	%
After expense limitation/recoupment			1.28	%(f)			0.96	%			1.49	%			1.46	%			0.96	%			0.80	%
Portfolio turnover rate			62	%(e)			119	%			137	%			98	%			71	%			68	%

^(a)  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.

^(b)  Calculated using the average shares method.

^(c)  Amount less than $0.005.

^(d)  The total return calculation excludes any sales charges.

^(e)  Not Annualized.

^(f)  Annualized.

^(g)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
46	www.iconfunds.com

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

1. ORGANIZATION

The ICON Bond Fund (“Bond Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Fund (“ICON Fund”), ICON Long/Short Fund (“Long/Short Fund”), ICON Opportunities Fund (“Opportunities Fund”) and ICON Risk-Managed Balanced Fund (“Risk-Managed Balanced Fund”) are a series of 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, offers three classes of shares: Class S, Class C and Class A. The Opportunities Fund is a single-class fund. 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 to maximize total return. The investment objective of the Equity Income Fund is modest capital appreciation and income. The investment objective of the ICON Fund is longterm capital appreciation with a secondary objective of capital preservation. 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. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar investment 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 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. 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 periods with rising interest rates.

The Bond Fund, Equity Income Fund and Risk-Managed Balanced Fund may invest in mortgage-related securities, which are interests in pools of mortgage loans made to residential home buyers, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental and government-related organizations. The Bond Fund, Equity Income Fund and Risk-Managed Balanced Fund also may invest in debt securities that are secured with collateral consisting of mortgage related securities (a Collateralized Mortgage Obligations or “CMO”), and in other types of mortgage-related securities. CMOs are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are typically structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. The ICON Fund and Long/Short Fund also may invest in such securities for temporary defensive purposes.

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.

Semi-Annual Report  |  March 31, 2016 47

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

The Equity Income Fund, ICON Fund and Long/Short Fund have significant weights in the Financial Sector which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect this sector.

In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be 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 (“GAAP”) 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. Each Fund is considered an investment company for financial reporting purposes under GAAP.

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. If the NYSE closes unexpectedly and there is active trading on other exchanges, the securities will be valued at the Valuation Time based off of those exchanges. 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 making a market for the security. Exchange traded options shall be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. 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.

Mortgage-related and asset-backed securities are typically issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, current market data, estimated cash flows and market based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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.

48 www.iconfunds.com

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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, 2016:

ICON Bond Fund

Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	–	$	57,007,955	$	–	$	57,007,955
Foreign Corporate Bonds		–		2,241,750		–		2,241,750
U.S. Treasury Obligations		–		985,977		–		985,977
Collateralized Mortgage Obligations		–		7,708,199		–		7,708,199
Common Stocks		766,215		–		–		766,215
Preferred Stocks		4,709,389		–		–		4,709,389
Closed-End Mutual Funds		8,187,615		–		–		8,187,615
Collateral for Securities on Loan		–		633,023		–		633,023
Short-Term Investments		–		5,080,389		–		5,080,389
Total	$	13,663,219	$	73,657,293	$	–	$	87,320,512
ICON Equity Income Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	–	$	1,809,689	$	–	$	1,809,689
Common Stocks		39,672,388		–		–		39,672,388
Preferred Stocks		1,479,338		–		–		1,479,338
Convertible Preferred Stocks		241,002		–		–		241,002
Closed-End Mutual Funds		2,149,357		–		–		2,149,357
Put Options Purchased		87,000		–		–		87,000
Collateral for Securities on Loan		–		6,173,434		–		6,173,434
Short-Term Investments		–		541,259		–		541,259
Total	$	43,629,085	$	8,524,382	$	–	$	52,153,467
ICON Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	43,194,118	$	–	$	–	$	43,194,118
Exchange Traded Funds		471,855		–		–		471,855
Collateral for Securities on Loan		–		1,390,200		–		1,390,200
Short-Term Investments
Money Market Funds		4,000,000		–		–		4,000,000
Time Deposits		–		2,159,188		–		2,159,188
Total	$	47,665,973	$	3,549,388	$	–	$	51,215,361

Semi-Annual Report  |  March 31, 2016 49

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

ICON Long/Short Fund

Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	18,753,103	$	–	$	–	$	18,753,103
Exchange Traded Funds		197,080		–		–		197,080
Collateral for Securities on Loan		–		200,200		–		200,200
Short-Term Investments		–		954,724		–		954,724
Total	$	18,950,183	$	1,154,924	$	–	$	20,105,107
ICON Opportunities Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	8,110,553	$	–	$	–	$	8,110,553
Exchange Traded Funds		94,468		–		–		94,468
Short-Term Investments		–		2,061,247		–		2,061,247
Total	$	8,205,021	$	2,061,247	$	–	$	10,266,268
ICON Risk-Managed Balanced Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	–	$	10,373,354	$	–	$	10,373,354
Foreign Corporate Bonds		–		373,625		–		373,625
U.S. Treasury Obligations		–		2,132,074		–		2,132,074
Collateralized Mortgage Obligations		–		1,389,425		–		1,389,425
Common Stocks		27,518,338		–		–		27,518,338
Preferred Stocks		1,769,848		–		–		1,769,848
Closed-End Mutual Funds		4,113,281		–		–		4,113,281
Exchange Traded Funds		1,038,451		–		–		1,038,451
Put Options Purchased		17,550		–		–		17,550
Collateral for Securities on Loan		–		356,123		–		356,123
Short-Term Investments		–		4,582,305		–		4,582,305
Total	$	34,457,468	$	19,206,906	$	–	$	53,664,374
Other Financial Instruments
Liabilities
Written Call Options	$	(233,550)		–		–	$	(233,550)
Total	$	(233,550)		–		–	$	(233,550)

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

No Level 3 securities were held in any of the Funds at March 31, 2016.

For the period ended March 31, 2016, 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.

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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, 2016 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.

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, 2016, the Equity Income Fund engaged in purchased put option transactions, 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. The RiskManaged 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 custodian and/or borrowings from the custodian 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, 2016, were as follows:

	Risk-Managed Balanced Fund
	Number of Contracts			Premiums Received
Options outstanding, beginning of period		–			$	–
Options written during period		(125	)			(184,011	)
Options closed during period		80				112,377
Options outstanding, end of period		(45	)		$	(71,634	)

Semi-Annual Report  |  March 31, 2016 51

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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

ICON Equity Income Fund	Asset Derivatives			Liability Derivatives
Risk Exposure	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity Contracts (Purchased Options)	Investments, at value	$	87,000	N/A		N/A
Total		$	87,000		$	–
ICON Risk-Managed Balanced Fund	Asset Derivatives			Liability Derivatives
Risk Exposure	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity Contracts (Purchased Options)	Investments, at value	$	17,550	N/A		N/A
Equity Contracts (Written Options)	N/A		N/A	Written options, at value		$     233,550
Total		$	17,550			$     233,550

ICON Equity Income Fund Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Equity Contracts     (Purchased Options)	Net realized gain/(loss) on investments/ Change in unrealized net appreciation/(depreciation) on investments and foreign currency	$	–		$	(49,135	)
Total		$	–		$	(49,135	)
ICON Risk-Managed Balanced Fund Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Equity Contracts     (Purchased Options)	Net realized gain/(loss) on investments/Change in unrealized net appreciation/(depreciation) on investments and foreign currency	$	(422,918	)	$	(129,858	)
Equity Contracts     (Written Options)	Net realized gain/(loss) on written options/Change in unrealized net appreciation/(depreciation) on written options		(418	)		(161,916	)
Total		$	(423,336	)	$	(291,774	)

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

The average purchased and written option contracts during the period ended March 31, 2016, was as follows:

ICON Equity Income Fund Derivative Type	Unit of Measurement	Average+
Purchased Options	Contracts	100++

ICON Risk-Managed Balanced Fund Derivative Type	Unit of Measurement	Average+
Purchased Options	Contracts	115++
Written Options	Contracts	30++

⁺  The average is calculated based on the actual number of days with outstanding derivatives.

⁺⁺  During the period ended March 31, 2016, the Equity Income Fund had outstanding purchased option contracts for 9 days and the Risk-Managed Balanced Fund had outstanding purchased option contracts for the entire period and outstanding written option contracts for 128 days.

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 prime broker. 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, 2016, the Long/Short Fund did not engage in short selling.

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, 2016, is included in the Statement of Operations.

The value of the collateral could include collateral held for securities that were sold on or before March 31, 2016. It may also include collateral received from the pre-funding of security loans.

Semi-Annual Report  |  March 31, 2016 53

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of March 31, 2016:

Remaining contractual maturity of the lending agreement

	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Market Value		Collateral Received		Amounts due to/(from) counterparty
Securities Lending Transactions
ICON Bond Fund
Corporate Securities	$	494,680	$	–	$	–	$	–	$	494,680	$	522,460	$	27,780
Equity Securities		107,759		–		–		–		107,759		110,563		2,804
Total										602,439		633,023		30,584
ICON Equity Income Fund
Equity Securities		5,700,282		–		–		–		5,700,282		6,173,434		473,152
ICON Fund
Equity Securities		1,413,258		–		–		–		1,413,258		1,390,200		(23,058	)
ICON Long/Short Fund
Equity Securities		197,080		–		–		–		197,080		200,200		3,120
ICON Risk-Managed Balanced Fund
Equity Securities		352,913		–		–		–		352,913		356,123		3,210
Total Loans									$	8,265,972	$	8,752,980	$	487,008

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 and the Risk-Managed Balanced Fund intend to distribute net investment income, if any, to shareholders quarterly. The other Funds distribute income, if any, annually. The Funds distribute net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforwards. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.

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

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past 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. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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	Printing Fees			Transfer Agent Fees			Registration Fees
ICON Bond Fund
Class S		$	6,656		$	34,182		$	7,064
Class C			502			4,314			4,874
Class A			699			5,470			4,869
ICON Equity Income Fund
Class S			4,116			17,759			6,561
Class C			686			5,923			5,241
Class A			1,704			10,985			5,787
ICON Fund
Class S			4,927			17,330			5,566
Class C			2,140			18,789			5,622
Class A			1,070			8,318			5,059
ICON Long/Short Fund
Class S			2,782			18,003			4,526
Class C			964			8,062			5,652
Class A			1,833			9,494			6,563
ICON Risk-Managed Balanced Fund
Class S			2,865			20,973			5,523
Class C			1,471			10,528			6,509
Class A			1,359			7,436			6,883

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees

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

Semi-Annual Report  |  March 31, 2016 55

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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 and the Opportunities Fund will continue in effect until at least January 31, 2017. 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, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2016		Expires 2017		Expires 2018		Expires 2019
ICON Bond Fund	$	74,512	$	136,560	$	180,067	$	94,390
ICON Equity Income Fund		24,180		42,058		31,087		18,356
ICON Fund		6,833		6,978		6,855		14,030
ICON Long/Short Fund		32,062		50,612		50,987		46,557
ICON Opportunities Fund		18,639		22,580		8,824		–
ICON Risk-Managed Balanced Fund		19,515		28,053		61,973		16,378

Accounting, Custody and Transfer Agent Fees

Effective March 1, 2016, ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Funds. Prior to March 1, 2016, State Street Bank and Trust Company (“State Street”) served as the fund accounting agent for the Funds. For its services, the Trust pays ALPS 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. Effective after the close of business on April 8, 2016, ALPS assumed the transfer agent services for the Trust.

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, 2016, 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.

Effective March 1, 2016, ICON Advisers has a sub-administration agreement with ALPS under which ALPS assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays ALPS a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust. Prior to March 1, 2016, the sub-administration agreement was between ICON Advisers and State Street.

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.

56 www.iconfunds.com

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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, along with other employee related expenses, is paid by ICON Advisers. For the period ended March 31, 2016, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Funds may reimburse ICON Advisers for legal work performed for the Funds by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2016, the total related amounts paid by the Funds under this arrangement was $2,437 and is 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 28, 2016, the maximum borrowing limit was changed from $75 million to $50 million. Prior to March 28, 2015, the maximum borrowing limit was $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street.

For the period ended March 31, 2016, the average outstanding loan by Fund was as follows:

Fund*	Average Borrowing (10/1/15-3/31/16)^		Average Interest Rates (10/1/15-3/31/16)^
ICON Bond Fund	$	1,201,046	1.38%
ICON Equity Income Fund		642,015	1.57%
ICON Fund		224,613	1.54%
ICON Long/Short Fund		1,087,519	1.54%
ICON Opportunities Fund		22,380	1.55%

* There were no outstanding borrowings under this agreement/arrangement as of March 31, 2016.

^ The average is calculated based on the actual number of days with outstanding borrowings.

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the period ended March 31, 2016, 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	$	57,093,380	$	55,021,029	$	968,438	$	4,805,127
ICON Equity Income Fund		31,010,101		28,638,460		–		–
ICON Fund		1,589,890		10,205,433		–		–
ICON Long/Short Fund		680,225		13,415,937		–		–
ICON Opportunities Fund		2,459,134		4,822,596		–		–
ICON Risk-Managed Balanced Fund		30,920,147		28,419,817		1,078,328		1,953,433

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, partnership adjustments, distribution recharacterization, and net investment losses.

Semi-Annual Report  |  March 31, 2016 57

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

For the year ended September 30, 2015, the following Funds had capital loss carryforwards:

Fund	Expiring in 2017		Expiring in 2018
ICON Equity Income Fund	$	633,993	$	19,089,764
ICON Fund		–		17,897,797
ICON Long/Short Fund		33,675,748		19,325,857
ICON Risk-Managed Balanced Fund		–		13,217,299

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, 2015, the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Equity Income Fund	$	2,398,174
ICON Fund		3,100,699
ICON Long/Short Fund		3,830,377
ICON Risk-Managed Balanced Fund		318,827

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, 2015, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital
ICON Bond Fund	$	4,946,691	$	1,246,377	$	319,369
ICON Equity Income Fund		1,340,637		–		–
ICON Opportunities Fund		126,909		60,583		–
ICON Risk-Managed Balanced Fund		321,451		–		–

As of September 30, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Late Year Loss Deferral*			Capital Loss Carryforward			Unrealized Appreciation/ (Depreciation)**			Total Accumulated Earnings/(Deficit)
ICON Bond Fund	$	–	$	(2,708,514	)	$	–		$	(1,674,516	)	$	(4,383,030	)
ICON Equity Income Fund		73,948		–			(19,723,757	)		(3,383,190	)		(23,032,999	)
ICON Fund		–		(1,605,734	)		(17,897,797	)		(176,120	)		(19,679,651	)
ICON Long/Short Fund		–		(2,368,847	)		(53,001,605	)		506,393			(54,864,059	)
ICON Opportunities Fund		–		(70,964	)		–			(74,607	)		(145,571	)
ICON Risk-Managed Balanced Fund		–		–			(13,217,299	)		(764,331	)		(13,981,630	)

* 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.

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

58 www.iconfunds.com

ICON Diversified Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

As of March 31, 2016, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
ICON Bond Fund	$	1,347,616	$	(1,927,917	)	$	(580,301	)	$	87,900,813
ICON Equity Income Fund		2,124,815		(3,134,129	)		(1,009,314	)		53,162,781
ICON Fund		3,714,300		(4,143,723	)		(429,423	)		51,644,784
ICON Long/Short Fund		1,537,809		(1,658,175	)		(120,366	)		20,225,473
ICON Opportunities Fund		841,893		(755,723	)		86,170			10,180,098
ICON Risk Managed Balanced Fund		2,415,268		(2,170,804	)		244,464			53,419,910

7. SUBSEQUENT EVENTS

Effective after the close of business on April 8, 2016, ALPS became the Trust’s transfer agent.

Semi-Annual Report  |  March 31, 2016 59

ICON Diversified Funds	Disclosure of Fund Expenses
	March 31, 2016 (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 (10/01/15 – 3/31/16).

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), 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 October 1, 2015	Ending Account Value March 31, 2016	Expense Ratio(a)	Expenses Paid During period October 1, 2015 - March 31, 2016(b)
ICON Bond Fund
Class S
Actual	$    1,000.00	$    1,024.40	0.75%		$    3.80
Hypothetical (5% return before expenses)	$    1,000.00	$    1,021.25	0.75%		$    3.79
Class C
Actual	$    1,000.00	$    1,020.30	1.60%		$    8.08
Hypothetical (5% return before expenses)	$    1,000.00	$    1,017.00	1.60%		$    8.07
Class A
Actual	$    1,000.00	$    1,022.70	1.00%		$    5.06
Hypothetical (5% return before expenses)	$    1,000.00	$    1,020.00	1.00%		$    5.05
ICON Equity Income Fund
Class S
Actual	$    1,000.00	$    1,072.20	1.20%		$    6.22
Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.00	1.20%		$    6.06
Class C
Actual	$    1,000.00	$    1,066.60	2.20%		$    11.37
Hypothetical (5% return before expenses)	$    1,000.00	$    1,014.00	2.20%		$    11.08
Class A
Actual	$    1,000.00	$    1,070.30	1.45%		$    7.50
Hypothetical (5% return before expenses)	$    1,000.00	$    1,017.75	1.45%		$    7.31

60 www.iconfunds.com

ICON Diversified Funds	Disclosure of Fund Expenses
	March 31, 2016 (Unaudited)

	Beginning Account Value October 1, 2015	Ending Account Value March 31, 2016	Expense Ratio(a)	Expenses Paid During period October 1, 2015 - March 31, 2016(b)
ICON Fund
Class S
Actual	$    1,000.00	$       976.10	1.15%	$    5.68
Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.25	1.15%	$    5.81
Class C
Actual	$    1,000.00	$       970.90	2.25%	$    11.09
Hypothetical (5% return before expenses)	$    1,000.00	$    1,013.75	2.25%	$    11.33
Class A
Actual	$    1,000.00	$       974.10	1.50%	$    7.40
Hypothetical (5% return before expenses)	$    1,000.00	$    1,017.50	1.50%	$    7.57
ICON Long/Short Fund
Class S
Actual	$    1,000.00	$       977.20	1.30%	$    6.43
Hypothetical (5% return before expenses)	$    1,000.00	$    1,018.50	1.30%	$    6.56
Class C
Actual	$    1,000.00	$       972.20	2.35%	$    11.59
Hypothetical (5% return before expenses)	$    1,000.00	$    1,013.25	2.35%	$    11.83
Class A
Actual	$    1,000.00	$       975.40	1.60%	$    7.90
Hypothetical (5% return before expenses)	$    1,000.00	$    1,017.00	1.60%	$    8.07
ICON Opportunities Fund
Actual	$    1,000.00	$       980.60	1.50%	$    7.43
Hypothetical (5% return before expenses)	$    1,000.00	$    1,017.50	1.50%	$    7.57
ICON Risk-Managed Balanced Fund
Class S
Actual	$    1,000.00	$    1,020.00	1.21%	$    6.11
Hypothetical (5% return before expenses)	$    1,000.00	$    1,018.95	1.21%	$    6.11
Class C
Actual	$    1,000.00	$    1,014.20	2.21%	$    11.13
Hypothetical (5% return before expenses)	$    1,000.00	$    1,013.95	2.21%	$    11.13
Class A
Actual	$    1,000.00	$    1,018.60	1.46%	$    7.37
Hypothetical (5% return before expenses)	$    1,000.00	$    1,017.70	1.46%	$    7.36

^(a)  The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/366 (to reflect the half-year period).

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

Semi-Annual Report  |  March 31, 2016 61

ICON Diversified Funds	Additional Information
	March 31, 2016 (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.

For More Information

This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.

ICON Distributors, Inc., Distributor.

62 www.iconfunds.com

ICON Diversified Funds	Privacy Policy
	March 31, 2016 (Unaudited)

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:
	•    Social Security number and account balances
	•    income and transaction history
	•    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.

Semi-Annual Report  |  March 31, 2016 63

ICON Diversified Funds	Privacy Policy
	March 31, 2016 (Unaudited)

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
	•      open an account or enter into an investment advisory contract •      provide account information or give us your contact information •      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
	•      sharing for affiliates’ everyday business purposes — information about your creditworthiness
	•      affiliates from using your information to market to you
	•      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.
	•      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.
	•      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.
	•       ICON doesn’t jointly market

64 www.iconfunds.com

For more information about the ICON Funds, contact us:
By Telephone	1-800-764-0442
By E-Mail	info@iconadvisers.com
By Mail	ICON Funds | P.O. Box 1920 | Denver, CO 80201
In Person	ICON Funds | 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111
On the Internet	www.iconfunds.com

	SEMI-ANNUAL REPORT
		March 31, 2016
	International Funds
	ICON Emerging Markets Fund
	ICON International Equity Fund

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

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Emerging Markets Fund	3
ICON International Equity Fund	7
Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	15
Notes to Financial Statements (Unaudited)	21
Disclosure of Fund Expenses (Unaudited)	29
Additional Information (Unaudited)	31
Privacy Policy	32

ICON International Funds	About This Report
	March 31, 2016 (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, 2016, 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 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.

2 www.iconfunds.com

ICON Emerging Markets Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (77.07%)
Airlines (0.56%)
Turk Hava Yollari AO(a)		68,000	$	188,128
Airport Services (0.69%)
TAV Havalimanlari Holding AS		39,000		232,752
Apparel Retail (0.33%)
Mr. Price Group, Ltd.		9,100		109,243
Auto Parts & Equipment (1.10%)
Hyundai Wia Corp.		4,000		367,497
Building Products (2.16%)
China Lesso Group Holdings, Ltd.		232,000		124,716
Dynasty Ceramic PCL		1,000,000		125,649
Sintex Industries, Ltd.		408,027		474,207
				724,572
Cable & Satellite (1.58%)
Naspers, Ltd., Class N		3,800		529,719
Casinos & Gaming (1.24%)
Kangwon Land, Inc.		11,600		414,678
Construction & Engineering (0.24%)
Hyundai Development Co-Engineering & Construction		2,000		80,422
Construction Materials (0.41%)
Siam Cement PCL		10,500		138,911
Consumer Finance (0.38%)
Credito Real SAB de CV SOFOM ER		60,000		126,965
Diversified Banks (8.46%)
Akbank T.A.S.		96,000		273,445
Bank of China, Ltd., Class H		2,110,000		876,001
Barclays Africa Group, Ltd.		13,000		131,319
Corpbanca S.A.		15,000,000		137,170
Industrial & Commercial Bank of China, Ltd., Class H		980,000		548,970
KB Financial Group, Inc.		17,000		472,043
Malayan Banking Bhd		131,000		302,770
Standard Bank Group, Ltd.		10,800		96,638
				2,838,356
Diversified Support Services (1.30%)
KEPCO Plant Service & Engineering Co., Ltd.		7,800		437,158

	Shares or Principal Amount		Value
Electric Utilities (0.55%)
Power Grid Corp. of India, Ltd.		88,000	$	184,766
Electronic Equipment & Instruments (0.71%)
SFA Engineering Corp.		4,500		239,136
Electronic Manufacturing Services (1.44%)
AAC Technologies Holdings, Inc.		63,000		481,698
Environmental & Facilities Services (1.52%)
China Everbright International, Ltd.		456,000		509,229
Fertilizers & Agricultural Chemicals (0.55%)
UPL, Ltd.		25,600		184,703
Food Distributors (1.16%)
Hyundai Greenfood Co., Ltd.		23,000		390,485
Forest Products (0.65%)
Century Plyboards India, Ltd.		84,000		216,707
Gas Utilities (1.45%)
Korea Gas Corp.		14,500		486,908
Health Care Facilities (2.69%)
Life Healthcare Group Holdings, Ltd.		159,000		383,773
Netcare, Ltd.		212,000		518,036
				901,809
Health Care Supplies (1.06%)
Kossan Rubber Industries		230,000		356,658
Home Furnishings (1.40%)
Hanssem Co., Ltd.		2,400		468,833
Household Appliances (2.33%)
Coway Co., Ltd.		6,600		555,897
Cuckoo Electronics Co., Ltd.		1,280		224,607
				780,504
Household Products (2.32%)
LG Household & Health Care, Ltd.		940		777,246
Hypermarkets & Super Centers (0.57%)
Robinsons Retail Holdings, Inc.		120,000		192,930
Industrial Conglomerates (0.88%)
Aditya Birla Nuvo, Ltd.		3,000		37,242
Beijing Enterprises Holdings, Ltd.		12,000		65,715

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	3

ICON Emerging Markets Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
SK Holdings Co., Ltd.		990	$	193,213
				296,170
Integrated Oil & Gas (0.45%)
Esso Thailand PCL(a)		1,050,000		152,171
Internet Software & Services (5.06%)
NAVER Corp.		1,290		718,878
Tencent Holdings, Ltd.		47,845		978,161
				1,697,039
Life & Health Insurance (1.07%)
China Life Insurance Co., Ltd., Class H		50,000		122,863
Ping An Insurance Group Co. of China, Ltd., Class H		49,000		235,140
				358,003
Managed Health Care (1.23%)
Qualicorp S.A.		100,000		414,390
Metal & Glass Containers (0.45%)
HSIL, Ltd.		36,000		151,209
Motorcycle Manufacturers (1.36%)
Hero MotoCorp, Ltd.		10,300		458,082
Oil & Gas Refining & Marketing (3.69%)
Hellenic Petroleum S.A.(a)		76,000		319,950
Hindustan Petroleum Corp., Ltd.		21,000		249,730
Indian Oil Corp., Ltd.		82,000		487,277
NewOcean Energy Holdings, Ltd.		500,000		179,950
				1,236,907
Packaged Foods & Meats (2.84%)
CJ CheilJedang Corp.		930		282,895
Orion Corp.		300		239,968
Tiger Brands, Ltd.		19,500		428,922
				951,785
Paper Products (1.39%)
Fibria Celulose S.A.		25,000		210,671
Lee & Man Paper Manufacturing, Ltd.		160,000		109,452
Mondi, Ltd.		7,600		146,247
				466,370
Personal Products (0.82%)
Amorepacific Corp.		812		274,595
Pharmaceuticals (2.30%)
China Medical System Holdings, Ltd.		60,000		83,280
Dr. Reddy’s Laboratories, Ltd.		3,800		173,612
Granules India, Ltd.		195,000		353,112

	Shares or Principal Amount		Value
Teva Pharmaceutical Industries, Ltd., Sponsored ADR		3,000	$	160,530
				770,534
Property & Casualty Insurance (1.69%)
Hyundai Marine & Fire Insurance Co., Ltd.		8,000		232,372
Samsung Fire & Marine Insurance Co., Ltd.		1,300		335,747
				568,119
Real Estate Development (2.53%)
AP Thailand PCL		1,380,000		239,009
China Overseas Land & Investment, Ltd.		68,000		215,368
China Resources Land Ltd.		106,000		271,954
Oberoi Realty, Ltd.		34,000		124,025
				850,356
Regional Banks (1.29%)
BNK Financial Group, Inc.		51,000		432,525
Reinsurance (0.76%)
Korean Reinsurance Co.		20,784		253,692
Renewable Electricity (1.20%)
Huaneng Renewables Corp., Ltd., Class H		1,300,000		404,060
Semiconductors (1.21%)
SK Hynix, Inc.		7,000		172,324
Taiwan Semiconductor Manufacturing Co., Ltd.		47,000		234,428
				406,752
Specialty Stores (0.32%)
FF Group		5,500		107,857
Technology Hardware, Storage & Peripherals (4.24%)
Catcher Technology Co., Ltd.		20,000		163,915
Pegatron Corp.		89,000		207,192
Samsung Electronics Co., Ltd.		916		1,051,208
				1,422,315
Thrifts & Mortgage Finance (0.44%)
LIC Housing Finance, Ltd.		19,800		147,432
Water Utilities (1.35%)
Beijing Enterprises Water Group, Ltd.		252,000		158,110
CT Environmental Group, Ltd.		1,000,000		293,972
				452,082
Wireless Telecommunication Services (3.65%)
China Mobile, Ltd.		61,500		681,111
Intouch Holdings PCL, Class F		50,000		90,530

The accompanying notes are an integral part of the financial statements.
4	www.iconfunds.com

ICON Emerging Markets Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount	Value
SK Telecom Co., Ltd.	2,500	$	453,023
			1,224,664
Total Common Stocks (Cost $25,299,704)			25,857,122
Short-Term Investments (22.49%)
Money Market Funds (8.94%)
State Street Global Advisors Treasury Fund (0.11% 7 Day Yield)	3,000,000		3,000,000
Time Deposits (13.55%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16	4,545,379		4,545,379
Total Short-Term Investments (Cost $7,545,379)			7,545,379
Total Investments (99.56%) (Cost $32,845,083)		$	33,402,501
Other Assets Less Liabilities (0.44%)			148,532
Net Assets (100.00%)		$	33,551,033

^(a)  Non-income producing security.

ADR - American Depositary Receipt

Country Composition(March 31, 2016)
South Korea	28.49%
China	12.38%
India	9.66%
South Africa	6.99%
Hong Kong	6.53%
Thailand	2.22%
Turkey	2.06%
Malaysia	1.96%
Brazil	1.86%
Taiwan	1.81%
Greece	1.27%
Philippines	0.57%
Israel	0.48%
Chile	0.41%
Mexico	0.38%
	77.07%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	5

ICON Emerging Markets Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Industry Composition (March 31, 2016)

Diversified Banks	8.46%
Internet Software & Services	5.06%
Technology Hardware, Storage & Peripherals	4.24%
Oil & Gas Refining & Marketing	3.69%
Wireless Telecommunication Services	3.65%
Packaged Foods & Meats	2.84%
Health Care Facilities	2.69%
Real Estate Development	2.53%
Household Appliances	2.33%
Household Products	2.32%
Pharmaceuticals	2.30%
Building Products	2.16%
Property & Casualty Insurance	1.69%
Cable & Satellite	1.58%
Environmental & Facilities Services	1.52%
Gas Utilities	1.45%
Electronic Manufacturing Services	1.44%
Home Furnishings	1.40%
Paper Products	1.39%
Motorcycle Manufacturers	1.36%
Water Utilities	1.35%
Diversified Support Services	1.30%
Regional Banks	1.29%
Casinos & Gaming	1.24%
Managed Health Care	1.23%
Semiconductors	1.21%
Renewable Electricity	1.20%
Food Distributors	1.16%
Auto Parts & Equipment	1.10%
Life & Health Insurance	1.07%
Health Care Supplies	1.06%
Other Industries (each less than 1%)	9.76%
	77.07%

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

Sector Composition (March 31, 2016)

Financial	16.62%
Information Technology	12.66%
Consumer Discretionary	9.66%
Consumer Staples	7.71%
Industrials	7.35%
Health Care	7.28%
Utilities	4.55%
Energy	4.14%
Telecommunication Services	3.65%
Materials	3.45%
	77.07%

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

The accompanying notes are an integral part of the financial statements.
6	www.iconfunds.com

ICON International Equity Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (80.15%)
Advertising (0.66%)
Stroeer SE & Co. KGaA(a)		7,400	$	464,275
Aerospace & Defense (0.87%)
Meggitt PLC		40,000		233,184
Zodiac Aerospace		19,000		379,447
				612,631
Airport Services (0.99%)
Fraport AG Frankfurt Airport Services Worldwide		11,500		696,399
Apparel, Accessories & Luxury (0.49%)
Luxottica Group S.p.A.		6,200		341,545
Auto Parts & Equipment (1.33%)
Hyundai Wia Corp.		4,000		367,496
Martinrea International, Inc.(a)		33,000		260,697
NGK Spark Plug Co., Ltd.		16,000		306,388
				934,581
Biotechnology (0.38%)
Bavarian Nordic A/S(b)		7,062		263,564
Brewers (1.63%)
Asahi Group Holdings, Ltd.		36,700		1,142,276
Broadcasting (0.79%)
ITV PLC		161,000		556,340
Building Products (0.66%)
Sintex Industries, Ltd.		396,229		460,496
Cable & Satellite (1.40%)
Naspers, Ltd., Class N		1,968		274,339
Quebecor, Inc., Class B		27,000		708,912
				983,251
Commodity Chemicals (0.28%)
Toray Industries, Inc.(a)		23,000		196,285
Communications Equipment (1.96%)
ADVA Optical Networking SE(b)		52,000		616,512
Telefonaktiebolaget LM Ericsson		76,000		760,966
				1,377,478
Computer & Electronics Retail (0.58%)
Dixons Carphone PLC		67,000		409,463
Construction Materials (0.58%)
Buzzi Unicem S.p.A.		23,554		406,039

	Shares or Principal Amount			Value
Data Processing & Outsourced Services (1.46%)
SafeCharge International Group, Ltd.		63,000		$	232,996
Wirecard AG(a)		20,900			789,767
					1,022,763
Distributors (0.44%)
Inchcape PLC		30,000			311,155
Diversified Banks (3.80%)
Bank of China, Ltd., Class H		1,700,000			705,783
Industrial & Commercial Bank of China, Ltd., Class H		900,000			504,156
KB Financial Group, Inc.		13,000			360,974
Nordea Bank AB		26,000			249,390
Skandinaviska Enskilda Banken AB		27,000			257,478
Sumitomo Mitsui Financial Group, Inc.(a)		19,300			585,903
					2,663,684
Diversified Capital Markets (0.60%)
Close Brothers Group PLC		23,200			419,656
Diversified REIT’s (0.88%)
Charter Hall Group, REIT		173,000			615,144
Diversified Support Services (1.10%)
Babcock International Group PLC		38,000			517,461
KEPCO Plant Service & Engineering Co., Ltd.		4,500			252,207
					769,668
Drug Retail (1.08%)
Sugi Holdings Co., Ltd.		14,400			759,734
Electric Utilities (1.20%)
Enel S.p.A.		120,000			531,987
Power Grid Corp. of India, Ltd.		146,000			306,544
					838,531
Electronic Components (0.88%)
Austria Technologie & Systemtechnik AG		18,000			263,513
Laird PLC		65,000			354,806
					618,319
Electronic Equipment & Instruments (1.81%)
Ingenico Group S.A.		7,057			808,956
Jenoptik AG		28,595			457,580
					1,266,536
Environmental & Facilities Services (0.91%)
China Everbright International, Ltd.		410,000			457,860
Lassila & Tikanoja Oyj(b)		10,000	��		181,950
					639,810

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	7

ICON International Equity Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Fertilizers & Agricultural Chemicals (0.52%)
UPL, Ltd.		51,000	$	367,963
Food Distributors (0.70%)
Hyundai Greenfood Co., Ltd.		29,000		492,351
Food Retail (0.40%)
Valor Holdings Co., Ltd.(a)		11,200		282,387
Gas Utilities (0.76%)
Korea Gas Corp.		15,800		530,562
Health Care Equipment (1.40%)
GN Store Nord A/S(a)		32,000		668,114
Smith & Nephew PLC		19,000		312,603
				980,717
Health Care Facilities (0.66%)
Netcare, Ltd.		190,000		464,277
Health Care Supplies (1.29%)
Coloplast A/S		6,700		507,010
Kossan Rubber Industries		257,000		398,526
				905,536
Highways & Railtracks (0.62%)
Groupe Eurotunnel SE		39,000		436,628
Home Furnishings (0.39%)
Hanssem Co., Ltd.		1,400		273,486
Home Improvement Retail (0.25%)
Hornbach Holding AG & Co. KGaA		2,740		176,909
Hotels, Resorts & Cruise Lines (0.90%)
Melia Hotels International S.A.		29,000		340,477
TUI AG		18,500		287,957
				628,434
Household Products (0.94%)
LG Household & Health Care, Ltd.		800		661,486
Hypermarkets & Super Centers (0.46%)
Robinsons Retail Holdings, Inc.		200,000		321,551
Industrial Conglomerates (1.75%)
Indus Holding AG		25,000		1,231,106
Industrial Machinery (0.47%)
EVA Precision Industrial Holdings, Ltd.		2,200,000		326,511

	Shares or Principal Amount		Value
Integrated Oil & Gas (0.96%)
BP PLC		135,000	$	675,455
Integrated Telecommunication Services (2.01%)
BT Group PLC		53,000		334,651
Deutsche Telekom AG		20,300		363,945
Telenor ASA		44,000		711,439
				1,410,035
Internet Retail (1.14%)
Rakuten, Inc.		30,000		289,589
Yoox Net-A-Porter Group S.p.A.(b)		9,200		281,911
Zalando SE(a)(b)		7,000		229,497
				800,997
Internet Software & Services (1.91%)
Auto Trader Group PLC		40,000		223,803
NAVER Corp.		1,010		562,843
Tencent Holdings, Ltd.		27,000		551,998
				1,338,644
IT Consulting & Other Services (1.77%)
Cap Gemini S.A.		3,000		281,413
Fujitsu, Ltd.		72,000		266,240
GFT Technologies SE		15,200		384,444
IT Holdings Corp.		13,000		307,482
				1,239,579
Leisure Products (0.41%)
Amer Sports Oyj(b)		10,000		290,296
Life & Health Insurance (1.99%)
Aegon N.V.		51,000		280,286
Prudential PLC		60,000		1,116,509
				1,396,795
Managed Health Care (0.59%)
Qualicorp S.A.		100,000		414,390
Movies & Entertainment (0.49%)
Cineworld Group PLC		45,000		346,700
Multi-line Insurance (1.72%)
Allianz SE		2,000		324,810
Assicurazioni Generali S.p.A.		21,000		310,865
AXA S.A.		24,400		572,149
				1,207,824
Multi-Utilities (0.77%)
Engie S.A.		34,900		540,727
Oil & Gas Equipment & Services (0.70%)
Ezion Holdings, Ltd.		460,000		194,303
Gulf Marine Services PLC		99,851		94,293
Saipem S.p.A.(b)		500,000		199,951
				488,547
Oil & Gas Refining & Marketing (2.19%)
Hellenic Petroleum S.A.(b)		74,000		311,530

The accompanying notes are an integral part of the financial statements.
8	www.iconfunds.com

ICON International Equity Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Hindustan Petroleum Corp., Ltd.		25,000	$	297,298
Indian Oil Corp., Ltd.		96,000		570,471
NewOcean Energy Holdings, Ltd.		1,000,000		359,899
				1,539,198
Packaged Foods & Meats (1.34%)
CJ CheilJedang Corp.		910		276,811
Orion Corp.		300		239,969
Tiger Brands, Ltd.		19,100		420,123
				936,903
Paper Packaging (0.93%)
Smurfit Kappa Group PLC		25,200		649,490
Paper Products (0.83%)
Fibria Celulose S.A.		26,000		219,098
Mondi PLC		19,000		363,342
				582,440
Personal Products (0.93%)
Amorepacific Corp.		703		237,734
Kose Corp.(a)		4,300		418,035
				655,769
Pharmaceuticals (6.32%)
Bayer AG		2,800		328,105
Cipla, Ltd.		33,000		255,047
Granules India, Ltd.		200,000		362,166
Hikma Pharmaceuticals PLC		15,000		425,948
Nichi-iko Pharmaceutical Co., Ltd.		14,000		322,535
Novartis AG		5,600		405,171
Roche Holding AG		4,000		982,161
Sanofi		4,300		345,702
Shire PLC		12,100		690,121
Teva Pharmaceutical Industries, Ltd., Sponsored ADR		5,900		315,709
				4,432,665
Property & Casualty Insurance (0.73%)
Sompo Japan Nipponkoa Holdings, Inc.		18,000		510,147
Real Estate Development (1.16%)
China Overseas Land & Investment, Ltd.		90,000		285,046
Oberoi Realty, Ltd.		145,321		530,103
				815,149
Real Estate Operating Companies (0.40%)
Deutsche EuroShop AG		6,000		280,941
Regional Banks (0.39%)
BNK Financial Group, Inc.		32,000		271,388

	Shares or Principal Amount		Value
Renewable Electricity (0.58%)
Huaneng Renewables Corp., Ltd., Class H		1,300,000	$	404,060
Retail REIT’s (1.79%)
Klepierre, REIT		14,300		683,080
Wereldhave N.V., REIT		10,300		575,114
				1,258,194
Security & Alarm Services (0.72%)
Loomis AB, Class B		18,000		508,059
Semiconductors (1.36%)
ams AG		9,000		308,424
ARM Holdings PLC		18,100		263,560
Infineon Technologies AG		27,000		382,815
				954,799
Specialized Finance (0.35%)
Power Finance Corp., Ltd.		95,000		245,667
Specialty Chemicals (1.93%)
Hitachi Chemical Co., Ltd.		35,000		628,942
Tokyo Ohka Kogyo Co., Ltd.(a)		29,000		725,099
				1,354,041
Technology Hardware, Storage & Peripherals (0.61%)
Samsung Electronics Co., Ltd.		370		424,615
Thrifts & Mortgage Finance (0.84%)
Paragon Group of Cos. PLC		127,000		587,786
Trading Companies & Distributors (0.67%)
Travis Perkins PLC		18,000		471,526
Trucking (0.40%)
Hitachi Transport System, Ltd.		400		6,678
TransForce, Inc.(a)		16,000		275,095
				281,773
Water Utilities (0.54%)
CT Environmental Group, Ltd.		1,300,000		382,164
Wireless Telecommunication Services (2.41%)
China Mobile, Ltd.		44,800		496,159
Drillisch AG(a)		13,000		531,954
Freenet AG		10,000		298,670
SK Telecom Co., Ltd.		2,000		362,418
				1,689,201
Total Common Stocks (Cost $58,865,846)				56,235,491

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	9

ICON International Equity Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Preferred Stocks (0.74%)
Household Products (0.74%)
Henkel AG & Co. KGaA		4,700	$	517,036
Total Preferred Stocks (Cost $520,079)				517,036
Collateral for Securities on Loan (6.87%)
State Street Navigator Prime Portfolio, 0.49%		4,819,696		4,819,696
Total Collateral for Securities on Loan (Cost $4,819,696)				4,819,696
Short-Term Investments (18.37%)
Time Deposits (18.37%)
State Street Euro Dollar Time Deposit (USD),
0.01%, 04/01/16		12,892,938		12,892,938
Total Short-Term Investments (Cost $12,892,938)				12,892,938
Total Investments (106.13%) (Cost $77,098,559)			$	74,465,161
Liabilities Less Other Assets (-6.13%)				(4,299,330)
Net Assets (100.00%)			$	70,165,831

^(a) All or a portion of the security was on loan as of March 31, 2016.

^(b)  Non-income producing security.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Country Composition (March 31, 2016)

Germany	11.91%
United Kingdom	11.43%
Japan	9.61%
South Korea	7.58%
France	5.77%
India	4.83%
China	3.64%
Italy	2.96%
Hong Kong	2.75%
Sweden	2.53%
Denmark	2.05%
Switzerland	1.98%
Ireland	1.91%
Canada	1.77%
South Africa	1.65%
Netherlands	1.22%
Norway	1.01%
Brazil	0.90%
Australia	0.88%
Austria	0.81%
Finland	0.67%
Malaysia	0.57%
Spain	0.49%
Philippines	0.46%
Greece	0.45%
Israel	0.45%
Guernsey	0.33%
Singapore	0.28%
	80.89%

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

The accompanying notes are an integral part of the financial statements.
10	www.iconfunds.com

ICON International Equity Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Industry Composition (March 31, 2016)

Pharmaceuticals	6.32%
Diversified Banks	3.80%
Wireless Telecommunication Services	2.41%
Oil & Gas Refining & Marketing	2.19%
Integrated Telecommunication Services	2.01%
Life & Health Insurance	1.99%
Communications Equipment	1.96%
Specialty Chemicals	1.93%
Internet Software & Services	1.91%
Electronic Equipment & Instruments	1.81%
Retail REIT’s	1.79%
IT Consulting & Other Services	1.77%
Industrial Conglomerates	1.75%
Multi-line Insurance	1.72%
Household Products	1.68%
Brewers	1.63%
Data Processing & Outsourced Services	1.46%
Health Care Equipment	1.40%
Cable & Satellite	1.40%
Semiconductors	1.36%
Packaged Foods & Meats	1.34%
Auto Parts & Equipment	1.33%
Health Care Supplies	1.29%
Electric Utilities	1.20%
Real Estate Development	1.16%
Internet Retail	1.14%
Diversified Support Services	1.10%
Drug Retail	1.08%
Other Industries (each less than 1%)	28.96%
	80.89%

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

Sector Composition (March 31, 2016)

Financial	14.65%
Information Technology	11.76%
Health Care	10.64%
Consumer Discretionary	9.27%
Industrials	9.16%
Consumer Staples	8.22%
Materials	5.07%
Telecommunication Services	4.42%
Utilities	3.85%
Energy	3.85%
	80.89%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	11

ICON International Funds	Statements of Assets and Liabilities
	March 31, 2016 (Unaudited)

	ICON Emerging Markets Fund		ICON International Equity Fund
Assets
Investments, at cost	$	32,845,083	$	77,098,559
Investments, at value(a)		33,402,501		74,465,161
Foreign currency, at value (Cost $4,538 and $30,167, respectively)		4,566		30,228
Receivables:
Investments sold		940,117		2,443,690
Fund shares sold		599,028		920,284
Expense reimbursements due from Adviser		24,002		8,249
Dividends		50,106		99,949
Foreign tax reclaims		2,470		48,173
Other Assets		22,606		32,444
Total assets		35,045,396		78,048,178
Liabilities
Payables:
Payable for collateral received on securities loaned		–		4,819,696
Investments purchased		1,414,976		2,744,055
Fund shares redeemed		16,029		186,381
Advisory fees		26,539		57,992
Transfer agent fees		2,410		14,601
Fund accounting fees		4,601		10,410
Accrued distribution fees		1,852		3,232
Trustee fees and expenses		931		3,839
Administration fees		913		1,744
Accrued expenses		26,112		40,397
Total liabilities		1,494,363		7,882,347
Net Assets - all share classes	$	33,551,033	$	70,165,831
Net Assets - Class S	$	26,481,095	$	63,750,265
Net Assets - Class C	$	822,217	$	3,010,678
Net Assets - Class A	$	6,247,721	$	3,404,888
Net Assets Consists of
Paid-in capital	$	41,182,487	$	164,144,861
Accumulated undistributed net investment income/(loss)		(119,318)		(550,658)
Accumulated undistributed net realized gain/(loss)		(8,071,071)		(90,793,274)
Unrealized appreciation/(depreciation)		558,935		(2,635,098)
Net Assets	$	33,551,033	$	70,165,831
Shares outstanding (unlimited shares authorized, no par value)
Class S		1,966,334		5,513,316
Class C		64,619		290,017
Class A		465,977		298,464
Net asset value (offering and redemption price per share)
Class S	$	13.47	$	11.56
Class C	$	12.72	$	10.38
Class A	$	13.41	$	11.41
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	14.23	$	12.10
(a) Includes securities on loan of	$	–	$	4,590,069

The accompanying notes are an integral part of the financial statements.
12	www.iconfunds.com

ICON International Funds	Statements of Operations
	Period Ended March 31, 2016 (Unaudited)

	ICON Emerging Markets Fund		ICON International Equity Fund
Investment Income
Interest	$	882	$	312
Dividends		136,387		511,601
Foreign taxes withheld		(35,873)		(42,507)
Income from securities lending, net		–		20,980
Other Income		–		18,479
Total investment income		101,396		508,865
Expenses
Advisory fees		124,013		361,010
Administration fees		6,614		19,206
Transfer agent fees		19,436		40,120
Distribution fees:
Class C		4,074		15,882
Class A		4,601		4,416
Registration fees		16,767		16,137
Audit and tax service expense		20,498		20,646
Fund accounting fees		10,598		20,288
Trustee fees and expenses		1,702		6,373
Insurance expense		705		5,333
Custody fees		15,838		20,977
Printing fees		7,238		10,997
Other expenses		13,627		23,547
Total expenses before expense reimbursement		245,711		564,932
Expense reimbursement by Adviser due to expense limitation agreement		(44,766)		(17,382)
Net Expenses		200,945		547,550
Net Investment Income/(Loss)		(99,549)		(38,685)
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		(341,033)		(2,302,939)
Foreign currency		(3,251)		(125,499)
Capital gains tax		(1,952)		–
		(346,236)		(2,428,438)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		1,554,559		3,592,981
Capital gains tax		616		–
		1,555,175		3,592,981
Net realized and unrealized gain/(loss)		1,208,939		1,164,543
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	1,109,390	$	1,125,858

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	13

ICON International Funds Statements of Changes in Net Assets

	ICON Emerging Markets Fund						ICON International Equity Fund
	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	(99,549	)	$	(30,748	)	$	(38,685	)		$	(58,796	)
Net realized gain/(loss)(a)		(346,236	)		(267,920	)		(2,428,438	)			(5,163,420	)
Change in net unrealized appreciation/(depreciation)		1,555,175			(787,186	)		3,592,981				3,119,772
Net increase/(decrease) in net assets resulting from operations		1,109,390			(1,085,854	)		1,125,858				(2,102,444	)
Dividends and Distributions to Shareholders
Net investment income
Class S		–			–			–				(71,695	)
Net decrease from dividends and distributions		–			–			–		��		(71,695	)
Fund Share Transactions
Shares Sold
Class S		12,522,779			20,067,880			1,819,936				4,506,506
Class C		530,462			349,016			52,390				82,616
Class A		6,969,681			862,982			147,140				1,145,130
Reinvested dividends and distributions
Class S		–			–			–				70,812
Shares repurchased
Class S		(3,180,996	)		(11,885,964	)		(6,305,770	)			(15,856,511	)
Class C		(307,830	)		(468,737	)		(374,827	)			(1,251,157	)
Class A		(1,541,832	)		(398,743	)		(524,124	)			(1,339,594	)
Net increase/(decrease) from fund share transactions		14,992,264			8,526,434			(5,185,255	)			(12,642,198	)
Total net increase/(decrease) in net assets		16,101,654			7,440,580			(4,059,397	)			(14,816,337	)
Net Assets
Beginning of period		17,449,379			10,008,799			74,225,228				89,041,565
End of period	$	33,551,033		$	17,449,379		$	70,165,831			$	74,225,228
Accumulated undistributed net investment income/(loss)	$	(119,318	)	$	(19,769	)	$	(550,658	)		$	(511,973	)
Transactions in Fund Shares
Shares sold
Class S		966,164			1,456,599			157,859				382,453
Class C		42,061			26,591			4,951				7,381
Class A		530,774			62,831			13,089				94,725
Issued to shareholders in reinvestment of distributions
Class S		–			–			–				6,089
Shares repurchased
Class S		(244,376	)		(863,679	)		(553,625	)			(1,317,093	)
Class C		(26,335	)		(35,508	)		(36,277	)			(114,930	)
Class A		(120,941	)		(28,954	)		(46,107	)			(114,235	)
Net increase/(decrease)		1,147,347			617,880			(460,110	)			(1,055,610	)
Shares outstanding, beginning of period		1,349,583			731,703			6,561,907				7,617,517
Shares outstanding, end of period		2,496,930			1,349,583			6,101,797				6,561,907

^(a)  Prior to September 30, 2015, the Funds presented realized gain/loss by investment type. This change in presentation was made to conform to industry standards and had no effect on the Funds’ change in net assets.

The accompanying notes are an integral part of the financial statements.
14	www.iconfunds.com

ICON Emerging Markets Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	12.95		$	13.72		$	13.51		$	12.21		$	10.12		$	12.35
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.05)			(0.03)			(0.03)			0.06			0.11			0.07
Net realized and unrealized gains/(losses) on investments		0.57			(0.74)			0.27			1.33			2.02			(2.30)
Total from investment operations		0.52			(0.77)			0.24			1.39			2.13			(2.23)
Less dividends and distributions:
Dividends from net investment income		–			–			(0.03)			(0.09)			(0.04)			–
Total dividends and distributions		–			–			(0.03)			(0.09)			(0.04)			–
Net asset value, end of period	$	13.47		$	12.95		$	13.72		$	13.51		$	12.21		$	10.12
Total Return		4.02	%(b)		(5.61)	%		1.78	%		11.44	%		21.16	%		(18.06)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	26,481		$	16,123		$	8,942		$	29,053		$	37,969		$	55,637
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.87	%(c)		2.44	%		2.11	%		1.64	%		1.50	%		1.59	%
After expense limitation/recoupment		1.55	%(c)		1.55	%		1.88	%(d)		1.64	%		1.50	%		1.59	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(1.09)	%(c)		(1.08)	%		(0.42)	%		0.46	%		0.96	%		0.55	%
After expense limitation/recoupment		(0.77)	%(c)		(0.19)	%		(0.19)	%		0.46	%		0.96	%		0.55	%
Portfolio turnover rate		63	%(b)		76	%		92	%		60	%		72	%		71	%

^(a)  Calculated using the average shares method.

^(b)  Not Annualized.

^(c)  Annualized.

^(d)  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.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	15

ICON Emerging Markets Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	12.30			$	13.18			$	13.06			$	11.84			$	9.88			$	12.17
Income/(loss) from investment operations:
Net investment income/ (loss)(a)			(0.11)				(0.17)				(0.11)				(0.05)				0.01				(0.02)
Net realized and unrealized gains/(losses) on investments			0.53				(0.71)				0.23				1.28				1.95				(2.27)
Total from investment operations			0.42				(0.88)				0.12				1.23				1.96				(2.29)
Less dividends and distributions:
Dividends from net investment income			–				–				–				(0.01)				–				–
Total dividends and distributions			–				–				–				(0.01)				–				–
Net asset value, end of period		$	12.72			$	12.30			$	13.18			$	13.06			$	11.84			$	9.88
Total Return(b)			3.41	%(c)			(6.68)	%			0.92	%			10.44	%			19.84	%			(18.82)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	822			$	601			$	762			$	832			$	869			$	792
Ratio of expenses to average net assets
Before expense limitation/ recoupment			3.91	%(d)			5.11	%			4.65	%			3.76	%			3.91	%			4.40	%
After expense limitation/ recoupment			2.55	%(d)			2.55	%(e)			2.78	%(e)			2.56	%(e)			2.55	%(e)			2.55	%(e)
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment			(3.13)	%(d)			(3.88)	%			(2.70)	%			(1.63)	%			(1.28)	%			(2.02)	%
After expense limitation/ recoupment			(1.77)	%(d)			(1.32)	%			(0.83)	%			(0.43)	%			0.08	%			(0.17)	%
Portfolio turnover rate			63	%(c)			76	%			92	%			60	%			72	%			71	%

^(a)  Calculated using the average shares method.

^(b)  The total return calculation excludes any sales charges.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
16	www.iconfunds.com

ICON Emerging Markets Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	12.91			$	13.71			$	13.51			$	12.17			$	10.10			$	12.35
Income/(loss) from investment operations:
Net investment income/ (loss)(a)			(0.05)				(0.07)				(0.04)				0.04				0.09				0.04
Net realized and unrealized gains/(losses) on investments			0.55				(0.73)				0.27				1.33				2.00				(2.29)
Total from investment operations			0.50				(0.80)				0.23				1.37				2.09				(2.25)
Less dividends and distributions:
Dividends from net investment income			–				–				(0.03)				(0.03)				(0.02)				–
Total dividends and distributions			–				–				(0.03)				(0.03)				(0.02)				–
Net asset value, end of period		$	13.41			$	12.91			$	13.71			$	13.51			$	12.17			$	10.10
Total Return(b)			3.87	%(c)			(5.84)	%			1.68	%			11.29	%			20.73	%			(18.22)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	6,248			$	725			$	305			$	789			$	690			$	768
Ratio of expenses to average net assets
Before expense limitation/recoupment			2.17	%(d)			4.75	%			4.32	%			2.97	%			2.88	%			3.05	%
After expense limitation/recoupment			1.80	%(d)			1.80	%(e)			1.95	%(e)			1.81	%(e)			1.80	%(e)			1.81	%(e)
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			(1.14)	%(d)			(3.44)	%			(2.65)	%			(0.82)	%			(0.31)	%			(0.97)	%
After expense limitation/recoupment			(0.77)	%(d)			(0.49)	%			(0.28)	%			0.34	%			0.77	%			0.27	%
Portfolio turnover rate			63	%(c)			76	%			92	%			60	%			72	%			71	%

^(a)  Calculated using the average shares method.

^(b)  The total return calculation excludes any sales charges.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	17

ICON International Equity Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S(a)	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	11.37			$	11.75			$	11.81			$	11.05			$	9.22			$	12.11
Income/(loss) from investment operations:
Net investment income/(loss)(b)			(0.00)	(c)			0.00	(d)			0.06				0.07				0.16				0.14
Net realized and unrealized gains/(losses) on investments			0.19				(0.37)				(0.12)				0.74				1.78				(2.95)
Total from investment operations			0.19				(0.37)				(0.06)				0.81				1.94				(2.81)
Less dividends and distributions:
Dividends from net investment income			–				(0.01)				–				(0.00)	(c)			(0.11)				(0.08)
Distributions from net realized gains			–				–				–				(0.05)				–				–
Total dividends and distributions			–				(0.01)				–				(0.05)				(0.11)				(0.08)
Net asset value, end of period		$	11.56			$	11.37			$	11.75			$	11.81			$	11.05			$	9.22
Total Return			1.67	%(e)			(3.15)	%			(0.51)	%			7.33	%			21.19	%			(23.38)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	63,750			$	67,201			$	80,356			$	42,105			$	56,152			$	6,826
Ratio of expenses to average net assets
Before expense limitation/ recoupment			1.45	%(f)			1.41	%			1.41	%			1.45	%			1.39	%			1.45	%
After expense limitation/ recoupment			1.45	%(f)			1.41	%(g)			1.41	%(g)			1.45	%(g)			1.39	%(g)			1.45	%(g)
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment			(0.06)	%(f)			0.00	%(h)			0.44	%			0.65	%			1.47	%			1.12	%
After expense limitation/ recoupment			(0.06)	%(f)			0.00	%(h)			0.44	%			0.65	%			1.47	%			1.12	%
Portfolio turnover rate			88	%(e)			204	%			193	%			138	%			122	%			91	%

^(a)  Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(b)  Calculated using the average shares method.

^(c)  Amount less than $(0.005).

^(d)  Amount less than $0.005.

^(e)  Not Annualized.

^(f)  Annualized.

^(g)  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, when applicable.

^(h)  Less than 0.005% of average net assets.

The accompanying notes are an integral part of the financial statements.
18	www.iconfunds.com

ICON International Equity Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	10.27		$	10.72		$	10.89		$	10.26		$	8.56		$	11.30
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.07)			(0.12)			(0.08)			(0.04)			(0.02)			0.00	(b)
Net realized and unrealized gains/(losses) on investments		0.18			(0.33)			(0.09)			0.67			1.72			(2.74)
Total from investment operations		0.11			(0.45)			(0.17)			0.63			1.70			(2.74)
Net asset value, end of period	$	10.38		$	10.27		$	10.72		$	10.89		$	10.26		$	8.56
Total Return(c)		1.07	%(d)		(4.20)	%		(1.56)	%		6.14	%		19.86	%		(24.25)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,011		$	3,299		$	4,597		$	5,657		$	6,773		$	8,050
Ratio of expenses to average net assets
Before expense limitation/ recoupment		3.08	%(e)		2.96	%		2.82	%		2.77	%		2.72	%		2.64	%
After expense limitation/ recoupment		2.55	%(e)		2.55	%(f)		2.56	%(f)		2.56	%(f)		2.55	%(f)		2.55	%(f)
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		(1.97)	%(e)		(1.56)	%		(0.99)	%		(0.63)	%		(0.41)	%		(0.11)	%
After expense limitation/ recoupment		(1.44)	%(e)		(1.15)	%		(0.73)	%		(0.42)	%		(0.24)	%		(0.02)	%
Portfolio turnover rate		88	%(d)		204	%		193	%		138	%		122	%		91	%

^(a)  Calculated using the average shares method.

^(b)  Amount less than $0.005.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	19

ICON International Equity Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	11.24		$	11.65		$	11.75		$	10.99		$	9.16		$	12.04
Income/(loss) from investment operations:
Net investment income/ (loss)(b)		0.01	(c)		(0.04)			0.00	(d)		0.04			0.11			0.10
Net realized and unrealized gains/(losses) on investments		0.16			(0.37)			(0.10)			0.73			1.77			(2.94)
Total from investment operations		0.17			(0.41)			(0.10)			0.77			1.88			(2.84)
Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.00)	(e)		(0.05)			(0.04)
Distributions from net realized gains		–			–			–			(0.01)			–			–
Total dividends and distributions		–			–			–			(0.01)			(0.05)			(0.04)
Net asset value, end of period	$	11.41		$	11.24		$	11.65		$	11.75		$	10.99		$	9.16
Total Return(f)		1.51	%(g)		(3.52)	%		(0.85)	%		7.03	%		20.61	%		(23.65)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,405		$	3,725		$	4,089		$	5,043		$	6,309		$	2,640
Ratio of expenses to average net assets
Before expense limitation/recoupment		2.31	%(h)		2.25	%		2.12	%		2.19	%		2.01	%		2.03	%
After expense limitation/recoupment		1.80	%(h)		1.80	%(i)		1.81	%(i)		1.81	%(i)		1.80	%(i)		1.80	%(i)
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.27)	%(h)		(0.77)	%		(0.27)	%		(0.06)	%		0.85	%		0.56	%
After expense limitation/recoupment		0.24	%(h)		(0.32)	%		0.04	%		0.32	%		1.06	%		0.79	%
Portfolio turnover rate		88	%(g)		204	%		193	%		138	%		122	%		91	%

^(a)  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.

^(b)  Calculated using the average shares method.

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

^(d)  Amount less than $0.005.

^(e)  Amount less than $(0.005).

^(f)  The total return calculation excludes any sales charges.

^(g)  Not Annualized.

^(h)  Annualized.

⁽ⁱ⁾  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, when applicable.

The accompanying notes are an integral part of the financial statements.
20	www.iconfunds.com

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

1. ORGANIZATION

The ICON Emerging Markets Fund (“Emerging Markets 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 fifteen other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

Each Fund is authorized to issue an unlimited number of no par shares. The Funds primarily invest in foreign securities; the Emerging Markets Fund primarily invests in securities of issuers whose principal activities are in emerging markets, or are economically tied to an emerging market country. The International Equity Fund primarily invests in foreign equity securities. Foreign equity securities refer to securities of issuers, wherever organized, whose securities are listed or traded principally on a recognized stock exchange or over-the-counter market outside the United States. 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. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar investment 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 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.

The ICON Emerging Markets Fund has a significant weighting in South Korea which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that country.

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 (“GAAP”) 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. Each Fund is considered an investment company for financial reporting purposes under GAAP.

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. If the NYSE closes unexpectedly and there is active trading on other exchanges, the securities will be valued at the Valuation Time based off of those exchanges. 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.

Semi-Annual Report  |  March 31, 2016 21

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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. Exchange traded options shall be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. 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.

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, 2016:

ICON Emerging Markets Fund

Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks
Diversified Banks	$	137,170	$	2,701,186	$	–	$	2,838,356
Paper Products		210,671		255,699		–		466,370
Pharmaceuticals		160,530		610,004		–		770,534
Other		898,013		20,883,849		–		21,781,862
Short-Term Investments
Money Market Funds		3,000,000		–		–		3,000,000
Time Deposits		–		4,545,379		–		4,545,379
Total	$	4,406,384	$	28,996,117	$	–	$	33,402,501

22 www.iconfunds.com

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

ICON International Equity Fund

Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks
Auto Parts & Equipment	$	260,697	$	673,884	$	–	$	934,581
Cable & Satellite		708,912		274,339		–		983,251
Data Processing & Outsourced Services		232,996		789,767		–		1,022,763
Environmental & Facilities Services		181,950		457,860		–		639,810
Health Care Supplies		398,526		507,010		–		905,536
Oil & Gas Equipment & Services		94,293		394,254		–		488,547
Paper Products		219,098		363,342		–		582,440
Pharmaceuticals		315,709		4,116,956		–		4,432,665
Trucking		275,095		6,678		–		281,773
Other		414,390		45,549,735		–		45,964,125
Preferred Stocks		–		517,036		–		517,036
Collateral for Securities on Loan		–		4,819,696		–		4,819,696
Short-Term Investments		–		12,892,938		–		12,892,938
Total	$	3,101,666	$	71,363,495	$	–	$	74,465,161

* 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, 2016.

For the ICON Emerging Markets Fund, there was no transfer activity between Level 1 and Level 2 for the period ended March 31, 2016.

For the ICON International Equity Fund, common stocks valued at $1,291,967 were transferred from Level 1 to Level 2 during the period ended March 31, 2016. At September 30, 2015, these securities were valued using quoted market prices in active markets without using fair value adjustment factors; at March 31, 2016, these securities were valued using quoted market prices in active markets with fair value adjustment factors.

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

Fund Share Valuation

Fund shares are sold and redeemed on a 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.

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.

Semi-Annual Report  |  March 31, 2016 23

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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

These contracts are marked-to-market daily. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. At March 31, 2016 and for the period then ended, 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 period ended March 31, 2016, is included in the Statement of Operations.

The value of the collateral could include collateral held for securities that were sold on or before March 31, 2016. It may also include collateral received from the pre-funding of security loans.

The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of March 31, 2016:

Remaining contractual maturity of the lending agreement
	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Market Value		Collateral Received		Amounts due to/(from) counterparty
Securities Lending Transactions
ICON International Equity Fund
Equity Securities	$	4,590,069	$	–	$	–	$	–	$	4,590,069	$	4,819,696	$	229,627
Total Loans									$	4,590,069	$	4,819,696	$	229,627

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 years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

  24 www.iconfunds.com

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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.

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

Fund	Printing Fees		Transfer Agent Fees		Registration Fees
ICON Emerging Markets Fund
Class S	$	6,559	$	17,476	$	7,432
Class C		266		716		4,545
Class A		413		1,244		4,790
ICON International Equity Fund
Class S		7,680		27,934		6,594
Class C		1,477		5,956		4,551
Class A		1,840		6,230		4,992

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees

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

ICON Advisers has contractually agreed to limit the Funds’ operating expenses (exclusive of brokerage, interest, taxes, acquired fund fees and expenses 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 Advisers 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, 2017. 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.

Semi-Annual Report  |  March 31, 2016 25

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

As of March 31, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2016		Expires 2017		Expires 2018		Expires 2019
ICON Emerging Markets Fund	$	11,152	$	62,550	$	128,006	$	44,766
ICON International Equity Fund		15,927		29,665		34,662		17,382

Accounting, Custody and Transfer Agent Fees

Effective March 1, 2016, ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Funds. Prior to March 1, 2016, State Street Bank and Trust Company (“State Street”) served as the fund accounting agent for the Funds. For its services, the Trust pays ALPS 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. Effective after the close of business on April 8, 2016, ALPS assumed the transfer agent services for the Trust.

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, 2016, 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.

Effective March 1, 2016, ICON Advisers has a sub-administration agreement with ALPS under which ALPS assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays ALPS a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust. Prior to March 1, 2016, the sub-administration agreement was between ICON Advisers and State Street.

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, along with other employee related expenses, is paid by ICON Advisers. For the period ended March 31, 2016, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Funds may reimburse ICON Advisers for legal work performed for the Funds by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2016, the total related amounts paid by the Funds under this arrangement was $832 and is included in Other Expenses on the Statement of Operations.

26 www.iconfunds.com

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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 28, 2016, the maximum borrowing limit was changed from $75 million to $50 million. Prior to March 28, 2015, the maximum borrowing limit was $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street.

For the period ended March 31, 2016, there were no outstanding borrowings under this agreement/arrangement.

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the period ended March 31, 2016, 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	$	22,236,164	$	12,425,261
ICON International Equity Fund		53,840,223		66,276,349

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 passive foreign investment companies, foreign currency transactions, and net investment losses.

For the year ended September 30, 2015 the following Funds had capital loss carryforwards:

Fund	Expiring in 2017		Expiring in 2018		Unlimited
ICON Emerging Markets Fund	$	7,143,674	$	–	$	332,861
ICON International Equity Fund		53,195,839		27,012,993		4,334,930

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, 2015, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains
ICON International Equity Fund	$	71,689	$	–

As of September 30, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Late Year Loss Deferral*		Capital Loss Carryforward		Unrealized Appreciation/ (Depreciation)**		Total Accumulated Earnings/(Deficit)
ICON Emerging Markets Fund	$	–	$	(249,486)	$	(7,476,535)	$	(1,014,823)	$	(8,740,844)
ICON International Equity Fund		–		(4,317,244)		(84,543,762)		(6,243,882)		(95,104,888)

* 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.

** Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to investments in passive foreign investment companies.

Semi-Annual Report  |  March 31, 2016 27

ICON International Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

As of March 31, 2016, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
ICON Emerging Markets Fund	$	2,263,061	$	(1,705,643	)	$	557,418		$	32,845,083
ICON International Equity Fund		3,368,386		(6,001,784	)		(2,633,398	)		77,098,559

7. SUBSEQUENT EVENTS

Effective after the close of business on April 8, 2016, ALPS became the Trust’s transfer agent.

28 www.iconfunds.com

ICON International Funds	Disclosure of Fund Expenses
	March 31, 2016 (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 (10/01/15 – 3/31/16).

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), 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 October 1, 2015		Ending Account Value March 31, 2016		Expense Ratio(a)			Expenses Paid During period October 1, 2015 - March 31, 2016(b)
ICON Emerging Markets Fund
Class S
Actual		$1,000.00		$1,040.20		1.55	%		$7.91
Hypothetical (5% return before expenses)		$1,000.00		$1,017.25		1.55	%		$7.82
Class C
Actual		$1,000.00		$1,034.10		2.55	%		$12.97
Hypothetical (5% return before expenses)		$1,000.00		$1,012.25		2.55	%		$12.83
Class A
Actual		$1,000.00		$1,038.70		1.80	%		$9.17
Hypothetical (5% return before expenses)		$1,000.00		$1,016.00		1.80	%		$9.07
ICON International Equity Fund
Class S
Actual		$1,000.00		$1,016.70		1.45	%		$7.31
Hypothetical (5% return before expenses)		$1,000.00		$1,017.75		1.45	%		$7.31
Class C
Actual		$1,000.00		$1,010.70		2.55	%		$12.82
Hypothetical (5% return before expenses)		$1,000.00		$1,012.25		2.55	%		$12.83
Class A
Actual		$1,000.00		$1,015.10		1.80	%		$9.07
Hypothetical (5% return before expenses)		$1,000.00		$1,016.00		1.80	%		$9.07

Semi-Annual Report  |  March 31, 2016 29

ICON International Funds	Disclosure of Fund Expenses
	March 31, 2016 (Unaudited)

(a) The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/366 (to reflect the half-year period).

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

30 www.iconfunds.com

ICON International Funds	Additional Information
	March 31, 2016 (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.

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.

Semi-Annual Report  |  March 31, 2016 31

ICON International Funds	Privacy Policy
	March 31, 2016 (Unaudited)

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:
	•    Social Security number and account balances
	•    income and transaction history
	•    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.

32 www.iconfunds.com

ICON International Funds	Privacy Policy
	March 31, 2016 (Unaudited)

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
	•      open an account or enter into an investment advisory contract
	•      provide account information or give us your contact information
	•      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
	•      sharing for affiliates’ everyday business purposes — information about your creditworthiness
	•      affiliates from using your information to market to you
	•      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.
	•      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.
	•      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.
	•      ICON doesn’t jointly market

Semi-Annual Report  |  March 31, 2016 33

For more information about the ICON Funds, contact us:
By Telephone	1-800-764-0442
By E-Mail	info@iconadvisers.com
By Mail	ICON Funds | P.O. Box 1920 | Denver, CO 80201
In Person	ICON Funds | 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111
On the Internet	www.iconfunds.com

		SEMI-ANNUAL REPORT    March 31, 2016
	Sector Funds
	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 Natural Resources Fund ICON Utilities Fund

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

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Consumer Discretionary Fund	3
ICON Consumer Staples Fund	5
ICON Energy Fund	7
ICON Financial Fund	9
ICON Healthcare Fund	11
ICON Industrials Fund	12
ICON Information Technology Fund	14
ICON Natural Resources Fund	16
ICON Utilities Fund	18
Financial Statements (Unaudited)	19
Financial Highlights (Unaudited)	36
Notes to Financial Statements (Unaudited)	56
Disclosure of Fund Expenses (Unaudited)	68
Additional Information (Unaudited)	71
Privacy Policy	72

ICON Sector Funds	About This Report
	March 31, 2016 (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, 2016, 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.

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.

2 www.iconfunds.com

ICON Consumer Discretionary Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (79.64%)
Apparel Retail (2.99%)
Foot Locker, Inc.		7,200	$	464,400
L Brands, Inc.		5,200		456,612
TJX Cos., Inc.		6,000		470,100
				1,391,112
Apparel, Accessories & Luxury Goods (2.20%)
Hanesbrands, Inc.		29,000		821,860
Sequential Brands Group, Inc.(a)		31,900		203,841
				1,025,701
Automotive Retail (2.23%)
AutoZone, Inc.(a)		1,300		1,035,697
Broadcasting (3.13%)
CBS Corp., Class B		26,400		1,454,376
Cable & Satellite (4.34%)
Comcast Corp., Class A		27,000		1,649,160
Starz, Class A(a)		14,100		371,253
				2,020,413
Drug Retail (1.63%)
CVS Health Corp.		7,300		757,229
Footwear (8.01%)
NIKE, Inc., Class B		26,900		1,653,543
Skechers U.S.A., Inc., Class A(a)		68,100		2,073,645
				3,727,188
General Merchandise Stores (2.32%)
Target Corp.		13,100		1,077,868
Home Improvement Retail (10.47%)
Home Depot, Inc.		20,000		2,668,600
Lowe’s Cos., Inc.		29,100		2,204,325
				4,872,925
Homebuilding (2.44%)
LGI Homes, Inc.(a)(b)		46,800		1,133,028
Hotels, Resorts & Cruise Lines (5.77%)
Diamond Resorts International, Inc.(a)(b)		9,000		218,700
Norwegian Cruise Line Holdings, Ltd.(a)		29,000		1,603,410
Royal Caribbean Cruises, Ltd.		4,200		345,030
Wyndham Worldwide Corp.		6,800		519,724
				2,686,864
Internet Retail (5.78%)
Expedia, Inc.		8,200		884,124
Priceline Group, Inc.(a)		1,400		1,804,544
				2,688,668
Leisure Products (0.77%)
Brunswick Corp.		7,500		359,850

	Shares or Principal Amount		Value
Movies & Entertainment (14.48%)
Cinemark Holdings, Inc.		43,300	$	1,551,439
Time Warner, Inc.		21,200		1,538,060
Twenty-First Century Fox, Inc., Class A		82,100		2,288,948
Walt Disney Co.		13,700		1,360,547
				6,738,994
Restaurants (7.04%)
Popeyes Louisiana Kitchen, Inc.(a)		27,300		1,421,238
Starbucks Corp.		31,100		1,856,670
				3,277,908
Specialty Stores (6.04%)
Signet Jewelers, Ltd.		20,800		2,579,824
Ulta Salon Cosmetics & Fragrance, Inc.(a)		1,200		232,488
				2,812,312
Total Common Stocks (Cost $36,474,555)				37,060,133
Collateral for Securities on Loan (2.64%)
State Street Navigator Prime Portfolio, 0.49%		1,229,214		1,229,214
Total Collateral for Securities on Loan (Cost $1,229,214)				1,229,214
Short-Term Investments (19.84%)
Time Deposits (19.84%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16		9,234,119		9,234,119
Total Short-Term Investments (Cost $9,234,119)				9,234,119
Total Investments (102.12%) (Cost $46,937,888)			$	47,523,466
Liabilities Less Other Assets (-2.12%)				(984,315)
Net Assets (100.00%)			$	46,539,151

^(a)  Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2016.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	3

ICON Consumer Discretionary Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Sector Composition (March 31, 2016)

Consumer Discretionary	78.01%
Consumer Staples	1.63%
	79.64%

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

Industry Composition (March 31, 2016)

Movies & Entertainment	14.48%
Home Improvement Retail	10.47%
Footwear	8.01%
Restaurants	7.04%
Specialty Stores	6.04%
Internet Retail	5.78%
Hotels, Resorts & Cruise Lines	5.77%
Cable & Satellite	4.34%
Broadcasting	3.13%
Apparel Retail	2.99%
Homebuilding	2.44%
General Merchandise Stores	2.32%
Automotive Retail	2.23%
Apparel, Accessories & Luxury Goods	2.20%
Drug Retail	1.63%
Other Industries (each less than 1%)	0.77%
	79.64%

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

The accompanying notes are an integral part of the financial statements.
4	www.iconfunds.com

ICON Consumer Staples Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (66.58%)
Agricultural Products (4.48%)
Bunge, Ltd.		9,400	$	532,698
Ingredion, Inc.		4,100		437,839
				970,537
Distillers & Vintners (1.88%)
Constellation Brands, Inc., Class A		2,700		407,943
Drug Retail (13.10%)
CVS Health Corp.		14,200		1,472,966
Walgreens Boots Alliance, Inc.		16,200		1,364,688
				2,837,654
Food Retail (6.78%)
Kroger Co.		38,400		1,468,800
Household Products (3.90%)
Orchids Paper Products Co.(a)		2,000		55,020
Procter & Gamble Co.		7,200		592,632
Spectrum Brands Holdings, Inc.		1,800		196,704
				844,356
Hypermarkets & Super Centers (4.78%)
Costco Wholesale Corp.		1,700		267,886
Wal-Mart Stores, Inc.		11,200		767,088
				1,034,974
Packaged Foods & Meats (14.77%)
Cal-Maine Foods, Inc.(a)		1,800		93,438
ConAgra Foods, Inc.		14,400		642,528
Dean Foods Co.		11,900		206,108
Flowers Foods, Inc.		15,100		278,746
General Mills, Inc.		5,200		329,420
Hain Celestial Group, Inc.(b)		2,000		81,820
Hershey Co.		2,000		184,180
J.M. Smucker Co.		900		116,856
Mondelez International, Inc., Class A		25,600		1,027,072
Pinnacle Foods, Inc.		3,100		138,508
WhiteWave Foods Co.(b)		2,500		101,600
				3,200,276
Personal Products (0.50%)
Medifast, Inc.		3,600		108,684
Soft Drinks (10.43%)
Coca-Cola Co.		13,100		607,709
Monster Beverage Corp.(b)		4,400		586,872
PepsiCo, Inc.		10,400		1,065,792
				2,260,373
Tobacco (5.96%)
Altria Group, Inc.		10,000		626,600

	Shares or Principal Amount		Value
Reynolds American, Inc.		13,200	$	664,092
				1,290,692
Total Common Stocks (Cost $12,829,418)				14,424,289
Collateral for Securities on Loan (0.71%)
State Street Navigator Prime Portfolio, 0.49%		153,950		153,950
Total Collateral for Securities on Loan (Cost $153,950)				153,950
Short-Term Investments (33.17%)
Money Market Funds (23.08%)
State Street Global Advisors Treasury Fund (0.11% 7 Day Yield)		5,000,000		5,000,000
Time Deposits (10.09%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16		2,186,209		2,186,209
Total Short-Term Investments (Cost $7,186,209)				7,186,209
Total Investments (100.46%) (Cost $20,169,577)			$	21,764,448
Liabilities Less Other Assets (-0.46%)				(100,411	)
Net Assets (100.00%)			$	21,664,037

^(a)  All or a portion of the security was on loan as of March 31, 2016.

^(b)  Non-income producing security.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	5

ICON Consumer Staples Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Sector Composition (March 31, 2016)

Consumer Staples	66.58%
	66.58%

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

Industry Composition (March 31, 2016)

Packaged Foods & Meats	14.77%
Drug Retail	13.10%
Soft Drinks	10.43%
Food Retail	6.78%
Tobacco	5.96%
Hypermarkets & Super Centers	4.78%
Agricultural Products	4.48%
Household Products	3.90%
Distillers & Vintners	1.88%
Other Industries (each less than 1%)	0.50%
	66.58%

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

The accompanying notes are an integral part of the financial statements.
6	www.iconfunds.com

ICON Energy Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (95.13%)
Gas Utilities (0.54%)
National Fuel Gas Co.(a)	37,200	$	1,861,860
Integrated Oil & Gas (28.18%)
Chevron Corp.	207,500		19,795,500
Exxon Mobil Corp.	606,300		50,680,617
Royal Dutch Shell PLC, Sponsored ADR, Class A	228,200		11,056,290
Suncor Energy, Inc.(a)	532,300		14,803,263
			96,335,670
Multi-Utilities (1.31%)
DTE Energy Co.	20,700		1,876,662
Sempra Energy	24,900		2,590,845
			4,467,507
Oil & Gas Equipment & Services (17.66%)
Bristow Group, Inc.	198,900		3,763,188
Dril-Quip, Inc.(b)	153,400		9,289,904
Helix Energy Solutions Group, Inc.(b)	456,300		2,555,280
Matrix Service Co.(b)	291,000		5,150,700
National Oilwell Varco, Inc.(a)	202,600		6,300,860
Oceaneering International, Inc.	271,300		9,018,012
Schlumberger, Ltd.	254,800		18,791,500
Tenaris S.A., ADR(a)	222,600		5,511,576
			60,381,020
Oil & Gas Exploration & Production (20.74%)
Anadarko Petroleum Corp.	135,100		6,291,607
Antero Resources Corp.(a)(b)	70,300		1,748,361
Cabot Oil & Gas Corp.	324,800		7,376,208
Chesapeake Energy Corp.(a)	804,700		3,315,364
Cimarex Energy Co.	52,500		5,106,675
Continental Resources, Inc.(a)(b)	374,600		11,372,856
Denbury Resources, Inc.(a)	1,675,900		3,720,498
EOG Resources, Inc.	120,100		8,716,858
EQT Corp.	99,400		6,685,644
Southwestern Energy Co.(a)(b)	622,600		5,024,382
Stone Energy Corp.(a)(b)	1,541,747		1,217,980
Synergy Resources Corp.(a)(b)	893,100		6,939,387
Whiting Petroleum Corp.(a)(b)	423,434		3,379,003
			70,894,823
Oil & Gas Refining & Marketing (11.71%)
HollyFrontier Corp.	229,600		8,109,472
Marathon Petroleum Corp.	265,700		9,878,726
PBF Energy, Inc., Class A	236,400		7,848,480
Phillips 66	164,050		14,205,090
			40,041,768
Oil & Gas Storage & Transportation (14.99%)
Energy Transfer Partners L.P.	99,100		3,204,894
Magellan Midstream Partners L.P.	141,500		9,735,200
ONEOK Partners L.P.	206,200		6,474,680

	Shares or Principal Amount	Value
Plains All American Pipeline L.P.	399,700	$	8,381,709
Ship Finance International, Ltd.(a)	358,700		4,982,343
Spectra Energy Corp.	111,300		3,405,780
Teekay LNG Partners L.P.	446,700		5,664,156
TransCanada Corp.(a)	80,100		3,148,731
Williams Cos., Inc.	389,300		6,256,051
			51,253,544
Total Common Stocks (Cost $367,552,355)			325,236,192
Underlying Security/Expiration Date/Exercise Price	Contracts	Value
Put Options Purchased (0.10%)
SPDR S&P Oil & Gas Exploration & Production ETF 04/15/16, 27	19,300		347,400
Total Put Options Purchased (Cost $1,395,499)			347,400
Collateral for Securities on Loan (11.69%)
State Street Navigator Prime Portfolio, 0.49%	39,957,778		39,957,778
Total Collateral for Securities on Loan (Cost $39,957,778)			39,957,778
Short-Term Investments (4.77%)
Time Deposits (4.77%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16	16,320,944		16,320,944
Total Short-Term Investments (Cost $16,320,944)			16,320,944
Total Investments (111.69%) (Cost $425,226,576)		$	381,862,314
Liabilities Less Other Assets (-11.69%)			(39,963,831	)
Net Assets (100.00%)		$	341,898,483

^(a)  All or a portion of the security was on loan as of March 31, 2016.

^(b)  Non-income producing security.

ADR - American Depositary Receipt

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	7

ICON Energy Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Sector Composition (March 31, 2016)

Energy	93.28%
Utilities	1.85%
	95.13%

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

Industry Composition (March 31, 2016)

Integrated Oil & Gas	28.18%
Oil & Gas Exploration & Production	20.74%
Oil & Gas Equipment & Services	17.66%
Oil & Gas Storage & Transportation	14.99%
Oil & Gas Refining & Marketing	11.71%
Multi-Utilities	1.31%
Other Industries (each less than 1%)	0.54%
	95.13%

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

The accompanying notes are an integral part of the financial statements.
8	www.iconfunds.com

ICON Financial Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (98.34%)
Asset Management & Custody Banks (8.99%)
Affiliated Managers Group, Inc.(a)		4,500	$	730,800
GAMCO Investors, Inc., Class A		13,100		485,486
Janus Capital Group, Inc.		78,600		1,149,918
Triangle Capital Corp.(b)		61,048		1,256,368
Waddell & Reed Financial, Inc., Class A		19,200		451,968
WisdomTree Investments, Inc.(b)		38,700		442,341
				4,516,881
Consumer Finance (9.80%)
Ally Financial, Inc.(a)		69,800		1,306,656
American Express Co.		18,200		1,117,480
Discover Financial Services		25,200		1,283,184
Encore Capital Group, Inc.(a)(b)		20,100		517,374
PRA Group, Inc.(a)(b)		23,800		699,482
				4,924,176
Data Processing & Outsourced Services (3.03%)
Euronet Worldwide, Inc.(a)		10,100		748,511
MasterCard, Inc., Class A		8,200		774,900
				1,523,411
Diversified Banks (23.45%)
Bank of America Corp.		169,100		2,286,232
Citigroup, Inc.		48,200		2,012,350
Credicorp, Ltd.		6,900		903,969
JPMorgan Chase & Co.		43,300		2,564,226
U.S. Bancorp		38,800		1,574,892
Wells Fargo & Co.		50,400		2,437,344
				11,779,013
Diversified Capital Markets (1.25%)
UBS Group AG(b)		39,200		627,984
Hotel & Resort REIT’s (1.31%)
Hospitality Properties Trust, REIT		24,700		656,032
Insurance Brokers (4.68%)
Aon PLC		11,400		1,190,730
Arthur J Gallagher & Co.		26,100		1,160,928
				2,351,658
Investment Banking & Brokerage (4.03%)
Charles Schwab Corp.		16,300		456,726
E*TRADE Financial Corp.(a)		36,700		898,783
Morgan Stanley		26,700		667,767
				2,023,276
Life & Health Insurance (7.00%)
CNO Financial Group, Inc.		67,700		1,213,184
Lincoln National Corp.		13,800		540,960
Sun Life Financial, Inc.		34,000		1,097,180
Unum Group		21,400		661,688
				3,513,012

	Shares or Principal Amount		Value
Mortgage REIT’s (4.32%)
Annaly Capital Management, Inc., REIT		134,800	$	1,383,048
MFA Financial, Inc., REIT		114,900		787,065
				2,170,113
Multi-line Insurance (7.25%)
American International Group, Inc.		25,800		1,394,490
Horace Mann Educators Corp.		33,424		1,059,206
Kemper Corp.		40,110		1,186,053
				3,639,749
Multi-Sector Holdings (4.15%)
Berkshire Hathaway, Inc., Class B(a)		14,700		2,085,636
Property & Casualty Insurance (3.63%)
XL Group PLC		49,500		1,821,600
Real Estate Services (5.76%)
CBRE Group, Inc., Class A(a)		49,900		1,438,118
Jones Lang LaSalle, Inc.		12,400		1,454,768
				2,892,886
Regional Banks (8.67%)
BancorpSouth, Inc.		20,500		436,855
Fifth Third Bancorp		70,600		1,178,314
First Commonwealth Financial Corp.		150,300		1,331,658
Signature Bank(a)		7,500		1,020,900
SVB Financial Group(a)		3,800		387,790
				4,355,517
Specialized Finance (1.02%)
MarketAxess Holdings, Inc.		4,100		511,803
Total Common Stocks (Cost $55,614,368)				49,392,747
Collateral for Securities on Loan (7.68%)
State Street Navigator Prime Portfolio, 0.49%		3,856,881		3,856,881
Total Collateral for Securities on Loan (Cost $3,856,881)				3,856,881

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	9

ICON Financial Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Short-Term Investments (2.14%)
Time Deposits (2.14%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16		1,074,535	$	1,074,535
Total Short-Term Investments (Cost $1,074,535)				1,074,535
Total Investments (108.16%) (Cost $60,545,784)			$	54,324,163
Liabilities Less Other Assets (-8.16%)				(4,100,528	)
Net Assets (100.00%)			$	50,223,635

^(a)  Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2016.

REIT - Real Estate Investment Trust

Sector Composition (March 31, 2016)

Financial	95.31%
Information Technology	3.03%
	98.34%

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

Industry Composition (March 31, 2016)

Diversified Banks	23.45%
Consumer Finance	9.80%
Asset Management & Custody Banks	8.99%
Regional Banks	8.67%
Multi-line Insurance	7.25%
Life & Health Insurance	7.00%
Real Estate Services	5.76%
Insurance Brokers	4.68%
Mortgage REIT’s	4.32%
Multi-Sector Holdings	4.15%
Investment Banking & Brokerage	4.03%
Property & Casualty Insurance	3.63%
Data Processing & Outsourced Services	3.03%
Hotel & Resort REIT’s	1.31%
Diversified Capital Markets	1.25%
Specialized Finance	1.02%
	98.34%

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

The accompanying notes are an integral part of the financial statements.
10	www.iconfunds.com

ICON Healthcare Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (96.11%)
Biotechnology (21.21%)
AbbVie, Inc.		96,000	$	5,483,520
Amgen, Inc.		30,000		4,497,900
Celgene Corp.(a)		55,300		5,534,977
Regeneron Pharmaceuticals, Inc.(a)		2,000		720,880
				16,237,277
Health Care Distributors (18.16%)
AmerisourceBergen Corp.		43,000		3,721,650
Cardinal Health, Inc.		69,900		5,728,305
McKesson Corp.		23,100		3,632,475
PharMerica Corp.(a)		37,000		818,070
				13,900,500
Health Care Equipment (9.12%)
Becton, Dickinson and Co.		24,600		3,734,772
Medtronic PLC		22,000		1,650,000
Zimmer Biomet Holdings, Inc.		15,000		1,599,450
				6,984,222
Health Care Facilities (4.99%)
Acadia Healthcare Co., Inc.(a)		6,700		369,237
HCA Holdings, Inc.(a)		44,200		3,449,810
				3,819,047
Health Care Services (9.38%)
Adeptus Health, Inc., Class A(a)(b)		6,600		366,564
BioTelemetry, Inc.(a)		309,535		3,615,368
Express Scripts Holding Co.(a)		22,400		1,538,656
Laboratory Corp. of America Holdings(a)		14,200		1,663,246
				7,183,834
Health Care Technology (2.16%)
Cerner Corp.(a)		15,600		826,176
Omnicell, Inc.(a)		29,600		824,952
				1,651,128
Managed Health Care (11.86%)
Anthem, Inc.		20,500		2,849,295
CIGNA Corp.		13,300		1,825,292
UnitedHealth Group, Inc.		34,200		4,408,380
				9,082,967
Pharmaceuticals (19.23%)
Bristol-Myers Squibb Co.		68,000		4,343,840
Eli Lilly & Co.		32,000		2,304,320
Jazz Pharmaceuticals PLC(a)		29,600		3,864,280
Merck & Co., Inc.		49,000		2,592,590
Mylan N.V.(a)		35,000		1,622,250
				14,727,280
Total Common Stocks (Cost $77,623,033)				73,586,255

	Shares or Principal Amount		Value
Collateral for Securities on Loan (0.47%)
State Street Navigator Prime Portfolio, 0.49%		359,700	$	359,700
Total Collateral for Securities on Loan (Cost $359,700)				359,700
Short-Term Investments (2.88%)
Time Deposits (2.88%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16		2,208,778		2,208,778
Total Short-Term Investments (Cost $2,208,778)				2,208,778
Total Investments (99.46%) (Cost $80,191,511)			$	76,154,733
Other Assets Less Liabilities (0.54%)				413,037
Net Assets (100.00%)			$	76,567,770

^(a)  Non-income producing security.

^(b)  All or a portion of the security was on loan as of March 31, 2016.

Sector Composition (March 31, 2016)

Health Care	96.11%
	96.11%

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

Industry Composition (March 31, 2016)

Biotechnology	21.21%
Pharmaceuticals	19.23%
Health Care Distributors	18.16%
Managed Health Care	11.86%
Health Care Services	9.38%
Health Care Equipment	9.12%
Health Care Facilities	4.99%
Health Care Technology	2.16%
	96.11%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	11

ICON Industrials Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (86.99%)
Aerospace & Defense (30.42%)
B/E Aerospace, Inc.		8,000	$	368,960
Boeing Co.		5,000		634,700
Curtiss-Wright Corp.		2,000		151,340
General Dynamics Corp.		5,900		775,083
Honeywell International, Inc.		9,300		1,042,065
Orbital ATK, Inc.		7,890		685,957
Raytheon Co.		1,100		134,893
United Technologies Corp.		4,900		490,490
				4,283,488
Air Freight & Logistics (0.93%)
FedEx Corp.		800		130,176
Airlines (8.89%)
Alaska Air Group, Inc.		6,600		541,332
Delta Air Lines, Inc.		12,000		584,160
JetBlue Airways Corp.(a)		6,000		126,720
				1,252,212
Building Products (10.99%)
AO Smith Corp.		2,000		152,620
Apogee Enterprises, Inc.		5,000		219,450
Armstrong World Industries, Inc.(a)		2,000		96,740
Fortune Brands Home & Security, Inc.		3,000		168,120
Masco Corp.		12,000		377,400
PGT, Inc.(a)		40,000		393,600
Quanex Building Products Corp.		8,000		138,880
				1,546,810
Construction & Engineering (5.89%)
Comfort Systems U.S.A., Inc.		10,000		317,700
Tutor Perini Corp.(a)		32,900		511,266
				828,966
Construction & Farm Machinery & Heavy Trucks (2.87%)
Allison Transmission Holdings, Inc.		15,000		404,700
Human Resource & Employment Services (0.77%)
WageWorks, Inc.(a)		2,138		108,204
Industrial Conglomerates (4.85%)
Danaher Corp.		7,200		682,992
Industrial Machinery (8.02%)
Crane Co.		5,700		307,002
Middleby Corp.(a)		3,000		320,310
Snap-on, Inc.		3,200		502,368
				1,129,680
Railroads (3.79%)
Union Pacific Corp.		6,700		532,985

	Shares or Principal Amount		Value
Research & Consulting Services (0.62%)
Hill International, Inc.(a)		25,922	$	87,357
Trucking (8.95%)
JB Hunt Transport Services, Inc.		3,600		303,264
Landstar System, Inc.		7,300		471,653
Ryder System, Inc.		7,500		485,850
				1,260,767
Total Common Stocks (Cost $10,570,180)				12,248,337
Short-Term Investments (14.53%)
Time Deposits (14.53%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16		2,046,238		2,046,238
Total Short-Term Investments (Cost $2,046,238)				2,046,238
Total Investments (101.52%) (Cost $12,616,418)			$	14,294,575
Liabilities Less Other Assets (-1.52%)				(213,569)
Net Assets (100.00%)			$	14,081,006

^(a)  Non-income producing security.

The accompanying notes are an integral part of the financial statements.
12	www.iconfunds.com

ICON Industrials Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Sector Composition (March 31, 2016)

Industrials	86.99%
	86.99%

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

Industry Composition (March 31, 2016)

Aerospace & Defense	30.42%
Building Products	10.99%
Trucking	8.95%
Airlines	8.89%
Industrial Machinery	8.02%
Construction & Engineering	5.89%
Industrial Conglomerates	4.85%
Railroads	3.79%
Construction & Farm Machinery & Heavy Trucks	2.87%
Other Industries (each less than 1%)	2.32%
	86.99%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	13

ICON Information Technology Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (97.45%)
Application Software (4.74%)
CDK Global, Inc.		24,000	$	1,117,200
Mentor Graphics Corp.		51,100		1,038,863
				2,156,063
Communications Equipment (2.01%)
Cisco Systems, Inc.		32,100		913,887
Data Processing & Outsourced Services (12.79%)
DST Systems, Inc.		4,400		496,188
Euronet Worldwide, Inc.(a)		7,400		548,414
Everi Holdings, Inc.(a)		277,400		635,246
MasterCard, Inc., Class A		14,700		1,389,150
MAXIMUS, Inc.		22,500		1,184,400
Visa, Inc., Class A		20,480		1,566,310
				5,819,708
Electronic Components (3.68%)
Rogers Corp.(a)		28,000		1,676,360
Electronic Equipment & Instruments (3.62%)
FEI Co.		12,200		1,085,922
Keysight Technologies, Inc.(a)		20,200		560,348
				1,646,270
Electronic Manufacturing Services (7.15%)
IPG Photonics Corp.(a)		14,835		1,425,347
Methode Electronics, Inc.		32,000		935,680
TE Connectivity, Ltd.		14,400		891,648
				3,252,675
Home Entertainment Software (3.47%)
Electronic Arts, Inc.(a)		23,900		1,580,029
Internet Software & Services (18.53%)
Alphabet, Inc., Class A(a)		3,200		2,441,280
Alphabet, Inc., Class C(a)		3,439		2,561,883
Facebook, Inc., Class A(a)		23,700		2,704,170
j2 Global, Inc.		11,800		726,644
				8,433,977
IT Consulting & Other Services (1.43%)
Cognizant Technology Solutions Corp., Class A(a)		10,400		652,080
Semiconductor Equipment (6.22%)
Advanced Energy Industries, Inc.(a)		40,597		1,412,370
Applied Materials, Inc.		23,700		501,966
Teradyne, Inc.		42,400		915,416
				2,829,752
Semiconductors (13.21%)
Broadcom, Ltd.		6,600		1,019,700
M/A-COM Technology Solutions Holdings, Inc.(a)(b)		14,600		639,334
Microsemi Corp.(a)		33,200		1,271,892

	Shares or Principal Amount	Value
Monolithic Power Systems, Inc.	8,400	$	534,576
QUALCOMM, Inc.	11,600		593,224
Skyworks Solutions, Inc.	14,500		1,129,550
Synaptics, Inc.(a)	10,300		821,322
			6,009,598
Systems Software (6.31%)
Microsoft Corp.	29,500		1,629,285
Oracle Corp.	30,400		1,243,664
			2,872,949
Technology Hardware, Storage & Peripherals (14.29%)
Apple, Inc.	52,200		5,689,278
Lexmark International, Inc., Class A	24,300		812,349
			6,501,627
Total Common Stocks (Cost $37,357,783)			44,344,975
Collateral for Securities on Loan (1.44%)
State Street Navigator Prime Portfolio, 0.49%	653,350		653,350
Total Collateral for Securities on Loan (Cost $653,350)			653,350
Short-Term Investments (3.50%)
Time Deposits (3.50%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16	1,594,715		1,594,715
Total Short-Term Investments (Cost $1,594,715)			1,594,715
Total Investments (102.39%) (Cost $39,605,848)		$	46,593,040
Liabilities Less Other Assets (-2.39%)			(1,085,606)
Net Assets (100.00%)		$	45,507,434

^(a)  Non-income producing security.

^(b)  All or a portion of the security was on loan as of March 31, 2016.

The accompanying notes are an integral part of the financial statements.
14	www.iconfunds.com

ICON Information Technology Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

Sector Composition (March 31, 2016)
Information Technology	97.45%
	97.45%

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

Industry Composition (March 31, 2016)

Internet Software & Services	18.53%
Technology Hardware, Storage & Peripherals	14.29%
Semiconductors	13.21%
Data Processing & Outsourced Services	12.79%
Electronic Manufacturing Services	7.15%
Systems Software	6.31%
Semiconductor Equipment	6.22%
Application Software	4.74%
Electronic Components	3.68%
Electronic Equipment & Instruments	3.62%
Home Entertainment Software	3.47%
Communications Equipment	2.01%
IT Consulting & Other Services	1.43%
	97.45%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	15

ICON Natural Resources Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (75.18%)
Building Products (6.31%)
Apogee Enterprises, Inc.	16,000	$	702,240
Fortune Brands Home & Security, Inc.	12,000		672,480
Masco Corp.	23,000		723,350
PGT, Inc.(a)	166,300		1,636,392
Rockwool International A/S, Class B	4,000		635,297
			4,369,759
Commodity Chemicals (0.95%)
Cabot Corp.	7,000		338,310
Methanex Corp.(b)	9,939		319,241
			657,551
Construction & Engineering (2.15%)
Comfort Systems U.S.A., Inc.	46,940		1,491,284
Construction Materials (15.62%)
Buzzi Unicem S.p.A.	110,000		1,896,250
Eagle Materials, Inc.	68,000		4,767,480
Headwaters, Inc.(a)	105,000		2,083,200
Martin Marietta Materials, Inc.	13,000		2,073,630
			10,820,560
Diversified Chemicals (13.10%)
Dow Chemical Co.	68,745		3,496,371
Eastman Chemical Co.	15,000		1,083,450
Huntsman Corp.	250,000		3,325,000
Olin Corp.	67,339		1,169,678
			9,074,499
Diversified Metals & Mining (0.52%)
Freeport-McMoRan, Inc.(b)	35,000		361,900
Electric Utilities (0.54%)
OGE Energy Corp.	13,000		372,190
Fertilizers & Agricultural Chemicals (4.29%)
Agrium, Inc.(b)	5,500		485,595
Monsanto Co.	28,300		2,483,042
			2,968,637
Integrated Oil & Gas (5.45%)
BP PLC	415,000		2,076,398
Royal Dutch Shell PLC, Sponsored ADR, Class A	35,000		1,695,750
			3,772,148
Oil & Gas Equipment & Services (0.74%)
Schlumberger, Ltd.	7,000		516,250
Oil & Gas Refining & Marketing (2.98%)
PBF Energy, Inc., Class A	41,214		1,368,305
Phillips 66	8,000		692,720
			2,061,025
Oil & Gas Storage & Transportation (2.35%)
Enbridge, Inc.	24,000		934,314

	Shares or Principal Amount	Value
Spectra Energy Corp.	10,000	$	306,000
Ultrapar Participacoes S.A., Sponsored ADR(b)	20,000		385,600
			1,625,914
Paper Packaging (5.11%)
Avery Dennison Corp.	7,200		519,192
Graphic Packaging Holding Co.	195,000		2,505,750
Smurfit Kappa Group PLC	20,000		515,469
			3,540,411
Paper Products (5.63%)
International Paper Co.	95,000		3,898,800
Research & Consulting Services (0.54%)
Hill International, Inc.(a)	110,217		371,431
Specialty Chemicals (8.35%)
Ashland, Inc.	13,000		1,429,480
Celanese Corp., Class A	17,000		1,113,500
PolyOne Corp.	60,000		1,815,000
Sherwin-Williams Co.	5,000		1,423,350
			5,781,330
Steel (0.55%)
Nucor Corp.	8,000		378,400
Total Common Stocks (Cost $55,200,882)			52,062,089
Exchange Traded Funds (9.28%)
iShares North American Natural Resources ETF(b)	112,000		3,329,760
Energy Select Sector SPDR Fund(b)	50,000		3,096,000
Total Exchange Traded Funds (Cost $6,681,608)			6,425,760
Collateral for Securities on Loan (6.54%)
State Street Navigator Prime Portfolio, 0.49%	4,531,692		4,531,692
Total Collateral for Securities on Loan (Cost $4,531,692)			4,531,692

The accompanying notes are an integral part of the financial statements.
16	www.iconfunds.com

ICON Natural Resources Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount	Value
Short-Term Investments (17.46%)
Time Deposits (17.46%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16	12,090,758	$	12,090,758
Total Short-Term Investments (Cost $12,090,758)			12,090,758
Total Investments (108.46%) (Cost $78,504,940)		$	75,110,299
Liabilities Less Other Assets (-8.46%)			(5,858,565)
Net Assets (100.00%)		$	69,251,734

^(a)  Non-income producing security.

^(b)  All or a portion of the security was on loan as of March 31, 2016.

ADR - American Depositary Receipt

Sector Composition (March 31, 2016)

Materials	54.12%
Energy	11.52%
Industrials	9.00%
Utilities	0.54%
	75.18%

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

Industry Composition (March 31, 2016)

Construction Materials	15.62%
Diversified Chemicals	13.10%
Specialty Chemicals	8.35%
Building Products	6.31%
Paper Products	5.63%
Integrated Oil & Gas	5.45%
Paper Packaging	5.11%
Fertilizers & Agricultural Chemicals	4.29%
Oil & Gas Refining & Marketing	2.98%
Oil & Gas Storage & Transportation	2.35%
Construction & Engineering	2.15%
Other Industries (each less than 1%)	3.84%
	75.18%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	17

ICON Utilities Fund	Schedule of Investments
	March 31, 2016 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (97.92%)
Electric Utilities (36.47%)
ALLETE, Inc.	20,700	$	1,160,649
American Electric Power Co., Inc.	33,700		2,237,680
Duke Energy Corp.	14,400		1,161,792
Edison International	40,500		2,911,545
Eversource Energy	28,400		1,656,856
NextEra Energy, Inc.	17,600		2,082,784
OGE Energy Corp.	81,500		2,333,345
Pinnacle West Capital Corp.	29,900		2,244,593
			15,789,244
Gas Utilities (11.33%)
National Fuel Gas Co.(a)	55,200		2,762,760
South Jersey Industries, Inc.	46,500		1,322,925
Southwest Gas Corp.	12,400		816,540
			4,902,225
Integrated Telecommunication Services (7.65%)
AT&T, Inc.	37,700		1,476,709
BCE, Inc.	24,500		1,115,730
Verizon Communications, Inc.	13,300		719,264
			3,311,703
Multi-Utilities (32.33%)
Ameren Corp.	39,900		1,998,990
Black Hills Corp.(a)	13,300		799,729
CenterPoint Energy, Inc.	99,800		2,087,816
CMS Energy Corp.	45,576		1,934,246
Dominion Resources, Inc.	10,800		811,296
DTE Energy Co.	25,700		2,329,962
Public Service Enterprise Group, Inc.	23,900		1,126,646
Sempra Energy	19,500		2,028,975
Vectren Corp.	17,400		879,744
			13,997,404
Oil & Gas Storage & Transportation (6.93%)
Magellan Midstream Partners L.P.	15,300		1,052,640
Ship Finance International, Ltd.(a)	75,500		1,048,695
TransCanada Corp.(a)	22,900		900,199
			3,001,534
Semiconductors (2.19%)
Monolithic Power Systems, Inc.	14,900		948,236
Water Utilities (1.02%)
Aqua America, Inc.	13,800		439,116
Total Common Stocks (Cost $38,834,599)			42,389,462

	Shares or Principal Amount	Value
Collateral for Securities on Loan (11.37%)
State Street Navigator Prime Portfolio, 0.49%	4,924,300	$	4,924,300
Total Collateral for Securities on Loan (Cost $4,924,300)			4,924,300
Short-Term Investments (5.76%)
Time Deposits (5.76%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/16	2,491,815		2,491,815
Total Short-Term Investments (Cost $2,491,815)			2,491,815
Total Investments (115.05%) (Cost $46,250,714)		$	49,805,577
Liabilities Less Other Assets (-15.05%)			(6,515,457)
Net Assets (100.00%)		$	43,290,120

^(a)  All or a portion of the security was on loan as of March 31, 2016.

Sector Composition (March 31, 2016)

Utilities	81.15%
Telecommunication Services	7.65%
Energy	6.93%
Information Technology	2.19%
	97.92%

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

Industry Composition (March 31, 2016)

Electric Utilities	36.47%
Multi-Utilities	32.33%
Gas Utilities	11.33%
Integrated Telecommunication Services	7.65%
Oil & Gas Storage & Transportation	6.93%
Semiconductors	2.19%
Water Utilities	1.02%
	97.92%

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

The accompanying notes are an integral part of the financial statements.
18	www.iconfunds.com

ICON Sector Funds	Statements of Assets and Liabilities
	March 31, 2016 (Unaudited)

	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Assets
Investments, at cost	$	46,937,888	$	20,169,577	$	425,226,576
Investments, at value(a)		47,523,466		21,764,448		381,862,314
Receivables:
Investments sold		323,930		–		4,482,917
Fund shares sold		38,286		73,494		520,139
Expense reimbursements due from Adviser		767		9,900		–
Dividends		16,275		29,267		221,598
Foreign tax reclaims		–		–		14,318
Other Assets		22,358		20,040		128,752
Total assets		47,925,082		21,897,149		387,230,038
Liabilities
Payables:
Payable for collateral received on securities loaned		1,229,214		153,950		39,957,778
Expense recoupment due to Adviser		–		–		211
Investments purchased		–		–		3,992,419
Fund shares redeemed		62,647		30,862		713,874
Advisory fees		39,023		17,131		285,673
Transfer agent fees		23,269		9,832		234,444
Fund accounting fees		5,144		1,791		35,442
Accrued distribution fees		686		2,150		10,668
Trustee fees and expenses		2,532		604		17,952
Administration fees		1,198		641		9,397
Accrued expenses		22,218		16,151		73,697
Total liabilities		1,385,931		233,112		45,331,555
Net Assets - all share classes	$	46,539,151	$	21,664,037	$	341,898,483
Net Assets - Class S	$	43,258,388	$	11,415,041	$	318,753,212
Net Assets - Class C	$	–	$	–	$	9,246,728
Net Assets - Class A	$	3,280,763	$	10,248,996	$	13,898,543
Net Assets Consists of
Paid-in capital	$	45,308,366	$	19,087,598	$	537,814,712
Accumulated undistributed net investment income/(loss)		(55,593)		8,707		1,845,325
Accumulated undistributed net realized gain/(loss)		700,800		972,861		(154,397,564)
Unrealized appreciation/(depreciation)		585,578		1,594,871		(43,363,990)
Net Assets	$	46,539,151	$	21,664,037	$	341,898,483
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,099,522		1,459,993		28,276,959
Class C		–		–		850,747
Class A		243,189		1,313,968		1,236,621
Net asset value (offering and redemption price per share)
Class S	$	13.96	$	7.82	$	11.27
Class C	$	–	$	–	$	10.87
Class A	$	13.49	$	7.80	$	11.24
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	14.31	$	8.28	$	11.92
(a) Includes securities on loan of	$	1,230,242	$	148,458	$	39,325,928

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	19

ICON Sector Funds	Statements of Assets and Liabilities
	March 31, 2016 (Unaudited)

	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Assets
Investments, at cost	$	60,545,784	$	80,191,511	$	12,616,418
Investments, at value(a)		54,324,163		76,154,733		14,294,575
Foreign currency, at value (Cost $8,678, $– and $–, respectively)		8,678		–		–
Receivables:
Investments sold		1,161,728		917,831		550,598
Fund shares sold		146,880		12,554		51,586
Expense reimbursements due from Adviser		2,484		6,154		11,813
Dividends		84,542		94,399		3,941
Foreign tax reclaims		1,980		4,543		–
Other Assets		22,827		33,895		15,128
Total assets		55,753,282		77,224,109		14,927,641
Liabilities
Payables:
Payable for collateral received on securities loaned		3,856,881		359,700		–
Investments purchased		1,511,921		–		779,836
Fund shares redeemed		74,782		111,368		19,259
Advisory fees		42,329		65,494		11,710
Transfer agent fees		14,268		65,779		14,612
Fund accounting fees		5,478		10,630		1,832
Accrued distribution fees		523		1,240		124
Trustee fees and expenses		2,691		6,408		848
Administration fees		1,260		1,825		362
Accrued expenses		19,514		33,895		18,052
Total liabilities		5,529,647		656,339		846,635
Net Assets - all share classes	$	50,223,635	$	76,567,770	$	14,081,006
Net Assets - Class S	$	47,565,204	$	71,108,544	$	13,457,908
Net Assets - Class A	$	2,658,431	$	5,459,226	$	623,098
Net Assets Consists of
Paid-in capital	$	144,506,648	$	85,554,050	$	31,783,343
Accumulated undistributed net investment income/(loss)		330,664		(122,218)		3,037
Accumulated undistributed net realized gain/(loss)		(88,392,056)		(4,827,284)		(19,383,531)
Unrealized appreciation/(depreciation)		(6,221,621)		(4,036,778)		1,678,157
Net Assets	$	50,223,635	$	76,567,770	$	14,081,006
Shares outstanding (unlimited shares authorized, no par value)
Class S		6,486,262		5,134,480		1,173,413
Class A		359,805		408,384		54,816
Net asset value (offering and redemption price per share)
Class S	$	7.33	$	13.85	$	11.47
Class A	$	7.39	$	13.37	$	11.37
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	7.84	$	14.18	$	12.06
(a) Includes securities on loan of	$	3,200,616	$	366,564	$	–

The accompanying notes are an integral part of the financial statements.
20	www.iconfunds.com

ICON Sector Funds	Statements of Assets and Liabilities
	March 31, 2016 (Unaudited)

	ICON Information Technology Fund		ICON Natural Resources Fund		ICON Utilities Fund
Assets
Investments, at cost	$	39,605,848	$	78,504,940	$	46,250,714
Investments, at value(a)		46,593,040		75,110,299		49,805,577
Receivables:
Investments sold		405,634		534,278		1,515,981
Fund shares sold		129,383		82,251		780,497
Expense reimbursements due from Adviser		5,390		5,085		–
Dividends		1,680		66,063		152,615
Foreign tax reclaims		–		–		–
Other Assets		19,173		30,343		17,793
Total assets		47,154,300		75,828,319		52,272,463
Liabilities
Payables:
Payable for collateral received on securities loaned		653,350		4,531,692		4,924,300
Expense recoupment due to Adviser		–		–		2,198
Investments purchased		847,444		1,854,106		3,924,793
Fund shares redeemed		56,101		68,350		69,562
Advisory fees		36,581		56,904		34,072
Transfer agent fees		24,922		35,338		6,111
Fund accounting fees		5,040		7,239		3,427
Accrued distribution fees		358		1,497		2,314
Trustee fees and expenses		2,403		3,640		1,261
Administration fees		1,122		1,856		1,187
Accrued expenses		19,545		15,963		13,118
Total liabilities		1,646,866		6,576,585		8,982,343
Net Assets - all share classes	$	45,507,434	$	69,251,734	$	43,290,120
Net Assets - Class S	$	43,677,670	$	64,695,518	$	32,194,172
Net Assets - Class C	$	–	$	1,027,802	$	–
Net Assets - Class A	$	1,829,764	$	3,528,414	$	11,095,948
Net Assets Consists of
Paid-in capital	$	30,513,762	$	79,512,810	$	38,646,222
Accumulated undistributed net investment income/(loss)		(402,568)		167,176		30,232
Accumulated undistributed net realized gain/(loss)		8,409,048		(7,033,611)		1,058,468
Unrealized appreciation/(depreciation)		6,987,192		(3,394,641)		3,555,198
Net Assets	$	45,507,434	$	69,251,734	$	43,290,120
Shares outstanding (unlimited shares authorized, no par value)
Class S		2,643,318		5,436,321		3,454,029
Class C		–		89,140		–
Class A		113,170		298,558		1,207,259
Net asset value (offering and redemption price per share)
Class S	$	16.52	$	11.90	$	9.32
Class C	$	–	$	11.53	$	–
Class A	$	16.17	$	11.82	$	9.19
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	17.15	$	12.54	$	9.75
(a) Includes securities on loan of	$	639,334	$	4,420,875	$	4,835,708

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	21

ICON Sector Funds	Statements of Operations
	Period Ended March 31, 2016 (Unaudited)

	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Investment Income
Interest	$	294	$	204	$	493
Dividends		283,469		122,575		6,079,957
Foreign taxes withheld		(2,841)		–		(105,394)
Income from securities lending, net		19,908		2,830		272,442
Total investment income		300,830		125,609		6,247,498
Expenses
Advisory fees		237,429		71,325		1,664,359
Administration fees		12,625		3,782		88,104
Transfer agent fees		41,784		21,313		463,126
Distribution fees:
Class C		–		–		47,088
Class A		4,134		7,530		17,003
Registration fees		13,906		10,648		26,399
Audit and tax service expense		11,845		11,756		12,630
Fund accounting fees		6,203		2,137		41,091
Trustee fees and expenses		4,186		1,014		29,697
Insurance expense		3,676		1,065		30,515
Custody fees		2,606		1,388		7,595
Printing fees		7,161		3,061		43,407
Interest expense		94		–		764
Recoupment of previously reimbursed expenses		–		690		–
Other expenses		12,896		4,498		79,413
Total expenses before expense reimbursement		358,545		140,207		2,551,191
Expense reimbursement by Adviser due to expense limitation agreement		(2,174)		(25,614)		–
Net Expenses		356,371		114,593		2,551,191
Net Investment Income/(Loss)		(55,541)		11,016		3,696,307
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		700,803		972,861		(48,871,516)
Foreign currency		–		–		12,323
		700,803		972,861		(48,859,193)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		2,684,029		491,425		54,858,485
		2,684,029		491,425		54,858,485
Net realized and unrealized gain/(loss)		3,384,832		1,464,286		5,999,292
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	3,329,291	$	1,475,302	$	9,695,599

The accompanying notes are an integral part of the financial statements.
22	www.iconfunds.com

ICON Sector Funds	Statements of Operations
	Period Ended March 31, 2016 (Unaudited)

	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Investment Income
Interest	$	35	$	84	$	43
Dividends		679,233		582,827		112,261
Foreign taxes withheld		(2,959)		–		–
Income from securities lending, net		27,499		634		1,566
Other Income		–		11,826		–
Total investment income		703,808		595,371		113,870
Expenses
Advisory fees		261,342		467,280		71,905
Administration fees		13,923		24,813		3,818
Transfer agent fees		36,424		113,644		20,797
Distribution fees:
Class A		2,711		14,282		762
Registration fees		12,841		21,017		10,542
Audit and tax service expense		11,819		12,042		11,791
Fund accounting fees		6,782		11,817		2,143
Trustee fees and expenses		4,555		9,818		1,282
Insurance expense		2,562		9,690		2,196
Custody fees		2,193		3,277		1,468
Printing fees		6,565		10,534		5,964
Interest expense		508		2,362		–
Other expenses		14,205		27,549		4,980
Total expenses before expense reimbursement		376,430		728,125		137,648
Expense reimbursement by Adviser due to expense limitation agreement		(3,286)		(10,536)		(29,003)
Net Expenses		373,144		717,589		108,645
Net Investment Income/(Loss)		330,664		(122,218)		5,225
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		(1,921,907)		(4,827,281)		70,883
Foreign currency		(94)		–		–
		(1,922,001)		(4,827,281)		70,883
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(2,065,411)		4,061,716		548,346
		(2,065,411)		4,061,716		548,346
Net realized and unrealized gain/(loss)		(3,987,412)		(765,565)		619,229
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(3,656,748)	$	(887,783)	$	624,454

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	23

ICON Sector Funds	Statements of Operations
	Period Ended March 31, 2016 (Unaudited)

	ICON Information Technology Fund		ICON Natural Resources Fund (a)		ICON Utilities Fund
Investment Income
Interest	$	78	$	137	$	35
Dividends		227,378		768,035		795,966
Foreign taxes withheld		–		(10,184)		(7,640)
Income from securities lending, net		9,257		15,125		5,445
Other Income		1,175		6		–
Total investment income		237,888		773,119		793,806
Expenses
Advisory fees		233,873		324,964		158,392
Administration fees		12,401		17,237		8,437
Transfer agent fees		50,228		75,655		25,688
Distribution fees:
Class C		–		3,993		–
Class A		2,478		3,626		9,344
Registration fees		11,608		15,323		10,999
Audit and tax service expense		11,841		12,699		11,767
Fund accounting fees		6,077		8,405		4,173
Trustee fees and expenses		4,133		5,847		2,200
Insurance expense		3,457		5,642		1,240
Custody fees		2,141		2,269		2,092
Printing fees		7,267		10,695		4,305
Interest expense		699		539		115
Recoupment of previously reimbursed expenses		525		10		10,116
Other expenses		12,777		17,177		8,221
Total expenses before expense reimbursement		359,505		504,081		257,089
Expense reimbursement by Adviser due to expense limitation agreement		(5,438)		(10,068)		(9,595)
Net Expenses		354,067		494,013		247,494
Net Investment Income/(Loss)		(116,179)		279,106		546,312
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		8,767,081		(6,189,353)		1,222,914
Foreign currency		–		(7,595)		(235)
		8,767,081		(6,196,948)		1,222,679
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(4,013,199)		11,622,994		4,390,351
		(4,013,199)		11,622,994		4,390,351
Net realized and unrealized gain/(loss)		4,753,882		5,426,046		5,613,030
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,637,703	$	5,705,152	$	6,159,342

^(a) Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

The accompanying notes are an integral part of the financial statements.
24	www.iconfunds.com

Intentionally Left Blank

ICON Sector Funds Statements of Changes in Net Assets

	ICON Consumer Discretionary Fund				ICON Consumer Staples Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	(55,541)	$	(279,889)	$	11,016	$	37,316
Net realized gain/(loss)		700,803		5,384,667		972,861		2,707,892
Change in net unrealized appreciation/(depreciation)		2,684,029		(1,319,349)		491,425		(738,309)
Net increase/(decrease) in net assets resulting from operations		3,329,291		3,785,429		1,475,302		2,006,899
Dividends and Distributions to Shareholders
Net investment income
Class S		(45)		–		(2,776)		(182,080)
Class C(a)		–		–		–		(27,681)
Class A(a)		(7)		–		(282)		(55,273)
Net realized gains
Class S		(4,142,558)		(7,437,716)		(1,689,533)		(2,549,485)
Class C(a)		–		(61,165)		–		(526,066)
Class A(a)		(324,738)		(598,384)		(1,018,358)		(758,214)
Net decrease from dividends and distributions		(4,467,348)		(8,097,265)		(2,710,949)		(4,098,799)
Fund Share Transactions
Shares Sold
Class S		2,664,118		21,689,352		6,398,234		9,344,934
Class C(a)		–		409,813		–		1,255,133
Class A(a)		773,022		3,370,795		7,913,696		2,230,956
Reinvested dividends and distributions
Class S		4,104,729		7,360,142		1,604,272		2,554,153
Class C(a)		–		52,431		–		201,008
Class A(a)		289,861		539,623		808,132		688,039
Shares repurchased
Class S		(7,405,299)		(35,671,860)		(4,397,498)		(27,906,883)
Class C(a)		–		(952,038)		–		(2,486,008)
Class A(a)		(661,278)		(3,081,029)		(1,680,583)		(1,473,943)
Net increase/(decrease) from fund share transactions		(234,847)		(6,282,771)		10,646,253		(15,592,611)
Total net increase/(decrease) in net assets		(1,372,904)		(10,594,607)		9,410,606		(17,684,511)
Net Assets
Beginning of period		47,912,055		58,506,662		12,253,431		29,937,942
End of period	$	46,539,151	$	47,912,055	$	21,664,037	$	12,253,431
Accumulated undistributed net investment income/(loss)	$	(55,593)	$	–	$	8,707	$	749

The accompanying notes are an integral part of the financial statements.
26	www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Consumer Discretionary Fund				ICON Consumer Staples Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		183,333		1,413,797		807,610		914,672
Class C(a)		–		29,106		–		124,315
Class A(a)		55,170		218,030		1,020,854		234,942
Issued to shareholders in reinvestment of distributions
Class S		307,240		502,056		212,768		275,267
Class C(a)		–		3,777		–		22,384
Class A(a)		22,418		37,710		107,322		74,225
Shares repurchased
Class S		(537,608)		(2,336,434)		(500,553)		(2,476,966)
Class C(a)		–		(69,108)		–		(276,761)
Class A(a)		(50,569)		(203,013)		(206,150)		(153,867)
Net increase/(decrease)		(20,016)		(404,079)		1,441,851		(1,261,789)
Shares outstanding, beginning of period		3,362,727		3,766,806		1,332,110		2,593,899
Shares outstanding, end of period		3,342,711		3,362,727		2,773,961		1,332,110

^(a)  Class C shares merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	27

ICON Sector Funds Statements of Changes in Net Assets

	ICON Energy Fund				ICON Financial Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	3,696,307	$	3,185,299	$	330,664	$	228,338
Net realized gain/(loss)		(48,859,193)		(91,275,818)		(1,922,001)		2,241,254
Change in net unrealized appreciation/(depreciation)		54,858,485		(125,848,879)		(2,065,411)		(4,690,498)
Net increase/(decrease) in net assets resulting from operations		9,695,599		(213,939,398)		(3,656,748)		(2,220,906)
Dividends and Distributions to Shareholders
Net investment income
Class S		(3,080,659)		(2,185,262)		–		(297,167)	(a)
Class C(b)		(46,988)		–		–		(1,205)	(a)
Class A(b)		(87,124)		(46,508)		–		(2,530)	(a)
Net realized gains
Class S		–		(91,546,420)		–		–
Class C(b)		–		(2,566,539)		–		–
Class A(b)		–		(4,344,666)		–		–
Net decrease from dividends and distributions		(3,214,771)		(100,689,395)		–		(300,902)
Fund Share Transactions
Shares Sold
Class S		69,003,755		155,430,206		8,956,358		33,196,366
Class C(b)		1,036,369		6,608,035		–		710,046
Class A(b)		2,822,339		9,095,784		1,250,093		2,012,530
Reinvested dividends and distributions
Class S		2,963,225		89,035,364		–		294,149
Class C(b)		40,797		2,100,297		–		1,038
Class A(b)		66,909		3,519,414		–		1,970
Shares repurchased
Class S		(79,776,225)		(246,946,411)		(6,953,099)		(14,305,860)
Class C(b)		(1,910,642)		(7,362,690)		–		(716,985)
Class A(b)		(3,875,062)		(11,211,290)		(453,026)		(489,118)
Net increase/(decrease) from fund share transactions		(9,628,535)		268,709		2,800,326		20,704,136
Total net increase/(decrease) in net assets		(3,147,707)		(314,360,084)		(856,422)		18,182,328
Net Assets
Beginning of period		345,046,190		659,406,274		51,080,057		32,897,729
End of period	$	341,898,483	$	345,046,190	$	50,223,635	$	51,080,057
Accumulated undistributed net investment income/(loss)	$	1,845,325	$	1,363,789	$	330,664	$	–

The accompanying notes are an integral part of the financial statements.
28	www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Energy Fund				ICON Financial Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		6,512,777		11,026,018		1,097,344		3,898,005	��
Class C(b)		98,511		467,829		–		83,078
Class A(b)		261,438		602,723		168,253		244,185
Issued to shareholders in reinvestment of distributions
Class S		278,237		6,310,086		–		37,808
Class C(b)		3,961		153,195		–		135
Class A(b)		6,294		250,314		–		251
Shares repurchased
Class S		(7,198,736)		(16,249,675)		(951,867)		(1,717,118)
Class C(b)		(177,792)		(484,637)		–		(92,318)
Class A(b)		(343,751)		(743,141)		(61,066)		(60,426)
Net increase/(decrease)		(559,061)		1,332,712		252,664		2,393,600
Shares outstanding, beginning of period		30,923,388		29,590,676		6,593,403		4,199,803
Shares outstanding, end of period		30,364,327		30,923,388		6,846,067		6,593,403

^(a)  The ICON Financial Fund had a distribution in excess of net investment income during the fiscal year ending September 30, 2015.

^(b)  Class C shares of the ICON Financial Fund merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	29

ICON Sector Funds Statements of Changes in Net Assets

	ICON Healthcare Fund				ICON Industrials Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	(122,218)	$	(757,081)	$	5,225	$	27,024
Net realized gain/(loss)		(4,827,281)		24,437,743		70,883		6,859,443
Change in net unrealized appreciation/(depreciation)		4,061,716		(16,999,189)		548,346		(7,128,021)
Net increase/(decrease) in net assets resulting from operations		(887,783)		6,681,473		624,454		(241,554)
Dividends and Distributions to Shareholders
Net investment income
Class S		–		–		–		(26,242)
Net realized gains
Class S		(18,074,606)		(29,325,742)		–		–
Class C(a)		–		(255,243)		–		–
Class A(a)		(2,959,679)		(3,330,588)		–		–
Net decrease from dividends and distributions		(21,034,285)		(32,911,573)		–		(26,242)
Fund Share Transactions
Shares Sold
Class S		2,402,025		82,146,215		610,389		7,116,799
Class C(a)		–		2,116,107		–		136,307
Class A(a)		652,368		12,844,606		200,386		520,264
Reinvested dividends and distributions
Class S		17,161,571		27,557,080		–		25,951
Class C(a)		–		226,826		–		–
Class A(a)		2,747,924		3,195,114		–		–
Shares repurchased
Class S		(24,855,785)		(140,472,115)		(2,008,531)		(28,551,022)
Class C(a)		–		(2,684,340)		–		(389,916)
Class A(a)		(10,044,483)		(8,127,702)		(192,744)		(199,180)
Net decrease from fund share transactions		(11,936,380)		(23,198,209)		(1,390,500)		(21,340,797)
Total net decrease in net assets		(33,858,448)		(49,428,309)		(766,046)		(21,608,593)
Net Assets
Beginning of period		110,426,218		159,854,527		14,847,052		36,455,645
End of period	$	76,567,770	$	110,426,218	$	14,081,006	$	14,847,052
Accumulated undistributed net investment income/(loss)	$	(122,218)	$	–	$	3,037	$	(2,188)

The accompanying notes are an integral part of the financial statements.
30	www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Healthcare Fund				ICON Industrials Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		154,062		3,948,413		53,636		581,655
Class C(a)		–		110,698		–		11,363
Class A(a)		41,407		646,369		17,645		45,927
Issued to shareholders in reinvestment of distributions
Class S		1,165,868		1,445,049		–		2,223
Class C(a)		–		12,714		–		–
Class A(a)		193,108		171,688		–		–
Shares repurchased
Class S		(1,519,492)		(6,673,617)		(182,589)		(2,357,106)
Class C(a)		–		(156,937)		–		(35,500)
Class A(a)		(708,126)		(430,358)		(17,712)		(16,775)
Net decrease		(673,173)		(925,981)		(129,020)		(1,768,213)
Shares outstanding, beginning of period		6,216,037		7,142,018		1,357,249		3,125,462
Shares outstanding, end of period		5,542,864		6,216,037		1,228,229		1,357,249

^(a)  Class C shares merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	31

ICON Sector Funds Statements of Changes in Net Assets

	ICON Information Technology Fund				ICON Natural Resources Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Period Ended March 31, 2016 (Unaudited) (a)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	(116,179)	$	(353,717)	$	279,106	$	213,173
Net realized gain/(loss)		8,767,081		6,605,486		(6,196,948)		13,500,660
Change in net unrealized appreciation/(depreciation)		(4,013,199)		(1,368,701)		11,622,994		(32,304,609)
Net increase/(decrease) in net assets resulting from operations		4,637,703		4,883,068		5,705,152		(18,590,776)
Dividends and Distributions to Shareholders
Net investment income
Class S		–		–		(322,749)		(208,262)
Class A(b)		–		–		(2,353)		–
Net realized gains
Class S		–		–		(4,489,113)		–
Class C(b)		–		–		(52,186)		–
Class A(b)		–		–		(201,365)		–
Net decrease from dividends and distributions		–		–		(5,067,766)		(208,262)
Fund Share Transactions
Shares Sold
Class S		8,653,658		21,010,894		9,347,332		21,981,237
Class C(b)		–		499,734		406,462		609,433
Class A(b)		869,969		4,813,274		1,287,644		1,846,097
Reinvested dividends and distributions
Class S		–		–		4,690,853		200,552
Class C(b)		–		–		43,566		–
Class A(b)		–		–		183,313		–
Shares repurchased
Class S		(14,617,303)		(30,795,176)		(10,252,165)		(37,934,905)
Class C(b)		–		(929,352)		(299,948)		(216,420)
Class A(b)		(2,549,094)		(2,189,088)		(1,109,030)		(5,884,751)
Net increase/(decrease) from fund share transactions		(7,642,770)		(7,589,714)		4,298,027		(19,398,757)
Total net increase/(decrease) in net assets		(3,005,067)		(2,706,646)		4,935,413		(38,197,795)
Net Assets
Beginning of period		48,512,501		51,219,147		64,316,321		102,514,116
End of period	$	45,507,434	$	48,512,501	$	69,251,734	$	64,316,321
Accumulated undistributed net investment income/(loss)	$	(402,568)	$	(286,389)	$	167,176	$	213,172

The accompanying notes are an integral part of the financial statements.
32	www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Information Technology Fund						ICON Natural Resources Fund
	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Period Ended March 31, 2016 (Unaudited) (a)			Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		538,074			1,431,875			812,088			1,483,591
Class C(b)		–			34,317			37,546			41,945
Class A(b)		56,416			324,948			114,996			125,254
Issued to shareholders in reinvestment of distributions
Class S		–			–			422,219			13,699
Class C(b)		–			–			4,038			–
Class A(b)		–			–			16,605			–
Shares repurchased
Class S		(926,789	)		(2,116,872	)		(891,058	)		(2,608,199	)
Class C(b)		–			(65,286	)		(24,903	)		(15,147	)
Class A(b)		(159,650	)		(142,668	)		(95,119	)		(413,339	)
Net increase/(decrease)		(491,949	)		(533,686	)		396,412			(1,372,196	)
Shares outstanding, beginning of period		3,248,437			3,782,123			5,427,607			6,799,803
Shares outstanding, end of period		2,756,488			3,248,437			5,824,019			5,427,607

^(a)  Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

^(b)  Class C shares of the ICON Information Technology Fund merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	33

ICON Sector Funds Statements of Changes in Net Assets

	ICON Utilities Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	546,312	$	646,343
Net realized gain/(loss)		1,222,679		940,502
Change in net unrealized appreciation/(depreciation)		4,390,351		(758,094)
Net increase/(decrease) in net assets resulting from operations		6,159,342		828,751
Dividends and Distributions to Shareholders
Net investment income
Class S		(428,235)		(485,422)
Class C(a)		–		(44,880)
Class A(a)		(113,003)		(92,640)
Net decrease from dividends and distributions		(541,238)		(622,942)
Fund Share Transactions
Shares Sold
Class S		13,333,515		12,850,414
Class C(a)		–		1,076,770
Class A(a)		5,659,192		4,507,405
Reinvested dividends and distributions
Class S		206,242		455,862
Class C(a)		–		7,444
Class A(a)		24,115		80,869
Shares repurchased
Class S		(4,534,815)		(12,269,919)
Class C(a)		–		(3,353,179)
Class A(a)		(1,802,521)		(1,458,476)
Net increase from fund share transactions		12,885,728		1,897,190
Total net increase in net assets		18,503,832		2,102,999
Net Assets
Beginning of period		24,786,288		22,683,289
End of period	$	43,290,120	$	24,786,288
Accumulated undistributed net investment income/(loss)	$	30,232	$	25,158

The accompanying notes are an integral part of the financial statements.
34	www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Utilities Fund
	Period Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		1,598,105		1,524,522
Class C(a)		–		132,246
Class A(a)		694,413		563,149
Issued to shareholders in reinvestment of distributions
Class S		25,780		55,665
Class C(a)		–		929
Class A(a)		3,056		9,994
Shares repurchased
Class S		(547,899)		(1,469,244)
Class C(a)		–		(421,473)
Class A(a)		(207,221)		(178,414)
Net increase		1,566,234		217,374
Shares outstanding, beginning of period		3,095,054		2,877,680
Shares outstanding, end of period		4,661,288		3,095,054

^(a)  Class C shares merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	35

ICON Consumer Discretionary Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	14.27		$	15.55	$	14.50	$	11.82	$	8.79	$	7.92
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.01)			(0.07)		(0.07)		(0.03)		0.03		(0.02)
Net realized and unrealized gains/(losses) on investments		1.04			1.03		1.12		2.73		3.00		0.89
Total from investment operations		1.03			0.96		1.05		2.70		3.03		0.87
Less dividends and distributions:
Dividends from net investment income		–			–		–		(0.02)		–		–
Distributions from net realized gains		(1.34)			(2.24)		–		–		–		–
Total dividends and distributions		(1.34)			(2.24)		–		(0.02)		–		–
Net asset value, end of period	$	13.96		$	14.27	$	15.55	$	14.50	$	11.82	$	8.79
Total Return		7.65%	(b)		5.80%		7.24%		22.91%		34.47%		10.98%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	43,258		$	44,913	$	55,476	$	39,883	$	58,314	$	34,123
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.46%	(c)		1.43%		1.46%		1.38%		1.40%		1.54%
After expense limitation/recoupment (d)		1.46%	(c)		1.43%		1.46%		1.38%		1.40%		1.54%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.20)%	(c)		(0.44)%		(0.47)%		(0.21)%		0.26%		(0.23)%
After expense limitation/recoupment		(0.20)%	(c)		(0.44)%		(0.47)%		(0.21)%		0.26%		(0.23)%
Portfolio turnover rate		65%	(b)		201%		202%		87%		91%		108%

^(a)  Calculated using the average shares method.

^(b)  Not Annualized.

^(c)  Annualized.

^(d)  The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable.

The accompanying notes are an integral part of the financial statements.
36	www.iconfunds.com

ICON Consumer Discretionary Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	13.88		$	15.24	$	14.25	$	11.65	$	8.75	$	7.92
Income/(loss) from investment operations:
Net investment income/(loss)(b)		(0.05)			(0.14)		(0.12)		(0.09)		(0.02)		(0.06)
Net realized and unrealized gains/(losses) on investments		1.00			1.02		1.11		2.69		2.92		0.89
Total from investment operations		0.95			0.88		0.99		2.60		2.90		0.83
Less dividends and distributions:
Distributions from net realized gains		(1.34)			(2.24)		–		–		–		–
Total dividends and distributions		(1.34)			(2.24)		–		–		–		–
Net asset value, end of period	$	13.49		$	13.88	$	15.24	$	14.25	$	11.65	$	8.75
Total Return(c)		7.28%	(d)		5.34%		6.95%		22.42%		33.03%		10.48%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,281		$	2,999	$	2,492	$	4,699	$	1,542	$	11
Ratio of expenses to average net assets
Before expense limitation/recoupment		2.12%	(e)		1.91%		1.76%		1.78%		1.78%		18.49%
After expense limitation/recoupment (f)		1.99%	(e)		1.91%		1.76%		1.78%		1.78%		1.98%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.84)%	(e)		(0.97)%		(0.80)%		(0.66)%		(0.20)%		(17.17)%
After expense limitation/recoupment		(0.71)%	(e)		(0.97)%		(0.80)%		(0.66)%		(0.20)%		(0.66)%
Portfolio turnover rate		65%	(d)		201%		202%		87%		91%		108%

^(a)  Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b)  Calculated using the average shares method.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	37

ICON Consumer Staples Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	9.20		$	11.55	$	11.18	$	10.20	$	8.61	$	8.08
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.01			0.04		0.11		0.21		0.14		0.10
Net realized and unrealized gains/(losses) on investments		0.81			0.98		1.31		0.98		1.69		0.52
Total from investment operations		0.82			1.02		1.42		1.19		1.83		0.62
Less dividends and distributions:
Dividends from net investment income		(0.00)	(b)		(0.22)		(0.03)		(0.21)		(0.24)		(0.09)
Distributions from net realized gains		(2.20)			(3.15)		(1.02)		–		–		–
Total dividends and distributions		(2.20)			(3.37)		(1.05)		(0.21)		(0.24)		(0.09)
Net asset value, end of period	$	7.82		$	9.20	$	11.55	$	11.18	$	10.20	$	8.61
Total Return		9.84%	(c)		8.66%		13.32%		11.75%		21.50%		7.64%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	11,415		$	8,651	$	25,731	$	33,813	$	37,567	$	20,614
Ratio of expenses to average net assets
Before expense limitation/recoupment		2.00%	(d)		1.87%		1.45%		1.51%		1.55%		1.57%
After expense limitation/recoupment (e)		1.50%	(d)		1.51%		1.45%		1.51%		1.51%		1.50%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.29)%	(d)		(0.01)%		0.94%		1.92%		1.40%		1.03%
After expense limitation/recoupment		0.21%	(d)		0.35%		0.94%		1.92%		1.44%		1.10%
Portfolio turnover rate		62%	(c)		16%		52%		91%		82%		110%

^(a)  Calculated using the average shares method.

^(b)  Amount less than $(0.005).

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
38	www.iconfunds.com

ICON Consumer Staples Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	9.19		$	11.58	$	11.23	$	10.24	$	8.68	$	8.08
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.00	(c)		0.02		0.07		0.14		0.11		0.11
Net realized and unrealized gains/(losses) on investments		0.81			0.97		1.32		1.03		1.68		0.58
Total from investment operations		0.81			0.99		1.39		1.17		1.79		0.69
Less dividends and distributions:
Dividends from net investment income		(0.00)	(d)		(0.23)		(0.02)		(0.18)		(0.23)		(0.09)
Distributions from net realized gains		(2.20)			(3.15)		(1.02)		–		–		–
Total dividends and distributions		(2.20)			(3.38)		(1.04)		(0.18)		(0.23)		(0.09)
Net asset value, end of period	$	7.80		$	9.19	$	11.58	$	11.23	$	10.24	$	8.68
Total Return(e)		9.68%	(f)		8.32%		12.99%		11.52%		20.94%		8.52%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	10,249		$	3,602	$	2,740	$	2,744	$	1,499	$	24
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.91%	(g)		2.12%		2.04%		1.84%		2.05%		7.60%
After expense limitation/recoupment (h)		1.75%	(g)		1.76%		1.75%		1.75%		1.77%		1.75%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.08)%	(g)		(0.15)%		0.35%		1.20%		0.82%		(4.60)%
After expense limitation/recoupment		0.08%	(g)		0.21%		0.64%		1.29%		1.10%		1.25%
Portfolio turnover rate		62%	(f)		16%		52%		91%		82%		110%

^(a)  Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b)  Calculated using the average shares method.

^(c)  Amount less than $0.005.

^(d)  Amount less than $(0.005).

^(e)  The total return calculation excludes any sales charges.

^(f)  Not Annualized.

^(g)  Annualized.

^(h)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	39

ICON Energy Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	11.17		$	22.30	$	22.59	$	19.18	$	16.64	$	16.69
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.13			0.11		0.11		0.18		0.16		0.16
Net realized and unrealized gains/(losses) on investments		0.08			(7.42)		0.33		3.51		2.93		–
Total from investment operations		0.21			(7.31)		0.44		3.69		3.09		0.16
Less dividends and distributions:
Dividends from net investment income		(0.11)			(0.09)		(0.06)		(0.28)		(0.15)		(0.21)
Distributions from net realized gains		–			(3.73)		(0.67)		–		(0.40)		–
Total dividends and distributions		(0.11)			(3.82)		(0.73)		(0.28)		(0.55)		(0.21)
Net asset value, end of period	$	11.27		$	11.17	$	22.30	$	22.59	$	19.18	$	16.64
Total Return		1.98%	(b)		(36.37)%		1.92%		19.55%		18.87%		0.80%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	318,753		$	320,486	$	615,541	$	659,581	$	567,054	$	556,393
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.49%	(c)		1.42%		1.28%		1.29%		1.23%		1.20%
After expense limitation/recoupment (d)		1.49%	(c)		1.42%		1.28%		1.29%		1.23%		1.20%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		2.26%	(c)		0.74%		0.46%		0.85%		0.87%		0.77%
After expense limitation/recoupment		2.26%	(c)		0.74%		0.46%		0.85%		0.87%		0.77%
Portfolio turnover rate		63%	(b)		154%		97%		88%		74%		88%

^(a)  Calculated using the average shares method.

^(b)  Not Annualized.

^(c)  Annualized.

^(d)  The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable.

The accompanying notes are an integral part of the financial statements.
40	www.iconfunds.com

ICON Energy Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	10.77		$	21.74		$	22.21		$	18.87		$	16.47		$	16.69
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.07			(0.04	)		(0.15	)		(0.05	)		(0.04	)		(0.10	)
Net realized and unrealized gains/(losses) on investments		0.08			(7.20	)		0.35			3.48			2.88			0.09
Total from investment operations		0.15			(7.24	)		0.20			3.43			2.84			(0.01	)
Less dividends and distributions:
Dividends from net investment income		(0.05	)		–			–			(0.09	)		(0.04	)		(0.21	)
Distributions from net realized gains		–			(3.73	)		(0.67	)		–			(0.40	)		–
Total dividends and distributions		(0.05	)		(3.73	)		(0.67	)		(0.09	)		(0.44	)		(0.21	)
Net asset value, end of period	$	10.87		$	10.77		$	21.74		$	22.21		$	18.87		$	16.47
Total Return(b)		1.46%	(c)		(36.99)%			0.83%			18.30%			17.50%			(0.23)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	9,247		$	9,972		$	17,170		$	14,691		$	8,257		$	4,718
Ratio of expenses to average net assets
Before expense limitation/recoupment		2.50%	(d)		2.43%			2.38%			2.35%			2.36%			2.47%
After expense limitation/recoupment (e)		2.50%	(d)		2.43%			2.38%			2.35%			2.36%			2.47%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		1.23%	(d)		(0.26)%			(0.65)%			(0.25)%			(0.20)%			(0.47)%
After expense limitation/recoupment		1.23%	(d)		(0.26)%			(0.65)%			(0.25)%			(0.20)%			(0.47)%
Portfolio turnover rate		63%	(c)		154%			97%			88%			74%			88%

^(a)  Calculated using the average shares method.

^(b)  The total return calculation excludes any sales charges.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	41

ICON Energy Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012		Year Ended September 30, 2011
Net asset value, beginning of period	$	11.11		$	22.20	$	22.50	$	19.12	$	16.59	$	16.69
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.11			0.07		0.04		0.11		0.11		0.08
Net realized and unrealized gains/(losses) on investments		0.09			(7.39)		0.35		3.51		2.91		0.03
Total from investment operations		0.20			(7.32)		0.39		3.62		3.02		0.11
Less dividends and distributions:
Dividends from net investment income		(0.07)			(0.04)		(0.02)		(0.24)		(0.09)		(0.21)
Distributions from net realized gains		–			(3.73)		(0.67)		–		(0.40)		–
Total dividends and distributions		(0.07)			(3.77)		(0.69)		(0.24)		(0.49)		(0.21)
Net asset value, end of period	$	11.24		$	11.11	$	22.20	$	22.50	$	19.12	$	16.59
Total Return(b)		1.87%	(c)		(36.55)%		1.67%		19.21%		18.47%		0.49%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	13,899		$	14,588	$	26,695	$	26,170	$	15,836	$	6,005
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.75%	(d)		1.66%		1.55%		1.61%		1.55%		1.70%
After expense limitation/recoupment (e)		1.75%	(d)		1.66%		1.55%		1.61%		1.55%		1.70%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		2.02%	(d)		0.50%		0.19%		0.51%		0.61%		0.38%
After expense limitation/recoupment		2.02%	(d)		0.50%		0.19%		0.51%		0.61%		0.38%
Portfolio turnover rate		63%	(c)		154%		97%		88%		74%		88%

^(a)  Calculated using the average shares method.

^(b)  The total return calculation excludes any sales charges.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
42	www.iconfunds.com

ICON Financial Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	7.74		$	7.83		$	7.47		$	6.04		$	4.69		$	5.55
Income/(loss) from investment operations:
Net investment income/ (loss)(a)		0.05			0.04			0.00	(b)		0.04			0.04			0.03
Net realized and unrealized gains/(losses) on investments		(0.46)			(0.08)			0.54			1.44			1.34			(0.87)
Total from investment operations		(0.41)			(0.04)			0.54			1.48			1.38			(0.84)
Less dividends and distributions:
Dividends from net investment income		–			(0.05)			(0.18)			(0.05)			(0.03)			(0.02)
Total dividends and distributions		–			(0.05)			(0.18)			(0.05)			(0.03)			(0.02)
Net asset value, end of period	$	7.33		$	7.74		$	7.83		$	7.47		$	6.04		$	4.69
Total Return		(5.30)%	(c)		(0.55)	%		7.27	%		24.68	%		29.54	%		(15.18)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	47,565		$	49,106		$	32,286		$	11,853		$	27,696		$	32,432
Ratio of expenses to average net assets
Before expense limitation/ recoupment		1.41%	(d)		1.49	%		1.64	%		1.47	%		1.39	%		1.40	%
After expense limitation/recoupment (e)		1.41%	(d)		1.49	%		1.50	%		1.47	%		1.39	%		1.40	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		1.28%	(d)		0.52	%		(0.20)	%		0.65	%		0.70	%		0.44	%
After expense limitation/ recoupment		1.28%	(d)		0.52	%		(0.06)	%		0.65	%		0.70	%		0.44	%
Portfolio turnover rate		28%	(c)		51	%		79	%		95	%		95	%		100	%

^(a)  Calculated using the average shares method.

^(b)  Amount less than $0.005.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	43

ICON Financial Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	7.82		$	7.89		$	7.37		$	5.99		$	4.68		$	5.55
Income/(loss) from investment operations:
Net investment income/ (loss)(b)		0.04			0.02			(0.02)			0.06			0.01			0.01
Net realized and unrealized gains/(losses) on investments		(0.47)			(0.07)			0.54			1.38			1.33			(0.86)
Total from investment operations		(0.43)			(0.05)			0.52			1.44			1.34			(0.85)
Less dividends and distributions:
Dividends from net investment income		–			(0.02)			–			(0.06)			(0.03)			(0.02)
Total dividends and distributions		–			(0.02)			–			(0.06)			(0.03)			(0.02)
Net asset value, end of period	$	7.39		$	7.82		$	7.89		$	7.37		$	5.99		$	4.68
Total Return(c)		(5.50)%	(d)		(0.69)	%		7.20	%		24.20	%		28.83	%		(15.36)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,658		$	1,974		$	541		$	936		$	9,278		$	24
Ratio of expenses to average net assets
Before expense limitation/ recoupment		2.06%	(e)		2.19	%		2.35	%		1.88	%		1.80	%		7.37	%
After expense limitation/ recoupment (f)		1.75%	(e)		1.75	%		1.75	%		1.76	%		1.77	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		0.66%	(e)		(0.15)	%		(0.86)	%		0.82	%		0.09	%		(5.50)	%
After expense limitation/ recoupment		0.97%	(e)		0.29	%		(0.26)	%		0.94	%		0.12	%		0.12	%
Portfolio turnover rate		28%	(d)		51	%		79	%		95	%		95	%		100	%

^(a)  Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b)  Calculated using the average shares method.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
44	www.iconfunds.com

ICON Healthcare Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	17.83		$	22.42		$	22.17		$	17.56		$	13.56		$	12.78
Income/(loss) from investment operations:
Net investment income/ (loss)(a)		(0.02)			(0.09)			(0.11)			0.03			0.17			0.12
Net realized and unrealized gains/(losses) on investments		(0.03)			1.02			6.18			4.75			3.97			0.73
Total from investment operations		(0.05)			0.93			6.07			4.78			4.14			0.85
Less dividends and distributions:
Dividends from net investment income		–			–			(0.03)			(0.17)			(0.14)			(0.07)
Distributions from net realized gains		(3.93)			(5.52)			(5.79)			–			–			–
Total dividends and distributions		(3.93)			(5.52)			(5.82)			(0.17)			(0.14)			(0.07)
Net asset value, end of period	$	13.85		$	17.83		$	22.42		$	22.17		$	17.56		$	13.56
Total Return		(1.58)%	(b)		2.55	%		32.27	%		27.48	%		30.76	%		6.66	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	71,109		$	95,109		$	148,261		$	92,171		$	100,938		$	75,116
Ratio of expenses to average net assets
Before expense limitation/ recoupment		1.53%	(c)		1.36	%		1.36	%		1.39	%		1.34	%		1.36	%
After expense limitation/recoupment (d)		1.51%	(c)		1.36	%		1.36	%		1.39	%		1.34	%		1.36	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/ recoupment		(0.25)%	(c)		(0.45)	%		(0.53)	%		0.13	%		1.08	%		0.85	%
After expense limitation/ recoupment		(0.23)%	(c)		(0.45)	%		(0.53)	%		0.13	%		1.08	%		0.85	%
Portfolio turnover rate		8%	(b)		141	%		188	%		112	%		48	%		84	%

^(a)  Calculated using the average shares method.

^(b)  Not Annualized.

^(c)  Annualized.

^(d)  The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	45

ICON Healthcare Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	17.37		$	22.01		$	21.92		$	17.42		$	13.53		$	12.78
Income/(loss) from investment operations:
Net investment income/ (loss)(b)		(0.04)			(0.14)			(0.14)			(0.03)			0.11			0.12
Net realized and unrealized gains/(losses) on investments		(0.03)			1.02			6.03			4.69			3.94			0.70
Total from investment operations		(0.07)			0.88			5.89			4.66			4.05			0.82
Less dividends and distributions:
Dividends from net investment income		–			–			(0.01)			(0.16)			(0.16)			(0.07)
Distributions from net realized gains		(3.93)			(5.52)			(5.79)			–			–			–
Total dividends and distributions		(3.93)			(5.52)			(5.80)			(0.16)			(0.16)			(0.07)
Net asset value, end of period	$	13.37		$	17.37		$	22.01		$	21.92		$	17.42		$	13.53
Total Return(c)		(1.77)%	(d)		2.33	%		31.72	%		26.95	%		30.19	%		6.42	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,459		$	15,317		$	10,878		$	3,748		$	390		$	126
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.75%	(e)		1.62	%		1.62	%		1.69	%		2.89	%		7.15	%
After expense limitation/recoupment (f)		1.75%	(e)		1.62	%		1.62	%		1.69	%		1.76	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.53)%	(e)		(0.69)	%		(0.66)	%		(0.15)	%		(0.46)	%		(4.58)	%
After expense limitation/recoupment		(0.53)%	(e)		(0.69)	%		(0.66)	%		(0.15)	%		0.67	%		0.82	%
Portfolio turnover rate		8%	(d)		141	%		188	%		112	%		48	%		84	%

^(a)  Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b)  Calculated using the average shares method.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
46	www.iconfunds.com

ICON Industrials Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	10.94		$	11.67		$	10.56		$	8.26		$	6.80		$	7.47
Income/(loss) from investment operations:
Net investment income/ (loss)(a)		0.00	(b)		0.01			0.01			0.06			0.07			0.07
Net realized and unrealized gains/(losses) on investments		0.53			(0.73)			1.16			2.35			1.48			(0.67)
Total from investment operations		0.53			(0.72)			1.17			2.41			1.55			(0.60)
Less dividends and distributions:
Dividends from net investment income		–			(0.01)			(0.06)			(0.11)			(0.09)			(0.07)
Total dividends and distributions		–			(0.01)			(0.06)			(0.11)			(0.09)			(0.07)
Net asset value, end of period	$	11.47		$	10.94		$	11.67		$	10.56		$	8.26		$	6.80
Total Return		4.84%	(c)		(6.15)	%		11.14	%		29.52	%		22.99	%		(8.21)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	13,458		$	14,251		$	35,883		$	34,409		$	39,621		$	50,653
Ratio of expenses to average net assets
Before expense limitation/recoupment		1.86%	(d)		1.53	%		1.41	%		1.46	%		1.40	%		1.36	%
After expense limitation/recoupment (e)		1.50%	(d)		1.50	%		1.41	%		1.46	%		1.40	%		1.36	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(0.28)%	(d)		0.07	%		0.07	%		0.60	%		0.91	%		0.80	%
After expense limitation/recoupment		0.08%	(d)		0.10	%		0.07	%		0.60	%		0.91	%		0.80	%
Portfolio turnover rate		32%	(c)		23	%		30	%		46	%		34	%		56	%

^(a)  Calculated using the average shares method.

^(b)  Amount less than $0.005.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	47

ICON Industrials Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period	$	10.86		$	11.58		$	10.45		$	8.10		$	6.76		$	7.47
Income/(loss) from investment operations:
Net investment income/ (loss)(b)		(0.01	)(c)		(0.02	)		(0.03	)		0.00	(d)		0.08			0.05
Net realized and unrealized gains/(losses) on investments		0.52			(0.70	)		1.16			2.36			1.35			(0.69	)
Total from investment operations		0.51			(0.72	)		1.13			2.36			1.43			(0.64	)
Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.01	)		(0.09	)		(0.07	)
Total dividends and distributions		–			–			–			(0.01	)		(0.09	)		(0.07	)
Net asset value, end of period	$	11.37		$	10.86		$	11.58		$	10.45		$	8.10		$	6.76
Total Return(e)		4.70%	(f)		(6.22)	%		10.81	%		29.20	%		21.21	%		(8.75)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	623		$	596		$	298		$	4,322		$	163		$	122
Ratio of expenses to average net assets
Before expense limitation/recoupment		3.04%	(g)		2.67	%		2.02	%		2.09	%		2.50	%		3.46	%
After expense limitation/recoupment (h)		1.75%	(g)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment		(1.47)%	(g)		(1.11)	%		(0.56)	%		(0.32)	%		0.18	%		(1.12)	%
After expense limitation/recoupment		(0.18)%	(g)		(0.19)	%		(0.29)	%		0.02	%		0.93	%		0.59	%
Portfolio turnover rate		32%	(f)		23	%		30	%		46	%		34	%		56	%

^(a)  Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b)  Calculated using the average shares method.

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

^(d) Amount less than $0.005.

^(e)  The total return calculation excludes any sales charges.

^(f)  Not Annualized.

^(g)  Annualized.

^(h)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
48	www.iconfunds.com

ICON Information Technology Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	14.95			$	13.55			$	11.44			$	10.72			$	8.22			$	8.05
Income/(loss) from investment operations:
Net investment income/ (loss)(a)			(0.04)				(0.09)				(0.07)				(0.02)				(0.02)				(0.04)
Net realized and unrealized gains/(losses) on investments			1.61				1.49				2.18				0.74				2.52				0.21
Total from investment operations			1.57				1.40				2.11				0.72				2.50				0.17
Net asset value, end of period		$	16.52			$	14.95			$	13.55			$	11.44			$	10.72			$	8.22
Total Return			10.50%	(b)			10.33	%			18.44	%			6.72	%			30.41	%			2.11	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	43,678			$	45,343			$	50,363			$	73,851			$	83,330			$	61,081
Ratio of expenses to average net assets
Before expense limitation/recoupment			1.51%	(c)			1.44	%			1.40	%			1.38	%			1.34	%			1.34	%
After expense limitation/recoupment (d)			1.50%	(c)			1.44	%			1.40	%			1.38	%			1.34	%			1.34	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			(0.50)%	(c)			(0.62)	%			(0.56)	%			(0.22)	%			(0.20)	%			(0.40)	%
After expense limitation/recoupment			(0.49)%	(c)			(0.62)	%			(0.56)	%			(0.22)	%			(0.20)	%			(0.40)	%
Portfolio turnover rate			56%	(b)			43	%			48	%			52	%			35	%			45	%

^(a)  Calculated using the average shares method.

^(b)  Not Annualized.

^(c)  Annualized.

^(d)  The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	49

ICON Information Technology Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of period		$	14.65			$	13.32		$	11.30		$	10.65		$	8.20		$	8.05
Income/(loss) from investment operations:
Net investment income/(loss)(b)			(0.05)				(0.14)			(0.11)			(0.05)			(0.06)			(0.05)
Net realized and unrealized gains/(losses) on investments			1.57				1.47			2.13			0.70			2.51			0.20
Total from investment operations			1.52				1.33			2.02			0.65			2.45			0.15
Net asset value, end of period		$	16.17			$	14.65		$	13.32		$	11.30		$	10.65		$	8.20
Total Return(c)			10.38%	(d)			9.99%			17.88%			6.10%			29.88%			1.86%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	1,830			$	3,170		$	455		$	2,330		$	1,400		$	1
Ratio of expenses to average net assets
Before expense limitation/recoupment			2.07%	(e)			1.90%			1.94%			2.23%			2.87%			215.56%
After expense limitation/recoupment (f)			1.75%	(e)			1.75%			1.75%			1.75%			1.75%			1.75%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			(0.99)%	(e)			(1.07)%			(1.10)%			(0.94)%			(1.71)%			(214.36)%
After expense limitation/recoupment			(0.67)%	(e)			(0.92)%			(0.91)%			(0.45)%			(0.59)%			(0.55)%
Portfolio turnover rate			56%	(d)			43%			48%			52%			35%			45%

^(a)  Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b)  Calculated using the average shares method.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
50	www.iconfunds.com

ICON Natural Resources Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited) (a)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	11.86			$	15.09			$	13.43			$	11.12			$	9.00			$	10.06
Income/(loss) from investment operations:
Net investment income/(loss)(b)			0.05				0.04				0.04				0.09				0.11				0.08
Net realized and unrealized gains/(losses) on investments			0.93				(3.23)				1.68				2.40				2.11				(1.08)
Total from investment operations			0.98				(3.19)				1.72				2.49				2.22				(1.00)
Less dividends and distributions:
Dividends from net investment income			(0.06)				(0.04)				(0.06)				(0.18)				(0.10)				(0.06)
Distributions from net realized gains			(0.88)				–				–				–				–				–
Total dividends and distributions			(0.94)				(0.04)				(0.06)				(0.18)				(0.10)				(0.06)
Net asset value, end of period		$	11.90			$	11.86			$	15.09			$	13.43			$	11.12			$	9.00
Total Return			8.83%	(c)			(21.22)	%			12.85	%			22.73	%			24.85	%			(10.07)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	64,696			$	60,404			$	93,610			$	65,782			$	41,627			$	59,068
Ratio of expenses to average net assets
Before expense limitation/recoupment			1.51%	(d)			1.42	%			1.36	%			1.45	%			1.39	%			1.33	%
After expense limitation/recoupment (e)			1.50%	(d)			1.42	%			1.36	%			1.45	%			1.39	%			1.33	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			0.87%	(d)			0.27	%			0.26	%			0.72	%			1.00	%			0.73	%
After expense limitation/recoupment			0.88%	(d)			0.27	%			0.26	%			0.72	%			1.00	%			0.73	%
Portfolio turnover rate			45%	(c)			48	%			33	%			56	%			41	%			63	%

^(a)  Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

^(b)  Calculated using the average shares method.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	51

ICON Natural Resources Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2016 (Unaudited) (a)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	11.51			$	14.77			$	13.24			$	10.94			$	8.92			$	10.06
Income/(loss) from investment operations:
Net investment income/(loss)(b)			(0.01)	(c)			(0.11)				(0.12)				(0.04)				0.00	(d)			(0.03)
Net realized and unrealized gains/(losses) on investments			0.91				(3.15)				1.65				2.38				2.08				(1.05)
Total from investment operations			0.90				(3.26)				1.53				2.34				2.08				(1.08)
Less dividends and distributions:
Dividends from net investment income			–				–				–				(0.04)				(0.06)				(0.06)
Distributions from net realized gains			(0.88)				–				–				–				–				–
Total dividends and distributions			(0.88)				–				–				(0.04)				(0.06)				(0.06)
Net asset value, end of period		$	11.53			$	11.51			$	14.77			$	13.24			$	10.94			$	8.92
Total Return(e)			8.32%	(f)			(22.07)	%			11.56	%			21.43	%			23.36	%			(10.87)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	1,028			$	834			$	675			$	218			$	195			$	120
Ratio of expenses to average net assets
Before expense limitation/recoupment			2.91%	(g)			2.94	%			4.17	%			4.12	%			4.29	%			4.11	%
After expense limitation/recoupment (h)			2.50%	(g)			2.50	%			2.50	%			2.50	%			2.51	%			2.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			(0.56)%	(g)			(1.22)	%			(2.51)	%			(1.95)	%			(1.82)	%			(1.91)	%
After expense limitation/recoupment			(0.15)%	(g)			(0.78)	%			(0.84)	%			(0.33)	%			(0.04)	%			(0.30)	%
Portfolio turnover rate			45%	(f)			48	%			33	%			56	%			41	%			63	%

^(a)  Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

^(b)  Calculated using the average shares method.

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

^(d) Amount less than $0.005.

^(e) The total return calculation excludes any sales charges.

^(f)  Not Annualized.

^(g)  Annualized.

^(h)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
52	www.iconfunds.com

ICON Natural Resources Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2016 (Unaudited) (a)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	11.75			$	14.96			$	13.36			$	11.07			$	8.97			$	10.06
Income/(loss) from investment operations:
Net investment income/(loss)(b)			0.03				(0.01)				(0.01)				0.05				0.08				0.05
Net realized and unrealized gains/(losses) on investments			0.93				(3.20)				1.67				2.38				2.10				(1.08)
Total from investment operations			0.96				(3.21)				1.66				2.43				2.18				(1.03)
Less dividends and distributions:
Dividends from net investment income			(0.01)				–				(0.06)				(0.14)				(0.08)				(0.06)
Distributions from net realized gains			(0.88)				–				–				–				–				–
Total dividends and distributions			(0.89)				–				(0.06)				(0.14)				(0.08)				(0.06)
Net asset value, end of period		$	11.82			$	11.75			$	14.96			$	13.36			$	11.07			$	8.97
Total Return(c)			8.68%	(d)			(21.46)	%			12.47	%			22.24	%			24.44	%			(10.37)	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	3,528			$	3,078			$	8,229			$	1,883			$	539			$	487
Ratio of expenses to average net assets
Before expense limitation/recoupment			2.02%	(e)			1.76	%			1.72	%			2.02	%			2.12	%			2.26	%
After expense limitation/ recoupment (f)			1.75%	(e)			1.75	%			1.72	%			1.75	%			1.76	%			1.74	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			0.33%	(e)			(0.06)	%			(0.07)	%			0.17	%			0.34	%			(0.07)	%
After expense limitation/recoupment			0.60%	(e)			(0.05)	%			(0.07)	%			0.44	%			0.70	%			0.45	%
Portfolio turnover rate			45%	(d)			48	%			33	%			56	%			41	%			63	%

^(a)  Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

^(b)  Calculated using the average shares method.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	53

ICON Utilities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	8.03			$	7.90			$	7.22			$	6.81			$	6.29			$	6.15
Income/(loss) from investment operations:
Net investment income/(loss)(a)			0.14				0.28				0.22				0.20				0.20				0.24
Net realized and unrealized gains/(losses) on investments			1.28				0.11				0.69				0.43				0.55				0.31
Total from investment operations			1.42				0.39				0.91				0.63				0.75				0.55
Less dividends and distributions:
Dividends from net investment income			(0.13)				(0.26)				(0.23)				(0.22)				(0.23)				(0.41)
Total dividends and distributions			(0.13)				(0.26)				(0.23)				(0.22)				(0.23)				(0.41)
Net asset value, end of period		$	9.32			$	8.03			$	7.90			$	7.22			$	6.81			$	6.29
Total Return			17.86%	(b)			4.93	%			12.69	%			9.25	%			12.01	%			9.16	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	32,194			$	19,107			$	17,920			$	29,117			$	23,524			$	21,313
Ratio of expenses to average net assets
Before expense limitation/recoupment			1.55%	(c)			1.70	%			1.52	%			1.62	%			1.53	%			1.61	%
After expense limitation/ recoupment (d)			1.50%	(c)			1.50	%			1.50	%			1.51	%			1.51	%			1.51	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			3.41%	(c)			3.12	%			2.84	%			2.71	%			3.00	%			3.75	%
After expense limitation/recoupment			3.46%	(c)			3.32	%			2.86	%			2.81	%			3.02	%			3.85	%
Portfolio turnover rate			92%	(b)			243	%			107	%			121	%			51	%			115	%

^(a)  Calculated using the average shares method.

^(b)  Not Annualized.

^(c)  Annualized.

^(d)  The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable.

The accompanying notes are an integral part of the financial statements.
54	www.iconfunds.com

ICON Utilities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2016 (Unaudited)				Year Ended September 30, 2015				Year Ended September 30, 2014				Year Ended September 30, 2013				Year Ended September 30, 2012				Year Ended September 30, 2011
Net asset value, beginning of period		$	7.92			$	7.81			$	7.14			$	6.73			$	6.24			$	6.15
Income/(loss) from investment operations:
Net investment income/(loss)(b)			0.14				0.26				0.21				0.18				0.20				0.34
Net realized and unrealized gains/(losses) on investments			1.24				0.11				0.68				0.42				0.53				0.17
Total from investment operations			1.38				0.37				0.89				0.60				0.73				0.51
Less dividends and distributions:
Dividends from net investment income			(0.11)				(0.26)				(0.22)				(0.19)				(0.24)				(0.42)
Total dividends and distributions			(0.11)				(0.26)				(0.22)				(0.19)				(0.24)				(0.42)
Net asset value, end of period		$	9.19			$	7.92			$	7.81			$	7.14			$	6.73			$	6.24
Total Return(c)			17.61%	(d)			4.63	%			12.44	%			8.96	%			11.81	%			8.56	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$	11,096			$	5,679			$	2,517			$	2,402			$	7,113			$	449
Ratio of expenses to average net assets
Before expense limitation/recoupment			1.86%	(e)			1.89	%			1.81	%			1.74	%			1.70	%			185.34	%
After expense limitation/ recoupment (f)			1.75%	(e)			1.75	%			1.75	%			1.74	%			1.70	%			1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation/recoupment			3.31%	(e)			3.04	%			2.69	%			2.55	%			3.03	%			(178.27)	%
After expense limitation/recoupment			3.42%	(e)			3.18	%			2.75	%			2.55	%			3.03	%			5.32	%
Portfolio turnover rate			92%	(d)			243	%			107	%			121	%			51	%			115	%

^(a)  Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b)  Calculated using the average shares method.

^(c)  The total return calculation excludes any sales charges.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  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, when applicable.

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report  |  March 31, 2016	55

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (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 Natural Resources Fund (formerly the 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 two classes of shares: Class A and Class S. The ICON Energy Fund and the ICON Natural Resources Fund also offer a Class C share. On September 25, 2015, the Class C shares of the ICON Consumer Discretionary Fund, ICON Consumer Staples Fund, ICON Financial Fund, ICON Healthcare Fund, ICON Industrials Fund, ICON Information Technology Fund, and ICON Utilities Fund were merged into the respective Class A shares of the Fund. The Class C shares of each of the Funds noted above were closed. The merger activity is shown in the Statement of Changes in Net Assets. All classes have equal rights as to earnings, assets, and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently eight other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

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

The Funds, like all investments in securities, have elements of risk, including risk of loss of principal. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar investment 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 mid-cap investing, including limited product lines, less liquidity and small market share.

The ICON Energy Fund has a significant weighting in the Integrated Oil & Gas industry, the ICON Healthcare Fund has a significant weighting in the Biotechnology industry and the Pharmaceuticals industry, the ICON Industrials Fund has a significant weighting in the Aerospace & Defense 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 (“GAAP”) 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. Each Fund is considered an investment company for financial reporting purposes under GAAP.

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. If the NYSE closes unexpectedly and there is active trading on other exchanges, the securities will be valued at the Valuation Time based off of those exchanges. 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

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ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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. Exchange traded options shall be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. 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.

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, 2016:

ICON Consumer Discretionary Fund

Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	37,060,133	$	–	$	–	$	37,060,133
Collateral for Securities on Loan		–		1,229,214		–		1,229,214
Short-Term Investments		–		9,234,119		–		9,234,119
Total	$	37,060,133	$	10,463,333	$	–	$	47,523,466

Semi-Annual Report  |  March 31, 2016 57

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

ICON Consumer Staples Fund

Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	14,424,289	$	–	$	–	$	14,424,289
Collateral for Securities on Loan		–		153,950		–		153,950
Short-Term Investments
Money Market Funds		5,000,000		–		–		5,000,000
Time Deposits		–		2,186,209		–		2,186,209
Total	$	19,424,289	$	2,340,159	$	–	$	21,764,448
ICON Energy Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	325,236,192	$	–	$	–	$	325,236,192
Put Options Purchased		347,400		–		–		347,400
Collateral for Securities on Loan		–		39,957,778		–		39,957,778
Short-Term Investments		–		16,320,944		–		16,320,944
Total	$	325,583,592	$	56,278,722	$	–	$	381,862,314
ICON Financial Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	49,392,747	$	–	$	–	$	49,392,747
Collateral for Securities on Loan		–		3,856,881		–		3,856,881
Short-Term Investments		–		1,074,535		–		1,074,535
Total	$	49,392,747	$	4,931,416	$	–	$	54,324,163
ICON Healthcare Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	73,586,255	$	–	$	–	$	73,586,255
Collateral for Securities on Loan		–		359,700		–		359,700
Short-Term Investments		–		2,208,778		–		2,208,778
Total	$	73,586,255	$	2,568,478	$	–	$	76,154,733
ICON Industrials Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	12,248,337	$	–	$	–	$	12,248,337
Short-Term Investments		–		2,046,238		–		2,046,238
Total	$	12,248,337	$	2,046,238	$	–	$	14,294,575
ICON Information Technology Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	44,344,975	$	–	$	–	$	44,344,975
Collateral for Securities on Loan		–		653,350		–		653,350
Short-Term Investments		–		1,594,715		–		1,594,715
Total	$	44,344,975	$	2,248,065	$	–	$	46,593,040

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ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

ICON Natural Resources Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Total
Common Stocks
Building Products		3,734,462		635,297		–			4,369,759
Construction Materials		8,924,310		1,896,250		–			10,820,560
Integrated Oil & Gas		1,695,750		2,076,398		–			3,772,148
Paper Packaging		3,024,942		515,469		–			3,540,411
Other		29,559,211		–		–	��		29,559,211
Exchange Traded Funds	$	6,425,760	$	–	$	–		$	6,425,760
Collateral for Securities on Loan		–		4,531,692		–			4,531,692
Short-Term Investments		–		12,090,758		–			12,090,758
Total	$	53,364,435	$	21,745,864	$	–		$	75,110,299
ICON Utilities Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Total
Common Stocks	$	42,389,462	$	–	$	–		$	42,389,462
Collateral for Securities on Loan		–		4,924,300		–			4,924,300
Short-Term Investments		–		2,491,815		–			2,491,815
Total	$	42,389,462	$	7,416,115	$	–		$	49,805,577

^*  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, 2016.

For the ICON Natural Resources Fund, common stocks valued at $2,076,398 were transferred from Level 1 to Level 2 during the period ended March 31, 2016. At September 30, 2015, these securities were valued using quoted market prices in active markets without using fair value adjustment factors; at March 31, 2016, these securities were valued using quoted market prices in active markets with fair value adjustment factors. No other funds had transfer activity.

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

Fund Share Valuation

Fund shares are sold and redeemed on a 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.

Semi-Annual Report  |  March 31, 2016 59

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

Options Transactions

The Funds’ use of derivatives for the period ended March 31, 2016 was limited to purchased options.

The Funds may 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.

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, 2016, the Energy Fund engaged in purchased put option transactions. All open option contracts are included on each Fund’s Schedule of Investments.

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

ICON Energy Fund	Asset Derivatives			Liability Derivatives
Risk Exposure	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity Contracts (Purchased Options)	Investments, at value	$	347,400	N/A		N/A
Total		$	347,400		$	–

ICON Energy Fund Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Equity Contracts (Purchased Options)	Net realized gain/(loss) on investments/Change in unrealized net appreciation/(depreciation) on investments and foreign currency	$	2,424,351	$	(1,048,099)
Total		$	2,424,351	$	(1,048,099)

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ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

The average purchased option contracts during the period ended March 31, 2016, was as follows:

Derivative Type	Unit of Measurement	Average+
ICON Energy Fund
Purchased Options	Contracts	9,254++

⁺  The average is calculated based on the actual number of days with outstanding derivatives.

⁺⁺  During the period ended March 31, 2016, the Energy Fund had outstanding purchased option contracts for 49 days.

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

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but 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, 2016, is included in the Statement of Operations.

The value of the collateral could include collateral held for securities that were sold on or before March 31,2016. It may also include collateral received from the pre-funding of security loans.

The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of March 31, 2016:

Remaining contractual maturity of the lending agreement
	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Market Value		Collateral Received		Amounts due to/(from) counterparty
Securities Lending Transactions
ICON Consumer Discretionary Fund
Equity Securities	$	1,230,242	$	–	$	–	$	–	$	1,230,242	$	1,229,214	$	(1,028)
ICON Consumer Staples Fund
Equity Securities		148,458		–		–		–		148,458		153,950		5,492
ICON Energy Fund
Equity Securities		39,325,928		–		–		–		39,325,928		39,957,778		631,850
ICON Financial Fund
Equity Securities		3,200,616		–		–		–		3,200,616		3,856,881		656,265
ICON Healthcare Fund
Equity Securities		366,564		–		–		–		366,564		359,700		(6,864)
ICON Information Technology Fund
Equity Securities		639,334		–		–		–		639,334		653,350		14,016
ICON Natural Resources Fund
Equity Securities		4,420,875		–		–		–		4,420,875		4,531,692		110,817
ICON Utilities Fund
Equity Securities		4,835,708		–		–		–		4,835,708		4,924,300		88,592
Total Loans									$	54,167,725	$	55,666,865	$	1,499,140

Semi-Annual Report  |  March 31, 2016 61

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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.

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.

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ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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

Fund	Printing Fees		Transfer Agent Fees		Registration Fees
ICON Consumer Discretionary Fund
Class S	$	6,487	$	36,487	$	9,253
Class A		674		5,297		4,653
ICON Consumer Staples Fund
Class S		2,266		16,957		7,194
Class A		795		4,356		3,454
ICON Energy Fund
Class S		40,227		433,822		21,517
Class C		1,196		11,470		2,822
Class A		1,984		17,834		2,060
ICON Financial Fund
Class S		6,268		33,619		9,574
Class A		297		2,805		3,267
ICON Healthcare Fund
Class S		9,313		102,043		16,850
Class A		1,221		11,601		4,167
ICON Industrials Fund
Class S		5,749		18,865		8,401
Class A		215		1,932		2,141
ICON Information Technology Fund
Class S		6,988		47,519		9,156
Class A		279		2,709		2,452
ICON Natural Resources Fund
Class S		9,863		71,135		9,915
Class C		203		880		1,705
Class A		629		3,640		3,703
ICON Utilities Fund
Class S		3,770		21,004		7,102
Class A		535		4,684		3,897

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, acquired fund fees and expenses 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%	–	1.99%
ICON Consumer Staples Fund	1.50%	–	1.75%
ICON Energy Fund	1.50%	2.50%	1.75%
ICON Financial Fund	1.50%	–	1.75%
ICON Healthcare Fund	1.50%	–	1.75%
ICON Industrials Fund	1.50%	–	1.75%
ICON Information Technology Fund	1.50%	–	1.75%
ICON Natural Resources Fund	1.50%	2.50%	1.75%
ICON Utilities Fund	1.50%	–	1.75%

Semi-Annual Report  |  March 31, 2016 63

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

The Funds’ expense limitations will continue in effect until at least January 31, 2017. 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, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2016		Expires 2017		Expires 2018		Expires 2019
ICON Consumer Discretionary Fund	$	–	$	–	$	–	$	2,174
ICON Consumer Staples Fund		627		7,639		51,836		25,614
ICON Financial Fund		5,294		5,985		3,685		3,286
ICON Healthcare Fund		–		–		–		10,536
ICON Industrials Fund		1,117		1,798		12,439		29,003
ICON Information Technology Fund		2,832		1,744		1,632		5,438
ICON Natural Resources Fund		1,573		8,051		3,887		10,068
ICON Utilities Fund		18,845		6,592		31,663		9,595

Accounting, Custody and Transfer Agent Fees

Effective March 1, 2016, ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Funds. Prior to March 1, 2016, State Street Bank and Trust Company (“State Street”) served as the fund accounting agent for the Funds. For its services, the Trust pays ALPS 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. Effective after the close of business on April 8, 2016, ALPS assumed the transfer agent services for the Trust.

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 31,2016, 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.

Effective March 1, 2016, ICON Advisers has a sub-administration agreement with ALPS under which ALPS assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays ALPS a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust. Prior to March 1, 2016, the sub-administration agreement was between ICON Advisers and State Street.

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.

64 www.iconfunds.com

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

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, along with other employee related expenses, is paid by ICON Advisers. For the period ended March 31,2016, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Funds may reimburse ICON Advisers for legal work performed for the Funds by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2016, the total related amounts paid by the Funds under this arrangement was $7,731 and is 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 28, 2016, the maximum borrowing limit was changed from $75 million to $50 million. Prior to March 28, 2015, the maximum borrowing limit was $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street.

For the period ended March 31,2016, the average outstanding loan by Fund was as follows:

Fund*	Average Borrowing (10/1/15-3/31/16)^		Average Interest Rates (10/1/15-3/31/16)^
ICON Consumer Discretionary Fund	$	130,031	1.63%
ICON Energy Fund		8,487,961	1.62%
ICON Financial Fund		301,933	1.52%
ICON Healthcare Fund		1,886,074	1.55%
ICON Information Technology Fund		740,150	1.59%
ICON Natural Resources Fund		420,607	1.57%
ICON Utilities Fund		328,665	1.42%

* There were no outstanding borrowings under this agreement/arrangement as of March 31, 2016.

^ The average is calculated based on the actual number of days with outstanding borrowings.

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the period ended March 31, 2016, 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	$	27,414,475	$	38,517,022
ICON Consumer Staples Fund		8,690,754		7,077,528
ICON Energy Fund		204,279,787		212,987,163
ICON Financial Fund		17,673,581		14,425,600
ICON Healthcare Fund		7,120,245		42,293,904
ICON Industrials Fund		4,295,751		7,145,717
ICON Information Technology Fund		25,800,404		31,721,038
ICON Natural Resources Fund		28,263,238		39,392,681
ICON Utilities Fund		41,307,422		28,945,938

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, partnership adjustments, and net investment losses.

Semi-Annual Report  |  March 31, 2016 65

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

For the year ended September 30, 2015, the following Funds had capital loss carryforwards:

Fund	Expiring in 2017		Expiring in 2018
ICON Financial Fund	$	42,760,779	$	43,715,782
ICON Industrials Fund		–		19,454,414
ICON Information Technology Fund		–		357,887
ICON Utilities Fund		–		79,699

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, 2015, the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Financial Fund	$	2,242,158
ICON Industrials Fund		6,885,305
ICON Information Technology Fund		6,605,630
ICON Natural Resources Fund		9,498,011
ICON Utilities Fund		1,048,867

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, 2015, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains
ICON Consumer Discretionary Fund	$	3,159,255	$	4,938,010
ICON Consumer Staples Fund		1,055,012		3,043,787
ICON Energy Fund		5,883,708		94,805,687
ICON Financial Fund		300,902		–
ICON Healthcare Fund		17,398,269		15,513,304
ICON Industrials Fund		26,242		–
ICON Natural Resources Fund		208,262		–
ICON Utilities Fund		622,942		–

As of September 30, 2015, 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 Carryforward		Unrealized Appreciation/ (Depreciation)**		Total Accumulated Earnings/ (Deficit)
ICON Consumer Discretionary Fund	$	1,967,754	$	2,499,539	$	–	$	–	$	(2,098,451)	$	2,368,842
ICON Consumer Staples Fund		526,008		2,182,632		–		–		1,103,446		3,812,086
ICON Energy Fund		1,572,544		–		(94,470,875)		–		(109,498,726)		(203,397,057)
ICON Financial Fund		–		–		–		(86,476,561)		(4,149,704)		(90,626,265)
ICON Healthcare Fund		16,435,757		4,598,525		–		–		(8,098,494)		12,935,788
ICON Industrials Fund		–		–		(2,188)		(19,454,414)		1,129,811		(18,326,791)
ICON Information Technology Fund		–		–		(286,389)		(357,889)		11,000,247		10,355,969
ICON Natural Resources Fund		213,172		3,909,487		–		–		(15,021,121)		(10,898,462)
ICON Utilities Fund		25,158		–		–		(79,699)		(919,665)		(974,206)

* 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.

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

66 www.iconfunds.com

ICON Sector Funds	Notes to Financial Statements
	March 31, 2016 (Unaudited)

As of March 31, 2016, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
ICON Consumer Discretionary Fund	$	1,962,791	$	(1,377,213	)	$	585,578		$	46,937,888
ICON Consumer Staples Fund		1,858,383		(263,512	)		1,594,871			20,169,577
ICON Energy Fund		5,018,610		(62,651,348	)		(57,632,738	)		439,495,052
ICON Financial Fund		950,576		(7,249,631	)		(6,299,055	)		60,623,218
ICON Healthcare Fund		2,397,581		(6,434,360	)		(4,036,779	)		80,191,512
ICON Industrials Fund		2,169,051		(490,894	)		1,678,157			12,616,418
ICON Information Technology Fund		8,463,737		(1,479,894	)		6,983,843			39,609,197
ICON Natural Resources Fund		3,421,012		(6,815,653	)		(3,394,641	)		78,504,940
ICON Utilities Fund		3,886,390		(417,236	)		3,469,154			46,336,423

7. SUBSEQUENT EVENTS

Effective after the close of business on April 8, 2016, ALPS became the Trust’s transfer agent.

Semi-Annual Report  |  March 31, 2016 67

ICON Sector Funds	Disclosure of Fund Expenses
	March 31, 2016 (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 (10/01/15 – 3/31/16).

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), 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 October 1, 2015	Ending Account Value March 31, 2016	Expense Ratio(a)	Expenses Paid During period October 1, 2015 - March 31, 2016(b)
ICON Consumer Discretionary Fund
Class S
Actual	$  1,000.00	$  1,076.50	1.46%	$  7.58
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.70	1.46%	$  7.36
Class A
Actual	$  1,000.00	$  1,072.80	1.99%	$    10.31
Hypothetical (5% return before expenses)	$  1,000.00	$  1,015.05	1.99%	$    10.02
ICON Consumer Staples Fund
Class S
Actual	$  1,000.00	$  1,098.40	1.50%	$  7.87
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.50	1.50%	$  7.57
Class A
Actual	$  1,000.00	$  1,096.80	1.75%	$  9.17
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$  8.82

68 www.iconfunds.com

ICON Sector Funds	Disclosure of Fund Expenses
	March 31, 2016 (Unaudited)

	Beginning Account Value October 1, 2015	Ending Account Value March 31, 2016	Expense Ratio(a)	Expenses Paid During period October 1, 2015 - March 31, 2016(b)
ICON Energy Fund
Class S
Actual	$  1,000.00	$  1,019.80	1.49%	$    7.52
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.55	1.49%	$    7.52
Class C
Actual	$  1,000.00	$  1,014.60	2.50%	$     12.59
Hypothetical (5% return before expenses)	$  1,000.00	$  1,012.50	2.50%	$     12.58
Class A
Actual	$  1,000.00	$  1,018.70	1.75%	$    8.83
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$    8.82
ICON Financial Fund
Class S
Actual	$  1,000.00	$     947.00	1.41%	$    6.86
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.95	1.41%	$    7.11
Class A
Actual	$  1,000.00	$     945.00	1.75%	$    8.51
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$    8.82
ICON Healthcare Fund
Class S
Actual	$  1,000.00	$     984.20	1.51%	$    7.49
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.45	1.51%	$    7.62
Class A
Actual	$  1,000.00	$      982.30	1.75%	$    8.67
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$    8.82
ICON Industrials Fund
Class S
Actual	$  1,000.00	$  1,048.40	1.50%	$    7.68
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.50	1.50%	$    7.57
Class A
Actual	$  1,000.00	$  1,047.00	1.75%	$    8.96
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$    8.82
ICON Information Technology Fund
Class S
Actual	$  1,000.00	$  1,105.00	1.50%	$    7.89
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.50	1.50%	$    7.57
Class A
Actual	$  1,000.00	$  1,103.80	1.75%	$    9.20
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$    8.82
ICON Natural Resources Fund(c)
Class S
Actual	$  1,000.00	$  1,088.30	1.50%	$    7.83
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.50	1.50%	$    7.57
Class C
Actual	$  1,000.00	$  1,083.20	2.50%	$      13.02
Hypothetical (5% return before expenses)	$  1,000.00	$  1,012.50	2.50%	$      12.58
Class A
Actual	$  1,000.00	$  1,086.80	1.75%	$  9.13
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$  8.82

Semi-Annual Report  |  March 31, 2016 69

ICON Sector Funds	Disclosure of Fund Expenses
	March 31, 2016 (Unaudited)

	Beginning Account Value October 1, 2015	Ending Account Value March 31, 2016	Expense Ratio(a)	Expenses Paid During period October 1, 2015 - March 31, 2016(b)
ICON Utilities Fund
Class S
Actual	$  1,000.00	$  1,178.60	1.50%	$  8.17
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.50	1.50%	$  7.57
Class A
Actual	$  1,000.00	$  1,176.10	1.75%	$  9.52
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.25	1.75%	$  8.82

^(a)  The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/366 (to reflect the half-year period).

^(c)  Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

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

70 www.iconfunds.com

ICON Sector Funds	Additional Information
	March 31, 2016 (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.

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.

Semi-Annual Report  |  March 31, 2016 71

ICON Sector Funds	Privacy Policy
	March 31, 2016 (Unaudited)

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: •      Social Security number and account balances •      income and transaction history •      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.

72 www.iconfunds.com

ICON Sector Funds	Privacy Policy
	March 31, 2016 (Unaudited)

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 •      open an account or enter into an investment advisory contract •      provide account information or give us your contact information •      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 •      sharing for affiliates’ everyday business purposes — information about your creditworthiness •      affiliates from using your information to market to you •      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. •      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. •      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. •      ICON doesn’t jointly market

Semi-Annual Report  |  March 31, 2016 73

For more information about the ICON Funds, contact us:
By Telephone	1-800-764-0442
By E-Mail	info@iconadvisers.com
By Mail	ICON Funds | P.O. Box 1920 | Denver, CO 80201
In Person	ICON Funds | 5299 DTC Boulevard, 12th Floor
	Greenwood Village, CO 80111
On the Internet	www.iconfunds.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    June 3, 2016                        

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    June 3, 2016                        

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

Date    June 3, 2016                        

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