Icon Funds NCSR Certified 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 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: September 30, 2016

Item 1. Reports to Stockholders.

LOGO

Diversified Funds

ICON Bond Fund

ICON Equity Income Fund

ICON Fund

ICON Long/Short Fund

ICON Opportunities Fund

ICON Risk-Managed Balanced Fund

LOGO

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

Management Overview (Unaudited) and Schedules of Investments

ICON Bond Fund			6

ICON Equity Income Fund			8

ICON Fund			14

ICON Long/Short Fund			18

ICON Opportunities Fund			22

ICON Risk-Managed Balanced Fund			26

Financial Statements			35

Financial Highlights			44

Notes to Financial Statements			60

Report of Independent Registered Public Accounting Firm			73

Disclosure of Fund Expenses (Unaudited)			74

Board of Trustees and Fund Officers (Unaudited)			76

Additional Information (Unaudited)			77

Privacy Policy			81


ICON Diversified Funds		About This Report
		September 30, 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 September 30, 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		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmark?

For the Fund’s fiscal year ended September 30, 2016, the ICON Bond Fund (the Fund) Class S shares outperformed its benchmark, the Barclays Capital U.S. Universal Index (ex-MBS). The Fund returned 7.54% while the Barclays Capital U.S. Universal Index (ex-MBS) returned 6.89%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

Similar to last year, many investors began fiscal year 2016 anticipating upward pressure on interest rates as the Federal Reserve began a tightening cycle. However, as the year unfolded, the combination of falling commodity prices and global economic volatility created yet another year of falling interest rates and rallying bond prices. The yield on the 10-year U.S. Treasury began the fiscal year at about 2.04%, rose to 2.34% in mid-November 2015 as investors began pricing in the anticipated rate rise, fell to 1.36% in early July 2016 as prospects for increasing rates fell, and finally finished the fiscal year at 1.59%. In addition to the volatility in the U.S. Treasury market, corporate bond spreads experienced volatility of their own as default concerns for commodity related companies spiked when the price of oil and other industrial metals collapsed to current cycle lows during the first half of the fiscal year. However, those concerns were short-lived as the commodity market calmed and corporate bond spreads reversed course to finish the fiscal year slightly tighter than where they began.

Over the course of the fiscal year, the Fund maintained a lower overall duration and underexposure to U.S. Treasuries relative to the benchmark, which proved to be a headwind from a curve return standpoint. However, this curve underperformance was offset by positive returns in specific segments of the corporate bond market, closed-end fund arbitrage plays, and investments in preferred securities, resulting in outperformance relative to the benchmark over the course of the fiscal year.

Q.	How did the Fund’s composition affect performance?

As stated above, the Fund outperformed its benchmark during the fiscal year. The outperformance stemmed from positive allocation effect, mainly from selections in the preferred share segment of the market and an overweight position in corporate credit which produced strong relative returns over the course of the fiscal year. Closed-end fund positions also produced strong returns relative to the benchmark, contributing positively to the Fund’s performance. The Fund also had positive selection effect in the corporate bond segment of the market where holdings within the Industrials, Financials, and Energy sectors of the market experienced larger spread tightening movement than the broad market.

Negative allocation effect came from the Fund’s underexposure to both U.S. Treasuries and Securitized Debt. Based on our internal assumption of risk and returns, we felt as though an overweight allocation to these segments of the market was unwarranted and would rather look to focus on bottom up security selection.

Q.	What is your investment outlook for the bond market?

At the end of fiscal year 2016, both investment grade and high yield corporate bond spreads were trading at levels that we deemed close to fair value. With spreads at these levels we are focused on our bottom up approach to find issue specific opportunities. While we don’t anticipate a substantial upward movement in interest rates over the course of the next 12 months, the Fund is positioned in the lower portion of its duration range as we move into fiscal year 2017. We continue to shy away from interest rate forecasts and remain steadfast in our search for issue specific opportunities. While future bond market volatility might be substantial, we believe our bottom up investment methodology will help the Fund navigate the changing market.



Annual Report \| September 30, 2016		3


ICON Bond Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date		1 Year		5 Years		10 Years		Since Inception		Gross Expense Ratio*		Net Expense Ratio*
ICON Bond Fund - Class S		5/6/04		7.54%		4.38%		4.92%		4.66%		1.06%		0.90%
ICON Bond Fund - Class C		10/21/02		6.59%		3.49%		4.04%		4.13%		2.34%		1.75%
ICON Bond Fund - Class A		9/30/10		7.25%		4.14%		N/A		3.43%		1.51%		1.15%
ICON Bond Fund - Class A
(including maximum sales charge of 4.75%)		9/30/10		2.12%		3.14%		N/A		2.60%		1.51%		1.15%
Barclays Capital U.S. Universal Index				6.11%		3.62%		5.00%		5.09%		N/A		N/A
Barclays Capital U.S. Universal Index (ex-MBS)				6.89%		3.96%		5.06%		5.30%		N/A		N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Bond Fund’s Class S shares on the Class’ inception date of 5/6/04 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Bond Fund’s other share classes will vary due to differences in charges and expenses. The Bond Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



4		www.iconfunds.com


ICON Bond Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount			Value
Corporate Bonds (59.18%)
Consumer Discretionary (1.16%)
International Game
Technology
5.35%, 10/15/23		$	1,000,000		$	1,010,000


Consumer Staples (13.55%)
Bumble Bee Holdings, Inc.
9.00%, 12/15/17^(a)			650,000			653,250
CVS Health Corp.
4.75%, 12/01/22			2,500,000			2,835,678
Innovation Ventures LLC /
Innovation Ventures
Finance Corp.
9.50%, 08/15/19^(a)			1,500,000			1,577,250
Kraft Heinz Foods Co.
4.88%, 02/15/25^(a)			3,711,000			4,093,426
Molson Coors Brewing Co.
3.00%, 07/15/26			1,300,000			1,309,842
WhiteWave Foods Co.
5.38%, 10/01/22			1,200,000			1,363,500

						11,832,946


Financial (24.96%)
Aircastle, Ltd.
5.00%, 04/01/23			1,400,000			1,463,000
Ally Financial, Inc.
8.00%, 03/15/20			2,493,000			2,848,252
American Equity Investment
Life Holding Co.
6.63%, 07/15/21			500,000			521,188
Berkshire Hathaway, Inc.
2.75%, 03/15/23			500,000			519,825
E*TRADE Financial Corp.
5.38%, 11/15/22			500,000			533,010
Infinity Property & Casualty Corp.
5.00%, 09/19/22			640,000			679,146
International Lease Finance Corp.
5.88%, 08/15/22			1,500,000			1,663,125
KeyCorp Capital II
6.88%, 03/17/29			1,094,000			1,241,865
Liberty Mutual Insurance Co.
7.88%, 10/15/26^(a)			1,135,000			1,442,613
MBIA, Inc.
6.63%, 10/01/28			2,439,000			2,512,170
MetLife Capital Trust IV
7.88%, 12/15/37^(a)			1,000,000			1,254,598
Neuberger Berman Group
LLC / Neuberger Berman
Finance Corp.
5.88%, 03/15/22^(a)			765,000			798,469
NTC Capital I, Series A
1.20%, 01/15/27^(b)			1,500,000			1,297,500


	Shares or Principal Amount			Value
Financial (continued)
Prudential Financial, Inc.
8.88%, 06/15/38^(b)		$	1,000,000		$	1,110,000
SouthTrust Bank
6.13%, 01/09/28			750,000			910,490
State Street Capital Trust I
1.38%, 05/15/28^(b)			1,250,000			1,125,000
USB Realty Corp.
1.83%, 01/15/17^(a)(b)			2,100,000			1,884,750

						21,805,001


Health Care (6.44%)
Amsurg Corp.
5.63%, 11/30/20			300,000			308,250
HCA Holdings, Inc.
5.25%, 04/15/25			2,500,000			2,665,625
Highmark, Inc.,
6.13%, 05/15/41^(a)(c)			600,000			585,286
St. Jude Medical, Inc.
3.88%, 09/15/25			1,935,000			2,063,544

						5,622,705


Industrials (7.00%)
General Electric Co., Series D
5.00%, 01/21/21^(b)			1,625,000			1,728,025
Ingersoll-Rand Co.
6.39%, 11/15/27			1,260,000			1,495,730
Overseas Shipholding Group, Inc.
8.13%, 03/30/18^(c)			1,000,000			1,052,500
Spirit AeroSystems, Inc.
5.25%, 03/15/22			1,750,000			1,839,414

						6,115,669


Information Technology (3.09%)
Lender Processing Services,
Inc. / Black Knight
Lending Solutions, Inc.
5.75%, 04/15/23			2,565,000			2,699,662


Materials (0.60%)
USG Corp.
5.88%, 11/01/21^(a)			500,000			523,125


Telecommunication Services (2.38%)
EarthLink Holdings Corp.
7.38%, 06/01/20			1,000,000			1,051,250
Lee Enterprises, Inc.
9.50%, 03/15/22^(a)(d)			1,000,000			1,032,500

						2,083,750


Total Corporate Bonds
(Cost $51,062,150)						51,692,858

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

Annual Report | September 30, 2016


ICON Bond Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Convertible Corporate Bonds (2.38%)
Telecommunication Services (2.38%)
Clearwire Communications LLC / Clearwire Finance, Inc. 8.25%, 12/01/40^(a)	$	2,000,000	$	2,077,500


Total Convertible Corporate Bonds (Cost $2,032,341)				2,077,500


U.S. Treasury Obligations (3.43%)
U.S. Treasury Note 1.50%, 08/15/26		1,000,000		990,977
U.S. Treasury Note 1.63%, 02/15/26		2,000,000		2,004,922


Total U.S. Treasury Obligations (Cost $2,957,717)				2,995,899


Collateralized Mortgage Obligations (12.56%)
Citigroup Mortgage Loan Trust, Inc., Series 2013-J1, Class B3 3.54%, 02/25/38^(a)(b)(c)		480,268		470,699
Green Tree, Inc., Series 2008-HE1, Class A 9.50%, 03/25/38^(a)(b)(c)		425,715		449,897
MASTR Seasoned Securitization Trust, Inc., Series 2005-1, Class 1A1 6.52%, 09/25/32^(b)		1,060,839		1,146,938
Mill City Mortgage Trust, Series 2015-1, Class M3 3.20%, 10/25/32^(a)(b)(c)		800,000		781,497
New Residential Mortgage Loan Trust, Series 2016-1A, Class B3 5.56%, 03/25/56^(a)(b)(c)		489,658		511,588
Sequoia Mortgage Trust, Inc., Series 2013-12, Class B3 4.23%, 12/25/43^(a)(b)(c)		755,957		766,794
Towd Point Mortgage Trust, Inc., Series 2015-1, Class A5 3.51%, 06/25/29^(a)(b)(c)		2,500,000		2,461,658
Towd Point Mortgage Trust, Inc., Series 2015-4, Class M2 3.75%, 01/25/27^(a)(b)(c)		2,000,000		1,984,399


	Shares or Principal Amount		Value

Collateralized Mortgage Obligations (continued)
Towd Point Mortgage Trust, Inc., Series 2015-2, Class 2M1 3.75%, 12/25/24^(a)(b)(c)	$	1,500,000	$	1,560,369
Towd Point Mortgage Trust, Inc., Series 2015-6, Class M2 3.75%, 02/25/28^(a)(b)(c)		300,000		304,303
Velocity Commercial Capital Loan Trust, Inc., Series 2014-1, Class M3 6.89%, 02/25/24^(a)(b)(c)		500,000		530,313


Total Collateralized Mortgage Obligations (Cost $10,903,445)				10,968,455


Preferred Stocks (5.39%)
Diversified Banks (4.11%)
GMAC Capital Trust I, Series 2		141,292		3,590,229


Diversified Operations (0.83%)
Pitney Bowes International Holdings, Inc., Series F^(a)(c)		700		721,219


Office REIT’s (0.45%)
Gramercy Property Trust, Inc., Series A^(c)(d)		14,634		397,167


Total Preferred Stocks (Cost $4,548,684)				4,708,615


Closed-End Mutual Funds (9.79%)
BlackRock Income Trust, Inc.^(d)		99,117		642,278
Deutsche High Income Trust		187,002		1,722,289
Deutsche Multi-Market Income Trust		182,344		1,559,041
Deutsche Strategic Income Trust		16,735		202,828
First Trust Mortgage Income Fund		68,894		992,763
Franklin Limited Duration Income Trust^(d)		88,437		1,069,203
Morgan Stanley Income Securities, Inc.		72,031		1,362,827

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

www.iconfunds.com


ICON Bond Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Closed-End Mutual Funds (continued)
Pacholder High Yield Fund, Inc.		140,118	$	999,041


Total Closed-End Mutual Funds (Cost $8,292,846)				8,550,270


Collateral for Securities on Loan (1.25%)
State Street Navigator Prime Portfolio, 0.30%		1,092,875		1,092,875


Total Collateral for Securities on Loan (Cost $1,092,875)				1,092,875


Short-Term Investments (6.45%)
Time Deposits (6.45%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		5,636,472		5,636,472


Total Short-Term Investments (Cost $5,636,472)				5,636,472


Total Investments (100.43%) (Cost $86,526,530)			$	87,722,944

Liabilities Less Other Assets (-0.43%)				(377,105)


Net Assets (100.00%)			$	87,345,839

^(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 September 30, 2016, these securities had a total aggregate market value of $26,465,503, representing 30.30% of net assets.

^(b)

Floating Rate Security. Rate disclosed is as of September 30, 2016.

^(c)

These securities are considered to be illiquid. The aggregate value of these securities at September 30, 2016 was $12,577,689, which represent 14.40% of the Fund’s net assets.

^(d)

All or a portion of the security was on loan as of September 30, 2016.

REIT - Real Estate Investment Trust


Credit Diversification (September 30, 2016)
A-*			1.31%
A3			6.91%
Aa2			0.59%
Aa3			1.04%
Aaa			3.43%
B1			3.94%
B2			1.93%
B3			2.16%
Ba1			9.51%
Ba2			1.16%
Ba3			5.06%
Baa1			3.83%
Baa2			15.32%
Baa3			9.79%
BBB*			0.54%
BBB-*			0.60%
Caa1			1.20%
NR			9.23%

Total:			77.55%

*	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 convertible 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.

Annual Report | September 30, 2016


ICON Equity Income Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Equity Income Fund (the Fund) Class S shares returned 13.30% for the fiscal year ending September 30, 2016, lagging its benchmark, the S&P Composite 1500 Index, which returned 15.49% during the fiscal year. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

As the fiscal year began, our valuation methodology calculated an overall average value-to-price (V/P) ratio for the equity market of 1.09, meaning we believed fair value for the equity market as a whole was approximately 9% higher than where stocks were trading. While we were anticipating positive returns, the market exceeded our expectations. Stocks with high dividend yields did particularly well over the course of the fiscal year. For example, the Utilities and Telecommunication Services sectors, both comprised largely of stocks with high dividend yields, were up 18.7% and 26.6%, respectively, for the one year period ending September 30, 2016, as measured by the S&P 1500 Utilities Index and the S&P 1500 Telecommunication Services Index. In part, the demand for high dividend yielding stocks came from the decline in interest rates as the 10-year U.S. Treasury fell from approximately 2.04% to approximately 1.60% over the course of the year. High dividend yielding stocks can be an attractive income alternative in a low interest rate environment.

Despite the Fund’s tilt toward relatively high dividend yielding stocks, it still lagged the S&P 1500 Index, primarily due to the Fund’s positions in fixed income.

Q.	How did the Fund’s composition affect performance?

The Fund’s stock selection within the Information Technology sector was the largest detractor to the Fund’s performance relative to the benchmark. The Fund’s holdings in the Information Technology sector returned about 8.5% while the benchmark returns for this sector were above 22%. The Fund’s holdings in the Technology Hardware, Storage & Peripherals industry were particularly difficult for the Fund, with a net loss to the Fund versus a positive return for the benchmark. Further, the Fund’s use of protective puts resulted in a net loss for the Fund as the market rose.

The Utilities sector helped to offset some of the losses from the Information Technology sector. The Fund was overweight the Utilities sector compared to the benchmark and this overweight position coupled with stock selection within the sector contributed to the Fund’s performance. The Fund’s holdings in the Multi-Utilities industry were particularly beneficial to the Fund.

Q.	What is the outlook for the ICON Equity Income Fund?

The overall average V/P ratio for the stocks we track within our system was 1.09 as of September 30, 2016. Given this V/P ratio, we believe the market can continue to rise over the next year, and the Fund currently has an equity to fixed income allocation of approximately 90% equity and 10% fixed income. Additionally, based on our valuation readings, the Fund has a notable position in the Financial sector. We will continue to monitor the equity market to find the best combination of value and dividend for our investors.



8		www.iconfunds.com


ICON Equity Income Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year		5 Years		10 Years		Since Inception		Gross Expense Ratio*		Net Expense Ratio*
ICON Equity Income Fund - Class S	5/10/04		13.30%		13.04%		5.80%		6.69%		1.60%		1.55%
ICON Equity Income Fund - Class C	11/8/02		12.15%		11.93%		4.74%		6.91%		2.69%		2.55%
ICON Equity Income Fund - Class A	5/31/06		12.97%		12.76%		5.52%		5.38%		1.87%		1.80%
ICON Equity Income Fund - Class A
(including maximum sales charge of 5.75%)	5/31/06		6.49%		11.43%		4.90%		4.78%		1.87%		1.80%
S&P Composite 1500 Index			15.49%		16.44%		7.44%		9.10%		N/A		N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Equity Income Fund’s Class S shares on the Class’ inception date of 5/10/04 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Equity Income Fund’s other share classes will vary due to differences in charges and expenses. The Equity Income Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



Annual Report \| September 30, 2016		9


ICON Equity Income Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Corporate Bonds (1.60%)
Financial (1.20%)
E*TRADE Financial Corp. 5.38%, 11/15/22	$	200,000	$	213,204
Ironshore Holdings U.S., Inc. 8.50%, 05/15/20^(a)		500,000		568,251

				781,455


Materials (0.40%)
Westlake Chemical Corp. 4.88%, 05/15/23^(a)		250,000		261,733


Total Corporate Bonds (Cost $1,043,622)				1,043,188


Convertible Corporate Bonds (0.40%)
Telecommunication Services (0.40%)
Clearwire Communications LLC / Clearwire Finance, Inc. 8.25%, 12/01/40^(a)		250,000		259,688


Total Convertible Corporate Bonds (Cost $254,981)				259,688


Collateralized Mortgage Obligations (1.03%)
Green Tree, Inc., Series 2008-HE1, Class A 9.50%, 03/25/38^(a)(b)(c)		170,286		179,958
Towd Point Mortgage Trust, Inc., Series 2015-1, Class A5 3.51%, 06/25/29^(a)(b)(c)		500,000		492,332


Total Collateralized Mortgage Obligations (Cost $675,503)				672,290


Common Stocks (89.38%)
Aerospace & Defense (1.66%)
Boeing Co.		8,200		1,080,268


Apparel Retail (1.55%)
Buckle, Inc.^(d)		42,000		1,009,260


Asset Management & Custody Banks (1.74%)
Legg Mason, Inc.		33,800		1,131,624


Auto Parts & Equipment (1.96%)
Magna International, Inc.		29,700		1,275,615


Automobile Manufacturers (2.63%)
Ford Motor Co.		91,100		1,099,577


	Shares or Principal Amount		Value

Automobile Manufacturers (continued)
Nissan Motor Co., Ltd., Sponsored ADR		31,400	$	616,696

				1,716,273


Biotechnology (1.75%)
AbbVie, Inc.		18,100		1,141,567


Communications Equipment (1.74%)
Harris Corp.		12,400		1,135,964


Data Processing & Outsourced Services (4.45%)
Automatic Data Processing, Inc.		13,100		1,155,420
Broadridge Financial Solutions, Inc.		9,400		637,226
Xerox Corp.		109,600		1,110,248

				2,902,894


Electric Utilities (0.82%)
American Electric Power Co., Inc.		8,300		532,943


Electronic Manufacturing Services (1.89%)
TE Connectivity, Ltd.		19,100		1,229,658


Fertilizers & Agricultural Chemicals (1.66%)
Agrium, Inc.^(d)		11,900		1,079,211


Gas Utilities (0.95%)
National Fuel Gas Co.		11,400		616,398


Health Care Distributors (1.90%)
Cardinal Health, Inc.		15,900		1,235,430


Home Improvement Retail (1.90%)
Home Depot, Inc.		9,600		1,235,328


Homefurnishing Retail (1.28%)
Williams-Sonoma, Inc.^(d)		16,300		832,604


Hotels, Resorts & Cruise Lines (3.50%)
Royal Caribbean Cruises, Ltd.		17,000		1,274,150
Wyndham Worldwide Corp.		15,000		1,009,950

				2,284,100


Household Appliances (1.64%)
Whirlpool Corp.		6,600		1,070,256


Housewares & Specialties (1.88%)
Tupperware Brands Corp.		18,700		1,222,419


Integrated Telecommunication Services (2.84%)
AT&T, Inc.		29,500		1,197,995
BCE, Inc.		14,200		655,756

				1,853,751

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

www.iconfunds.com


ICON Equity Income Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Life & Health Insurance (2.06%)
Lincoln National Corp.		28,600	$	1,343,628


Mortgage REIT’s (0.98%)
Annaly Capital Management, Inc., REIT		61,000		640,500


Movies & Entertainment (3.61%)
Regal Entertainment Group, Class A^(d)		53,700		1,167,975
Time Warner, Inc.		14,900		1,186,189

				2,354,164


Multi-line Insurance (3.74%)
Hartford Financial Services Group, Inc.		29,700		1,271,754
Horace Mann Educators Corp.		31,900		1,169,135

				2,440,889


Multi-Utilities (2.22%)
Dominion Resources, Inc.		11,500		854,105
DTE Energy Co.		6,300		590,121

				1,444,226


Oil & Gas Equipment & Services (1.12%)
Bristow Group, Inc.^(d)		51,900		727,638


Oil & Gas Exploration & Production (1.00%)
Cabot Oil & Gas Corp.		25,200		650,160


Oil & Gas Refining & Marketing (2.63%)
HollyFrontier Corp.		32,300		791,350
Tesoro Corp.		11,600		922,896

				1,714,246


Oil & Gas Storage & Transportation (1.47%)
Ship Finance International, Ltd.^(d)		65,200		960,396


Packaged Foods & Meats (1.80%)
B&G Foods, Inc.		23,800		1,170,484


Paper Packaging (1.00%)
International Paper Co.		13,600		652,528


Pharmaceuticals (5.83%)
Bristol-Myers Squibb Co.		11,800		636,256
Eli Lilly & Co.		8,800		706,288
Merck & Co., Inc.		10,300		642,823
Novo Nordisk A/S, Sponsored ADR		16,600		690,394
Pfizer, Inc.		33,100		1,121,097

				3,796,858


Property & Casualty Insurance (5.97%)
AmTrust Financial Services, Inc.		38,800		1,041,004
Chubb, Ltd.		7,700		967,505


	Shares or Principal Amount		Value

Property & Casualty Insurance (continued)
Stewart Information Services Corp.		28,100	$	1,249,045
XL Group PLC		18,900		635,607

				3,893,161


Railroads (1.80%)
Union Pacific Corp.		12,000		1,170,360


Regional Banks (4.24%)
Fifth Third Bancorp		62,900		1,286,934
KeyCorp		88,200		1,073,394
M&T Bank Corp.		3,500		406,350

				2,766,678


Semiconductor Equipment (1.78%)
Teradyne, Inc.		53,700		1,158,846


Semiconductors (3.52%)
Intel Corp.		34,000		1,283,500
QUALCOMM, Inc.		14,800		1,013,800

				2,297,300


Technology Hardware, Storage & Peripherals (2.46%)
Apple, Inc.		14,200		1,605,310


Thrifts & Mortgage Finance (2.88%)
Dime Community Bancshares, Inc.		57,700		967,052
New York Community Bancorp, Inc.		64,100		912,143

				1,879,195


Tobacco (1.53%)
Reynolds American, Inc.		21,200		999,580


Total Common Stocks (Cost $56,577,813)				58,251,710


Preferred Stocks (1.93%)
Consumer Finance (0.47%)
Discover Financial Services, Series B^(d)		11,792		307,535


Diversified Banks (0.42%)
GMAC Capital Trust I, Series 2		10,800		274,428


Mortgage REIT’s (0.56%)
Annaly Capital Management, Inc., Series E		14,225		360,035

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

Annual Report | September 30, 2016


ICON Equity Income Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Office REIT’s (0.48%)
Gramercy Property Trust, Inc., Series A^(c)		11,573	$	314,091


Total Preferred Stocks (Cost $1,214,672)				1,256,089


Convertible Preferred Stocks (0.40%)
Diversified Banks (0.40%)
Wells Fargo & Co., Series L		200		261,720


Total Convertible Preferred Stocks (Cost $246,404)				261,720

Closed-End Mutual Funds (3.88%)
BlackRock Income Trust, Inc.		47,970		310,846
Blackstone / GSO Senior Floating Rate Term Fund		6,558		110,502
Deutsche Global High Income Fund, Inc.		10,000		84,100
Deutsche High Income Opportunities Fund, Inc.		13,342		188,789
Deutsche High Income Trust		36,761		338,569
Deutsche Multi-Market Income Trust		42,005		359,143
Deutsche Strategic Income Trust		16,113		195,289
Franklin Limited Duration Income Trust		26,467		319,986
Morgan Stanley Income Securities, Inc.		12,866		243,425
Pacholder High Yield Fund, Inc.		11,866		84,605
Wells Fargo Multi-Sector Income Fund		22,462		291,332


Total Closed-End Mutual Funds (Cost $2,415,180)				2,526,586


Underlying Security/Expiration Date/Exercise Price	Contracts		Value

Put Options Purchased (0.08%)
S&P 500 Index 01/20/17, 1,800		60		54,000


Total Put Options Purchased (Cost $254,882)				54,000


	Shares or Principal Amount		Value

Collateral for Securities on Loan (9.19%)
State Street Navigator Prime Portfolio, 0.30%		5,989,261	$	5,989,261


Total Collateral for Securities on Loan (Cost $5,989,261)				5,989,261


Short-Term Investments (0.29%)
Time Deposits (0.29%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		190,554		190,554


Total Short-Term Investments (Cost $190,554)				190,554

Total Investments (108.18%) (Cost $68,862,872)			$	70,505,086

Liabilities Less Other Assets (-8.18%)				(5,329,915)


Net Assets (100.00%)			$	65,175,171

^(a)

^(b)

Floating Rate Security. Rate disclosed is as of September 30, 2016.

^(c)

These securities are considered to be illiquid. The aggregate value of these securities at September 30, 2016 was $986,381, which represent 1.51% of the Fund’s net assets.

^(d)

All or a portion of the security was on loan as of September 30, 2016.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

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

www.iconfunds.com


ICON Equity Income Fund		Schedule of Investments
		September 30, 2016


Sector Composition (September 30, 2016)

Financial			23.46%
Consumer Discretionary			19.95%
Information Technology			15.84%
Health Care			9.48%
Energy			6.22%
Utilities			3.99%
Industrials			3.46%
Consumer Staples			3.33%
Telecommunication Services			2.84%
Materials			2.66%
Real Estate			0.48%

			91.71%

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


Industry Composition (September 30, 2016)

Property & Casualty Insurance			5.97%
Pharmaceuticals			5.83%
Data Processing & Outsourced Services			4.45%
Regional Banks			4.24%
Multi-line Insurance			3.74%
Movies & Entertainment			3.61%
Semiconductors			3.52%
Hotels, Resorts & Cruise Lines			3.50%
Thrifts & Mortgage Finance			2.88%
Integrated Telecommunication Services			2.84%
Oil & Gas Refining & Marketing			2.63%
Automobile Manufacturers			2.63%
Technology Hardware, Storage & Peripherals			2.46%
Multi-Utilities			2.22%
Life & Health Insurance			2.06%
Auto Parts & Equipment			1.96%
Home Improvement Retail			1.90%
Health Care Distributors			1.90%
Electronic Manufacturing Services			1.89%
Housewares & Specialties			1.88%
Railroads			1.80%
Packaged Foods & Meats			1.80%
Semiconductor Equipment			1.78%
Biotechnology			1.75%
Asset Management & Custody Banks			1.74%
Communications Equipment			1.74%
Fertilizers & Agricultural Chemicals			1.66%
Aerospace & Defense			1.66%
Household Appliances			1.64%
Apparel Retail			1.55%
Mortgage REIT’s			1.54%
Tobacco			1.53%
Oil & Gas Storage & Transportation			1.47%
Homefurnishing Retail			1.28%
Oil & Gas Equipment & Services			1.12%
Paper Packaging			1.00%
Oil & Gas Exploration & Production			1.00%
Other Industries (each less than 1%)			3.54%

			91.71%

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.

Annual Report | September 30, 2016


ICON Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Fund (the Fund) Class S returned 1.81% for the fiscal year ending September 30, 2016, while its benchmark, the S&P 1500 Index, returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

From September 30, 2015, through the market low of February 11, 2016, the Fund underperformed, dropping more than the broad market. The market drop in December 2015 and January 2016, coming after the Federal Reserve raised its target for the Federal Funds rate and hinted at many more increases in 2016, was particularly difficult for the Fund. The Fund’s overweight position in the Financial sector relative to the benchmark hurt performance as the sector stumbled, we believe due to falling interest rates and investor concern that Federal Funds rate hikes would slow the economy. The market rebounded from its February 11, 2016 low and the Fund participated, outperforming its benchmark through September 30, 2016, but the gains were not enough to make up for the underperformance of late 2015 and early 2016.

Q.	How did the Fund’s composition affect performance?

The five biggest contributors to Fund performance were Thor Industries, Center Point Energy, Martin Marietta Materials, CMS Energy Corporation and Ashland. Thor Industries is in the Consumer Discretionary sector, CMS Energy and CenterPoint Energy are in the Utilities sector and Martin Marietta Materials and Ashland are in the Materials sector.

The five largest detractors from Fund performance were Encore Capital Group, Polaris Industries, Signature Bank, McKesson Corporation and Royal Caribbean Cruises. Encore, Polaris Industries and McKesson Corporation were sold. The other two remain in the portfolio.

Q.	What is your investment outlook for the overall market?

From December 1, 2014, the broad market was in a sideways range for approximately 19 months. On every advance prices ran into what we have called a “value ceiling” and went no higher. Our estimation of fair value had generally been growing since 2009, but paused and actually declined in 2015 and early 2016. However, in the spring of 2016, our estimate of fair value began growing again and prices responded with many indexes breaking out to all-time highs in August. We ended September 2016 with an overall average market value-to-price (V/P) ratio of 1.09, meaning stock prices in general would need to move higher over the next year to reach our estimate of fair value. As we wrote a year ago, “[w]e do not see any of the behaviors and signs we believe are typical of market peaks and expect the six-year-old bull market to resume.” With a current overall market V/P ratio of 1.09 as of September 30, 2016, we have the same view as we did a year ago.



14		www.iconfunds.com


ICON Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year		5 Years		10 Years		Since Inception		Gross Expense Ratio*		Net Expense Ratio*
ICON Fund - Class S	5/6/04		1.81%		9.95%		1.03%		3.04%		1.09%		1.09%
ICON Fund - Class C	11/28/00		0.65%		8.81%		0.26%		2.56%		2.27%		2.25%
ICON Fund - Class A	5/31/06		1.37%		9.57%		0.50%		0.04%		1.55%		1.50%
ICON Fund - Class A (including maximum sales charge of 5.75%)	5/31/06		-4.45%		8.27%		-0.09%		-0.53%		1.55%		1.50%
S&P Composite 1500 Index			15.49%		16.44%		7.44%		5.61%		N/A		N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Since Inception performance results for Class C shares include returns for certain time periods that were restarted as of June 8, 2004.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the ICON Fund’s Class S shares on the Class’ inception date of 5/6/04 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the ICON Fund’s other share classes will vary due to differences in charges and expenses. The ICON Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



Annual Report \| September 30, 2016		15


ICON Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Common Stocks (100.01%)
Application Software (2.84%)
Adobe Systems, Inc.^(a)		12,000	$	1,302,480


Asset Management & Custody Banks (2.89%)
Janus Capital Group, Inc.		94,900		1,329,549


Auto Parts & Equipment (2.23%)
Magna International, Inc.		23,800		1,022,210


Automobile Manufacturers (2.97%)
Thor Industries, Inc.		16,100		1,363,670


Biotechnology (6.28%)
Celgene Corp.^(a)		20,400		2,132,412
Vertex Pharmaceuticals, Inc.^(a)		8,600		750,006

				2,882,418


Building Products (2.34%)
Masco Corp.		31,300		1,073,903


Construction Materials (4.33%)
Martin Marietta Materials, Inc.		11,100		1,988,121


Data Processing & Outsourced Services (1.68%)
Total System Services, Inc.		16,400		773,260


Diversified Banks (6.20%)
Bank of America Corp.		182,000		2,848,300


Electronic Components (1.49%)
Rogers Corp.^(a)		11,200		684,096


Home Improvement Retail (5.30%)
Home Depot, Inc.		18,900		2,432,052


Homebuilding (3.38%)
PulteGroup, Inc.		77,500		1,553,100


Hotels, Resorts & Cruise Lines (4.90%)
Royal Caribbean Cruises, Ltd.		13,200		989,340
Wyndham Worldwide Corp.		18,700		1,259,071

				2,248,411


Household Appliances (3.04%)
Whirlpool Corp.		8,600		1,394,576


Internet & Direct Marketing Retail (2.01%)
Amazon.com, Inc.^(a)		1,100		921,041


Internet Software & Services (2.93%)
CoStar Group, Inc.^(a)		3,900		844,467
Facebook, Inc., Class A^(a)		3,900		500,253

				1,344,720


	Shares or Principal Amount		Value

Life & Health Insurance (2.23%)
CNO Financial Group, Inc.		67,100	$	1,024,617


Movies & Entertainment (1.25%)
Twenty-First Century Fox, Inc., Class A		23,800		576,436


Multi-line Insurance (2.11%)
American International Group, Inc.		16,300		967,242


Paper Packaging (2.56%)
Avery Dennison Corp.		15,100		1,174,629


Pharmaceuticals (4.05%)
Jazz Pharmaceuticals PLC^(a)		15,300		1,858,644


Real Estate Services (1.87%)
CBRE Group, Inc., Class A^(a)		30,700		858,986


Regional Banks (15.18%)
Fifth Third Bancorp		92,300		1,888,458
First Commonwealth Financial Corp.		168,300		1,698,147
Signature Bank^(a)		18,300		2,167,635
SVB Financial Group^(a)		11,000		1,215,940

				6,970,180


Semiconductors (10.87%)
Broadcom, Ltd.		5,500		948,860
NXP Semiconductors N.V.^(a)		17,600		1,795,376
Skyworks Solutions, Inc.		29,500		2,246,130

				4,990,366


Specialty Chemicals (5.08%)
Ashland, Inc.		20,100		2,330,595


Total Common Stocks (Cost $44,291,780)				45,913,602


Total Investments (100.01%) (Cost $44,291,780)			$	45,913,602

Liabilities Less Other Assets (-0.01%)				(6,684)


Net Assets (100.00%)			$	45,906,918

^(a)

Non-income producing security.

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

www.iconfunds.com


ICON Fund		Schedule of Investments
		September 30, 2016


Sector Composition (September 30, 2016)


Financial			28.61%
Consumer Discretionary			25.08%
Information Technology			19.81%
Materials			11.97%
Health Care			10.33%
Industrials			2.34%
Real Estate			1.87%

			100.01%

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


Industry Composition (September 30, 2016)


Regional Banks			15.18%
Semiconductors			10.87%
Biotechnology			6.28%
Diversified Banks			6.20%
Home Improvement Retail			5.30%
Specialty Chemicals			5.08%
Hotels, Resorts & Cruise Lines			4.90%
Construction Materials			4.33%
Pharmaceuticals			4.05%
Homebuilding			3.38%
Household Appliances			3.04%
Automobile Manufacturers			2.97%
Internet Software & Services			2.93%
Asset Management & Custody Banks			2.89%
Application Software			2.84%
Paper Packaging			2.56%
Building Products			2.34%
Auto Parts & Equipment			2.23%
Life & Health Insurance			2.23%
Multi-line Insurance			2.11%
Internet & Direct Marketing Retail			2.01%
Real Estate Services			1.87%
Data Processing & Outsourced Services			1.68%
Electronic Components			1.49%
Movies & Entertainment			1.25%

			100.01%

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

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

Annual Report | September 30, 2016


ICON Long/Short Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Long/Short Fund (the Fund) Class S returned 1.69% for the fiscal year ending September 30, 2016, while its benchmark, the S&P 1500 Index, returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

From September 30, 2015, through the market low of February 11, 2016, the Fund underperformed, dropping more than the broad market. The market drop in December 2015 and January 2016, after the Federal Reserve raised its target for the Federal Funds rate and hinted at many more increases in 2016, was particularly difficult for the Fund. The Fund’s overweight position in the Financial sector relative to the benchmark hurt performance as the sector stumbled, we believe due to falling interest rates and investor concern that Federal Funds rate hikes would slow the economy. The market rebounded from its February 11, 2016 low and the Fund participated, outperforming its benchmark through September 30, 2016, but the gains were not enough to make up for the underperformance of late 2015 and early 2016.

Q.	How did the Fund’s composition affect performance?

The five biggest contributors to Fund performance were Thor Industries, CMS Energy Corporation, Rogers Corporation, CenterPoint Energy and Martin Marietta Materials. Thor Industries is in the Consumer Discretionary sector, CMS Energy and CenterPoint Energy are in the Utilities sector, Rogers Corporation is in the Information Technology sector, and Martin Marietta is in the Materials sector.

The five largest detractors from Fund performance were Encore Capital Group, Signature Bank, McKesson Corporation, Polaris Industries and Royal Caribbean Cruises. Encore Capital Group, Polaris Industries and McKesson Corporation were sold. The other two remain in the portfolio.

Q.	What is your investment outlook for the overall market?



18		www.iconfunds.com


ICON Long/Short Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Long/Short Fund - Class S	5/6/04	1.69%	10.00%	1.95%	3.59%	1.37%	1.28%
ICON Long/Short Fund - Class C	10/17/02	0.67%	8.86%	0.94%	4.33%	2.53%	2.33%
ICON Long/Short Fund - Class A	5/31/06	1.40%	9.68%	1.69%	1.44%	1.73%	1.58%
ICON Long/Short Fund - Class A
(including maximum sales charge of 5.75%)	5/31/06	-4.42%	8.39%	1.09%	0.86%	1.73%	1.58%
S&P Composite 1500 Index		15.49%	16.44%	7.44%	9.20%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Long/Short Fund’s Class S shares on the Class’ inception date of 5/6/04 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Long/Short Fund’s other share classes will vary due to differences in charges and expenses. The Long/Short Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



Annual Report \| September 30, 2016		19


ICON Long/Short Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount			Value

Common Stocks (100.44%)
Application Software (2.41%)
Adobe Systems, Inc.^(a)		3,700		$	401,598


Asset Management & Custody Banks (4.11%)
Janus Capital Group, Inc.		48,800			683,688


Auto Parts & Equipment (1.52%)
Magna International, Inc.		5,900			253,405


Automobile Manufacturers (3.31%)
Thor Industries, Inc.		6,500			550,550


Biotechnology (6.84%)
Celgene Corp.^(a)		7,300			763,069
Vertex Pharmaceuticals, Inc.^(a)		4,300			375,003

					1,138,072

Building Products (3.73%)
Masco Corp.		18,100			621,011


Construction Materials (3.98%)
Martin Marietta Materials, Inc.		3,700			662,707


Data Processing & Outsourced Services (7.10%)
MasterCard, Inc., Class A		8,000			814,160
Total System Services, Inc.		7,800			367,770

					1,181,930

Diversified Banks (6.65%)			��
Bank of America Corp.		70,700			1,106,455


Home Improvement Retail (2.55%)
Home Depot, Inc.		3,300			424,644


Homebuilding (4.25%)
PulteGroup, Inc.		35,300			707,412


Hotels, Resorts & Cruise Lines (6.72%)
Royal Caribbean Cruises, Ltd.		4,600			344,770
Wyndham Worldwide Corp.		11,500			774,295

					1,119,065

Household Appliances (3.70%)
Whirlpool Corp.		3,800			616,208


Insurance Brokers (3.06%)
Arthur J Gallagher & Co.		10,000			508,700


Internet & Direct Marketing Retail (1.01%)
Amazon.com, Inc.^(a)		200			167,462


Internet Software & Services (0.91%)
CoStar Group, Inc.^(a)		700			151,571


	Shares or Principal Amount		Value

Life & Health Insurance (1.39%)
CNO Financial Group, Inc.		15,100	$	230,577


Multi-line Insurance (1.93%)
American International Group, Inc.		5,400		320,436


Pharmaceuticals (4.74%)
Jazz Pharmaceuticals PLC^(a)		6,500		789,620


Real Estate Services (1.03%)
CBRE Group, Inc., Class A^(a)		6,100		170,678


Regional Banks (17.57%)
Fifth Third Bancorp		29,400		601,524
First Commonwealth Financial Corp.		49,800		502,482
Signature Bank^(a)		9,200		1,089,740
SVB Financial Group^(a)		6,600		729,564

				2,923,310


Semiconductors (8.72%)
NXP Semiconductors N.V.^(a)		5,200		530,452
Skyworks Solutions, Inc.		12,100		921,294

				1,451,746


Specialty Chemicals (3.21%)
Ashland, Inc.		4,600		533,370


Total Common Stocks (Cost $16,198,973)				16,714,215


Total Investments (100.44%) (Cost $16,198,973)			$	16,714,215

Liabilities Less Other Assets (-0.44%)				(73,407)


Net Assets (100.00%)			$	16,640,808

^(a)

Non-income producing security.


Sector Composition (September 30, 2016)


Financial			34.71%
Consumer Discretionary			23.06%
Information Technology			19.14%
Health Care			11.58%
Materials			7.19%
Industrials			3.73%
Real Estate			1.03%

			100.44%

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

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

www.iconfunds.com


ICON Long/Short Fund		Schedule of Investments
		September 30, 2016


Industry Composition (September 30, 2016)


Regional Banks			17.57%
Semiconductors			8.72%
Data Processing & Outsourced Services			7.10%
Biotechnology			6.84%
Hotels, Resorts & Cruise Lines			6.72%
Diversified Banks			6.65%
Pharmaceuticals			4.74%
Homebuilding			4.25%
Asset Management & Custody Banks			4.11%
Construction Materials			3.98%
Building Products			3.73%
Household Appliances			3.70%
Automobile Manufacturers			3.31%
Specialty Chemicals			3.21%
Insurance Brokers			3.06%
Home Improvement Retail			2.55%
Application Software			2.41%
Multi-line Insurance			1.93%
Auto Parts & Equipment			1.52%
Life & Health Insurance			1.39%
Real Estate Services			1.03%
Internet & Direct Marketing Retail			1.01%
Other Industries (each less than 1%)			0.91%

			100.44%

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

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

Annual Report | September 30, 2016


ICON Opportunities Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

A.	The ICON Opportunities Fund (the Fund) returned 10.76% for the fiscal year ending September 30, 2016, while its benchmark, the S&P Small- Cap 600 Index, returned 18.12%. Total returns for other periods as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

For both the fiscal year ended September 30, 2016, and off the market low of February 11, 2016, through September 30, 2016, the S&P Small- Cap 600 Index beat the S&P 500 Index (large cap). From September 30, 2015 through the market low of February 11, 2016 the Fund underperformed and dropped more than its benchmark, the S&P Small-Cap 600 Index. The market drop in December 2015 and January 2016, coming after the Federal Reserve raised its target for the Federal Funds rate and hinted at many more increases in 2016, was particularly difficult for the Fund. The Fund’s overweight position in the Financial sector hurt performance as the sector stumbled, we believe due to falling interest rates and investor concern that Federal Funds rate hikes would slow the economy. The market rebounded from its February 11, 2016 low through September 30, 2016, and the Fund participated in the rebound, but the gains were not enough to make up for the underperformance of late 2015 and early 2016.

Q.	How did the Fund’s composition affect performance?

The five biggest contributors to Fund performance were Coherent, Inc., BioTelemetry, Inc., Thor Industries, Avery Dennison Corporation and Advanced Energy Industries. Coherent, Inc. and Advanced Energy Industries are in the Information Technology sector, BioTelemetry, Inc. is in the Health Care sector, Thor Industries is in the Consumer Discretionary sector, and Avery Dennison Corporation is in the Materials sector.

The five largest detractors from Fund performance were Sucampo Pharmaceuticals, Inc., PRA Group, Encore Capital Group, Acadia Healthcare Company and Libbey. PRA Group, Encore Capital Group and Libbey have been sold. The other two remain in the portfolio.

Q.	What is your investment outlook for the overall market?



22		www.iconfunds.com


ICON Opportunities Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Opportunities Fund	9/28/12	10.76%	11.18%	1.58%	1.50%
S&P Small Cap Total Return		18.12%	14.25%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Opportunities Fund on the inception date of 9/28/12 to a $10,000 investment made in an unmanaged securities index on that date. The Opportunities Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



Annual Report \| September 30, 2016		23


ICON Opportunities Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Common Stocks (100.07%)
Aerospace & Defense (2.72%)
Curtiss-Wright Corp.		1,749	$	159,351
Hexcel Corp.		6,255		277,097

				436,448

Asset Management & Custody Banks (3.21%)
Janus Capital Group, Inc.		36,800		515,568


Auto Parts & Equipment (7.58%)
Modine Manufacturing Co.^(a)		57,948		687,263
Tower International, Inc.		22,000		530,200

				1,217,463


Automobile Manufacturers (2.95%)
Thor Industries, Inc.		5,601		474,405


Biotechnology (3.64%)
Enzymotec, Ltd.^(a)		31,417		219,919
Ligand Pharmaceuticals, Inc.^(a)		3,575		364,864

				584,783

Building Products (7.09%)
Armstrong World Industries, Inc.^(a)		3,900		161,148
Builders FirstSource, Inc.^(a)		41,500		477,665
PGT, Inc.^(a)		46,900		500,423

				1,139,236

Communications Equipment (8.04%)
ARRIS International PLC^(a)		5,700		161,481
CalAmp Corp.^(a)		31,800		443,610
Finisar Corp.^(a)		23,000		685,400

				1,290,491


Electronic Components (1.58%)
Rogers Corp.^(a)		4,160		254,093


Electronic Equipment & Instruments (3.03%)
Coherent, Inc.^(a)		4,394		485,713


Electronic Manufacturing Services (6.15%)
Fabrinet^(a)		13,100		584,129
IPG Photonics Corp.^(a)		4,900		403,515

				987,644

Health Care Equipment (2.88%)
LivaNova PLC^(a)		7,700		462,847


Health Care Facilities (3.02%)
Acadia Healthcare Co., Inc.^(a)		9,800		485,590


Heavy Electrical Equipment (1.38%)
AZZ, Inc.		3,400		221,918


Home Furnishings (2.07%)
La-Z-Boy, Inc.		13,500		331,560


	Shares or Principal Amount		Value

Homebuilding (6.51%)
KB Home		35,000	$	564,200
M/I Homes, Inc.^(a)		20,400		480,828

				1,045,028


Internet & Direct Marketing Retail (2.35%)
Nutrisystem, Inc.		12,700		377,063


Internet Software & Services (2.54%)
j2 Global, Inc.		6,114		407,254


Leisure Products (3.49%)
Brunswick Corp.		11,500		560,970


Life & Health Insurance (1.82%)
CNO Financial Group, Inc.		19,100		291,657


Multi-line Insurance (1.85%)
Horace Mann Educators Corp.		8,100		296,865


Paper Packaging (1.79%)
Avery Dennison Corp.		3,700		287,823


Pharmaceuticals (4.99%)
Impax Laboratories, Inc.^(a)		21,100		500,070
Sucampo Pharmaceuticals, Inc., Class A^(a)		24,521		301,853

				801,923


Regional Banks (6.41%)
Bank of the Ozarks, Inc.		5,600		215,040
First Commonwealth Financial Corp.		40,000		403,600
Webster Financial Corp.		10,800		410,508

				1,029,148


Semiconductor Equipment (6.58%)
Advanced Energy Industries, Inc.^(a)		5,200		246,064
Photronics, Inc.^(a)		30,700		316,517
Teradyne, Inc.		22,909		494,376

				1,056,957


Semiconductors (5.68%)
MACOM Technology Solutions Holdings, Inc.^(a)		13,100		554,654
Microsemi Corp.^(a)		8,500		356,830

				911,484

Textiles (0.72%)
Culp, Inc.		3,900		116,103


Total Common Stocks (Cost $15,107,975)				16,070,034

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

www.iconfunds.com


ICON Opportunities Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Short-Term Investments (0.17%)
Time Deposits (0.17%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		27,464	$	27,464


Total Short-Term Investments (Cost $27,464)				27,464


Total Investments (100.24%) (Cost $15,135,439)			$	16,097,498

Liabilities Less Other Assets (-0.24%)				(38,601)

Net Assets (100.00%)			$	16,058,897

^(a)	Non-income producing security.


Sector Composition (September 30, 2016)

Information Technology			33.60%
Consumer Discretionary			25.67%
Health Care			14.53%
Financial			13.29%
Industrials			11.19%
Materials			1.79%

			100.07%

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


Industry Composition (September 30, 2016)

Communications Equipment			8.04%
Auto Parts & Equipment			7.58%
Building Products			7.09%
Semiconductor Equipment			6.58%
Homebuilding			6.51%
Regional Banks			6.41%
Electronic Manufacturing Services			6.15%
Semiconductors			5.68%
Pharmaceuticals			4.99%
Biotechnology			3.64%
Leisure Products			3.49%
Asset Management & Custody Banks			3.21%
Electronic Equipment & Instruments			3.03%
Health Care Facilities			3.02%
Automobile Manufacturers			2.95%
Health Care Equipment			2.88%
Aerospace & Defense			2.72%
Internet Software & Services			2.54%
Internet & Direct Marketing Retail			2.35%
Home Furnishings			2.07%
Multi-line Insurance			1.85%
Life & Health Insurance			1.82%
Paper Packaging			1.79%
Electronic Components			1.58%
Heavy Electrical Equipment			1.38%
Other Industries (each less than 1%)			0.72%

			100.07%

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

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

Annual Report | September 30, 2016


ICON Risk-Managed Balanced Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The Risk-Managed Balanced Fund (the Fund) Class S shares returned 4.39% for the fiscal year ended September 30, 2016. The S&P 1500 Index returned 15.49% and the Balanced Blended Benchmark returned 11.84%. The Balanced Blended Benchmark is based on a weighting of 60% S&P 1500 Index and 40% Barclays Capital U.S. Universal Index, rebalanced monthly. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors influenced the Fund’s relative performance during the period?

Fiscal year 2016 proved to be a challenging year for our investment process and for the ICON Risk-Managed Balanced Fund. A combination of underperforming equity securities, especially in the segments of the market that our system found to be the most attractive, and a challenging hedging environment lead to underperformance relative to the benchmarks.

According to our valuation methodology, we began fiscal year 2016 with an overall average value-to-price (V/P) ratio for the domestic market of 1.08, indicating the domestic market was priced approximately 8% below our estimate of fair value. Based on this outlook we positioned the Fund in a relatively neutral stance with an approximate 60% equities / 40% fixed income allocation. Additionally, we implemented a hedge strategy by both buying out-of-the-money S&P 500 put options and writing out-of-the-money S&P 500 call options in an attempt to reduce the effects of market volatility on the Fund. From the beginning of the fiscal year through the end of December 2015, the equity market produced a strong return of approximately 7% and the bond market fell by approximately 0.50%. While the Fund was able to mitigate losses in the bond market and participate in this upward move, equity underperformance and hedging losses due to the strong upward move in the equity market resulted in underperformance relative to the benchmark during this initial market move.

In early January 2016, our equity valuation model viewed the overall broad domestic market as approximately 5% below our estimate of fair value. While our return expectations were relatively low for the overall market, our system did see distinct valuation differences at both a sector and industry level. While the Fund was slightly underweight equities relative to the blended benchmark, overweight positions were taken in the Financials, Utilities, and Materials sectors in an attempt to take advantage of what we believed to be attractive segments of the market. Additionally, given the lower overall market value readings, the Fund bought out-of-the-money S&P 500 put options and wrote out- of-the-money S&P 500 call options in an attempt to reduce the effects of market based volatility on the Fund. Relative to the fixed income portion of the benchmark, the fixed income portion of the Fund began 2016 with an overweight position in the corporate debt segment of the market and a lower overall duration and treasury exposure. We continued to look for “event driven” opportunities in both credit risk and closed-end fund arbitrage as well.

2016 began with a rather aggressive sell-off as investors digested both macro-economic concerns and the continuation of lower overall interest rates. The combination of these two factors not only pulled down the broad market but also caused the most damage to the Financials sector. Unfortunately, due to our overweight position in this sector, our downside participation during the sell-off was substantially higher than we would have liked. Additionally, our lack of exposure to U.S. Treasuries, generally lower duration, and an aggressive widening of credit spreads resulted in fixed income underperformance as the yield on the 10-year U.S. Treasury fell by 0.61% from a yield of 2.27% on 12/31/15 to a yield of 1.66% on 02/11/16. However, our hedge profile did add value during this time as put option contracts increased in price in response to the increase in market volatility.

Around mid-February, the market began to stabilize and our equity valuation model indicated that many segments of the market had become substantially more attractive. Based on this, we increased exposure to both common stocks and equity based closed-end funds. Both of these moves proved to be beneficial as the market rebounded throughout the remainder of the time period. However, due to the aggressive V-shape rebound in the market our written call option positions ran aggressively against us and our long put option contracts fell quickly, detracting from overall fund performance.

Ultimately, over fiscal year 2016, while the Fund was able to produce positive risk adjusted returns during a volatile time period, underperformance from the Fund’s equity holdings coupled with losses from its options positions resulted in underperformance relative to the benchmark.

Q.	How did the Fund’s composition affect performance?

Focusing on the equity portion of the Fund, the largest sector contributors to performance over fiscal year 2016 were the Information Technology, Industrials, and Utilities sectors. The Fund was either overweight the sectors as a whole or held equity securities that produced positive selection effect. Sectors that detracted from Fund performance include the Financials, Real Estate, and Energy sectors. Of these three, the Financials sector produced the largest negative total effect due to the combination of both overweight positions and underperforming equity selections.



26		www.iconfunds.com


ICON Risk-Managed Balanced Fund		Management Overview
		September 30, 2016 (Unaudited)

Moving to individual stock performance within the Fund, the largest positive contributors to performance were Facebook, Masco, ITC Holdings Corp, Honeywell International, and St Jude Medical. The five largest detractors from performance were Encore Capital Group, CBRE Group, Signet Jewelers, Allergan, and Plains All-American Pipeline.

Focusing on the fixed income portion of the Fund, while we maintained a lower overall duration relative to the fixed income benchmark, the Fund was able to outperform due to strong bottom up bond selections and allocations towards both the preferred and closed-end fund segments of the market. Specific preferred positions that contributed to performance include Ally Financial, Gramercy Property Trust, and Equity Commonwealth.

Q.	What is your investment outlook?

Our equity valuations concluded fiscal year 2016 with an overall average V/P ratio of 1.09, giving us confidence there is room for the market to rise in the coming year. Currently, our system indicates noticeable discrepancies in sector opportunities. Specifically, we see the Financials and Consumer Discretionary sectors as good bargains. Additionally, our valuation system has identified specific industry opportunities in both the Health Care and Information Technology sectors. The Fund began the year with a slight underweight exposure to the equity market with its allocation and the equity hedge has recently been reduced targeting an equity beta at the upper end of our historical range. In the fixed income portion of the Fund, we continue to be very selective in our individual bond holdings as credit spreads are at levels that we deem as close to historical fair value. We also continue to see opportunities in the closed-end fund market. As always, we look to value as our primary guide and will adjust our positioning as market conditions dictate.



Annual Report \| September 30, 2016		27


ICON Risk-Managed Balanced Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year		5 Years		10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Risk-Managed Balanced Fund - Class S	5/6/04		4.39%		7.28%	3.56%	3.95%	1.42%	1.28%
ICON Risk-Managed Balanced Fund - Class C	11/21/02		3.35%		6.23%	2.53%	4.08%	2.46%	2.28%
ICON Risk-Managed Balanced Fund - Class A	5/31/06		4.18%		7.02%	3.32%	3.26%	2.50%	2.25%
ICON Risk-Managed Balanced Fund - Class A (including maximum sales charge of 5.75%)	5/31/06		-1.78%		5.76%	2.71%	2.67%	2.50%	2.25%
S&P Composite 1500 Index			15.49%		16.44%	7.44%	8.78%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Risk-Managed Balanced Fund’s Class S shares on the Class’ inception date of 5/6/04 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Risk-Managed Balanced Fund’s other share classes will vary due to differences in charges and expenses. The Risk-Managed Balanced Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



28		www.iconfunds.com


ICON Risk-Managed Balanced Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Corporate Bonds (20.08%)
Consumer Discretionary (0.23%)
International Game Technology
5.35%, 10/15/23	$	100,000	$	101,000


Consumer Staples (3.34%)
Bumble Bee Holdings, Inc.
9.00%, 12/15/17^(a)		350,000		351,750
CVS Health Corp.
2.75%, 12/01/22		200,000		205,982
CVS Health Corp.
4.75%, 12/01/22		250,000		283,568
Kraft Heinz Foods Co.
4.88%, 02/15/25^(a)		395,000		435,706
Molson Coors Brewing Co.
3.00%, 07/15/26		200,000		201,514

				1,478,520

Financial (9.75%)
Aircastle, Ltd.
5.00%, 04/01/23		100,000		104,500
Ally Financial, Inc.
8.00%, 03/15/20		240,000		274,200
American Equity Investment Life Holding Co.
6.63%, 07/15/21		200,000		208,475
Berkshire Hathaway, Inc.
2.75%, 03/15/23		250,000		259,912
Chubb INA Holdings, Inc.
8.88%, 08/15/29		300,000		462,332
Citigroup, Inc.,
6.88%, 06/01/25		250,000		313,604
City National Corp.
5.25%, 09/15/20		378,000		426,107
E*TRADE Financial Corp.
5.38%, 11/15/22		260,000		277,165
ILFC E-Capital Trust II
4.25%, 12/21/65^(a)(b)		100,000		79,750
International Lease Finance Corp.
5.88%, 08/15/22		300,000		332,625
MetLife Capital Trust IV
7.88%, 12/15/37^(a)		210,000		263,466
Neuberger Berman Group LLC / Neuberger Berman Finance Corp.
5.88%, 03/15/22^(a)		200,000		208,750
NTC Capital I, Series A
1.20%, 01/15/27^(b)		200,000		173,000
PNC Preferred Funding Trust II
2.07%, 03/31/16^(a)(b)		151,000		144,205
Prudential Financial, Inc.
8.88%, 06/15/38^(b)		200,000		222,000


	Shares or Principal Amount		Value

Financial (continued)
SouthTrust Bank
6.13%, 01/09/28	$	250,000	$	303,497
State Street Capital Trust I
1.38%, 05/15/28^(b)		150,000		135,000
USB Realty Corp.
1.83%, 01/15/17^(a)(b)		150,000		134,625

				4,323,213

Health Care (2.08%)
HCA Holdings, Inc.
5.25%, 04/15/25		400,000		426,500
Highmark, Inc.,
6.13%, 05/15/41^(a)(c)		125,000		121,934
St. Jude Medical, Inc.
3.88%, 09/15/25		350,000		373,251

				921,685

Industrials (2.93%)
General Electric Co., Series D
5.00%, 01/21/21^(b)		500,000		531,700
Ingersoll-Rand Co.
6.39%, 11/15/27		150,000		178,063
Ingersoll-Rand Co.
6.44%, 11/15/27		51,000		62,553
Spirit AeroSystems, Inc.
5.25%, 03/15/22		500,000		525,547

				1,297,863

Information Technology (1.05%)
Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc.
5.75%, 04/15/23		444,000		467,310


Telecommunication Services (0.70%)
EarthLink Holdings Corp.
7.38%, 06/01/20		100,000		105,125
Lee Enterprises, Inc.
9.50%, 03/15/22^(a)(d)		200,000		206,500

				311,625


Total Corporate Bonds (Cost $8,768,890)				8,901,216


Convertible Corporate Bonds (0.94%)
Telecommunication Services (0.94%)
Clearwire Communications LLC / Clearwire Finance, Inc.
8.25%, 12/01/40^(a)		400,000		415,500


Total Convertible Corporate Bonds (Cost $407,216)				415,500

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

Annual Report | September 30, 2016


ICON Risk-Managed Balanced Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

U.S. Treasury Obligations (6.48%)
U.S. Treasury Note
1.50%, 08/15/26	$	500,000	$	495,488
U.S. Treasury Note
1.63%, 02/15/26		1,600,000		1,603,938
U.S. Treasury Note
1.88%, 05/31/22		750,000		774,287


Total U.S. Treasury Obligations (Cost $2,814,480)				2,873,713


Collateralized Mortgage Obligations (8.04%)
Citigroup Mortgage Loan Trust, Inc.,
Series 2013-J1, Class B3
3.54%, 02/25/38^(a)(b)(c)		192,107		188,280
Green Tree, Inc.,
Series 2008-HE1, Class A
9.50%, 03/25/38^(a)(b)(c)		255,429		269,938
MASTR Seasoned Securitization Trust, Inc.,
Series 2005-1, Class 1A1
6.52%, 09/25/32^(b)		321,466		347,557
Mill City Mortgage Trust,
Series 2015-1, Class M3
3.20%, 10/25/32^(a)(b)(c)		200,000		195,374
New Residential Mortgage Loan Trust,
Series 2016-1A, Class B3
5.56%, 03/25/56^(a)(b)(c)		337,864		352,995
Sequoia Mortgage Trust, Inc.,
Series 2013-12, Class B3
4.23%, 12/25/43^(a)(b)(c)		212,613		215,661
Towd Point Mortgage Trust, Inc.,
Series 2015-1, Class A5
3.51%, 06/25/29^(a)(b)(c)		300,000		295,399
Towd Point Mortgage Trust, Inc.,
Series 2015-2, Class 2M1
3.75%, 12/25/24^(a)(b)(c)		400,000		416,098
Towd Point Mortgage Trust, Inc.,
Series 2016-2, Class M2
3.00%, 07/25/29^(a)(b)(c)		500,000		467,734
Towd Point Mortgage Trust, Inc.,
Series 2015-6, Class M2
3.75%, 02/25/28^(a)(b)(c)		700,000		710,040


	Shares or Principal Amount		Value

Collateralized Mortgage Obligations (continued)
Velocity Commercial Capital Loan Trust, Inc.,
Series 2014-1, Class M3
6.89%, 02/25/24^(a)(b)(c)	$	100,000	$	106,062


Total Collateralized Mortgage Obligations (Cost $3,555,406)				3,565,138


Common Stocks (52.02%)
Aerospace & Defense (2.22%)
B/E Aerospace, Inc.		6,000		309,960
Boeing Co.		1,000		131,740
Orbital ATK, Inc.		4,195		319,785
Spirit AeroSystems Holdings, Inc., Class A^(e)		5,000		222,700

				984,185

Air Freight & Logistics (0.11%)
Echo Global Logistics, Inc.^(e)		2,089		48,172


Airlines (0.44%)
Delta Air Lines, Inc.		5,000		196,800


Apparel, Accessories & Luxury Goods (0.47%)
Hanesbrands, Inc.		8,200		207,050


Asset Management & Custody Banks (0.22%)
Invesco, Ltd.		3,100		96,937


Auto Parts & Equipment (0.68%)
Magna International, Inc.		7,000		300,650


Biotechnology (1.92%)
AbbVie, Inc.		5,000		315,350
Amgen, Inc.		600		100,086
Celgene Corp.^(e)		1,500		156,795
China Biologic Products, Inc.^(e)		500		62,240
Gilead Sciences, Inc.		1,500		118,680
Shire PLC, ADR		500		96,930

				850,081

Broadcasting (0.27%)
CBS Corp., Class B		2,200		120,428


Building Products (0.84%)
Masco Corp.		5,000		171,550
PGT, Inc.^(e)		19,000		202,730

				374,280

Cable & Satellite (0.79%)
Comcast Corp., Class A		5,300		351,602

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

www.iconfunds.com


ICON Risk-Managed Balanced Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Computer & Electronics Retail (0.19%)
GameStop Corp., Class A^(d)		3,000	$	82,770


Construction Machinery & Heavy Trucks (0.29%)
Allison Transmission Holdings, Inc.		4,500		129,060


Construction Materials (0.49%)
Martin Marietta Materials, Inc.		600		107,466
Summit Materials, Inc., Class A^(e)		6,000		111,300

				218,766

Consumer Finance (1.91%)
Ally Financial, Inc.		19,000		369,930
Discover Financial Services		8,400		475,020

				844,950

Data Processing & Outsourced Services (3.08%)
DST Systems, Inc.		1,500		176,880
MasterCard, Inc., Class A		5,500		559,735
Visa, Inc., Class A		6,400		529,280
Xerox Corp.		10,000		101,300

				1,367,195

Diversified Banks (1.45%)
Bank of America Corp.		24,000		375,600
JPMorgan Chase & Co.		2,000		133,180
Wells Fargo & Co.		3,000		132,840

				641,620

Drug Retail (1.75%)
CVS Health Corp.		4,200		373,758
Walgreens Boots Alliance, Inc.		5,000		403,100

				776,858

Electric Utilities (0.42%)
ALLETE, Inc.		1,500		89,430
OGE Energy Corp.		3,000		94,860

				184,290

Electronic Equipment & Instruments (0.12%)
VeriFone Systems, Inc.^(e)		3,500		55,090


Electronic Manufacturing Services (1.94%)
IPG Photonics Corp.^(e)		3,793		312,354
TE Connectivity, Ltd.		8,500		547,230

				859,584

Footwear (1.24%)
NIKE, Inc., Class B		7,000		368,550
Skechers U.S.A., Inc., Class A^(e)		8,000		183,200

				551,750

General Merchandise Stores (0.34%)
Dollar General Corp.		1,000		69,990
Dollar Tree, Inc.^(e)		1,000		78,930

				148,920


	Shares or Principal Amount		Value

Health Care Distributors (1.09%)
Cardinal Health, Inc.		1,500	$	116,550
McKesson Corp.		2,200		366,850

				483,400

Health Care Equipment (0.53%)
Stryker Corp.		900		104,769
Zimmer Biomet Holdings, Inc.		1,000		130,020

				234,789

Health Care Facilities (1.18%)
HCA Holdings, Inc.^(e)		6,500		491,595
Tenet Healthcare Corp.^(e)		1,500		33,990

				525,585

Health Care Services (0.30%)
MEDNAX, Inc.^(e)		2,000		132,500


Health Care Technology (0.36%)
Allscripts Healthcare Solutions, Inc.^(e)		12,000		158,040


Home Improvement Retail (0.50%)
Home Depot, Inc.		500		64,340
Lowe’s Cos., Inc.		2,200		158,862

				223,202

Homefurnishing Retail (0.14%)
Aaron’s, Inc.		2,500		63,550


Hotels, Resorts & Cruise Lines (1.26%)
Royal Caribbean Cruises, Ltd.		2,500		187,375
Wyndham Worldwide Corp.		5,500		370,315

				557,690

Household Appliances (0.55%)
Whirlpool Corp.		1,500		243,240


Housewares & Specialties (0.18%)
Newell Rubbermaid, Inc.		1,500		78,990


Human Resource & Employment Services (0.78%)
Kforce, Inc.		3,000		61,470
Korn/Ferry International		3,000		63,000
ManpowerGroup, Inc.		1,000		72,260
On Assignment, Inc.^(e)		2,000		72,580
Robert Half International, Inc.		2,000		75,720

				345,030

Industrial Conglomerates (1.13%)
Honeywell International, Inc.		4,300		501,337


Internet Software & Services (2.10%)
Akamai Technologies, Inc.^(e)		2,000		105,980
Alphabet, Inc., Class C^(e)		401		311,693
Facebook, Inc., Class A^(e)		4,000		513,080

				930,753

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

Annual Report | September 30, 2016


ICON Risk-Managed Balanced Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

IT Consulting & Other Services (0.21%)
Cognizant Technology Solutions Corp., Class A^(e)	2,000	$	95,420


Leisure Products (0.44%)
Brunswick Corp.	4,000		195,120


Life & Health Insurance (0.48%)
Lincoln National Corp.	4,500		211,410


Managed Health Care (1.50%)
Aetna, Inc.	3,500		404,075
CIGNA Corp.	2,000		260,640

			664,715

Movies & Entertainment (1.12%)
Time Warner, Inc.	3,500		278,635
Twenty-First Century Fox, Inc., Class A	9,000		217,980

			496,615

Multi-line Insurance (0.47%)
American International Group, Inc.	3,500		207,690


Multi-Sector Holdings (0.78%)
Berkshire Hathaway, Inc., Class B^(e)	2,400		346,728


Multi-Utilities (0.79%)
CMS Energy Corp.	3,200		134,432
Sempra Energy	2,000		214,380

			348,812

Oil & Gas Equipment & Services (0.67%)
Schlumberger, Ltd.	3,800		298,832


Oil & Gas Exploration & Production (0.31%)
Synergy Resources Corp.^(e)	20,000		138,600


Oil & Gas Refining & Marketing (0.58%)
Marathon Petroleum Corp.	5,000		202,950
Valero Energy Corp.	1,000		53,000

			255,950

Paper Packaging (0.64%)
Graphic Packaging Holding Co.	15,000		209,850
International Paper Co.	1,500		71,970

			281,820

Pharmaceuticals (3.22%)
Allergan PLC^(e)	2,100		483,651
Bristol-Myers Squibb Co.	4,500		242,640
Eli Lilly & Co.	3,000		240,780
Jazz Pharmaceuticals PLC^(e)	2,000		242,960
Roche Holding AG, Sponsored ADR	4,000		123,880


	Shares or Principal Amount	Value

Pharmaceuticals (continued)
Teva Pharmaceutical Industries, Ltd., Sponsored ADR	2,000	$	92,020

			1,425,931

Property & Casualty Insurance (0.38%)
XL Group PLC	5,000		168,150


Railroads (0.40%)
Union Pacific Corp.	1,800		175,554


Real Estate Services (1.52%)
CBRE Group, Inc., Class A^(e)	20,000		559,600
Jones Lang LaSalle, Inc.	1,000		113,790

			673,390

Regional Banks (1.84%)
Signature Bank^(e)	3,800		450,110
SVB Financial Group^(e)	3,300		364,782

			814,892

Restaurants (0.82%)
McDonald’s Corp.	800		92,288
Starbucks Corp.	5,000		270,700

			362,988

Semiconductors (1.50%)
Broadcom, Ltd.	2,000		345,040
Microsemi Corp.^(e)	2,500		104,950
Skyworks Solutions, Inc.	2,000		152,280
Synaptics, Inc.^(e)	1,100		64,438

			666,708

Specialty Chemicals (0.88%)
Ashland, Inc.	1,000		115,950
Sherwin-Williams Co.	1,000		276,660

			392,610

Technology Hardware, Storage & Peripherals (0.98%)
Apple, Inc.	2,900		327,845
Super Micro Computer, Inc.^(e)	4,573		106,871

			434,716

Trading Companies & Distributors (0.35%)
Air Lease Corp.	5,401		154,361


Trucking (0.54%)
Hertz Global Holdings, Inc.^(e)	6,000		240,960


Wireless Telecommunication Services (0.32%)
T-Mobile U.S., Inc.^(e)	3,000		140,160


Total Common Stocks (Cost $22,590,536)			23,061,276

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

www.iconfunds.com


ICON Risk-Managed Balanced Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Preferred Stocks (1.83%)
Consumer Finance (0.09%)
Discover Financial Services, Series B	1,500	$	39,120


Diversified Banks (1.00%)
GMAC Capital Trust I, Series 2	17,471		443,938


Diversified Operations (0.05%)
Pitney Bowes International Holdings, Inc., Series F^(a)(c)	20		20,606


Office REIT’s (0.44%)
Gramercy Property Trust, Inc., Series A^(c)	7,179		194,838


Reinsurance (0.25%)
Maiden Holdings North America, Ltd.	4,151		111,787


Total Preferred Stocks (Cost $800,023)			810,289


Closed-End Mutual Funds (8.22%)
BlackRock Enhanced Government	8,923		122,870
BlackRock Income Trust, Inc.	66,244		429,261
Delaware Investments Dividend & Income Fund, Inc.^(d)	15,845		156,865
Deutsche Global High Income Fund, Inc.	5,840		49,114
Deutsche High Income Trust	53,989		497,239
Deutsche Multi-Market Income Trust	40,897		349,669
Deutsche Strategic Income Trust	6,098		73,908
First Trust Enhanced Equity Income Fund	8,043		107,454
First Trust Mortgage Income Fund	20,588		296,673
Franklin Limited Duration Income Trust	23,771		287,391
JPMorgan China Region Fund, Inc.	4,481		78,731
Korea Equity Fund, Inc.	14,725		125,310
Madison Strategic Sector Premium Fund	15,777		185,380
Morgan Stanley Income Securities, Inc.	17,867		338,044


	Shares or Principal Amount		Value

Closed-End Mutual Funds (continued)
Nuveen Global Equity Income Fund		8,537	$	101,932
Pacholder High Yield Fund, Inc.		16,966		120,968
Virtus Total Return Fund		51,212		242,745
Wells Fargo Multi-Sector Income Fund		6,372		82,645


Total Closed-End Mutual Funds (Cost $3,549,200)				3,646,199


Exchange Traded Funds (1.74%)
iShares Currency Hedged MSCI Eurozone ETF		15,000		371,850
iShares Europe ETF^(d)		10,100		397,738


Total Exchange Traded Funds (Cost $840,581)				769,588


Underlying Security/ Expiration Date/ Exercise Price	Contracts		Value

Put Options Purchased (0.16%)
S&P 500 Index
12/16/16, 1,800		60		30,000
S&P 500 Index
10/21/16, 2,050		15		5,220
S&P 500 Index
01/20/17, 1,800		40		36,000

				71,220


Total Put Options Purchased (Cost $399,527)				71,220


	Shares or Principal Amount		Value

Collateral for Securities on Loan (0.96%)
State Street Navigator Prime Portfolio, 0.30%		426,194		426,194


Total Collateral for Securities on Loan (Cost $426,194)				426,194


Short-Term Investments (0.16%)
Time Deposits (0.16%)
State Street Euro Dollar Time Deposit (USD),
0.01%, 10/03/16		71,708		71,708


Total Short-Term Investments (Cost $71,708)				71,708

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

Annual Report | September 30, 2016


ICON Risk-Managed Balanced Fund		Schedule of Investments
		September 30, 2016


	Value

Total Investments (100.63%) (Cost $44,223,761)	$	44,612,041

Liabilities Less Other Assets (-0.63%)		(278,288)


Net Assets (100.00%)	$	44,333,753

^(a)

^(b)

Floating Rate Security. Rate disclosed is as of September 30, 2016.

^(c)

These securities are considered to be illiquid. The aggregate value of these securities at September 30, 2016 was $3,554,959, which represent 8.02% of the Fund’s net assets.

^(d)

All or a portion of the security was on loan as of September 30, 2016.

^(e)

Non-income producing security.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust


Industry Composition (September 30, 2016)


Pharmaceuticals			3.22%
Data Processing & Outsourced Services			3.08%
Diversified Banks			2.45%
Aerospace & Defense			2.22%
Internet Software & Services			2.10%
Consumer Finance			2.00%
Electronic Manufacturing Services			1.94%
Biotechnology			1.92%
Regional Banks			1.84%
Drug Retail			1.75%
Real Estate Services			1.52%
Managed Health Care			1.50%
Semiconductors			1.50%
Hotels, Resorts & Cruise Lines			1.26%
Footwear			1.24%
Health Care Facilities			1.18%
Industrial Conglomerates			1.13%
Movies & Entertainment			1.12%
Health Care Distributors			1.09%
Other Industries (each less than 1%)			19.79%

			53.85%

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


Sector Composition (September 30, 2016)


Health Care			10.10%
Information Technology			9.93%
Consumer Discretionary			8.99%
Financial			8.87%
Industrials			7.10%
Materials			2.01%
Real Estate			1.96%
Consumer Staples			1.75%
Energy			1.56%
Utilities			1.21%
Telecommunication Services			0.32%
Diversified			0.05%

			53.85%

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


Credit Diversification *(September 30, 2016)*


A-*			0.78%
A3			4.20%
Aa2			0.59%
Aa3			0.68%
Aaa			6.48%
B1			0.94%
B2			1.26%
Ba1			1.95%
Ba2			0.23%
Ba3			1.03%
Baa1			2.61%
Baa2			3.79%
Baa3			4.51%
BBB*			0.42%
BBB-*			0.47%
NR			5.60%

Total:			35.54%

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

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

www.iconfunds.com


ICON Diversified Funds		Statements of Assets and Liabilities
		September 30, 2016


	ICON Bond Fund		ICON Equity Income Fund		ICON Fund

Assets
Investments, at cost	$	86,526,530	$	68,862,872	$	44,291,780

Investments, at value^(a)		87,722,944		70,505,086		45,913,602
Foreign currency, at value (Cost $–, $8,423 and $–, respectively)		–		8,423		–
Receivables:
Investments sold		–		3,438,114		471,971
Fund shares sold		107,669		339,156		2,285
Expense reimbursements due from Adviser		39,000		808		2,474
Interest		808,511		34,472		–
Dividends		5,483		171,749		31,234
Foreign tax reclaims		–		1,782		–
Other assets		22,137		44,420		19,604

Total assets		88,705,744		74,544,010		46,441,170


Liabilities
Payables:
Payable for collateral received on securities loaned		1,092,875		5,989,261		–
Loan payable, at value (Cost $–, $– and $431,277)		–		–		431,277
Investments purchased		–		3,108,822		–
Fund shares redeemed		141,865		112,529		21,646
Distributions due to shareholders		20,120		50,807		–
Advisory fees		43,108		40,116		28,255
Transfer agent fees		8,647		11,724		7,985
Fund accounting fees		4,725		3,340		1,881
Accrued distribution fees		4,474		11,976		10,585
Trustee fees and expenses		3,677		2,661		1,977
Administration fees		3,716		2,744		1,950
Accrued expenses		36,698		34,859		28,696

Total liabilities		1,359,905		9,368,839		534,252

Net Assets - all share classes	$	87,345,839	$	65,175,171	$	45,906,918

Net Assets - Class S	$	76,656,414	$	37,867,930	$	28,896,978

Net Assets - Class C	$	4,589,592	$	10,531,959	$	11,519,992

Net Assets - Class A	$	6,099,833	$	16,775,282	$	5,489,948


Net Assets Consists of
Paid-in capital	$	88,517,949	$	84,209,406	$	64,945,079
Accumulated undistributed net investment income/(loss)		123,417		31,918		–
Accumulated undistributed net realized gain/(loss)		(2,491,941)		(20,708,406)		(20,659,983)
Unrealized appreciation/(depreciation)		1,196,414		1,642,253		1,621,822

Net Assets	$	87,345,839	$	65,175,171	$	45,906,918


Shares outstanding (unlimited shares authorized, no par value)
Class S		8,025,162		2,425,082		2,053,038
Class C		478,920		668,436		924,713
Class A		641,456		1,076,989		412,376
Net asset value (offering and redemption price per share)
Class S	$	9.55	$	15.62	$	14.08
Class C	$	9.58	$	15.76	$	12.46
Class A	$	9.51	$	15.58	$	13.31
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	9.98	$	16.53	$	14.13

^(a) Includes securities on loan of	$	1,065,671	$	5,888,869	$	–

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

Annual Report | September 30, 2016


ICON Diversified Funds		Statements of Assets and Liabilities
		September 30, 2016


	ICON Long/Short Fund		ICON Opportunities Fund		ICON Risk-Managed Balanced Fund

Assets
Investments, at cost	$	16,198,973	$	15,135,439	$	44,223,761

Investments, at value^(a)		16,714,215		16,097,498		44,612,041
Receivables:
Investments sold		472,646		–		207,129
Fund shares sold		976		604		80,879
Expense reimbursements due from Adviser		3,605		–		10,110
Interest		–		–		137,087
Dividends		10,419		273		16,492
Foreign tax reclaims		–		–		–
Other assets		17,961		7,674		22,039

Total assets		17,219,822		16,106,049		45,085,777


Liabilities
Payables:
Payable for collateral received on securities loaned		–		–		426,194
Loan payable, at value (Cost $498,627, $– and $–)		498,627		–		–
Expense recoupment due to Adviser		–		3,706		–
Investments purchased		–		–		97,686
Fund shares redeemed		30,325		7,943		127,129
Distributions due to shareholders		–		–		7,753
Advisory fees		12,086		9,518		27,906
Transfer agent fees		6,821		2,357		10,265
Fund accounting fees		1,012		1,072		4,739
Accrued distribution fees		4,643		–		14,384
Trustee fees and expenses		756		506		1,940
Administration fees		737		630		1,927
Accrued expenses		24,007		21,420		32,101

Total liabilities		579,014		47,152		752,024

Net Assets - all share classes	$	16,640,808	$	16,058,897	$	44,333,753

Net Assets - Class S	$	7,113,901	$	–	$	20,087,384

Net Assets - Class C	$	4,211,085	$	–	$	15,151,197

Net Assets - Class A	$	5,315,822	$	–	$	9,095,172


Net Assets Consists of
Paid-in capital	$	71,239,732	$	15,007,079	$	56,946,628
Accumulated undistributed net investment income/(loss)		(6,963)		(30,697)		68,236
Accumulated undistributed net realized gain/(loss)		(55,107,203)		120,456		(13,069,391)
Unrealized appreciation/(depreciation)		515,242		962,059		388,280

Net Assets	$	16,640,808	$	16,058,897	$	44,333,753


Shares outstanding (unlimited shares authorized, no par value)				1,089,148
Class S		380,324		–		1,389,269
Class C		252,924		–		1,141,951
Class A		292,676		–		644,651
Net asset value (offering and redemption price per share)			$	14.74
Class S	$	18.70	$	–	$	14.46
Class C	$	16.65	$	–	$	13.27
Class A	$	18.16	$	–	$	14.11
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	19.27	$	–	$	14.97

^(a) Includes securities on loan of	$	–	$	–	$	419,967

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

www.iconfunds.com


ICON Diversified Funds		Statements of Operations
		Year Ended September 30, 2016


	ICON Bond Fund		ICON Equity Income Fund		ICON Fund
Investment Income
Interest	$	3,141,390	$	116,333	$	1,155
Dividends		562,160		2,294,606		744,606
Foreign taxes withheld		–		(23,016)		(1,161)
Income from securities lending, net		14,170		221,774		9,160
Other income		–		14		–

Total investment income		3,717,720		2,609,711		753,760

Expenses
Advisory fees		511,458		378,644		373,960
Administration fees		42,743		25,318		24,996
Transfer agent fees		86,772		81,098		82,909
Distribution fees:
Class C		39,066		76,325		124,186
Class A		16,084		36,994		15,833
Registration fees		36,254		37,350		33,244
Audit and tax service expense		26,515		21,082		17,326
Fund accounting fees		33,910		20,618		18,221
Trustee fees and expenses		13,976		8,422		7,974
Insurance expense		11,456		5,169		8,441
Custody fees		7,234		6,605		3,169
Printing fees		12,589		12,722		11,359
Interest expense		415		315		4,942
Recoupment of previously reimbursed expenses		–		16,522		2,969
Other expenses		38,700		28,546		24,394

Total expenses before expense reimbursement		877,172		755,730		753,923
Expense reimbursement by Adviser due to expense limitation agreement		(180,193)		(35,317)		(28,516)

Net Expenses		696,979		720,413		725,407

Net Investment Income/(Loss)		3,020,741		1,889,298		28,353

Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		240,106		(994,897)		(1,328,436)
Foreign currency		–		198		–
Long-term capital gain distributions from other investment companies		7,949		987		–

		248,055		(993,712)		(1,328,436)

Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		2,838,297		5,024,516		1,797,942

		2,838,297		5,024,516		1,797,942

Net realized and unrealized gain/(loss)		3,086,352		4,030,804		469,506

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	6,107,093	$	5,920,102	$	497,859

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

Annual Report | September 30, 2016


ICON Diversified Funds		Statements of Operations
		Year Ended September 30, 2016


	ICON Long/ Short Fund		ICON Opportunities Fund		ICON Risk-Managed Balanced Fund
Investment Income
Interest	$	9	$	58	$	621,620
Dividends		327,853		140,673		651,342
Foreign taxes withheld		(221)		–		(2,390)
Income from securities lending, net		2,780		–		15,046
Other income		–		–		4,043

Total investment income		330,421		140,731		1,289,661

Expenses
Advisory fees		183,086		83,499		380,666
Administration fees		10,795		5,568		25,443
Transfer agent fees		58,674		18,369		90,855
Distribution fees:
Class C		50,066		–		151,556
Class A		17,453		–		22,909
Registration fees		34,976		9,519		38,822
Audit and tax service expense		18,873		16,353		23,608
Fund accounting fees		8,409		5,344		26,291
Trustee fees and expenses		3,383		1,789		8,300
Insurance expense		4,732		1,538		4,064
Custody fees		3,127		2,546		11,486
Printing fees		6,165		6,145		11,254
Interest expense		6,842		664		2,630
Recoupment of previously reimbursed expenses		9,867		11,396		5,313
Other expenses		13,321		8,190		27,346

Total expenses before expense reimbursement		429,769		170,920		830,543
Expense reimbursement by Adviser due to expense limitation agreement		(80,331)		(3,029)		(44,620)

Net Expenses		349,438		167,891		785,923

Net Investment Income/(Loss)		(19,017)		(27,160)		503,738

Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		67,924		143,820		267,235
Foreign currency		–		–		(69)
Written options		–		–		(146,066)
Long-term capital gain distributions from other investment companies		–		–		11,386

		67,924		143,820		132,486

Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		8,849		1,036,666		1,179,154

		8,849		1,036,666		1,179,154

Net realized and unrealized gain/(loss)		76,773		1,180,486		1,311,640

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	57,756	$	1,153,326	$	1,815,378

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

www.iconfunds.com


ICON Diversified Funds		Statements of Changes in Net Assets


	ICON Bond Fund				ICON Equity Income Fund
	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	3,020,741	$	3,856,226	$	1,889,298	$	1,436,199
Net realized gain/(loss)		240,106		(2,721,154)		(994,699)		2,378,033
Net realized gain/(loss) on long-term capital gain distributions from other investment companies		7,949		–		987		–
Change in net unrealized appreciation/(depreciation)		2,838,297		(1,322,993)		5,024,516		(3,911,455)

Net increase/(decrease) in net assets resulting from operations		6,107,093		(187,921)		5,920,102		(97,223)

Dividends and Distributions to Shareholders
Net investment income
Class S		(2,609,859)		(4,367,039) ^(a)		(1,164,475)		(760,578)
Class C		(127,022)		(198,438) ^(a)		(220,158)		(154,918)
Class A		(213,454)		(381,214) ^(a)		(536,706)		(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		(2,950,335)		(6,512,437)		(1,921,339)		(1,340,637)

Fund Share Transactions
Shares sold
Class S		23,652,490		19,939,410		22,323,535		22,636,893
Class C		2,037,494		2,204,299		4,965,537		2,336,246
Class A		3,634,359		5,041,777		5,435,514		2,127,508
Reinvested dividends and distributions
Class S		2,285,962		5,264,217		1,105,137		715,630
Class C		92,020		160,822		167,115		105,154
Class A		108,802		245,318		459,085		385,989
Shares repurchased
Class S		(25,213,749)		(33,725,086)		(10,457,028)		(7,873,137)
Class C		(1,852,274)		(843,849)		(2,082,558)		(796,100)
Class A		(5,687,994)		(1,286,486)		(3,382,907)		(2,907,210)

Net increase/(decrease) from fund share transactions		(942,890)		(2,999,578)		18,533,430		16,730,973

Total net increase/(decrease) in net assets		2,213,868		(9,699,936)		22,532,193		15,293,113
Net Assets
Beginning of year		85,131,971		94,831,907		42,642,978		27,349,865

End of year	$	87,345,839	$	85,131,971	$	65,175,171	$	42,642,978

Accumulated undistributed net investment income/(loss)	$	123,417	$	(2,398)	$	31,918	$	73,948

^(a)

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

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

Annual Report | September 30, 2016


ICON Diversified Funds		Statements of Changes in Net Assets


	ICON Bond Fund				ICON Equity Income Fund
	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		2,542,262		2,079,890		1,471,811		1,503,214
Class C		218,630		230,646		323,130		150,250
Class A		394,911		531,071		358,450		137,103
Issued to shareholders in reinvestment of distributions
Class S		245,654		556,451		73,747		46,951
Class C		9,850		16,961		11,022		6,871
Class A		11,757		26,037		30,748		25,418
Shares repurchased
Class S		(2,710,665)		(3,548,159)		(706,603)		(503,502)
Class C		(197,764)		(89,159)		(138,110)		(51,185)
Class A		(619,858)		(136,282)		(224,896)		(186,068)

Net increase/(decrease)		(105,223)		(332,544)		1,199,299		1,129,052

Shares outstanding, beginning of year		9,250,761		9,583,305		2,971,208		1,842,156

Shares outstanding, end of year		9,145,538		9,250,761		4,170,507		2,971,208

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

www.iconfunds.com


ICON Diversified Funds		Statements of Changes in Net Assets


	ICON Fund				ICON Long/Short Fund
	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	28,353	$	(305,707)	$	(19,017)	$	(272,826)
Net realized gain/(loss)		(1,328,436)		1,666,949		67,924		1,596,940
Change in net unrealized appreciation/(depreciation)		1,797,942		(3,490,916)		8,849		(1,334,483)

Net increase/(decrease) in net assets resulting from operations		497,859		(2,129,674)		57,756		(10,369)


Fund Share Transactions
Shares sold
Class S		1,519,056		2,650,530		1,759,878		13,446,762
Class C		455,017		570,850		196,083		1,135,887
Class A		356,458		673,069		635,346		2,023,326
Shares repurchased
Class S		(6,734,706)		(9,474,040)		(11,978,015)		(12,681,757)
Class C		(2,714,880)		(3,146,732)		(2,239,810)		(1,710,185)
Class A		(1,906,267)		(1,412,280)		(4,472,867)		(4,078,006)

Net decrease from fund share transactions		(9,025,322)		(10,138,603)		(16,099,385)		(1,863,973)


Total net decrease in net assets		(8,527,463)		(12,268,277)		(16,041,629)		(1,874,342)

Net Assets
Beginning of year		54,434,381		66,702,658		32,682,437		34,556,779

End of year	$	45,906,918	$	54,434,381	$	16,640,808	$	32,682,437


Accumulated undistributed net investment income/(loss)	$	–	$	(171,984)	$	(6,963)	$	(195,326)

Transactions in Fund Shares
Shares sold
Class S		108,905		174,791		98,051		668,902
Class C		37,939		40,080		11,912		60,489
Class A		27,328		44,868		36,303		100,326
Shares repurchased
Class S		(492,502)		(601,521)		(652,902)		(627,870)
Class C		(223,446)		(226,313)		(139,906)		(93,775)
Class A		(147,621)		(95,562)		(256,603)		(207,860)

Net decrease		(689,397)		(663,657)		(903,145)		(99,788)

Shares outstanding, beginning of year		4,079,524		4,743,181		1,829,069		1,928,857

Shares outstanding, end of year		3,390,127		4,079,524		925,924		1,829,069

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

Annual Report | September 30, 2016


ICON Diversified Funds		Statements of Changes in Net Assets


	ICON Opportunities Fund				ICON Risk-Managed Balanced Fund
	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015
Operations
Net investment income/(loss)	$	(27,160)	$	(80,515)	$	503,738	$	293,801
Net realized gain/(loss)		143,820		29,960		121,100		446,087
Net realized gain/(loss) on long-term capital gain distributions from other investment companies		–		–		11,386		–
Change in net unrealized appreciation/(depreciation)		1,036,666		587,690		1,179,154		(1,184,909)

Net increase/(decrease) in net assets resulting from operations		1,153,326		537,135		1,815,378		(445,021)


Dividends and Distributions to Shareholders
Net investment income		–		(126,909)
Class S		–		–		(301,369)		(195,258)^(a)
Class C		–		–		(60,049)		(45,453)^(a)
Class A		–		–		(92,328)		(80,740)^(a)
Net realized gains		(10,170)		(60,583)^(b)

Net decrease from dividends and distributions		(10,170)		(187,492)		(453,746)		(321,451)


Fund Share Transactions
Shares sold		6,108,876		1,123,562
Class S		–		–		15,411,061		20,735,760
Class C		–		–		7,253,783		5,157,125
Class A		–		–		4,152,730		7,372,991
Reinvested dividends and distributions		10,162		182,711
Class S		–		–		259,419		158,420
Class C		–		–		46,376		36,577
Class A		–		–		79,762		63,152
Shares repurchased		(2,250,264)		(2,741,644)
Class S		–		–		(22,982,522)		(13,651,238)
Class C		–		–		(5,595,969)		(1,464,014)
Class A		–		–		(3,836,027)		(6,013,030)

Net increase/(decrease) from fund share transactions		3,868,774		(1,435,371)		(5,211,387)		12,395,743

Total net increase/(decrease) in net assets		5,011,930		(1,085,728)		(3,849,755)		11,629,271

Net Assets
Beginning of year		11,046,967		12,132,695		48,183,508		36,554,237

End of year	$	16,058,897	$	11,046,967	$	44,333,753	$	48,183,508

Accumulated undistributed net investment income/(loss)	$	(30,697)	$	(57,770)	$	68,236	$	(3,654)

^(a)

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

^(b)

The ICON Opportunities Fund had a distribution in excess of net realized gain during the fiscal year ended September 30, 2015.

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

www.iconfunds.com


ICON Diversified Funds		Statements of Changes in Net Assets


	ICON Opportunities Fund				ICON Risk-Managed Balanced Fund
	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold		426,361		79,579
Class S		–		–		1,094,151		1,429,825
Class C		–		–		554,021		385,869
Class A		–		–		298,768		521,467
Issued to shareholders in reinvestment of distributions		753		13,494
Class S		–		–		18,182		11,119
Class C		–		–		3,547		2,801
Class A		–		–		5,727		4,524
Shares repurchased		(167,271)		(194,321)
Class S		–		–		(1,625,982)		(973,454)
Class C		–		–		(429,201)		(109,255)
Class A		–		–		(277,104)		(421,260)

Net increase/(decrease)		259,843		(101,248)		(357,891)		851,636

Shares outstanding, beginning of year		829,305		930,553		3,533,762		2,682,126

Shares outstanding, end of year		1,089,148		829,305		3,175,871		3,533,762

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

Annual Report | September 30, 2016


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


Class S^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	9.20		$	9.90		$	9.89		$	10.51		$	10.11
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.34			0.41			0.43	^(c)		0.24			0.38
Net realized and unrealized gains/(losses) on investments		0.34			(0.44)			0.15			(0.32)			0.59

Total from investment operations		0.68			(0.03)			0.58			(0.08)			0.97

Less dividends and distributions:
Dividends from net investment income		(0.33)			(0.51)			(0.44)			(0.24)			(0.40)
Distributions from net realized gains		–			(0.13)			(0.13)			(0.30)			(0.17)
Return of capital		–			(0.03)			–			–			–

Total dividends and distributions		(0.33)			(0.67)			(0.57)			(0.54)			(0.57)

Net asset value, end of period	$	9.55		$	9.20		$	9.90		$	9.89		$	10.51

Total Return		7.54	%		(0.28)	%		6.01	%		(0.84)	%		9.93	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	76,656		$	73,152		$	87,675		$	88,313		$	81,381
Ratio of expenses to average net assets
Before expense limitation		0.93	%		0.91	%		0.86	%		0.89	%		0.88	%
After expense limitation/ recoupment ^(d)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.43	%		4.10	%		4.22	%		2.19	%		3.46	%
After expense limitation/ recoupment		3.61	%		4.26	%		4.33	%^(c)		2.33	%		3.59	%
Portfolio turnover rate		141	%		153	%		176	%		97	%		51	%

^(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)

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.

www.iconfunds.com


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


Class C	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014			Year Ended September 30, 2013		Year Ended September 30, 2012
Net asset value, beginning of period	$	9.24	$	9.94	$	9.93		$	10.55	$	10.15
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.26		0.32		0.34	^(b)		0.15		0.31
Net realized and unrealized gains/(losses) on investments		0.34		(0.43)		0.15			(0.32)		0.57

Total from investment operations		0.60		(0.11)		0.49			(0.17)		0.88

Less dividends and distributions:
Dividends from net investment income		(0.26)		(0.43)		(0.35)			(0.15)		(0.31)
Distributions from net realized gains		–		(0.13)		(0.13)			(0.30)		(0.17)
Return of capital		–		(0.03)		–			–		–

Total dividends and distributions		(0.26)		(0.59)		(0.48)			(0.45)		(0.48)

Net asset value, end of period	$	9.58	$	9.24	$	9.94		$	9.93	$	10.55

Total Return^(c)		6.59%		(1.10)%		5.10%			(1.66)%		8.98%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,590	$	4,142	$	2,879		$	3,008	$	3,772
Ratio of expenses to average net assets
Before expense limitation		2.10%		2.19%		2.27%			2.06%		2.28%
After expense limitation/ recoupment ^(d)		1.60%		1.60%		1.60%			1.60%		1.60%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.28%		2.76%		2.75%			1.02%		2.35%
After expense limitation/ recoupment		2.78%		3.35%		3.42%⁽	^b)		1.48%		3.03%
Portfolio turnover rate		141%		153%		176%			97%		51%

^(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)

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

Annual Report | September 30, 2016


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	9.17		$	9.86		$	9.89		$	10.51		$	10.11
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.31			0.36			0.43	^(c)		0.21			0.36
Net realized and unrealized gains/(losses) on investments		0.34			(0.41)			0.12			(0.32)			0.58

Total from investment operations		0.65			(0.05)			0.55			(0.11)			0.94

Less dividends and distributions:
Dividends from net investment income		(0.31)			(0.48)			(0.45)			(0.21)			(0.37)
Distributions from net realized gains		–			(0.13)			(0.13)			(0.30)			(0.17)
Return of capital		–			(0.03)			–			–			–

Total dividends and distributions		(0.31)			(0.64)			(0.58)			(0.51)			(0.54)

Net asset value, end of period	$	9.51		$	9.17		$	9.86		$	9.89		$	10.51

Total Return^(d)		7.25	%		(0.44)	%		5.77	%		(1.08)	%		9.66	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,100		$	7,838		$	4,278		$	6,792		$	7,515
Ratio of expenses to average net assets
Before expense limitation		1.38	%		1.36	%		1.44	%		1.34	%		1.31	%
After expense limitation/ recoupment ^(e)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.98	%		3.50	%		3.84	%		1.71	%		3.13	%
After expense limitation/ recoupment		3.36	%		3.86	%		4.28	%^(c)		2.06	%		3.44	%
Portfolio turnover rate		141	%		153	%		176	%		97	%		51	%

^(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)

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

www.iconfunds.com

ICON Equity Income Fund

Financial Highlights

For a Share Outstanding Throughout the Years Presented


Class S^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	14.36		$	14.87		$	13.80		$	12.18		$	10.21
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.60			0.56			0.52			0.47			0.43
Net realized and unrealized gains/(losses) on investments		1.27			(0.56)			1.04			1.65			2.03
Total from investment operations		1.87			(0.00)	^(c)		1.56			2.12			2.46
Less dividends and distributions:
Dividends from net investment income		(0.61)			(0.51)			(0.49)			(0.50)			(0.49)
Total dividends and distributions		(0.61)			(0.51)			(0.49)			(0.50)			(0.49)
Net asset value, end of period	$	15.62		$	14.36		$	14.87		$	13.80		$	12.18

Total Return		13.30	%		(0.17)	%		11.36	%		17.76	%		24.43	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	37,868		$	22,779		$	8,022		$	5,116		$	7,123
Ratio of expenses to average net assets
Before expense limitation		1.24	%		1.25	%		1.38	%		1.53	%		1.47	%
After expense limitation/ recoupment^(d)		1.20	%		1.20	%		1.20	%		1.21	%		1.21	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.91	%		3.52	%		3.36	%		3.28	%		3.31	%
After expense limitation/ recoupment		3.95	%		3.57	%		3.54	%		3.60	%		3.57	%
Portfolio turnover rate		145	%		174	%		148	%		163	%		122	%

^(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)

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

Annual Report | September 30, 2016


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


Class C	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	14.45		$	14.96		$	13.88		$	12.25		$	10.16
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.45			0.40			0.36			0.35			0.29
Net realized and unrealized gains/(losses) on investments		1.28			(0.56)			1.06			1.65			2.06
Total from investment operations		1.73			(0.16)			1.42			2.00			2.35
Less dividends and distributions:
Dividends from net investment income		(0.42)			(0.35)			(0.34)			(0.37)			(0.26)
Total dividends and distributions		(0.42)			(0.35)			(0.34)			(0.37)			(0.26)
Net asset value, end of period	$	15.76		$	14.45		$	14.96		$	13.88		$	12.25

Total Return^(b)		12.15	%		(1.16)	%		10.26	%		16.58	%		23.31	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	10,532		$	6,825		$	5,481		$	5,423		$	5,146
Ratio of expenses to average net assets
Before expense limitation		2.34	%		2.34	%		2.45	%		2.42	%		2.62	%
After expense limitation/ recoupment^(c)		2.20	%		2.20	%		2.20	%		2.21	%		2.20	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.80	%		2.40	%		2.21	%		2.49	%		2.09	%
After expense limitation/ recoupment		2.94	%		2.54	%		2.46	%		2.70	%		2.51	%
Portfolio turnover rate		145	%		174	%		148	%		163	%		122	%

^(a)

Calculated using the average shares method.

^(b)

The total return calculation excludes any sales charges.

^(c)

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

www.iconfunds.com


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	14.29		$	14.79		$	13.73		$	12.12		$	10.15
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.56			0.50			0.47			0.45			0.39
Net realized and unrealized gains/(losses) on investments		1.26			(0.53)			1.04			1.63			2.03
Total from investment operations		1.82			(0.03)			1.51			2.08			2.42
Less dividends and distributions:
Dividends from net investment income		(0.53)			(0.47)			(0.45)			(0.47)			(0.45)
Total dividends and distributions		(0.53)			(0.47)			(0.45)			(0.47)			(0.45)
Net asset value, end of period	$	15.58		$	14.29		$	14.79		$	13.73		$	12.12

Total Return^(c)		12.97	%		(0.38)	%		11.07	%		17.49	%		24.10	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	16,775		$	13,039		$	13,847		$	12,798		$	10,758
Ratio of expenses to average net assets
Before expense limitation		1.54	%		1.52	%		1.59	%		1.68	%		1.69	%
After expense limitation/recoupment^(d)		1.45	%		1.45	%		1.45	%		1.46	%		1.45	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.64	%		3.14	%		3.08	%		3.24	%		3.11	%
After expense limitation/recoupment		3.73	%		3.21	%		3.22	%		3.45	%		3.35	%
Portfolio turnover rate		145	%		174	%		148	%		163	%		122	%

^(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)

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

Annual Report | September 30, 2016


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


Class S^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	13.83		$	14.52		$	14.00		$	11.34		$	8.82
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.05			(0.02)			0.00	^(c)		0.07			0.07
Net realized and unrealized gains/(losses) on investments		0.20			(0.67)			0.52			2.66			2.45
Total from investment operations		0.25			(0.69)			0.52			2.73			2.52
Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.07)			–
Total dividends and distributions		–			–			–			(0.07)			–
Net asset value, end of period	$	14.08		$	13.83		$	14.52		$	14.00		$	11.34

Total Return		1.81	%		(4.75)	%		3.71	%		24.27	%		28.57	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	28,897		$	33,695		$	41,577		$	6,986		$	22,952
Ratio of expenses to average net assets
Before expense limitation		1.12	%		1.09	%		1.10	%		1.23	%		1.18	%
After expense limitation/ recoupment^(d)		1.12	%		1.09	%		1.10	%		1.23	%		1.18	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.39	%		(0.11)	%		0.02	%		0.59	%		0.61	%
After expense limitation/ recoupment		0.39	%		(0.11)	%		0.02	%		0.59	%		0.61	%
Portfolio turnover rate		31	%		54	%		65	%		33	%		24	%

^(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)

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

www.iconfunds.com


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


Class C	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	12.38		$	13.15		$	12.82		$	10.42		$	8.17
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.09)	^(b)		(0.18)			(0.14)			(0.07)			(0.04)
Net realized and unrealized gains/(losses) on investments		0.17			(0.59)			0.47			2.47			2.29
Total from investment operations		0.08			(0.77)			0.33			2.40			2.25
Net asset value, end of period	$	12.46		$	12.38		$	13.15		$	12.82		$	10.42

Total Return^(c)		0.65	%		(5.86)	%		2.57	%		23.03	%		27.54	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	11,520		$	13,745		$	17,050		$	18,848		$	18,378
Ratio of expenses to average net assets
Before expense limitation		2.41	%		2.27	%		2.26	%		2.32	%		2.35	%
After expense limitation/ recoupment^(d)		2.26	%		2.25	%		2.25	%		2.26	%		2.28	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.90)	%		(1.29)	%		(1.09)	%		(0.64)	%		(0.48)	%
After expense limitation/ recoupment		(0.75)	%		(1.27)	%		(1.08)	%		(0.58)	%		(0.41)	%
Portfolio turnover rate		31	%		54	%		65	%		33	%		24	%

^(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 class specific expenses during the period.

^(c)

The total return calculation excludes any sales charges.

^(d)

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

Annual Report | September 30, 2016


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	13.13		$	13.84		$	13.39		$	10.85		$	8.46
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.00	^(c)		(0.08)			(0.05)			0.02			0.03
Net realized and unrealized gains/(losses) on investments		0.18			(0.63)			0.50			2.56			2.36
Total from investment operations		0.18			(0.71)			0.45			2.58			2.39
Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.04)			–
Total dividends and distributions		–			–			–			(0.04)			–
Net asset value, end of period	$	13.31		$	13.13			$13.84			$13.39			$10.85

Total Return^(d)		1.37	%		(5.13)	%		3.36	%		23.90	%		28.25	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,490		$	6,994		$	8,076		$	10,000		$	12,401
Ratio of expenses to average net assets
Before expense limitation		1.67	%		1.55	%		1.56	%		1.58	%		1.54	%
After expense limitation/recoupment^(e)		1.51	%		1.50	%		1.50	%		1.51	%		1.54	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.16)	%		(0.57)	%		(0.38)	%		0.12	%		0.27	%
After expense limitation/recoupment		0.00	%^(f)		(0.52)	%		(0.32)	%		0.19	%		0.27	%
Portfolio turnover rate		31	%		54	%		65	%		33	%		24	%

^(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)

^(f)

Less than 0.005% of average net assets.

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

www.iconfunds.com


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


Class S^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	18.39		$	18.41		$	17.48		$	14.56		$	11.61
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.04	^(c)		(0.09)			(0.06)			0.01			0.02
Net realized and unrealized gains/(losses) on investments		0.27			0.07			0.99			2.91			2.93
Total from investment operations		0.31			(0.02)			0.93			2.92			2.95
Net asset value, end of period	$	18.70		$	18.39		$	18.41		$	17.48		$	14.56

Total Return		1.69	%		(0.11)	%		5.32	%		20.05	%		25.41	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	7,114		$	17,196		$	16,465		$	4,774		$	3,471
Ratio of expenses to average net assets
Before expense limitation		1.63	%		1.37	%		1.45	%		1.53	%		2.18	%
After expense limitation/ recoupment ^(d)		1.28	%		1.28	%		1.32	%		1.32	%		1.35	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.11)	%		(0.52)	%		(0.47)	%		(0.14)	%		(0.70)	%
After expense limitation/ recoupment		0.24	%		(0.43)	%		(0.34)	%		0.07	%		0.13	%
Portfolio turnover rate		20	%		74	%		65	%		33	%		54	%

^(a)

Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(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 class specific expenses during the period.

^(d)

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.

Annual Report | September 30, 2016


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


Class C	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	16.54		$	16.74		$	16.05		$	13.52		$	10.89
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.13)			(0.27)			(0.24)			(0.14)			(0.11)
Net realized and unrealized gains/(losses) on investments		0.24			0.07			0.93			2.67			2.74
Total from investment operations		0.11			(0.20)			0.69			2.53			2.63
Net asset value, end of period	$	16.65		$	16.54		$	16.74		$	16.05		$	13.52

Total Return^(b)		0.67	%		(1.19)	%		4.30	%		18.71	%		24.15	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,211		$	6,300		$	6,932		$	6,108		$	6,004
Ratio of expenses to average net assets
Before expense limitation		2.76	%		2.53	%		2.57	%		2.62	%		2.95	%
After expense limitation/ recoupment ^(c)		2.33	%		2.33	%		2.38	%		2.37	%		2.41	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.21)	%		(1.68)	%		(1.58)	%		(1.21)	%		(1.44)	%
After expense limitation/ recoupment		(0.78)	%		(1.48)	%		(1.39)	%		(0.96)	%		(0.90)	%
Portfolio turnover rate		20	%		74	%		65	%		33	%		54	%

^(a)

Calculated using the average shares method.

^(b)

The total return calculation excludes any sales charges.

^(c)

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

www.iconfunds.com

ICON Long/Short Fund

Financial Highlights

For a Share Outstanding Throughout the Years Presented


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	17.91		$	17.99		$	17.13		$	14.31		$	11.44
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.01)			(0.15)			(0.12)			(0.02)			(0.02)
Net realized and unrealized gains/(losses) on investments		0.26			0.07			0.98			2.84			2.89
Total from investment operations		0.25			(0.08)			0.86			2.82			2.87
Net asset value, end of period	$	18.16		$	17.91		$	17.99		$	17.13		$	14.31

Total Return^(c)		1.40	%		(0.44)	%		5.02	%		19.71	%		25.09	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,316		$	9,186		$	11,160		$	8,813		$	15,687
Ratio of expenses to average net assets
Before expense limitation		1.95	%		1.73	%		1.81	%		1.91	%		2.09	%
After expense limitation/ recoupment ^(d)		1.58	%		1.58	%		1.63	%		1.61	%		1.65	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.40)	%		(0.89)	%		(0.82)	%		(0.45)	%		(0.58)	%
After expense limitation/ recoupment		(0.03)	%		(0.74)	%		(0.64)	%		(0.16)	%		(0.14)	%
Portfolio turnover rate		20	%		74	%		65	%		33	%		54	%

^(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)

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

Annual Report | September 30, 2016


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


	Year Ended September 30, 2016			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)		(0.03)			(0.09)			(0.12)			(0.01)
Net realized and unrealized gains/(losses) on investments		1.46			0.58			0.41	^(c)		3.03
Total from investment operations		1.43			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	$	14.74		$	13.32		$	13.04		$	13.02

Total Return		10.76	%		3.75	%		2.19	%		30.20	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	16,059		$	11,047		$	12,133		$	442
Ratio of expenses to average net assets
Before expense limitation		1.53	%		1.58	%		2.44	%		12.47	%
After expense limitation/ recoupment ^(d)		1.51	%		1.50	%		1.50	%		1.52	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.27)	%		(0.72)	%		(1.81)	%		(11.02)	%
After expense limitation/ recoupment		(0.25)	%		(0.65)	%		(0.87)	%		(0.07)	%
Portfolio turnover rate		95	%		76	%		46	%		52	%

^(a)

Commenced operations on October 1, 2012.

^(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 class specific expenses during the period.

^(d)

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

www.iconfunds.com


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


Class S^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period		$ 14.02			$ 13.98			$ 13.40			$ 12.32			$ 10.88
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.19			0.18			0.24			0.24			0.15
Net realized and unrealized gains/(losses) on investments		0.42			0.01			0.56			1.04			1.44
Total from investment operations		0.61			0.19			0.80			1.28			1.59
Less dividends and distributions:
Dividends from net investment income		(0.17)			(0.15)			(0.22)			(0.20)			(0.15)
Total dividends and distributions		(0.17)			(0.15)			(0.22)			(0.20)			(0.15)
Net asset value, end of period		$ 14.46			$ 14.02			$ 13.98			$ 13.40			$ 12.32

Total Return		4.39	%		1.35	%		6.02	%		10.51	%		14.65	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$ 20,087			$ 26,677			$ 20,071			$ 43,350			$ 6,692
Ratio of expenses to average net assets
Before expense limitation		1.27	%		1.34	%		1.22	%		1.43	%		1.80	%
After expense limitation/ recoupment ^(c)		1.20	%		1.20	%		1.20	%		1.21	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		1.27	%		1.09	%		1.72	%		1.65	%		0.69	%
After expense limitation/ recoupment		1.34	%		1.23	%		1.74	%		1.87	%		1.25	%
Portfolio turnover rate		109	%		119	%		137	%		98	%		71	%

^(a)

Class S shares were formerly named Class Z shares prior to January 23, 2012.

^(b⁾

Calculated using the average shares method.

^(c)

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

Annual Report | September 30, 2016


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


Class C	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012
Net asset value, beginning of period	$	12.89	$	12.90	$	12.39	$	11.41	$	10.09
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.04		0.03		0.09		0.09		0.02
Net realized and unrealized gains/(losses) on investments		0.39		0.01		0.54		0.98		1.34
Total from investment operations		0.43		0.04		0.63		1.07		1.36
Less dividends and distributions:
Dividends from net investment income		(0.05)		(0.05)		(0.12)		(0.09)		(0.04)
Total dividends and distributions		(0.05)		(0.05)		(0.12)		(0.09)		(0.04)
Net asset value, end of period	$	13.27	$	12.89	$	12.90	$	12.39	$	11.41

Total Return^(b)		3.35%		0.31%		5.06%		9.45%		13.47%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	15,151	$	13,061	$	9,469	$	5,667	$	2,243
Ratio of expenses to average net assets
Before expense limitation		2.29%		2.38%		2.33%		2.72%		3.25%
After expense limitation/ recoupment^(c)		2.20%		2.20%		2.20%		2.22%		2.23%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.24%		0.06%		0.61%		0.22%		(0.79)%
After expense limitation/ recoupment		0.33%		0.24%		0.74%		0.72%		0.23%
Portfolio turnover rate		109%		119%		137%		98%		71%

⁽^a)

Calculated using the average shares method.

^(b⁾

The total return calculation excludes any sales charges.

^(c)

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

www.iconfunds.com


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period		$ 13.68			$ 13.69			$ 13.12			$ 12.06			$ 10.66
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.15			0.14			0.20			0.18			0.11
Net realized and unrealized gains/(losses) on investments		0.42			0.00	^(c)		0.57			1.05			1.41
Total from investment operations		0.57			0.14			0.77			1.23			1.52
Less dividends and distributions:
Dividends from net investment income		(0.14)			(0.15)			(0.20)			(0.17)			(0.12)
Total dividends and distributions		(0.14)			(0.15)			(0.20)			(0.17)			(0.12)
Net asset value, end of period		$ 14.11			$ 13.68			$ 13.69			$ 13.12			$ 12.06

Total Return^(d)		4.18	%		1.00	%		5.88	%		10.28	%		14.28	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)		$ 9,095			$ 8,446			$ 7,014			$ 7,819			$ 4,045
Ratio of expenses to average net assets
Before expense limitation		1.60	%		1.70	%		1.65	%		2.12	%		2.16	%
After expense limitation/ recoupment ^(e)		1.45	%		1.45	%		1.45	%		1.47	%		1.48	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.93	%		0.71	%		1.29	%		0.81	%		0.28	%
After expense limitation/ recoupment		1.08	%		0.96	%		1.49	%		1.46	%		0.96	%
Portfolio turnover rate		109	%		119	%		137	%		98	%		71	%

^(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)

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

Annual Report | September 30, 2016


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

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 long-term 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 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 may engage 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.



60		www.iconfunds.com


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

The ICON Fund has a significant weighting in the Financial and Consumer Discretionary sectors, the Long/Short Fund has a significant weighting in the Financial sector and the Opportunities Fund has a significant weighting in the Information Technology and Consumer Discretionary sectors which may cause the Funds’ performance to be susceptible to the economic, business and/or other developments that may affect those sectors.

In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be 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 under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

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 NYSE 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 (the “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 are 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



Annual Report \| September 30, 2016		61


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

(“NAV”). The valuation assigned to fair-value securities for purposes of calculating each 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 September 30, 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	$	–	$	51,692,858	$	–	$	51,692,858
Convertible Corporate Bonds		–		2,077,500		–		2,077,500
U.S. Treasury Obligations		–		2,995,899		–		2,995,899
Collateralized Mortgage Obligations		–		10,968,455		–		10,968,455
Preferred Stocks		4,708,615		–		–		4,708,615
Closed-End Mutual Funds		8,550,270		–		–		8,550,270
Collateral for Securities on Loan		–		1,092,875		–		1,092,875
Short-Term Investments		–		5,636,472		–		5,636,472
Total	$	13,258,885	$	74,464,059	$	–	$	87,722,944


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	$	–	$	1,043,188	$	–	$	1,043,188
Convertible Corporate Bonds		–		259,688		–		259,688
Collateralized Mortgage Obligations		–		672,290		–		672,290
Common Stocks		58,251,710		–		–		58,251,710
Preferred Stocks		1,256,089		–		–		1,256,089
Convertible Preferred Stocks		261,720		–		–		261,720
Closed-End Mutual Funds		2,526,586		–		–		2,526,586
Put Options Purchased		54,000		–		–		54,000
Collateral for Securities on Loan		–		5,989,261		–		5,989,261
Short-Term Investments		–		190,554		–		190,554
Total	$	62,350,105	$	8,154,981	$	–	$	70,505,086


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	$	45,913,602	$	–	$	–	$	45,913,602
Total	$	45,913,602	$	–	$	–	$	45,913,602



62		www.iconfunds.com


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

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	$	16,714,215	$	–	$	–	$	16,714,215
Total	$	16,714,215	$	–	$	–	$	16,714,215


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	$	16,070,034	$	–	$	–	$	16,070,034
Short-Term Investments		–		27,464		–		27,464
Total	$	16,070,034	$	27,464	$	–	$	16,097,498


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	$	–	$	8,901,216	$	–	$	8,901,216
Convertible Corporate Bonds		–		415,500		–		415,500
U.S. Treasury Obligations		–		2,873,713		–		2,873,713
Collateralized Mortgage Obligations		–		3,565,138		–		3,565,138
Common Stocks		23,061,276		–		–		23,061,276
Preferred Stocks		810,289		–		–		810,289
Closed-End Mutual Funds		3,646,199		–		–		3,646,199
Exchange Traded Funds		769,588		–		–		769,588
Put Options Purchased		71,220		–		–		71,220
Collateral for Securities on Loan		–		426,194		–		426,194
Short-Term Investments		–		71,708		–		71,708
Total	$	28,358,572	$	16,253,469	$	–	$	44,612,041

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

There were no Level 3 securities held in any of the Funds at September 30, 2016.

For the year ended September 30, 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 each 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 each Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.



Annual Report \| September 30, 2016		63


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

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 year ended September 30, 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 Statements 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 September 30, 2016, the Equity Income Fund engaged in purchased put option transactions and the Risk-Managed Balanced Fund engaged in written call and purchased put options transactions. All open option contracts are included on each Fund’s Schedule of Investments. The Risk-Managed Balanced Fund’s written options were collateralized by cash and/or securities held in a segregated account at the Fund’s custodian during the year. The securities pledged as collateral would be included on the Schedule of Investments if they were held at year end. Such collateral is restricted from the Fund’s use. The cash collateral held for the custodian and/or borrowings from the custodian if any, is included on the Statements of Assets and Liabilities.



64		www.iconfunds.com


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

The number of options contracts written and the premiums received by the Risk-Managed Balanced Fund during the year ended September 30, 2016, were as follows:


	ICON Risk-Managed Balanced Fund
	Number of Contracts	Premiums Received
Options outstanding, beginning of year	–	$ –
Options written during year	(190)	(272,758)
Options closed during year	175	268,583
Options exercised during year	15	4,175

Options outstanding, end of year	–	$ –

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

54,000

N/A

Total

54,000

–

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

71,220

N/A

Total

71,220

–


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	$	(281,853)	$	(200,882)

Total		$	(281,853)	$	(200,882)

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	$	(672,809)	$	(292,850)
Equity Contracts (Written Options)	Net realized gain/(loss) on written options/ Change in unrealized net appreciation/(depreciation) on written options		(146,066)		–

Total		$	(818,875)	$	(292,850)



Annual Report \| September 30, 2016		65


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

The average purchased and written option contracts during the year ended September 30, 2016, was as follows:


ICON Equity Income Fund Derivative Type	Unit of Measurement	Average⁺

Purchased Options	Contracts	129⁺⁺

ICON Risk-Managed Balanced Fund Derivative Type	Unit of Measurement	Average⁺

Purchased Options	Contracts	159⁺⁺
Written Options	Contracts	28⁺⁺

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

⁺⁺	During the year ended September 30, 2016, the Equity Income Fund had outstanding purchased option contracts for 192 days and the Risk-Managed Balanced Fund had outstanding purchased option contracts for the entire year and outstanding written option contracts for 257 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 Statements 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 Statements 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 and for the year ended September 30, 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. Cash collateral is received in exchange for securities on loan in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but give up other rights including the right to vote proxies. The Funds retain the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that generally exceeds the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day.

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

The Funds have elected to invest the cash collateral in the State Street Navigator Prime Portfolio which is disclosed on the Schedule of Investments. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the year ended September 30, 2016, is included in the Statements of Operations.

The value of the collateral could include collateral held for securities that were sold on or before September 30, 2016. It may also include collateral received from the pre-funding of security loans.



66		www.iconfunds.com


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

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 Funds as of September 30, 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		Excess amount due to counterparty

Securities Lending Transactions
ICON Bond Fund
Corporate Securities	$	1,032,500	$	–	$	–	$	–	$	1,032,500	$	1,055,000	$	22,500
Equity Securities		33,171		–		–		–		33,171		37,875		4,704

Total										1,065,671		1,092,875		27,204
ICON Equity Income Fund
Equity Securities		5,888,869		–		–		–		5,888,869		5,989,261		100,392
ICON Risk-Managed Balanced Fund
Equity Securities		419,967		–		–		–		419,967		426,194		6,227

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 based on the effective yield. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.



Annual Report \| September 30, 2016		67


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

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.

Withholding Tax

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be effected by economic and political developments in specific country or region.

Other

The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

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 additional class level expenses that are included on the Statements of Operations:


Fund	Printing Fees		Transfer Agent Fees*		Registration Fees

ICON Bond Fund
Class S	$	10,684	$	63,315	$	16,938
Class C		975		9,755		9,552
Class A		930		9,898		9,764
ICON Equity Income Fund
Class S		8,203		39,528		14,142
Class C		1,459		13,907		10,317
Class A		3,060		22,794		12,891
ICON Fund
Class S		6,924		25,867		11,932
Class C		2,926		36,736		10,888
Class A		1,509		15,770		10,424
ICON Long/Short Fund
Class S		2,517		20,995		10,957
Class C		1,504		14,967		11,020
Class A		2,144		19,094		12,999
ICON Risk-Managed Balanced Fund
Class S		6,039		47,498		12,384
Class C		3,156		23,606		12,878
Class A		2,059		14,969		13,560

*	Transfer agent out of pocket fees are a Fund level expense.

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees



68		www.iconfunds.com


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

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%

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 these payments are proposed.

As of September 30, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:


Fund	Expires 2017		Expires 2018		Expires 2019

ICON Bond Fund	$	136,560	$	180,067	$	180,193
ICON Equity Income Fund		34,431		31,087		35,317
ICON Fund		5,855		6,855		28,516
ICON Long/Short Fund		46,283		50,987		80,331
ICON Opportunities Fund		22,580		8,824		3,029
ICON Risk-Managed Balanced Fund		27,233		61,973		44,620

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.

Effective April 9, 2016, ALPS became the transfer agent for the Trust. For these services, the Trust pays an annual fee plus annual base fee per Fund, per account fees and out-of-pocket expenses. Prior to April 9, 2016, Boston Financial Data Services, Inc. was the Trust’s transfer agent.

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 year ended September 30, 2016, each Fund’s payment for administrative services to ICON Advisers is included on the Statements 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.



Annual Report \| September 30, 2016		69


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

Distribution Fees

The Funds have adopted a non-compensatory 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, the Distribution Plan provides for reimbursement of expenses incurred by IDI related to distribution and marketing. The 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 Statements of Operations.

In addition, IDI, as Distributor, receives a contingent deferred sales charge at a rate of 1.00% of the purchase price for the sale of Class C shares within one year of purchase. For Class A shares, the public offering price equals net asset value plus the applicable sales charge, which is a maximum of 5.75% (4.75% for Class A shares of the ICON Bond Fund). IDI receives a portion of this sales charge and may redistribute it as dealer discounts and brokerage commissions to non-related parties.

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 year ended September 30, 2016, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements 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 reviews and approves such reimbursements. For the year ended September 30, 2016, the total related amounts paid by the Funds under this arrangement was $4,806 and is included in Other Expenses on the Statements of Operations.

The Funds engaged in cross trades with each other during the year ended September 30, 2016 pursuant to Rule 17a-7 under the 1940 Act. Generally, cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board of Trustees previously adopted procedures that apply to transactions between the Funds and its affiliates pursuant to Rule 17a-7. At its regularly scheduled meetings, the Board of Trustees reviews such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and the Funds’ procedures. The procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of each Fund.

4. BORROWINGS

The Trust has entered into a uncommitted, unsecured, revolving Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. Effective March 21, 2016, the maximum borrowing limit was changed from $75 million to $50 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The Line of Credit agreement/arrangement expires on March 20, 2017.

As of September 30, 2016, the ICON Fund and the Long/Short Fund had outstanding borrowings in the amount of $431,277 and $498,627, respectively.

For the year ended September 30, 2016, the average outstanding loan by Fund was as follows:


Fund	Average Borrowing (10/01/15 - 9/30/16)^		Average Interest Rates (10/1/15 - 9/30/16)^

ICON Bond Fund*	$	1,201,046	1.38%
ICON Equity Income Fund*		429,200	1.70%
ICON Fund		558,003	1.64%
ICON Long/Short Fund		629,367	1.64%
ICON Opportunities Fund*		100,612	1.67%
ICON Risk-Managed Balanced Fund*		919,209	1.72%

*	There were no outstanding borrowings under this agreement/arrangement as of September 30, 2016.

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

www.iconfunds.com


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the year ended September 30, 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	$	111,565,515		$ 114,417,196		$ 2,956,094		$ 4,805,127
ICON Equity Income Fund		90,748,139		71,956,202		–		–
ICON Fund		14,991,678		23,251,853		–		–
ICON Long/Short Fund		4,378,720		20,066,737		–		–
ICON Opportunities Fund		14,498,227		10,409,779		–		–
ICON Risk-Managed Balanced Fund		49,670,512		53,618,359		2,573,250		2,731,490

6. FEDERAL INCOME TAX

The following information is presented on an income tax basis. Differences between 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 primarily due to differing treatments for items such as deferrals of wash sale losses, foreign currency transactions, partnership adjustments, net investment losses, and the treatment of TIPS, trust preferred securities, and paydowns.

For the year ended September 30, 2016, the following Funds had capital loss carryforwards:


Fund	Expiring in 2017		Expiring in 2018

ICON Equity Income Fund	$	–	$	19,024,268
ICON Fund		–		17,897,797
ICON Long/Short Fund		33,675,749		19,325,857
ICON Risk-Managed Balanced Fund		–		12,982,796

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, 2016, the following Funds utilized capital loss carryforwards:


Fund	Amount

ICON Equity Income Fund		$ 701,417
ICON Risk-Managed Balanced Fund		237,622

The capital losses with no expiration were as follows:


Fund	Short-Term		Long-Term

ICON Bond Fund		$ 778,218		$ 1,152,209
ICON Fund		1,433,750		–
ICON Long/Short Fund		1,444,669		–

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, 2016, were as follows:


Fund	Ordinary Income		Long-Term Capital Gains

ICON Bond Fund	$	2,950,335	$	–
ICON Equity Income Fund		1,921,339		–
ICON Opportunities Fund		–		10,170
ICON Risk-Managed Balanced Fund		453,746		–



Annual Report \| September 30, 2016		71


ICON Diversified Funds		Notes to Financial Statements
		September 30, 2016

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, 2016, 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 and Other Losses		Unrealized Appreciation/ (Depreciation)**		Total Accumulated Earnings/ (Deficit)

ICON Bond Fund	$	158,476	$	–	$	(554,807)	$	(1,965,486)	$	1,189,707	$	(1,172,110)
ICON Equity Income Fund		35,661		–		(1,876,410)		(19,028,011)		1,834,525		(19,034,235)
ICON Fund		–		–		(1,328,436)		(19,331,547)		1,621,822		(19,038,161)
ICON Long/Short Fund		–		–		(667,891)		(54,446,275)		515,242		(54,598,924)
ICON Opportunities Fund		–		221,529		(30,697)		–		860,986		1,051,818
ICON Risk-Managed Balanced Fund		69,429		–		(411,465)		(12,983,989)		713,150		(12,612,875)

*	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.

As of September 30, 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 Appreciation of Foreign Currency and Derivatives		Net Unrealized Appreciation		Cost of Investments for Income Tax Purposes

ICON Bond Fund	$	1,478,937	$	(289,230)	$	–	$	1,189,707	$	86,533,237
ICON Equity Income Fund		3,305,238		(1,671,634)		200,921		1,834,525		68,670,600
ICON Fund		4,320,515		(2,698,693)		–		1,621,822		44,291,780
ICON Long/Short Fund		1,618,545		(1,103,303)		–		515,242		16,198,973
ICON Opportunities Fund		1,579,860		(718,874)		–		860,986		15,236,512
ICON Risk-Managed Balanced Fund		2,122,188		(1,737,345)		328,307		713,150		43,898,891

7. SUBSEQUENT EVENTS

On October 14, 2016, the State Street Navigator Prime Portfolio, the collateral vehicle for securities lending, became the State Street Navigator Securities Lending Government Money Market Portfolio (“Government Money Market Portfolio”). The Government Money Market Portfolio will seek: (i) current income to the extent consistent with the preservation of capital and liquidity; and (ii) the maintenance of a stable $1.00 per share net asset value.

In addition to the current expense waiver through 1/31/2021, on November 14, 2016, ICON Advisers contractually agreed to limit the total expenses of the ICON Equity Income Fund for one year (excluding interest, taxes, brokerage, acquired fund fees and expenses and extraordinary expenses) to an annual rate for Class A of 1.24%, an annual rate for Class C of 1.99%, and an annual rate of 0.99% for Class S. This expense limitation may revert back to the current limits any time after January 31, 2018 upon 30 days’ written notice of termination to the Fund’s Board of Trustees. The new expense limitation will become effective with the filing of the annual registration statement in January 2017.

8. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee of the Board of the Funds dismissed PricewaterhouseCoopers LLP (“PwC”), as the independent registered public accounting firm of the Funds and appointed Cohen & Company, Ltd. (“Cohen”) effective July 27, 2016.



72		www.iconfunds.com


ICON Diversified Funds		Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

ICON Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ICON Bond Fund, ICON Equity Income Fund, ICON Fund, ICON Long/Short Fund, ICON Opportunities Fund, and ICON Risk-Managed Balanced Fund (the “Funds”, each a series of ICON Funds) as of September 30, 2016, and the related statements of operations and changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The Funds’ financial statements and financial highlights for the years ended September 30, 2015 and prior, were audited by other auditors, whose report dated November 18, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2016, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2016, the results of their operations, the changes in their net assets, and their financial highlights for year then ended, in conformity with accounting principles generally accepted in the United States of America.

LOGO

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 23, 2016



Annual Report \| September 30, 2016		73


ICON Diversified Funds		Disclosure of Fund Expenses
		September 30, 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 (4/01/16 – 9/30/16).

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 April 1, 2016		Ending Account Value September 30, 2016		Expense Ratio^(a)		Expenses Paid During period April 1, 2016 - September 30, 2016^(b)

ICON Bond Fund
Class S
Actual		$ 1,000.00		$ 1,049.70		0.75%		$ 3.84
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,021.25		0.75%		$ 3.79
Class C
Actual		$ 1,000.00		$ 1,044.70		1.61%		$ 8.23
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,016.95		1.61%		$ 8.12
Class A
Actual		$ 1,000.00		$ 1,048.70		1.00%		$ 5.12
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		$ 1,056.70		1.20%		$ 6.17
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,019.00		1.20%		$ 6.06
Class C
Actual		$ 1,000.00		$ 1,051.50		2.20%		$ 11.28
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,014.00		2.20%		$ 11.08
Class A
Actual		$ 1,000.00		$ 1,055.50		1.45%		$ 7.45
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,017.75		1.45%		$ 7.31



74		www.iconfunds.com


ICON Diversified Funds		Disclosure of Fund Expenses
		September 30, 2016 (Unaudited)


	Beginning Account Value April 1, 2016		Ending Account Value September 30, 2016		Expense Ratio^(a)		Expenses Paid During period April 1, 2016 - September 30, 2016^(b)

ICON Fund
Class S
Actual		$ 1,000.00		$ 1,043.00		1.09%		$ 5.57
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,019.55		1.09%		$ 5.50
Class C
Actual		$ 1,000.00		$ 1,036.60		2.27%		$ 11.56
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,013.65		2.27%		$ 11.43
Class A
Actual		$ 1,000.00		$ 1,040.70		1.52%		$ 7.75
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,017.40		1.52%		$ 7.67

ICON Long/Short Fund
Class S
Actual		$ 1,000.00		$ 1,040.60		1.26%		$ 6.43
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,018.70		1.26%		$ 6.36
Class C
Actual		$ 1,000.00		$ 1,035.40		2.31%		$ 11.75
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,013.45		2.31%		$ 11.63
Class A
Actual		$ 1,000.00		$ 1,039.50		1.56%		$ 7.95
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,017.20		1.56%		$ 7.87

ICON Opportunities Fund
Actual		$ 1,000.00		$ 1,129.50		1.51%		$ 8.04
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,017.45		1.51%		$ 7.62

ICON Risk-Managed Balanced Fund
Class S
Actual		$ 1,000.00		$ 1,023.40		1.20%		$ 6.07
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,019.00		1.20%		$ 6.06
Class C
Actual		$ 1,000.00		$ 1,019.00		2.20%		$ 11.10
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,014.00		2.20%		$ 11.08
Class A
Actual		$ 1,000.00		$ 1,022.80		1.45%		$ 7.33
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,017.75		1.45%		$ 7.31

^(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.



Annual Report \| September 30, 2016		75


ICON Diversified Funds		Board of Trustees and Fund Officers
		September 30, 2016 (Unaudited)

The ICON Funds Board of Trustees (the “Board”) consists of four Trustees who oversee the 17 ICON Funds (the “Funds”). The Board is responsible for general oversight of the Funds’ business and for assuring that the Funds are managed in the best interest of the Funds’ shareholders. The Trustees, and their ages, and principal occupations are set forth below. The address of the Trustees is 5299 DTC Blvd., Suite 1200, Greenwood Village, CO 80111. Trustees have no official term of office and generally serve until they resign or are not re-elected.

Interested Trustee

Craig T. Callahan, 65, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as Chief Executive Officer (2013 to present); and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) and President (2008 to 2013 and 2014 to present) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI. Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.

Independent Trustees

Glen F. Bergert, 66, Mr. Bergert has been a Trustee of the Funds since 1999. Mr. Bergert is President of Venture Capital Management LLC (1997 to present), General Partner of SOGNO Partners LP, a venture capital company (2001 to 2015), General Partner of Bergert Properties, LLP, a real estate holding company (1997 to present), General Partner of Pyramid Real Estate Partnership, a real estate development company (1998 to present), General Partner of Chamois Partners, LP, a venture capital company (2004 to present) and was previously a General Partner with KPMG Peat Marwick, LLP (1979 to 1997). Mr. Bergert is also a Director of Delta Dental of California, an insurance company (2013 to present and 2006 to 2012), Delta Dental of Pennsylvania, an insurance company (1998 to 2009 and 2010 to present), Dentegra Group, Inc, an insurance holding company (2010 to 2014) and Delta Reinsurance Corporation (2015 to present; 2011 to 2014 and 2000 to 2009).

John C. Pomeroy, Jr., 69. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).

R. Michael Sentel, 68. Mr. Sentel has been a Trustee of the Funds since their inception. Mr. Sentel is a Senior Attorney with the U.S. Department of Education (1996 to present). Mr. Sentel also provides legal representation as a sole practitioner with an emphasis on corporate and transactional law. He served as general counsel to numerous public companies and served on the board of directors of one of these clients. Mr. Sentel began his legal career with the U.S. Securities and Exchange Commission’s Division of Enforcement and served as a Branch Chief (1980 to 1981). Later he served as the Section Chief for the Professional Liability Section of the Federal Deposit Insurance Corp. with responsibility for the Rocky Mountain Region (1991 to 1994).

The Officers of the Funds are:

Craig T. Callahan, 65, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as Chief Executive Officer (2013 to present); President (1998 to 2013 and 2014 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI. Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of IM&R, the parent company of ICON Advisers and IDI.

Donald Salcito, 63. Mr. Salcito serves as Vice President and Secretary of the Funds (November 15, 2006 to present). Mr. Salcito is also Executive Vice President and General Counsel (September 2005 to present) of ICON Advisers; Director of IM&R (2005 to present); Executive Vice President, Secretary, General Counsel of IDI (2005 to present). Previously, he was a Partner in various national law firms, practicing in the securities law area. (1980 to 2005).

Carrie M. Schoffman, 43. Ms. Schoffman has been a Vice President and Principal Financial Officer/Treasurer of the Funds since June 2013. Ms. Schoffman is also Chief Compliance Officer (2013 to present and 2004 to 2008) and Anti-Money Laundering Officer (2013 to present) of the ICON Funds. She is Senior Vice President (2011 to present) and Chief Compliance Officer (2013 to present and 2004 to 2011) of ICON Advisers. Previously, she was a Staff Accountant with the Securities and Exchange Commission (2003 to 2004) and also an Experienced Manager (2001 to 2003) and a Senior Associate/Associate (1996 to 2001) at PricewaterhouseCoopers LLP.

Lesley Caviness, 50. Ms. Caviness serves as Assistant Treasurer of the Funds (2014 to present). She has worked at ICON (2007 to 2008 and 2010 to present) in fund accounting, compliance, business intelligence and performance capacities. Prior to working at ICON, Ms. Caviness was a Real Estate Broker at Seasons Real Estate Group (2008 to 2012) and Signature Real Estate (2014 to present), Finance Manager at Navigant (2000 to 2007), and Associate/Senior Associate (1996 to 2000) at PricewaterhouseCoopers LLP.



76		www.iconfunds.com


ICON Diversified Funds		Additional Information
		September 30, 2016 (Unaudited)

Renewal of Investment Advisory Agreement

On August 22, 2016, the Board of Trustees, including all of the Trustees that are not “interested persons” of the Trust (the “Independent Trustees”), approved continuation of the Advisory Agreements (as defined below) with the Adviser for each Fund for an additional one-year term commencing October 1, 2016.

In determining to renew the investment advisory agreements between ICON Funds (the “Trust”) and ICON Advisers, Inc. (“ICON” or the “Adviser”) the Trustees requested, were provided with and reviewed data with respect to the Adviser, its personnel, and the services provided and to be provided to each Fund by the Adviser under the Trust’s Investment Advisory Agreement dated October 9, 1996, as amended (related to the Sector Funds, the International Funds and ICON Fund) and under the Trust’s Investment Advisory Agreement dated July 9, 2002 and effective October 1, 2002, as amended (related to the U.S. Diversified Funds — Bond, Risk-Managed Balanced, Equity Income, Opportunities and Long/Short Funds) (collectively, the “Advisory Agreements”).

The Trustees agreed that consideration of the Advisory Agreements should also include consideration of other agreements between the Adviser and the Trust that impact provisions of the Advisory Agreements, including expense limitation agreements as amended effective April 11, 2016. The Trustees were provided with and reviewed data with respect to the Adviser, its personnel, and the services provided and to be provided to each Fund by the Adviser under the Trust’s Advisory Agreements, Administrative Services Agreement and Expense Limitation Agreement and the Distribution Agreement with ICON Distributors, Inc. (“IDI”). The data included information concerning advisory, distribution and administrative services provided to the Funds by ICON and its related companies; information concerning other businesses of those companies; and comparative data obtained from Strategic Insight (“SI”) related to Fund performance and Fund expenses (the “SI Report”).

The Board convened a meeting with SI on August 10, 2016 to discuss the SI Report and the information contained within the SI Report. Kevin Shine, Senior Managing Director, U.S. Research & Advisory of SI, Alana Burke, Vice President, Corporate Accounts and Joe Frelix, project manager on the15(c) report, discussed the findings of the SI Report with the Independent Trustees. Management personnel participated in the SI meeting convened to discuss the data for and with the Board. At the meeting, SI discussed its methodology, peer selection and the difficulty with some sector funds, expenses and fees, and performance relative to the respective Fund’s peers. SI also discussed the Funds size and how a respective Fund’s size would affect economies of scale, in particular, operating expenses. In addition, the Trustees asked SI for a Mutual Fund Administration Analysis (the “SI Admin Analysis”). Mr. Shine walked the Trustees through the SI Admin Analysis.

Also included in the 15(c) discussion was a briefing on factors affecting the ICON investment model; expenses and expense ratios of each Fund and other ICON managed products; relative performance of each Fund; status of expense reimbursements to the Funds by the Adviser; sales and marketing initiatives; specific business factors affecting IDI; the work load on ICON as adviser and administrator to the Funds; current profitability of ICON; staffing levels and staff morale.

The Independent Trustees were represented by independent legal counsel in this process. In August 2016, after participating in the meeting with SI and management, the Independent Trustees met separately as a group in private sessions with their independent legal counsel to review and discuss the foregoing information. Based on these discussions, independent legal counsel and/or the Lead Independent Trustee also contacted management to request additional information from SI. The Board received materials from independent legal counsel discussing the legal standards applicable to their consideration of the ICON-Trust agreements.

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to which the Adviser obtains research through “soft dollar” arrangements with the Funds’ brokerage, compliance reports on the foregoing, and the financial and non-financial resources available to provide services required under the Advisory Agreement.

During the discussion, the SI Report and the SI Admin Analysis were discussed and management personnel showed performance for each Fund and discussed the factors affecting performance. The Board inquired from SI whether there was any correlation between fund expenses and performance, and SI saw no direct correlation with the ICON Funds other than the obvious observation that higher expenses reduce performance.

During the discussion on performance, management personnel noted that 2015 was very difficult for active managers. Unlike indexes, ICON is an active manager that is willing to look different from an index.

Management elaborated further on performance. For the one year ended May 31, 2014, only three of ICON’s funds beat their respective benchmarks: Consumer Staples, Information Technology, and Long/Short. For the one year ended June 30, 2016, four of the ICON funds beat their respective benchmarks: Emerging Markets, International Equity, Information Technology, and Utilities. However, on a one year basis, eight are in



Annual Report \| September 30, 2016		77


ICON Diversified Funds		Additional Information
		September 30, 2016 (Unaudited)

the top third of their peer groups of which six of those eight are in the top quartile. The low point in the S & P 1500 Index was February 11, 2016. Since February 11 until July, 2016, ICON performed better than the indexes, as seven of the 12 domestic equity funds beat their respective indexes. Also during that same time period, the equity portion of the ICON Equity Income Fund beat the S&P 1500 Index. Five of the nine ICON Sector Funds beat their index for that same period.

Management noted that Advisers’ performance relative to other valuation managers as judged by the AthenaInvest system is above the medium. SI also noted that from a performance point of view, the Funds in the SI Report are compared using the Morningstar data, and there is no Morningstar category for “all cap” funds, but all ICON Funds are improving.

The Board addressed style consistency with the Adviser. Management advised that, based on the Adviser’s own analysis, and with the restructuring of the Adviser, the Adviser has continued an additional level of review on the Portfolio Managers (“PMs”) to make sure they are adhering to the ICON System; the Senior Vice President of Fund Management has been systematically tracking the Funds’ performance; he evaluates each of the ICON Funds to help ensure all PMs are investing consistently and in accordance with the ICON System by evaluating the Funds from an attribution perspective in monthly meetings.

In connection with reviewing data bearing upon the nature, quality, and extent of services furnished by ICON to each Fund, the Board assessed data concerning ICON’s staffing, systems and facilities. The Board also assessed ICON’s non-Trust business to see if there are any initiatives that would dilute service to the Trust. The Board concluded:

That the breadth and the quality of investment advisory and other services being provided to each Fund is satisfactory, as evidenced in part by efforts to address and improve the performance record of each Fund when compared with the performance records of a peer group of comparable funds and markets in general;

That the breadth and the quality of investment advisory and other services being provided to each Fund are satisfactory, the Adviser’s performance is competitive with other fund managers in the value style group, and the Adviser has applied a disciplined approach in the style specified in the Funds’ offering document;

That ICON has made significant expenditures in the past year and in prior years to ensure that it has reasonably sophisticated systems and the highly trained personnel necessary for it to be able to continue to provide quality service to the Funds’ shareholders, including the dedication of substantial resources to ICON’s investment and methodology;

That the Board, after considering compliance reports and compliance initiatives undertaken during the year and conducting individual interviews with selected PMs, is satisfied with the research and portfolio management, that research and portfolio management is being constantly evaluated and improved upon; and that the PMs are evaluating trading services systematically, the Board concluded that the Adviser is providing the Funds with professional management of the nature, quality and scope required by the Funds; and

The risks assumed by ICON in providing investment advisory services to each Fund, including the capital commitments which have been made in the past and which continue to be made by ICON to ensure the continuation of the highest quality of service to the Trust, is made with the recognition that shareholders may redeem their shares at any time without notice and the Trust’s advisory relationship with ICON may be terminated at any time and must be renewed on an annual basis.

In considering the reasonableness of the fees paid to the Adviser for managing each Fund, the Board reviewed, among other things, data concerning other funds from the SI Report, financial statements of the Adviser and an analysis of the profitability of the Adviser, and its affiliates, and their relationship with each Fund over various time periods, and the SI Admin Analysis. Such analysis identified all revenues and other benefits received by the Adviser and its affiliates from managing each Fund, the costs associated with providing such services and the resulting profitability to the Adviser and its affiliates and a comparison of similar data from reports filed by publicly traded firms.

The Board assessed actual (net) fees for advisory services and Fund expense ratios under the contractual relationship (the Advisory agreements, the Administration Agreement and the Expense Limitation Agreements) with the Adviser as opposed to the fees specified in the applicable Advisory Agreement and expense ratios without application of the expense limitations and the low cost of the Administration Agreement and concluded that the focus should be on actual expense ratios after application of the Expense Limitation Agreements.

The Board considered the current and anticipated asset levels of each Fund and the contractual commitments of the Adviser to waive fees and pay expenses of the Funds from time to time to limit the total expenses of the Funds. The Board also considered the Adviser’s contractual commitment regarding administration and the fact it would continue to lose money on administration. In this regard the Board discussed asset levels in each Fund covered by the Advisory Agreements. ICON’s ability to provide the services called for under the Advisory Agreements was assessed in light of current and projected asset levels. Fund expenses and expense ratios were also assessed in light of current and projected asset levels. The Board concluded that the Adviser has the resources necessary to provide the services called for under the Advisory Agreements; that profitability to the



78		www.iconfunds.com


ICON Diversified Funds		Additional Information
		September 30, 2016 (Unaudited)

Adviser and its affiliates from their relationship with the Funds, and services provided to the Funds, is not excessive; and that the Adviser is not realizing material benefits from economies of scale that would warrant adjustments to the fees for any Fund at this time. The Board of Trustees concluded that, in light of the nature, extent and quality of the services provided by the Adviser and the levels of profitability associated with providing these services, the fees charged by the Adviser under the Advisory Agreements to each Fund are reasonable.

In connection with assessing data bearing on the fairness of fee arrangements, the Board considered the SI Report and the SI Admin Analysis. It was noted that SI was selected at the May Board meeting to prepare its reports, an extensive analysis of the expense data of other comparable funds; and that Trustee input was solicited and provided in the process. Among other information discussed, it was noted that:

the advisory fee structures of the Funds are within the range of funds considered in the comparison with advisory fees and expense ratios of other similarly managed funds as set forth in the comparative data;

ICON has contractually agreed to impose expense limitations on each and every Fund at a cost to ICON;

ICON has contractually committed to break points in its fees so that economies of scale could be realized as a Fund grows in assets, for the benefit of Fund shareholders;

ICON has contractually committed to providing Administration services to the Funds at a cost below the average to its peer group, and within the mutual fund universe of open-end fund managers with less than $10 billion in assets under management, at less than 50% of the fee of those funds, at a loss to ICON.

The Board also considered the fees charged by the Adviser to other advisory clients as outlined in its Registration Application on Form ADV in connection with assessing data bearing on the fairness of fee arrangements. The Trustees noted that certain ICON institutional/sub-advised type accounts have lower fees than the fees paid by the Funds for a number of reasons, including but not limited to, those clients call for different commitments of time, institutional clients have low and predictable turnover of assets, in competition joint costs are apportioned among paying customers according to elasticity of demand and the Adviser has a limited level of responsibility in sub-managed accounts, or accounts with an investor agent/advisor.

The Board noted that the Funds’ redemptions were similar to industry averages which showed two things: 1) that the Funds’ Performance was not adversely impacting fund redemptions, and 2) that the fees and costs were competitive when compared to size. The Board noted that there are thousands of mutual funds competing; that investors can search and trade funds on the internet or on platforms at very little or no cost; and that if the Adviser were overcharging for its services, the Board would have expected redemptions in excess of industry norms.

The Board concluded that the Adviser is providing the Funds with professional management at a fair, reasonable and competitive price.

In connection with assessing the direct and indirect benefits to ICON from serving as the Funds’ adviser, the Board discussed services provided under the Distribution Agreement and the Administrative Services Agreement which are in addition to services under the Advisory Agreements. It was noted that IDI does not charge a fee to the Funds for its services and that ICON’s fee for administrative services ICON appears from the SI Admin Analysis to be below the average to its peer group, and within the mutual fund universe of open-end fund managers with less than $10 billion in assets under management, at less than 50% of the fee of those funds, at a loss to ICON. The Board noted that ICON receives research assistance (primarily in the form of data) from the use of soft dollars generated from Fund portfolio transactions; that such research assists ICON in providing quality advisory services; that Trust and Adviser compliance personnel continuously evaluate and report on the soft-dollar arrangements and related costs; and the Board concluded that the arrangements are consistent with Fund brokerage practices and benefit the Funds and their shareholders.

Based on these considerations, the Board, including all of the Independent Trustees, concluded that: 1) the continuation of the Advisory Agreements was in the best interests of each Fund and its shareholders, 2) the services to be performed under the Advisory Agreements were required for the operation of the Funds, 3) the advisory services were satisfactory to the Funds in the past, and 4) the fees for the advisory services and other benefits from the relationship with the Trust received by ICON, and its affiliates, were consistent with fees paid by similar funds and other clients of ICON, and were reasonable in light of the comparative data, and within the range of what would have been negotiated at arm’s length in light of all the circumstances.



Annual Report \| September 30, 2016		79


ICON Diversified Funds		Additional Information
		September 30, 2016 (Unaudited)

Supplemental Tax Information

Pursuant to Section 852(b)(3) of the Internal Revenue Code the following Fund designates the amount listed below as long-term capital gain dividends:


Opportunities Fund		$	10,170

The following Funds designate the percentages listed below of the income dividends distributed in 2015 as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code:


Bond Fund			3.03%
Equity Income Fund			84.84%
Risk-Managed Balanced Fund			90.87%

The following Funds designate the percentages listed below of the income dividends distributed in 2015 as qualifying for the corporate dividends received deduction (DRD) as defined in Section 854(b)(2) of the Internal Revenue Code:


ICON Equity Income Fund			74.17%
ICON Risk-Managed Balanced Fund			81.70%

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.



80		www.iconfunds.com


ICON Diversified Funds		Privacy Policy
		September 30, 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.



Annual Report \| September 30, 2016		81


ICON Diversified Funds		Privacy Policy
		September 30, 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



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Page Intentionally Left Blank

LOGO

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

LOGO

ANNUAL REPORT

September 30, 2016

LOGO

International Funds

ICON Emerging Markets Fund

ICON International Equity Fund

LOGO

You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.

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

Management Overview (Unaudited) and Schedules of Investments

ICON Emerging Markets Fund			3

ICON International Equity Fund			10

Financial Statements			19

Financial Highlights			22

Notes to Financial Statements			28

Report of Independent Registered Public Accounting Firm			36

Disclosure of Fund Expenses (Unaudited)			37

Board of Trustees and Fund Officers (Unaudited)			39

Additional Information (Unaudited)			40

Privacy Policy			44


ICON International Funds		About This Report
		September 30, 2016 (Unaudited)

Historical Returns

Portfolio Data

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.

Financial Intermediary

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

www.iconfunds.com


ICON Emerging Markets Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmark?

The ICON Emerging Markets Fund (the Fund) Class S returned 10.27% for the fiscal year ended September 30, 2016, while its benchmark, the MSCI Emerging Markets Index, returned 17.21%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

After the previous fiscal year’s losses, the emerging markets benchmark experienced a strong reversal and ended the fiscal year 2016 with gains. It appears that investor sentiment on emerging markets improved as perceptions of attractive valuations and stronger earnings and economic growth led investors to this space and away from less enticing countries in the developed world. Despite slower overall global growth, emerging market countries managed to outpace their developed market peers as emerging markets credit spreads underwent a widespread contraction, bolstering equity risk sentiment. Brazil led the way, reversing 3 years of losses as its president was impeached on corruption charges and stocks in the natural resources segment of the market recovered. Brazil was not alone as the boom in natural resources stocks helped many other countries in the Asia-Pacific region as well. Similarly, global strength in the Information Technology sector benefitted the emerging markets given their high exposure to the sector, particularly in countries in the Asia-Pacific. Global concerns, such as worry over the Chinese economy and its currency volatility as well as uncertainty regarding future U.S. interest rate policy, impacted the emerging markets. However, despite these headwinds, interest rates generally remained low and monetary policy continued to be accommodative globally which has ultimately provided a supportive backdrop for emerging markets.

At the beginning of the fiscal year, our overall average value-to-price (V/P) ratio for emerging markets stood at 0.89, indicating that, on average, emerging markets stocks were overpriced according to our system. Given this relatively low V/P ratio, the Fund took a more defensive stance including an increased allocation to cash given the over-priced conditions. The Fund’s cash holdings helped early in the fiscal year as stocks moved lower. However, as stock prices reversed and climbed higher during the fiscal year, our V/P readings were slower to improve and we continued to hold some cash, which proved to be a drag on performance. From a regional perspective, our valuation model pointed the Fund towards countries in the Asia-Pacific region and away from Latin American and European countries. Throughout the year, many countries, sectors, and individual stocks that looked relatively expensive or over-priced according to our valuation metrics outperformed those that our system indicated were better bargains. Despite the ongoing issues looming over the world economy as well as rotations within the Fund that may have seemed contrarian at times, our discipline and focus on value guided our decisions, which we believe will benefit the Fund going forward.

Q.	How did the Fund’s composition affect performance?

The Fund’s primary contributors to benchmark relative performance came from the traditional economically defensive sectors of Consumer Staples, Utilities, and Telecommunication Services. Specifically, overweight positions in the Personal Products industry within the Consumer Staples sector and the Wireless Telecommunications industry within the Telecommunication Services sector contributed to positive performance relative to the benchmark. Conversely, the Materials sector was a detractor, as the Fund’s underweight position in the outperforming Steel industry and overweight position in the underperforming Paper Products industry hindered the Fund’s relative returns versus the benchmark. The Fund’s overweight positions in the Health Care and Industrials sectors also detracted from returns as these two sectors lagged the benchmark for the period. Further, as discussed above, with our valuation system showing overvalued conditions for much of the year, the Fund’s defensive cash position was detrimental to returns as the emerging markets benchmark experienced gains over the year. The Fund did not employ currency hedging during the period.

While all geographic regions saw gains over the period, there were areas of clear differentiation among certain countries throughout the year. At the country level, China, Thailand, and India were the biggest contributors to relative performance as strong stock selection within these countries proved beneficial. Despite showing the least value according to our system, Western Hemisphere equities had the highest returns, with Brazil being a notable standout. Unfortunately, our value readings for Brazil showed less upside relative to other countries and the Fund maintained an underweight position there which ultimately detracted from relative performance. While South Korea performed well as a country, the Fund’s stock selection within the country detracted from benchmark relative performance as well.

Q.	What is your investment outlook for emerging markets?

At the end of fiscal year 2016, our overall average V/P ratio for emerging markets was 1.09, indicating that, on average, there is 9% upside to fair value for emerging markets equities according to our system. Despite the rally the emerging markets have experienced over the past year, we still see opportunities in this space as earnings and economic growth in the emerging market countries remain more robust than the developed world. While worries persist about the pace of global growth and the prospect of the U.S. tightening its monetary policy, global monetary policy remains accommodative and corporate earnings are forecasted to continue to grow.

According to our system, we see the best bargains in the Asia-Pacific regions, specifically in countries like Thailand, Philippines, and South Korea. The Western Hemisphere and Europe regions show the least upside according to our system as countries like Greece, Poland, Peru, and Turkey look relatively less attractive. From a sector perspective, the Financial, Utilities, and Information Technology sectors are showing the most value in our models. Guided by our disciplined, systematic and non-emotional approach to investing, we remain ready to reallocate and adapt as our investment system dictates.



Annual Report \| September 30, 2016		3


ICON Emerging Markets Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date		1 Year			5 Years			10 Years			Since Inception			Gross Expense Ratio*			Net Expense Ratio*
ICON Emerging Markets Fund - Class S		2/25/97		10.27	%		7.42	%		2.88	%		2.96	%		2.44	%		1.55	%
ICON Emerging Markets Fund - Class C		1/25/08		9.11	%		6.34	%		N/A			0.02	%		5.11	%		2.55	%
ICON Emerging Markets Fund - Class A		5/31/06		9.99	%		7.19	%		2.63	%		2.27	%		4.75	%		1.80	%
ICON Emerging Markets Fund - Class A (including maximum sales charge of 5.75%)		5/31/06		3.65	%		5.92	%		2.03	%		1.69	%		4.75	%		1.80	%
MSCI Emerging Markets Index				17.21	%		3.39	%		4.28	%		5.72	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Fund’s name and investment strategy changed effective May 5, 2014. The Fund’s past performance would have been different if the current strategy had been in effect. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Emerging Markets Fund’s Class S shares on the Class’ inception date of 2/25/97 to a $10,000 investment made in an unmanaged securities index on that date. The Fund’s name and investment strategy changed effective May 5, 2014. The Fund’s past performance would have been different if the current strategy had been in effect. Performance for the Emerging Markets Fund’s other share classes will vary due to differences in charges and expenses. The Emerging Markets Fund’s performance in this chart and the performance table assumes the reinvestment of dividends, capital gain distributions and tax return of capital, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

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

www.iconfunds.com


ICON Emerging Markets Fund		Schedule of Investments


		September 30, 2016


	Shares or Principal Amount		Value
Common Stocks (88.42%)
Advertising (0.48%)
Nasmedia Co., Ltd.		6,835	$	265,898


Aerospace & Defense (2.40%)
AviChina Industry & Technology Co., Ltd., Class H		460,000		312,015
Korea Aerospace Industries, Ltd.		14,800		1,031,419

				1,343,434


Apparel, Accessories & Luxury Goods (0.50%)
Youngone Corp.		8,200		276,956


Application Software (1.15%)
Com2uSCorp^(a)		2,500		228,087
Oracle Financial Services Software, Ltd.		8,500		412,213

				640,300


Auto Parts & Equipment (0.14%)
Mahle-Metal Leve S.A.^(a)		11,000		78,505


Automobile Manufacturers (1.19%)
Chongqing Changan Automobile Co., Ltd., Class B		160,000		261,277
Dongfeng Motor Group Co., Ltd., Class H		402,000		405,396

				666,673

Automotive Retail (0.55%)
Super Group, Ltd.^(a)		100,000		309,492


Building Products (1.83%)
China Lesso Group Holdings, Ltd.		552,000		377,038
Dynasty Ceramic PCL		1,000,000		125,812
LG Hausys, Ltd.		2,700		258,942
Sintex Industries, Ltd.		220,402		259,999

				1,021,791


Cable & Satellite (0.39%)
KT Skylife Co., Ltd.^(a)		15,000		218,900


Casinos & Gaming (0.74%)
Kangwon Land, Inc.		11,600		414,504


Commodity Chemicals (4.14%)
Formosa Plastics Corp.		213,000		530,429
LG Chem, Ltd.		2,200		486,580
Lotte Chemical Corp.		3,190		869,570
PTT Global Chemical PCL^(a)		250,000		426,134

				2,312,713


	Shares or Principal Amount		Value
Construction & Engineering (1.10%)
China Communications Construction Co., Ltd., Class H		280,000	$	297,150
China State Construction International Holdings, Ltd.		240,000		317,571

				614,721

Construction Materials (2.37%)
Anhui Conch Cement Co., Ltd., Class H		302,000		834,689
PPC, Ltd.		1,240,000		486,930

				1,321,619

Consumer Electronics (0.57%)
Skyworth Digital Holdings, Ltd.		440,000		319,451


Consumer Finance (0.18%)
Credito Real SAB de CV SOFOM ER		60,000		103,044


Data Processing & Outsourced Services (1.61%)
Cielo S.A.		89,300		897,352


Department Stores (1.20%)
El Puerto de Liverpool SAB de CV, Class 1^(a)		48,000		502,533
Grupo Sanborns SAB de CV^(a)		150,000		169,729

				672,262

Diversified Banks (4.95%)
Akbank T.A.S.		160,000		428,629
Bank Negara Indonesia Persero Tbk PT		660,000		281,552
Bank of China, Ltd., Class H		610,000		281,701
Bank Pan Indonesia Tbk PT^(a)		2,000,000		126,683
China Construction Bank Corp., Class H		720,000		540,748
Industrial & Commercial Bank of China, Ltd., Class H		980,000		621,977
Shinhan Financial Group Co., Ltd.		13,300		487,108

				2,768,398

Diversified Capital Markets (0.89%)
China Everbright, Ltd.		240,000		494,968


Diversified Real Estate Activities (0.61%)
Robinsons Land Corp.		530,000		339,183


Diversified Support Services (1.03%)
KEPCO Plant Service & Engineering Co., Ltd.		10,900		574,035



Annual Report \| September 30, 2016		5


ICON Emerging Markets Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value
Electric Utilities (0.91%)
Korea Electric Power Corp.		10,400	$	509,457


Electronic Components (1.65%)
Tongda Group Holdings, Ltd.		3,750,000		919,786


Electronic Equipment & Instruments (3.38%)
Coretronic Corp.		316,000		345,050
Flytech Technology Co., Ltd.		114,000		395,373
SFA Engineering Corp.		23,400		1,149,432

				1,889,855

Electronic Manufacturing Services (0.26%)
Inari Amertron Bhd		180,000		144,505


Environmental & Facilities Services (0.71%)
China Everbright International, Ltd.		330,000		395,638


Food Distributors (0.60%)
Hyundai Greenfood Co., Ltd.		23,000		337,280


Gas Utilities (1.35%)
GAIL India, Ltd.		67,000		377,916
Infraestructura Energetica Nova SAB de CV		96,000		373,954

				751,870

Gold (3.91%)
AngloGold Ashanti, Ltd.^(a)		34,600		552,989
Gold Fields, Ltd.		111,000		538,066
Sibanye Gold, Ltd.		156,000		554,642
Zijin Mining Group Co., Ltd., Class H		1,680,000		538,339

				2,184,036

Health Care Equipment (2.62%)
i-SENS, Inc.^(a)		23,100		667,948
Value Added Technologies Co., Ltd.		23,100		793,237

				1,461,185


Health Care Facilities (0.93%)
Netcare, Ltd.		212,000		520,391


Health Care Supplies (0.48%)
Kossan Rubber Industries		160,000		266,183


Home Entertainment Software (1.56%)
NCSoft Corp.		2,500		674,377
Neowiz Games Corp.^(a)		18,000		197,122

				871,499

Home Furnishings (0.86%)
Hanssem Co., Ltd.		3,000		481,538


	Shares or Principal Amount		Value
Independent Power Producers & Energy Traders (0.36%)
China Power International Development, Ltd.		520,000	$	201,474


Industrial Conglomerates (1.80%)
Beijing Enterprises Holdings, Ltd.		92,000		469,500
LG Corp.		9,100		537,770

				1,007,270

Integrated Telecommunication Services (1.51%)
Magyar Telekom Telecommunications PLC^(a)		514,000		844,175


Internet & Direct Marketing Retail (0.72%)
GS Home Shopping, Inc.		2,700		404,043


Internet Software & Services (1.05%)
Tencent Holdings, Ltd.		21,045		585,094


IT Consulting & Other Services (1.00%)
Infosys, Ltd.		36,000		559,881


Life & Health Insurance (0.78%)
Hanwha Life Insurance Co., Ltd.^(a)		42,500		222,863
Samsung Life Insurance Co., Ltd.		2,200		211,278

				434,141

Movies & Entertainment (0.85%)
Loen Entertainment, Inc.^(a)		6,700		475,845


Oil & Gas Exploration & Production (1.93%)
CNOOC, Ltd.		740,000		933,520
QGEP Participacoes S.A.^(a)		101,900		145,699

				1,079,219

Oil & Gas Refining & Marketing (1.79%)
SK Innovation Co., Ltd.^(a)		2,000		296,334
S-Oil Corp.^(a)		9,500		705,903

				1,002,237

Oil & Gas Storage & Transportation (0.42%)
Kunlun Energy Co., Ltd.		300,000		231,907


Other Diversified Financial Services (1.30%)
Fubon Financial Holding Co., Ltd.		490,000		728,094


Packaged Foods & Meats (1.77%)
Grupo Lala SAB de CV		95,000		181,281
Maeil Dairy Industry Co., Ltd.		12,600		395,167
Orion Corp.		550		414,504

				990,952


Personal Products (2.22%)
Cosmax, Inc.		1,400		193,580

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

www.iconfunds.com


ICON Emerging Markets Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Personal Products (continued)
LG Household & Health Care, Ltd.		1,200	$	1,044,297

				1,237,877

Pharmaceuticals (3.08%)
Caregen Co., Ltd.		4,600		429,473
CSPC Pharmaceutical Group, Ltd.		560,000		562,233
Granules India, Ltd.		100,000		175,211
Sihuan Pharmaceutical Holdings Group, Ltd.		1,193,000		262,985
Sino Biopharmaceutical, Ltd.		225,000		152,197
Teva Pharmaceutical Industries, Ltd., Sponsored ADR		3,000		138,030

				1,720,129

Property & Casualty Insurance (1.69%)
Hyundai Marine & Fire Insurance Co., Ltd.		8,000		264,115
KB Insurance Co., Ltd.		14,000		347,252
Samsung Fire & Marine Insurance Co., Ltd.		1,300		331,112

				942,479

Real Estate Development (3.71%)
AP Thailand PCL		3,150,000		660,999
China Overseas Land & Investment, Ltd.		68,000		233,783
China Resources Land, Ltd.		106,000		298,857
Filinvest Land, Inc.		7,607,000		288,303
Sino-Ocean Group Holding, Ltd.		700,000		324,969
Yanlord Land Group, Ltd.		260,000		267,433

				2,074,344


Real Estate Operating Companies (0.85%)
Central Pattana PCL		280,000		472,741


Regional Banks (1.66%)
BNK Financial Group, Inc.		51,000		399,242
DGB Financial Group, Inc.		38,000		312,892
Huishang Bank Corp., Ltd., Class H		415,000		213,769

				925,903

Reinsurance (0.39%)
Korean Reinsurance Co.		20,784		220,004


Renewable Electricity (1.49%)
Huaneng Renewables Corp., Ltd., Class H		2,370,000		833,248


Security & Alarm Services (0.61%)
S-1 Corp.^(a)		3,700		341,832


	Shares or Principal Amount		Value
Semiconductor Equipment (2.26%)
Advanced Process Systems Corp.^(a)		16,827	$	377,236
Jusung Engineering Co., Ltd.^(a)		50,362		485,728
Wonik Holdings Co., Ltd.^(a)		60,000		402,037

				1,265,001

Semiconductors (1.65%)
Malaysian Pacific Industries Bhd		139,000		262,169
Phison Electronics Corp.		50,000		381,857
Taiwan Semiconductor Manufacturing Co., Ltd.		47,000		276,273

				920,299

Soft Drinks (0.55%)
Arca Continental SAB de CV		52,000		309,483


Steel (0.26%)
Feng Hsin Steel Co., Ltd.		112,000		146,169


Systems Software (1.09%)
Asseco Poland S.A.		41,900		610,841


Technology Hardware, Storage & Peripherals (1.74%)
Samsung Electronics Co., Ltd.		666		970,204


Thrifts & Mortgage Finance (0.70%)
LIC Housing Finance, Ltd.		44,800		390,476


Water Utilities (0.43%)
Beijing Enterprises Water Group, Ltd.		352,000		239,967


Wireless Telecommunication Services (1.52%)
China Mobile, Ltd.		21,000		257,972
Intouch Holdings PCL, Class F		50,000		78,094
SK Telecom Co., Ltd.		2,500		512,602

				848,668


Total Common Stocks (Cost $48,384,789)				49,401,419


Short-Term Investments (17.09%)
Money Market Funds (5.37%)
State Street Global Advisors Treasury Fund (0.11% 7 Day Yield)		3,000,000		3,000,000



Annual Report \| September 30, 2016		7


ICON Emerging Markets Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value
Time Deposits (11.72%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		6,548,311	$	6,548,311


Total Short-Term Investments (Cost $ 9,548,311)				9,548,311


Total Investments (105.51%) (Cost $ 57,933,100)			$	58,949,730

Liabilities Less Other Assets (-5.51%)				(3,079,373)


Net Assets (100.00%)			$	55,870,357

^(a)

Non-income producing security.

ADR - American Depositary Receipt


Country Composition (September 30, 2016)

South Korea			36.18%
China			13.59%
Hong Kong			8.61%
South Africa			5.29%
Taiwan			5.02%
India			3.90%
Thailand			3.16%
Mexico			2.92%
Brazil			2.01%
Hungary			1.51%
Philippines			1.13%
Poland			1.09%
Turkey			0.77%
Myanmar			0.73%
Indonesia			0.73%
Bermuda			0.57%
Singapore			0.48%
Malaysia			0.48%
Israel			0.25%

			88.42%

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

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

www.iconfunds.com


ICON Emerging Markets Fund		Schedule of Investments
		September 30, 2016


Sector Composition (September 30, 2016)

Information Technology			18.40%
Financial			13.15%
Materials			10.68%
Industrials			9.48%
Consumer Discretionary			8.19%
Health Care			7.11%
Consumer Staples			5.14%
Real Estate			4.56%
Utilities			4.54%
Energy			4.14%
Telecommunication Services			3.03%

			88.42%

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


Industry Composition (September 30, 2016)

Diversified Banks			4.95%
Commodity Chemicals			4.14%
Gold			3.91%
Real Estate Development			3.71%
Electronic Equipment & Instruments			3.38%
Pharmaceuticals			3.08%
Health Care Equipment			2.62%
Aerospace & Defense			2.40%
Construction Materials			2.37%
Semiconductor Equipment			2.26%
Personal Products			2.22%
Oil & Gas Exploration & Production			1.93%
Building Products			1.83%
Industrial Conglomerates Oil & Gas Refining & Marketing			1.80% 1.79%
Packaged Foods & Meats			1.77%
Technology Hardware, Storage & Peripherals			1.74%
Property & Casualty Insurance			1.69%
Regional Banks			1.66%
Semiconductors			1.65%
Electronic Components			1.65%
Data Processing & Outsourced Services			1.61%
Home Entertainment Software			1.56%
Wireless Telecommunication Services			1.52%
Integrated Telecommunication Services			1.51%
Renewable Electricity			1.49%
Gas Utilities			1.35%
Other Diversified Financial Services			1.30%
Department Stores			1.20%
Automobile Manufacturers			1.19%
Application Software			1.15%
Construction & Engineering			1.10%
Systems Software			1.09%
Internet Software & Services			1.05%
Diversified Support Services			1.03%
IT Consulting & Other Services			1.00%
Other Industries (each less than 1%)			16.72%

			88.42%

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



Annual Report \| September 30, 2016		9


ICON International Equity Fund		Management Overview
		September 30, 2016 (Unaudited)

How did the Fund perform relative to its benchmark?

The ICON International Equity Fund (the Fund) Class S returned 5.01% for the fiscal year ended September 30, 2016, while the MSCI All Country World Index ex-United States (ACWI ex-U.S.) returned 9.80%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

What primary factors were behind the Fund’s relative performance?

We finished fiscal year 2016 with global stock market gains as investors shrugged off worries associated with economic uncertainty and financial volatility and once again returned to buying equities after the prior year’s losses. In Asia, China’s economic growth continued to slow and the Yuan’s devaluation versus the U.S. Dollar persisted throughout the year. Japan remained in a deflationary environment with declining economic growth, causing the Bank of Japan to take further accommodative monetary policy steps to stimulate its ailing economy. Europe generally experienced continued growth, although the year was most notably highlighted by Britain’s vote to leave the European Union, commonly referred to as “Brexit.” While Brexit brought volatility in European markets, it quickly subsided as markets absorbed the worries and continued their march higher. In Latin America, Brazil stood out as a leader despite its President’s impeachment amidst a corruption scandal. While the country still remains in a deep recession, investors turned positive on the country in hopes of a future turnaround. As the period closes, we still see upside in the global markets overall with some regions showing great bargains and others appearing slightly overpriced according to our system.

At the beginning of the fiscal year, our valuation model signaled a modest 9% upside to fair value for global markets and pointed the Fund towards an overweight position in the cyclical sectors of the market such as the Information Technology and Industrials sectors. From a regional perspective, the Fund began the fiscal year with an overweight position in Europe, but pared that back throughout the year, increasing its allocation to countries in the Asia-Pacific region as their valuations improved. Emerging market equities began as an underweight, yet their exposure was increased throughout the year to an overweight position in the Fund relative to the benchmark as bargains began to emerge after prior periods of overvalued conditions. Despite the ongoing issues looming over the world economy as well as rotations within the Fund that may have seemed contrarian at times, our discipline and focus on value guided our decisions, which we believe will benefit the Fund going forward.

As a multi-cap manager, we are not restricted by market capitalization. However, following our valuation readings led to a concentration in small and mid-cap companies during the period and an underweight position in large-cap stocks relative to the benchmark. Overall, large-cap stocks outperformed their small and mid-cap peers, which detracted from the Fund’s performance relative to the benchmark.

Currency movements worldwide throughout the fiscal year also had a positive impact on the Fund’s returns. The U.S. dollar slightly weakened throughout the year versus most of the underlying currencies of the Fund’s holdings. Currency hedging was utilized for a small part of the fiscal year on the Japanese Yen which proved to be beneficial to the Fund.

How did the Fund’s composition affect performance?

The Fund’s primary contributors to benchmark relative performance came from the Consumer Discretionary and Consumer Staples sectors. Specifically, overweight positions in the Cable & Satellite industry and underweight positions in the Automobile Manufacturers industry within the Consumer Discretionary sector and stock selection in the Personal Products and Packaged Foods & Meats industries within the Consumer Staples Sector contributed to performance relative to the benchmark. Further, an overweight in the Data Processing & Outsourced Services industry within the Information Technology sector proved beneficial.

Conversely, the Fund’s holdings in the Materials sector detracted from relative performance, as the Gold and Diversified Metals & Mining industries hindered the Fund’s relative returns versus the benchmark. The Industrials sector was another notable source of relative underperformance as the Trading Companies & Distributors and Industrial Machinery industries detracted from the Fund’s returns. Health Care stood out as the worst performing sector over the period as the Pharmaceuticals industry suffered losses and the Fund’s overweight position within this sector ultimately detracted from returns relative to the benchmark. With continued lower, and more recently negative, interest rates globally as well as tighter credit spreads, our valuation methodology is showing us better bargains than we saw at the beginning of the fiscal year.

While all geographic regions saw gains over the period, there were areas of clear differentiation among certain countries throughout the year. Despite showing the most value according to our system, European equities had the lowest returns while regions with lower valuations for much of the year, notably the Western Hemisphere and Asia-Pacific regions, outperformed. Those countries with larger concentrations to natural resources related stocks were standouts, including Brazil, Canada, Australia and Russia. The leadership in the natural resources related sectors resulted in emerging market countries outperforming their developed peers for the period. The Fund’s allocations to developed markets, most notably United Kingdom exposure amidst the Brexit volatility, contributed to underperformance relative to the benchmark for the fiscal year. As the period ended, the emerging markets still showed value across our system, although Europe and other developed markets in general showed more upside globally.

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

www.iconfunds.com


ICON International Equity Fund		Management Overview
		September 30, 2016 (Unaudited)

What is your investment outlook for the international equity market?

Our system estimates that international equities, on average, still remain below our estimate of their intrinsic value. At the end of the period, international markets as a whole had an overall average value-to-price (V/P) ratio of 1.23, implying that, on average, our estimate of fair value for stocks is about 23% higher than where they are currently trading. Risk aversion amongst investors remains and corporate earnings have generally grown, albeit at a slowing pace, despite ongoing economic struggles and geopolitical concerns. While global economic growth has languished outside of the United States, interest rates remain low, thanks in large part to accommodative monetary policy and extraordinary central bank intervention.

According to our valuation system, Europe represents the best opportunity from a regional perspective, with Western Hemisphere showing the least upside. Dramatic improvements in sentiment and increased valuations according to our system in the emerging market countries led us to an overweight position to select areas. Based on our methodology, developed markets in Europe show attractive upside in countries such as Belgium, Italy, United Kingdom, France, and Germany. As of the end of the fiscal year 2016 we estimate that, on average, fair value for European equities is 22% higher than where prices are currently trading. Within the Western Hemisphere, Canada looks attractive to our system with Thailand, the Philippines, and South Korea currently showing the most value in the Asia- Pacific region.

From a sector perspective, we are still tilted towards the Information Technology and Health Care sectors. Within our system, Energy is the most over-valued sector, and represents an underweight position relative to the benchmark as we see little upside within this sector.

At ICON we continue to seek out industries that our system identifies as trading at a discount to fair value. Guided by our disciplined, systematic and non-emotional approach to investing, we see numerous opportunities amidst the recent turbulence and volatility. We believe it is nearly impossible to accurately time market bottoms and we believe rallies do not offer invitations. Therefore, given our current valuations, we remain almost fully invested. As market conditions dictate, we will adjust accordingly.



Annual Report \| September 30, 2016		11


ICON International Equity Fund		Management Overview
		September 30, 2016 (Unaudited)


Average Annual Total Return (as of September 30, 2016)
	Inception Date	1 Year			5 Years			10 Years			Since Inception			Gross Expense Ratio*			Net Expense Ratio*
ICON International Equity Fund — Class S	2/18/97		5.01	%		5.65	%		-0.03	%		4.78	%		1.41	%		1.41	%
ICON International Equity Fund — Class C	2/19/04		3.80	%		4.49	%		-1.19	%		2.05	%		2.96	%		2.55	%
ICON International Equity Fund — Class A	5/31/06		4.63	%		5.26	%		-0.43	%		-0.49	%		2.25	%		1.80	%
ICON International Equity Fund — Class A (including maximum sales charge of 5.75%)	5/31/06		-1.42	%		4.01	%		-1.02	%		-1.06	%		2.25	%		1.80	%
MSCI ACWI ex-U.S.			9.80	%		6.52	%		2.63	%		5.15	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Fund’s name and investment strategy changed effective January 29, 2004. The Fund’s past performance would have been different if the current strategy had been in effect. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the International Equity Fund’s Class S shares on the Class’ inception date of 2/18/97 to a $10,000 investment made in an unmanaged securities index on that date. The Fund’s name and investment strategy changed effective January 29, 2004. The Fund’s past performance would have been different if the current strategy had been in effect. Performance for the International Equity Fund’s other share classes will vary due to differences in charges and expenses. The International Equity Fund’s performance in this chart and the performance table assumes the reinvestment of dividends, capital gain distributions and tax return of capital, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



12		www.iconfunds.com


ICON International Equity Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value
Common Stocks (89.44%)
Advertising (0.78%)
Nasmedia Co., Ltd.		2,960	$	115,151
Stroeer SE & Co. KGaA ^(a)		7,400		322,144

				437,295


Aerospace & Defense (1.28%)
Korea Aerospace Industries, Ltd.		8,600		599,338
Ultra Electronics Holdings PLC		4,900		112,564

				711,902


Airlines (0.68%)
Japan Airlines Co., Ltd.		12,800		376,262



Apparel, Accessories & Luxury Goods (0.30%)
Luxottica Group S.p.A.		3,500		167,171



Application Software (0.73%)
Com2uSCorp^(b)		1,600		145,976
Oracle Financial Services Software, Ltd.		5,400		261,876

				407,852


Auto Parts & Equipment (0.44%)
Mahle-Metal Leve S.A.^(b)		5,800		41,394
Martinrea International, Inc.^(a)		33,000		205,000

				246,394


Automotive Retail (0.56%)
Super Group, Ltd.^(b)		100,000		309,492


Biotechnology (3.40%)
Alexion Pharmaceuticals, Inc.^(b)		2,300		281,842
Amgen, Inc.		1,700		283,577
Bavarian Nordic A/S^(a)(b)		7,062		267,325
Celgene Corp.^(b)		3,500		365,855
Shire PLC		5,500		355,648
Sirtex Medical, Ltd.^(a)		14,000		340,323

				1,894,570


Brewers (1.55%)
Asahi Group Holdings, Ltd.^(a)		23,700		863,326



Building Products (0.78%)
China Lesso Group Holdings, Ltd.		300,000		204,912
Sintex Industries, Ltd.		194,851		229,857

				434,769


Cable & Satellite (0.84%)
Sky PLC		40,600		470,559



Commodity Chemicals (2.62%)
Formosa Plastics Corp.		113,000		281,401
LG Chem, Ltd.		1,200		265,407
Lotte Chemical Corp.		1,600		436,148


	Shares or Principal Amount		Value
Commodity Chemicals (continued)
PTT Global Chemical PCL^(b)		150,000	$	255,681
Toray Industries, Inc.^(a)		23,000		224,008

				1,462,645


Communications Equipment (2.15%)
ADVA Optical Networking SE^(b)		64,200		647,514
Telefonaktiebolaget LM Ericsson, Class B		76,000		548,741

				1,196,255


Construction & Engineering (0.91%)
China Communications Construction Co., Ltd., Class H		190,000		201,637
China State Construction International Holdings, Ltd.		230,000		304,339

				505,976


Construction Materials (1.20%)
Anhui Conch Cement Co., Ltd., Class H		152,000		420,108
PPC, Ltd.		630,000		247,392

				667,500


Consumer Electronics (0.31%)
Skyworth Digital Holdings, Ltd.		240,000		174,246



Consumer Finance (0.36%)
Credit Saison Co., Ltd.		12,000		199,227


Data Processing & Outsourced Services (2.14%)
Cielo S.A.		41,600		418,027
Paysafe Group PLC^(a)(b)		134,000		774,107

				1,192,134


Department Stores (0.15%)
Grupo Sanborns SAB de CV^(b)		75,000		84,864


Diversified Banks (1.43%)
Akbank T.A.S.		60,000		160,736
Bank Negara Indonesia Persero Tbk PT		400,000		170,638
Industrial & Commercial Bank of China, Ltd., Class H		300,000		190,401
Shinhan Financial Group Co., Ltd.		7,500		274,685

				796,460


Diversified Real Estate Activities (1.74%)
Mitsui Fudosan Co., Ltd.		9,000		191,470
Nomura Real Estate Holdings, Inc.		24,600		415,823
Patrizia Immobilien AG^(b)		8,800		192,753
Robinsons Land Corp.		270,000		172,791

				972,837

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

Annual Report | September 30, 2016


ICON International Equity Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value
Diversified Support Services (0.80%)
KEPCO Plant Service & Engineering Co., Ltd.		8,500	$	447,642


Drug Retail (0.97%)
Ain Holdings, Inc.		4,000		272,329
Sundrug Co., Ltd.		3,200		268,606

				540,935

Electric Utilities (1.43%)
Enel S.p.A.		120,000		534,807
Korea Electric Power Corp.		5,400		264,526

				799,333

Electronic Components (0.98%)
Laird PLC^(b)		25,486		104,862
Tongda Group Holdings, Ltd.		1,800,000		441,497

				546,359

Electronic Equipment & Instruments (2.93%)
Hitachi, Ltd.		48,000		224,956
Ingenico Group S.A.		8,557		748,173
SFA Engineering Corp.		13,500		663,134

				1,636,263

Electronic Manufacturing Services (0.22%)
Inari Amertron Bhd		150,000		120,421


Environmental & Facilities Services (0.56%)
China Everbright
International, Ltd.		260,000		311,715


Food Distributors (0.76%)
Hyundai Greenfood Co., Ltd.		29,000		425,266


Food Retail (0.90%)
Alimentation Couche-Tard, Inc., Class B		10,400		504,007


Gas Utilities (0.78%)
GAIL India, Ltd.		36,000		203,059
Infraestructura Energetica Nova SAB de CV		60,000		233,722

				436,781

Gold (5.45%)
AngloGold Ashanti, Ltd.^(b)		21,000		335,629
Barrick Gold Corp.		32,600		577,231
Gold Fields, Ltd.		67,500		327,202
Randgold Resources, Ltd.		5,900		591,323
SEMAFO, Inc.^(b)		131,000		545,188
Sibanye Gold, Ltd.		95,000		337,763
Zijin Mining Group Co., Ltd., Class H		1,020,000		326,849

				3,041,185

Health Care Equipment (1.05%)
Getinge AB, Class B^(a)		13,000		252,018
i-SENS, Inc.^(b)		5,300		153,252


	Shares or Principal Amount		Value
Health Care Equipment (continued)
Value Added Technologies Co., Ltd.		5,300	$	181,998

				587,268

Health Care Facilities (0.84%)
Netcare, Ltd.		190,000		466,388


Home Entertainment Software (2.26%)
Capcom Co., Ltd.		12,900		317,378
GungHo Online Entertainment, Inc.^(a)		93,000		228,520
NCSoft Corp.		1,500		404,626
Square Enix Holdings Co., Ltd.		9,000		310,348

				1,260,872

Home Furnishings (0.60%)
Hanssem Co., Ltd.		2,100		337,077


Home Improvement Retail (0.34%)
Hornbach Holding AG & Co. KGaA		2,740		188,365


Homefurnishing Retail (0.41%)
Nitori Holdings Co., Ltd.		1,900		227,758


Hotels, Resorts & Cruise Lines (0.65%)
TUI AG		25,500		363,823


Independent Power Producers & Energy Traders (0.67%)
Electric Power Development Co., Ltd.^(a)		15,500		372,532


Industrial Conglomerates (1.02%)
Beijing Enterprises Holdings, Ltd.		38,000		193,924
LG Corp.		6,300		372,302

				566,226

Integrated Telecommunication Services (2.30%)
BT Group PLC		53,000		266,660
Deutsche Telekom AG		20,300		341,051
Magyar Telekom Telecommunications PLC^(b)		234,000		384,313
Telenor ASA		17,000		292,330

				1,284,354

Internet & Direct Marketing Retail (0.48%)
GS Home Shopping, Inc.		1,800		269,362


Internet Software & Services (0.67%)
COOKPAD, Inc.^(a)		39,000		374,539


IT Consulting & Other Services (2.25%)
CANCOM SE		5,000		261,238
Fujitsu, Ltd.		72,000		387,477
GFT Technologies SE		15,200		313,256

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

www.iconfunds.com


ICON International Equity Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value
IT Consulting & Other Services (continued)
Infosys, Ltd.		19,000	$	295,493

				1,257,464


Life & Health Insurance (0.55%)
Hanwha Life Insurance Co., Ltd.^(b)		29,000		152,072
NN Group N.V.		5,000		153,502

				305,574


Movies & Entertainment (0.45%)
Loen Entertainment, Inc.^(b)		3,500		248,576


Multi-line Insurance (0.96%)
Allianz SE		1,200		178,332
AXA S.A.		8,400		178,603
Talanx AG		5,900		180,039

				536,974


Multi-Utilities (3.72%)
ACEA S.p.A		22,600		284,089
Canadian Utilities, Ltd., Class A		19,800		558,707
Engie S.A.		34,900		541,115
Veolia Environnement S.A.		30,000		691,248

				2,075,159


Oil & Gas Exploration & Production (0.42%)
CNOOC, Ltd.		187,000		235,903


Oil & Gas Refining & Marketing (0.97%)
SK Innovation Co., Ltd.^(b)		1,100		162,984
S-Oil Corp.^(b)		5,100		378,958

				541,942


Other Diversified Financial Services (0.90%)
Fubon Financial Holding Co., Ltd.		187,000		277,864
ORIX Corp.		15,000		221,290

				499,154


Packaged Foods & Meats (0.77%)
Maeil Dairy Industry Co., Ltd.		7,600		238,355
Orion Corp.		250		188,410

				426,765


Paper Products (0.57%)
Oji Holdings Corp.		80,000		317,083


Personal Products (1.70%)
LG Household & Health Care, Ltd.		535		465,583
Pola Orbis Holdings, Inc.		5,400		483,391

				948,974


Pharmaceuticals (8.70%)
Bayer AG		4,700		472,023
Caregen Co., Ltd.		3,300		308,100
Cipla, Ltd.		33,000		287,962
CSPC Pharmaceutical Group, Ltd.		310,000		311,236
Granules India, Ltd.		60,000		105,126


	Shares or Principal Amount		Value
Pharmaceuticals (continued)
Nichi-iko Pharmaceutical Co., Ltd.^(a)		14,000	$	268,376
Novartis AG		5,600		441,954
Novo Nordisk A/S, Class B		7,300		304,255
Roche Holding AG		4,000		993,994
Sanofi		4,300		327,449
Sihuan Pharmaceutical Holdings Group, Ltd.		800,000		176,352
Teva Pharmaceutical Industries, Ltd., Sponsored ADR		10,400		478,504
Valeant Pharmaceuticals International, Inc.^(b)		6,500		159,484
Vectura Group PLC^(b)		120,000		215,420

				4,850,235


Property & Casualty Insurance (0.32%)
KB Insurance Co., Ltd.		7,200		178,587


Railroads (0.43%)
VTG AG		8,419		239,053


Real Estate Development (1.84%)
AP Thailand PCL		1,300,000		272,793
China Overseas Land & Investment, Ltd.		90,000		309,420
Filinvest Land, Inc.		3,803,000		144,133
Sino-Ocean Group Holding, Ltd.		350,000		162,484
Yanlord Land Group, Ltd.		134,000		137,831

				1,026,661


Real Estate Operating Companies (1.24%)
Aeon Mall Co., Ltd.		27,800		439,098
Central Pattana PCL		150,000		253,254

				692,352


Regional Banks (0.45%)
BNK Financial Group, Inc.		32,000		250,505


Renewable Electricity (1.07%)
Huaneng Renewables Corp., Ltd., Class H		1,700,000		597,688


Retail REIT’s (2.11%)
Klepierre, REIT		14,300		656,413
Wereldhave N.V., REIT		10,300		521,462

				1,177,875


Security & Alarm Services (0.36%)
S-1 Corp.^(b)		2,200		203,252


Semiconductor Equipment (1.40%)
Advanced Process Systems Corp.^(b)		12,744		285,701
Jusung Engineering Co., Ltd.^(b)		25,745		248,304

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

Annual Report | September 30, 2016


ICON International Equity Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value
Semiconductor Equipment (continued)
Wonik Holdings Co., Ltd.^(b)		37,000	$	247,923

				781,928


Semiconductors (1.05%)
Malaysian Pacific Industries Bhd		73,000		137,686
NXP Semiconductors N.V.^(b)		4,400		448,844

				586,530


Soft Drinks (0.29%)
Arca Continental SAB de CV		27,000		160,693


Specialized Finance (0.36%)
Mitsubishi UFJ Lease & Finance Co., Ltd.		44,000		201,913


Systems Software (0.73%)
Asseco Poland S.A.		27,800		405,284


Technology Hardware, Storage & Peripherals (0.65%)
Samsung Electronics Co., Ltd.		250		364,191


Water Utilities (0.29%)
Beijing Enterprises Water Group, Ltd.		240,000		163,614


Wireless Telecommunication Services (3.47%)
Drillisch AG^(a)		13,000		631,789
NTT DOCOMO, Inc.		7,800		198,143
SK Telecom Co., Ltd.		2,000		410,081
SoftBank Group Corp.		10,700		693,452

				1,933,465


Total Common Stocks (Cost $50,829,091)				49,887,601


Preferred Stocks (0.14%)
Building Products (0.14%)
Villeroy & Boch AG		5,000		79,729


Total Preferred Stocks (Cost $78,261)				79,729


Collateral for Securities on Loan (7.47%)
State Street Navigator Prime Portfolio, 0.30%		4,165,210		4,165,210


Total Collateral for Securities on Loan (Cost $4,165,210)				4,165,210


	Shares or Principal Amount		Value
Short-Term Investments (13.98%)
Time Deposits (13.98%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		7,794,962	$	7,794,962


Total Short-Term Investments (Cost $7,794,962)				7,794,962


Total Investments (111.03%)
(Cost $62,867,524)			$	61,927,502

Liabilities Less Other Assets (-11.03%)				(6,152,861)


Net Assets (100.00%)			$	55,774,641

^(a)

All or a portion of the security was on loan as of September 30, 2016.

^(b)

Non-income producing security.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

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

www.iconfunds.com


ICON International Equity Fund		Schedule of Investments
		September 30, 2016


Country Composition (September 30, 2016)
South Korea			17.34%
Japan			14.49%
Germany			7.91%
France			5.64%
Canada			4.56%
China			4.19%
Hong Kong			3.97%
South Africa			3.64%
Switzerland			2.57%
India			2.48%
United Kingdom			2.10%
Ireland			2.03%
Netherlands			2.01%
Italy			1.77%
United States			1.67%
Sweden			1.44%
Thailand			1.40%
Jersey			1.06%
Denmark			1.02%
Taiwan			1.00%
Israel			0.86%
Mexico			0.86%
Brazil			0.82%
Poland			0.73%
Hungary			0.69%
Australia			0.61%
Philippines			0.57%
Norway			0.52%
Myanmar			0.47%
Bermuda			0.31%
Indonesia			0.31%
Turkey			0.29%
Singapore			0.25%

			89.58%

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


Sector Composition (September 30, 2016)
Information Technology			18.16%
Health Care			13.99%
Materials			9.84%
Utilities			7.96%
Industrials			6.96%
Consumer Staples			6.94%
Consumer Discretionary			6.31%
Real Estate			6.27%
Financial			5.99%
Telecommunication Services			5.77%
Energy			1.39%

			89.58%

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.

Annual Report | September 30, 2016


ICON International Equity Fund		Schedule of Investments
		September 30, 2016


Industry Composition (September 30, 2016)
Pharmaceuticals			8.70%
Gold			5.45%
Multi-Utilities			3.72%
Wireless Telecommunication Services			3.47%
Biotechnology			3.40%
Electronic Equipment & Instruments			2.93%
Commodity Chemicals			2.62%
Integrated Telecommunication Services			2.30%
Home Entertainment Software			2.26%
IT Consulting & Other Services			2.25%
Communications Equipment			2.15%
Data Processing & Outsourced Services			2.14%
Retail REIT’s			2.11%
Real Estate Development			1.84%
Diversified Real Estate Activities			1.74%
Personal Products			1.70%
Brewers			1.55%
Electric Utilities			1.43%
Diversified Banks			1.43%
Semiconductor Equipment			1.40%
Aerospace & Defense			1.28%
Real Estate Operating Companies			1.24%
Construction Materials			1.20%
Renewable Electricity			1.07%
Semiconductors			1.05%
Health Care Equipment			1.05%
Industrial Conglomerates			1.02%
Other Industries (each less than 1%)			27.08%

			89.58%

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.

www.iconfunds.com


ICON International Funds		Statements of Assets and Liabilities
		September 30, 2016


	ICON Emerging Markets Fund		ICON International Equity Fund

Assets
Investments, at cost	$	57,933,100	$	62,867,524

Investments, at value^(a)		58,949,730		61,927,502
Cash		–		3,989
Foreign currency, at value (Cost $26,512 and $3,749, respectively)		26,563		3,885
Receivables:
Investments sold		1,244,647		635,119
Fund shares sold		308,392		895
Expense reimbursements due from Adviser		40,903		13,314
Dividends		30,399		59,031
Foreign tax reclaims		–		53,622
Other assets		10,431		13,992

Total assets		60,611,065		62,711,349


Liabilities
Payables:
Payable for collateral received on securities loaned		–		4,165,210
Payable to custodian		2,981,949		–
Investments purchased		1,616,787		2,610,618
Fund shares redeemed		18,312		39,936
Advisory fees		44,851		46,280
Transfer agent fees		17,586		6,187
Fund accounting fees		6,261		9,350
Accrued distribution fees		2,624		3,015
Trustee fees and expenses		2,225		2,397
Administration fees		2,306		2,394
Accrued expenses		47,807		51,321

Total liabilities		4,740,708		6,936,708

Net Assets - all share classes	$	55,870,357	$	55,774,641

Net Assets - Class S	$	45,786,335	$	50,004,737

Net Assets - Class C	$	1,011,704	$	2,940,958

Net Assets - Class A	$	9,072,318	$	2,828,946


Net Assets Consists of
Paid-in capital	$	60,486,102	$	147,782,786
Accumulated undistributed net investment income/(loss)		(121,597)		(227,984)
Accumulated undistributed net realized gain/(loss)		(5,511,331)		(90,837,619)
Unrealized appreciation/(depreciation)		1,017,183		(942,542)

Net Assets	$	55,870,357	$	55,774,641

Shares outstanding (unlimited shares authorized, no par value)
Class S		3,206,841		4,188,597
Class C		75,376		275,867
Class A		639,079		240,636
Net asset value (offering and redemption price per share)
Class S	$	14.28	$	11.94
Class C	$	13.42	$	10.66
Class A	$	14.20	$	11.76
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	15.06	$	12.48
^(a) Includes securities on loan of	$	–	$	3,991,129

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

Annual Report | September 30, 2016


ICON International Funds		Statements of Operations
		Year Ended September 30, 2016


	ICON Emerging Markets Fund		ICON International Equity Fund

Investment Income
Interest	$	3,007	$	1,167
Dividends		625,999		1,287,060
Foreign taxes withheld		(78,829)		(115,582)
Income from securities lending, net		–		96,251
Other income		–		18,177

Total investment income		550,177		1,287,073

Expenses
Advisory fees		352,367		674,958
Administration fees		17,684		33,827
Transfer agent fees		87,600		72,097
Distribution fees:
Class C		8,490		30,710
Class A		14,933		8,310
Registration fees		34,626		35,870
Audit and tax service expense		28,040		29,795
Fund accounting fees		29,743		49,452
Trustee fees and expenses		6,101		10,751
Insurance expense		1,416		10,665
Custody fees		43,711		40,888
Printing fees		14,931		15,109
Recoupment of previously reimbursed expenses		14,744		–
Other expenses		36,066		48,913

Total expenses before expense reimbursement		690,452		1,061,345
Expense reimbursement by Adviser due to expense limitation agreement		(119,653)		(38,568)

Net Expenses		570,799		1,022,777

Net Investment Income/(Loss)		(20,622)		264,296

Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		2,213,629		(2,385,798)
Foreign currency		(66,421)		(251,095)
Capital gains tax		(79,455)		(63,731)

		2,067,753		(2,700,624)

Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		2,012,969		5,285,537
Capital gains tax		454		–

		2,013,423		5,285,537

Net realized and unrealized gain/(loss)		4,081,176		2,584,913

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,060,554	$	2,849,209

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

www.iconfunds.com


ICON International Funds		Statements of Changes in Net Assets


	ICON Emerging Markets Fund				ICON International Equity Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Operations
Net investment income/(loss)	$	(20,622)	$	(30,748)	$	264,296	$	(58,796)
Net realized gain/(loss)^(a)		2,067,753		(267,920)		(2,700,624)		(5,163,420)
Change in net unrealized appreciation/(depreciation)		2,013,423		(787,186)		5,285,537		3,119,772

Net increase/(decrease) in net assets resulting from operations		4,060,554		(1,085,854)		2,849,209		(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		35,539,610		20,067,880		3,354,948		4,506,506
Class C		823,176		349,016		81,425		82,616
Class A		12,243,987		862,982		175,210		1,145,130
Reinvested dividends and distributions
Class S		–		–		–		70,812
Shares repurchased
Class S		(9,328,014)		(11,885,964)		(23,174,814)		(15,856,511)
Class C		(459,358)		(468,737)		(552,431)		(1,251,157)
Class A		(4,458,977)		(398,743)		(1,184,134)		(1,339,594)

Net increase/(decrease) from fund share transactions		34,360,424		8,526,434		(21,299,796)		(12,642,198)

Total net increase/(decrease) in net assets		38,420,978		7,440,580		(18,450,587)		(14,816,337)
Net Assets
Beginning of year		17,449,379		10,008,799		74,225,228		89,041,565

End of year	$	55,870,357	$	17,449,379	$	55,774,641	$	74,225,228

Accumulated undistributed net investment income/(loss)	$	(121,597)	$	(19,769)	$	(227,984)	$	(511,973)


Transactions in Fund Shares
Shares sold
Class S		2,656,595		1,456,599		291,975		382,453
Class C		64,476		26,591		7,727		7,381
Class A		918,881		62,831		15,507		94,725
Issued to shareholders in reinvestment of distributions
Class S		–		–		–		6,089
Shares repurchased
Class S		(694,300)		(863,679)		(2,012,460)		(1,317,093)
Class C		(37,993)		(35,508)		(53,203)		(114,930)
Class A		(335,946)		(28,954)		(106,353)		(114,235)

Net increase/(decrease)		2,571,713		617,880		(1,856,807)		(1,055,610)

Shares outstanding, beginning of year		1,349,583		731,703		6,561,907		7,617,517

Shares outstanding, end of year		3,921,296		1,349,583		4,705,100		6,561,907

^(a)

The September 30, 2015 presentation has been changed 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.

Annual Report | September 30, 2016


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	12.95		$	13.72		$	13.51		$	12.21		$	10.12

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.00)	^(b)		(0.03)			(0.03)			0.06			0.11
Net realized and unrealized gains/(losses) on investments		1.33			(0.74)			0.27			1.33			2.02
Total from investment operations		1.33			(0.77)			0.24			1.39			2.13
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	$	14.28		$	12.95		$	13.72		$	13.51		$	12.21
Total Return		10.27	%		(5.61	)%		1.78	%		11.44	%		21.16	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	45,786		$	16,123		$	8,942		$	29,053		$	37,969

Ratio of expenses to average net assets
Before expense limitation		1.85	%		2.44	%		2.11	%		1.64	%		1.50	%
After expense limitation/ recoupment		1.55	%		1.55	%		1.88	%^(c)		1.64	%		1.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.32	)%		(1.08	)%		(0.42	)%		0.46	%		0.96	%
After expense limitation/ recoupment		(0.02	)%		(0.19	)%		(0.19	)%		0.46	%		0.96	%
Portfolio turnover rate		156	%		76	%		92	%		60	%		72	%

^(a)

Calculated using the average shares method.

^(b)

Amount less than $(0.005).

^(c)

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.

www.iconfunds.com


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


Class C	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	12.30		$	13.18		$	13.06		$	11.84		$	9.88

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.15)			(0.17)			(0.11)			(0.05)			0.01
Net realized and unrealized gains/(losses) on investments		1.27			(0.71)			0.23			1.28			1.95
Total from investment operations		1.12			(0.88)			0.12			1.23			1.96
Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.01)			–
Total dividends and distributions		–			–			–			(0.01)			–
Net asset value, end of period	$	13.42		$	12.30		$	13.18		$	13.06		$	11.84
Total Return^(b)		9.11	%		(6.68)	%		0.92	%		10.44	%		19.84	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,012		$	601		$	762		$	832		$	869
Ratio of expenses to average net assets
Before expense limitation		4.07	%		5.11	%		4.65	%		3.76	%		3.91	%
After expense limitation/ recoupment ^(c)		2.55	%		2.55	%		2.78	%		2.56	%		2.55	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(2.67)	%		(3.88)	%		(2.70)	%		(1.63)	%		(1.28)	%
After expense limitation/ recoupment		(1.15)	%		(1.32)	%		(0.83)	%		(0.43)	%		0.08	%
Portfolio turnover rate		156	%		76	%		92	%		60	%		72	%

^(a)

Calculated using the average shares method.

^(b)

The total return calculation excludes any sales charges.

^(c)

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

Annual Report | September 30, 2016


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


	Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of period	$	12.91		$	13.71		$	13.51		$	12.17		$	10.10

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.01)			(0.07)			(0.04)			0.04			0.09
Net realized and unrealized gains/(losses) on investments		1.30			(0.73)			0.27			1.33			2.00
Total from investment operations		1.29			(0.80)			0.23			1.37			2.09

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	$	14.20		$	12.91		$	13.71		$	13.51		$	12.17

Total Return^(b)		9.99	%		(5.84)	%		1.68	%		11.29	%		20.73	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	9,072		$	725		$	305		$	789		$	690

Ratio of expenses to average net assets
Before expense limitation		2.16	%		4.75	%		4.32	%		2.97	%		2.88	%
After expense limitation/ recoupment ^(c)		1.80	%		1.80	%		1.95	%		1.81	%		1.80	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.43)	%		(3.44)	%		(2.65)	%		(0.82)	%		(0.31)	%
After expense limitation/recoupment		(0.07)	%		(0.49)	%		(0.28)	%		0.34	%		0.77	%
Portfolio turnover rate		156	%		76	%		92	%		60	%		72	%

^(a)

Calculated using the average shares method.

^(b)

The total return calculation excludes any sales charges.

^(c)

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

www.iconfunds.com

ICON International Equity Fund

Financial Highlights

For a Share Outstanding Throughout the Years Presented


Class S^(a)	Year Ended September 30, 2016		Year Ended September 30, 2015			Year Ended September 30, 2014		Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	11.37	$	11.75		$	11.81	$	11.05		$	9.22

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.05		0.00	^(c)		0.06		0.07			0.16
Net realized and unrealized gains/(losses) on investments		0.52		(0.37)			(0.12)		0.74			1.78

Total from investment operations		0.57		(0.37)			(0.06)		0.81			1.94


Less dividends and distributions:
Dividends from net investment income		–		(0.01)			–		(0.00)	^(d)		(0.11)
Distributions from net realized gains		–		–			–		(0.05)			–

Total dividends and distributions		–		(0.01)			–		(0.05)			(0.11)


Net asset value, end of period	$	11.94	$	11.37		$	11.75	$	11.81		$	11.05

Total Return		5.01%		(3.15)%			(0.51)%		7.33%			21.19%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	50,005	$	67,201		$	80,356	$	42,105		$	56,152
Ratio of expenses to average net assets
Before expense limitation		1.45%		1.41%			1.41%		1.45%			1.39%
After expense limitation/recoupment^(e)		1.45%		1.41%			1.41%		1.45%			1.39%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.45%		0.00%	^(f)		0.44%		0.65%			1.47%
After expense limitation/recoupment		0.45%		0.00%	^(f)		0.44%		0.65%			1.47%
Portfolio turnover rate		198%		204	%		193%		138%			122%

^(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)

^(f)

Less than 0.005% of average net assets.

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

Annual Report | September 30, 2016


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


Class C	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	10.27		$	10.72		$	10.89		$	10.26		$	8.56

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.09)	^(b)		(0.12)			(0.08)			(0.04)			(0.02)
Net realized and unrealized gains/(losses) on investments		0.48			(0.33)			(0.09)			0.67			1.72
Total from investment operations		0.39			(0.45)			(0.17)			0.63			1.70

Net asset value, end of period	$	10.66		$	10.27		$	10.72		$	10.89		$	10.26

Total Return^(c)		3.80	%		(4.20)	%		(1.56)	%		6.14	%		19.86%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,941		$	3,299		$	4,597		$	5,657		$	6,773

Ratio of expenses to average net assets
Before expense limitation		3.13	%		2.96	%		2.82	%		2.77	%		2.72%
After expense limitation/ recoupment^(d)		2.55	%		2.55	%		2.56	%		2.56	%		2.55%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.40)	%		(1.56)	%		(0.99)	%		(0.63)	%		(0.41)%
After expense limitation/ recoupment		(0.82)	%		(1.15)	%		(0.73)	%		(0.42)	%		(0.24)%
Portfolio turnover rate		198	%		204	%		193	%		138	%		122%

^(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 class specific expenses during the period.

^(c)

The total return calculation excludes any sales charges.

^(d)

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

www.iconfunds.com


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	11.24		$	11.65		$	11.75		$	10.99		$	9.16
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.05			(0.04)			0.00^(c)			0.04			0.11
Net realized and unrealized gains/(losses) on investments		0.47			(0.37)			(0.10)			0.73			1.77

Total from investment operations		0.52			(0.41)			(0.10)			0.77			1.88

Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.00)	^(d)		(0.05)
Distributions from net realized gains		–			–			–			(0.01)			–

Total dividends and distributions		–			–			–			(0.01)			(0.05)

Net asset value, end of period	$	11.76		$	11.24		$	11.65		$	11.75		$	10.99

Total Return^(e)		4.63	%		(3.52)	%		(0.85)	%		7.03	%		20.61%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,829		$	3,725		$	4,089		$	5,043		$	6,309
Ratio of expenses to average net assets
Before expense limitation		2.43	%		2.25	%		2.12	%		2.19	%		2.01%
After expense limitation/ recoupment ^(f)		1.80	%		1.80	%		1.81	%		1.81	%		1.80%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.19)	%		(0.77)	%		(0.27)	%		(0.06)	%		0.85%
After expense limitation/ recoupment		0.44	%		(0.32)	%		0.04	%		0.32	%		1.06%
Portfolio turnover rate		198	%		204	%		193	%		138	%		122%

^(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)

Amount less than $(0.005).

^(e)

The total return calculation excludes any sales charges.

^(f)

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

Annual Report | September 30, 2016


ICON International Funds		Notes to Financial Statements
		September 30, 2016

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 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.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation



28		www.iconfunds.com


ICON International Funds		Notes to Financial Statements
		September 30, 2016

Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (the “Board”) or pursuant to procedures approved by the Board.

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.

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
Gas Utilities	$	373,954	$	377,916	$	–	$	751,870
Oil & Gas Exploration & Production		145,699		933,520		–		1,079,219
Packaged Foods & Meats		181,281		809,671		–		990,952
Pharmaceuticals		138,030		1,582,099		–		1,720,129
Semiconductors		262,169		658,130		–		920,299
Other		2,780,826		41,158,124		–		43,938,950
Short-Term Investments
Money Market Funds		3,000,000		–		–		3,000,000
Time Deposits		–		6,548,311		–		6,548,311
Total	$	6,881,959	$	52,067,771	$	–	$	58,949,730



Annual Report \| September 30, 2016		29


ICON International Funds		Notes to Financial Statements
		September 30, 2016

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
Biotechnology	$	931,274	$	963,296	$	–	$	1,894,570
Data Processing & Outsourced Services		418,027		774,107		–		1,192,134
Gas Utilities		233,722		203,059		–		436,781
Gold		1,122,419		1,918,766		–		3,041,185
Multi-Utilities		842,796		1,232,363		–		2,075,159
Pharmaceuticals		853,408		3,996,827		–		4,850,235
Other		2,012,401		34,385,136		–		36,397,537
Preferred Stocks		79,729		–		–		79,729
Collateral for Securities on Loan		–		4,165,210		–		4,165,210
Short-Term Investments		–		7,794,962		–		7,794,962
Total	$	6,493,776	$	55,433,726	$	–	$	61,927,502

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

There were no Level 3 securities held in any of the Funds at September 30, 2016.

For the Emerging Markets Fund, there was no transfer activity between Level 1 and Level 2 for the year ended September 30, 2016.

For the International Equity Fund, common stocks valued at $801,016 were transferred from Level 1 to Level 2 during the year ended September 30, 2016. At September 30, 2015, these securities were valued using quoted market prices in active markets without using fair value adjustment factors; at September 30, 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 each 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

Forward Foreign Currency Contracts

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

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



30		www.iconfunds.com


ICON International Funds		Notes to Financial Statements
		September 30, 2016

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 Statements of Operations. At September 30, 2016 and for the year then ended, the Emerging Markets Fund and International Equity Fund had no outstanding forward foreign currency contracts.

Securities Lending

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 September 30, 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		Excess amount due to counterparty
Securities Lending Transactions
ICON International Equity Fund
Equity Securities	$	3,991,129	$	–	$	–	$	–	$	3,991,129	$	4,165,210	$	174,081

Income Taxes, Dividends, and Distributions

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.



Annual Report \| September 30, 2016		31


ICON International Funds		Notes to Financial Statements
		September 30, 2016

Investment Income

Investment Transactions

Withholding Tax

Other

Allocation of Expenses

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


Fund	Printing Fees		Transfer Agent Fees*		Registration Fees
ICON Emerging Markets Fund
Class S		$ 12,054		$ 64,026		$ 15,530
Class C		703		2,903��		9,757
Class A		2,174		12,735		9,339
ICON International Equity Fund
Class S		11,895		41,326		14,467
Class C		1,366		13,286		9,548
Class A		1,848		14,206		11,855

*	Transfer agent out of pocket fees are a Fund level expense.



32		www.iconfunds.com


ICON International Funds		Notes to Financial Statements
		September 30, 2016

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 these payments are proposed.

As of September 30, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:


Fund		Expires 2017			Expires 2018			Expires 2019
ICON Emerging Markets Fund	$		49,592	$		128,006	$		119,653
ICON International Equity Fund			29,665			34,662			38,568

Accounting, Custody and Transfer Agent Fees

Administrative Services

Distribution Fees



Annual Report \| September 30, 2016		33


ICON International Funds		Notes to Financial Statements
		September 30, 2016

and for other shareholder services. Under the 12b-1 Plan, the Distribution Plan provides for reimbursement of expenses incurred by IDI related to distribution and marketing. The shareholders of the 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 Statements of Operations.

In addition, IDI, as Distributor, receives a contingent deferred sales charge at a rate of 1.00% of the purchase price for the sale of Class C shares within one year of purchase. For Class A shares, the public offering price equals net asset value plus the applicable sales charge, which is a maximum of 5.75%. IDI receives a portion of this sales charge and may redistribute it as dealer discounts and brokerage commissions to non-related parties.

Other Related Parties

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 year ended September 30, 2016, the total related amounts paid by the Funds under this arrangement was $1,718 and is included in Other Expenses on the Statements of Operations.

4. BORROWINGS

For the year ended September 30, 2016, there were no outstanding borrowings under this agreement/arrangement.

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the year ended September 30, 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	$	74,101,089	$ 43,680,300
ICON International Equity Fund		111,325,450	132,122,729

6. FEDERAL INCOME TAX

The following information is presented on an income tax basis. Differences between 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, foreign capital gain tax treatment, and net investment losses.



34		www.iconfunds.com


ICON International Funds		Notes to Financial Statements
		September 30, 2016

For the year ended September 30, 2016 the following Funds had capital loss carryforwards:


Fund	Expiring in 2017		Expiring in 2018
ICON Emerging Markets Fund	$	5,511,331	$	–
ICON International Equity Fund		53,195,839		27,012,993

For Emerging Markets Fund, the capital loss carryovers used during the year ended September 30, 2016 was $1,965,204.

For International Equity Fund, the short-term and long-term capital losses with no expiration were $5,701,835 and $1,856,542, respectively.

The Funds did not pay distributions to shareholders during the fiscal year ended September 30, 2016.

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, 2016, 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	$	–	$	(17,461)	$	(5,511,331)	$	913,047	$	(4,615,745)
ICON International Equity Fund		–		(3,287,282)		(87,767,209)		(953,654)		(92,008,145)

*	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.

As of September 30, 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 Appreciation/ (Depreciation) of Foreign Currency		Net Unrealized Appreciation/ (Depreciation)		Cost of Investments for Income Tax Purposes
ICON Emerging Markets Fund	$	3,207,947	$	(2,295,453)	$	553	$	913,047	$	58,037,236
ICON International Equity Fund		2,875,956		(3,827,090)		(2,520)		(953,654)		62,878,636

7. SUBSEQUENT EVENTS

On November 14, 2016, the ICON Funds Board of Trustees approved the closing of ICON Emerging Markets Class C shares to new investors effective immediately and the merger of the ICON Emerging Markets Class C shares into the Class A shares on or around February 15, 2017.

8. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



Annual Report \| September 30, 2016		35


ICON International Funds		Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

ICON Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the ICON Emerging Markets Fund and ICON International Fund (the “Funds”, each a series of ICON Funds) as of September 30, 2016, and the related statements of operations and changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The Funds’ financial statements and financial highlights for the years ended September 30, 2015 and prior, were audited by other auditors, whose report dated November 18, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2016, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

LOGO

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 23, 2016



36		www.iconfunds.com


ICON International Funds		Disclosure of Fund Expenses
		September 30, 2016 (Unaudited)

Example

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value April 1, 2016	Ending Account Value September 30, 2016	Expense Ratio^(a)	Expenses Paid During period April 1, 2016 - September 30, 2016^(b)
ICON Emerging Markets Fund
Class S
Actual	$ 1,000.00	$ 1,060.10	1.55%	$ 7.98
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.25	1.55%	$ 7.82
Class C
Actual	$ 1,000.00	$ 1,055.00	2.55%	$ 13.10
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,012.25	2.55%	$ 12.83
Class A
Actual	$ 1,000.00	$ 1,058.90	1.80%	$ 9.27
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	$ 1,032.90	1.45%	$ 7.37
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.75	1.45%	$ 7.31
Class C
Actual	$ 1,000.00	$ 1,027.00	2.55%	$ 12.92
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,012.25	2.55%	$ 12.83
Class A
Actual	$ 1,000.00	$ 1,030.70	1.80%	$ 9.14
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.00	1.80%	$ 9.07



Annual Report \| September 30, 2016		37


ICON International Funds		Disclosure of Fund Expenses
		September 30, 2016 (Unaudited)

^(a)

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

^(b)

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



38		www.iconfunds.com


ICON International Funds		Board of Trustees and Fund Officers
		September 30, 2016 (Unaudited)

Interested Trustee

Craig T. Callahan, 65, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as Chief Executive Officer (2013 to present); and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) and President (2008 to 2013 and 2014 to present) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI. Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.

Independent Trustees

Glen F. Bergert, 66. Mr. Bergert has been a Trustee of the Funds since 1999. Mr. Bergert is President of Venture Capital Management LLC (1997 to present), General Partner of SOGNO Partners LP, a venture capital company (2001 to 2015), General Partner of Bergert Properties, LLP, a real estate holding company (1997 to present), General Partner of Pyramid Real Estate Partnership, a real estate development company (1998 to present), General Partner of Chamois Partners, LP, a venture capital company (2004 to present) and was previously a General Partner with KPMG Peat Marwick, LLP (1979 to 1997). Mr. Bergert is also a Director of Delta Dental of California, an insurance company (2013 to present and 2006 to 2012), Delta Dental of Pennsylvania, an insurance company (1998 to 2009 and 2010 to present), Dentegra Group, Inc, an insurance holding company (2010 to 2014) and Delta Reinsurance Corporation (2015 to present; 2011 to 2014 and 2000 to 2009).

John C. Pomeroy, Jr., 69. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).

R. Michael Sentel, 68. Mr. Sentel has been a Trustee of the Funds since their inception. Mr. Sentel is a Senior Attorney with the U.S. Department of Education (1996 to present). Mr. Sentel also provides legal representation as a sole practitioner with an emphasis on corporate and transactional law. He served as general counsel to numerous public companies and served on the board of directors of one of these clients. Mr. Sentel began his legal career with the U.S. Securities and Exchange Commission’s Division of Enforcement and served as a Branch Chief (1980 to 1981). Later he served as the Section Chief for the Professional Liability Section of the Federal Deposit Insurance Corp. with responsibility for the Rocky Mountain Region (1991 to 1994).

The Officers of the Funds are:

Craig T. Callahan, 65, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as Chief Executive Officer (2013 to present); President (1998 to 2013 and 2014 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI. Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of IM&R, the parent company of ICON Advisers and IDI.

Donald Salcito, 63. Mr. Salcito serves as Vice President and Secretary of the Funds (November 15, 2006 to present). Mr. Salcito is also Executive Vice President and General Counsel (September 2005 to present) of ICON Advisers; Director of IM&R (2005 to present); Executive Vice President, Secretary, General Counsel of IDI (2005 to present). Previously, he was a Partner in various national law firms, practicing in the securities law area. (1980 to 2005).

Carrie M. Schoffman, 43. Ms. Schoffman has been a Vice President and Principal Financial Officer/Treasurer of the Funds since June 2013. Ms. Schoffman is also Chief Compliance Officer (2013 to present and 2004 to 2008) and Anti-Money Laundering Officer (2013 to present) of the ICON Funds. She is Senior Vice President (2011 to present) and Chief Compliance Officer (2013 to present and 2004 to 2011) of ICON Advisers. Previously, she was a Staff Accountant with the Securities and Exchange Commission (2003 to 2004) and also an Experienced Manager (2001 to 2003) and a Senior Associate/Associate (1996 to 2001) at PricewaterhouseCoopers LLP.

Lesley Caviness, 50. Ms. Caviness serves as Assistant Treasurer of the Funds (2014 to present). She has worked at ICON (2007 to 2008 and 2010 to present) in fund accounting, compliance, business intelligence and performance capacities. Prior to working at ICON, Ms. Caviness was a Real Estate Broker at Seasons Real Estate Group (2008 to 2012) and Signature Real Estate (2014 to present), Finance Manager at Navigant (2000 to 2007), and Associate/Senior Associate (1996 to 2000) at PricewaterhouseCoopers LLP.



Annual Report \| September 30, 2016		39


ICON International Funds		Additional Information
		September 30, 2016 (Unaudited)

Renewal of Investment Advisory Agreement

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to which the Adviser obtains research through “soft dollar” arrangements with the Funds’ brokerage, compliance reports on the foregoing, and the financial and non-financial resources available to provide services required under the Advisory Agreement.



40		www.iconfunds.com


ICON International Funds		Additional Information
		September 30, 2016 (Unaudited)

respective benchmarks: Emerging Markets, International Equity, Information Technology, and Utilities. However, on a one year basis, eight are in the top third of their peer groups of which six of those eight are in the top quartile. The low point in the S & P 1500 Index was February 11, 2016. Since February 11 until July, 2016, ICON performed better than the indexes, as seven of the 12 domestic equity funds beat their respective indexes. Also during that same time period, the equity portion of the ICON Equity Income Fund beat the S&P 1500 Index. Five of the nine ICON Sector Funds beat their index for that same period.

In considering the reasonableness of the fees paid to the Adviser for managing each Fund, the Board reviewed, among other things, data concerning other funds from the SI Report, financial statements of the Adviser and an analysis of the profitability of the Adviser, and its affiliates, and their relationship with each Fund over various time periods, and the SI Admin Analysis. Such analysis identified all revenues and other benefits received by the Adviser and its affiliates from managing each Fund, the costs associated with providing such services and the resulting profitability to the Adviser and its affiliates and a comparison of similar data from reports filed by publicly traded firms.



Annual Report \| September 30, 2016		41


ICON International Funds		Additional Information
		September 30, 2016 (Unaudited)

concluded that the Adviser has the resources necessary to provide the services called for under the Advisory Agreements; that profitability to the Adviser and its affiliates from their relationship with the Funds, and services provided to the Funds, is not excessive; and that the Adviser is not realizing material benefits from economies of scale that would warrant adjustments to the fees for any Fund at this time. The Board of Trustees concluded that, in light of the nature, extent and quality of the services provided by the Adviser and the levels of profitability associated with providing these services, the fees charged by the Adviser under the Advisory Agreements to each Fund are reasonable.

In connection with assessing data bearing on the fairness of fee arrangements, the Board considered the SI Report and the SI Admin Analysis. It was noted that SI was selected at the May Board meeting to prepare its reports, an extensive analysis of the expense data of other comparable funds; and that Trustee input was solicited and provided in the process. Among other information discussed, it was noted that:

ICON has contractually agreed to impose expense limitations on each and every Fund at a cost to ICON;

ICON has contractually committed to break points in its fees so that economies of scale could be realized as a Fund grows in assets, for the benefit of Fund shareholders;

The Board concluded that the Adviser is providing the Funds with professional management at a fair, reasonable and competitive price.

In connection with assessing the direct and indirect benefits to ICON from serving as the Funds’ adviser, the Board discussed services provided under the Distribution Agreement and the Administrative Services Agreement which are in addition to services under the Advisory Agreements. It was noted that IDI does not charge a fee to the Funds for its services and that ICON’s fee for administrative services ICON appears from the SI Admin Analysis to be below the average to its peer group, and within the mutual fund universe of open-end fund managers with less than $10 billion in assets under management, at less than 50% of the fee of those funds, at a loss to ICON. The Board noted that ICON receives research assistance (primarily in the form of data) from the use of soft dollars generated from Fund portfolio transactions; that such research assists ICON in providing quality advisory services; that Trust and Adviser compliance personnel continuously evaluate and report on the soft-dollar arrangements and related costs; and the Board concluded that the arrangements are consistent with Fund brokerage practices and benefit the Funds and their shareholders.

Based on these considerations, the Board, including all of the Independent Trustees, concluded that: 1) the continuation of the Advisory Agreements was in the best interests of each Fund and its shareholders, 2) the services to be performed under the Advisory Agreements were required for the operation of the Funds, 3) the advisory services were satisfactory to the Funds in the past, and 4) the fees for the advisory services and other benefits from the relationship with the Trust received by ICON, and its affiliates, were consistent with fees paid by similar funds and other clients of ICON, and were reasonable in light of the comparative data, and within the range of what would have been negotiated at arm’s length in light of all the circumstances.



42		www.iconfunds.com


ICON International Funds		Additional Information
		September 30, 2016 (Unaudited)

Portfolio Holdings

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.

For More Information

ICON Distributors, Inc., Distributor.



Annual Report \| September 30, 2016		43


ICON International Funds		Privacy Policy
		September 30, 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.



44		www.iconfunds.com


ICON International Funds		Privacy Policy
		September 30, 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



Annual Report \| September 30, 2016		45

LOGO


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

LOGO

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

LOGO

You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.

Visit ICON’s website at www.iconfunds.com to learn more and sign up.

1-800-764-0442 ● www.iconfunds.com

TABLE OF CONTENTS


About This Report (Unaudited)			2

Management Overview (Unaudited) and Schedules of Investments

ICON Consumer Discretionary Fund			3

ICON Consumer Staples Fund			7

ICON Energy Fund			11

ICON Financial Fund			15

ICON Healthcare Fund			19

ICON Industrials Fund			23

ICON Information Technology Fund			27

ICON Natural Resources Fund			31

ICON Utilities Fund			35

Financial Statements			39

Financial Highlights			55

Notes to Financial Statements			75

Report of Independent Registered Public Accounting Firm			89

Disclosure of Fund Expenses (Unaudited)			90

Board of Trustees and Fund Officers (Unaudited)			93

Additional Information (Unaudited)			94

Privacy Policy			99


ICON Sector Funds		About This Report
		September 30, 2016 (Unaudited)

Historical Returns

Portfolio Data

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.

Financial Intermediary



2		www.iconfunds.com


ICON Consumer Discretionary Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund Perform relative to its benchmark?

The ICON Consumer Discretionary Fund (the Fund) Class S returned 4.49% for the fiscal year ended September 30, 2016, while the benchmark S&P 1500 Consumer Discretionary Index rose 8.49%. The broad market S&P 1500 Index returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors influenced the Fund’s relative performance during the period?

Despite positive returns for the year, the Consumer Discretionary sector lagged the overall U.S. equity market. Investors in the Consumer Discretionary sector faced a number of headwinds including a rising U.S. dollar and its effect on earnings, growing competitive pressures from online retailers, and relatively tepid income growth for the U.S. workforce as a whole. Despite these headwinds, and aided by a resilient U.S. economy, stable consumer sentiment, and an accommodative monetary policy, investors were generally rewarded with positive performance in the sector. However, while the sector posted positive returns overall, there was notable performance dispersion at the industry level. Over the fiscal year 2016, economic growth remained positive and stable, unemployment fell, and inflation remained subdued by historical standards. We believe these factors could remain as tailwinds for the U.S. consumer and should be supportive for companies and industries in this sector of the economy.

Q.	How did the Fund’s Composition affect performance?

The Apparel & Accessories & Luxury Goods industry was the greatest contributor to the Fund’s performance over the period on an industry level. The Fund was able to outperform the benchmark in this industry based on strong stock selection over the period thanks to companies such as Lululemon Athletica and Kate Spade contributing to the industry’s returns. The Homebuilding industry was another positive contributor, as holdings in LGI Homes contributed positively to the Fund’s performance.

The Internet & Direct Marketing Retail industry was the largest detractor to the Fund’s relative performance on the industry level. The Fund had no exposure to Amazon.com which posted large returns, thus the Fund’s lack of exposure contributed negatively to the performance of the Fund relative to the benchmark. Specialty Stores was another industry detractor to relative performance as Fund holdings in Signet Jewelers and Party City detracted from the Fund’s performance.

Q.	What is your investment outlook for the Consumer Discretionary sector?

At the close of the fiscal year, our model indicates the Consumer Discretionary sector has a an overall average value-to-price (V/P) ratio of 1.14; or in other words, we believe the fair value for the stocks in the Consumer Discretionary sector as a whole is approximately 14% higher than where the stocks are currently trading. We currently see bargains in the automotive related industries, specifically Auto Parts & Equipment as well as the discount-related stocks within the retailing industry group. As always, we look to value as our primary guide and will adjust our positioning as market conditions dictate.



Annual Report \| September 30, 2016		3


ICON Consumer Discretionary Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*
ICON Consumer Discretionary Fund - Class S	7/9/97	4.49%	14.40%	7.15%	5.79%	1.43%	1.43%
ICON Consumer Discretionary Fund - Class A	9/30/10	3.86%	13.76%	N/A	13.21%	1.91%	1.91%
ICON Consumer Discretionary Fund - Class A
(including maximum sales charge of 5.75%)	9/30/10	-2.14%	12.43%	N/A	12.10%	1.91%	1.91%
S&P 1500 Consumer Discretionary Index		8.49%	19.69%	10.11%	8.63%	N/A	N/A
S&P Composite 1500 Index		15.49%	16.44%	7.44%	6.97%	N/A	N/A

Past performance is not a guarantee of future results. The performance of the S&P 1500 Consumer Discretionary Index includes the reinvestment of the dividends and capital gain distributions beginning on January 1, 2002. Additional information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 7/9/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



4		www.iconfunds.com


ICON Consumer Discretionary Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (95.44%)
Apparel Retail (2.22%)
Ross Stores, Inc.	6,100	$	392,230
TJX Cos., Inc.	6,500		486,070

			878,300

Apparel, Accessories & Luxury Goods (3.01%)
Hanesbrands, Inc.	16,400		414,100
lululemon athletica, Inc.^(a)	12,800		780,544

			1,194,644

Auto Parts & Equipment (2.01%)
Delphi Automotive PLC	4,100		292,412
Modine Manufacturing Co.^(a)	33,900		402,054
Visteon Corp.	1,400		100,324

			794,790

Automotive Retail (6.46%)
AutoZone, Inc.^(a)	1,800		1,383,012
O’Reilly Automotive, Inc.^(a)	4,200		1,176,462

			2,559,474

Broadcasting (4.29%)
CBS Corp., Class B	15,500		848,470
Discovery Communications, Inc., Class A^(a)	16,700		449,564
TEGNA, Inc.	18,400		402,224

			1,700,258

Cable & Satellite (5.99%)
Comcast Corp., Class A	35,800		2,374,972


Computer & Electronics Retail (0.99%)
GameStop Corp., Class A^(b)	14,200		391,778


Footwear (2.39%)
NIKE, Inc., Class B	18,000		947,700


General Merchandise Stores (6.87%)
Dollar General Corp.	19,300		1,350,807
Dollar Tree, Inc.^(a)	17,400		1,373,382

			2,724,189

Home Improvement Retail (2.60%)
Home Depot, Inc.	8,000		1,029,440


Homefurnishing Retail (3.03%)
Aaron’s, Inc.	47,200		1,199,824


Hotels, Resorts & Cruise Lines (3.91%)
Norwegian Cruise Line Holdings, Ltd.^(a)	29,000		1,093,300
Wyndham Worldwide Corp.	6,800		457,844

			1,551,144

Household Appliances (2.00%)
Whirlpool Corp.	4,900		794,584


	Shares or Principal Amount	Value

Internet & Direct Marketing Retail (2.23%)
Priceline Group, Inc.^(a)	600	$	882,894


Leisure Products (6.27%)
Brunswick Corp.	26,800		1,307,304
Smith & Wesson Holding Corp.^(a)(b)	44,300		1,177,937

			2,485,241

Movies & Entertainment (18.40%)
Cinemark Holdings, Inc.	43,300		1,657,524
Time Warner, Inc.	21,200		1,687,732
Twenty-First Century Fox, Inc., Class A	82,100		1,988,462
Walt Disney Co.	21,100		1,959,346

			7,293,064

Publishing (1.03%)
Gannett Co., Inc.	34,900		406,236


Restaurants (10.78%)
Chipotle Mexican Grill, Inc.^(a)(b)	500		211,750
McDonald’s Corp.	20,600		2,376,416
Starbucks Corp.	31,100		1,683,754

			4,271,920

Specialized Consumer Services (1.69%)
H&R Block, Inc.	18,000		416,700
Liberty Tax, Inc.	19,745		252,342

			669,042

Specialty Stores (9.27%)
Five Below, Inc.^(a)	33,200		1,337,628
Signet Jewelers, Ltd.	20,800		1,550,224
Ulta Salon Cosmetics & Fragrance, Inc.^(a)	3,300		785,334

			3,673,186


Total Common Stocks (Cost $40,126,040)			37,822,680


Collateral for Securities on Loan (4.50%)
State Street Navigator Prime Portfolio, 0.30%	1,782,625		1,782,625


Total Collateral for Securities on Loan (Cost $1,782,625)			1,782,625

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

Annual Report | September 30, 2016


ICON Consumer Discretionary Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Short-Term Investments (6.91%)
Time Deposits (6.91%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		2,739,714	$	2,739,714


Total Short-Term Investments (Cost $2,739,714)				2,739,714


Total Investments (106.85%) (Cost $44,648,379)			$	42,345,019

Liabilities Less Other Assets (-6.85%)				(2,714,258)


Net Assets (100.00%)			$	39,630,761

^(a)

Non-income producing security.

^(b)

All or a portion of the security was on loan as of September 30, 2016.


Sector Composition (September 30, 2016)

Consumer Discretionary			95.44%

			95.44%

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


Industry Composition (September 30, 2016)

Movies & Entertainment			18.40%
Restaurants			10.78%
Specialty Stores			9.27%
General Merchandise Stores			6.87%
Automotive Retail			6.46%
Leisure Products			6.27%
Cable & Satellite			5.99%
Broadcasting			4.29%
Hotels, Resorts & Cruise Lines			3.91%
Homefurnishing Retail			3.03%
Apparel, Accessories & Luxury Goods			3.01%
Home Improvement Retail			2.60%
Footwear			2.39%
Internet & Direct Marketing Retail			2.23%
Apparel Retail			2.22%
Auto Parts & Equipment			2.01%
Household Appliances			2.00%
Specialized Consumer Services			1.69%
Publishing			1.03%
Other Industries (each less than 1%)			0.99%

			95.44%

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

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

www.iconfunds.com


ICON Consumer Staples Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Consumer Staples Fund (the Fund) Class S returned 12.09% for the fiscal year ended September 30, 2016, while its sector-specific benchmark, the S&P 1500 Consumer Staples Index, returned 15.60%, and the S&P 1500 Index returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

While the broad market was generally higher over the past year, the Consumer Staples sector slightly outperformed the overall U.S. equity market. Faced with a historically low interest rate environment, many investors sought out market sectors with lower historical volatility and higher than average dividend yields. We believe this global search for what has been coined as “bond proxies,” brought forth huge demand and performance gains for sectors like Telecommunication Services, Utilities, and Consumer Staples. Despite spending the year trading at higher prices indicative of very little future upside, according to our models, stocks in the Consumer Staples sector maintained strong leadership throughout much of the year. We feel this leadership could come to an end if interest rates move higher in the future. Over the fiscal year ended September 30, 2016, economic growth remained positive and stable, unemployment fell, and inflation remained subdued by historical standards. All these factors could remain as tailwinds for the U.S. consumer and should be supportive for companies and industries in this sector of the economy.

Q.	How did the Fund’s composition affect performance?

The Packaged Foods & Meats industry was the greatest contributor to the Fund’s performance over the period on an industry level. The Fund was able to outperform the benchmark in this industry based on strong stock selection over the period thanks to overweight positions in Tyson Foods and WhiteWave Foods, both of which performed well during the fiscal year. The Soft Drinks industry was another positive contributor as Monster Beverage posted strong gains, contributing positively to the Fund’s performance.

The Household Products industry was the Fund’s largest detractor to relative performance on the industry level. An underweight position in Procter & Gamble proved to be a detractor, contributing negatively to the performance of the Fund relative to the benchmark. The Drug Retail industry also detracted from relative performance as overweight positions in CVS Health and Walgreens Boots Alliance detracted from the Fund’s returns. Additionally, due to our valuation methodology indicating relatively low value for the sector, cash was held during the year for defensive purposes which ultimately dragged against the Fund’s returns as the sector experienced gains for the year.

Q.	What is your investment outlook for the Consumer Staples sector?

At the close of the fiscal year, our model indicates the Consumer Staples sector has a an overall average value-to-price (V/P) ratio of 1.07; or in other words, we believe the fair value for the stocks in the Consumer Staples sector as a whole is approximately 7% higher than where the stocks are currently trading. We currently see bargains in the Tobacco, Soft Drinks, and Drug Retail industries. As always, we look to value as our primary guide and will adjust our positioning as market conditions dictate.



Annual Report \| September 30, 2016		7


ICON Consumer Staples Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*
ICON Consumer Staples Fund - Class S	5/9/97	12.09%	13.38%	7.88%	8.71%	1.87%	1.51%
ICON Consumer Staples Fund - Class A	9/30/10	11.93%	13.06%	N/A	12.29%	2.12%	1.76%
ICON Consumer Staples Fund - Class A
(including maximum sales charge of 5.75%)	9/30/10	5.50%	11.73%	N/A	11.20%	2.12%	1.76%
S&P 1500 Consumer Staples Index		15.60%	15.51%	10.92%	8.37%	N/A	N/A
S&P Composite 1500 Index		15.49%	16.44%	7.44%	7.46%	N/A	N/A

Past performance is not a guarantee of future results. The performance of the S&P 1500 Consumer Staples Index includes the reinvestment of the dividends and capital gain distributions beginning on January 1, 2002. Additional information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 5/9/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



8		www.iconfunds.com


ICON Consumer Staples Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (91.77%)
Agricultural Products (4.45%)
Bunge, Ltd.	30,200	$	1,788,746


Brewers (1.04%)
Molson Coors Brewing Co., Class B	3,800		417,240


Distillers & Vintners (4.02%)
Constellation Brands, Inc., Class A	9,700		1,614,953


Drug Retail (9.50%)
CVS Health Corp.	13,400		1,192,466
Walgreens Boots Alliance, Inc.	32,600		2,628,212

			3,820,678

Food Retail (4.09%)
Kroger Co.	55,400		1,644,272


Household Products (8.22%)
Kimberly-Clark Corp.	16,700		2,106,538
Orchids Paper Products Co.^(a)	20,344		553,967
Procter & Gamble Co.	7,200		646,200

			3,306,705

Packaged Foods & Meats (24.31%)
Blue Buffalo Pet Products, Inc.^(b)	33,400		793,584
Cal-Maine Foods, Inc.^(a)	1,800		69,372
Dean Foods Co.	18,000		295,200
Flowers Foods, Inc.^(a)	15,100		228,312
General Mills, Inc.	18,400		1,175,392
Hormel Foods Corp.	23,400		887,562
J.M. Smucker Co.	8,800		1,192,752
Kellogg Co.	15,500		1,200,785
Mondelez International, Inc., Class A	45,600		2,001,840
Pinnacle Foods, Inc.	6,000		301,020
Snyder’s-Lance, Inc.	7,000		235,060
TreeHouse Foods, Inc.^(b)	16,000		1,395,040

			9,775,919

Personal Products (3.83%)
Estee Lauder Cos., Inc., Class A	17,400		1,540,944


Soft Drinks (17.18%)
Coca-Cola Co.	66,800		2,826,976
Dr. Pepper Snapple Group, Inc.	13,200		1,205,292
Monster Beverage Corp.	5,500		807,455
PepsiCo, Inc.	19,000		2,066,630

			6,906,353

Tobacco (15.13%)
Altria Group, Inc.	44,000		2,782,120


	Shares or Principal Amount	Value

Tobacco (continued)
Philip Morris International, Inc.	13,400	$	1,302,748
Reynolds American, Inc.	42,400		1,999,160

			6,084,028

Total Common Stocks (Cost $36,948,310)			36,899,838


Collateral for Securities on Loan (2.01%)
State Street Navigator Prime Portfolio, 0.30%	807,060		807,060


Total Collateral for Securities on Loan (Cost $807,060)			807,060


Short-Term Investments (26.55%)
Money Market Funds (12.44%)
State Street Global Advisors Treasury Fund (0.11% 7 Day Yield)	5,000,000		5,000,000


Time Deposits (14.11%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16	5,673,964		5,673,964


Total Short-Term Investments (Cost $10,673,964)			10,673,964


Total Investments (120.33%) (Cost $48,429,334)		$	48,380,862

Liabilities Less Other Assets (-20.33%)			(8,172,765)


Net Assets (100.00%)		$	40,208,097

^(a)

All or a portion of the security was on loan as of September 30, 2016.

^(b)

Non-income producing security.

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

Annual Report | September 30, 2016


ICON Consumer Staples Fund		Schedule of Investments
		September 30, 2016


Sector Composition (September 30, 2016)

Consumer Staples			91.77%

			91.77%

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


Industry Composition (September 30, 2016)

Packaged Foods & Meats			24.31%
Soft Drinks			17.18%
Tobacco			15.13%
Drug Retail			9.50%
Household Products			8.22%
Agricultural Products			4.45%
Food Retail			4.09%
Distillers & Vintners			4.02%
Personal Products			3.83%
Brewers			1.04%

			91.77%

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

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

www.iconfunds.com


ICON Energy Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

For the fiscal year ending September 30, 2016, the ICON Energy Fund (the Fund) Class S returned 14.55%, underperforming its sector-specific benchmark, the S&P 1500 Energy Index, which returned 18.26%. The Fund also lagged the broad benchmark, the S&P 1500 Index, which returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

The Energy sector’s outperformance relative to the broad market came despite oil prices having a volatile year. From early October 2015 to mid-February 2016 the price per barrel of oil fell by over 47% to hit a low for the period about $26.11 per barrel. The low price of oil sparked anticipation of reduced oil production and we saw a traumatic reduction in oil rig count in the U.S. By May of 2016 the U.S. rig count fell to 316 from the 809 rigs reported at the beginning of the fiscal year. From the February 2016 low to June 2016 oil gained about 95% to reach its high for the period of $51.23 per barrel. The fiscal year ended with an announcement from the Organization of Petroleum Exporting Countries (OPEC) that it had agreed to curtail production to support oil pricing. This production curtailment reversed an 8 year trend of OPEC’s resistance to engage in production cuts to support oil pricing. Despite all the volatility, the price of oil gained over 6% for the fiscal year ended September 30, 2016. Outside of oil, natural gas, had a strong but volatile year as well with the natural gas one month forward contract gaining about 15% for the one year period ended September 30, 2016. One factor in the rise in natural gas was increased demand from Mexico for U.S. natural gas. This increase was due in part to Mexico’s passage of several aggressive energy bills in 2013 and 2014. Mexico’s energy reforms included a plan to reduce the cost of electricity production by replacing the less efficient diesel and oil electrical pants with natural gas electrical plants.

Q.	How did the Fund’s composition affect performance?

The Oil & Gas Equipment & Services industry was the largest detractor to the Fund’s performance relative to the benchmark at the industry level. The Fund’s stock selection within this industry detracted from performance with the Fund’s holdings in the industry gaining around 2% compared to the over 13% gain for the benchmark. One stock within the Oil & Gas Equipment & Services industry, Oceaneering International, was the single largest detractor to the Fund’s relative performance as the stock dropped 27.54% over the course of the fiscal year. Another detractor from benchmark relative performance was the Fund’s stock selection in the Coal & Consumable Fuels industry as one stock, Alliance Resource Partners, L.P., was down approximately 37% for the year. Lastly, The Fund’s underweight position in the Integrated Oil & Gas industry detracted from performance relative to the benchmark.

The greatest contributor to the Fund’s performance on an industry level were the Fund’s holdings in the Oil & Gas Storage & Transportation industry. During the first three months of the fiscal year the Fund had an underweight position in the Oil & Gas Storage & Transportation industry relative to the benchmark. During that time, the industry declined approximately 30%. However, by the end of January 2016, the Fund was overweight this industry relative to the benchmark and from the end of December 2015 through the end of September 2016, the industry gained over 60%. Looking at the entire fiscal year ended September 30, 2016 the Fund’s holdings in the Oil & Gas Storage & Transportation industry gained over 50% compared the benchmark’s gain of approximately 13% in the industry.

Q.	What is your investment outlook for the Energy sector?

At the end of the fiscal year, the overall average value-to-price (V/P) ratio for the Energy sector was 1.01 while the V/P ratio for the overall market was 1.09. With the recent run up in the Oil & Gas Storage & Transportation industry, the Fund’s position in the industry was reduced but remains slightly overweighed relative to the benchmark. Additionally the Fund also has a slight overweight Oil & Gas Refining & Marketing industry. Over the course of the upcoming fiscal year we are looking for signs of stabilization in forward looking earnings within the Energy sector and will reposition the Fund as our valuation methodology dictates.



Annual Report \| September 30, 2016		11


ICON Energy Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date		1 Year			5 Years			10 Years			Since Inception			Gross Expense Ratio*			Net Expense Ratio*

ICON Energy Fund - Class S		11/5/97		14.55	%		1.09	%		2.50	%		8.47	%		1.42	%		1.42%
ICON Energy Fund - Class C		9/30/10		13.31	%		0.01	%		N/A			-0.03	%		2.43	%		2.43%
ICON Energy Fund - Class A		9/30/10		14.19	%		0.79	%		N/A			0.74	%		1.66	%		1.66%
ICON Energy Fund - Class A
(including maximum sales charge of 5.75%)		9/30/10		7.61	%		-0.39	%		N/A			-0.25	%		1.66	%		1.66%
S&P 1500 Energy Index				18.26	%		5.35	%		4.45	%		7.47	%		N/A			N/A
S&P Composite 1500 Index				15.49	%		16.44	%		7.44	%		6.80	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 11/5/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



12		www.iconfunds.com


ICON Energy Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (98.00%)
Integrated Oil & Gas (27.85%)
Chevron Corp.	259,500	$	26,707,740
Eni S.p.A., Sponsored ADR^(a)	225,000		6,495,750
Exxon Mobil Corp.	462,500		40,367,000
Royal Dutch Shell PLC, Sponsored ADR, Class A	228,200		11,425,974
Suncor Energy, Inc.	472,200		13,117,716

			98,114,180

Oil & Gas Equipment & Services (20.24%)
Baker Hughes, Inc.	109,000		5,501,230
Bristow Group, Inc.^(a)	442,000		6,196,840
Dril-Quip, Inc.^(b)	153,400		8,550,516
Matrix Service Co.^(b)	189,000		3,545,640
National Oilwell Varco, Inc.	95,500		3,508,670
Oceaneering International, Inc.	271,300		7,463,463
RPC, Inc.^(a)(b)	467,000		7,845,600
Schlumberger, Ltd.	284,550		22,377,012
Tenaris S.A., ADR^(a)	222,600		6,321,840

			71,310,811

Oil & Gas Exploration & Production (32.05%)
Antero Resources Corp.^(b)	128,300		3,457,685
Cabot Oil & Gas Corp.	404,800		10,443,840
Carrizo Oil & Gas, Inc.^(b)	149,500		6,072,690
Chesapeake Energy Corp.^(a)(b)	1,302,850		8,168,869
Cimarex Energy Co.	52,500		7,054,425
Continental Resources, Inc.^(b)	126,950		6,596,322
Denbury Resources, Inc.^(a)(b)	1,020,450		3,296,054
Diamondback Energy, Inc.^(b)	129,050		12,458,487
EOG Resources, Inc.	120,100		11,614,871
EQT Corp.	99,400		7,218,428
Gulfport Energy Corp.^(b)	157,100		4,438,075
Matador Resources Co.^(b)	220,400		5,364,536
Newfield Exploration Co.^(b)	39,000		1,694,940
Southwestern Energy Co.^(b)	303,000		4,193,520
Synergy Resources Corp.^(b)	1,728,550		11,978,852
W&T Offshore, Inc.^(a)(b)	1,480,900		2,606,384
Whiting Petroleum Corp.^(a)(b)	713,434		6,235,413

			112,893,391

Oil & Gas Refining & Marketing (8.82%)
HollyFrontier Corp.	229,600		5,625,200
Marathon Petroleum Corp.	130,950		5,315,260
PBF Energy, Inc., Class A^(a)	152,500		3,452,600
Phillips 66	109,050		8,783,978
Tesoro Corp.	56,900		4,526,964
Valero Energy Corp.	63,150		3,346,950

			31,050,952


	Shares or Principal Amount		Value

Oil & Gas Storage & Transportation (9.04%)
Golar LNG, Ltd.^(a)		329,000	$	6,974,800
Magellan Midstream Partners L.P.		141,500		10,009,710
Ship Finance International, Ltd.^(a)		326,700		4,812,291
Teekay Corp.		200,000		1,542,000
Teekay LNG Partners L.P.		446,700		6,758,571
Williams Cos., Inc.		57,120		1,755,298

				31,852,670


Total Common Stocks (Cost $342,828,109)				345,222,004


Collateral for Securities on Loan (12.11%)
State Street Navigator Prime Portfolio, 0.30%		42,662,836		42,662,836


Total Collateral for Securities on Loan (Cost $42,662,836)				42,662,836


Short-Term Investments (0.65%)
Time Deposits (0.65%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		2,281,409		2,281,409


Total Short-Term Investments (Cost $2,281,409)				2,281,409


Total Investments (110.76%) (Cost $387,772,354)			$	390,166,249

Liabilities Less Other Assets (-10.76%)				(37,897,704)


Net Assets (100.00%)			$	352,268,545

^(a)

All or a portion of the security was on loan as of September 30, 2016.

^(b)

Non-income producing security.

ADR - American Depositary Receipt


Sector Composition (September 30, 2016)

Energy	98.00	%

	98.00	%

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

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

Annual Report | September 30, 2016


ICON Energy Fund		Schedule of Investments
		September 30, 2016


Industry Composition (September 30, 2016)

Oil & Gas Exploration & Production			32.05%
Integrated Oil & Gas			27.85%
Oil & Gas Equipment & Services			20.24%
Oil & Gas Storage & Transportation			9.04%
Oil & Gas Refining & Marketing			8.82%

			98.00%

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

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

www.iconfunds.com


ICON Financial Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Financial Fund (the Fund) Class S returned -.90% for the fiscal year ending September 30, 2016, lagging both its sector-specific benchmark, the S&P 1500 Financials Index, which returned 8.43%, and its broad benchmark, the S&P 1500 Index, which returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016 appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

Despite the Financial sector having the highest overall average value-to-price (V/P) ratio according to our valuation model of all sectors we track, the Financial sector struggled over the course of the fiscal year ending September 30, 2016. The Financial sector is heavily influenced by interest rates and for banking stocks the difference between short-term interest rates and long-term interest rates can be particularly influential. Over the course of the fiscal year rates on the long end of the yield curve declined, with the yield on 30-year U.S. Treasury Note falling from 2.85% to 2.32%. On the short end, the yield on the 3-month U.S. Treasury Bill actually rose slightly from -.02% to .28%. This flattening of the yield curve created headwinds for banks by increasing the cost to borrow at the short end of the yield curve and reducing the income generated by loans at the long end of the yield curve.

Further struggles for the Financial sector came from the still unfolding Wells Fargo scandal. In early September 2016, Wells Fargo was fined and publicly reprimanded for creating false customer accounts. Upon the announcement of the fine, Wells Fargo stock fell over 11%. This incident appears to have reignited the negative view of the Financial sector.

Q.	How did the Fund’s composition affect performance?

The biggest detractor to the Fund’s performance relative to the benchmark was the Fund’s overweight position in the Real Estate Services industry. Over the course of the fiscal year ended September 30, 2016, the industry lost over 14%. Additional losses came from stock selection in the Life & Health Insurance industry. Specifically, the Fund’s position in CNO Financial Group, which lost over 17% over the course of the fiscal year, was the largest single detractor from the Fund’s performance. Losses in the Consumer Finance industry and Asset Management & Custody Bank industry detracted from the Fund’s performance relative to the benchmark.

These losses were offset in part by the Fund’s holdings in the Mortgage REITs industry. Further losses were offset by the Fund’s holdings in the data processing industry within the Information Technology sector. Specifically Mastercard Inc., which gained more than 10% over the course of the fiscal year. However, the positive impact of holdings in these industries was not enough to overcome the underperformance discussed earlier.

It is important to note that the creation of the Real Estate sector in the Global Industry Classification Standards (GICS) in August 2016 impacted the Financial sector as several industries were moved out of the Financial sector and into the Real Estate sector.

Q.	What is your investment outlook for the Financials sector?

As of September 30, 2016, ICON’s overall average V/P ratio for the Financial sector was 1.32 while ICON’s overall average V/P ratio for the entire market was 1.09. Based on our valuation methodology, 65% industries in the financial sector have valuations above 1.10. Going into the next fiscal year, the Fund has notable overweight positions in the Thrifts & Mortgage Finance industry and the Multi-line Insurance industry. We will continue to look for opportunities in the Financial sector over the year as guided by value.



Annual Report \| September 30, 2016		15


ICON Financial Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date		1 Year		5 Years		10 Years		Since Inception		Gross Expense Ratio*		Net Expense Ratio*
ICON Financial Fund - Class S		7/1/97		-0.90%		11.29%		-3.35%		3.31%		1.56%		1.56%
ICON Financial Fund - Class A		9/30/10		-1.41%		10.90%		N/A		6.01%		2.26%		1.82%
ICON Financial Fund - Class A
(including maximum sales charge of 5.75%)		9/30/10		-7.11%		9.57%		N/A		4.97%		2.26%		1.82%
S&P 1500 Financials Index				8.43%		17.38%		-0.78%		4.21%		N/A		N/A
S&P Composite 1500 Index				15.49%		16.44%		7.44%		7.07%		N/A		N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 7/1/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



16		www.iconfunds.com


ICON Financial Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (100.21%)
Asset Management & Custody Banks (5.38%)
Affiliated Managers Group, Inc.^(a)	4,500	$	651,150
GAMCO Investors, Inc., Class A	13,100		372,957
Janus Capital Group, Inc.	78,600		1,101,186
Legg Mason, Inc.	10,200		341,496

			2,466,789

Consumer Finance (7.11%)
Ally Financial, Inc.	17,900		348,513
American Express Co.	14,900		954,196
Capital One Financial Corp.	11,100		797,313
Discover Financial Services	20,600		1,164,930

			3,264,952

Data Processing & Outsourced Services (3.62%)
Euronet Worldwide, Inc.^(a)	10,100		826,483
MasterCard, Inc., Class A	8,200		834,514

			1,660,997

Diversified Banks (24.49%)
Bank of America Corp.	169,100		2,646,415
Citigroup, Inc.	38,400		1,813,632
JPMorgan Chase & Co.	43,300		2,883,347
U.S. Bancorp	38,800		1,664,132
Wells Fargo & Co.	50,400		2,231,712

			11,239,238

Financial Exchanges & Data (1.01%)
MarketAxess Holdings, Inc.	2,800		463,652


Insurance Brokers (5.69%)
Aon PLC	11,400		1,282,386
Arthur J Gallagher & Co.	26,100		1,327,707

			2,610,093

Investment Banking & Brokerage (2.33%)
E*TRADE Financial Corp.^(a)	36,700		1,068,704


Life & Health Insurance (7.72%)
CNO Financial Group, Inc.	67,700		1,033,779
Lincoln National Corp.	13,800		648,324
Sun Life Financial, Inc.^(b)	34,000		1,106,360
Unum Group	21,400		755,634

			3,544,097

Mortgage REIT’s (3.75%)
Annaly Capital Management, Inc., REIT	100,400		1,054,200
MFA Financial, Inc., REIT	89,400		668,712

			1,722,912

Multi-line Insurance (6.01%)
American International Group, Inc.	25,800		1,530,972
Horace Mann Educators Corp.	33,424		1,224,989

			2,755,961


	Shares or Principal Amount	Value

Multi-Sector Holdings (3.93%)
Berkshire Hathaway, Inc., Class B^(a)	12,500	$	1,805,875


Other Diversified Financial Services (1.23%)
Voya Financial, Inc.	19,600		564,872


Property & Casualty Insurance (5.23%)
AmTrust Financial Services, Inc.	27,500		737,825
XL Group PLC	49,500		1,664,685

			2,402,510

Real Estate Services (6.06%)
CBRE Group, Inc., Class A^(a)	38,300		1,071,634
Colliers International Group, Inc.	14,900		626,843
Jones Lang LaSalle, Inc.	9,500		1,081,005

			2,779,482

Regional Banks (12.12%)
BancorpSouth, Inc.	20,500		475,600
Fifth Third Bancorp	70,600		1,444,476
First Commonwealth Financial Corp.	150,300		1,516,527
First Midwest Bancorp, Inc.	42,300		818,928
Signature Bank^(a)	7,500		888,375
SVB Financial Group^(a)	3,800		420,052

			5,563,958

Thrifts & Mortgage Finance (4.53%)
BofI Holding, Inc.^(a)(b)	19,200		430,080
Dime Community Bancshares, Inc.	36,043		604,081
New York Community Bancorp, Inc.	42,600		606,198
Radian Group, Inc.	32,300		437,665

			2,078,024

Total Common Stocks (Cost $47,278,764)			45,992,116


Collateral for Securities on Loan (1.10%)
State Street Navigator Prime Portfolio, 0.30%	502,800		502,800


Total Collateral for Securities on Loan (Cost $502,800)			502,800


Total Investments (101.31%) (Cost $47,781,564)		$	46,494,916

Liabilities Less Other Assets (-1.31%)			(599,542)


Net Assets (100.00%)		$	45,895,374

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

Annual Report | September 30, 2016


ICON Financial Fund		Schedule of Investments
		September 30, 2016

^(a)

Non-income producing security.

^(b)

All or a portion of the security was on loan as of September 30, 2016.

REIT - Real Estate Investment Trust


Sector Composition (September 30, 2016)

Financial			90.53%
Real Estate			6.06%
Information Technology			3.62%

			100.21%

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


Industry Composition (September 30, 2016)

Diversified Banks			24.49%
Regional Banks			12.12%
Life & Health Insurance			7.72%
Consumer Finance			7.11%
Real Estate Services			6.06%
Multi-line Insurance			6.01%
Insurance Brokers			5.69%
Asset Management & Custody Banks			5.38%
Property & Casualty Insurance			5.23%
Thrifts & Mortgage Finance			4.53%
Multi-Sector Holdings			3.93%
Mortgage REIT’s			3.75%
Data Processing & Outsourced Services			3.62%
Investment Banking & Brokerage			2.33%
Other Diversified Financial Services			1.23%
Financial Exchanges & Data			1.01%

			100.21%

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

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

www.iconfunds.com


ICON Healthcare Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Healthcare Fund Class S returned 9.44% for the fiscal year ended September 30, 2016, under-performing its sector-specific benchmark, the S&P 1500 Health Care Index, which returned 11.01%, and under-performing its broad benchmark, the S&P 1500 Index, which returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016 appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

While the broad market ended the past fiscal year on strong gains, the period wasn’t without its turbulence. January saw a selloff after the Federal Reserve hiked interest rates in the prior month. Equities rallied into the summer, but experienced another shock as Britain voted to leave the European Union. Brexit, as this came to be called, caused a sharp selloff in global stock markets, yet those losses were quickly erased as the rally steadily marched higher. While worries about global monetary policy and uncertainty surrounding the upcoming U.S. presidential election persist, the Health Care sector dealt with a number of its own unique challenges. Drug pricing concerns carried over from the past year and scrutiny surrounding this broad issue intensified as some companies had to defend their practices to Congress. Drug pricing has also made its way into political speeches for the upcoming election. The focus on this topic seems to be weighing on sentiment for pharmaceutical and biotechnology stocks. In addition, general health care utilization activity, after effects of the Affordable Care Act legislation, and merger and acquisition activity shaped the landscape for Health Care stocks over the year. The Health Care sector showed modest upside to our estimation of fair value for most of the year, with a slight increase as the period ended.

Q.	What were the Fund’s greatest contributors/detractors?

Biotechnology was the greatest industry contributor to the Fund’s outperformance relative to the benchmark during the fiscal year as the Fund outperformed based on individual stock selection within the industry. Companies like Eagle Pharmaceuticals, Alexion Pharmaceuticals, and AbbVie were notable contributors. Additionally, the Health Care Services industry was a positive contributor to the Fund’s relative performance as the Fund was able to outperform based on individual stock selection within the industry. The Fund’s holdings in companies like BioTelemetry, MEDNAX, and Laboratory Corporation of America Holdings contributed to this industry’s returns.

The Pharmaceutical industry was the Fund’s largest detractor to relative performance on an industry level. Specifically, stock selection within the industry had a negative effect on performance as an overweight position in Valeant Pharmaceuticals International, and underweight position in Johnson & Johnson detracted from relative returns. Additionally, the Health Care Distributors industry was a detractor from relative performance as the Fund was overweight this negatively performing industry for the year.

Q.	What is your investment outlook for the Health Care sector?

After positive returns for most of the past fiscal year, the Health Care sector has an overall average value-to-price (V/P) ratio of 1.07 according to our methodology; or in other words, we believe the overall average fair value for the Health Care sector is approximately 7% higher than where it is currently trading. We currently see broad value across most industries, most notably in the Pharmaceuticals and Managed Health Care industries. As always, we look to value as our primary guide and will adjust our positioning as market conditions dictate.



Annual Report \| September 30, 2016		19


ICON Healthcare Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Healthcare Fund - Class S	2/24/97	9.44%	19.87%	8.54%	10.46%	1.36%	1.36%
ICON Healthcare Fund - Class A	9/30/10	9.03%	19.42%	N/A	17.15%	1.62%	1.62%
ICON Healthcare Fund - Class A
(including maximum sales charge of 5.75%)	9/30/10	2.76%	18.01%	N/A	16.00%	1.62%	1.62%
S&P 1500 Health Care Index		11.01%	20.33%	10.57%	9.38%	N/A	N/A
S&P Composite 1500 Index		15.49%	16.44%	7.44%	7.49%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 2/24/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



20		www.iconfunds.com


ICON Healthcare Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (97.25%)
Biotechnology (28.20%)
AbbVie, Inc.	42,300	$	2,667,861
Alexion Pharmaceuticals, Inc.^(a)	19,600		2,401,784
AMAG Pharmaceuticals, Inc.^(a)(b)	39,100		958,341
Amgen, Inc.	21,800		3,636,458
Celgene Corp.^(a)	55,300		5,780,509
Emergent BioSolutions, Inc.^(a)	30,000		945,900
Gilead Sciences, Inc.	36,300		2,872,056
Ligand Pharmaceuticals, Inc.^(a)	4,000		408,240
Regeneron Pharmaceuticals, Inc.^(a)	2,200		884,444
Shire PLC, ADR	8,200		1,589,652
Vertex Pharmaceuticals, Inc.^(a)	8,400		732,564

			22,877,809

Health Care Equipment (23.48%)
Abbott Laboratories	22,600		955,754
Becton, Dickinson and Co.	7,500		1,347,975
Boston Scientific Corp.^(a)	104,000		2,475,200
CR Bard, Inc.	2,000		448,560
Hologic, Inc.^(a)	32,400		1,258,092
Integer Holdings Corp.^(a)	14,000		303,660
LivaNova PLC^(a)	8,000		480,880
Medtronic PLC	42,800		3,697,920
STERIS PLC	22,400		1,637,440
Stryker Corp.	25,100		2,921,891
Teleflex, Inc.	12,300		2,067,015
Zimmer Biomet Holdings, Inc.	11,200		1,456,224

			19,050,611

Health Care Facilities (2.92%)
Acadia Healthcare Co., Inc.^(a)	6,700		331,985
Community Health Systems, Inc.^(a)	28,000		323,120
HCA Holdings, Inc.^(a)	8,000		605,040
Tenet Healthcare Corp.^(a)	49,000		1,110,340

			2,370,485

Health Care Services (4.62%)
BioTelemetry, Inc.^(a)	143,492		2,664,647
DaVita, Inc.^(a)	16,400		1,083,548

			3,748,195

Health Care Supplies (1.52%)
Cooper Cos., Inc.	6,900		1,236,894

Life Sciences Tools & Services (3.60%)
Albany Molecular Research, Inc.^(a)(b)	52,000		858,520
Charles River Laboratories International, Inc.^(a)	24,800		2,066,832

			2,925,352


	Shares or Principal Amount		Value

Managed Health Care (2.03%)
Anthem, Inc.		4,900	$	614,019
CIGNA Corp.		4,700		612,504
UnitedHealth Group, Inc.		3,000		420,000

				1,646,523

Pharmaceuticals (30.88%)
Allergan PLC^(a)		20,500		4,721,355
Bayer AG, Sponsored ADR		8,000		804,000
Bristol-Myers Squibb Co.		55,500		2,992,560
Corcept Therapeutics, Inc.^(a)		92,300		599,950
Eli Lilly & Co.		26,000		2,086,760
Endo International PLC^(a)		18,000		362,700
Horizon Pharma PLC^(a)		35,000		634,550
Innoviva, Inc.^(a)(b)		32,500		357,175
Jazz Pharmaceuticals PLC^(a)		16,700		2,028,716
Mylan N.V.^(a)		35,000		1,334,200
Novo Nordisk A/S, Sponsored ADR		11,500		478,285
Pacira Pharmaceuticals, Inc.^(a)		23,000		787,060
Perrigo Co. PLC		6,300		581,679
Pfizer, Inc.		60,000		2,032,200
Roche Holding AG, Sponsored ADR		66,200		2,050,214
Sucampo Pharmaceuticals, Inc., Class A^(a)		64,400		792,764
Teva Pharmaceutical Industries, Ltd., Sponsored ADR		44,000		2,024,440
Valeant Pharmaceuticals International, Inc.^(a)		15,700		385,435

				25,054,043


Total Common Stocks (Cost $80,639,654)				78,909,912


Collateral for Securities on Loan (1.91%)
State Street Navigator Prime Portfolio, 0.30%		1,546,000		1,546,000


Total Collateral for Securities on Loan (Cost $1,546,000)				1,546,000


Short-Term Investments (8.68%)
Time Deposits (8.68%)
State Street Euro Dollar Time Deposit (USD),
0.01%, 10/03/16		7,042,553		7,042,553


Total Short-Term Investments (Cost $7,042,553)				7,042,553

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

Annual Report | September 30, 2016


ICON Healthcare Fund		Schedule of Investments
		September 30, 2016


	Value

Total Investments (107.84%) (Cost $89,228,207)	$	87,498,465

Liabilities Less Other Assets (-7.84%)		(6,359,506)


Net Assets (100.00%)	$	81,138,959

^(a)

Non-income producing security.

^(b)

All or a portion of the security was on loan as of September 30, 2016.

ADR - American Depositary Receipt


Sector Composition (September 30, 2016)

Health Care			97.25%

			97.25%

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


Industry Composition (September 30, 2016)


Pharmaceuticals			30.88%
Biotechnology			28.20%
Health Care Equipment			23.48%
Health Care Services			4.62%
Life Sciences Tools & Services			3.60%
Health Care Facilities			2.92%
Managed Health Care			2.03%
Health Care Supplies			1.52%

			97.25%

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

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

www.iconfunds.com


ICON Industrials Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Industrials Fund (the Fund) Class S shares returned 12.07% for the fiscal year ended September 30, 2016, while its sector-specific benchmark, the S&P 1500 Industrials Index, returned 19.76%, and the S&P Composite 1500 Index returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

Despite numerous macro-economic concerns and relatively negative investor sentiment, fiscal year 2016 produced strong gains for the cyclically sensitive Industrials sector. While the gains were relatively broad based from an industry standpoint, companies that derive a large portion of their revenues from either infrastructure buildouts or commodity extraction stood out during the fiscal year. Industries tied to infrastructure, such as the Industrial Machinery, Building Products, and Construction & Engineering industries, benefitted from a rebound in residential and commercial construction as well as the continued national focus on rebuilding our country’s roads and bridges. Further, the Heavy Electrical Equipment industry and the Construction & Farm Machinery & Heavy Trucks industry, both tied to the extraction of commodities, benefitted from a strong rebound in industrial commodities. These industries, which had been beaten down the previous year, experienced significant gains from those depressed levels and helped the Industrials sector outpace the broad market.

Q.	How did the Fund’s composition affect performance?

From a valuation standpoint, according to our system, we began the period with a value-to-price (V/P) ratio of 1.09 for the Industrials sector indicating opportunity for upside returns within the sector. Despite this opportunity at the sector level, industry returns within the Industrials sector varied significantly, from approximately 52% for the best performing industry to approximately -6% for the worst performing industry, demonstrating the large role that industry rotation can play in sector investing. Additionally, industry leadership flipped aggressively with prior year losers rallying and prior year winners faltering.

Relative to the benchmark, industries that contributed the most to the Fund’s performance included the Construction & Engineering, Human Resources & Employment Services, Trading Companies & Distributors, and Research & Consulting Services industries. All these industries produced positive total effect due to overweight industry positions and holdings that outperformed the benchmark.

Relative to the benchmark, industries that detracted the most from the Fund’s performance included the Airlines, Industrial Machinery, Aerospace & Defense, Railroads and Construction & Farm Machinery & Heavy Trucks industries. Either overweight positions or underperforming holdings in these industries resulted in relative underperformance during the fiscal year.

Q.	What is your investment outlook for the Industrials sector?

At the end of fiscal year 2016 the Industrials sector had a V/P ratio of approximately 1.02, an indication that our system has relatively muted return expectations for the Industrials sector over the next 9 to 12 months. Specific industries that are demonstrating value according to our system include Commercial Printing, Railroads, and Agriculture & Farm Machinery. We continue to look for industries that our system identifies as trading at a discount to fair value. Guided by our disciplined, systematic and non-emotional approach to investing, we remain watchful for new prospective investments and ready to reallocate and adapt as our investment system dictates.



Annual Report \| September 30, 2016		23


ICON Industrials Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Industrials Fund - Class S	5/9/97	12.07%	13.24%	4.94%	5.13%	1.53%	1.50%
ICON Industrials Fund - Class A	9/30/10	11.79%	12.71%	N/A	8.81%	2.67%	1.75%
ICON Industrials Fund - Class A (including maximum sales charge of 5.75%)	9/30/10	5.38%	11.39%	N/A	7.74%	2.67%	1.75%
S&P 1500 Industrials Index		19.76%	17.80%	8.07%	7.85%	N/A	N/A
S&P Composite 1500 Index		15.49%	16.44%	7.44%	7.46%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO



24		www.iconfunds.com


ICON Industrials Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Common Stocks (92.62%)
Aerospace & Defense (20.19%)
B/E Aerospace, Inc.		13,500	$	697,410
Boeing Co.		7,000		922,180
General Dynamics Corp.		1,900		294,804
Hexcel Corp.		5,000		221,500
Orbital ATK, Inc.		17,390		1,325,640
Raytheon Co.		1,100		149,743
Spirit AeroSystems Holdings, Inc., Class A^(a)		14,000		623,560
United Technologies Corp.		7,900		802,640

				5,037,477

Air Freight & Logistics (2.50%)
Echo Global Logistics, Inc.^(a)		20,973		483,637
FedEx Corp.		800		139,744

				623,381

Airlines (3.63%)
Alaska Air Group, Inc.		6,600		434,676
Delta Air Lines, Inc.		12,000		472,320

				906,996

Building Products (15.35%)
Apogee Enterprises, Inc.		10,000		446,900
Builders FirstSource, Inc.^(a)		35,000		402,850
Fortune Brands Home & Security, Inc.		1,500		87,150
Masco Corp.		34,500		1,183,695
PGT, Inc.^(a)		115,000		1,227,050
Quanex Building Products Corp.		28,000		483,280

				3,830,925

Commercial Printing (2.06%)
Deluxe Corp.		7,700		514,514


Construction & Engineering (6.39%)
AECOM^(a)		17,500		520,275
Comfort Systems U.S.A., Inc.		18,500		542,235
Dycom Industries, Inc.^(a)		6,500		531,570

				1,594,080 ��

Construction Machinery & Heavy Trucks (5.17%)
Allison Transmission Holdings, Inc.		45,000		1,290,600


Human Resource & Employment Services (13.17%)
Kforce, Inc.		34,000		696,660
Korn/Ferry International		30,500		640,500
ManpowerGroup, Inc.		9,000		650,340
On Assignment, Inc.^(a)		17,000		616,930
Robert Half International, Inc.		18,000		681,480

				3,285,910

Industrial Conglomerates (6.40%)
Carlisle Cos., Inc.		5,000		512,850
Honeywell International, Inc.		9,300		1,084,287

				1,597,137


	Shares or Principal Amount	Value

Industrial Machinery (5.37%)
Crane Co.	5,700	$	359,157
Middleby Corp.^(a)	4,000		494,480
Snap-on, Inc.	3,200		486,272

			1,339,909

Railroads (1.84%)
Union Pacific Corp.	4,700		458,391


Research & Consulting Services (2.40%)
Hill International, Inc.^(a)	130,061		599,581


Trading Companies & Distributors (5.15%)
Air Lease Corp.	45,000		1,286,100


Trucking (3.00%)
Hertz Global Holdings, Inc.^(a)	14,400		578,304
JB Hunt Transport Services, Inc.	2,100		170,394

			748,698

Total Common Stocks (Cost $21,773,155)			23,113,699


Short-Term Investments (10.38%)
Time Deposits (10.38%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16	2,590,162		2,590,162


Total Short-Term Investments (Cost $2,590,162)			2,590,162


Total Investments (103.00%) (Cost $24,363,317)		$	25,703,861

Liabilities Less Other Assets (-3.00%)			(748,994)

Net Assets (100.00%)		$	24,954,867

^(a)

Non-income producing security.

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

Annual Report | September 30, 2016


ICON Industrials Fund		Schedule of Investments
		September 30, 2016


Sector Composition (September 30, 2016)


Industrials			92.62%

			92.62%

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


Industry Composition (September 30, 2016)


Aerospace & Defense			20.19%
Building Products			15.35%
Human Resource & Employment Services			13.17%
Industrial Conglomerates			6.40%
Construction & Engineering			6.39%
Industrial Machinery			5.37%
Construction Machinery & Heavy Trucks			5.17%
Trading Companies & Distributors			5.15%
Airlines			3.63%
Trucking			3.00%
Air Freight & Logistics			2.50%
Research & Consulting Services			2.40%
Commercial Printing			2.06%
Railroads			1.84%

			92.62%

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

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

www.iconfunds.com


ICON Information Technology Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Information Technology Fund (the Fund) Class S shares returned 20.13% for the fiscal year ended September 30, 2016, while its sector-specific benchmark, the S&P 1500 Information Technology Index, returned 22.83%, and the S&P 1500 Index gained 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

The Information Technology sector continues to shift as cloud based applications continue to gain market share. Bloomberg reported anticipated enterprise application growth for cloud based products to grow by 15.6% from 2014 to 2019, while on-site enterprise applications growth is projected to be only 3.9% for that same time period. Cloud exposure is spread across many industries within the Information Technology sector as different types of companies try to cash in on this growth engine. Examples range from Microsoft in the System Software industry, Cisco Systems in the Communication Equipment industry, and HP Inc. in the Technology Hardware, Storage & Peripherals industry just to name a few. Returns for all three of these companies outpaced the S&P 1500 Information Technology Index over the fiscal year. Many companies used merger and acquisition activity to get exposure to cloud based products as well as data analytics. In the fiscal year ending September 30, 2014 there were 27 acquisitions while there were 42 acquisitions in the fiscal year ending September 30, 2016.

Q.	How did the Fund’s composition affect performance?

Stock selection in the Data Processing & Outsourced Services industry and the Semiconductors industry detracted from performance relative to the benchmark. During the course of the fiscal year ended September 30, 2016, the Fund’s positions in the Data Processing & Outsourced Services industry returned less than 1% while the benchmark holdings in the industry gained over 17%. Everi Holdings was the largest single detractor from the Data Processing & Outsourced Services industry, losing over 24% the day after reporting its first quarter earnings.

These losses were offset in part by the Fund’s overweight position in the Semiconductor Equipment industry. During the course of the fiscal year, the Fund had an average position of around 6.5% in the Semiconductor Equipment industry while the benchmark’s average position was close to 1.5%. The Fund’s position in this industry returned about 65% for the fiscal year.

Q.	What is your investment outlook for the Information Technology sector?

At the end of fiscal year 2016, the Information Technology sector had a value-to-price (V/P) ratio of 1.09 according to ICON’s valuation methodology, an indication that our system still sees upside potential for the sector. Specific industries that are demonstrating value according to our system include both the Semiconductor Equipment industry and the Data Processing & Outsourced Services industry, and, as a result, the Fund is overweight in those two industries relative to the benchmark. We will continue to look for opportunities in the Information Technology sector over the year as guided by value.



Annual Report \| September 30, 2016		27


ICON Information Technology Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Information Technology Fund - Class S	2/19/97	20.13%	16.92%	7.55%	8.77%	1.44%	1.44%
ICON Information Technology Fund - Class A	9/30/10	19.80%	16.44%	N/A	13.87%	1.90%	1.75%
ICON Information Technology Fund - Class A (including maximum sales charge of 5.75%)	9/30/10	12.93%	15.07%	N/A	12.75%	1.90%	1.75%
S&P 1500 Information Technology Index		22.83%	17.99%	10.36%	7.87%	N/A	N/A
NASDAQ Composite Index		14.97%	17.07%	8.93%	7.17%	N/A	N/A
S&P Composite 1500 Index		15.49%	16.44%	7.44%	7.46%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 2/19/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



28		www.iconfunds.com


ICON Information Technology Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (99.14%)
Application Software (5.08%)
CDK Global, Inc.	22,100	$	1,267,656
Mentor Graphics Corp.	51,100		1,351,084

			2,618,740

Communications Equipment (4.02%)
Cisco Systems, Inc.	32,100		1,018,212
Digi International, Inc.^(a)	16,100		183,540
Harris Corp.	9,500		870,295

			2,072,047

Data Processing & Outsourced Services (14.97%)
Automatic Data Processing, Inc.	9,900		873,180
Broadridge Financial Solutions, Inc.	7,300		494,867
DST Systems, Inc.	4,400		518,848
Euronet Worldwide, Inc.^(a)	7,400		605,542
MasterCard, Inc., Class A	14,700		1,496,019
MAXIMUS, Inc.	22,500		1,272,600
Total System Services, Inc.	12,000		565,800
Visa, Inc., Class A	14,180		1,172,686
Xerox Corp.	71,200		721,256

			7,720,798

Electronic Components (1.87%)
Rogers Corp.^(a)	15,800		965,064


Electronic Equipment & Instruments (3.53%)
Fitbit, Inc., Class A^(a)(b)	54,400		807,296
Keysight Technologies, Inc.^(a)	16,600		526,054
OSI Systems, Inc.^(a)	7,500		490,350

			1,823,700

Electronic Manufacturing Services (4.28%)
Fabrinet^(a)	12,400		552,916
IPG Photonics Corp.^(a)	8,835		727,562
TE Connectivity, Ltd.	14,400		927,072

			2,207,550

Home Entertainment Software (4.55%)
Activision Blizzard, Inc.	29,100		1,289,130
Electronic Arts, Inc.^(a)	12,400		1,058,960

			2,348,090

Internet Software & Services (19.44%)
Alphabet, Inc., Class A^(a)	3,200		2,572,992
Alphabet, Inc., Class C^(a)	3,439		2,673,101
eBay, Inc.^(a)	18,600		611,940
Facebook, Inc., Class A^(a)	29,000		3,719,830
j2 Global, Inc.	6,800		452,948

			10,030,811

IT Consulting & Other Services (1.22%)
Cognizant Technology Solutions Corp., Class A^(a)	13,200		629,772


	Shares or Principal Amount		Value

Semiconductor Equipment (7.00%)
Advanced Energy Industries, Inc.^(a)		22,197	$	1,050,362
Applied Materials, Inc.		16,900		509,535
Photronics, Inc.^(a)		89,200		919,652
Teradyne, Inc.		52,400		1,130,792

				3,610,341

Semiconductors (10.53%)
Broadcom, Ltd.		5,300		914,356
Intel Corp.		51,400		1,940,350
Monolithic Power Systems, Inc.		8,400		676,200
QUALCOMM, Inc.		11,600		794,600
Skyworks Solutions, Inc.		14,500		1,104,030

				5,429,536

Systems Software (5.61%)
Microsoft Corp.		29,500		1,699,200
Oracle Corp.		30,400		1,194,112

				2,893,312

Technology Distributors (1.08%)
PC Connection, Inc.		21,100		557,462


Technology Hardware, Storage & Peripherals (15.96%)
Apple, Inc.		62,000		7,009,100
Electronics For Imaging, Inc.^(a)		25,000		1,223,000

				8,232,100

Total Common Stocks (Cost $41,205,367)				51,139,323


Collateral for Securities on Loan (1.59%)
State Street Navigator Prime Portfolio, 0.30%		823,500		823,500


Total Collateral for Securities on Loan (Cost $823,500)				823,500


Short-Term Investments (0.61%)
Time Deposits (0.61%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		314,271		314,271


Total Short-Term Investments (Cost $314,271)				314,271


Total Investments (101.34%) (Cost $42,343,138)			$	52,277,094

Liabilities Less Other Assets (-1.34%)				(693,252)


Net Assets (100.00%)			$	51,583,842

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

Annual Report | September 30, 2016


ICON Information Technology Fund		Schedule of Investments
		September 30, 2016

^(a)

Non-income producing security.

^(b)

All or a portion of the security was on loan as of September 30, 2016.


Sector Composition (September 30, 2016)


Information Technology			99.14%

			99.14%

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


Industry Composition (September 30, 2016)


Internet Software & Services			19.44%
Technology Hardware, Storage & Peripherals			15.96%
Data Processing & Outsourced Services			14.97%
Semiconductors			10.53%
Semiconductor Equipment			7.00%
Systems Software			5.61%
Application Software			5.08%
Home Entertainment Software			4.55%
Electronic Manufacturing Services			4.28%
Communications Equipment			4.02%
Electronic Equipment & Instruments			3.53%
Electronic Components			1.87%
IT Consulting & Other Services			1.22%
Technology Distributors			1.08%

			99.14%

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

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

www.iconfunds.com


ICON Natural Resources Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

A.	The ICON Natural Resources Fund returned 17.24% for the fiscal year ended September 30, 2016, while the S&P Composite 1500 Index rose by 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016 appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

While fiscal year 2016 produced strong returns from start to finish, it was a tale of two different markets largely driven by macro-economic shocks and general commodity movements. The year began with a strong rally that reversed rather quickly as commodities resumed their downward spiral, falling by approximately 20% before finding a bottom in the middle of February 2016. This aggressive sell-off hit industrial metals and oil the hardest, resulting in negative returns in industries tied to these commodities such as the Copper, Aluminum, Diversified Metals & Mining, Oil & Gas Drilling, and Oil & Gas Exploration & Transportation industries. Our valuation methodology pointed us away from this segment of the market resulting in the Fund having lower downside capture numbers relative to the benchmark to start off the fiscal year.

The second half of fiscal year 2016 proved to be the exact opposite of the first half as commodities, and the equities tied to those commodities, rebounded aggressively. The largest returns stemmed from the Energy sector as companies that were on the brink of default when oil was trading below $30 a barrel experience strong relief rallies as oil rebounded finishing the fiscal year at approximately $48 a barrel. While we increased exposure to the Energy sector over the course of the fiscal year, the Fund was underweight during this rebound resulting in underperformance relative to the benchmark over the course of the second half of the year.

One specific segment within Natural Resource, gold miners, produced consistently strong returns over the course of the fiscal year in spite of variable market movements. Similar to the rest of the commodity space, gold miners have been in decline for several years and experienced a significant rebound rally during fiscal year 2016 with some companies within the segment producing triple digit returns. Our valuation methodology continued to view this space as generally overvalued and we avoided taking a position, which lead to underperformance relative to the benchmark.

Q.	How did the Fund’s composition affect performance?

Individual industry returns for the industries in Natural Resources segment of the market varied wildly over the course of fiscal year 2016. The best performing industry was up over 46% while the worst was down over 48%. This divergence highlights why we believe industry rotation is so important within a volatile market segment such as Natural Resources. Additionally, variation in industry returns shows how industry allocation can drive the majority of returns over the course of the year.

Positive industry contributors to the Fund’s performance during fiscal year 2016 included Diversified Chemicals, Construction Materials, Specialty Chemicals, Paper Packaging, and Integrated Oil & Gas. Negative industry detractors from the Fund’s performance during fiscal year 2016 included Precious Metals & Minerals, Oil & Gas Refining & Marketing, Paper Products, Coal & Consumable Fuels, and Aluminum.

Q.	What is your investment outlook for the Materials sector?

At the close of the fiscal year, the Natural Resource segment of the market was trading relatively close to fair value based on our valuation methodology, indicating that we see muted upside return expectations for fiscal year 2017. While the volatility over the past 12 months has presented certain opportunities due to depressed prices, we continue to remain cautious on commodity related names as demand from emerging market economies continues to wane and forward looking growth rates remain relatively depressed. However, we do see opportunity in industries that are tied to domestic economic growth and decreased cyclical exposure.



Annual Report \| September 30, 2016		31


ICON Natural Resources Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Natural Resources Fund - Class S	5/5/97	17.24%	9.82%	5.50%	4.36%	1.42%	1.42%
ICON Natural Resources Fund - Class C	9/30/10	16.11%	8.62%	N/A	5.10%	2.94%	2.50%
ICON Natural Resources Fund - Class A	9/30/10	17.05%	9.48%	N/A	5.89%	1.76%	1.75%
ICON Natural Resources Fund - Class A
(including maximum sales charge of 5.75%)	9/30/10	10.29%	8.19%	N/A	4.86%	1.76%	1.75%
S&P 1500 Materials Index		24.87%	13.43%	7.41%	6.73%	N/A	N/A
S&P Composite 1500 Index		15.49%	16.44%	7.44%	7.43%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Class C total returns exclude applicable sales charges. If sales charges were included returns would be lower.

Value of a $10,000 Investment (through September 30, 2016)

LOGO

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 5/5/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s name changed effective January 22, 2016 and the investment strategy changed effective August 18, 2016. The Fund’s past performance would have been different if the current strategy had been in effect. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.



32		www.iconfunds.com


ICON Natural Resources Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (82.04%)
Building Products (7.79%)
Apogee Enterprises, Inc.	16,000	$	715,040
Fortune Brands Home & Security, Inc.	9,500		551,950
Masco Corp.	60,000		2,058,600
PGT, Inc.^(a)	211,300		2,254,571

			5,580,161

Coal & Consumable Fuels (2.81%)
Cameco Corp.^(b)	235,000		2,011,600


Commodity Chemicals (4.47%)
Cabot Corp.	7,000		366,870
LyondellBasell Industries N.V., Class A	20,000		1,613,200
Methanex Corp.	9,939		354,624
Olin Corp.	42,339		868,796

			3,203,490

Construction & Engineering (1.92%)
Comfort Systems U.S.A., Inc.	46,940		1,375,812


Construction Materials (8.34%)
Buzzi Unicem S.p.A.	60,000		1,230,288
Eagle Materials, Inc.	13,000		1,004,900
Headwaters, Inc.^(a)	75,000		1,269,000
Martin Marietta Materials, Inc.	5,500		985,105
Summit Materials, Inc., Class A^(a)	80,000		1,484,000

			5,973,293

Copper (0.53%)
Freeport-McMoRan, Inc.	35,000		380,100


Diversified Chemicals (14.42%)
Dow Chemical Co.	68,745		3,563,053
Eastman Chemical Co.	40,000		2,707,200
Huntsman Corp.	250,000		4,067,500

			10,337,753

Fertilizers & Agricultural Chemicals (4.65%)
Agrium, Inc.^(b)	5,500		498,795
CF Industries Holdings, Inc.	90,000		2,191,500
Monsanto Co.	6,300		643,860

			3,334,155

Integrated Oil & Gas (4.19%)
BP PLC	215,000		1,253,180
Royal Dutch Shell PLC, Sponsored ADR, Class A	35,000		1,752,450

			3,005,630

Oil & Gas Equipment & Services (2.41%)
Schlumberger, Ltd.	22,000		1,730,080


Oil & Gas Exploration & Production (4.82%)
Diamondback Energy, Inc.^(a)	16,000		1,544,640


	Shares or Principal Amount	Value

Oil & Gas Exploration & Production (continued)
Synergy Resources Corp.^(a)	275,000	$	1,905,750

			3,450,390

Oil & Gas Refining & Marketing (4.47%)
PBF Energy, Inc., Class A^(b)	31,214		706,685
Phillips 66	8,000		644,400
Tesoro Corp.	10,000		795,600
Valero Energy Corp.	20,000		1,060,000

			3,206,685

Oil & Gas Storage & Transportation (1.47%)
Enbridge, Inc.	24,000		1,054,796


Paper Packaging (8.53%)
Avery Dennison Corp.	2,200		171,138
Graphic Packaging Holding Co.	290,000		4,057,100
International Paper Co.	30,000		1,439,400
Smurfit Kappa Group PLC	20,000		447,053

			6,114,691

Research & Consulting Services (3.36%)
Hill International, Inc.^(a)	522,440		2,408,448


Specialty Chemicals (7.31%)
Ashland, Inc.	6,000		695,700
Celanese Corp., Class A	17,000		1,131,520
PolyOne Corp.	60,000		2,028,600
Sherwin-Williams Co.	5,000		1,383,300

			5,239,120

Steel (0.55%)
Nucor Corp.	8,000		395,600


Total Common Stocks (Cost $59,303,835)			58,801,804


Exchange Traded Funds (10.31%)
iShares North American Natural Resources ETF^(b)	112,000		3,859,520
Energy Select Sector SPDR Fund^(b)	50,000		3,530,500


Total Exchange Traded Funds (Cost $6,681,608)			7,390,020


Collateral for Securities on Loan (9.08%)
State Street Navigator Prime Portfolio, 0.30%	6,505,465		6,505,465


Total Collateral for Securities on Loan (Cost $6,505,465)			6,505,465

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

Annual Report | September 30, 2016


ICON Natural Resources Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount		Value

Short-Term Investments (8.74%)
Time Deposits (8.74%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		6,265,943	$	6,265,943


Total Short-Term Investments (Cost $6,265,943)				6,265,943


Total Investments (110.17%) (Cost $78,756,851)			$	78,963,232

Liabilities Less Other Assets (-10.17%)				(7,290,850)


Net Assets (100.00%)			$	71,672,382

^(a)

Non-income producing security.

^(b)

All or a portion of the security was on loan as of September 30, 2016.

ADR - American Depositary Receipt


Sector Composition (September 30, 2016)

Materials			48.80%
Energy			20.17%
Industrials			13.07%

			82.04%

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


Industry Composition (September 30, 2016)

Diversified Chemicals			14.42%
Paper Packaging			8.53%
Construction Materials			8.34%
Building Products			7.79%
Specialty Chemicals			7.31%
Oil & Gas Exploration & Production			4.82%
Fertilizers & Agricultural Chemicals			4.65%
Commodity Chemicals			4.47%
Oil & Gas Refining & Marketing			4.47%
Integrated Oil & Gas			4.19%
Research & Consulting Services			3.36%
Coal & Consumable Fuels			2.81%
Oil & Gas Equipment & Services			2.41%
Construction & Engineering			1.92%
Oil & Gas Storage & Transportation			1.47%
Other Industries (each less than 1%)			1.08%

			82.04%

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

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

www.iconfunds.com


ICON Utilities Fund		Management Overview
		September 30, 2016 (Unaudited)

Q.	How did the Fund perform relative to its benchmarks?

The ICON Utilities Fund (the Fund) Class S returned 21.74% for the fiscal year ended September 30, 2016, beating its sector-specific benchmark, the S&P 1500 Utilities Index, which returned 18.71%. The broad benchmark, the S&P 1500 Index, returned 15.49%. Total returns for other periods and additional Class shares as of September 30, 2016, appear in the subsequent pages of this Fund’s Management Overview.

Q.	What primary factors were behind the Fund’s relative performance?

According to our valuation methodology, at the end of the prior fiscal year, the Utilities sector had a value-to-price (V/P) ratio of 1.12 while the average V/P ratio for the overall equity market stood at 1.09. As the yield on the 10-year U.S. Treasury Note generally fell throughout the year, from 2.04% on September 30, 2015 to 1.60% on September 30, 2016, investors sought higher income elsewhere, increasing demand for dividend yielding stocks in the Utilities sector. On average, as of the end of the fiscal year 2016, the dividend yield for stocks we track in the Utilities sector was 3.33%, making them an attractive alternative to treasuries from a yield stand-point.

The Fund did have exposure to stocks outside of the Utilities sector, including companies in the Oil & Gas storage & Transportation industry. Many of the companies in this industry supply natural gas for electricity generation and redistribution for companies within the Utilities sector. Over the course of the year, the Fund’s weighted average holdings in the Oil & Gas Storage & Transportation industry was around 5.6% and these positions returned about 47%. The Fund’s holdings in the Telecommunication Services sector had positive performance as well. In general, the stocks the Fund held outside of the Utilities sector have similar dividend characteristic to the stocks within the Utilities sector.

Q.	How did the Fund’s composition affect performance?

Over the course of the fiscal year, stock selection played a large role in the Fund’s performance relative to the benchmark. This is true specifically for the stocks held in the Fund from the Multi-Utilities industry. The stocks held in the Fund from the Multi-Utilities industry returned approximately 24% over the fiscal year while the benchmark’s holdings in the industry gained about 17%. Additionally the Fund was overweight compared to the benchmark in this industry, adding to the Fund’s relative out performance in the industry. The largest industry detractor from the Fund’s performance relative to the benchmark came from an overweight position in the Gas Utilities industry as the Fund’s stock selection within the industry led to the Fund underperforming in this industry compared to the benchmark.

Q.	What is your investment outlook for the Utilities sector?

As of September 30, 2016, according to our valuation methodology, the Utilities sector had a V/P ratio of 1.13. Given these V/P readings we generally have a positive outlook for the sector and remain optimistic for the year ahead. However, because the Utilities sector is seen by some investors as an alternative to fixed income in a low interest rate environment, an increase in interest rates might make the Utilities sector less attractive, creating a short term headwind for the sector. As always, we look to value as our primary guide and will adjust our positioning as market conditions dictate.



Annual Report \| September 30, 2016		35


ICON Utilities Fund		Management Overview
		September 30, 2016 (Unaudited)

Average Annual Total Return (as of September 30, 2016)


	Inception Date	1 Year	5 Years	10 Years	Since Inception	Gross Expense Ratio*	Net Expense Ratio*

ICON Utilities Fund - Class S	7/9/97	21.74%	11.99%	7.55%	8.47%	1.70%	1.50%
ICON Utilities Fund - Class A	9/30/10	21.29%	11.69%	N/A	11.17%	1.89%	1.75%
ICON Utilities Fund - Class A (including maximum sales charge of 5.75%)	9/30/10	14.36%	10.38%	N/A	10.06%	1.89%	1.75%
S&P 1500 Utilities Index		18.71%	12.61%	8.39%	8.36%	N/A	N/A
S&P Composite 1500 Index		15.49%	16.44%	7.44%	6.97%	N/A	N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future.

*	Please see the most recent prospectus for details.

Value of a $10,000 Investment (through September 30, 2016)

LOGO



36		www.iconfunds.com


ICON Utilities Fund		Schedule of Investments
		September 30, 2016


	Shares or Principal Amount	Value

Common Stocks (97.41%)
Communications Equipment (1.86%)
Harris Corp.	12,100	$	1,108,481

Electric Utilities (36.43%)
Alliant Energy Corp.	42,900		1,643,499
American Electric Power Co., Inc.	56,100		3,602,181
Duke Energy Corp.	23,200		1,856,928
Edison International	50,200		3,626,950
Eversource Energy	52,900		2,866,122
Great Plains Energy, Inc.	48,500		1,323,565
Hawaiian Electric Industries, Inc.	29,500		880,575
NextEra Energy, Inc.	13,900		1,700,248
OGE Energy Corp.	63,500		2,007,870
Pinnacle West Capital Corp.	29,600		2,249,304

			21,757,242

Electronic Manufacturing Services (1.38%)
TE Connectivity, Ltd.	12,800		824,064


Gas Utilities (5.84%)
National Fuel Gas Co.	40,900		2,211,463
South Jersey Industries, Inc.	22,100		653,055
Spire, Inc.	9,800		624,652

			3,489,170

Independent Power Producers & Energy Traders (3.17%)
AES Corp.	55,000		706,750
Calpine Corp.^(a)	94,100		1,189,424

			1,896,174

Integrated Telecommunication Services (5.15%)
AT&T, Inc.	47,000		1,908,670
BCE, Inc.	25,300		1,168,354

			3,077,024

Multi-Utilities (34.78%)
Ameren Corp.	64,400		3,167,192
Avista Corp.	23,800		994,602
Black Hills Corp.	14,400		881,568
CenterPoint Energy, Inc.	74,700		1,735,281
CMS Energy Corp.	40,576		1,704,597
Dominion Resources, Inc.	38,200		2,837,114
DTE Energy Co.	34,400		3,222,248
NiSource, Inc.	39,900		961,989
Public Service Enterprise Group, Inc.	18,100		757,847
SCANA Corp.	15,700		1,136,209
Sempra Energy	31,500		3,376,485

			20,775,132

Oil & Gas Exploration & Production (1.33%)
Cabot Oil & Gas Corp.	30,800		794,640


Oil & Gas Storage & Transportation (4.95%)
Magellan Midstream Partners L.P.	19,100		1,351,134


	Shares or Principal Amount		Value

Oil & Gas Storage & Transportation (continued)
Ship Finance International, Ltd.^(b)		76,100	$	1,120,953
Teekay Corp.		63,000		485,730

				2,957,817


Semiconductors (1.06%)
Monolithic Power Systems, Inc.		7,900		635,950


Water Utilities (1.46%)
Aqua America, Inc.		28,600		871,728


Total Common Stocks (Cost $57,229,931)				58,187,422


Underlying Security/Expiration Date/Exercise Price	Contracts		Value

Put Options Purchased (0.53%)
Utilities Select Sector SPDR Fund 12/16/16, 50		900		208,800
Utilities Select Sector SPDR Fund 10/21/16, 51		500		107,500

				316,300


Total Put Options Purchased (Cost $235,691)				316,300


	Shares or Principal Amount		Value

Collateral for Securities on Loan (1.91%)
State Street Navigator Prime Portfolio, 0.30%		1,141,500		1,141,500


Total Collateral for Securities on Loan (Cost $1,141,500)				1,141,500


Short-Term Investments (1.92%)
Time Deposits (1.92%)
State Street Euro Dollar Time Deposit (USD), 0.01%, 10/03/16		1,144,742		1,144,742

Total Short-Term Investments (Cost $1,144,742)				1,144,742

Total Investments (101.77%) (Cost $59,751,864)			$	60,789,964
Liabilities Less Other Assets (-1.77%)				(1,058,431)

Net Assets (100.00%)			$	59,731,533

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

Annual Report | September 30, 2016


ICON Utilities Fund		Schedule of Investments
		September 30, 2016

^(a)

Non-income producing security.

^(b)

All or a portion of the security was on loan as of September 30, 2016.


Sector Composition (September 30, 2016)

Utilities			81.68%
Energy			6.28%
Telecommunication Services			5.15%
Information Technology			4.30%

			97.41%

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


Industry Composition (September 30, 2016)

Electric Utilities			36.43%
Multi-Utilities			34.78%
Gas Utilities			5.84%
Integrated Telecommunication Services			5.15%
Oil & Gas Storage & Transportation			4.95%
Independent Power Producers & Energy Traders			3.17%
Communications Equipment			1.86%
Water Utilities			1.46%
Electronic Manufacturing Services			1.38%
Oil & Gas Exploration & Production			1.33%
Semiconductors			1.06%

			97.41%

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

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

www.iconfunds.com


ICON Sector Funds		Statements of Assets and Liabilities
		September 30, 2016


	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Assets
Investments, at cost	$	44,648,379	$	48,429,334	$	387,772,354

Investments, at value^(a)		42,345,019		48,380,862		390,166,249
Receivables:
Investments sold		1,205,395		–		12,424,552
Fund shares sold		2,684		120,483		317,563
Expense reimbursements due from Adviser		1,330		6,957		–
Dividends		27,528		88,546		385,284
Foreign tax reclaims		–		–		14,319
Other assets		7,062		11,158		106,937

Total assets		43,589,018		48,608,006		403,414,904


Liabilities
Payables:
Payable for collateral received on securities loaned		1,782,625		807,060		42,662,836
Payable to custodian		–		4,997,860		–
Investments purchased		2,068,016		2,453,345		7,438,901
Fund shares redeemed		34,123		66,859		478,397
Advisory fees		32,850		33,224		281,961
Transfer agent fees		7,923		10,690		137,132
Fund accounting fees		1,956		1,990		10,948
Accrued distribution fees		495		1,731		10,883
Trustee fees and expenses		1,744		1,696		14,657
Administration fees		1,706		1,716		14,507
Accrued expenses		26,819		23,738		96,137

Total liabilities		3,958,257		8,399,909		51,146,359

Net Assets - all share classes	$	39,630,761	$	40,208,097	$	352,268,545

Net Assets - Class S	$	37,263,151	$	31,798,893	$	327,497,266

Net Assets - Class C	$	–	$	–	$	10,123,542

Net Assets - Class A	$	2,367,610	$	8,409,204	$	14,647,737


Net Assets Consists of
Paid-in capital	$	39,678,667	$	37,182,312	$	508,102,164
Accumulated undistributed net investment income/(loss)		–		33,122		(33,682)
Accumulated undistributed net realized gain/(loss)		2,255,454		3,041,135		(158,193,832)
Unrealized appreciation/(depreciation)		(2,303,360)		(48,472)		2,393,895

Net Assets	$	39,630,761	$	40,208,097	$	352,268,545


Shares outstanding (unlimited shares authorized, no par value)
Class S		2,750,033		3,982,674		25,872,744
Class C		–		–		833,969
Class A		181,315		1,056,629		1,162,441
Net asset value (offering and redemption price per share)
Class S	$	13.55	$	7.98	$	12.66
Class C	$	–	$	–	$	12.14
Class A	$	13.06	$	7.96	$	12.60
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	13.85	$	8.44	$	13.37

^(a) Includes securities on loan of	$	1,781,465	$	779,737	$	41,762,067

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

Annual Report | September 30, 2016


ICON Sector Funds		Statements of Assets and Liabilities
		September 30, 2016


	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Assets
Investments, at cost	$	47,781,564	$	89,228,207	$	24,363,317

Investments, at value^(a)		46,494,916		87,498,465		25,703,861
Foreign currency, at value (Cost $8,921, $– and $–, respectively)		8,921		–		–
Receivables:
Investments sold		–		38,660		–
Fund shares sold		31,580		16,288		26
Expense reimbursements due from Adviser		3,105		–		3,959
Dividends		70,810		29,818		5,619
Foreign tax reclaims		–		3,827		–
Other assets		9,491		11,941		7,294

Total assets		46,618,823		87,598,999		25,720,759


Liabilities
Payables:
Payable for collateral received on securities loaned		502,800		1,546,000		–
Loan payable, at value (Cost $100,081, $– and $–)		100,081		–		–
Expense recoupment due to Adviser		–		4,155		–
Investments purchased		–		4,763,837		688,466
Fund shares redeemed		41,586		10,762		26,984
Advisory fees		38,216		66,526		19,417
Transfer agent fees		7,229		22,628		5,720
Fund accounting fees		2,154		3,175		1,433
Accrued distribution fees		538		1,058		234
Trustee fees and expenses		1,927		3,450		709
Administration fees		1,964		3,451		991
Accrued expenses		26,954		34,998		21,938

Total liabilities		723,449		6,460,040		765,892

Net Assets - all share classes	$	45,895,374	$	81,138,959	$	24,954,867

Net Assets - Class S	$	43,353,774	$	76,217,584	$	23,956,789

Net Assets - Class A	$	2,541,600	$	4,921,375	$	998,078


Net Assets Consists of
Paid-in capital	$	138,026,167	$	81,764,791	$	41,850,875
Accumulated undistributed net investment income/(loss)		487,449		(63,244)		(22,535)
Accumulated undistributed net realized gain/(loss)		(91,331,594)		1,167,154		(18,214,017)
Unrealized appreciation/(depreciation)		(1,286,648)		(1,729,742)		1,340,544

Net Assets	$	45,895,374	$	81,138,959	$	24,954,867


Shares outstanding (unlimited shares authorized, no par value)
Class S		5,654,114		4,947,704		1,953,540
Class A		329,586		331,596		82,224
Net asset value (offering and redemption price per share)
Class S	$	7.67	$	15.40	$	12.26
Class A	$	7.71	$	14.84	$	12.14
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	8.18	$	15.75	$	12.88

^(a) Includes securities on loan of	$	495,160	$	1,522,070	$	–

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

www.iconfunds.com


ICON Sector Funds		Statements of Assets and Liabilities
		September 30, 2016


	ICON Information Technology Fund		ICON Natural Resources Fund		ICON Utilities Fund
Assets
Investments, at cost	$	42,343,138	$	78,756,851	$	59,751,864

Investments, at value^(a)		52,277,094		78,963,232		60,789,964
Receivables:
Investments sold		425,578		1,628,149		1,433,785
Fund shares sold		39,360		109,235		419,599
Expense reimbursements due from Adviser		224		68,539		4,876
Dividends		16,054		114,731		193,892
Foreign tax reclaims		–		833		–
Other assets		8,529		14,648		25,417

Total assets		52,766,839		80,899,367		62,867,533


Liabilities
Payables:
Payable for collateral received on securities loaned		823,500		6,505,465		1,141,500
Investments purchased		245,087		2,354,077		1,721,830
Fund shares redeemed		24,019		233,675		117,639
Distributions due to shareholders		–		–		49,985
Advisory fees		41,634		58,706		48,562
Transfer agent fees		14,421		29,848		16,289
Fund accounting fees		2,251		3,043		2,483
Accrued distribution fees		527		2,133		3,169
Trustee fees and expenses		1,994		3,058		2,827
Administration fees		2,124		3,026		2,598
Accrued expenses		27,440		33,954		29,118

Total liabilities		1,182,997		9,226,985		3,136,000

Net Assets - all share classes	$	51,583,842	$	71,672,382	$	59,731,533

Net Assets - Class S	$	48,952,961	$	65,787,313	$	43,863,813

Net Assets - Class C	$	–	$	1,434,502	$	–

Net Assets - Class A	$	2,630,881	$	4,450,567	$	15,867,720


Net Assets Consists of
Paid-in capital	$	32,776,198	$	76,480,544	$	54,513,606
Accumulated undistributed net investment income/(loss)		–		400,690		22,990
Accumulated undistributed net realized gain/(loss)		8,873,688		(5,415,227)		4,156,752
Unrealized appreciation/(depreciation)		9,933,956		206,375		1,038,185

Net Assets	$	51,583,842	$	71,672,382	$	59,731,533


Shares outstanding (unlimited shares authorized, no par value)
Class S		2,726,177		5,129,815		4,623,967
Class C		–		116,014		–
Class A		149,939		349,577		1,697,039
Net asset value (offering and redemption price per share)
Class S	$	17.96	$	12.82	$	9.49
Class C	$	–	$	12.36	$	–
Class A	$	17.55	$	12.73	$	9.35
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	18.62	$	13.51	$	9.92

^(a) Includes securities on loan of	$	801,360	$	6,414,211	$	1,120,953

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

Annual Report | September 30, 2016


ICON Sector Funds		Statements of Operations
		Year Ended September 30, 2016


	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Investment Income
Interest	$	654	$	3,252	$	1,023
Dividends		521,596		384,685		11,474,238
Foreign taxes withheld		(2,925)		–		(207,358)
Income from securities lending, net		26,483		9,916		684,231

Total investment income		545,808		397,853		11,952,134

Expenses
Advisory fees		452,667		227,890		3,428,145
Administration fees		22,696		11,394		171,802
Transfer agent fees		66,031		59,171		806,805
Distribution fees:
Class C		–		–		95,696
Class A		7,600		18,194		34,812
Registration fees		28,409		25,863		54,814
Audit and tax service expense		18,161		16,991		34,532
Fund accounting fees		17,177		9,605		118,076
Trustee fees and expenses		7,263		4,008		55,485
Insurance expense		7,349		2,130		61,030
Custody fees		4,477		3,295		12,430
Printing fees		12,699		7,027		74,541
Interest expense		94		1,329		1,157
Recoupment of previously reimbursed expenses		–		15,155		–
Other expenses		21,196		12,021		133,033

Total expenses before expense reimbursement		665,819		414,073		5,082,358
Expense reimbursement by Adviser due to expense limitation agreement		(4,288)		(51,650)		–

Net Expenses		661,531		362,423		5,082,358

Net Investment Income/(Loss)		(115,723)		35,430		6,869,776


Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		2,371,232		3,041,135		(57,721,087)
Foreign currency		–		–		605

		2,371,232		3,041,135		(57,720,482)

Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(204,909)		(1,151,918)		100,616,370

		(204,909)		(1,151,918)		100,616,370

Net realized and unrealized gain/(loss)		2,166,323		1,889,217		42,895,888

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	2,050,600	$	1,924,647	$	49,765,664

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

www.iconfunds.com


ICON Sector Funds		Statements of Operations
		Year Ended September 30, 2016


	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Investment Income
Interest	$	66	$	554	$	153
Dividends		1,165,780		982,095		216,090
Foreign taxes withheld		(6,229)		(2,918)		–
Income from securities lending, net		35,443		29,526		1,655
Other income		–		11,826		–

Total investment income		1,195,060		1,021,083		217,898

Expenses
Advisory fees		498,102		867,577		159,835
Administration fees		25,147		43,503		8,011
Transfer agent fees		67,791		161,988		37,466
Distribution fees:
Class A		6,029		21,015		1,912
Registration fees		26,489		42,769		21,962
Audit and tax service expense		18,190		19,915		16,918
Fund accounting fees		18,984		30,153		6,969
Trustee fees and expenses		7,974		13,827		2,456
Insurance expense		5,121		19,380		4,389
Custody fees		3,844		4,834		3,018
Printing fees		13,698		18,052		10,327
Interest expense		715		2,484		–
Recoupment of previously reimbursed expenses		–		–		5,222
Other expenses		24,340		34,821		8,312

Total expenses before expense reimbursement		716,424		1,280,318		286,797
Expense reimbursement by Adviser due to expense limitation agreement		(8,903)		(3,006)		(44,625)

Net Expenses		707,521		1,277,312		242,172

Net Investment Income/(Loss)		487,539		(256,229)		(24,274)


Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		(4,872,050)		1,360,141		1,229,396
Foreign currency		(90)		–		–
Long-term capital gain distributions from other investment companies		3,543		–		–

		(4,868,597)		1,360,141		1,229,396

Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		2,869,562		6,368,752		210,733

		2,869,562		6,368,752		210,733

Net realized and unrealized gain/(loss)		(1,999,035)		7,728,893		1,440,129

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(1,511,496)	$	7,472,664	$	1,415,855

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

Annual Report | September 30, 2016


ICON Sector Funds		Statements of Operations
		Year Ended September 30, 2016


	ICON Information Technology Fund		ICON Natural Resources Fund^(a)		ICON Utilities Fund
Investment Income
Interest	$	130	$	656	$	124
Dividends		467,451		1,583,165		2,141,065
Foreign taxes withheld		–		(29,895)		(17,926)
Income from securities lending, net		9,569		29,109		44,515
Other income		1,175		6		–

Total investment income		478,325		1,583,041		2,167,778

Expenses
Advisory fees		465,306		691,011		452,604
Administration fees		23,312		34,640		22,783
Transfer agent fees		94,908		162,930		87,574
Distribution fees:
Class C		–		10,865		–
Class A		5,138		10,226		26,359
Registration fees		25,146		32,898		24,905
Audit and tax service expense		18,053		22,065		17,680
Fund accounting fees		17,452		25,461		17,525
Trustee fees and expenses		7,494		11,176		8,007
Insurance expense		6,916		11,286		2,478
Custody fees		4,163		5,957		4,155
Printing fees		14,991		69,412		15,660
Interest expense		748		539		1,807
Recoupment of previously reimbursed expenses		1,032		346		36,164
Other expenses		21,820		43,515		22,199

Total expenses before expense reimbursement		706,479		1,132,327		739,900
Expense reimbursement by Adviser due to expense limitation agreement		(8,637)		(73,898)		(31,947)

Net Expenses		697,842		1,058,429		707,953

Net Investment Income/(Loss)		(219,517)		524,612		1,459,825


Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		9,737,627		(4,578,566)		4,282,912
Foreign currency		–		(11,991)		649

		9,737,627		(4,590,557)		4,283,561

Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(1,066,435)		15,224,010		1,873,338

		(1,066,435)		15,224,010		1,873,338

Net realized and unrealized gain/(loss)		8,671,192		10,633,453		6,156,899

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	8,451,675	$	11,158,065	$	7,616,724

^(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.

www.iconfunds.com

Page Intentionally Left Blank


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Consumer Discretionary Fund				ICON Consumer Staples Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015

Operations
Net investment income/(loss)	$	(115,723)	$	(279,889)	$	35,430	$	37,316
Net realized gain/(loss)		2,371,232		5,384,667		3,041,135		2,707,892
Change in net unrealized appreciation/(depreciation)		(204,909)		(1,319,349)		(1,151,918)		(738,309)

Net increase/(decrease) in net assets resulting from operations		2,050,600		3,785,429		1,924,647		2,006,899


Dividends and Distributions to Shareholders
Net investment income
Class S		–		–		(2,775)		(182,080)
Class C^(a)		–		–		–		(27,681)
Class A^(a)		–		–		(282)		(55,273)
Net realized gains
Class S		(4,142,603)		(7,437,716)		(1,689,533)		(2,549,485)
Class C^(a)		–		(61,165)		–		(526,066)
Class A^(a)		(324,745)		(598,384)		(1,018,358)		(758,214)

Net decrease from dividends and distributions		(4,467,348)		(8,097,265)		(2,710,948)		(4,098,799)


Fund Share Transactions
Shares sold
Class S		3,598,562		21,689,352		31,781,091		9,344,934
Class C^(a)		–		409,813		–		1,255,133
Class A^(a)		978,272		3,370,795		9,210,875		2,230,956
Reinvested dividends and distributions
Class S		4,104,730		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		(13,145,470)		(35,671,860)		(9,693,926)		(27,906,883)
Class C^(a)		–		(952,038)		–		(2,486,008)
Class A^(a)		(1,690,501)		(3,081,029)		(4,969,477)		(1,473,943)

Net increase/(decrease) from fund share transactions		(5,864,546)		(6,282,771)		28,740,967		(15,592,611)

Total net increase/(decrease) in net assets		(8,281,294)		(10,594,607)		27,954,666		(17,684,511)

Net Assets
Beginning of year		47,912,055		58,506,662		12,253,431		29,937,942

End of year	$	39,630,761	$	47,912,055	$	40,208,097	$	12,253,431

Accumulated undistributed net investment income/(loss)	$	–	$	–	$	33,122	$	749

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

www.iconfunds.com


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund

	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2016	Year Ended September 30, 2015

Transactions in Fund Shares
Shares sold
Class S	251,318	1,413,797	3,991,017	914,672
Class C^(a)	–	29,106	–	124,315
Class A^(a)	70,735	218,030	1,184,079	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	(955,082)	(2,336,434)	(1,161,279)	(2,476,966)
Class C^(a)	–	(69,108)	–	(276,761)
Class A^(a)	(128,008)	(203,013)	(626,714)	(153,867)

Net increase/(decrease)	(431,379)	(404,079)	3,707,193	(1,261,789)

Shares outstanding, beginning of year	3,362,727	3,766,806	1,332,110	2,593,899

Shares outstanding, end of year	2,931,348	3,362,727	5,039,303	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.

Annual Report | September 30, 2016


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Energy Fund				ICON Financial Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015

Operations
Net investment income/(loss)	$	6,869,776	$	3,185,299	$	487,539	$	228,338
Net realized gain/(loss)		(57,720,482)		(91,275,818)		(4,872,140)		2,241,254
Net realized gain/(loss) on long-term capital gain distributions from other investment companies		–		–		3,543		–
Change in net unrealized appreciation/(depreciation)		100,616,370		(125,848,879)		2,869,562		(4,690,498)

Net increase/(decrease) in net assets resulting from operations		49,765,664		(213,939,398)		(1,511,496)		(2,220,906)


Dividends and Distributions to Shareholders
Net investment income
Class S		(3,080,658)		(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		(3,214,770)		(100,689,395)		–		(300,902)


Fund Share Transactions
Shares sold
Class S		109,808,067		155,430,206		11,122,679		33,196,366
Class C^(b)		1,926,758		6,608,035		–		710,046
Class A^(b)		4,574,292		9,095,784		1,691,237		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		(149,229,594)		(246,946,411)		(15,374,878)		(14,305,860)
Class C^(b)		(2,980,604)		(7,362,690)		–		(716,985)
Class A^(b)		(6,498,389)		(11,211,290)		(1,112,225)		(489,118)

Net increase/(decrease) from fund share transactions		(39,328,539)		268,709		(3,673,187)		20,704,136


Total net increase/(decrease) in net assets		7,222,355		(314,360,084)		(5,184,683)		18,182,328

Net Assets
Beginning of year		345,046,190		659,406,274		51,080,057		32,897,729

End of year	$	352,268,545	$	345,046,190	$	45,895,374	$	51,080,057


Accumulated undistributed net investment income/(loss)	$	(33,682)	$	1,363,789	$	487,449	$	–

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

www.iconfunds.com


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Energy Fund				ICON Financial Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015
Transactions in Fund Shares
Shares sold
Class S		9,937,173		11,026,018		1,386,325		3,898,005
Class C^(b)		173,976		467,829		–		83,078
Class A^(b)		405,435		602,723		225,786		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)		6,295		250,314		–		251
Shares repurchased
Class S		(13,027,347)		(16,249,675)		(2,072,996)		(1,717,118)
Class C^(b)		(270,035)		(484,637)		–		(92,318)
Class A^(b)		(561,929)		(743,141)		(148,818)		(60,426)

Net increase/(decrease)		(3,054,234)		1,332,712		(609,703)		2,393,600

Shares outstanding, beginning of year		30,923,388		29,590,676		6,593,403		4,199,803

Shares outstanding, end of year		27,869,154		30,923,388		5,983,700		6,593,403

^(a)

The ICON Financial Fund had a distribution in excess of net investment income during the fiscal year ended 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.

Annual Report | September 30, 2016


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Healthcare Fund				ICON Industrials Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015

Operations
Net investment income/(loss)	$	(256,229)	$	(757,081)	$	(24,274)	$	27,024
Net realized gain/(loss)		1,360,141		24,437,743		1,229,396		6,859,443
Change in net unrealized appreciation/(depreciation)		6,368,752		(16,999,189)		210,733		(7,128,021)

Net increase/(decrease) in net assets resulting from operations		7,472,664		6,681,473		1,415,855		(241,554)


Dividends and Distributions to Shareholders
Net investment income
Class S		–		–		–		(26,242)
Net realized gains
Class S		(18,074,605)		(29,325,742)		–		–
Class C^(a)		–		(255,243)		–		–
Class A^(a)		(2,959,679)		(3,330,588)		–		–

Net decrease from dividends and distributions		(21,034,284)		(32,911,573)		–		(26,242)


Fund Share Transactions
Shares sold
Class S		8,840,606		82,146,215		13,580,388		7,116,799
Class C^(a)		–		2,116,107		–		136,307
Class A^(a)		1,044,829		12,844,606		865,729		520,264
Reinvested dividends and distributions
Class S		17,161,570		27,557,080		–		25,951
Class C^(a)		–		226,826		–		–
Class A^(a)		2,747,924		3,195,114		–		–
Shares repurchased
Class S		(33,976,571)		(140,472,115)		(5,225,967)		(28,551,022)
Class C^(a)		–		(2,684,340)		–		(389,916)
Class A^(a)		(11,543,997)		(8,127,702)		(528,190)		(199,180)

Net increase/(decrease) from fund share transactions		(15,725,639)		(23,198,209)		8,691,960		(21,340,797)


Total net increase/(decrease) in net assets		(29,287,259)		(49,428,309)		10,107,815		(21,608,593)

Net Assets
Beginning of year		110,426,218		159,854,527		14,847,052		36,455,645

End of year	$	81,138,959	$	110,426,218	$	24,954,867	$	14,847,052


Accumulated undistributed net investment income/(loss)	$	(63,244)	$	–	$	(22,535)	$	(2,188)

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

www.iconfunds.com


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Healthcare Fund				ICON Industrials Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016		Year Ended September 30, 2015

Transactions in Fund Shares
Shares sold
Class S		571,957		3,948,413		1,102,557		581,655
Class C^(a)		–		110,698		–		11,363
Class A^(a)		67,963		646,369		72,878		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		(2,124,163)		(6,673,617)		(451,383)		(2,357,106)
Class C^(a)		–		(156,937)		–		(35,500)
Class A^(a)		(811,470)		(430,358)		(45,537)		(16,775)

Net increase/(decrease)		(936,737)		(925,981)		678,515		(1,768,213)

Shares outstanding, beginning of year		6,216,037		7,142,018		1,357,249		3,125,462

Shares outstanding, end of year		5,279,300		6,216,037		2,035,764		1,357,249

^(a)

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

Annual Report | September 30, 2016


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Information Technology Fund				ICON Natural Resources Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016^(a)		Year Ended September 30, 2015

Operations
Net investment income/(loss)	$	(219,517)	$	(353,717)	$	524,612	$	213,173
Net realized gain/(loss)		9,737,627		6,605,486		(4,590,557)		13,500,660
Change in net unrealized appreciation/(depreciation)		(1,066,435)		(1,368,701)		15,224,010		(32,304,609)

Net increase/(decrease) in net assets resulting from operations		8,451,675		4,883,068		11,158,065		(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		18,296,541		21,010,894		16,580,790		21,981,237
Class C^(b)		–		499,734		828,203		609,433
Class A^(b)		1,908,013		4,813,274		4,545,786		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		(22,597,870)		(30,795,176)		(21,368,193)		(37,934,905)
Class C^(b)		–		(929,352)		(401,215)		(216,420)
Class A^(b)		(2,987,018)		(2,189,088)		(3,837,341)		(5,884,751)

Net increase/(decrease) from fund share transactions		(5,380,334)		(7,589,714)		1,265,762		(19,398,757)

Total net increase/(decrease) in net assets		3,071,341		(2,706,646)		7,356,061		(38,197,795)

Net Assets
Beginning of year		48,512,501		51,219,147		64,316,321		102,514,116

End of year	$	51,583,842	$	48,512,501	$	71,672,382	$	64,316,321

Accumulated undistributed net investment income/(loss)	$	–	$	(286,389)	$	400,690	$	213,172

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

www.iconfunds.com


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Information Technology Fund				ICON Natural Resources Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2016^(a)		Year Ended September 30, 2015

Transactions in Fund Shares
Shares sold
Class S		1,105,056		1,431,875		1,391,294		1,483,591
Class C^(b)		–		34,317		72,656		41,945
Class A^(b)		119,658		324,948		384,690		125,254
Issued to shareholders in reinvestment of distributions
Class S		–		–		422,219		13,699
Class C^(b)		–		–		4,038		–
Class A^(b)		–		–		16,604		–
Shares repurchased
Class S		(1,410,912)		(2,116,872)		(1,776,770)		(2,608,199)
Class C^(b)		–		(65,286)		(33,139)		(15,147)
Class A^(b)		(186,123)		(142,668)		(313,793)		(413,339)

Net increase/(decrease)		(372,321)		(533,686)		167,799		(1,372,196)

Shares outstanding, beginning of year		3,248,437		3,782,123		5,427,607		6,799,803

Shares outstanding, end of year		2,876,116		3,248,437		5,595,406		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.

Annual Report | September 30, 2016


ICON Sector Funds		Statements of Changes in Net Assets


	ICON Utilities Fund

	Year Ended September 30, 2016		Year Ended September 30, 2015

Operations
Net investment income/(loss)	$	1,459,825	$	646,343
Net realized gain/(loss)		4,283,561		940,502
Change in net unrealized appreciation/(depreciation)		1,873,338		(758,094)

Net increase/(decrease) in net assets resulting from operations		7,616,724		828,751


Dividends and Distributions to Shareholders
Net investment income
Class S		(1,106,247)		(485,422)
Class C^(a)		–		(44,880)
Class A^(a)		(318,477)		(92,640)

Net decrease from dividends and distributions		(1,424,724)		(622,942)


Fund Share Transactions
Shares sold
Class S		50,937,665		12,850,414
Class C^(a)		–		1,076,770
Class A^(a)		12,140,072		4,507,405
Reinvested dividends and distributions
Class S		1,060,746		455,862
Class C^(a)		–		7,444
Class A^(a)		221,423		80,869
Shares repurchased
Class S		(31,789,944)		(12,269,919)
Class C^(a)		–		(3,353,179)
Class A^(a)		(3,816,717)		(1,458,476)

Net increase from fund share transactions		28,753,245		1,897,190

Total net increase in net assets		34,945,245		2,102,999

Net Assets
Beginning of year		24,786,288		22,683,289

End of year	$	59,731,533	$	24,786,288


Accumulated undistributed net investment income/(loss)	$	22,990	$	25,158


Transactions in Fund Shares
Shares sold
Class S		5,504,446		1,524,522
Class C^(a)		–		132,246
Class A^(a)		1,380,355		563,149
Issued to shareholders in reinvestment of distributions
Class S		114,167		55,665
Class C^(a)		–		929
Class A^(a)		23,829		9,994
Shares repurchased
Class S		(3,372,689)		(1,469,244)
Class C^(a)		–		(421,473)
Class A^(a)		(424,156)		(178,414)

Net increase		3,225,952		217,374

Shares outstanding, beginning of year		3,095,054		2,877,680

Shares outstanding, end of year		6,321,006		3,095,054

^(a)

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

www.iconfunds.com


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	14.27		$	15.55		$	14.50		$	11.82		$	8.79

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.03)			(0.07)			(0.07)			(0.03)			0.03
Net realized and unrealized gains/(losses) on investments		0.65			1.03			1.12			2.73			3.00

Total from investment operations		0.62			0.96			1.05			2.70			3.03


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	$	13.55		$	14.27		$	15.55		$	14.50		$	11.82


Total Return		4.49	%		5.80	%		7.24	%		22.91	%		34.47%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	37,263		$	44,913		$	55,476		$	39,883		$	58,314

Ratio of expenses to average net assets
Before expense limitation		1.42	%		1.43	%		1.46	%		1.38	%		1.40%
After expense limitation/ recoupment^(b)		1.42	%		1.43	%		1.46	%		1.38	%		1.40%

Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.22)	%		(0.44)	%		(0.47)	%		(0.21)	%		0.26%
After expense limitation/ recoupment		(0.22)	%		(0.44)	%		(0.47)	%		(0.21)	%		0.26%
Portfolio turnover rate		158	%		201	%		202	%		87	%		91%

^(a)

Calculated using the average shares method.

^(b)

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

Annual Report | September 30, 2016


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	13.88		$	15.24		$	14.25		$	11.65		$	8.75

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.10)			(0.14)			(0.12)			(0.09)			(0.02)
Net realized and unrealized gains/(losses) on investments		0.62			1.02			1.11			2.69			2.92

Total from investment operations		0.52			0.88			0.99			2.60			2.90


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	$	13.06		$	13.88		$	15.24		$	14.25		$	11.65


Total Return^(c)		3.86	%		5.34	%		6.95	%		22.42	%		33.03%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,368		$	2,999		$	2,492		$	4,699		$	1,542

Ratio of expenses to average net assets
Before expense limitation		2.13	%		1.91	%		1.76	%		1.78	%		1.78%
After expense limitation/ recoupment^(d)		1.99	%		1.91	%		1.76	%		1.78	%		1.78%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.92)	%		(0.97)	%		(0.80)	%		(0.66)	%		(0.20)%
After expense limitation/recoupment		(0.78)	%		(0.97)	%		(0.80)	%		(0.66)	%		(0.20)%
Portfolio turnover rate		158	%		201	%		202	%		87	%		91%

^(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)

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

www.iconfunds.com


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of period	$	9.20		$	11.55		$	11.18		$	10.20		$	8.61

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.02			0.04			0.11			0.21			0.14
Net realized and unrealized gains/(losses) on investments		0.96			0.98			1.31			0.98			1.69

Total from investment operations		0.98			1.02			1.42			1.19			1.83


Less dividends and distributions:
Dividends from net investment income		(0.00)	^(b)		(0.22)			(0.03)			(0.21)			(0.24)
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)


Net asset value, end of period	$	7.98		$	9.20		$	11.55		$	11.18		$	10.20


Total Return		12.09	%		8.66	%		13.32	%		11.75	%		21.50%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	31,799		$	8,651		$	25,731		$	33,813		$	37,567

Ratio of expenses to average net assets
Before expense limitation		1.74	%		1.87	%		1.45	%		1.51	%		1.55%
After expense limitation/ recoupment ^(c)		1.51	%		1.51	%		1.45	%		1.51	%		1.51%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.00%	^(d)		(0.01)	%		0.94	%		1.92	%		1.40%
After expense limitation/recoupment		0.23	%		0.35	%		0.94	%		1.92	%		1.44%
Portfolio turnover rate		125	%		16	%		52	%		91	%		82%

^(a)

Calculated using the average shares method.

^(b)

Amount less than $(0.005).

^(c)

^(d)

Less than 0.005% of average net assets.

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

Annual Report | September 30, 2016


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	9.19		$	11.58		$	11.23		$	10.24		$	8.68

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.00)⁽	^c)(d)		0.02			0.07			0.14			0.11
Net realized and unrealized gains/(losses) on investments		0.97			0.97			1.32			1.03			1.68

Total from investment operations		0.97			0.99			1.39			1.17			1.79


Less dividends and distributions:
Dividends from net investment income		(0.00)	^(d)		(0.23)			(0.02)			(0.18)			(0.23)
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)


Net asset value, end of period	$	7.96		$	9.19		$	11.58		$	11.23		$	10.24


Total Return^(e)		11.93	%		8.32	%		12.99	%		11.52	%		20.94%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	8,409		$	3,602		$	2,740		$	2,744		$	1,499

Ratio of expenses to average net assets
Before expense limitation		1.97	%		2.12	%		2.04	%		1.84	%		2.05%
After expense limitation/ recoupment ^(f)		1.76	%		1.76	%		1.75	%		1.75	%		1.77%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.23)	%		(0.15)	%		0.35	%		1.20	%		0.82%
After expense limitation/ recoupment		(0.02)	%		0.21	%		0.64	%		1.29	%		1.10%
Portfolio turnover rate		125	%		16	%		52	%		91	%		82%

^(a)

^(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 class specific expenses during the period.

^(d)

Amount less than $(0.005).

^(e)

The total return calculation excludes any sales charges.

^(f)

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

www.iconfunds.com


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	11.17		$	22.30		$	22.59		$	19.18		$	16.64

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.24			0.11			0.11			0.18			0.16
Net realized and unrealized gains/(losses) on investments		1.36			(7.42)			0.33			3.51			2.93

Total from investment operations		1.60			(7.31)			0.44			3.69			3.09


Less dividends and distributions:
Dividends from net investment income		(0.11)			(0.09)			(0.06)			(0.28)			(0.15)
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)


Net asset value, end of period	$	12.66		$	11.17		$	22.30		$	22.59		$	19.18


Total Return		14.55	%		(36.37)	%		1.92	%		19.55	%		18.87%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	327,497		$	320,486		$	615,541		$	659,581		$	567,054

Ratio of expenses to average net assets
Before expense limitation		1.44	%		1.42	%		1.28	%		1.29	%		1.23%
After expense limitation/ recoupment ^(b)		1.44	%		1.42	%		1.28	%		1.29	%		1.23%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.04	%		0.74	%		0.46	%		0.85	%		0.87%
After expense limitation/ recoupment		2.04	%		0.74	%		0.46	%		0.85	%		0.87%
Portfolio turnover rate		99	%		154	%		97	%		88	%		74%

^(a)

Calculated using the average shares method.

^(b)

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

Annual Report | September 30, 2016


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


Class C	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	10.77		$	21.74		$	22.21		$	18.87		$	16.47

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.11			(0.04)			(0.15)			(0.05)			(0.04)
Net realized and unrealized gains/(losses) on investments		1.31			(7.20)			0.35			3.48			2.88

Total from investment operations		1.42			(7.24)			0.20			3.43			2.84


Less dividends and distributions:
Dividends from net investment income		(0.05)			–			–			(0.09)			(0.04)
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)


Net asset value, end of period	$	12.14		$	10.77		$	21.74		$	22.21		$	18.87


Total Return^(b)		13.31	%		(36.99)	%		0.83	%		18.30	%		17.50%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	10,124		$	9,972		$	17,170		$	14,691		$	8,257

Ratio of expenses to average net assets
Before expense limitation		2.49	%		2.43	%		2.38	%		2.35	%		2.36%
After expense limitation/ recoupment ^(c)		2.49	%		2.43	%		2.38	%		2.35	%		2.36%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.99	%		(0.26)	%		(0.65)	%		(0.25)	%		(0.20)%
After expense limitation/ recoupment		0.99	%		(0.26)	%		(0.65)	%		(0.25)	%		(0.20)%
Portfolio turnover rate		99	%		154	%		97	%		88	%		74%

^(a)

Calculated using the average shares method.

^(b)

The total return calculation excludes any sales charges.

^(c)

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

www.iconfunds.com


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


Class A	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	11.11		$	22.20		$	22.50		$	19.12		$	16.59

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.21			0.07			0.04			0.11			0.11
Net realized and unrealized gains/(losses) on investments		1.35			(7.39)			0.35			3.51			2.91

Total from investment operations		1.56			(7.32)			0.39			3.62			3.02


Less dividends and distributions:
Dividends from net investment income		(0.07)			(0.04)			(0.02)			(0.24)			(0.09)
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)


Net asset value, end of period	$	12.60		$	11.11		$	22.20		$	22.50		$	19.12


Total Return^(b)		14.19	%		(36.55)	%		1.67	%		19.21	%		18.47%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	14,648		$	14,588		$	26,695		$	26,170		$	15,836

Ratio of expenses to average net assets
Before expense limitation		1.73	%		1.66	%		1.55	%		1.61	%		1.55%
After expense limitation/ recoupment ^(c)		1.73	%		1.66	%		1.55	%		1.61	%		1.55%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		1.77	%		0.50	%		0.19	%		0.51	%		0.61%
After expense limitation/ recoupment		1.77	%		0.50	%		0.19	%		0.51	%		0.61%
Portfolio turnover rate		99	%		154	%		97	%		88	%		74%

^(a)

Calculated using the average shares method.

^(b)

The total return calculation excludes any sales charges.

^(c)

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

Annual Report | September 30, 2016


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	7.74		$	7.83		$	7.47		$	6.04		$	4.69

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.08			0.04			0.00	^(b)		0.04			0.04
Net realized and unrealized gains/(losses) on investments		(0.15)			(0.08)			0.54			1.44			1.34

Total from investment operations		(0.07)			(0.04)			0.54			1.48			1.38


Less dividends and distributions:
Dividends from net investment income		–			(0.05)			(0.18)			(0.05)			(0.03)

Total dividends and distributions		–			(0.05)			(0.18)			(0.05)			(0.03)

Net asset value, end of period	$	7.67		$	7.74		$	7.83		$	7.47		$	6.04


Total Return		(0.90)	%		(0.55)	%		7.27	%		24.68	%		29.54%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	43,354		$	49,106		$	32,286		$	11,853		$	27,696

Ratio of expenses to average net assets
Before expense limitation		1.40	%		1.49	%		1.64	%		1.47	%		1.39%
After expense limitation/ recoupment ^(c)		1.40	%		1.49	%		1.50	%		1.47	%		1.39%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		1.00	%		0.52	%		(0.20)	%		0.65	%		0.70%
After expense limitation/ recoupment		1.00	%		0.52	%		(0.06)	%		0.65	%		0.70%
Portfolio turnover rate		49	%		51	%		79	%		95	%		95%

^(a)

Calculated using the average shares method.

^(b)

Amount less than $0.005.

^(c)

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

www.iconfunds.com


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	7.82		$	7.89		$	7.37		$	5.99		$	4.68

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.05			0.02			(0.02)			0.06			0.01
Net realized and unrealized gains/(losses) on investments		(0.16)			(0.07)			0.54			1.38			1.33

Total from investment operations		(0.11)			(0.05)			0.52			1.44			1.34


Less dividends and distributions:
Dividends from net investment income		–			(0.02)			–			(0.06)			(0.03)

Total dividends and distributions		–			(0.02)			–			(0.06)			(0.03)


Net asset value, end of period	$	7.71		$	7.82		$	7.89		$	7.37		$	5.99


Total Return^(c)		(1.41)	%		(0.69)	%		7.20	%		24.20	%		28.83%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,542		$	1,974		$	541		$	936		$	9,278

Ratio of expenses to average net assets
Before expense limitation		2.12	%		2.19	%		2.35	%		1.88	%		1.80%
After expense limitation/ recoupment ^(d)		1.75	%		1.75	%		1.75	%		1.76	%		1.77%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.26	%		(0.15)	%		(0.86)	%		0.82	%		0.09%
After expense limitation/ recoupment		0.63	%		0.29	%		(0.26)	%		0.94	%		0.12%
Portfolio turnover rate		49	%		51	%		79	%		95	%		95%

^(a)

^(b)

Calculated using the average shares method.

^(c)

The total return calculation excludes any sales charges.

^(d)

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

Annual Report | September 30, 2016


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	17.83		$	22.42		$	22.17		$	17.56		$	13.56

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.04)			(0.09)			(0.11)			0.03			0.17
Net realized and unrealized gains/(losses) on investments		1.54			1.02			6.18			4.75			3.97

Total from investment operations		1.50			0.93			6.07			4.78			4.14


Less dividends and distributions:
Dividends from net investment income		–			–			(0.03)			(0.17)			(0.14)
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)


Net asset value, end of period	$	15.40		$	17.83		$	22.42		$	22.17		$	17.56


Total Return		9.44	%		2.55	%		32.27	%		27.48	%		30.76%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	76,218		$	95,109		$	148,261		$	92,171		$	100,938

Ratio of expenses to average net assets
Before expense limitation		1.44	%		1.36	%		1.36	%		1.39	%		1.34%
After expense limitation/ recoupment ^(b)		1.44	%		1.36	%		1.36	%		1.39	%		1.34%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.26)	%		(0.45)	%		(0.53)	%		0.13	%		1.08%
After expense limitation/ recoupment		(0.26)	%		(0.45)	%		(0.53)	%		0.13	%		1.08%
Portfolio turnover rate		107	%		141	%		188	%		112	%		48%

^(a)

Calculated using the average shares method.

^(b)

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

www.iconfunds.com


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	17.37		$	22.01		$	21.92		$	17.42		$	13.53

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.09)			(0.14)			(0.14)			(0.03)			0.11
Net realized and unrealized gains/(losses) on investments		1.49			1.02			6.03			4.69			3.94

Total from investment operations		1.40			0.88			5.89			4.66			4.05


Less dividends and distributions:
Dividends from net investment income		–			–			(0.01)			(0.16)			(0.16)
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)


Net asset value, end of period	$	14.84		$	17.37		$	22.01		$	21.92		$	17.42


Total Return^(c)		9.03	%		2.33	%		31.72	%		26.95	%		30.19%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,921		$	15,317		$	10,878		$	3,748		$	390

Ratio of expenses to average net assets
Before expense limitation		1.79	%		1.62	%		1.62	%		1.69	%		2.89%
After expense limitation/recoupment ^(d)		1.75	%		1.62	%		1.62	%		1.69	%		1.76%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.63)	%		(0.69)	%		(0.66)	%		(0.15)	%		(0.46)%
After expense limitation/recoupment		(0.59)	%		(0.69)	%		(0.66)	%		(0.15)	%		0.67%
Portfolio turnover rate		107	%		141	%		188	%		112	%		48%

^(a)

^(b)

Calculated using the average shares method.

^(c)

The total return calculation excludes any sales charges.

^(d)

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

Annual Report | September 30, 2016


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	10.94		$	11.67		$	10.56		$	8.26		$	6.80

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.02)			0.01			0.01			0.06			0.07
Net realized and unrealized gains/(losses) on investments		1.34			(0.73)			1.16			2.35			1.48

Total from investment operations		1.32			(0.72)			1.17			2.41			1.55


Less dividends and distributions:
Dividends from net investment income		–			(0.01)			(0.06)			(0.11)			(0.09)

Total dividends and distributions		–			(0.01)			(0.06)			(0.11)			(0.09)


Net asset value, end of period	$	12.26		$	10.94		$	11.67		$	10.56		$	8.26


Total Return		12.07	%		(6.15)	%		11.14	%		29.52	%		22.99%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	23,957		$	14,251		$	35,883		$	34,409		$	39,621

Ratio of expenses to average net assets
Before expense limitation		1.73	%		1.53	%		1.41	%		1.46	%		1.40%
After expense limitation/recoupment^(b)		1.50	%		1.50	%		1.41	%		1.46	%		1.40%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.37)	%		0.07	%		0.07	%		0.60	%		0.91%
After expense limitation/recoupment		(0.14)	%		0.10	%		0.07	%		0.60	%		0.91%
Portfolio turnover rate		87	%		23	%		30	%		46	%		34%

^(a)

Calculated using the average shares method.

^(b)

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

www.iconfunds.com


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	10.86		$	11.58		$	10.45		$	8.10		$	6.76

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.04)			(0.02)			(0.03)			0.00	^(c)		0.08
Net realized and unrealized gains/(losses) on investments		1.32			(0.70)			1.16			2.36			1.35

Total from investment operations		1.28			(0.72)			1.13			2.36			1.43


Less dividends and distributions:
Dividends from net investment income		–			–			–			(0.01)			(0.09)

Total dividends and distributions		–			–			–			(0.01)			(0.09)


Net asset value, end of period	$	12.14		$	10.86		$	11.58		$	10.45		$	8.10


Total Return^(d)		11.79	%		(6.22)	%		10.81	%		29.20	%		21.21	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	998		$	596		$	298		$	4,322		$	163

Ratio of expenses to average net assets
Before expense limitation		2.96	%		2.67	%		2.02	%		2.09	%		2.50	%
After expense limitation/ recoupment^(e)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.59)	%		(1.11)	%		(0.56)	%		(0.32)	%		0.18	%
After expense limitation/ recoupment		(0.38)	%		(0.19)	%		(0.29)	%		0.02	%		0.93	%
Portfolio turnover rate		87	%		23	%		30	%		46	%		34	%

^(a)

^(b)

Calculated using the average shares method.

^(c)

Amount less than $0.005.

^(d)

The total return calculation excludes any sales charges.

^(e)

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

Annual Report | September 30, 2016


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	14.95		$	13.55		$	11.44		$	10.72		$	8.22

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		(0.07)			(0.09)			(0.07)			(0.02)			(0.02)
Net realized and unrealized gains/(losses) on investments		3.08			1.49			2.18			0.74			2.52

Total from investment operations		3.01			1.40			2.11			0.72			2.50


Net asset value, end of period	$	17.96		$	14.95		$	13.55		$	11.44		$	10.72


Total Return		20.13	%		10.33	%		18.44	%		6.72	%		30.41	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	48,953		$	45,343		$	50,363		$	73,851		$	83,330

Ratio of expenses to average net assets
Before expense limitation		1.49	%		1.44	%		1.40	%		1.38	%		1.34	%
After expense limitation/ recoupment ^(b)		1.49	%		1.44	%		1.40	%		1.38	%		1.34	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.46)	%		(0.62)	%		(0.56)	%		(0.22)	%		(0.20)	%
After expense limitation/ recoupment		(0.46)	%		(0.62)	%		(0.56)	%		(0.22)	%		(0.20)	%
Portfolio turnover rate		94	%		43	%		48	%		52	%		35	%

^(a)

Calculated using the average shares method.

^(b)

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

www.iconfunds.com


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	14.65		$	13.32		$	11.30		$	10.65		$	8.20

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.11)			(0.14)			(0.11)			(0.05)			(0.06)
Net realized and unrealized gains/(losses) on investments		3.01			1.47			2.13			0.70			2.51

Total from investment operations		2.90			1.33			2.02			0.65			2.45


Net asset value, end of period	$	17.55		$	14.65		$	13.32		$	11.30		$	10.65


Total Return^(c)		19.80	%		9.99	%		17.88	%		6.10	%		29.88	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,631		$	3,170		$	455		$	2,330		$	1,400

Ratio of expenses to average net assets
Before expense limitation		2.17	%		1.90	%		1.94	%		2.23	%		2.87	%
After expense limitation/ recoupment ^(d)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.12)	%		(1.07)	%		(1.10)	%		(0.94)	%		(1.71)	%
After expense limitation/ recoupment		(0.70)	%		(0.92)	%		(0.91)	%		(0.45)	%		(0.59)	%
Portfolio turnover rate		94	%		43	%		48	%		52	%		35	%

^(a)

^(b)

Calculated using the average shares method.

^(c)

The total return calculation excludes any sales charges.

^(d)

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

Annual Report | September 30, 2016


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


Class S	Year Ended September 30, 2016 ^(a)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	11.86		$	15.09		$	13.43		$	11.12		$	9.00

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.10			0.04			0.04			0.09			0.11
Net realized and unrealized gains/(losses) on investments		1.80			(3.23)			1.68			2.40			2.11

Total from investment operations		1.90			(3.19)			1.72			2.49			2.22


Less dividends and distributions:
Dividends from net investment income		(0.06)			(0.04)			(0.06)			(0.18)			(0.10)
Distributions from net realized gains		(0.88)			–			–			–			–

Total dividends and distributions		(0.94)			(0.04)			(0.06)			(0.18)			(0.10)


Net asset value, end of period	$	12.82		$	11.86		$	15.09		$	13.43		$	11.12


Total Return		17.24	%		(21.22)	%		12.85	%		22.73	%		24.85	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	65,787		$	60,404		$	93,610		$	65,782		$	41,627

Ratio of expenses to average net assets
Before expense limitation		1.59	%		1.42	%		1.36	%		1.45	%		1.39	%
After expense limitation/ recoupment ^(c)		1.50	%		1.42	%		1.36	%		1.45	%		1.39	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.70	%		0.27	%		0.26	%		0.72	%		1.00	%
After expense limitation/ recoupment		0.79	%		0.27	%		0.26	%		0.72	%		1.00	%
Portfolio turnover rate		81	%		48	%		33	%		56	%		41	%

^(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 accompanying notes are an integral part of the financial statements.

www.iconfunds.com


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


Class C	Year Ended September 30, 2016 ^(a)			Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 30, 2012

Net asset value, beginning of period	$	11.51		$	14.77	$	13.24	$	10.94	$	8.92

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.03)^(c	⁾		(0.11)		(0.12)		(0.04)		0.00 ^(d	⁾
Net realized and unrealized		1.76
gains/(losses) on investments					(3.15)		1.65		2.38		2.08

Total from investment operations		1.73			(3.26)		1.53		2.34		2.08


Less dividends and distributions:
Dividends from net investment income		–			–		–		(0.04)		(0.06)
Distributions from net realized gains		(0.88)			–		–		–		–

Total dividends and distributions		(0.88)			–		–		(0.04)		(0.06)


Net asset value, end of period	$	12.36		$	11.51	$	14.77	$	13.24	$	10.94


Total Return^(e)		16.11%			(22.07)%		11.56%		21.43%		23.36%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,435		$	834	$	675	$	218	$	195

Ratio of expenses to average net assets
Before expense limitation		3.01%			2.94%		4.17%		4.12%		4.29%
After expense limitation/
recoupment ^(f)		2.51%			2.50%		2.50%		2.50%		2.51%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.73)%			(1.22)%		(2.51)%		(1.95)%		(1.82)%
After expense limitation/ recoupment		(0.23)%			(0.78)%		(0.84)%		(0.33)%		(0.04)%
Portfolio turnover rate		81%			48%		33%		56%		41%

(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 class specific expenses during the period.

(d)

Amount less than $0.005.

(e)

The total return calculation excludes any sales charges.

(f)

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

Annual Report | September 30, 2016


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


Class A	Year Ended September 30, 2016 ^(a)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	11.75		$	14.96		$	13.36		$	11.07		$	8.97

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.06			(0.01)			(0.01)			0.05			0.08
Net realized and unrealized gains/(losses) on investments		1.81			(3.20)			1.67			2.38			2.10

Total from investment operations		1.87			(3.21)			1.66			2.43			2.18


Less dividends and distributions:
Dividends from net investment income		(0.01)			–			(0.06)			(0.14)			(0.08)
Distributions from net realized gains		(0.88)			–			–			–			–

Total dividends and distributions		(0.89)			–			(0.06)			(0.14)			(0.08)


Net asset value, end of period	$	12.73		$	11.75		$	14.96		$	13.36		$	11.07


Total Return^(c)		17.05	%		(21.46)	%		12.47	%		22.24	%		24.44%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,451		$	3,078		$	8,229		$	1,883		$	539

Ratio of expenses to average net assets
Before expense limitation		2.02	%		1.76	%		1.72	%		2.02	%		2.12%
After expense limitation/ recoupment ^(d)		1.75	%		1.75	%		1.72	%		1.75	%		1.76%

Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.24	%		(0.06)	%		(0.07)	%		0.17	%		0.34%
After expense limitation/ recoupment		0.51	%		(0.05)	%		(0.07)	%		0.44	%		0.70%

Portfolio turnover rate		81	%		48	%		33	%		56	%		41%

^(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)

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

www.iconfunds.com


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


Class S	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	8.03		$	7.90		$	7.22		$	6.81		$	6.29

Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.30			0.28			0.22			0.20			0.20
Net realized and unrealized gains/(losses) on investments		1.43			0.11			0.69			0.43			0.55

Total from investment operations		1.73			0.39			0.91			0.63			0.75


Less dividends and distributions:
Dividends from net investment income		(0.27)			(0.26)			(0.23)			(0.22)			(0.23)

Total dividends and distributions		(0.27)			(0.26)			(0.23)			(0.22)			(0.23)


Net asset value, end of period	$	9.49		$	8.03		$	7.90		$	7.22		$	6.81


Total Return		21.74	%		4.93	%		12.69	%		9.25	%		12.01%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	43,864		$	19,107		$	17,920		$	29,117		$	23,524

Ratio of expenses to average net assets
Before expense limitation		1.59	%		1.70	%		1.52	%		1.62	%		1.53%
After expense limitation/ recoupment ^(b)		1.50	%		1.50	%		1.50	%		1.51	%		1.51%

Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.15	%		3.12	%		2.84	%		2.71	%		3.00%
After expense limitation/ recoupment		3.24	%		3.32	%		2.86	%		2.81	%		3.02%

Portfolio turnover rate		168	%		243	%		107	%		121	%		51%

^(a)

Calculated using the average shares method.

^(b)

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

Annual Report | September 30, 2016


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


Class A^(a)	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012

Net asset value, beginning of period	$	7.92		$	7.81		$	7.14		$	6.73		$	6.24

Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.28			0.26			0.21			0.18			0.20
Net realized and unrealized gains/(losses) on investments		1.40			0.11			0.68			0.42			0.53

Total from investment operations		1.68			0.37			0.89			0.60			0.73


Less dividends and distributions:
Dividends from net investment income		(0.25)			(0.26)			(0.22)			(0.19)			(0.24)

Total dividends and distributions		(0.25)			(0.26)			(0.22)			(0.19)			(0.24)


Net asset value, end of period	$	9.35		$	7.92		$	7.81		$	7.14		$	6.73


Total Return^(c)		21.29	%		4.63	%		12.44	%		8.96	%		11.81%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	15,868		$	5,679		$	2,517		$	2,402		$	7,113

Ratio of expenses to average net assets
Before expense limitation		1.79	%		1.89	%		1.81	%		1.74	%		1.70%
After expense limitation/ recoupment ^(d)		1.75	%		1.75	%		1.75	%		1.74	%		1.70%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.10	%		3.04	%		2.69	%		2.55	%		3.03%
After expense limitation/ recoupment		3.14	%		3.18	%		2.75	%		2.55	%		3.03%
Portfolio turnover rate		168	%		243	%		107	%		121	%		51%

^(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 (b) 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)

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

www.iconfunds.com


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

1. ORGANIZATION

The ICON Consumer Discretionary Fund (“Consumer Discretionary Fund”), ICON Consumer Staples Fund (“Consumer Staples Fund”), ICON Energy Fund (“Energy Fund”), ICON Financial Fund (“Financial Fund”), ICON Healthcare Fund (“Healthcare Fund”), ICON Industrials Fund (“Industrials Fund”), ICON Information Technology Fund (“Information Technology Fund”), ICON Natural Resources Fund (formerly ICON Materials Fund) (“Natural Resources Fund”) and ICON Utilities Fund (“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 Energy Fund and the Natural Resources Fund also offer a Class C share. On September 25, 2015, the Class C shares of the Consumer Discretionary Fund, Consumer Staples Fund, Financial Fund, Healthcare Fund, Industrials Fund, Information Technology Fund, and 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 Statements 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 Energy Fund has a significant weighting in the Oil & Gas Exploration & Production industry and the Integrated Oil & Gas industry, the Healthcare Fund has a significant weighting in the Pharmaceuticals industry and the Biotechnology industry and the 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.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation



Annual Report \| September 30, 2016		75


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

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.

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	$	37,822,680	$	–	$	–	$	37,822,680
Collateral for Securities on Loan		–		1,782,625		–		1,782,625
Short-Term Investments		–		2,739,714		–		2,739,714

Total	$	37,822,680	$	4,522,339	$	–	$	42,345,019



76		www.iconfunds.com


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

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	$	36,899,838	$	–	$	–	$	36,899,838
Collateral for Securities on Loan		–		807,060		–		807,060
Short-Term Investments
Money Market Funds		5,000,000		–		–		5,000,000
Time Deposits		–		5,673,964		–		5,673,964

Total	$	41,899,838	$	6,481,024	$	–	$	48,380,862

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	$	345,222,004	$	–	$	–	$	345,222,004
Collateral for Securities on Loan		–		42,662,836		–		42,662,836
Short-Term Investments		–		2,281,409		–		2,281,409

Total	$	345,222,004	$	44,944,245	$	–	$	390,166,249

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	$	45,992,116	$	–	$	–	$	45,992,116
Collateral for Securities on Loan		–		502,800		–		502,800

Total	$	45,992,116	$	502,800	$	–	$	46,494,916

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	$	78,909,912	$	–	$	–	$	78,909,912
Collateral for Securities on Loan		–		1,546,000		–		1,546,000
Short-Term Investments		–		7,042,553		–		7,042,553

Total	$	78,909,912	$	8,588,553	$	–	$	87,498,465

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	$	23,113,699	$	–	$	–	$	23,113,699
Short-Term Investments		–		2,590,162		–		2,590,162

Total	$	23,113,699	$	2,590,162	$	–	$	25,703,861

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	$	51,139,323	$	–	$	–	$	51,139,323
Collateral for Securities on Loan		–		823,500		–		823,500
Short-Term Investments		–		314,271		–		314,271

Total	$	51,139,323	$	1,137,771	$	–	$	52,277,094



Annual Report \| September 30, 2016		77


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016


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
Construction Materials	$	4,743,005	$	1,230,288	$	–	$	5,973,293
Integrated Oil & Gas		1,752,450		1,253,180		–		3,005,630
Paper Packaging		5,667,638		447,053		–		6,114,691
Other		43,708,190		–		–		43,708,190
Exchange Traded Funds		7,390,020		–		–		7,390,020
Collateral for Securities on Loan		–		6,505,465		–		6,505,465
Short-Term Investments		–		6,265,943		–		6,265,943

Total	$	63,261,303	$	15,701,929	$	–	$	78,963,232

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	$	58,187,422	$	–	$	–	$	58,187,422
Put Options Purchased		316,300		–		–		316,300
Collateral for Securities on Loan		–		1,141,500		–		1,141,500
Short-Term Investments		–		1,144,742		–		1,144,742

Total	$	58,503,722	$	2,286,242	$	–	$	60,789,964

*	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 September 30, 2016.

For the year ended September 30, 2016, there was no transfer activity between Level 1, Level 2 or Level 3.

The end of period timing recognition is used for the transfers between levels of each 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



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ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

Options Transactions

The Funds’ use of derivatives for the year ended September 30, 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.

As of September 30, 2016, the Utilities 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 Utilities 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

316,300

N/A

Total

316,300

–


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	$	(425,394	)	$	–

Total		$	(425,394	)	$	–



Annual Report \| September 30, 2016		79


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016


ICON Consumer Staples 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		$ (79,107)		$ –

Total			$ (79,107)		$ –


ICON Financial 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		$ (239,271)		$ –

Total			$ (239,271)		$ –


ICON Natural Resources 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		$ (183,964)		$ –

Total			$ (183,964)		$ –


ICON Utilities 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		$ 74,007		$ 80,609

Total			$ 74,007		$ 80,609



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ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

The average purchased option contracts during the year ended September 30, 2016, was as follows:

ICON Consumer Staples Fund

Derivative Type

Unit of Measurement

Average Contracts⁺

Days Held

Purchased Options

Contracts

1,263

ICON Energy Fund

Derivative Type

Unit of Measurement

Average Contracts⁺

Days Held

Purchased Options

Contracts

5,675

220

ICON Financial Fund

Derivative Type

Unit of Measurement

Average Contracts⁺

Days Held

Purchased Options

Contracts

1,283

123

ICON Natural Resources Fund

Derivative Type

Unit of Measurement

Average Contracts⁺

Days Held

Purchased Options

Contracts

3,950

ICON Utilities Fund

Derivative Type

Unit of Measurement

Average Contracts⁺

Days Held

Purchased Options

Contracts

1,578

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

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

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 Funds as of September 30, 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		Excess amount due to counterparty
Securities Lending Transactions ICON Consumer Discretionary Fund
Equity Securities	$	1,781,465	$	–	$	–	$	–	$	1,781,465	$	1,782,625	$	1,160



Annual Report \| September 30, 2016		81


ICON Sector Funds		Notes to Financial Statements
		September 30, 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

Excess amount
due to
counterparty

Securities Lending Transactions

ICON Consumer Staples Fund

Equity Securities

779,737

–

779,737

807,060

27,323

ICON Energy Fund

Equity Securities

41,762,067

–

41,762,067

42,662,836

900,769

ICON Financial Fund

Equity Securities

495,160

–

495,160

502,800

7,640

ICON Healthcare Fund

Equity Securities

1,522,070

–

1,522,070

1,546,000

23,930

ICON Information Technology Fund

Equity Securities

801,360

–

801,360

823,500

22,140

ICON Natural Resources Fund

Equity Securities

6,414,211

–

6,414,211

6,505,465

91,254

ICON Utilities Fund

Equity Securities

1,120,953

–

1,120,953

1,141,500

20,547

Income Taxes, Dividends, and Distributions

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.

Investment Income

Investment Transactions



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ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

Withholding Tax

Other

Allocation of Expenses

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


Fund	Printing Fees			Transfer Agent Fees*		Registration Fees
ICON Consumer Discretionary Fund
Class S	$	11,374		$	54,272	$	18,632
Class A		1,325			8,803		9,777
ICON Consumer Staples Fund
Class S		4,163			40,238		15,016
Class A		2,864			15,550		10,847
ICON Energy Fund
Class S		68,704	��		704,338		41,600
Class C		2,495			20,081		6,275
Class A		3,342			30,526		6,939
ICON Financial Fund
Class S		12,496			57,558		18,870
Class A		1,202			7,018		7,619
ICON Healthcare Fund
Class S		15,621			133,583		33,418
Class A		2,431			16,285		9,351
ICON Industrials Fund
Class S		9,541			30,559		16,622
Class A		786			4,237		5,340
ICON Information Technology Fund
Class S		13,986			82,524		18,919
Class A		1,005			6,112		6,227
ICON Natural Resources Fund
Class S		63,927			143,867		19,832
Class C		1,334			2,602		4,406
Class A		4,151			8,836		8,660
ICON Utilities Fund
Class S		13,585			63,983		16,142
Class A		2,075			15,512		8,763

*	Transfer agent out of pocket fees are a Fund level expense.



Annual Report \| September 30, 2016		83


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

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%

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 these payments are proposed.

As of September 30, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:


Fund	Expires 2017		Expires 2018		Expires 2019
ICON Consumer Discretionary Fund	$	–	$	–	$	4,288
ICON Consumer Staples Fund		7,639		37,969		51,650
ICON Financial Fund		5,985		3,685		8,903
ICON Healthcare Fund		–		–		3,006
ICON Industrials Fund		1,798		7,666		44,625
ICON Information Technology Fund		1,744		1,632		8,637
ICON Natural Resources Fund		8,051		3,552		73,898
ICON Utilities Fund		498		30,739		31,947

Accounting, Custody and Transfer Agent Fees

Administrative Services



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ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

net assets over $5 billion. For the year ended September 30, 2016, each Fund’s payment for administrative services to ICON Advisers is included on the Statements 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.

Distribution Fees

The Funds have adopted a non-compensatory 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, the Distribution Plan provides for reimbursement of expenses incurred by IDI related to distribution and marketing. The shareholders of the 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 Statements of Operations.

In addition, IDI, as Distributor, receives a contingent deferred sales charge at a rate of 1.00% of the purchase price for the sale of Class C shares within one year of purchase. For Class A shares, the public offering price equals net asset value plus the applicable sales charge, which is a maximum of 5.75%. IDI receives a portion of this sales charge and may redistribute it as dealer discounts and brokerage commissions to non-related parties.

Other Related Parties

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 reviews and approves such reimbursements. For the year ended September 30, 2016, the total related amounts paid by the Funds under this arrangement was $26,077 and is included in Other Expenses on the Statements of Operations.

4. BORROWINGS

As of September 30, 2016, the Financial Fund had an outstanding borrowing in the amount of $100,081.



Annual Report \| September 30, 2016		85


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

For the year ended September 30, 2016, the average outstanding loan by Fund was as follows:


Fund	Average Borrowing (10/01/15 - 9/30/16)^		Average Interest Rates (10/01/15 - 9/30/16)^

ICON Consumer Discretionary Fund*	$	130,031	1.63%
ICON Consumer Staples Fund*		638,591	1.69%
ICON Energy Fund*		2,280,791	1.73%
ICON Financial Fund		259,635	1.60%
ICON Healthcare Fund*		1,519,099	1.58%
ICON Information Technology Fund*		611,476	1.62%
ICON Natural Resources Fund*		420,607	1.57%
ICON Utilities Fund*		1,248,569	1.64%

*	There were no outstanding borrowings under this agreement/arrangement as of September 30, 2016.

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

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the year ended September 30, 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		$	62,541,904		$	71,659,741
ICON Consumer Staples Fund			46,530,223			22,943,541
ICON Energy Fund			330,143,210			357,575,012
ICON Financial Fund			23,957,754			26,277,257
ICON Healthcare Fund			88,081,913			126,352,008
ICON Industrials Fund			20,122,707			12,923,460
ICON Information Technology Fund			43,113,426			46,143,872
ICON Natural Resources Fund			51,400,004			60,211,144
ICON Utilities Fund			101,921,794			74,131,559

6. FEDERAL INCOME TAX

The following information is presented on an income tax basis. Differences between 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.

For the year ended September 30, 2016, the following Funds had capital loss carryforwards:


Fund	Expiring in 2017		Expiring in 2018

ICON Financial Fund	$	42,575,056	$	43,715,782
ICON Industrials Fund		–		18,214,017


Fund	Amount

ICON Financial Fund	$	185,723
ICON Industrials Fund		1,229,396
ICON Information Technology Fund		357,889
ICON Utilities Fund		87,574

For Energy Fund, the short-term and long-term capital losses with no expiration were $80,771,602 and $27,925,037, respectively.



86		www.iconfunds.com


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2016, were as follows:


Fund	Ordinary Income		Long-Term Capital Gains

ICON Consumer Discretionary Fund	$	1,967,808	$	2,499,540
ICON Consumer Staples Fund		528,316		2,182,632
ICON Energy Fund		3,214,770		–
ICON Healthcare Fund		16,435,757		4,598,527
ICON Natural Resources Fund		325,103		4,742,663
ICON Utilities Fund		1,424,724		–

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, 2016, 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 and Other Losses			Unrealized Appreciation/ (Depreciation)**		Total Accumulated Earnings/(Deficit)

ICON Consumer Discretionary Fund	$	584,789	$	1,670,665	$	–	$	–		$	(2,303,360)	$	(47,906)
ICON Consumer Staples Fund		1,732,630		1,341,627		–		–			(48,472)		3,025,785
ICON Energy Fund		784,757		–		(42,235,817)		(110,650,408)	*******		(3,732,151)		(155,833,619)
ICON Financial Fund		487,449		–		(4,992,037)		(86,290,838)			(1,335,367)		(92,130,793)
ICON Healthcare Fund		–		1,215,858		(63,244)		–			(1,778,446)		(625,832)
ICON Industrials Fund		–		–		(22,535)		(18,214,017)			1,340,544		(16,896,008)
ICON Information Technology Fund		474,618		8,402,419		–		–			9,930,607		18,807,644
ICON Natural Resources Fund		400,690		–		(5,415,227)		–			206,375		(4,808,162)
ICON Utilities Fund		3,119,151		1,047,759		–		–			1,051,017		5,217,927

*	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.

***	Includes $1,953,769 of deferred passive losses for partnership investments.



Annual Report \| September 30, 2016		87


ICON Sector Funds		Notes to Financial Statements
		September 30, 2016

As of September 30, 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 Appreciation/ (Depreciation) of Foreign Currency		Net Unrealized Appreciation/ (Depreciation)		Cost of Investments for Income Tax Purposes

ICON Consumer Discretionary Fund	$	1,072,882	$	(3,376,242	)	$	–	$	(2,303,360)	$	44,648,379
ICON Consumer Staples Fund		1,269,743		(1,318,215	)		–		(48,472)		48,429,334
ICON Energy Fund		32,926,021		(36,658,172	)		–		(3,732,151)		393,898,400
ICON Financial Fund		2,012,727		(3,348,094	)		–		(1,335,367)		47,830,283
ICON Healthcare Fund		2,154,853		(3,933,299	)		–		(1,778,446)		89,276,911
ICON Industrials Fund		1,878,155		(537,611	)		–		1,340,544		24,363,317
ICON Information Technology Fund		10,461,507		(530,900	)		–		9,930,607		42,346,487
ICON Natural Resources Fund		4,683,104		(4,476,723	)		(6)		206,375		78,756,851
ICON Utilities Fund		2,345,263		(1,294,331	)		85		1,051,017		59,739,032

7. SUBSEQUENT EVENTS

8. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



88		www.iconfunds.com

ICON Sector Funds

Report of Independent Registered

Public Accounting Firm

To the Shareholders and Board of Trustees of ICON Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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, and ICON Utilities Fund (the “Funds”, each a series of ICON Funds) as of September 30, 2016, and the related statements of operations and changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The Funds’ financial statements and financial highlights for the years ended September 30, 2015 and prior, were audited by other auditors, whose report dated November 18, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2016, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

LOGO

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 23, 2016



Annual Report \| September 30, 2016		89


ICON Sector Funds		Disclosure of Fund Expenses
		September 30, 2016 (Unaudited)

Example

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value April 1, 2016		Ending Account Value September 30, 2016		Expense Ratio^(a)		Expenses Paid During period April 1, 2016 - September 30, 2016^(b)

ICON Consumer Discretionary Fund
Class S
Actual		$ 1,000.00		$ 970.60		1.38%		$ 6.80
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,018.10		1.38%		$ 6.96
Class A
Actual		$ 1,000.00		$ 968.10		1.99%		$ 9.79
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		$ 1,020.50		1.51%		$ 7.63
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,017.45		1.51%		$ 7.62
Class A
Actual		$ 1,000.00		$ 1,020.50		1.76%		$ 8.89
Hypothetical (5% return before expenses)		$ 1,000.00		$ 1,016.20		1.76%		$ 8.87



90		www.iconfunds.com


ICON Sector Funds		Disclosure of Fund Expenses
		September 30, 2016 (Unaudited)


	Beginning Account Value April 1, 2016	Ending Account Value September 30, 2016	Expense Ratio^(a)	Expenses Paid During period April 1, 2016 - September 30, 2016^(b)

ICON Energy Fund
Class S
Actual	$ 1,000.00	$ 1,123.30	1.39%	$ 7.38
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.05	1.39%	$ 7.01
Class C
Actual	$ 1,000.00	$ 1,116.80	2.47%	$ 13.07
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,012.65	2.47%	$ 12.43
Class A
Actual	$ 1,000.00	$ 1,121.00	1.71%	$ 9.07
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.45	1.71%	$ 8.62

ICON Financial Fund
Class S
Actual	$ 1,000.00	$ 1,046.40	1.39%	$ 7.11
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.05	1.39%	$ 7.01
Class A
Actual	$ 1,000.00	$ 1,043.30	1.76%	$ 8.99
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.20	1.76%	$ 8.87

ICON Healthcare Fund
Class S
Actual	$ 1,000.00	$ 1,111.90	1.37%	$ 7.23
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.15	1.37%	$ 6.91
Class A
Actual	$ 1,000.00	$ 1,109.90	1.75%	$ 9.23
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.25	1.75%	$ 8.82

ICON Industrials Fund
Class S
Actual	$ 1,000.00	$ 1,068.90	1.50%	$ 7.76
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.50	1.50%	$ 7.57
Class A
Actual	$ 1,000.00	$ 1,067.70	1.76%	$ 9.10
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.20	1.76%	$ 8.87

ICON Information Technology Fund
Class S
Actual	$ 1,000.00	$ 1,087.20	1.47%	$ 7.67
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.65	1.47%	$ 7.41
Class A
Actual	$ 1,000.00	$ 1,085.30	1.75%	$ 9.12
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.25	1.75%	$ 8.82

ICON Natural Resources Fund
Class S
Actual	$ 1,000.00	$ 1,077.30	1.51%	$ 7.84
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.45	1.51%	$ 7.62
Class C
Actual	$ 1,000.00	$ 1,072.00	2.51%	$ 13.00
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,012.45	2.51%	$ 12.63
Class A
Actual	$ 1,000.00	$ 1,077.00	1.75%	$ 9.09
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.25	1.75%	$ 8.82



Annual Report \| September 30, 2016		91


ICON Sector Funds		Disclosure of Fund Expenses
		September 30, 2016 (Unaudited)


	Beginning Account Value April 1, 2016	Ending Account Value September 30, 2016	Expense Ratio^(a)	Expenses Paid During period April 1, 2016 - September 30, 2016^(b)

ICON Utilities Fund
Class S
Actual	$ 1,000.00	$ 1,032.90	1.50%	$ 7.62
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.50	1.50%	$ 7.57
Class A
Actual	$ 1,000.00	$ 1,031.40	1.75%	$ 8.89
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)

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



92		www.iconfunds.com


ICON Sector Funds		Board of Trustees and Fund Officers
		September 30, 2016 (Unaudited)

Interested Trustee

Craig T. Callahan, 65, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as Chief Executive Officer (2013 to present); and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) and President (2008 to 2013 and 2014 to present) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI. Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.

Independent Trustees

Glen F. Bergert, 66. Mr. Bergert has been a Trustee of the Funds since 1999. Mr. Bergert is President of Venture Capital Management LLC (1997 to present), General Partner of SOGNO Partners LP, a venture capital company (2001 to 2015), General Partner of Bergert Properties, LLP, a real estate holding company (1997 to present), General Partner of Pyramid Real Estate Partnership, a real estate development company (1998 to present), General Partner of Chamois Partners, LP, a venture capital company (2004 to present) and was previously a General Partner with KPMG Peat Marwick, LLP (1979 to 1997). Mr. Bergert is also a Director of Delta Dental of California, an insurance company (2013 to present and 2006 to 2012), Delta Dental of Pennsylvania, an insurance company (1998 to 2009 and 2010 to present), Dentegra Group, Inc, an insurance holding company (2010 to 2014) and Delta Reinsurance Corporation (2015 to present; 2011 to 2014 and 2000 to 2009).

John C. Pomeroy, Jr., 69. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).

R. Michael Sentel, 68. Mr. Sentel has been a Trustee of the Funds since their inception. Mr. Sentel is a Senior Attorney with the U.S. Department of Education (1996 to present). Mr. Sentel also provides legal representation as a sole practitioner with an emphasis on corporate and transactional law. He served as general counsel to numerous public companies and served on the board of directors of one of these clients. Mr. Sentel began his legal career with the U.S. Securities and Exchange Commission’s Division of Enforcement and served as a Branch Chief (1980 to 1981). Later he served as the Section Chief for the Professional Liability Section of the Federal Deposit Insurance Corp. with responsibility for the Rocky Mountain Region (1991 to 1994).

The Officers of the Funds are:

Craig T. Callahan, 65, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as Chief Executive Officer (2013 to present); President (1998 to 2013 and 2014 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI. Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of IM&R, the parent company of ICON Advisers and IDI.

Donald Salcito, 63. Mr. Salcito serves as Vice President and Secretary of the Funds (November 15, 2006 to present). Mr. Salcito is also Executive Vice President and General Counsel (September 2005 to present) of ICON Advisers; Director of IM&R (2005 to present); Executive Vice President, Secretary, General Counsel of IDI (2005 to present). Previously, he was a Partner in various national law firms, practicing in the securities law area. (1980 to 2005).

Carrie M. Schoffman, 43. Ms. Schoffman has been a Vice President and Principal Financial Officer/Treasurer of the Funds since June 2013. Ms. Schoffman is also Chief Compliance Officer (2013 to present and 2004 to 2008) and Anti-Money Laundering Officer (2013 to present) of the ICON Funds. She is Senior Vice President (2011 to present) and Chief Compliance Officer (2013 to present and 2004 to 2011) of ICON Advisers. Previously, she was a Staff Accountant with the Securities and Exchange Commission (2003 to 2004) and also an Experienced Manager (2001 to 2003) and a Senior Associate/Associate (1996 to 2001) at PricewaterhouseCoopers LLP.

Lesley Caviness, 50. Ms. Caviness serves as Assistant Treasurer of the Funds (2014 to present). She has worked at ICON (2007 to 2008 and 2010 to present) in fund accounting, compliance, business intelligence and performance capacities. Prior to working at ICON, Ms. Caviness was a Real Estate Broker at Seasons Real Estate Group (2008 to 2012) and Signature Real Estate (2014 to present), Finance Manager at Navigant (2000 to 2007), and Associate/Senior Associate (1996 to 2000) at PricewaterhouseCoopers LLP.



Annual Report \| September 30, 2016		93


ICON Sector Funds		Additional Information
		September 30, 2016 (Unaudited)

Renewal of Investment Advisory Agreement



94		www.iconfunds.com


ICON Sector Funds		Additional Information
		September 30, 2016 (Unaudited)



Annual Report \| September 30, 2016		95


ICON Sector Funds		Additional Information
		September 30, 2016 (Unaudited)

ICON has contractually agreed to impose expense limitations on each and every Fund at a cost to ICON;

ICON has contractually committed to break points in its fees so that economies of scale could be realized as a Fund grows in assets, for the benefit of Fund shareholders;

The Board concluded that the Adviser is providing the Funds with professional management at a fair, reasonable and competitive price.



96		www.iconfunds.com


ICON Sector Funds		Additional Information
		September 30, 2016 (Unaudited)

Supplemental Tax Information

Pursuant to Section 852(b)(3) of the Internal Revenue Code the following Funds designate the amounts listed below as long-term capital gain dividends:


ICON Consumer Discretionary Fund	$	2,499,540
ICON Consumer Staples Fund	$	2,182,632
ICON Healthcare Fund	$	4,598,525
ICON Natural Resources Fund	$	4,742,663

The following Funds designate the percentages listed below of the income dividends distributed in 2015 as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code:


ICON Consumer Discretionary Fund	17.63	%
ICON Consumer Staples Fund	53.02	%
ICON Energy Fund	100.00	%
ICON Financial Fund	100.00	%
ICON Healthcare Fund	5.73	%
ICON Industrials Fund	100.00	%
ICON Natural Resources Fund	100.00	%
ICON Utilities Fund	100.00	%


ICON Consumer Discretionary Fund	14.46	%
ICON Consumer Staples Fund	51.31	%
ICON Energy Fund	100.00	%
ICON Financial Fund	100.00	%
ICON Healthcare Fund	5.48	%
ICON Industrials Fund	100.00	%
ICON Natural Resources Fund	100.00	%
ICON Utilities Fund	100.00	%

Portfolio Holdings

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.



Annual Report \| September 30, 2016		97


ICON Sector Funds		Additional Information
		September 30, 2016 (Unaudited)

Shareholder Meeting

On August 11, 2016, the ICON Natural Resources Fund held a Special Meeting of Shareholders for the purpose of voting on a proposal to approve and understand that the Fund’s Investment Restrictions and designation as a sector fund which “concentrates its investments in the industries or groups of industries within the sector(s)” allows the Fund to concentrate within the Natural Resources space in sectors in an amount determined by the Adviser in the Adviser’s sole discretion. The proposal was approved with the following votes:


Affirmative			2,689,700.028
Against			268,515.240
Abstain			59,774.353

For More Information

ICON Distributors, Inc., Distributor.



98		www.iconfunds.com


ICON Sector Funds		Privacy Policy
		September 30, 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.



Annual Report \| September 30, 2016		99


ICON Sector Funds		Privacy Policy
		September 30, 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



100		www.iconfunds.com

LOGO

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.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) Not used.

(c) There were no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

(e) Not applicable.

(f) See the attached Exhibit.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial experts are Glen F. Bergert and R. Michael Sentel, who are “independent” for purposes of this Item 3 of Form N-CSR.

3(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

In each of the fiscal years ended September 30, 2016 and September 30, 2015, the aggregate Audit Fees billed (or to be billed) by Cohen & Company, LTD. (“Cohen”) and PricewaterhouseCoopers LLP (“PwC”), respectively, for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements as well as reimbursable expenses are listed below. All of the below fees were paid by the Registrant.


2016		2015
	$216,000	$	365,365

(b)

Audit-Related Fees

In each of the fiscal years ended September 30, 2016 and September 30, 2015, the aggregate Audit-Related Fees billed (or to be billed) by Cohen and PwC, respectively, for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund’s financial statements, but not reported as Audit Fees, are shown in the table below.


2016		2015
$	0	$	0

(c)

Tax Fees

In each of the fiscal years ended September 30, 2016 and September 30, 2015 the aggregate Tax Fees billed (or to be billed) by Cohen and PwC, respectively, for professional services rendered for tax return preparation, tax compliance, tax advice and tax planning are shown in the table below. All of the below fees were paid by the Registrant.


2016		2015
	$81,000	$	134,800

(d)

All Other Fees

In each of the fiscal years ended September 30, 2015 and September 30, 2014 the aggregate Other Fees billed (or to be billed) by Cohen and PwC, respectively, for all other non-audit services rendered are shown in the table below. All of the below fees were paid by the Registrant.


2016		2015
$	0	$	0

(e)(1) The audit committee of the Registrant’s Board of Trustees is required to pre-approve all services to be provided by the independent accountants to the Registrant or the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides on-going services to the Registrant to determine whether the services performed by the independent accountants impair their independence from the Registrant. The audit committee has delegated authority to the Chairman of the audit committee, subject to review and ratification by the full audit committee.

(e)(2) 100% of the fees were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) if Rule 2-01 of Regulation S-X.

(f) For the fiscal year ended September 30, 2016, the percentage of hours spent on the audit of the Registrant’s financial statements that were attributed to work performed by persons who are not full-time, permanent employees of Cohen was 12%.

(g) See Item 4(d) above.

(h) There were no non-audit fees provided by Cohen or PwC respectively, in the fiscal year ending September 30, 2016 or September 30, 2015 to the investment adviser or to any entity controlling, controlled by, or under common control with the investment adviser that provides on-going services to the Registrant.

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) The code of ethics is attached.

(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		December 6, 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		December 6, 2016


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


Date		December 6, 2016

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

Icon Funds N-CSRCertified annual shareholder report (management investment company)