Table of Contents
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)
Brian D. Harding 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, 2017
Date of reporting period: March 31, 2017
Table of Contents
Item 1. Reports to Stockholders.
Table of Contents
SEMI-ANNUAL REPORT
March 31, 2017 |
Diversified Funds
ICON Bond Fund
ICON Equity Income Fund
ICON Fund
ICON Long/Short Fund
ICON Opportunities Fund
ICON Risk-Managed Balanced Fund
Table of Contents
You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.
When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.
Visit ICON’s website at www.iconfunds.com to learn more and sign up.
You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.
1-800-764-0442 ● www.iconfunds.com
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Table of Contents
2 | ||||
Schedules of Investments (Unaudited) | ||||
3 | ||||
6 | ||||
10 | ||||
12 | ||||
14 | ||||
16 | ||||
22 | ||||
31 | ||||
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Table of Contents
ICON Diversified Funds | About This Report | |
March 31, 2017 (Unaudited) |
Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2017, 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 |
Table of Contents
ICON Bond Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Corporate Bonds (68.26%) | ||||||||
Consumer Discretionary (2.41%) | ||||||||
Lee Enterprises, Inc. | ||||||||
9.50%, 03/15/22(a)(b) | $ | 500,000 | $ | 524,775 | ||||
Macy’s Retail Holdings, Inc. | ||||||||
4.38%, 09/01/23(b) | 1,000,000 | 995,753 | ||||||
WCI Communities, Inc. / Lennar Corp. | ||||||||
6.88%, 08/15/21 | 335,000 | 352,420 | ||||||
|
| |||||||
1,872,948 | ||||||||
|
| |||||||
Consumer Staples (9.56%) | ||||||||
CVS Health Corp. | ||||||||
4.75%, 12/01/22 | 750,000 | 814,138 | ||||||
HRG Group, Inc. | ||||||||
7.88%, 07/15/19 | 1,325,000 | 1,371,375 | ||||||
Kraft Heinz Foods Co. | ||||||||
4.88%, 02/15/25(a) | 2,871,000 | 3,068,935 | ||||||
WhiteWave Foods Co. | ||||||||
5.38%, 10/01/22 | 2,000,000 | 2,172,500 | ||||||
|
| |||||||
7,426,948 | ||||||||
|
| |||||||
Energy (6.98%) | ||||||||
MPLX L.P. | ||||||||
5.50%, 02/15/23 | 2,000,000 | 2,062,000 | ||||||
Overseas Shipholding Group, Inc. | ||||||||
8.13%, 03/30/18(c) | 1,250,000 | 1,303,125 | ||||||
Williams Partners L.P. / ACMP Finance Corp. | ||||||||
4.88%, 05/15/23 | 2,000,000 | 2,060,160 | ||||||
|
| |||||||
5,425,285 | ||||||||
|
| |||||||
Financial (24.12%) | ||||||||
American Equity Investment Life Holding Co. | ||||||||
6.63%, 07/15/21 | 500,000 | 518,750 | ||||||
Berkshire Hathaway, Inc. | ||||||||
2.75%, 03/15/23 | 1,000,000 | 1,000,111 | ||||||
Credit Acceptance Corp. | ||||||||
6.13%, 02/15/21 | 1,000,000 | 997,500 | ||||||
E*TRADE Financial Corp. | ||||||||
5.38%, 11/15/22 | 1,347,000 | 1,410,972 | ||||||
GFI Group, Inc. | ||||||||
8.38%, 07/19/18 | 2,000,000 | 2,125,000 | ||||||
Greystar Real Estate Partners LLC | ||||||||
8.25%, 12/01/22(a) | 190,000 | 204,962 | ||||||
Infinity Property & Casualty Corp. | ||||||||
5.00%, 09/19/22 | 640,000 | 675,845 | ||||||
International Lease Finance Corp. | ||||||||
5.88%, 08/15/22 | 1,500,000 | 1,668,620 | ||||||
8.25%, 12/15/20 | 1,113,000 | 1,313,460 | ||||||
Liberty Mutual Insurance Co. | ||||||||
7.88%, 10/15/26(a) | 1,135,000 | 1,435,038 | ||||||
MetLife Capital Trust IV | ||||||||
7.88%, 12/15/37(a) | 1,000,000 | 1,230,000 |
Shares or Principal Amount | Value | |||||||
| ||||||||
Financial (continued) | ||||||||
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. | ||||||||
5.88%, 03/15/22(a) | $ | 1,884,000 | $ | 1,939,352 | ||||
Prudential Financial, Inc. | ||||||||
8.88%, 06/15/38(d) | 3,200,000 | 3,440,000 | ||||||
Radian Group, Inc. | ||||||||
5.50%, 06/01/19 | 750,000 | 788,438 | ||||||
|
| |||||||
18,748,048 | ||||||||
|
| |||||||
Health Care (4.78%) | ||||||||
Abbott Laboratories | ||||||||
3.88%, 09/15/25 | 1,935,000 | 1,960,770 | ||||||
HCA Holdings, Inc. | ||||||||
5.25%, 04/15/25 | 1,650,000 | 1,753,125 | ||||||
|
| |||||||
3,713,895 | ||||||||
|
| |||||||
Industrials (12.42%) | ||||||||
AECOM | ||||||||
5.75%, 10/15/22(b) | 790,000 | 828,512 | ||||||
Aircastle, Ltd. | ||||||||
5.00%, 04/01/23 | 1,895,000 | 1,994,488 | ||||||
Commercial Vehicle Group, Inc. | ||||||||
7.88%, 04/15/19 | 500,000 | 500,000 | ||||||
General Electric Co., Series D | ||||||||
5.00%, 01/21/21(d) | 1,000,000 | 1,053,750 | ||||||
Joy Global, Inc. | ||||||||
5.13%, 10/15/21 | 500,000 | 536,579 | ||||||
Park-Ohio Industries, Inc. | ||||||||
8.13%, 04/01/21 | 1,174,000 | 1,208,715 | ||||||
Spirit AeroSystems, Inc. | ||||||||
5.25%, 03/15/22 | 3,392,000 | 3,532,164 | ||||||
|
| |||||||
9,654,208 | ||||||||
|
| |||||||
Information Technology (4.49%) | ||||||||
Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc. | ||||||||
5.75%, 04/15/23 | 1,515,000 | 1,586,913 | ||||||
NXP BV / NXP Funding LLC | ||||||||
4.63%, 06/01/23(a) | 1,800,000 | 1,905,750 | ||||||
|
| |||||||
3,492,663 | ||||||||
|
| |||||||
Materials (1.81%) | ||||||||
Chemtura Corp. | ||||||||
5.75%, 07/15/21 | 250,000 | 258,438 | ||||||
FMG Resources (August 2006) Pty., Ltd. | ||||||||
9.75%, 03/01/22(a) | 1,000,000 | 1,146,250 | ||||||
|
| |||||||
1,404,688 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 3 |
Table of Contents
ICON Bond Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Utilities (1.69%) | ||||||||
DPL, Inc. | ||||||||
6.75%, 10/01/19 | $ | 1,250,000 | $ | 1,312,500 | ||||
|
| |||||||
Total Corporate Bonds (Cost $53,120,252) | 53,051,183 | |||||||
|
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Convertible Corporate Bonds (4.99%) |
| |||||||
Telecommunication Services (4.99%) |
| |||||||
Clearwire Communications LLC / Clearwire Finance, Inc. | ||||||||
8.25%, 12/01/40(a) | 3,750,000 | 3,876,562 | ||||||
|
| |||||||
Total Convertible Corporate Bonds (Cost $3,868,825) |
| 3,876,562 | ||||||
|
| |||||||
U.S. Treasury Obligations (2.57%) |
| |||||||
U.S. Treasury Note | ||||||||
1.88%, 01/31/22 | 2,000,000 | 1,995,468 | ||||||
Total U.S. Treasury Obligations (Cost $1,989,776) |
| 1,995,468 | ||||||
|
| |||||||
Collateralized Mortgage Obligations (7.04%) |
| |||||||
New Residential Mortgage Loan Trust, | ||||||||
Series 2016-1A, Class B3 5.57%, 03/25/56(a)(c)(d) | 479,152 | 477,533 | ||||||
Towd Point Mortgage Trust, Inc., | ||||||||
Series 2015-1, Class A5 3.51%, 06/25/29(a)(c)(d) | 2,230,000 | 2,224,653 | ||||||
Towd Point Mortgage Trust, Inc., | ||||||||
Series 2015-4, Class M2 3.75%, 01/25/27(a)(c)(d) | 2,000,000 | 1,951,865 | ||||||
Towd Point Mortgage Trust, Inc., | ||||||||
Series 2015-6, Class M2 3.75%, 02/25/28(a)(c)(d) | 300,000 | 287,746 | ||||||
Velocity Commercial Capital Loan Trust, Inc., | ||||||||
Series 2014-1, Class M3 6.89%, 02/25/24(a)(c)(d) | 500,000 | 526,406 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations (Cost $5,476,161) |
| 5,468,203 | ||||||
|
| |||||||
Preferred Stocks (4.92%) | ||||||||
Diversified Banks (0.52%) | ||||||||
GMAC Capital Trust I, | 15,898 | 404,286 | ||||||
|
|
Shares or Principal Amount | Value | |||||||
| ||||||||
Diversified REITs (2.80%) | ||||||||
Gramercy Property Trust, Inc., Series A(b)(c) | 82,754 | $ | 2,178,913 | |||||
|
| |||||||
Life & Health Insurance (0.11%) | ||||||||
Protective Life Corp. | 3,246 | 82,254 | ||||||
|
| |||||||
Property & Casualty Insurance (0.34%) |
| |||||||
Argo Group U.S., Inc. | 10,378 | 263,290 | ||||||
|
| |||||||
Reinsurance (1.15%) | ||||||||
Maiden Holdings North America, Ltd. | 33,382 | 896,640 | ||||||
|
| |||||||
Total Preferred Stocks (Cost $3,796,100) | 3,825,383 | |||||||
|
| |||||||
Closed-End Mutual Funds (9.74%) | ||||||||
BlackRock Defined Opportunity Credit Trust | 77,990 | 1,070,023 | ||||||
Deutsche Global High Income Fund, Inc. | 115,877 | 983,796 | ||||||
Deutsche Multi-Market Income Trust | 168,144 | 1,462,853 | ||||||
First Trust Aberdeen Global Opportunity Income Fund(b) | 22,989 | 267,132 | ||||||
Morgan Stanley Income Securities, Inc. | 118,978 | 2,127,326 | ||||||
Pacholder High Yield Fund, Inc. | 215,030 | 1,662,182 | ||||||
|
| |||||||
Total Closed-End Mutual Funds (Cost $7,307,526) |
| 7,573,312 | ||||||
|
| |||||||
Collateral for Securities on Loan (2.01%) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 1,563,935 | 1,563,935 | ||||||
|
| |||||||
Total Collateral for Securities on Loan (Cost $1,563,935) |
| 1,563,935 | ||||||
|
| |||||||
Short-Term Investments (2.12%) | ||||||||
Time Deposits (2.12%) | ||||||||
State Street Euro Dollar Time Deposit (USD), | ||||||||
0.07%, 04/03/17 | 1,646,698 | 1,646,698 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $1,646,698) |
| 1,646,698 | ||||||
|
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The accompanying notes are an integral part of the financial statements.
4 | www.iconfunds.com |
Table of Contents
ICON Bond Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Value | ||||
| ||||
Total Investments (101.65%) (Cost $78,769,273) | $ | 79,000,744 | ||
Liabilities Less Other Assets (-1.65%) | (1,283,206) | |||
|
| |||
Net Assets (100.00%) | $ | 77,717,538 | ||
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|
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, these securities had a total aggregate market value of $20,799,827, representing 26.76% of net assets. |
(b) | All or a portion of the security was on loan as of March 31, 2017. |
(c) | These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2017 was $8,950,241, which represent 11.52% of the Fund’s net assets. |
(d) | Floating Rate Security. Rate disclosed is as of March 31, 2017. |
REIT - Real Estate Investment Trust
Credit Diversification (March 31, 2017) (Unaudited)
A3 | 1.36% | |||
Aa2 | 1.29% | |||
Aaa | 2.57% | |||
B1 | 4.41% | |||
B2 | 1.58% | |||
B3 | 6.54% | |||
Ba1 | 7.73% | |||
Ba2 | 2.73% | |||
Ba3 | 6.23% | |||
Baa1 | 1.66% | |||
Baa2 | 12.67% | |||
Baa3 | 25.32% | |||
BBB-* | 0.67% | |||
Caa1 | 1.68% | |||
NR | 6.42% | |||
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Total: | 82.86% | |||
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* | 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.
Semi-Annual Report | March 31, 2017 | 5 |
Table of Contents
ICON Equity Income Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Corporate Bonds (6.45%) | ||||||||
Consumer Staples (1.00%) | ||||||||
HRG Group, Inc. | ||||||||
7.88%, 07/15/19 | $ | 278,000 | $ | 287,730 | ||||
WhiteWave Foods Co. | ||||||||
5.38%, 10/01/22 | 500,000 | 543,125 | ||||||
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| |||||||
830,855 | ||||||||
|
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Energy (0.25%) | ||||||||
MPLX L.P. | ||||||||
5.50%, 02/15/23 | 200,000 | 206,200 | ||||||
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| |||||||
Financial (1.89%) | ||||||||
E*TRADE Financial Corp. | ||||||||
5.38%, 11/15/22 | 200,000 | 209,498 | ||||||
Ironshore Holdings U.S., Inc. | ||||||||
8.50%, 05/15/20(a) | 500,000 | 570,455 | ||||||
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. | ||||||||
5.88%, 03/15/22(a) | 250,000 | 257,345 | ||||||
Prudential Financial, Inc. | ||||||||
8.88%, 06/15/38(b) | 500,000 | 537,500 | ||||||
|
| |||||||
1,574,798 | ||||||||
|
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Industrials (1.71%) | ||||||||
AECOM | ||||||||
5.75%, 10/15/22 | 200,000 | 209,750 | ||||||
Park-Ohio Industries, Inc. | ||||||||
8.13%, 04/01/21 | 100,000 | 102,957 | ||||||
Spirit AeroSystems, Inc. | ||||||||
5.25%, 03/15/22 | 1,066,000 | 1,110,049 | ||||||
|
| |||||||
1,422,756 | ||||||||
|
| |||||||
Information Technology (0.32%) | ||||||||
NXP BV / NXP Funding LLC | ||||||||
4.63%, 06/01/23(a) | 250,000 | 264,688 | ||||||
|
| |||||||
Materials (0.97%) | ||||||||
Chemtura Corp. | ||||||||
5.75%, 07/15/21 | 250,000 | 258,437 | ||||||
FMG Resources (August 2006) Pty., Ltd. | ||||||||
9.75%, 03/01/22(a) | 250,000 | 286,563 | ||||||
Westlake Chemical Corp. | ||||||||
4.88%, 05/15/23(a) | 250,000 | 260,243 | ||||||
|
| |||||||
805,243 | ||||||||
|
| |||||||
Utilities (0.31%) | ||||||||
DPL, Inc. | ||||||||
6.75%, 10/01/19 | 250,000 | 262,500 | ||||||
|
| |||||||
Total Corporate Bonds (Cost $5,382,458) | 5,367,040 | |||||||
|
|
Shares or Principal Amount | Value | |||||||
| ||||||||
Convertible Corporate Bonds (0.43%) |
| |||||||
Telecommunication Services (0.43%) |
| |||||||
Clearwire Communications LLC / Clearwire Finance, Inc. | ||||||||
8.25%, 12/01/40(a) | $ | 350,000 | $ | 361,813 | ||||
|
| |||||||
Total Convertible Corporate Bonds (Cost $359,552) |
| 361,813 | ||||||
|
| |||||||
Collateralized Mortgage Obligations (0.84%) |
| |||||||
Towd Point Mortgage Trust, Inc., | ||||||||
Series 2015-1, Class A5 | ||||||||
3.51%, 06/25/29(a)(b)(c) | 500,000 | 498,801 | ||||||
Towd Point Mortgage Trust, Inc., | ||||||||
Series 2015-3, Class M2 | ||||||||
4.00%, 09/25/27(a)(b)(c) | 200,000 | 197,055 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations (Cost $693,061) |
| 695,856 | ||||||
|
| |||||||
Common Stocks (80.64%) | ||||||||
Application Software (0.99%) | ||||||||
Open Text Corp. | 24,200 | 823,042 | ||||||
|
| |||||||
Asset Management & Custody Banks (2.94%) |
| |||||||
Janus Capital Group, Inc. | 83,700 | 1,104,840 | ||||||
Legg Mason, Inc. | 37,200 | 1,343,292 | ||||||
|
| |||||||
2,448,132 | ||||||||
|
| |||||||
Auto Parts & Equipment (1.19%) |
| |||||||
Magna International, Inc. | 22,900 | 988,364 | ||||||
|
| |||||||
Biotechnology (1.80%) | ||||||||
AbbVie, Inc. | 23,000 | 1,498,680 | ||||||
|
| |||||||
Building Products (1.79%) | ||||||||
Johnson Controls International PLC | 35,300 | 1,486,836 | ||||||
|
| |||||||
Communications Equipment (3.88%) |
| |||||||
Motorola Solutions, Inc. | 15,200 | 1,310,544 | ||||||
Oclaro, Inc.(d) | 90,600 | 889,692 | ||||||
Palo Alto Networks, Inc.(d) | 9,100 | 1,025,388 | ||||||
|
| |||||||
3,225,624 | ||||||||
|
| |||||||
Data Processing & Outsourced Services (4.07%) |
| |||||||
Automatic Data Processing, Inc. | 10,800 | 1,105,812 | ||||||
Broadridge Financial Solutions, Inc. | 21,000 | 1,426,950 | ||||||
Genpact, Ltd. | 34,600 | 856,696 | ||||||
|
| |||||||
3,389,458 | ||||||||
|
| |||||||
Diversified Banks (3.60%) | ||||||||
Bank of America Corp. | 66,700 | 1,573,453 |
The accompanying notes are an integral part of the financial statements.
6 | www.iconfunds.com |
Table of Contents
ICON Equity Income Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Diversified Banks (continued) | ||||||
Credicorp, Ltd. | 8,700 | $ | 1,420,710 | |||
|
| |||||
2,994,163 | ||||||
|
| |||||
Drug Retail (1.55%) | ||||||
CVS Health Corp. | 16,400 | 1,287,400 | ||||
|
| |||||
Electric Utilities (1.54%) | ||||||
American Electric Power Co., Inc. | 10,400 | 698,152 | ||||
Eversource Energy | 9,900 | 581,922 | ||||
|
| |||||
1,280,074 | ||||||
|
| |||||
Electronic Manufacturing Services (1.34%) | ||||||
TE Connectivity, Ltd. | 15,000 | 1,118,250 | ||||
|
| |||||
Fertilizers & Agricultural Chemicals (1.37%) | ||||||
Agrium, Inc. | 11,900 | 1,137,045 | ||||
|
| |||||
Food Retail (1.72%) | ||||||
Koninklijke Ahold Delhaize N.V., Sponsored ADR | 66,600 | 1,427,904 | ||||
|
| |||||
Gas Utilities (1.47%) | ||||||
National Fuel Gas Co. | 20,500 | 1,222,210 | ||||
|
| |||||
Homebuilding (0.90%) | ||||||
MDC Holdings, Inc. | 24,875 | 747,494 | ||||
|
| |||||
Hotels, Resorts & Cruise Lines (1.40%) |
| |||||
Wyndham Worldwide Corp. | 13,800 | 1,163,202 | ||||
|
| |||||
Household Appliances (1.36%) | ||||||
Whirlpool Corp. | 6,600 | 1,130,778 | ||||
|
| |||||
Housewares & Specialties (1.44%) | ||||||
Tupperware Brands Corp. | 19,100 | 1,197,952 | ||||
|
| |||||
Integrated Oil & Gas (1.49%) | ||||||
Exxon Mobil Corp. | 15,100 | 1,238,351 | ||||
|
| |||||
Integrated Telecommunication Services (2.48%) |
| |||||
AT&T, Inc. | 34,600 | 1,437,630 | ||||
BCE, Inc. | 14,200 | 628,634 | ||||
|
| |||||
2,066,264 | ||||||
|
| |||||
Investment Banking & Brokerage (2.64%) | ||||||
BGC Partners, Inc., Class A | 95,000 | 1,079,200 | ||||
Morgan Stanley | 26,000 | 1,113,840 | ||||
|
| |||||
2,193,040 | ||||||
|
| |||||
Managed Health Care (1.16%) | ||||||
UnitedHealth Group, Inc. | 5,900 | 967,659 | ||||
|
| |||||
Movies & Entertainment (0.79%) | ||||||
Regal Entertainment Group, | 29,100 | 657,078 | ||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Multi-line Insurance (1.71%) | ||||||
Hartford Financial Services Group, Inc. | 29,700 | $ | 1,427,679 | |||
|
| |||||
Multi-Utilities (1.08%) | ||||||
CenterPoint Energy, Inc. | 32,500 | 896,025 | ||||
|
| |||||
Oil & Gas Exploration & Production (3.05%) | ||||||
Diamondback Energy, Inc.(d) | 8,800 | 912,692 | ||||
EOG Resources, Inc. | 7,600 | 741,380 | ||||
Gulfport Energy Corp.(d) | 51,200 | 880,128 | ||||
|
| |||||
2,534,200 | ||||||
|
| |||||
Oil & Gas Storage & Transportation (0.99%) | ||||||
Teekay LNG Partners L.P. | 46,899 | 823,077 | ||||
|
| |||||
Packaged Foods & Meats (1.06%) | ||||||
Tyson Foods, Inc., Class A | 14,300 | 882,453 | ||||
|
| |||||
Pharmaceuticals (4.97%) | ||||||
Bristol-Myers Squibb Co. | 15,700 | 853,766 | ||||
Merck & Co., Inc. | 23,800 | 1,512,252 | ||||
Pfizer, Inc. | 51,700 | 1,768,657 | ||||
|
| |||||
4,134,675 | ||||||
|
| |||||
Property & Casualty Insurance (3.14%) | ||||||
AmTrust Financial Services, Inc. | 50,900 | 939,614 | ||||
Stewart Information Services | ||||||
Corp. | 20,800 | 918,944 | ||||
XL Group PLC | 18,900 | 753,354 | ||||
|
| |||||
2,611,912 | ||||||
|
| |||||
Regional Banks (0.87%) | ||||||
Fifth Third Bancorp | 28,600 | 726,440 | ||||
|
| |||||
Reinsurance (1.51%) | ||||||
Maiden Holdings, Ltd. | 89,500 | 1,253,000 | ||||
|
| |||||
Renewable Electricity (0.96%) | ||||||
8Point3 Energy Partners L.P. | 59,189 | 803,195 | ||||
|
| |||||
Retail REITs (3.14%) | ||||||
Macerich Co., REIT | 20,300 | 1,307,320 | ||||
Simon Property Group, Inc., REIT | 7,600 | 1,307,428 | ||||
|
| |||||
2,614,748 | ||||||
|
| |||||
Semiconductor Equipment (1.70%) | ||||||
KLA-Tencor Corp. | 14,900 | 1,416,543 | ||||
|
| |||||
Semiconductors (5.23%) | ||||||
Broadcom, Ltd. | 7,700 | 1,685,992 | ||||
Intel Corp. | 45,500 | 1,641,185 | ||||
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR | 31,200 | 1,024,608 | ||||
|
| |||||
4,351,785 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 7 |
Table of Contents
ICON Equity Income Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Soft Drinks (1.54%) | ||||||
Dr. Pepper Snapple Group, Inc. | 13,100 | $ | 1,282,752 | |||
|
| |||||
Technology Hardware, Storage & Peripherals (1.97%) |
| |||||
Apple, Inc. | 11,400 | 1,637,724 | ||||
|
| |||||
Thrifts & Mortgage Finance (2.86%) | ||||||
Dime Community Bancshares, Inc. | 74,700 | 1,516,410 | ||||
Essent Group, Ltd.(d) | 23,900 | 864,463 | ||||
|
| |||||
2,380,873 | ||||||
|
| |||||
Tobacco (1.40%) | ||||||
Philip Morris International, Inc. | 10,300 | 1,162,870 | ||||
|
| |||||
Water Utilities (0.55%) | ||||||
Consolidated Water Co. Ltd. | 39,431 | 459,371 | ||||
|
| |||||
Total Common Stocks (Cost $63,913,733) | 67,088,322 | |||||
|
| |||||
Preferred Stocks (1.88%) | ||||||
Consumer Finance (0.68%) | ||||||
Discover Financial Services, Series B | 21,846 | 566,904 | ||||
|
| |||||
Diversified Banks (0.03%) | ||||||
GMAC Capital Trust I, | 1,055 | 26,828 | ||||
|
| |||||
Diversified REITs (0.73%) | ||||||
Gramercy Property Trust, Inc., Series A(c) | 23,105 | 608,355 | ||||
|
| |||||
Reinsurance (0.44%) | ||||||
Maiden Holdings North America, Ltd. | 13,529 | 363,389 | ||||
|
| |||||
Total Preferred Stocks (Cost $1,552,844) | 1,565,476 | |||||
|
| |||||
Convertible Preferred Stocks (0.60%) | ||||||
Diversified Banks (0.60%) | ||||||
Wells Fargo & Co., Series L | 400 | 496,000 | ||||
|
| |||||
Total Convertible Preferred Stocks (Cost $490,412) | 496,000 | |||||
|
| |||||
Closed-End Mutual Funds (7.32%) | ||||||
BlackRock Defined Opportunity Credit Trust | 66,053 | 906,247 | ||||
BlackRock Enhanced Government Fund, Inc. | 17,251 | 228,058 | ||||
BlackRock Income Trust, Inc. | 57,147 | 353,740 | ||||
Deutsche Global High Income Fund, Inc. | 69,112 | 586,761 |
Shares or Principal Amount | Value | |||||
| ||||||
Closed-End Mutual Funds (continued) | ||||||
Deutsche High Income Opportunities Fund, Inc. | 2,215 | $ | 32,450 | |||
Deutsche Multi-Market Income Trust | 67,583 | 587,972 | ||||
Deutsche Strategic Income Trust | 11,113 | 135,912 | ||||
Eaton Vance High Income 2021 Target Term Trust | 57,174 | 573,455 | ||||
First Trust Aberdeen Global Opportunity Income Fund | 23,403 | 271,943 | ||||
Morgan Stanley Income Securities, Inc. | 54,210 | 969,275 | ||||
Nuveen High Income December 2018 Target Term Fund | 40,633 | 413,644 | ||||
Nuveen High Income December 2019 Target Term Fund | 13,559 | 138,302 | ||||
Pacholder High Yield Fund, Inc. | 115,047 | 889,313 | ||||
|
| |||||
Total Closed-End Mutual Funds (Cost $5,999,184) | 6,087,072 | |||||
|
| |||||
Underlying Security/Expiration Date/Exercise Price | Contracts | Value | ||||
| ||||||
Put Options Purchased (0.06%) | ||||||
S&P 500 Index | 90 | 47,250 | ||||
|
| |||||
Total Put Options Purchased (Cost $163,678) | 47,250 | |||||
|
| |||||
Shares or Principal Amount | Value | |||||
| ||||||
Short-Term Investments (0.62%) | ||||||
Time Deposits (0.62%) | ||||||
State Street Euro Dollar Time Deposit (USD), | 515,802 | 515,802 | ||||
|
| |||||
Total Short-Term Investments (Cost $515,802) | 515,802 | |||||
|
| |||||
Total Investments (98.84%) (Cost $79,070,724) | $ | 82,224,631 | ||||
Other Assets Less Liabilities (1.16%) | 965,598 | |||||
|
| |||||
Net Assets (100.00%) | $ | 83,190,229 | ||||
|
|
The accompanying notes are an integral part of the financial statements.
8 | www.iconfunds.com |
Table of Contents
ICON Equity Income Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, these securities had a total aggregate market value of $2,696,963, representing 3.24% of net assets. |
(b) | Floating Rate Security. Rate disclosed is as of March 31, 2017. |
(c) | These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2017 was $1,304,211, which represent 1.57% of the Fund’s net assets. |
(d) | Non-income producing security. |
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
Sector Composition (March 31, 2017) (Unaudited)
Financial | 21.02% | |||
Information Technology | 19.18% | |||
Health Care | 7.93% | |||
Consumer Staples | 7.27% | |||
Consumer Discretionary | 7.08% | |||
Utilities | 5.60% | |||
Energy | 5.53% | |||
Real Estate | 3.87% | |||
Telecommunication Services | 2.48% | |||
Industrials | 1.79% | |||
Materials | 1.37% | |||
|
| |||
83.12% | ||||
|
|
Percentages are based upon common, preferred, and convertible preferred stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Semiconductors | 5.23% | |||
Pharmaceuticals | 4.97% | |||
Diversified Banks | 4.23% | |||
Data Processing & Outsourced Services | 4.07% | |||
Communications Equipment | 3.88% | |||
Property & Casualty Insurance | 3.14% | |||
Retail REITs | 3.14% | |||
Oil & Gas Exploration & Production | 3.05% | |||
Asset Management & Custody Banks | 2.94% | |||
Thrifts & Mortgage Finance | 2.86% | |||
Investment Banking & Brokerage | 2.64% | |||
Integrated Telecommunication Services | 2.48% | |||
Technology Hardware, Storage & Peripherals | 1.97% | |||
Reinsurance | 1.95% | |||
Biotechnology | 1.80% | |||
Building Products | 1.79% | |||
Food Retail | 1.72% | |||
Multi-line Insurance | 1.71% | |||
Semiconductor Equipment | 1.70% | |||
Drug Retail | 1.55% | |||
Soft Drinks | 1.54% | |||
Electric Utilities | 1.54% | |||
Integrated Oil & Gas | 1.49% | |||
Gas Utilities | 1.47% | |||
Housewares & Specialties | 1.44% | |||
Tobacco | 1.40% | |||
Hotels, Resorts & Cruise Lines | 1.40% | |||
Fertilizers & Agricultural Chemicals | 1.37% | |||
Household Appliances | 1.36% | |||
Electronic Manufacturing Services | 1.34% | |||
Auto Parts & Equipment | 1.19% | |||
Managed Health Care | 1.16% | |||
Multi-Utilities | 1.08% | |||
Packaged Foods & Meats | 1.06% | |||
Other Industries (each less than 1%) | 7.46% | |||
|
| |||
83.12% | ||||
|
|
Percentages are based upon common, preferred, and convertible preferred stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 9 |
Table of Contents
ICON Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (93.02%) | ||||||
Application Software (3.63%) | ||||||
Adobe Systems, Inc.(a) | 14,000 | $ | 1,821,820 | |||
|
| |||||
Asset Management & Custody Banks (1.50%) |
| |||||
Janus Capital Group, Inc. | 56,900 | 751,080 | ||||
|
| |||||
Auto Parts & Equipment (2.04%) | ||||||
Magna International, Inc. | 23,800 | 1,027,208 | ||||
|
| |||||
Biotechnology (6.92%) | ||||||
Celgene Corp.(a) | 20,400 | 2,538,372 | ||||
Vertex Pharmaceuticals, Inc.(a) | 8,600 | 940,410 | ||||
|
| |||||
3,478,782 | ||||||
|
| |||||
Building Products (3.15%) | ||||||
Masco Corp. | 46,600 | 1,583,934 | ||||
|
| |||||
Construction Materials (4.65%) | ||||||
Martin Marietta Materials, Inc. | 10,700 | 2,335,275 | ||||
|
| |||||
Data Processing & Outsourced Services (1.75%) |
| |||||
Total System Services, Inc. | 16,400 | 876,744 | ||||
|
| |||||
Diversified Banks (8.55%) | ||||||
Bank of America Corp. | 182,000 | 4,293,380 | ||||
|
| |||||
Home Improvement Retail (5.52%) | ||||||
Home Depot, Inc. | 18,900 | 2,775,087 | ||||
|
| |||||
Homebuilding (3.63%) | ||||||
PulteGroup, Inc. | 77,500 | 1,825,125 | ||||
|
| |||||
Hotels, Resorts & Cruise Lines (4.25%) | ||||||
Royal Caribbean Cruises, Ltd. | 5,700 | 559,227 | ||||
Wyndham Worldwide Corp. | 18,700 | 1,576,223 | ||||
|
| |||||
2,135,450 | ||||||
|
| |||||
Household Appliances (2.93%) | ||||||
Whirlpool Corp. | 8,600 | 1,473,438 | ||||
|
| |||||
Internet & Direct Marketing Retail (1.06%) |
| |||||
Amazon.com, Inc.(a) | 600 | 531,924 | ||||
|
| |||||
Internet Software & Services (3.33%) | ||||||
CoStar Group, Inc.(a) | 3,900 | 808,158 | ||||
Facebook, Inc., Class A(a) | 6,100 | 866,505 | ||||
|
| |||||
1,674,663 | ||||||
|
| |||||
Movies & Entertainment (1.53%) | ||||||
Twenty-First Century Fox, Inc., Class A | 23,800 | 770,882 | ||||
|
| |||||
Multi-line Insurance (2.03%) | ||||||
American International Group, Inc. | 16,300 | 1,017,609 | ||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Paper Packaging (2.42%) | ||||||
Avery Dennison Corp. | 15,100 | $ | 1,217,060 | |||
|
| |||||
Pharmaceuticals (4.42%) | ||||||
Jazz Pharmaceuticals PLC(a) | 15,300 | 2,220,489 | ||||
|
| |||||
Real Estate Services (2.13%) | ||||||
CBRE Group, Inc., Class A(a) | 30,700 | 1,068,053 | ||||
|
| |||||
Regional Banks (12.65%) | ||||||
Fifth Third Bancorp | 92,300 | 2,344,420 | ||||
Signature Bank(a) | 16,600 | 2,463,274 | ||||
SVB Financial Group(a) | 8,300 | 1,544,547 | ||||
|
| |||||
6,352,241 | ||||||
|
| |||||
Semiconductor Equipment (1.73%) | ||||||
Applied Materials, Inc. | 22,300 | 867,470 | ||||
|
| |||||
Semiconductors (13.20%) | ||||||
Broadcom, Ltd. | 2,400 | 525,504 | ||||
NXP Semiconductors N.V.(a) | 17,600 | 1,821,600 | ||||
Qorvo, Inc.(a) | 20,300 | 1,391,768 | ||||
Skyworks Solutions, Inc. | 29,500 | 2,890,410 | ||||
|
| |||||
6,629,282 | ||||||
|
| |||||
Total Common Stocks (Cost $37,500,966) | 46,726,996 | |||||
|
| |||||
Short-Term Investments (7.01%) | ||||||
Time Deposits (7.01%) | ||||||
State Street Euro Dollar Time Deposit (USD), | 3,522,787 | 3,522,787 | ||||
|
| |||||
Total Short-Term Investments (Cost $3,522,787) | 3,522,787 | |||||
|
| |||||
Total Investments (100.03%) (Cost $41,023,753) | $ | 50,249,783 | ||||
Liabilities Less Other Assets (-0.03%) | (14,507) | |||||
|
| |||||
Net Assets (100.00%) | $ | 50,235,276 | ||||
|
|
(a) | Non-income producing security. |
The accompanying notes are an integral part of the financial statements.
10 | www.iconfunds.com |
Table of Contents
ICON Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Sector Composition (March 31, 2017) (Unaudited)
Financial | 24.73% | |||
Information Technology | 23.64% | |||
Consumer Discretionary | 20.96% | |||
Health Care | 11.34% | |||
Materials | 7.07% | |||
Industrials | 3.15% | |||
Real Estate | 2.13% | |||
|
| |||
93.02% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Semiconductors | 13.20% | |||
Regional Banks | 12.65% | |||
Diversified Banks | 8.55% | |||
Biotechnology | 6.92% | |||
Home Improvement Retail | 5.52% | |||
Construction Materials | 4.65% | |||
Pharmaceuticals | 4.42% | |||
Hotels, Resorts & Cruise Lines | 4.25% | |||
Homebuilding | 3.63% | |||
Application Software | 3.63% | |||
Internet Software & Services | 3.33% | |||
Building Products | 3.15% | |||
Household Appliances | 2.93% | |||
Paper Packaging | 2.42% | |||
Real Estate Services | 2.13% | |||
Auto Parts & Equipment | 2.04% | |||
Multi-line Insurance | 2.03% | |||
Data Processing & Outsourced Services | 1.75% | |||
Semiconductor Equipment | 1.73% | |||
Movies & Entertainment | 1.53% | |||
Asset Management & Custody Banks | 1.50% | |||
Internet & Direct Marketing Retail | 1.06% | |||
|
| |||
93.02% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 11 |
Table of Contents
ICON Long/Short Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (88.56%) | ||||||
Application Software (2.69%) | ||||||
Adobe Systems, Inc.(a) | 4,200 | $ | 546,546 | |||
|
| |||||
Asset Management & Custody Banks (0.44%) | ||||||
Janus Capital Group, Inc. | 6,800 | 89,760 | ||||
|
| |||||
Auto Parts & Equipment (1.25%) | ||||||
Magna International, Inc. | 5,900 | 254,644 | ||||
|
| |||||
Biotechnology (6.78%) | ||||||
Celgene Corp.(a) | 7,300 | 908,339 | ||||
Vertex Pharmaceuticals, Inc.(a) | 4,300 | 470,205 | ||||
|
| |||||
1,378,544 | ||||||
|
| |||||
Building Products (3.02%) | ||||||
Masco Corp. | 18,100 | 615,219 | ||||
|
| |||||
Construction Materials (3.97%) | ||||||
Martin Marietta Materials, Inc. | 3,700 | 807,525 | ||||
|
| |||||
Data Processing & Outsourced Services (6.47%) |
| |||||
MasterCard, Inc., Class A | 8,000 | 899,760 | ||||
Total System Services, Inc. | 7,800 | 416,988 | ||||
|
| |||||
1,316,748 | ||||||
|
| |||||
Diversified Banks (8.20%) | ||||||
Bank of America Corp. | 70,700 | 1,667,813 | ||||
|
| |||||
Health Care Facilities (1.53%) | ||||||
Universal Health Services, Inc., Class B | 2,500 | 311,125 | ||||
|
| |||||
Home Improvement Retail (2.38%) | ||||||
Home Depot, Inc. | 3,300 | 484,539 | ||||
|
| |||||
Homebuilding (4.09%) | ||||||
PulteGroup, Inc. | 35,300 | 831,315 | ||||
|
| |||||
Hotels, Resorts & Cruise Lines (6.10%) | ||||||
Royal Caribbean Cruises, Ltd. | 3,100 | 304,141 | ||||
Wyndham Worldwide Corp. | 11,100 | 935,619 | ||||
|
| |||||
1,239,760 | ||||||
|
| |||||
Household Appliances (3.20%) | ||||||
Whirlpool Corp. | 3,800 | 651,054 | ||||
|
| |||||
Insurance Brokers (2.78%) | ||||||
Arthur J Gallagher & Co. | 10,000 | 565,400 | ||||
|
| |||||
Internet Software & Services (0.71%) | ||||||
CoStar Group, Inc.(a) | 700 | 145,054 | ||||
|
| |||||
Multi-line Insurance (1.66%) | ||||||
American International Group, Inc. | 5,400 | 337,122 | ||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Pharmaceuticals (4.64%) | ||||||
Jazz Pharmaceuticals PLC(a) | 6,500 | $ | 943,345 | |||
|
| |||||
Regional Banks (16.13%) | ||||||
Fifth Third Bancorp | 29,400 | 746,760 | ||||
First Commonwealth Financial Corp. | 25,000 | 331,500 | ||||
Signature Bank(a) | 9,200 | 1,365,188 | ||||
SVB Financial Group(a) | 4,500 | 837,405 | ||||
|
| |||||
3,280,853 | ||||||
|
| |||||
Semiconductor Equipment (1.43%) | ||||||
Applied Materials, Inc. | 7,500 | 291,750 | ||||
|
| |||||
Semiconductors (11.09%) | ||||||
Broadcom, Ltd. | 900 | 197,064 | ||||
NXP Semiconductors N.V.(a) | 5,200 | 538,200 | ||||
Qorvo, Inc.(a) | 6,300 | 431,928 | ||||
Skyworks Solutions, Inc. | 11,100 | 1,087,578 | ||||
|
| |||||
2,254,770 | ||||||
|
| |||||
Total Common Stocks (Cost $14,238,567) | 18,012,886 | |||||
|
| |||||
Short-Term Investments (11.50%) | ||||||
Time Deposits (11.50%) | ||||||
State Street Euro Dollar Time Deposit (USD), | 2,338,240 | 2,338,240 | ||||
|
| |||||
Total Short-Term Investments (Cost $2,338,240) | 2,338,240 | |||||
|
| |||||
Total Investments (100.06%) (Cost $16,576,807) | $ | 20,351,126 | ||||
Liabilities Less Other Assets (-0.06%) | (12,252) | |||||
|
| |||||
Net Assets (100.00%) | $ | 20,338,874 | ||||
|
|
(a) | Non-income producing security. |
The accompanying notes are an integral part of the financial statements.
12 | www.iconfunds.com |
Table of Contents
ICON Long/Short Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Sector Composition (March 31, 2017) (Unaudited)
Financial | 29.21% | |||
Information Technology | 22.39% | |||
Consumer Discretionary | 17.02% | |||
Health Care | 12.95% | |||
Materials | 3.97% | |||
Industrials | 3.02% | |||
|
| |||
88.56% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Regional Banks | 16.13% | |||
Semiconductors | 11.09% | |||
Diversified Banks | 8.20% | |||
Biotechnology | 6.78% | |||
Data Processing & Outsourced Services | 6.47% | |||
Hotels, Resorts & Cruise Lines | 6.10% | |||
Pharmaceuticals | 4.64% | |||
Homebuilding | 4.09% | |||
Construction Materials | 3.97% | |||
Household Appliances | 3.20% | |||
Building Products | 3.02% | |||
Insurance Brokers | 2.78% | |||
Application Software | 2.69% | |||
Home Improvement Retail | 2.38% | |||
Multi-line Insurance | 1.66% | |||
Health Care Facilities | 1.53% | |||
Semiconductor Equipment | 1.43% | |||
Auto Parts & Equipment | 1.25% | |||
Other Industries (each less than 1%) | 1.15% | |||
|
| |||
88.56% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 13 |
Table of Contents
ICON Opportunities Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (99.96%) | ||||||
Aerospace & Defense (1.94%) | ||||||
Hexcel Corp. | 6,255 | $ | 341,210 | |||
|
| |||||
Auto Parts & Equipment (7.41%) | ||||||
Modine Manufacturing Co.(a) | 57,948 | 706,966 | ||||
Tower International, Inc. | 22,000 | 596,200 | ||||
|
| |||||
1,303,166 | ||||||
|
| |||||
Automobile Manufacturers (1.65%) | ||||||
Winnebago Industries, Inc. | 9,900 | 289,575 | ||||
|
| |||||
Biotechnology (2.15%) | ||||||
Ligand Pharmaceuticals, Inc.(a) | 3,575 | 378,378 | ||||
|
| |||||
Building Products (7.76%) | ||||||
Armstrong World Industries, Inc.(a) | 3,900 | 179,595 | ||||
Builders FirstSource, Inc.(a) | 43,500 | 648,150 | ||||
PGT, Inc.(a) | 49,900 | 536,425 | ||||
|
| |||||
1,364,170 | ||||||
|
| |||||
Communications Equipment (7.47%) | ||||||
ARRIS International PLC(a) | 5,700 | 150,765 | ||||
CalAmp Corp.(a) | 31,800 | 533,922 | ||||
Finisar Corp.(a) | 23,000 | 628,820 | ||||
|
| |||||
1,313,507 | ||||||
|
| |||||
Electronic Equipment & Instruments (3.27%) | ||||||
Coherent, Inc.(a) | 2,794 | 574,558 | ||||
|
| |||||
Electronic Manufacturing Services (6.56%) | ||||||
Fabrinet(a) | 13,400 | 563,202 | ||||
IPG Photonics Corp.(a) | 4,900 | 591,430 | ||||
|
| |||||
1,154,632 | ||||||
|
| |||||
Health Care Equipment (1.89%) | ||||||
LivaNova PLC(a) | 6,800 | 333,268 | ||||
|
| |||||
Heavy Electrical Equipment (0.39%) | ||||||
AZZ, Inc. | 1,151 | 68,484 | ||||
|
| |||||
Home Furnishings (2.07%) | ||||||
La-Z-Boy, Inc. | 13,500 | 364,500 | ||||
|
| |||||
Homebuilding (6.80%) | ||||||
KB Home | 35,000 | 695,800 | ||||
M/I Homes, Inc.(a) | 20,400 | 499,800 | ||||
|
| |||||
1,195,600 | ||||||
|
| |||||
Internet & Direct Marketing Retail (4.01%) | ||||||
Nutrisystem, Inc. | 12,700 | 704,850 | ||||
|
| |||||
Internet Software & Services (2.92%) | ||||||
j2 Global, Inc. | 6,114 | 513,026 | ||||
|
| |||||
Leisure Products (4.00%) | ||||||
Brunswick Corp. | 11,500 | 703,800 | ||||
|
|
Shares or Principal Amount | Value | |||||||
| ||||||||
Life & Health Insurance (1.21%) |
| |||||||
CNO Financial Group, Inc. | 10,400 | $ | 213,200 | |||||
|
| |||||||
Life Sciences Tools & Services (1.53%) |
| |||||||
Charles River Laboratories International, Inc.(a) | 3,000 | 269,850 | ||||||
|
| |||||||
Paper Packaging (1.69%) |
| |||||||
Avery Dennison Corp. | 3,700 | 298,220 | ||||||
|
| |||||||
Pharmaceuticals (5.65%) |
| |||||||
Impax Laboratories, Inc.(a) | 24,800 | 313,720 | ||||||
Innoviva, Inc.(a) | 22,329 | 308,810 | ||||||
Sucampo Pharmaceuticals, Inc., Class A(a)(b) | 33,721 | 370,931 | ||||||
|
| |||||||
993,461 | ||||||||
|
| |||||||
Property & Casualty Insurance (1.04%) |
| |||||||
United Insurance Holdings Corp. | 11,500 | 183,425 | ||||||
|
| |||||||
Regional Banks (8.07%) |
| |||||||
Bank of the Ozarks, Inc. | 6,700 | 348,467 | ||||||
First Commonwealth Financial Corp. | 40,000 | 530,400 | ||||||
Webster Financial Corp. | 10,800 | 540,432 | ||||||
|
| |||||||
1,419,299 | ||||||||
|
| |||||||
Semiconductor Equipment (7.94%) |
| |||||||
Advanced Energy Industries, Inc.(a) | 5,200 | 356,512 | ||||||
Photronics, Inc.(a) | 30,700 | 328,490 | ||||||
Teradyne, Inc. | 22,909 | 712,470 | ||||||
|
| |||||||
1,397,472 | ||||||||
|
| |||||||
Semiconductors (7.30%) |
| |||||||
Cypress Semiconductor Corp. | 19,400 | 266,944 | ||||||
MACOM Technology Solutions Holdings, Inc.(a) | 10,594 | 511,690 | ||||||
Microsemi Corp.(a) | 9,800 | 504,994 | ||||||
|
| |||||||
1,283,628 | ||||||||
|
| |||||||
Specialty Chemicals (1.02%) |
| |||||||
Kraton Corp.(a) | 5,800 | 179,336 | ||||||
|
| |||||||
Thrifts & Mortgage Finance (4.22%) |
| |||||||
BofI Holding, Inc.(a) | 18,000 | 470,340 | ||||||
Essent Group, Ltd.(a) | 7,500 | 271,275 | ||||||
|
| |||||||
741,615 | ||||||||
|
| |||||||
Total Common Stocks (Cost $14,328,151) | 17,582,230 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
14 | www.iconfunds.com |
Table of Contents
ICON Opportunities Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (1.51%) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 265,650 | $265,650 | ||||||
|
|
| ||||||
Total Collateral for Securities on Loan (Cost $265,650) |
| 265,650 | ||||||
|
|
| ||||||
Short-Term Investments (1.29%) | ||||||||
Time Deposits (1.29%) | ||||||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 227,168 | 227,168 | ||||||
|
|
| ||||||
Total Short-Term Investments (Cost $227,168) | 227,168 | |||||||
|
|
| ||||||
Total Investments (102.76%) (Cost $14,820,969) | $ | 18,075,048 | ||||||
Liabilities Less Other Assets (-2.76%) |
| (486,270) | ||||||
|
|
| ||||||
Net Assets (100.00%) | $ | 17,588,778 | ||||||
|
|
|
(a) | Non-income producing security. |
(b) | All or a portion of the security was on loan as of March 31, 2017. |
Sector Composition (March 31, 2017) (Unaudited)
Information Technology | 35.46% | |||
Consumer Discretionary | 25.94% | |||
Financial | 14.54% | |||
Health Care | 11.22% | |||
Industrials | 10.09% | |||
Materials | 2.71% | |||
|
| |||
99.96% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Regional Banks | 8.07% | |||
Semiconductor Equipment | 7.94% | |||
Building Products | 7.76% | |||
Communications Equipment | 7.47% | |||
Auto Parts & Equipment | 7.41% | |||
Semiconductors | 7.30% | |||
Homebuilding | 6.80% | |||
Electronic Manufacturing Services | 6.56% | |||
Pharmaceuticals | 5.65% | |||
Thrifts & Mortgage Finance | 4.22% | |||
Internet & Direct Marketing Retail | 4.01% | |||
Leisure Products | 4.00% | |||
Electronic Equipment & Instruments | 3.27% | |||
Internet Software & Services | 2.92% | |||
Biotechnology | 2.15% | |||
Home Furnishings | 2.07% | |||
Aerospace & Defense | 1.94% | |||
Health Care Equipment | 1.89% | |||
Paper Packaging | 1.69% | |||
Automobile Manufacturers | 1.65% | |||
Life Sciences Tools & Services | 1.53% | |||
Life & Health Insurance | 1.21% | |||
Property & Casualty Insurance | 1.04% | |||
Specialty Chemicals | 1.02% | |||
Other Industries (each less than 1%) | 0.39% | |||
|
| |||
99.96% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 15 |
Table of Contents
ICON Risk-Managed Balanced Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Corporate Bonds (21.44%) | ||||||||
Consumer Discretionary (0.28%) | ||||||||
Lee Enterprises, Inc. | ||||||||
9.50%, 03/15/22(a)(b) | $ | 100,000 | $ | 104,955 | ||||
|
| |||||||
Consumer Staples (2.21%) | ||||||||
CVS Health Corp. | ||||||||
2.75%, 12/01/22 | 200,000 | 197,841 | ||||||
4.75%, 12/01/22 | 200,000 | 217,103 | ||||||
Kraft Heinz Foods Co. | ||||||||
4.88%, 02/15/25(a) | 300,000 | 320,683 | ||||||
WhiteWave Foods Co. | ||||||||
5.38%, 10/01/22 | 100,000 | 108,625 | ||||||
|
| |||||||
844,252 | ||||||||
|
| |||||||
Energy (1.69%) | ||||||||
MPLX L.P. | ||||||||
5.50%, 02/15/23 | 200,000 | 206,200 | ||||||
Overseas Shipholding Group, Inc. | ||||||||
8.13%, 03/30/18(c) | 125,000 | 130,312 | ||||||
Williams Partners L.P. / ACMP Finance Corp. | ||||||||
4.88%, 05/15/23 | 300,000 | 309,024 | ||||||
|
| |||||||
645,536 | ||||||||
|
| |||||||
Financial (8.20%) | ||||||||
American Equity Investment Life Holding Co. | ||||||||
6.63%, 07/15/21 | 200,000 | 207,500 | ||||||
Berkshire Hathaway, Inc. | ||||||||
2.75%, 03/15/23(d) | 450,000 | 450,050 | ||||||
Citigroup, Inc., | ||||||||
6.88%, 06/01/25 | 250,000 | 294,459 | ||||||
City National Corp. | ||||||||
5.25%, 09/15/20 | 378,000 | 412,618 | ||||||
E*TRADE Financial Corp. | ||||||||
5.38%, 11/15/22 | 260,000 | 272,348 | ||||||
GFI Group, Inc. | ||||||||
8.38%, 07/19/18 | 150,000 | 159,375 | ||||||
International Lease Finance Corp. | ||||||||
5.88%, 08/15/22 | 300,000 | 333,724 | ||||||
MetLife Capital Trust IV | ||||||||
7.88%, 12/15/37(a) | 210,000 | 258,300 | ||||||
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. | ||||||||
5.88%, 03/15/22(a) | 200,000 | 205,876 | ||||||
Prudential Financial, Inc. | ||||||||
8.88%, 06/15/38(e) | 500,000 | 537,500 | ||||||
|
| |||||||
3,131,750 | ||||||||
|
| |||||||
Health Care (1.62%) | ||||||||
Abbott Laboratories | ||||||||
3.88%, 09/15/25 | 350,000 | 354,661 | ||||||
HCA Holdings, Inc. | ||||||||
5.25%, 04/15/25 | 250,000 | 265,625 | ||||||
|
| |||||||
620,286 | ||||||||
|
|
Shares or Principal Amount | Value | |||||||
| ||||||||
Industrials (4.11%) | ||||||||
AECOM | ||||||||
5.75%, 10/15/22 | $ | 250,000 | $ | 262,187 | ||||
Aircastle, Ltd. | ||||||||
5.00%, 04/01/23 | 200,000 | 210,500 | ||||||
Commercial Vehicle Group, Inc. | ||||||||
7.88%, 04/15/19 | 100,000 | 100,000 | ||||||
General Electric Co., Series D | ||||||||
5.00%, 01/21/21(e) | 250,000 | 263,438 | ||||||
Joy Global, Inc. | ||||||||
5.13%, 10/15/21 | 100,000 | 107,316 | ||||||
Park-Ohio Industries, Inc. | ||||||||
8.13%, 04/01/21 | 100,000 | 102,957 | ||||||
Spirit AeroSystems, Inc. | ||||||||
5.25%, 03/15/22 | 500,000 | 520,661 | ||||||
|
| |||||||
1,567,059 | ||||||||
|
| |||||||
Information Technology (1.23%) | ||||||||
Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc. | ||||||||
5.75%, 04/15/23 | 194,000 | 203,209 | ||||||
NXP BV / NXP Funding LLC | ||||||||
4.63%, 06/01/23(a) | 250,000 | 264,687 | ||||||
|
| |||||||
467,896 | ||||||||
|
| |||||||
Materials (1.02%) | ||||||||
Chemtura Corp. | ||||||||
5.75%, 07/15/21 | 100,000 | 103,375 | ||||||
FMG Resources (August 2006) Pty., Ltd. | ||||||||
9.75%, 03/01/22(a) | 250,000 | 286,563 | ||||||
|
| |||||||
389,938 | ||||||||
|
| |||||||
Real Estate (0.39%) | ||||||||
Select Income, REIT | ||||||||
4.50%, 02/01/25 | 150,000 | 150,708 | ||||||
|
| |||||||
Utilities (0.69%) | ||||||||
DPL, Inc. | ||||||||
6.75%, 10/01/19 | 250,000 | 262,500 | ||||||
|
| |||||||
Total Corporate Bonds (Cost $8,208,994) | 8,184,880 | |||||||
|
| |||||||
Convertible Corporate Bonds (1.35%) |
| |||||||
Telecommunication Services (1.35%) |
| |||||||
Clearwire Communications LLC / Clearwire Finance, Inc. | ||||||||
8.25%, 12/01/40(a) | 500,000 | 516,875 | ||||||
|
| |||||||
Total Convertible Corporate Bonds (Cost $511,771) |
| 516,875 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
16 | www.iconfunds.com |
Table of Contents
ICON Risk-Managed Balanced Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
U.S. Treasury Obligations (7.64%) |
| |||||
U.S. Treasury Note | ||||||
1.50%, 08/15/26 | $ 1,000,000 | $ | 925,117 | |||
U.S. Treasury Note | ||||||
1.88%, 01/31/22 | 1,000,000 | 997,734 | ||||
U.S. Treasury Note | ||||||
1.88%, 05/31/22 | 1,000,000 | 995,156 | ||||
|
|
| ||||
Total U.S. Treasury Obligations (Cost $2,949,578) | 2,918,007 | |||||
|
|
| ||||
Collateralized Mortgage Obligations (3.68%) |
| |||||
New Residential Mortgage Loan Trust, | ||||||
Series 2016-1A, Class B3 5.57%, 03/25/56(a)(c)(e) | 330,615 | 329,498 | ||||
Towd Point Mortgage Trust, Inc., | ||||||
Series 2015-1, Class A5 3.51%, 06/25/29(a)(c)(e) | 300,000 | 299,281 | ||||
Towd Point Mortgage Trust, Inc., | ||||||
Series 2015-6, Class M2 3.75%, 02/25/28(a)(c)(e) | 700,000 | 671,407 | ||||
Velocity Commercial Capital Loan Trust, Inc., | ||||||
Series 2014-1, Class M3 6.89%, 02/25/24(a)(c)(e) | 100,000 | 105,281 | ||||
|
|
| ||||
Total Collateralized Mortgage Obligations (Cost $1,451,488) | 1,405,467 | |||||
|
|
| ||||
Common Stocks (47.44%) | ||||||
Aerospace & Defense (2.05%) | ||||||
B/E Aerospace, Inc. | 2,000 | 128,220 | ||||
Boeing Co. | 400 | 70,744 | ||||
Orbital ATK, Inc.(d) | 4,195 | 411,110 | ||||
Spirit AeroSystems Holdings, Inc., Class A | 3,000 | 173,760 | ||||
|
|
| ||||
783,834 | ||||||
|
|
| ||||
Air Freight & Logistics (0.12%) | ||||||
Echo Global Logistics, Inc.(f) | 2,089 | 44,600 | ||||
|
|
| ||||
Airlines (0.22%) | ||||||
Delta Air Lines, Inc. | 1,800 | 82,728 | ||||
|
|
| ||||
Asset Management & Custody Banks (0.25%) |
| |||||
Invesco, Ltd. | 3,100 | 94,953 | ||||
|
|
| ||||
Auto Parts & Equipment (0.57%) |
| |||||
Magna International, Inc. | 5,000 | 215,800 | ||||
|
|
| ||||
Automotive Retail (0.51%) | ||||||
AutoZone, Inc.(f) | 120 | 86,766 |
Shares or Principal Amount | Value | |||||
Automotive Retail (continued) | ||||||
O’Reilly Automotive, Inc.(f) | 400 | $ | 107,936 | |||
|
|
| ||||
194,702 | ||||||
|
|
| ||||
Biotechnology (2.34%) | ||||||
AbbVie, Inc.(d) | 5,000 | 325,800 | ||||
Celgene Corp.(f) | 1,500 | 186,645 | ||||
China Biologic Products, Inc.(f) | 500 | 50,065 | ||||
Gilead Sciences, Inc. | 1,500 | 101,880 | ||||
Ligand Pharmaceuticals, Inc.(f) | 500 | 52,920 | ||||
Shire PLC, ADR | 1,000 | 174,230 | ||||
|
|
| ||||
891,540 | ||||||
|
|
| ||||
Brewers (0.13%) | ||||||
Molson Coors Brewing Co., Class B | 500 | 47,855 | ||||
|
|
| ||||
Broadcasting (0.22%) | ||||||
CBS Corp., Class B | 1,200 | 83,232 | ||||
|
|
| ||||
Building Products (1.20%) | ||||||
Johnson Controls International PLC | 6,800 | 286,416 | ||||
Masco Corp. | 5,000 | 169,950 | ||||
|
|
| ||||
456,366 | ||||||
|
|
| ||||
Cable & Satellite (0.26%) | ||||||
Comcast Corp., Class A | 2,600 | 97,734 | ||||
|
|
| ||||
Commercial Printing (0.23%) | ||||||
Deluxe Corp. | 1,200 | 86,604 | ||||
|
|
| ||||
Construction Machinery & Heavy Trucks (0.24%) |
| |||||
Allison Transmission Holdings, Inc. | 2,500 | 90,150 | ||||
|
|
| ||||
Construction Materials (0.47%) | ||||||
Martin Marietta Materials, Inc. | 300 | 65,475 | ||||
Summit Materials, Inc., Class A(f) | 4,554 | 112,529 | ||||
|
|
| ||||
178,004 | ||||||
|
|
| ||||
Consumer Finance (1.50%) | ||||||
Discover Financial Services(d) | 8,400 | 574,476 | ||||
|
|
| ||||
Data Processing & Outsourced Services (2.43%) |
| |||||
DST Systems, Inc. | 1,500 | 183,750 | ||||
MasterCard, Inc., Class A(d) | 3,300 | 371,151 | ||||
Visa, Inc., Class A(d) | 4,200 | 373,254 | ||||
|
|
| ||||
928,155 | ||||||
|
|
| ||||
Distillers & Vintners (0.21%) | ||||||
Constellation Brands, Inc., Class A | 500 | 81,035 | ||||
|
|
| ||||
Diversified Banks (0.43%) | ||||||
Bank of America Corp. | 7,000 | 165,130 | ||||
|
|
| ||||
Drug Retail (1.19%) | ||||||
CVS Health Corp.(d) | 4,200 | 329,700 | ||||
Walgreens Boots Alliance, Inc. | 1,500 | 124,575 | ||||
|
|
| ||||
454,275 | ||||||
|
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 17 |
Table of Contents
ICON Risk-Managed Balanced Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
Electric Utilities (0.88%) | ||||||
ALLETE, Inc. | 1,500 | $ | 101,565 | |||
NextEra Energy, Inc.(d) | 1,000 | 128,370 | ||||
OGE Energy Corp. | 3,000 | 104,940 | ||||
|
|
| ||||
334,875 | ||||||
|
|
| ||||
Electronic Manufacturing Services (1.73%) |
| |||||
Fabrinet(f) | 6,200 | 260,586 | ||||
IPG Photonics Corp.(f) | 1,593 | 192,275 | ||||
TE Connectivity, Ltd. | 2,800 | 208,740 | ||||
|
|
| ||||
661,601 | ||||||
|
|
| ||||
Footwear (1.02%) |
| |||||
NIKE, Inc., Class B(d) | 7,000 | 390,110 | ||||
|
|
| ||||
General Merchandise Stores (0.53%) |
| |||||
Dollar General Corp. | 1,000 | 69,730 | ||||
Dollar Tree, Inc.(f) | 1,700 | 133,382 | ||||
|
|
| ||||
203,112 | ||||||
|
|
| ||||
Health Care Equipment (0.74%) |
| |||||
Boston Scientific Corp.(f) | 4,500 | 111,915 | ||||
Edwards Lifesciences Corp.(f) | 500 | 47,035 | ||||
Zimmer Biomet Holdings, Inc. | 1,000 | 122,110 | ||||
|
|
| ||||
281,060 | ||||||
|
|
| ||||
Health Care Facilities (0.58%) |
| |||||
HCA Holdings, Inc.(d)(f) | 2,500 | 222,475 | ||||
|
|
| ||||
Home Entertainment Software (0.56%) |
| |||||
Activision Blizzard, Inc. | 2,500 | 124,650 | ||||
Electronic Arts, Inc.(f) | 1,000 | 89,520 | ||||
|
|
| ||||
214,170 | ||||||
|
|
| ||||
Home Improvement Retail (0.67%) |
| |||||
Home Depot, Inc. | 500 | 73,415 | ||||
Lowe’s Cos., Inc.(d) | 2,200 | 180,862 | ||||
|
|
| ||||
254,277 | ||||||
|
|
| ||||
Hotels, Resorts & Cruise Lines (0.68%) |
| |||||
Royal Caribbean Cruises, Ltd. | 500 | 49,055 | ||||
Wyndham Worldwide Corp. | 2,500 | 210,725 | ||||
|
|
| ||||
259,780 | ||||||
|
|
| ||||
Household Appliances (0.67%) |
| |||||
Whirlpool Corp. | 1,500 | 256,995 | ||||
|
|
| ||||
Housewares & Specialties (0.68%) | ||||||
Newell Brands, Inc. | 5,500 | 259,435 | ||||
|
|
| ||||
Human Resource & Employment Services (0.27%) |
| |||||
ManpowerGroup, Inc. | 1,000 | 102,570 | ||||
|
|
| ||||
Industrial Conglomerates (0.75%) | ||||||
Honeywell International, Inc. | 2,300 | 287,201 | ||||
|
|
| ||||
Internet Software & Services (1.91%) | ||||||
Alphabet, Inc., Class C(d)(f) | 401 | 332,654 | ||||
Facebook, Inc., Class A(f) | 2,300 | 326,715 | ||||
LogMeIn, Inc. | 700 | 68,250 | ||||
|
|
| ||||
727,619 | ||||||
|
|
|
Shares or Principal Amount | Value | |||||
IT Consulting & Other Services (0.31%) |
| |||||
Cognizant Technology Solutions Corp., Class A(f) | 2,000 | $ | 119,040 | |||
|
|
| ||||
Leisure Products (0.64%) | ||||||
Brunswick Corp. | 4,000 | 244,800 | ||||
|
|
| ||||
Life & Health Insurance (0.67%) | ||||||
Lincoln National Corp. | 2,500 | 163,625 | ||||
Protective Life Corp.(b)(f) | 3,657 | 93,363 | ||||
|
|
| ||||
256,988 | ||||||
|
|
| ||||
Life Sciences Tools & Services (0.48%) |
| |||||
Thermo Fisher Scientific, Inc. | 1,200 | 184,320 | ||||
|
|
| ||||
Managed Health Care (0.53%) | ||||||
Aetna, Inc. | 1,000 | 127,550 | ||||
CIGNA Corp. | 500 | 73,245 | ||||
|
|
| ||||
200,795 | ||||||
|
|
| ||||
Movies & Entertainment (1.15%) |
| |||||
Time Warner, Inc. | 1,500 | 146,565 | ||||
Twenty-First Century Fox, Inc., Class A | 9,000 | 291,510 | ||||
|
|
| ||||
438,075 | ||||||
|
|
| ||||
Multi-line Insurance (0.57%) |
| |||||
American International Group, Inc. | 3,500 | 218,505 | ||||
|
|
| ||||
Multi-Sector Holdings (1.05%) | ||||||
Berkshire Hathaway, Inc., | 2,400 | 400,032 | ||||
|
|
| ||||
Multi-Utilities (0.95%) | ||||||
CMS Energy Corp. | 3,200 | 143,168 | ||||
Sempra Energy | 2,000 | 221,000 | ||||
|
|
| ||||
364,168 | ||||||
|
|
| ||||
Oil & Gas Equipment & Services (0.57%) |
| |||||
Schlumberger, Ltd. | 2,800 | 218,680 | ||||
|
|
| ||||
Oil & Gas Exploration & Production (1.04%) |
| |||||
Cimarex Energy Co. | 1,300 | 155,337 | ||||
Range Resources Corp. | 2,500 | 72,750 | ||||
SRC Energy, Inc.(f) | 20,000 | 168,800 | ||||
|
|
| ||||
396,887 | ||||||
|
|
| ||||
Oil & Gas Refining & Marketing (0.66%) |
| |||||
Marathon Petroleum Corp. | 5,000 | 252,700 | ||||
|
|
| ||||
Paper Packaging (0.67%) | ||||||
Graphic Packaging Holding Co. | 20,000 | 257,400 | ||||
|
|
| ||||
Pharmaceuticals (4.83%) | ||||||
Allergan PLC(d) | 2,100 | 501,732 | ||||
Bristol-Myers Squibb Co. | 4,500 | 244,710 | ||||
Eli Lilly & Co. | 3,000 | 252,330 | ||||
Horizon Pharma PLC(f) | 2,300 | 33,994 | ||||
Jazz Pharmaceuticals PLC(f) | 2,000 | 290,260 |
The accompanying notes are an integral part of the financial statements.
18 | www.iconfunds.com |
Table of Contents
ICON Risk-Managed Balanced Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
Pharmaceuticals (continued) | ||||||
Johnson & Johnson | 1,500 | $ | 186,825 | |||
Pfizer, Inc. | 6,000 | 205,260 | ||||
Roche Holding AG, Sponsored ADR | 4,000 | 128,120 | ||||
|
|
| ||||
1,843,231 | ||||||
|
|
| ||||
Property & Casualty Insurance (0.62%) |
| |||||
AmTrust Financial Services, Inc. | 2,000 | 36,920 | ||||
XL Group PLC | 5,000 | 199,300 | ||||
|
|
| ||||
236,220 | ||||||
|
|
| ||||
Real Estate Services (0.93%) |
| |||||
CBRE Group, Inc., Class A(f) | 7,000 | 243,530 | ||||
Jones Lang LaSalle, Inc. | 1,000 | 111,450 | ||||
|
|
| ||||
354,980 | ||||||
|
|
| ||||
Regional Banks (1.01%) |
| |||||
Signature Bank(d)(f) | 2,600 | 385,814 | ||||
|
|
| ||||
Restaurants (0.42%) | ||||||
McDonald’s Corp. | 800 | 103,688 | ||||
Starbucks Corp. | 1,000 | 58,390 | ||||
|
|
| ||||
162,078 | ||||||
|
|
| ||||
Semiconductors (1.80%) |
| |||||
Broadcom, Ltd. | 2,000 | 437,920 | ||||
Skyworks Solutions, Inc. | 2,000 | 195,960 | ||||
Synaptics, Inc.(f) | 1,100 | 54,461 | ||||
|
|
| ||||
688,341 | ||||||
|
|
| ||||
Soft Drinks (0.18%) |
| |||||
Monster Beverage Corp.(f) | 1,500 | 69,255 | ||||
|
|
| ||||
Specialty Chemicals (0.16%) | ||||||
Sherwin-Williams Co. | 200 | 62,038 | ||||
|
|
| ||||
Technology Hardware, Storage & Peripherals (0.83%) |
| |||||
Apple, Inc. | 1,700 | 244,222 | ||||
Xerox Corp. | 10,000 | 73,400 | ||||
|
|
| ||||
317,622 | ||||||
|
|
| ||||
Tires & Rubber (0.28%) |
| |||||
Goodyear Tire & Rubber Co. | 3,000 | 108,000 | ||||
|
|
| ||||
Trading Companies & Distributors (0.55%) |
| |||||
Air Lease Corp. | 5,401 | 209,289 | ||||
|
|
| ||||
Wireless Telecommunication Services (0.30%) |
| |||||
T-Mobile U.S., Inc.(f) | 1,800 | 116,262 | ||||
|
|
| ||||
Total Common Stocks (Cost $16,072,340) | 18,111,973 | |||||
|
|
| ||||
Preferred Stocks (1.78%) |
| |||||
Diversified Banks (0.15%) |
| |||||
GMAC Capital Trust I, | 2,277 | 57,904 | ||||
|
|
|
Shares or Principal Amount | Value | |||||
Diversified REITs (0.69%) | ||||||
Gramercy Property Trust, Inc., Series A(c) | 10,081 | $ | 265,433 | |||
|
|
| ||||
Life & Health Insurance (0.46%) |
| |||||
Protective Life Corp. | 6,866 | 173,984 | ||||
|
|
| ||||
Reinsurance (0.48%) | ||||||
Maiden Holdings North America, Ltd. | 6,794 | 182,487 | ||||
|
|
| ||||
Total Preferred Stocks (Cost $682,020) | 679,808 | |||||
|
|
| ||||
Closed-End Mutual Funds (6.99%) |
| |||||
Asia Pacific Fund, Inc. | 2,059 | 25,182 | ||||
BlackRock Defined Opportunity Credit Trust | 12,454 | 170,869 | ||||
BlackRock Enhanced Government Fund, Inc. | 11,331 | 149,796 | ||||
Cushing Renaissance Fund | 1,533 | 28,222 | ||||
Delaware Investments Dividend & Income Fund, Inc.(b) | 8,345 | 86,204 | ||||
Deutsche Global High Income Fund, Inc. | 26,302 | 223,304 | ||||
Deutsche Multi-Market Income Trust | 45,019 | 391,665 | ||||
Eaton Vance High Income 2021 Target Term Trust | 16,541 | 165,906 | ||||
First Trust Aberdeen Global Opportunity Income Fund | 6,243 | 72,544 | ||||
Guggenheim Enhanced Equity Income Fund | 10,482 | 84,695 | ||||
Madison Covered Call & Equity Strategy Fund | 18,833 | 151,229 | ||||
Madison Strategic Sector Premium Fund | 16,532 | 201,525 | ||||
MFS Investment Grade Municipal Trust | 2,286 | 22,037 | ||||
Morgan Stanley Income Securities, Inc. | 19,743 | 353,005 | ||||
Nuveen High Income December 2019 Target Term Fund | 9,232 | 94,166 | ||||
Pacholder High Yield Fund, Inc. | 38,784 | 299,800 | ||||
Swiss Helvetia Fund, Inc. | 12,661 | 146,868 | ||||
|
|
| ||||
Total Closed-End Mutual Funds (Cost $2,607,751) | 2,667,017 | |||||
|
|
| ||||
Exchange Traded Funds (1.87%) |
| |||||
iShares Currency Hedged MSCI Eurozone ETF(b) | 13,000 | 372,840 |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 19 |
Table of Contents
ICON Risk-Managed Balanced Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
Exchange Traded Funds (continued) |
| |||||||
iShares Europe ETF(b) | 8,100 | $ | 338,985 | |||||
|
|
| ||||||
Total Exchange Traded Funds (Cost $702,485) |
| 711,825 | ||||||
|
|
| ||||||
Underlying Security/Expiration |
| |||||||
Date/Exercise Price | Contracts | Value | ||||||
Put Options Purchased (0.12%) |
| |||||||
S&P 500 Index 09/15/17, 2,000 | 30 | 43,950 | ||||||
|
|
| ||||||
Total Put Options Purchased (Cost $90,407) |
| 43,950 | ||||||
|
|
| ||||||
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (1.49%) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 569,581 | 569,581 | ||||||
|
|
| ||||||
Total Collateral for Securities on Loan (Cost $569,581) |
| 569,581 | ||||||
|
|
| ||||||
Short-Term Investments (6.84%) |
| |||||||
Time Deposits (6.84%) | ||||||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 2,609,608 | 2,609,608 | ||||||
|
|
| ||||||
Total Short-Term Investments (Cost $2,609,608) |
| 2,609,608 | ||||||
|
|
| ||||||
Total Investments (100.64%) (Cost $36,456,023) |
| $ | 38,418,991 | |||||
Liabilities Less Other Assets (-0.64%) |
| (243,713) | ||||||
|
|
| ||||||
Net Assets (100.00%) | $ | 38,175,278 | ||||||
|
|
|
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, these securities had a total aggregate market value of $3,363,406, representing 8.81% of net assets. |
(b) | All or a portion of the security was on loan as of March 31, 2017. |
(c) | These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2017 was $1,801,212, which represent 4.72% of the Fund’s net assets. |
(d) | All or a portion of the security is pledged as collateral for written call options. |
(e) | Floating Rate Security. Rate disclosed is as of March 31, 2017. |
(f) | Non-income producing security. |
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
Schedule of Written Options
Underlying Security | Expiration Date | Exercise Price | Contracts | Value | ||||||||||||
| ||||||||||||||||
Written Call Options | ||||||||||||||||
S&P 500 Index | 04/28/17 | 2,400 | 10 | $ | (8,400) | |||||||||||
Total Written Call Options |
| |||||||||||||||
|
| |||||||||||||||
(Premiums received $13,984) |
| $ | (8,400) | |||||||||||||
|
|
Sector Composition (March 31, 2017) (Unaudited)
Information Technology | 9.57% | |||
Health Care | 9.50% | |||
Consumer Discretionary | 8.30% | |||
Financial | 7.19% | |||
Industrials | 5.63% | |||
Energy | 2.27% | |||
Utilities | 1.83% | |||
Consumer Staples | 1.71% | |||
Real Estate | 1.62% | |||
Materials | 1.30% | |||
Telecommunication Services | 0.30% | |||
|
| |||
49.22% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
20 | www.iconfunds.com |
Table of Contents
ICON Risk-Managed Balanced Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Industry Composition (March 31, 2017) (Unaudited)
Pharmaceuticals | 4.83% | |||
Data Processing & Outsourced Services | 2.43% | |||
Biotechnology | 2.34% | |||
Aerospace & Defense | 2.05% | |||
Internet Software & Services | 1.91% | |||
Semiconductors | 1.80% | |||
Electronic Manufacturing Services | 1.73% | |||
Consumer Finance | 1.50% | |||
Building Products | 1.20% | |||
Drug Retail | 1.19% | |||
Movies & Entertainment | 1.15% | |||
Life & Health Insurance | 1.13% | |||
Multi-Sector Holdings | 1.05% | |||
Oil & Gas Exploration & Production | 1.04% | |||
Footwear | 1.02% | |||
Regional Banks | 1.01% | |||
Other Industries (each less than 1%) | 21.84% | |||
|
| |||
49.22% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
Credit Diversification (March 31, 2017) (Unaudited)
A3 | 1.77% | |||
Aa2 | 1.18% | |||
Aaa | 7.64% | |||
B1 | 0.55% | |||
B2 | 0.54% | |||
B3 | 1.62% | |||
Ba1 | 1.94% | |||
Ba2 | 0.42% | |||
Ba3 | 1.66% | |||
Baa1 | 2.72% | |||
Baa2 | 3.32% | |||
Baa3 | 7.05% | |||
BBB-* | 0.54% | |||
Caa1 | 0.34% | |||
NR | 2.82% | |||
|
| |||
Total: | 34.11% | |||
|
|
* | 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.
Semi-Annual Report | March 31, 2017 | 21 |
Table of Contents
ICON Diversified Funds | Statements of Assets and Liabilities | |
March 31, 2017 (Unaudited) |
ICON Bond Fund | ICON Equity Income Fund | ICON Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 78,769,273 | $ | 79,070,724 | $ | 41,023,753 | ||||||
|
|
| ||||||||||
Investments, at value(a) | 79,000,744 | 82,224,631 | 50,249,783 | |||||||||
Receivables: | ||||||||||||
Investments sold | 2,763,694 | 7,240,759 | 44,353 | |||||||||
Fund shares sold | 476,512 | 976,571 | 2,598 | |||||||||
Expense reimbursements due from Adviser | 41,303 | 10,636 | 4,664 | |||||||||
Interest | 922,259 | 98,975 | 7 | |||||||||
Dividends | 1,817 | 266,962 | 28,557 | |||||||||
Foreign tax reclaims | – | 1,782 | – | |||||||||
Other assets | 19,027 | 27,363 | 18,348 | |||||||||
|
|
| ||||||||||
Total assets | 83,225,356 | 90,847,679 | 50,348,310 | |||||||||
|
|
| ||||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Payable for collateral received on securities loaned | 1,563,935 | – | – | |||||||||
Investments purchased | 543,361 | 7,475,803 | – | |||||||||
Fund shares redeemed | 2,914,186 | 75,181 | 42,309 | |||||||||
Distributions due to shareholders | 406,582 | – | – | |||||||||
Advisory fees | 41,229 | 53,453 | 31,350 | |||||||||
Transfer agent fees | 9,038 | 14,275 | 8,571 | |||||||||
Fund accounting fees | 3,204 | 2,883 | 2,137 | |||||||||
Accrued distribution fees | 4,383 | 14,800 | 11,658 | |||||||||
Trustee fees and expenses | 2,445 | 1,965 | 1,265 | |||||||||
Administration fees | 3,556 | 3,653 | 2,154 | |||||||||
Accrued expenses | 15,899 | 15,437 | 13,590 | |||||||||
|
|
| ||||||||||
Total liabilities | 5,507,818 | 7,657,450 | 113,034 | |||||||||
|
|
| ||||||||||
Net Assets - all share classes | $ | 77,717,538 | $ | 83,190,229 | $ | 50,235,276 | ||||||
|
|
| ||||||||||
Net Assets - Class S | $ | 69,846,539 | $ | 54,799,410 | $ | 32,617,681 | ||||||
|
|
| ||||||||||
Net Assets - Class C | $ | 4,064,679 | $ | 13,913,061 | $ | 12,276,000 | ||||||
|
|
| ||||||||||
Net Assets - Class A | $ | 3,806,320 | $ | 14,477,758 | $ | 5,341,595 | ||||||
|
|
| ||||||||||
Net Assets Consists of | ||||||||||||
Paid-in capital | $ | 80,267,849 | $ | 95,999,727 | $ | 60,579,571 | ||||||
Accumulated undistributed net investment income/(loss) | 63,759 | 24,675 | (72,862) | |||||||||
Accumulated undistributed net realized gain/(loss) | (2,845,541) | (15,988,151) | (19,497,463) | |||||||||
Unrealized appreciation/(depreciation) | 231,471 | 3,153,978 | 9,226,030 | |||||||||
|
|
| ||||||||||
Net Assets | $ | 77,717,538 | $ | 83,190,229 | $ | 50,235,276 | ||||||
|
|
| ||||||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 7,427,231 | 3,218,372 | 1,915,591 | |||||||||
Class C | 430,311 | 809,891 | 819,255 | |||||||||
Class A | 406,181 | 852,314 | 332,328 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 9.40 | $ | 17.03 | $ | 17.03 | ||||||
Class C | $ | 9.45 | $ | 17.18 | $ | 14.98 | ||||||
Class A | $ | 9.37 | $ | 16.99 | $ | 16.07 | ||||||
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 9.84 | $ | 18.03 | $ | 17.05 | ||||||
(a) Includes securities on loan of | $ | 1,524,042 | $ | – | $ | – |
The accompanying notes are an integral part of the financial statements.
22 | www.iconfunds.com |
Table of Contents
ICON Diversified Funds | Statements of Assets and Liabilities | |
March 31, 2017 (Unaudited) |
ICON Long/Short Fund | ICON Opportunities Fund | ICON Risk-Managed Balanced Fund | ||||||||||
| ||||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 16,576,807 | $ | 14,820,969 | $ | 36,456,023 | ||||||
|
| |||||||||||
Investments, at value(a) | 20,351,126 | 18,075,048 | 38,418,991 | |||||||||
Receivables: | ||||||||||||
Investments sold | – | – | 424,647 | |||||||||
Fund shares sold | 3,617 | 2,507 | 258,737 | |||||||||
Expense reimbursements due from Adviser | 16,589 | – | 12,060 | |||||||||
Interest | 5 | – | 141,371 | |||||||||
Dividends | 9,561 | 2,134 | 17,368 | |||||||||
Foreign tax reclaims | – | – | – | |||||||||
Other assets | 15,005 | 7,286 | 16,157 | |||||||||
|
| |||||||||||
Total assets | 20,395,903 | 18,086,975 | 39,289,331 | |||||||||
|
| |||||||||||
Liabilities | ||||||||||||
Written options, at value (Premiums received, $–, $– and $13,984 and, respectively) | – | – | 8,400 | |||||||||
Payables: | ||||||||||||
Payable for collateral received on securities loaned | – | 265,650 | 569,581 | |||||||||
Expense recoupment due to Adviser | – | 6,594 | – | |||||||||
Investments purchased | – | 181,900 | 422,286 | |||||||||
Fund shares redeemed | 14,597 | 16,758 | 35,189 | |||||||||
Advisory fees | 14,772 | 11,147 | 24,228 | |||||||||
Transfer agent fees | 9,377 | 3,906 | 15,599 | |||||||||
Fund accounting fees | 1,205 | 1,293 | 4,306 | |||||||||
Accrued distribution fees | 5,212 | – | 14,593 | |||||||||
Trustee fees and expenses | 633 | 280 | 1,382 | |||||||||
Administration fees | 893 | 764 | 1,678 | |||||||||
Accrued expenses | 10,340 | 9,905 | 16,811 | |||||||||
|
| |||||||||||
Total liabilities | 57,029 | 498,197 | 1,114,053 | |||||||||
|
| |||||||||||
Net Assets - all share classes | $ | 20,338,874 | $ | 17,588,778 | $ | 38,175,278 | ||||||
|
| |||||||||||
Net Assets - Class S | $ | 9,698,282 | $ | – | $ | 15,266,940 | ||||||
|
| |||||||||||
Net Assets - Class C | $ | 4,462,782 | $ | – | $ | 15,295,190 | ||||||
|
| |||||||||||
Net Assets - Class A | $ | 6,177,810 | $ | – | $ | 7,613,148 | ||||||
|
| |||||||||||
Net Assets Consists of | ||||||||||||
Paid-in capital | $ | 71,466,247 | $ | 14,421,511 | $ | 48,903,619 | ||||||
Accumulated undistributed net investment income/(loss) | (50,559) | (98,409) | 36,184 | |||||||||
Accumulated undistributed net realized gain/(loss) | (54,851,133) | 11,597 | (12,733,077) | |||||||||
Unrealized appreciation/(depreciation) | 3,774,319 | 3,254,079 | 1,968,552 | |||||||||
|
| |||||||||||
Net Assets | $ | 20,338,874 | $ | 17,588,778 | $ | 38,175,278 | ||||||
|
| |||||||||||
Shares outstanding (unlimited shares authorized, no par value) | 1,048,860 | |||||||||||
Class S | 424,841 | – | 1,002,955 | |||||||||
Class C | 220,781 | – | 1,096,008 | |||||||||
Class A | 279,114 | – | 512,614 | |||||||||
Net asset value (offering and redemption price per share) | $ | 16.77 | ||||||||||
Class S | $ | 22.83 | $ | – | $ | 15.22 | ||||||
Class C | $ | 20.21 | $ | – | $ | 13.96 | ||||||
Class A | $ | 22.13 | $ | – | $ | 14.85 | ||||||
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 23.48 | $ | – | $ | 15.76 | ||||||
(a) Includes securities on loan of | $ | – | $ | 254,100 | $ | 558,107 |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 23 |
Table of Contents
ICON Diversified Funds | Statements of Operations | |
Period Ended March 31, 2017 (Unaudited) |
ICON Bond Fund | ICON Equity Income Fund | ICON Fund | ||||||||||
| ||||||||||||
Investment Income | ||||||||||||
Interest | $ | 1,459,184 | $ | 91,766 | $ | 281 | ||||||
Dividends | 422,102 | 1,487,313 | 268,264 | |||||||||
Foreign taxes withheld | – | (15,274) | (1,874) | |||||||||
Income from securities lending, net | 1,908 | 182,004 | – | |||||||||
Other income | 87,338 | 15,000 | – | |||||||||
|
| |||||||||||
Total investment income | 1,970,532 | 1,760,809 | 266,671 | |||||||||
|
| |||||||||||
Expenses | ||||||||||||
Advisory fees | 249,592 | 278,470 | 176,086 | |||||||||
Administration fees | 20,799 | 18,565 | 11,739 | |||||||||
Transfer agent fees | 27,158 | 42,678 | 27,550 | |||||||||
Distribution fees: | ||||||||||||
Class C | 18,198 | 59,753 | 59,647 | |||||||||
Class A | 8,023 | 19,051 | 6,708 | |||||||||
Registration fees | 22,415 | 20,220 | 19,131 | |||||||||
Audit and tax service expense | 9,838 | 9,705 | 8,436 | |||||||||
Fund accounting fees | 18,151 | 15,458 | 9,079 | |||||||||
Trustee fees and expenses | 6,707 | 5,436 | 3,551 | |||||||||
Insurance expense | 3,819 | 2,822 | 2,017 | |||||||||
Custody fees | 4,070 | 3,043 | 1,822 | |||||||||
Printing fees | 6,039 | 5,873 | 5,906 | |||||||||
Interest expense | – | 25 | 1,376 | |||||||||
Recoupment of previously reimbursed expenses | – | 11,228 | – | |||||||||
Other expenses | 24,744 | 18,749 | 14,578 | |||||||||
|
| |||||||||||
Total expenses before expense reimbursement | 419,553 | 511,076 | 347,626 | |||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (81,557) | (16,910) | (8,093) | |||||||||
|
| |||||||||||
Net Expenses | 337,996 | 494,166 | 339,533 | |||||||||
|
| |||||||||||
Net Investment Income/(Loss) | 1,632,536 | 1,266,643 | (72,862) | |||||||||
|
| |||||||||||
Realized and Unrealized Gain/(Loss) | ||||||||||||
Net realized gain/(loss) on: | ||||||||||||
Investments | (353,600) | 4,720,220 | 1,162,520 | |||||||||
Foreign currency | – | 35 | – | |||||||||
|
| |||||||||||
(353,600) | 4,720,255 | 1,162,520 | ||||||||||
|
| |||||||||||
Change in unrealized net appreciation/(depreciation) on: | ||||||||||||
Investments and foreign currency | (964,943) | 1,511,725 | 7,604,208 | |||||||||
|
| |||||||||||
(964,943) | 1,511,725 | 7,604,208 | ||||||||||
|
| |||||||||||
Net realized and unrealized gain/(loss) | (1,318,543) | 6,231,980 | 8,766,728 | |||||||||
|
| |||||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 313,993 | $ | 7,498,623 | $ | 8,693,866 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
��
24 | www.iconfunds.com |
Table of Contents
ICON Diversified Funds | Statements of Operations | |
Period Ended March 31, 2017 (Unaudited) |
ICON Long/Short Fund | ICON Opportunities Fund | ICON Risk-Managed Balanced Fund | ||||||||||
| ||||||||||||
Investment Income | ||||||||||||
Interest | $ | 221 | $ | 79 | $ | 270,402 | ||||||
Dividends | 101,103 | 56,827 | 271,195 | |||||||||
Foreign taxes withheld | (465) | – | (496) | |||||||||
Income from securities lending, net | – | – | 4,149 | |||||||||
Other income | – | – | 7,925 | |||||||||
|
| |||||||||||
Total investment income | 100,859 | 56,906 | 553,175 | |||||||||
|
| |||||||||||
Expenses | ||||||||||||
Advisory fees | 76,316 | 62,158 | 145,058 | |||||||||
Administration fees | 4,489 | 4,144 | 9,671 | |||||||||
Transfer agent fees | 24,976 | 12,947 | 35,774 | |||||||||
Distribution fees: | ||||||||||||
Class C | 21,755 | – | 74,552 | |||||||||
Class A | 7,234 | – | 10,183 | |||||||||
Registration fees | 18,596 | 7,596 | 20,638 | |||||||||
Audit and tax service expense | 9,321 | 8,303 | 10,598 | |||||||||
Fund accounting fees | 3,942 | 4,152 | 12,855 | |||||||||
Trustee fees and expenses | 1,471 | 1,161 | 3,254 | |||||||||
Insurance expense | 739 | 646 | 1,972 | |||||||||
Custody fees | 1,581 | 1,992 | 4,968 | |||||||||
Printing fees | 3,373 | 3,176 | 5,698 | |||||||||
Interest expense | 528 | 239 | 488 | |||||||||
Recoupment of previously reimbursed expenses | – | 12,785 | – | |||||||||
Other expenses | 7,331 | 5,585 | 14,143 | |||||||||
|
| |||||||||||
Total expenses before expense reimbursement | 181,652 | 124,884 | 349,852 | |||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (37,197) | (266) | (32,367) | |||||||||
|
| |||||||||||
Net Expenses | 144,455 | 124,618 | 317,485 | |||||||||
|
| |||||||||||
Net Investment Income/(Loss) | (43,596) | (67,712) | 235,690 | |||||||||
|
| |||||||||||
Realized and Unrealized Gain/(Loss) | ||||||||||||
Net realized gain/(loss) on: | ||||||||||||
Investments | 256,070 | 112,673 | 321,479 | |||||||||
Written options | – | – | 14,835 | |||||||||
|
| |||||||||||
256,070 | 112,673 | 336,314 | ||||||||||
|
| |||||||||||
Change in unrealized net appreciation/(depreciation) on: | ||||||||||||
Investments and foreign currency | 3,259,077 | 2,292,020 | 1,574,688 | |||||||||
Written options | – | – | 5,584 | |||||||||
|
| |||||||||||
3,259,077 | 2,292,020 | 1,580,272 | ||||||||||
|
| |||||||||||
Net realized and unrealized gain/(loss) | 3,515,147 | 2,404,693 | 1,916,586 | |||||||||
|
| |||||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 3,471,551 | $ | 2,336,981 | $ | 2,152,276 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 25 |
Table of Contents
ICON Diversified Funds | Statements of Changes in Net Assets |
ICON Bond Fund | ICON Equity Income Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | 1,632,536 | $ | 3,020,741 | $ | 1,266,643 | $ | 1,889,298 | ||||||||
Net realized gain/(loss) | (353,600) | 240,106 | 4,720,255 | (994,699) | ||||||||||||
Net realized gain/(loss) on long-term capital gain distributions from other investment companies | – | 7,949 | – | 987 | ||||||||||||
Change in net unrealized appreciation/(depreciation) | (964,943) | 2,838,297 | 1,511,725 | 5,024,516 | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 313,993 | 6,107,093 | 7,498,623 | 5,920,102 | ||||||||||||
|
| |||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||
Net investment income | ||||||||||||||||
Class S | (1,506,998) | (2,609,859) | (879,780) | (1,164,475) | ||||||||||||
Class C | (65,675) | (127,022) | (160,839) | (220,158) | ||||||||||||
Class A | (119,521) | (213,454) | (233,267) | (536,706) | ||||||||||||
|
| |||||||||||||||
Net decrease from dividends and distributions | (1,692,194) | (2,950,335) | (1,273,886) | (1,921,339) | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 12,395,687 | 23,652,490 | 20,373,468 | 22,323,535 | ||||||||||||
Class C | 501,280 | 2,037,494 | 3,777,125 | 4,965,537 | ||||||||||||
Class A | 1,292,498 | 3,634,359 | 2,473,220 | 5,435,514 | ||||||||||||
Reinvested dividends and distributions | ||||||||||||||||
Class S | 1,346,434 | 2,285,962 | 844,269 | 1,105,137 | ||||||||||||
Class C | 53,622 | 92,020 | 135,250 | 167,115 | ||||||||||||
Class A | 61,017 | 108,802 | 196,631 | 459,085 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (19,323,539) | (25,213,749) | (8,252,776) | (10,457,028) | ||||||||||||
Class C | (1,014,183) | (1,852,274) | (1,534,758) | (2,082,558) | ||||||||||||
Class A | (3,562,916) | (5,687,994) | (6,222,108) | (3,382,907) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) from fund share transactions | (8,250,100) | (942,890) | 11,790,321 | 18,533,430 | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | (9,628,301) | 2,213,868 | 18,015,058 | 22,532,193 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 87,345,839 | 85,131,971 | 65,175,171 | 42,642,978 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 77,717,538 | $ | 87,345,839 | $ | 83,190,229 | $ | 65,175,171 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | 63,759 | $ | 123,417 | $ | 24,675 | $ | 31,918 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
26 | www.iconfunds.com |
Table of Contents
ICON Diversified Funds | Statements of Changes in Net Assets | |
ICON Bond Fund | ICON Equity Income Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 1,312,895 | 2,542,262 | 1,240,016 | 1,471,811 | ||||||||||||
Class C | 53,099 | 218,630 | 227,338 | 323,130 | ||||||||||||
Class A | 138,551 | 394,911 | 150,050 | 358,450 | ||||||||||||
Issued to shareholders in reinvestment of distributions | ||||||||||||||||
Class S | 143,346 | 245,654 | 50,485 | 73,747 | ||||||||||||
Class C | 5,683 | 9,850 | 7,997 | 11,022 | ||||||||||||
Class A | 6,520 | 11,757 | 11,789 | 30,748 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (2,054,172) | (2,710,665) | (497,211) | (706,603) | ||||||||||||
Class C | (107,391) | (197,764) | (93,880) | (138,110) | ||||||||||||
Class A | (380,346) | (619,858) | (386,514) | (224,896) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) | (881,815) | (105,223) | 710,070 | 1,199,299 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 9,145,538 | 9,250,761 | 4,170,507 | 2,971,208 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 8,263,723 | 9,145,538 | 4,880,577 | 4,170,507 | ||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 27 |
Table of Contents
ICON Diversified Funds | Statements of Changes in Net Assets | |
ICON Fund | ICON Long/Short Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | (72,862) | $ | 28,353 | $ | (43,596) | $ | (19,017) | ||||||||
Net realized gain/(loss) | 1,162,520 | (1,328,436) | 256,070 | 67,924 | ||||||||||||
Change in net unrealized appreciation/(depreciation) | 7,604,208 | 1,797,942 | 3,259,077 | 8,849 | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 8,693,866 | 497,859 | 3,471,551 | 57,756 | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 5,999,876 | 1,519,056 | 2,437,462 | 1,759,878 | ||||||||||||
Class C | 200,578 | 455,017 | 32,440 | 196,083 | ||||||||||||
Class A | 292,191 | 356,458 | 1,633,144 | 635,346 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (7,759,282) | (6,734,706) | (1,347,487) | (11,978,015) | ||||||||||||
Class C | (1,645,251) | (2,714,880) | (617,198) | (2,239,810) | ||||||||||||
Class A | (1,453,620) | (1,906,267) | (1,911,846) | (4,472,867) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) from fund share transactions | (4,365,508) | (9,025,322) | 226,515 | (16,099,385) | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | 4,328,358 | (8,527,463) | 3,698,066 | (16,041,629) | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 45,906,918 | 54,434,381 | 16,640,808 | 32,682,437 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 50,235,276 | $ | 45,906,918 | $ | 20,338,874 | $ | 16,640,808 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (72,862) | $ | – | $ | (50,559) | $ | (6,963) | ||||||||
|
| |||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 373,857 | 108,905 | 109,375 | 98,051 | ||||||||||||
Class C | 14,261 | 37,939 | 1,668 | 11,912 | ||||||||||||
Class A | 19,896 | 27,328 | 79,031 | 36,303 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (511,304) | (492,502) | (64,858) | (652,902) | ||||||||||||
Class C | (119,719) | (223,446) | (33,811) | (139,906) | ||||||||||||
Class A | (99,944) | (147,621) | (92,593) | (256,603) | ||||||||||||
|
| |||||||||||||||
Net decrease | (322,953) | (689,397) | (1,188) | (903,145) | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 3,390,127 | 4,079,524 | 925,924 | 1,829,069 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 3,067,174 | 3,390,127 | 924,736 | 925,924 | ||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
28 | www.iconfunds.com |
Table of Contents
ICON Diversified Funds | Statements of Changes in Net Assets | |
ICON Opportunities Fund | ICON Risk-Managed Balanced Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | (67,712) | $ | (27,160) | $ | 235,690 | $ | 503,738 | ||||||||
Net realized gain/(loss) | 112,673 | 143,820 | 336,314 | 121,100 | ||||||||||||
Net realized gain/(loss) on long-term capital gain distributions from other investment companies | – | – | – | 11,386 | ||||||||||||
Change in net unrealized appreciation/(depreciation) | 2,292,020 | 1,036,666 | 1,580,272 | 1,179,154 | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 2,336,981 | 1,153,326 | 2,152,276 | 1,815,378 | ||||||||||||
|
| |||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||
Net investment income | – | – | ||||||||||||||
Class S | – | – | (133,761) | (301,369) | ||||||||||||
Class C | – | – | (73,179) | (60,049) | ||||||||||||
Class A | – | – | (60,802) | (92,328) | ||||||||||||
Net realized gains | (221,532) | (10,170) | ||||||||||||||
|
| |||||||||||||||
Net decrease from dividends and distributions | (221,532) | (10,170) | (267,742) | (453,746) | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | 1,169,401 | 6,108,876 | ||||||||||||||
Class S | – | – | 4,065,067 | 15,411,061 | ||||||||||||
Class C | – | – | 2,146,313 | 7,253,783 | ||||||||||||
Class A | – | – | 510,158 | 4,152,730 | ||||||||||||
Reinvested dividends and distributions | 221,332 | 10,162 | ||||||||||||||
Class S | – | – | 122,700 | 259,419 | ||||||||||||
Class C | – | – | 63,486 | 46,376 | ||||||||||||
Class A | – | – | 55,530 | 79,762 | ||||||||||||
Shares repurchased | (1,976,301) | (2,250,264) | ||||||||||||||
Class S | – | – | (9,733,000) | (22,982,522) | ||||||||||||
Class C | – | – | (2,819,315) | (5,595,969) | ||||||||||||
Class A | – | – | (2,453,948) | (3,836,027) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) from fund share transactions | (585,568) | 3,868,774 | (8,043,009) | (5,211,387) | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | 1,529,881 | 5,011,930 | (6,158,475) | (3,849,755) | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 16,058,897 | 11,046,967 | 44,333,753 | 48,183,508 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 17,588,778 | $ | 16,058,897 | $ | 38,175,278 | $ | 44,333,753 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (98,409) | $ | (30,697) | $ | 36,184 | $ | 68,236 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 29 |
Table of Contents
ICON Diversified Funds | Statements of Changes in Net Assets | |
ICON Opportunities Fund | ICON Risk-Managed Balanced Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | 72,774 | 426,361 | ||||||||||||||
Class S | – | – | 274,579 | 1,094,151 | ||||||||||||
Class C | – | – | 157,715 | 554,021 | ||||||||||||
Class A | – | – | 35,070 | 298,768 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 13,488 | 753 | ||||||||||||||
Class S | – | – | 8,261 | 18,182 | ||||||||||||
Class C | – | – | 4,684 | 3,547 | ||||||||||||
Class A | – | – | 3,835 | 5,727 | ||||||||||||
Shares repurchased | (126,550) | (167,271) | ||||||||||||||
Class S | – | – | (669,154) | (1,625,982) | ||||||||||||
Class C | – | – | (208,342) | (429,201) | ||||||||||||
Class A | – | – | (170,942) | (277,104) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) | (40,288) | 259,843 | (564,294) | (357,891) | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 1,089,148 | 829,305 | 3,175,871 | 3,533,762 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 1,048,860 | 1,089,148 | 2,611,577 | 3,175,871 | ||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
30 | www.iconfunds.com |
Table of Contents
ICON Bond Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 9.55 | $ | 9.20 | $ | 9.90 | $ | 9.89 | $ | 10.51 | $ | 10.11 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.19 | 0.34 | 0.41 | 0.43(c | ) | 0.24 | 0.38 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | (0.14) | 0.34 | (0.44) | 0.15 | (0.32) | 0.59 | ||||||||||||||||||
Total from investment operations | 0.05 | 0.68 | (0.03) | 0.58 | (0.08) | 0.97 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.20) | (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 | (0.20) | (0.33) | (0.67) | (0.57) | (0.54) | (0.57) | ||||||||||||||||||
Net asset value, end of period | $ | 9.40 | $ | 9.55 | $ | 9.20 | $ | 9.90 | $ | 9.89 | $ | 10.51 | ||||||||||||
Total Return | 0.51%(d) | 7.54% | (0.28)% | 6.01% | (0.84)% | 9.93% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 69,847 | $ | 76,656 | $ | 73,152 | $ | 87,675 | $ | 88,313 | $ | 81,381 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.91%(e) | 0.93% | 0.91% | 0.86% | 0.89% | 0.88% | ||||||||||||||||||
After expense limitation(f) | 0.75%(e) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 3.83%(e) | 3.43% | 4.10% | 4.22% | 2.19% | 3.46% | ||||||||||||||||||
After expense limitation(f) | 3.99%(e) | 3.61% | 4.26% | 4.33%(c) | 2.33% | 3.59% | ||||||||||||||||||
Portfolio turnover rate | 92%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 31 |
Table of Contents
ICON Bond Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class C | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 9.58 | $ | 9.24 | $ | 9.94 | $ | 9.93 | $ | 10.55 | $ | 10.15 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | 0.15 | 0.26 | 0.32 | 0.34(b | ) | 0.15 | 0.31 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | (0.14) | 0.34 | (0.43) | 0.15 | (0.32) | 0.57 | ||||||||||||||||||
Total from investment operations | 0.01 | 0.60 | (0.11) | 0.49 | (0.17) | 0.88 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.14) | (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 | (0.14) | (0.26) | (0.59) | (0.48) | (0.45) | (0.48) | ||||||||||||||||||
Net asset value, end of period | $ | 9.45 | $ | 9.58 | $ | 9.24 | $ | 9.94 | $ | 9.93 | $ | 10.55 | ||||||||||||
Total Return(c) | 0.16%(d) | 6.59% | (1.10)% | 5.10% | (1.66)% | 8.98% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 4,065 | $ | 4,590 | $ | 4,142 | $ | 2,879 | $ | 3,008 | $ | 3,772 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.10%(e) | 2.10% | 2.19% | 2.27% | 2.06% | 2.28% | ||||||||||||||||||
After expense limitation(f) | 1.60%(e) | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.63%(e) | 2.28% | 2.76% | 2.75% | 1.02% | 2.35% | ||||||||||||||||||
After expense limitation(f) | 3.13%(e) | 2.78% | 3.35% | 3.42%(b) | 1.48% | 3.03% | ||||||||||||||||||
Portfolio turnover rate | 92%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
32 | www.iconfunds.com |
Table of Contents
ICON Bond Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 9.51 | $ | 9.17 | $ | 9.86 | $ | 9.89 | $ | 10.51 | $ | 10.11 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.18 | 0.31 | 0.36 | 0.43(c | ) | 0.21 | 0.36 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | (0.14) | 0.34 | (0.41) | 0.12 | (0.32) | 0.58 | ||||||||||||||||||
Total from investment operations | 0.04 | 0.65 | (0.05) | 0.55 | (0.11) | 0.94 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.18) | (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 | (0.18) | (0.31) | (0.64) | (0.58) | (0.51) | (0.54) | ||||||||||||||||||
Net asset value, end of period | $ | 9.37 | $ | 9.51 | $ | 9.17 | $ | 9.86 | $ | 9.89 | $ | 10.51 | ||||||||||||
Total Return(d) | 0.40%(e) | 7.25% | (0.44)% | 5.77% | (1.08)% | 9.66% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 3,806 | $ | 6,100 | $ | 7,838 | $ | 4,278 | $ | 6,792 | $ | 7,515 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.37%(f) | 1.38% | 1.36% | 1.44% | 1.34% | 1.31% | ||||||||||||||||||
After expense limitation(g) | 1.00%(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 3.38%(f) | 2.98% | 3.50% | 3.84% | 1.71% | 3.13% | ||||||||||||||||||
After expense limitation(g) | 3.75%(f) | 3.36% | 3.86% | 4.28%(c) | 2.06% | 3.44% | ||||||||||||||||||
Portfolio turnover rate | 92%(e) | 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) | Not Annualized. |
(f) | Annualized. |
(g) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 33 |
Table of Contents
ICON Equity Income Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 15.62 | $ | 14.36 | $ | 14.87 | $ | 13.80 | $ | 12.18 | $ | 10.21 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.30 | 0.60 | 0.56 | 0.52 | 0.47 | 0.43 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.40 | 1.27 | (0.56) | 1.04 | 1.65 | 2.03 | ||||||||||||||||||
Total from investment operations | 1.70 | 1.87 | (0.00)(c | ) | 1.56 | 2.12 | 2.46 | |||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.29) | (0.61) | (0.51) | (0.49) | (0.50) | (0.49) | ||||||||||||||||||
Total dividends and distributions | (0.29) | (0.61) | (0.51) | (0.49) | (0.50) | (0.49) | ||||||||||||||||||
Net asset value, end of period | $ | 17.03 | $ | 15.62 | $ | 14.36 | $ | 14.87 | $ | 13.80 | $ | 12.18 | ||||||||||||
Total Return | 10.92%(d) | 13.30% | (0.17)% | 11.36% | 17.76% | 24.43% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 54,799 | $ | 37,868 | $ | 22,779 | $ | 8,022 | $ | 5,116 | $ | 7,123 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.14%(e) | 1.24% | 1.25% | 1.38% | 1.53% | 1.47% | ||||||||||||||||||
After expense limitation(f) | 1.11%(e)(g) | 1.20% | 1.20% | 1.20% | 1.21% | 1.21% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 3.59%(e) | 3.91% | 3.52% | 3.36% | 3.28% | 3.31% | ||||||||||||||||||
After expense limitation(f) | 3.62%(e) | 3.95% | 3.57% | 3.54% | 3.60% | 3.57% | ||||||||||||||||||
Portfolio turnover rate | 97%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
(g) | Effective January 26, 2017, the annual expense limitation rate changed from 1.20% to 0.99%. |
The accompanying notes are an integral part of the financial statements.
34 | www.iconfunds.com |
Table of Contents
ICON Equity Income Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class C | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 15.76 | $ | 14.45 | $ | 14.96 | $ | 13.88 | $ | 12.25 | $ | 10.16 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | 0.22 | 0.45 | 0.40 | 0.36 | 0.35 | 0.29 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.41 | 1.28 | (0.56) | 1.06 | 1.65 | 2.06 | ||||||||||||||||||
Total from investment operations | 1.63 | 1.73 | (0.16) | 1.42 | 2.00 | 2.35 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.21) | (0.42) | (0.35) | (0.34) | (0.37) | (0.26) | ||||||||||||||||||
Total dividends and distributions | (0.21) | (0.42) | (0.35) | (0.34) | (0.37) | (0.26) | ||||||||||||||||||
Net asset value, end of period | $ | 17.18 | $ | 15.76 | $ | 14.45 | $ | 14.96 | $ | 13.88 | $ | 12.25 | ||||||||||||
Total Return(b) | 10.37%(c) | 12.15% | (1.16)% | 10.26% | 16.58% | 23.31% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 13,913 | $ | 10,532 | $ | 6,825 | $ | 5,481 | $ | 5,423 | $ | 5,146 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.19%(d) | 2.34% | 2.34% | 2.45% | 2.42% | 2.62% | ||||||||||||||||||
After expense limitation(e) | 2.12%(d)(f) | 2.20% | 2.20% | 2.20% | 2.21% | 2.20% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.56%(d) | 2.80% | 2.40% | 2.21% | 2.49% | 2.09% | ||||||||||||||||||
After expense limitation(e) | 2.63%(d) | 2.94% | 2.54% | 2.46% | 2.70% | 2.51% | ||||||||||||||||||
Portfolio turnover rate | 97%(c) | 145% | 174% | 148% | 163% | 122% |
(a) | Calculated using the average shares method. |
(b) | The total return calculation excludes any sales charges. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
(f) | Effective January 26, 2017, the annual expense limitation rate changed from 2.20% to 1.99%. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 35 |
Table of Contents
ICON Equity Income Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 15.58 | $ | 14.29 | $ | 14.79 | $ | 13.73 | $ | 12.12 | $ | 10.15 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.27 | 0.56 | 0.50 | 0.47 | 0.45 | 0.39 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.41 | 1.26 | (0.53) | 1.04 | 1.63 | 2.03 | ||||||||||||||||||
Total from investment operations | 1.68 | 1.82 | (0.03) | 1.51 | 2.08 | 2.42 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.27) | (0.53) | (0.47) | (0.45) | (0.47) | (0.45) | ||||||||||||||||||
Total dividends and distributions | (0.27) | (0.53) | (0.47) | (0.45) | (0.47) | (0.45) | ||||||||||||||||||
Net asset value, end of period | $ | 16.99 | $ | 15.58 | $ | 14.29 | $ | 14.79 | $ | 13.73 | $ | 12.12 | ||||||||||||
Total Return(c) | 10.79%(d) | 12.97% | (0.38)% | 11.07% | 17.49% | 24.10% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 14,478 | $ | 16,775 | $ | 13,039 | $ | 13,847 | $ | 12,798 | $ | 10,758 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.47%(e) | 1.54% | 1.52% | 1.59% | 1.68% | 1.69% | ||||||||||||||||||
After expense limitation(f) | 1.37%(e)(g) | 1.45% | 1.45% | 1.45% | 1.46% | 1.45% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 3.27%(e) | 3.64% | 3.14% | 3.08% | 3.24% | 3.11% | ||||||||||||||||||
After expense limitation(f) | 3.37%(e) | 3.73% | 3.21% | 3.22% | 3.45% | 3.35% | ||||||||||||||||||
Portfolio turnover rate | 97%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
(g) | Effective January 26, 2017, the annual expense limitation rate changed from 1.45% to 1.24%. |
The accompanying notes are an integral part of the financial statements.
36 | www.iconfunds.com |
Table of Contents
ICON Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 14.08 | $ | 13.83 | $ | 14.52 | $ | 14.00 | $ | 11.34 | $ | 8.82 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.00(c)(d) | 0.05 | (0.02) | 0.00(c | ) | 0.07 | 0.07 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.95 | 0.20 | (0.67) | 0.52 | 2.66 | 2.45 | ||||||||||||||||||
Total from investment operations | 2.95 | 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 | $ | 17.03 | $ | 14.08 | $ | 13.83 | $ | 14.52 | $ | 14.00 | $ | 11.34 | ||||||||||||
Total Return | 20.95%(e) | 1.81% | (4.75)% | 3.71% | 24.27% | 28.57% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 32,618 | $ | 28,897 | $ | 33,695 | $ | 41,577 | $ | 6,986 | $ | 22,952 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.11%(f) | 1.12% | 1.09% | 1.10% | 1.23% | 1.18% | ||||||||||||||||||
After expense limitation(g) | 1.11%(f) | 1.12% | 1.09% | 1.10% | 1.23% | 1.18% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.02%(f) | 0.39% | (0.11)% | 0.02% | 0.59% | 0.61% | ||||||||||||||||||
After expense limitation(g) | 0.02%(f) | 0.39% | (0.11)% | 0.02% | 0.59% | 0.61% | ||||||||||||||||||
Portfolio turnover rate | 6%(e) | 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 per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period. |
(e) | Not Annualized. |
(f) | Annualized. |
(g) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 37 |
Table of Contents
ICON Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class C | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.46 | $ | 12.38 | $ | 13.15 | $ | 12.82 | $ | 10.42 | $ | 8.17 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.08) | (0.09)(b) | (0.18) | (0.14) | (0.07) | (0.04) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.60 | 0.17 | (0.59) | 0.47 | 2.47 | 2.29 | ||||||||||||||||||
Total from investment operations | 2.52 | 0.08 | (0.77) | 0.33 | 2.40 | 2.25 | ||||||||||||||||||
Net asset value, end of period | $ | 14.98 | $ | 12.46 | $ | 12.38 | $ | 13.15 | $ | 12.82 | $ | 10.42 | ||||||||||||
Total Return(c) | 20.22%(d) | 0.65% | (5.86)% | 2.57% | 23.03% | 27.54% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 12,276 | $ | 11,520 | $ | 13,745 | $ | 17,050 | $ | 18,848 | $ | 18,378 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.32%(e) | 2.41% | 2.27% | 2.26% | 2.32% | 2.35% | ||||||||||||||||||
After expense limitation(f) | 2.26%(e) | 2.26% | 2.25% | 2.25% | 2.26% | 2.28% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (1.17)%(e) | (0.90)% | (1.29)% | (1.09)% | (0.64)% | (0.48)% | ||||||||||||||||||
After expense limitation(f) | (1.11)%(e) | (0.75)% | (1.27)% | (1.08)% | (0.58)% | (0.41)% | ||||||||||||||||||
Portfolio turnover rate | 6%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
38 | www.iconfunds.com |
Table of Contents
ICON Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 13.31 | $ | 13.13 | $ | 13.84 | $ | 13.39 | $ | 10.85 | $ | 8.46 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.03) | 0.00(c) | (0.08) | (0.05) | 0.02 | 0.03 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.79 | 0.18 | (0.63) | 0.50 | 2.56 | 2.36 | ||||||||||||||||||
Total from investment operations | 2.76 | 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 | $ | 16.07 | $ | 13.31 | $ | 13.13 | $ | 13.84 | $ | 13.39 | $ | 10.85 | ||||||||||||
Total Return(d) | 20.74%(e) | 1.37% | (5.13)% | 3.36% | 23.90% | 28.25% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 5,342 | $ | 5,490 | $ | 6,994 | $ | 8,076 | $ | 10,000 | $ | 12,401 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.68%(f) | 1.67% | 1.55% | 1.56% | 1.58% | 1.54% | ||||||||||||||||||
After expense limitation(g) | 1.51%(f) | 1.51% | 1.50% | 1.50% | 1.51% | 1.54% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.53)%(f) | (0.16)% | (0.57)% | (0.38)% | 0.12% | 0.27% | ||||||||||||||||||
After expense limitation(g) | (0.36)%(f) | 0.00%(h) | (0.52)% | (0.32)% | 0.19% | 0.27% | ||||||||||||||||||
Portfolio turnover rate | 6%(e) | 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) | Not Annualized. |
(f) | Annualized. |
(g) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
(h) | Less than 0.005% of average net assets. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 39 |
Table of Contents
ICON Long/Short Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 18.70 | $ | 18.39 | $ | 18.41 | $ | 17.48 | $ | 14.56 | $ | 11.61 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.01) | 0.04(c) | (0.09) | (0.06) | 0.01 | 0.02 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 4.14 | 0.27 | 0.07 | 0.99 | 2.91 | 2.93 | ||||||||||||||||||
Total from investment operations | 4.13 | 0.31 | (0.02) | 0.93 | 2.92 | 2.95 | ||||||||||||||||||
Net asset value, end of period | $ | 22.83 | $ | 18.70 | $ | 18.39 | $ | 18.41 | $ | 17.48 | $ | 14.56 | ||||||||||||
Total Return | 22.09%(d) | 1.69% | (0.11)% | 5.32% | 20.05% | 25.41% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 9,698 | $ | 7,114 | $ | 17,196 | $ | 16,465 | $ | 4,774 | $ | 3,471 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.60%(e) | 1.63% | 1.37% | 1.45% | 1.53% | 2.18% | ||||||||||||||||||
After expense limitation(f) | 1.26%(e) | 1.28% | 1.28% | 1.32% | 1.32% | 1.35% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.46)%(e) | (0.11)% | (0.52)% | (0.47)% | (0.14)% | (0.70)% | ||||||||||||||||||
After expense limitation(f) | (0.12)%(e) | 0.24% | (0.43)% | (0.34)% | 0.07% | 0.13% | ||||||||||||||||||
Portfolio turnover rate | 6%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | 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.
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Table of Contents
ICON Long/Short Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class C | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 16.65 | $ | 16.54 | $ | 16.74 | $ | 16.05 | $ | 13.52 | $ | 10.89 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.11) | (0.13) | (0.27) | (0.24) | (0.14) | (0.11) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 3.67 | 0.24 | 0.07 | 0.93 | 2.67 | 2.74 | ||||||||||||||||||
Total from investment operations | 3.56 | 0.11 | (0.20) | 0.69 | 2.53 | 2.63 | ||||||||||||||||||
Net asset value, end of period | $ | 20.21 | $ | 16.65 | $ | 16.54 | $ | 16.74 | $ | 16.05 | $ | 13.52 | ||||||||||||
Total Return(b) | 21.38%(c) | 0.67% | (1.19)% | 4.30% | 18.71% | 24.15% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 4,463 | $ | 4,211 | $ | 6,300 | $ | 6,932 | $ | 6,108 | $ | 6,004 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.78%(d) | 2.76% | 2.53% | 2.57% | 2.62% | 2.95% | ||||||||||||||||||
After expense limitation(e) | 2.31%(d) | 2.33% | 2.33% | 2.38% | 2.37% | 2.41% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (1.67)%(d) | (1.21)% | (1.68)% | (1.58)% | (1.21)% | (1.44)% | ||||||||||||||||||
After expense limitation(e) | (1.20)%(d) | (0.78)% | (1.48)% | (1.39)% | (0.96)% | (0.90)% | ||||||||||||||||||
Portfolio turnover rate | 6%(c) | 20% | 74% | 65% | 33% | 54% |
(a) | Calculated using the average shares method. |
(b) | The total return calculation excludes any sales charges. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 41 |
Table of Contents
ICON Long/Short Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 18.16 | $ | 17.91 | $ | 17.99 | $ | 17.13 | $ | 14.31 | $ | 11.44 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.04) | (0.01) | (0.15) | (0.12) | (0.02) | (0.02) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 4.01 | 0.26 | 0.07 | 0.98 | 2.84 | 2.89 | ||||||||||||||||||
Total from investment operations | 3.97 | 0.25 | (0.08) | 0.86 | 2.82 | 2.87 | ||||||||||||||||||
Net asset value, end of period | $ | 22.13 | $ | 18.16 | $ | 17.91 | $ | 17.99 | $ | 17.13 | $ | 14.31 | ||||||||||||
Total Return(c) | 21.86%(d) | 1.40% | (0.44)% | 5.02% | 19.71% | 25.09% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 6,178 | $ | 5,316 | $ | 9,186 | $ | 11,160 | $ | 8,813 | $ | 15,687 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.01%(e) | 1.95% | 1.73% | 1.81% | 1.91% | 2.09% | ||||||||||||||||||
After expense limitation(f) | 1.56%(e) | 1.58% | 1.58% | 1.63% | 1.61% | 1.65% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.89)%(e) | (0.40)% | (0.89)% | (0.82)% | (0.45)% | (0.58)% | ||||||||||||||||||
After expense limitation(f) | (0.44)%(e) | (0.03)% | (0.74)% | (0.64)% | (0.16)% | (0.14)% | ||||||||||||||||||
Portfolio turnover rate | 6%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | 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.
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Table of Contents
ICON Opportunities Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Period Ended March 31, 2017 (Unaudited) | 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 | $ | 14.74 | $ | 13.32 | $ | 13.04 | $ | 13.02 | $ | 10.00 | ||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||
Net investment income/(loss)(b) | (0.06) | (0.03) | (0.09) | (0.12) | (0.01) | |||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.30 | 1.46 | 0.58 | 0.41(c) | 3.03 | |||||||||||||||
Total from investment operations | 2.24 | 1.43 | 0.49 | 0.29 | 3.02 | |||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||
Distributions from net realized gains | (0.21) | (0.01) | (0.21) | (0.27) | – | |||||||||||||||
Total dividends and distributions | (0.21) | (0.01) | (0.21) | (0.27) | – | |||||||||||||||
Net asset value, end of period | $ | 16.77 | $ | 14.74 | $ | 13.32 | $ | 13.04 | $ | 13.02 | ||||||||||
Total Return | 15.25%(d) | 10.76% | 3.75% | 2.19% | 30.20% | |||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 17,589 | $ | 16,059 | $ | 11,047 | $ | 12,133 | $ | 442 | ||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense limitation | 1.51%(e) | 1.53% | 1.58% | 2.44% | 12.47% | |||||||||||||||
After expense limitation(f) | 1.50%(e) | 1.51% | 1.50% | 1.50% | 1.52% | |||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||
Before expense limitation | (0.82)%(e) | (0.27)% | (0.72)% | (1.81)% | (11.02)% | |||||||||||||||
After expense limitation(f) | (0.81)%(e) | (0.25)% | (0.65)% | (0.87)% | (0.07)% | |||||||||||||||
Portfolio turnover rate | 18%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 43 |
Table of Contents
ICON Risk-Managed Balanced Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 14.46 | $ | 14.02 | $ | 13.98 | $ | 13.40 | $ | 12.32 | $ | 10.88 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.12 | 0.19 | 0.18 | 0.24 | 0.24 | 0.15 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.77 | 0.42 | 0.01 | 0.56 | 1.04 | 1.44 | ||||||||||||||||||
Total from investment operations | 0.89 | 0.61 | 0.19 | 0.80 | 1.28 | 1.59 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.13) | (0.17) | (0.15) | (0.22) | (0.20) | (0.15) | ||||||||||||||||||
Total dividends and distributions | (0.13) | (0.17) | (0.15) | (0.22) | (0.20) | (0.15) | ||||||||||||||||||
Net asset value, end of period | $ | 15.22 | $ | 14.46 | $ | 14.02 | $ | 13.98 | $ | 13.40 | $ | 12.32 | ||||||||||||
Total Return | 6.21%(c) | 4.39% | 1.35% | 6.02% | 10.51% | 14.65% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 15,267 | $ | 20,087 | $ | 26,677 | $ | 20,071 | $ | 43,350 | $ | 6,692 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.40%(d) | 1.27% | 1.34% | 1.22% | 1.43% | 1.80% | ||||||||||||||||||
After expense limitation(e) | 1.20%(d) | 1.20% | 1.20% | 1.20% | 1.21% | 1.24% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.45%(d) | 1.27% | 1.09% | 1.72% | 1.65% | 0.69% | ||||||||||||||||||
After expense limitation(e) | 1.65%(d) | 1.34% | 1.23% | 1.74% | 1.87% | 1.25% | ||||||||||||||||||
Portfolio turnover rate | 39%(c) | 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) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
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Table of Contents
ICON Risk-Managed Balanced Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class C | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 13.27 | $ | 12.89 | $ | 12.90 | $ | 12.39 | $ | 11.41 | $ | 10.09 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | 0.05 | 0.04 | 0.03 | 0.09 | 0.09 | 0.02 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.71 | 0.39 | 0.01 | 0.54 | 0.98 | 1.34 | ||||||||||||||||||
Total from investment operations | 0.76 | 0.43 | 0.04 | 0.63 | 1.07 | 1.36 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.07) | (0.05) | (0.05) | (0.12) | (0.09) | (0.04) | ||||||||||||||||||
Total dividends and distributions | (0.07) | (0.05) | (0.05) | (0.12) | (0.09) | (0.04) | ||||||||||||||||||
Net asset value, end of period | $ | 13.96 | $ | 13.27 | $ | 12.89 | $ | 12.90 | $ | 12.39 | $ | 11.41 | ||||||||||||
Total Return(b) | 5.72%(c) | 3.35% | 0.31% | 5.06% | 9.45% | 13.47% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 15,295 | $ | 15,151 | $ | 13,061 | $ | 9,469 | $ | 5,667 | $ | 2,243 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.31%(d) | 2.29% | 2.38% | 2.33% | 2.72% | 3.25% | ||||||||||||||||||
After expense limitation(e) | 2.20%(d) | 2.20% | 2.20% | 2.20% | 2.22% | 2.23% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.56%(d) | 0.24% | 0.06% | 0.61% | 0.22% | (0.79)% | ||||||||||||||||||
After expense limitation(e) | 0.67%(d) | 0.33% | 0.24% | 0.74% | 0.72% | 0.23% | ||||||||||||||||||
Portfolio turnover rate | 39%(c) | 109% | 119% | 137% | 98% | 71% |
(a) | Calculated using the average shares method. |
(b) | The total return calculation excludes any sales charges. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 45 |
Table of Contents
ICON Risk-Managed Balanced Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 14.11 | $ | 13.68 | $ | 13.69 | $ | 13.12 | $ | 12.06 | $ | 10.66 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.10 | 0.15 | 0.14 | 0.20 | 0.18 | 0.11 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.75 | 0.42 | 0.00(c) | 0.57 | 1.05 | 1.41 | ||||||||||||||||||
Total from investment operations | 0.85 | 0.57 | 0.14 | 0.77 | 1.23 | 1.52 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.11) | (0.14) | (0.15) | (0.20) | (0.17) | (0.12) | ||||||||||||||||||
Total dividends and distributions | (0.11) | (0.14) | (0.15) | (0.20) | (0.17) | (0.12) | ||||||||||||||||||
Net asset value, end of period | $ | 14.85 | $ | 14.11 | $ | 13.68 | $ | 13.69 | $ | 13.12 | $ | 12.06 | ||||||||||||
Total Return(d) | 6.08%(e) | 4.18% | 1.00% | 5.88% | 10.28% | 14.28% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 7,613 | $ | 9,095 | $ | 8,446 | $ | 7,014 | $ | 7,819 | $ | 4,045 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.67%(f) | 1.60% | 1.70% | 1.65% | 2.12% | 2.16% | ||||||||||||||||||
After expense limitation(g) | 1.45%(f) | 1.45% | 1.45% | 1.45% | 1.47% | 1.48% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.19%(f) | 0.93% | 0.71% | 1.29% | 0.81% | 0.28% | ||||||||||||||||||
After expense limitation(g) | 1.41%(f) | 1.08% | 0.96% | 1.49% | 1.46% | 0.96% | ||||||||||||||||||
Portfolio turnover rate | 39%(e) | 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) | Not Annualized. |
(f) | Annualized. |
(g) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
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Table of Contents
ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
1. ORGANIZATION
The 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.
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
The Bond Fund and Long/Short Fund have a significant weighting in the Financial sector and the Opportunities Fund has a significant weighting in the Information Technology sector and the Consumer Discretionary sector 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 fair 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 fair 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 fair 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
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
(“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 March 31, 2017:
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 | $ | – | $ | 53,051,183 | $ | – | $ | 53,051,183 | ||||||||
Convertible Corporate Bonds | – | 3,876,562 | – | 3,876,562 | ||||||||||||
U.S. Treasury Obligations | – | 1,995,468 | – | 1,995,468 | ||||||||||||
Collateralized Mortgage Obligations | – | 5,468,203 | – | 5,468,203 | ||||||||||||
Preferred Stocks | 3,825,383 | – | – | 3,825,383 | ||||||||||||
Closed-End Mutual Funds | 7,573,312 | – | – | 7,573,312 | ||||||||||||
Collateral for Securities on Loan | – | 1,563,935 | – | 1,563,935 | ||||||||||||
Short-Term Investments | – | 1,646,698 | – | 1,646,698 | ||||||||||||
Total | $ | 11,398,695 | $ | 67,602,049 | $ | – | $ | 79,000,744 | ||||||||
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 | $ | – | $ | 5,367,040 | $ | – | $ | 5,367,040 | ||||||||
Convertible Corporate Bonds | – | 361,813 | – | 361,813 | ||||||||||||
Collateralized Mortgage Obligations | – | 695,856 | – | 695,856 | ||||||||||||
Common Stocks | 67,088,322 | – | – | 67,088,322 | ||||||||||||
Preferred Stocks | 1,565,476 | – | – | 1,565,476 | ||||||||||||
Convertible Preferred Stocks | 496,000 | – | – | 496,000 | ||||||||||||
Closed-End Mutual Funds | 6,087,072 | – | – | 6,087,072 | ||||||||||||
Put Options Purchased | 47,250 | – | – | 47,250 | ||||||||||||
Short-Term Investments | – | 515,802 | – | 515,802 | ||||||||||||
Total | $ | 75,284,120 | $ | 6,940,511 | $ | – | $ | 82,224,631 | ||||||||
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 | $ | 46,726,996 | $ | – | $ | – | $ | 46,726,996 | ||||||||
Short-Term Investments | – | 3,522,787 | – | 3,522,787 | ||||||||||||
Total | $ | 46,726,996 | $ | 3,522,787 | $ | – | $ | 50,249,783 | ||||||||
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
ICON Long/Short Fund
Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 18,012,886 | $ | – | $ | – | $ | 18,012,886 | ||||||||
Short-Term Investments | – | 2,338,240 | – | 2,338,240 | ||||||||||||
Total | $ | 18,012,886 | $ | 2,338,240 | $ | – | $ | 20,351,126 | ||||||||
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 | $ | 17,582,230 | $ | – | $ | – | $ | 17,582,230 | ||||||||
Collateral for Securities on Loan | – | 265,650 | – | 265,650 | ||||||||||||
Short-Term Investments | – | 227,168 | – | 227,168 | ||||||||||||
Total | $ | 17,582,230 | $ | 492,818 | $ | – | $ | 18,075,048 | ||||||||
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 | $ | – | $ | 8,184,880 | $ | – | $ | 8,184,880 | ||||||||
Convertible Corporate Bonds | – | 516,875 | – | 516,875 | ||||||||||||
U.S. Treasury Obligations | – | 2,918,007 | – | 2,918,007 | ||||||||||||
Collateralized Mortgage Obligations | – | 1,405,467 | – | 1,405,467 | ||||||||||||
Common Stocks | 18,111,973 | – | – | 18,111,973 | ||||||||||||
Preferred Stocks | 679,808 | – | – | 679,808 | ||||||||||||
Closed-End Mutual Funds | 2,667,017 | – | – | 2,667,017 | ||||||||||||
Exchange Traded Funds | 711,825 | – | – | 711,825 | ||||||||||||
Put Options Purchased | 43,950 | – | – | 43,950 | ||||||||||||
Collateral for Securities on Loan | – | 569,581 | – | 569,581 | ||||||||||||
Short-Term Investments | – | 2,609,608 | – | 2,609,608 | ||||||||||||
Total | $ | 22,214,573 | $ | 16,204,418 | $ | – | $ | 38,418,991 | ||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Written Call Options | $ | (8,400) | – | – | $ | (8,400) | ||||||||||
Total | $ | (8,400) | – | – | $ | (8,400) | ||||||||||
* | 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 March 31, 2017.
For the six months ended March 31, 2017, 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.
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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.
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 six months ended March 31, 2017 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 fair 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 fair 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 fair 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 fair value of the index. Written and purchased options are non-income producing securities.
As of March 31, 2017, 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.
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
The number of options contracts written and the premiums received by the Risk-Managed Balanced Fund during the six months ended March 31, 2017, were as follows:
ICON Risk-Managed Balanced Fund | |||||||||||||||||||
Number of Contracts | Premiums Received | ||||||||||||||||||
Options outstanding, beginning of period | – | $ | – | ||||||||||||||||
Options written during period | (30 | ) | (37,314 | ) | |||||||||||||||
Options closed during period | 20 | 23,330 | |||||||||||||||||
Options outstanding, end of period | (10 | ) | $ | (13,984 | ) | ||||||||||||||
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 | $ | 47,250 | N/A | N/A | |||||||
Total | $ | 47,250 | $ | – | ||||||||
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 | $ | 43,950 | N/A | N/A | |||||||
Equity Contracts (Written Options) | N/A | N/A | Written options, at value | $ | 8,400 | |||||||
Total | $ | 43,950 | $ | 8,400 | ||||||||
ICON Equity Income Fund
Risk Exposure | Statements of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income | Change in on Derivatives in Income | |||||||
Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/ Change in unrealized net appreciation/(depreciation) on investments and foreign currency | $ | (489,872 | ) | $ | 84,454 | ||||
Total | $ | (489,872 | ) | $ | 84,454 | |||||
ICON Risk-Managed Balanced Fund
Risk Exposure | Statements of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income |
Change in Unrealized Appreciation/ on Derivatives in Income | |||||||
Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/ Change in unrealized net appreciation/(depreciation) on investments and foreign currency | $ | (526,387 | ) | $ | 281,850 | ||||
Equity Contracts (Written Options) | Net realized gain/(loss) on written options/ Change in unrealized appreciation/(depreciation) on written options | 14,835 | 5,584 | |||||||
Total | $ | (511,552 | ) | $ | 287,434 | |||||
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
The average purchased and written option contracts during the six months ended March 31, 2017, was as follows:
ICON Equity Income Fund Derivative Type | Unit of Measurement | Average Contracts+ | Days Held | |||||
Purchased Options | Contracts | 779 | 159 | |||||
ICON Risk-Managed Balanced Fund Derivative Type | Unit of Measurement | Average Contracts+ | Days Held | |||||
Purchased Options | Contracts | 86 | 182 | |||||
Written Options | Contracts | 18 | 128 |
+ | 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.
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 fair 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 six months ended March 31, 2017, 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 fair 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.
Effective October 14, 2016, the Funds have elected to invest the cash collateral in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedule of Investments. Prior to October 14, 2016, the Funds used the State Street Navigator Prime Portfolio. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the six months ended March 31, 2017, is included in the Statements of Operations.
The value of the collateral could include collateral held for securities that were sold on or before March 31, 2017. It may also include collateral received from the pre-funding of security loans.
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Funds as of March 31, 2017:
Remaining contractual maturity of the lending agreement | ||||||||||||||||||||||||||||
Overnight & Continuous | Up to 30 days | 30-90 days | Greater than 90 days | Fair Value | Collateral Received | Excess amount due to counterparty | ||||||||||||||||||||||
Securities Lending Transactions |
| |||||||||||||||||||||||||||
ICON Bond Fund | ||||||||||||||||||||||||||||
Corporate Securities | $ | 1,445,361 | $ | – | $ | – | $ | – | $ | 1,445,361 | $ | 1,479,535 | $ | 34,174 | ||||||||||||||
Equity Securities | 78,681 | – | – | – | 78,681 | 84,400 | 5,719 | |||||||||||||||||||||
Total | 1,524,042 | 1,563,935 | 39,893 | |||||||||||||||||||||||||
ICON Opportunities Fund |
| |||||||||||||||||||||||||||
Equity Securities | 254,100 | – | – | – | 254,100 | 265,650 | 11,550 | |||||||||||||||||||||
ICON Risk-Managed Balanced Fund |
| |||||||||||||||||||||||||||
Corporate Securities | 104,955 | – | – | – | 104,955 | 107,000 | 2,045 | |||||||||||||||||||||
Equity Securities | 453,152 | – | – | – | 453,152 | 462,581 | 9,429 | |||||||||||||||||||||
Total | 558,107 | 569,581 | 11,474 |
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.
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
Investment Transactions
Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.
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 | $ | 5,146 | $ | 16,008 | $ | 10,934 | ||||||
Class C | 449 | 3,554 | 5,191 | |||||||||
Class A | 444 | 2,846 | 6,290 | |||||||||
ICON Equity Income Fund | ||||||||||||
Class S | 3,655 | 19,918 | 7,130 | |||||||||
Class C | 725 | 6,055 | 5,637 | |||||||||
Class A | 1,493 | 9,845 | 7,453 | |||||||||
ICON Fund | ||||||||||||
Class S | 3,581 | 5,185 | 7,734 | |||||||||
Class C | 1,527 | 11,674 | 5,804 | |||||||||
Class A | 798 | 5,078 | 5,593 | |||||||||
ICON Long/Short Fund | ||||||||||||
Class S | 1,489 | 6,564 | 6,786 | |||||||||
Class C | 767 | 5,615 | 5,731 | |||||||||
Class A | 1,117 | 8,481 | 6,079 | |||||||||
ICON Risk-Managed Balanced Fund | ||||||||||||
Class S | 3,268 | 15,291 | 6,985 | |||||||||
Class C | 1,466 | 9,080 | 6,752 | |||||||||
Class A | 964 | 6,159 | 6,901 |
* | Transfer agent out of pocket fees are a Fund level expense. |
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily net assets of the Bond Fund, 0.75% of average daily net assets of the Equity Income Fund, ICON Fund, Opportunities Fund and Risk-Managed Balanced Fund, and 0.85% of average daily net assets of the Long/Short Fund.
ICON Advisers has contractually agreed to limit the Funds’ expenses (exclusive of brokerage, interest, taxes, dividends on short sales, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to ensure that the Funds’ expenses do not exceed the following amounts:
Fund | Fund | Class S | Class C | Class A | ||||||||||||||
ICON Bond Fund | – | 0.75% | 1.60% | 1.00% | ||||||||||||||
ICON Equity Income Fund* | – | 0.99% | 1.99% | 1.24% | ||||||||||||||
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% |
* | From October 1, 2016 to January 25, 2017, the annual expense limitation rates for the Equity Income Fund’s Class S, Class C and Class A were 1.20%, 2.20% and 1.45%, respectively. |
The Funds’ expense limitations, excluding the Bond Fund Class A, all classes of the Equity Income Fund, all classes of the ICON Fund and the Opportunities Fund, will continue in effect until at least January 31, 2021. The expense limitations for the Bond Fund Class A, all classes of the Equity Income Fund, all classes of the ICON Fund and the Opportunities Fund will continue in effect until at least January 31, 2018. 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 March 31, 2017 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | Expires 2017 | Expires 2018 | Expires 2019 | Expires 2020 | ||||||||||||
ICON Bond Fund | $ | 70,653 | $ | 180,067 | $ | 180,193 | $ | 81,557 | ||||||||
ICON Equity Income Fund | 14,028 | 24,336 | 35,317 | 16,910 | ||||||||||||
ICON Fund | 1,930 | 6,855 | 28,516 | 8,093 | ||||||||||||
ICON Long/Short Fund | 29,642 | 50,987 | 80,331 | 37,197 | ||||||||||||
ICON Opportunities Fund | 9,795 | 8,824 | 3,029 | 266 | ||||||||||||
ICON Risk-Managed Balanced Fund | 19,683 | 61,973 | 44,620 | 32,367 |
Accounting, Custody and Transfer Agent Fees
ALPS Fund Services, Inc. (“ALPS”) serves as the fund accounting agent for the Trust. 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.
ALPS is the Trust’s transfer agent. For these services, the Trust pays an annual fee plus annual base fee per Fund, per account fees and out-of-pocket expenses.
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 six months ended March 31, 2017, 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.
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.
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 six months ended March 31, 2017, 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 six months ended March 31, 2017, the total related amounts accrued by the Funds under this arrangement was $6,289 and is included in Other Expenses on the Statements of Operations.
The Funds engaged in cross trades with each other and other funds within the Trust, during the six months ended March 31, 2017, 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 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 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 an uncommitted, unsecured, revolving Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. The maximum borrowing limit is $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, 2018.
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
For the six months ended March 31, 2017, the average outstanding loan by Fund was as follows:
Fund* | Average Borrowing (10/01/16 - 3/31/17)^ | Average Interest Rates (10/1/16 - 3/31/17)^ | ||||
ICON Fund | $ | 401,127 | 1.85% | |||
ICON Long/Short Fund | 119,013 | 1.89% | ||||
ICON Opportunities Fund | 61,980 | 1.88% | ||||
ICON Risk-Managed Balanced Fund | 353,047 | 1.81% |
* | There were no outstanding borrowings under this agreement/arrangement as of March 31, 2017. |
^ | The average is calculated based on the actual number of days with outstanding borrowings. |
5. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended March 31, 2017, 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 | $ | 69,195,836 | $ 72,001,470 | $ | 2,974,219 | $ | 3,774,219 | |||||||||
ICON Equity Income Fund | 80,672,108 | 69,896,702 | – | – | ||||||||||||
ICON Fund | 2,749,033 | 10,680,595 | – | – | ||||||||||||
ICON Long/Short Fund | 1,074,097 | 3,282,591 | – | – | ||||||||||||
ICON Opportunities Fund | 2,872,374 | 3,764,796 | – | – | ||||||||||||
ICON Risk-Managed Balanced Fund | 11,783,279 | 22,844,662 | 2,455,078 | 2,336,879 |
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.
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.
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 |
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 | – |
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 | – |
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 | 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 March 31, 2017, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Fund | Gross Appreciation (excess of value over tax cost) | Gross Depreciation (excess of tax cost over value) | Net Unrealized Appreciation/ (Depreciation) | Cost of Investments for Income Tax Purposes | ||||||||||||
ICON Bond Fund | $ | 861,649 | $ | (636,640) | $ | 225,009 | $ | 78,775,735 | ||||||||
ICON Equity Income Fund | 4,738,423 | (1,594,392) | 3,144,031 | 79,080,600 | ||||||||||||
ICON Fund | 9,649,545 | (423,515) | 9,226,030 | 41,023,753 | ||||||||||||
ICON Long/Short Fund | 3,926,413 | (152,094) | 3,774,319 | 16,576,807 | ||||||||||||
ICON Opportunities Fund | 3,692,144 | (494,696) | 3,197,448 | 14,877,600 | ||||||||||||
ICON Risk-Managed Balanced Fund | 2,719,139 | (757,140) | 1,961,999 | 36,456,992 |
7. RECENT ACCOUNTING PRONOUNCEMENT
In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-19, “Technical Corrections and Improvements.” It includes an update to Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurement. The update to Topic 820 clarifies the difference between a valuation approach and a valuation technique. It also requires disclosure when there has been a change in either or both a valuation approach and/or a valuation technique. The changes related to Topic 820 are effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. Management is currently evaluating the impact of the ASU to the financial statements.
Semi-Annual Report | March 31, 2017 | 59 |
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ICON Diversified Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
8. SECURITIES AND EXCHANGE COMMISSION REGULATIONS
On October 13, 2016, the Securities and Exchange Commission amended Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact to the financial statements and disclosures.
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ICON Diversified Funds | Disclosure of Fund Expenses | |
March 31, 2017 (Unaudited) |
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/01/16 – 3/31/17).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value October 1, 2016 | Ending Account Value March 31, 2017 | Expense Ratio(a) | Expenses Paid During period October 1, 2016 - March 31, 2017(b) | |||||||||||||
ICON Bond Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,005.10 | 0.75% | $ 3.75 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,021.19 | 0.75% | $ 3.78 | ||||||||||||
Class C | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,001.60 | 1.60% | $ 7.98 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.95 | 1.60% | $ 8.05 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,004.00 | 1.00% | $ 5.00 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,019.95 | 1.00% | $ 5.04 | ||||||||||||
ICON Equity Income Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,109.20 | 1.11% | $ 5.84 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,019.40 | 1.11% | $ 5.59 | ||||||||||||
Class C | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,103.70 | 2.12% | $11.12 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,014.36 | 2.12% | $10.65 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,107.90 | 1.37% | $ 7.20 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,018.10 | 1.37% | $ 6.89 |
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ICON Diversified Funds | Disclosure of Fund Expenses | |
March 31, 2017 (Unaudited) |
Beginning Account Value October 1, 2016 | Ending Account Value March 31, 2017 | Expense Ratio(a) | Expenses Paid During period October 1, 2016 - March 31, 2017(b) | |||||||||||||
ICON Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,209.50 | 1.11% | $ 6.11 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,019.40 | 1.11% | $ 5.59 | ||||||||||||
Class C | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,202.20 | 2.26% | $12.41 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,013.66 | 2.26% | $11.35 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,207.40 | 1.51% | $ 8.31 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.40 | 1.51% | $ 7.59 | ||||||||||||
ICON Long/Short Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,220.90 | 1.26% | $ 6.98 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,018.65 | 1.26% | $ 6.34 | ||||||||||||
Class C | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,213.80 | 2.31% | $12.75 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,013.41 | 2.31% | $11.60 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,218.60 | 1.56% | $ 8.63 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.15 | 1.56% | $ 7.85 | ||||||||||||
ICON Opportunities Fund | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,152.50 | 1.50% | $ 8.05 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.45 | 1.50% | $ 7.54 | ||||||||||||
ICON Risk-Managed Balanced Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,062.10 | 1.20% | $ 6.17 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,018.95 | 1.20% | $ 6.04 | ||||||||||||
Class C | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,057.20 | 2.20% | $11.28 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,013.96 | 2.20% | $11.05 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,060.80 | 1.45% | $ 7.45 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.70 | 1.45% | $ 7.29 |
(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 182/365 (to reflect the half-year period). |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
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ICON Diversified Funds | Additional Information | |
March 31, 2017 (Unaudited) |
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
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ICON Diversified Funds | Privacy Policy | |
March 31, 2017 (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. |
64 | www.iconfunds.com |
Table of Contents
ICON Diversified Funds | Privacy Policy | |
March 31, 2017 (Unaudited) |
Who We Are | ||
Who is providing this notice? |
ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON”) | |
What We Do | ||
How does ICON protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | |
Contracts with our service providers require them to restrict access to your non-public personal information, and to maintain physical, electronic and procedural safeguards against unintended disclosure. | ||
How does ICON collect my personal information? |
We collect your personal information, for example, when you | |
● open an account or enter into an investment advisory contract | ||
● provide account information or give us your contact information | ||
● make a wire transfer | ||
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | ||
Why can’t I limit all sharing? |
Federal law gives you the right to limit only | |
● sharing for affiliates’ everyday business purposes — information about your creditworthiness | ||
● affiliates from using your information to market to you | ||
● sharing for nonaffiliates to market to you | ||
State laws and individual companies may give you additional rights to limit sharing. | ||
Definitions | ||
Affiliates |
Companies related by common ownership or control. They can be financial and nonfinancial companies. | |
● Our affiliates include financial companies such as ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. | ||
Nonaffiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies. | |
● Nonaffiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers and nonfinancial companies such as fulfillment, proxy voting, and class action service providers | ||
Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | |
● ICON doesn’t jointly market |
Semi-Annual Report | March 31, 2017 | 65 |
Table of Contents
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 |
Table of Contents
SEMI-ANNUAL REPORT | ||||
March 31, 2017 | ||||
International Funds | ||||
ICON Emerging Markets Fund | ||||
ICON International Equity Fund |
Table of Contents
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
TABLE OF CONTENTS
2 | ||||
Schedules of Investments (Unaudited) | ||||
3 | ||||
6 | ||||
10 | ||||
13 | ||||
18 | ||||
27 | ||||
28 | ||||
29 |
Table of Contents
ICON International Funds | About This Report | |
March 31, 2017 (Unaudited) |
Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2017, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.
An investment in a region fund may involve greater risk and volatility than a diversified fund. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment.
Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of the financial statements released to the market as part of our analysis.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
2 | www.iconfunds.com |
Table of Contents
ICON Emerging Markets Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (89.63%) |
| |||||
Agricultural Products (0.62%) |
| |||||
China Agri-Industries Holdings, Ltd.(a) | 637,000 | $ | 320,501 | |||
|
| |||||
Airlines (0.45%) |
| |||||
Cebu Air, Inc. | 124,000 | 232,031 | ||||
|
| |||||
Alternative Carriers (0.92%) |
| |||||
Link Net Tbk PT | 1,179,000 | 479,988 | ||||
|
| |||||
Aluminum (0.47%) |
| |||||
China Hongqiao Group, Ltd.(b) | 270,000 | 243,932 | ||||
|
| |||||
Apparel, Accessories & Luxury Goods (0.44%) |
| |||||
Shenzhou International Group Holdings, Ltd. | 36,000 | 227,204 | ||||
|
| |||||
Auto Parts & Equipment (1.39%) |
| |||||
Minth Group, Ltd. | 109,000 | 439,498 | ||||
Tong Yang Industry Co., Ltd. | 162,000 | 281,387 | ||||
|
| |||||
720,885 | ||||||
|
| |||||
Automobile Manufacturers (0.87%) |
| |||||
Dongfeng Motor Group Co., Ltd., Class H | 402,000 | 451,888 | ||||
|
| |||||
Building Products (0.49%) |
| |||||
China Lesso Group Holdings, Ltd. | 300,000 | 253,749 | ||||
|
| |||||
Cable & Satellite (2.63%) |
| |||||
Megacable Holdings SAB de CV | 126,575 | 493,529 | ||||
Naspers, Ltd., Class N | 5,060 | 871,900 | ||||
|
| |||||
1,365,429 | ||||||
|
| |||||
Commodity Chemicals (0.89%) | ||||||
Mexichem SAB de CV | 170,246 | 463,665 | ||||
|
| |||||
Construction & Engineering (1.59%) |
| |||||
China Communications Construction Co., Ltd., Class H | 280,000 | 395,233 | ||||
China State Construction International Holdings, Ltd. | 240,000 | 429,608 | ||||
|
| |||||
824,841 | ||||||
|
| |||||
Construction Materials (2.23%) |
| |||||
PPC, Ltd.(a) | 1,860,000 | 900,533 | ||||
Siam Cement PCL | 16,500 | 259,309 | ||||
|
| |||||
1,159,842 | ||||||
|
| |||||
Consumer Electronics (0.56%) |
| |||||
Skyworth Digital Holdings, Ltd. | 440,000 | 290,085 | ||||
|
| |||||
Data Processing & Outsourced Services (1.75%) |
| |||||
Cielo S.A. | 100,300 | 909,255 | ||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Distillers & Vintners (1.40%) |
| |||||
Thai Beverage PCL | 1,083,000 | $ | 727,894 | |||
|
| |||||
Diversified Banks (10.43%) | ||||||
Bank Negara Indonesia Persero Tbk PT | 990,000 | 481,314 | ||||
Bank of China, Ltd., Class H | 610,000 | 303,342 | ||||
Bank Pan Indonesia Tbk PT(a) | 14,827,400 | 1,007,442 | ||||
BGEO Group PLC | 15,800 | 635,321 | ||||
China Construction Bank Corp., Class H | 720,000 | 580,110 | ||||
Credicorp, Ltd. | 4,500 | 734,850 | ||||
Grupo Financiero Banorte SAB de CV | 55,000 | 316,506 | ||||
Kasikornbank PCL | 60,000 | 330,176 | ||||
Shinhan Financial Group Co., Ltd. | 13,300 | 554,172 | ||||
Siam Commercial Bank PCL | 100,000 | 474,390 | ||||
|
| |||||
5,417,623 | ||||||
|
| |||||
Electric Utilities (4.31%) | ||||||
Acciona S.A. | 3,100 | 247,950 | ||||
Enel Chile S.A. | 4,777,000 | 528,755 | ||||
Iberdrola S.A. | 68,400 | 488,711 | ||||
Korea Electric Power Corp. | 23,300 | 969,870 | ||||
|
| |||||
2,235,286 | ||||||
|
| |||||
Electronic Components (0.96%) |
| |||||
Kingboard Chemical Holdings, Ltd. | 60,000 | 221,673 | ||||
Tongda Group Holdings, Ltd. | 790,000 | 278,877 | ||||
|
| |||||
500,550 | ||||||
|
| |||||
Electronic Equipment & Instruments (2.15%) |
| |||||
SFA Engineering Corp. | 17,200 | 1,114,212 | ||||
|
| |||||
Electronic Manufacturing Services (2.43%) |
| |||||
AAC Technologies Holdings, Inc. | 44,000 | 515,198 | ||||
Fabrinet(a) | 17,700 | 743,931 | ||||
|
| |||||
1,259,129 | ||||||
|
| |||||
Environmental & Facilities Services (1.47%) |
| |||||
China Everbright International, Ltd. | 566,000 | 762,238 | ||||
|
| |||||
Financial Exchanges & Data (0.42%) |
| |||||
Bolsa Mexicana de Valores SAB de CV 130,000 | 215,946 | |||||
|
| |||||
Food Retail (0.46%) |
| |||||
CP ALL PCL | 140,000 | 240,317 | ||||
|
| |||||
Gas Utilities (1.53%) |
| |||||
China Gas Holdings, Ltd. | 494,000 | 795,954 | ||||
|
| |||||
Gold (4.62%) |
| |||||
AngloGold Ashanti, Ltd. | 34,600 | 369,734 | ||||
Gold Fields, Ltd. | 111,000 | 386,794 | ||||
Randgold Resources, Ltd. | 7,800 | 681,566 | ||||
Sibanye Gold, Ltd. | 156,000 | 336,809 |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 3 |
Table of Contents
ICON Emerging Markets Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Gold (continued) | ||||||
Zijin Mining Group Co., Ltd., Class H | 1,680,000 | $ | 623,509 | |||
|
| |||||
2,398,412 | ||||||
|
| |||||
Highways & Railtracks (1.06%) | ||||||
Promotora y Operadora de Infraestructura SAB de CV(a) | 51,000 | 550,636 | ||||
|
| |||||
Home Entertainment Software (0.37%) |
| |||||
Neowiz Games Corp.(a) | 18,000 | 189,989 | ||||
|
| |||||
Home Furnishings (0.49%) | ||||||
Hanssem Co., Ltd. | 1,300 | 255,757 | ||||
|
| |||||
Household Appliances (0.65%) | ||||||
Haier Electronics Group Co., Ltd. | 148,250 | 339,782 | ||||
|
| |||||
Industrial Conglomerates (1.39%) | ||||||
Beijing Enterprises Holdings, Ltd. | 92,000 | 476,180 | ||||
Shanghai Industrial Holdings, Ltd. | 84,000 | 247,147 | ||||
|
| |||||
723,327 | ||||||
|
| |||||
Industrial Machinery (1.43%) | ||||||
China Conch Venture Holdings, Ltd. | 377,000 | 740,590 | ||||
|
| |||||
Integrated Oil & Gas (1.97%) | ||||||
China Petroleum & Chemical Corp., Class H | 652,000 | 530,706 | ||||
MOL Hungarian Oil and Gas PLC | 7,200 | 492,993 | ||||
|
| |||||
1,023,699 | ||||||
|
| |||||
Integrated Telecommunication Services (1.95%) |
| |||||
Telekomunikasi Indonesia Persero Tbk PT | 3,249,000 | 1,009,935 | ||||
|
| |||||
Internet Software & Services (10.16%) |
| |||||
Alibaba Group Holding, Ltd., Sponsored ADR(a) | 17,400 | 1,876,242 | ||||
NAVER Corp. | 470 | 359,391 | ||||
SINA Corp.(a) | 9,300 | 670,716 | ||||
Tencent Holdings, Ltd. | 58,045 | 1,672,249 | ||||
YY, Inc., ADR(a) | 15,100 | 696,261 | ||||
|
| |||||
5,274,859 | ||||||
|
| |||||
Movies & Entertainment (0.51%) |
| |||||
Loen Entertainment, Inc. | 3,300 | 265,582 | ||||
|
| |||||
Multi-Utilities (0.72%) | ||||||
ACEA S.p.A | 27,300 | 371,210 | ||||
|
| |||||
Oil & Gas Exploration & Production (1.51%) | ||||||
CNOOC, Ltd. | 432,000 | 516,379 | ||||
Diamondback Energy, Inc.(a) | 2,600 | 269,659 | ||||
|
| |||||
786,038 | ||||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Packaged Foods & Meats (1.58%) |
| |||||
Maeil Dairy Industry Co., Ltd. | 19,500 | $ | 822,802 | |||
|
| |||||
Paper Products (1.10%) | ||||||
Lee & Man Paper Manufacturing, Ltd. | 747,000 | 571,355 | ||||
|
| |||||
Property & Casualty Insurance (0.48%) | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 8,000 | 250,395 | ||||
|
| |||||
Regional Banks (3.37%) | ||||||
Bank Tabungan Negara Persero Tbk PT | 3,000,000 | 511,082 | ||||
Banregio Grupo Financiero SAB de CV | 173,800 | 1,037,754 | ||||
Huishang Bank Corp., Ltd., Class H | 415,000 | 201,763 | ||||
|
| |||||
1,750,599 | ||||||
|
| |||||
Semiconductors (6.17%) | ||||||
Everlight Electronics Co., Ltd. | 143,000 | 229,049 | ||||
NXP Semiconductors N.V.(a) | 9,400 | 972,900 | ||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 319,000 | 2,000,332 | ||||
|
| |||||
3,202,281 | ||||||
|
| |||||
Technology Hardware, Storage & Peripherals (2.36%) |
| |||||
Samsung Electronics Co., Ltd. | 666 | 1,225,717 | ||||
|
| |||||
Water Utilities (4.27%) | ||||||
CT Environmental Group, Ltd. | 2,180,000 | 463,076 | ||||
Guangdong Investment, Ltd. | 884,000 | 1,260,513 | ||||
TTW PCL | 1,599,400 | 493,334 | ||||
|
| |||||
2,216,923 | ||||||
|
| |||||
Wireless Telecommunication Services (2.61%) |
| |||||
China Mobile, Ltd. | 123,000 | 1,352,693 | ||||
|
| |||||
Total Common Stocks (Cost $44,164,285) | 46,535,025 | |||||
|
| |||||
Short-Term Investments (8.49%) | ||||||
Time Deposits (8.49%) | ||||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 4,410,439 | 4,410,439 | ||||
|
| |||||
Total Short-Term Investments (Cost $4,410,439) | 4,410,439 | |||||
|
|
The accompanying notes are an integral part of the financial statements.
4 | www.iconfunds.com |
Table of Contents
ICON Emerging Markets Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Value | ||||
| ||||
Total Investments (98.12%) | ||||
(Cost $48,574,724) | $ | 50,945,464 | ||
Other Assets Less Liabilities (1.88%) | 976,749 | |||
|
| |||
Net Assets (100.00%) | $ | 51,922,213 | ||
|
|
(a) Non-income producing security. (b) Fair valued security; valued by management in accordance with procedures approved by the Fund’s Board of Trustees. As of March 31, 2017, these securities had an aggregate market value of $243,932 or 0.47% of total net assets.
ADR - American Depositary Receipt
|
Country Composition (March 31, 2017) (Unaudited) | ||||
| ||||
China | 21.96% | |||
Hong Kong | 14.15% | |||
South Korea | 11.57% | |||
Indonesia | 6.72% | |||
Thailand | 6.30% | |||
Mexico | 5.93% | |||
South Africa | 5.52% | |||
Taiwan | 4.83% | |||
Netherlands | 1.88% | |||
Brazil | 1.75% | |||
Spain | 1.42% | |||
Peru | 1.41% | |||
Jersey | 1.31% | |||
Georgia | 1.22% | |||
Chile | 1.02% | |||
Hungary | 0.95% | |||
Italy | 0.72% | |||
United States | 0.52% | |||
Philippines | 0.45% | |||
|
| |||
89.63% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
Sector Composition (March 31, 2017) (Unaudited) | ||||
| ||||
Information Technology | 26.35% | |||
Financial | 14.70% | |||
Utilities | 10.83% | |||
Materials | 9.31% | |||
Industrials | 7.88% | |||
Consumer Discretionary | 7.54% | |||
Telecommunication Services | 5.48% | |||
Consumer Staples | 4.06% | |||
Energy | 3.48% | |||
|
| |||
89.63% | ||||
|
| |||
Percentages are based upon common stocks as a percentage of net assets. | ||||
Industry Composition (March 31, 2017) (Unaudited) | ||||
| ||||
Diversified Banks | 10.43% | |||
Internet Software & Services | 10.16% | |||
Semiconductors | 6.17% | |||
Gold | 4.62% | |||
Electric Utilities | 4.31% | |||
Water Utilities | 4.27% | |||
Regional Banks | 3.37% | |||
Cable & Satellite | 2.63% | |||
Wireless Telecommunication Services | 2.61% | |||
Electronic Manufacturing Services | 2.43% | |||
Technology Hardware, Storage & Peripherals | 2.36% | |||
Construction Materials | 2.23% | |||
Electronic Equipment & Instruments | 2.15% | |||
Integrated Oil & Gas | 1.97% | |||
Integrated Telecommunication Services | 1.95% | |||
Data Processing & Outsourced Services | 1.75% | |||
Construction & Engineering | 1.59% | |||
Packaged Foods & Meats | 1.58% | |||
Gas Utilities | 1.53% | |||
Oil & Gas Exploration & Production | 1.51% | |||
Environmental & Facilities Services | 1.47% | |||
Industrial Machinery | 1.43% | |||
Distillers & Vintners | 1.40% | |||
Auto Parts & Equipment | 1.39% | |||
Industrial Conglomerates | 1.39% | |||
Paper Products | 1.10% | |||
Highways & Railtracks | 1.06% | |||
Other Industries (each less than 1%) | 10.77% | |||
|
| |||
89.63% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 5 |
Table of Contents
ICON International Equity Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (89.37%) |
| |||||
Advertising (1.48%) | ||||||
Stroeer SE & Co. KGaA(a) | 7,400 | $ | 411,950 | |||
WPP PLC | 14,000 | 306,867 | ||||
|
| |||||
718,817 | ||||||
|
| |||||
Agricultural Products (0.40%) |
| |||||
China Agri-Industries Holdings, Ltd.(b) | 387,000 | 194,715 | ||||
|
| |||||
Alternative Carriers (0.46%) |
| |||||
Link Net Tbk PT | 550,000 | 223,913 | ||||
|
| |||||
Aluminum (0.34%) | ||||||
China Hongqiao Group, Ltd.(c) | 183,000 | 165,332 | ||||
|
| |||||
Auto Parts & Equipment (3.65%) |
| |||||
Aisin Seiki Co., Ltd. | 4,500 | 221,635 | ||||
CIE Automotive S.A. | 11,000 | 216,763 | ||||
GKN PLC | 47,500 | 216,352 | ||||
Grammer AG | 1,921 | 118,054 | ||||
Martinrea International, Inc. | 33,000 | 256,089 | ||||
Minth Group, Ltd. | 54,000 | 217,733 | ||||
NGK Spark Plug Co., Ltd. | 14,700 | 337,092 | ||||
Tong Yang Industry Co., Ltd. | 108,000 | 187,591 | ||||
|
| |||||
1,771,309 | ||||||
|
| |||||
Automobile Manufacturers (0.94%) |
| |||||
Mazda Motor Corp. | 16,500 | 238,176 | ||||
Subaru Corp. | 6,000 | 220,069 | ||||
|
| |||||
458,245 | ||||||
|
| |||||
Biotechnology (1.99%) | ||||||
Shire PLC | 16,600 | 967,235 | ||||
|
| |||||
Building Products (2.08%) | ||||||
Assa Abloy AB, Class B | 12,000 | 246,693 | ||||
China Lesso Group Holdings, Ltd. | 240,000 | 202,999 | ||||
Tyman PLC | 139,054 | 562,283 | ||||
|
| |||||
1,011,975 | ||||||
|
| |||||
Cable & Satellite (2.27%) | ||||||
Megacable Holdings SAB de CV | 71,351 | 278,205 | ||||
Naspers, Ltd., Class N | 1,140 | 196,436 | ||||
Quebecor, Inc., Class B | 20,300 | 626,013 | ||||
|
| |||||
1,100,654 | ||||||
|
| |||||
Commodity Chemicals (1.80%) |
| |||||
Mexichem SAB de CV | 82,654 | 225,108 | ||||
Toray Industries, Inc.(a) | 23,000 | 204,702 | ||||
Zeon Corp. | 39,000 | 445,617 | ||||
|
| |||||
875,427 | ||||||
|
| |||||
Construction & Engineering (4.09%) |
| |||||
China Communications Construction Co., Ltd., Class H | 190,000 | 268,194 | ||||
China State Construction International Holdings, Ltd. | 230,000 | 411,708 | ||||
Eiffage S.A. | 4,900 | 383,471 |
Shares or Principal Amount | Value | |||||
| ||||||
Construction & Engineering (continued) |
| |||||
Obayashi Corp. | 44,000 | $ | 412,579 | |||
Penta-Ocean Construction Co., Ltd | 58,000 | 280,701 | ||||
Vinci S.A. | 2,900 | 230,285 | ||||
|
| |||||
1,986,938 | ||||||
|
| |||||
Construction Materials (0.93%) |
| |||||
PPC, Ltd.(b) | 930,000 | 450,266 | ||||
|
| |||||
Consumer Electronics (0.33%) |
| |||||
Skyworth Digital Holdings, Ltd. | 240,000 | 158,228 | ||||
|
| |||||
Data Processing & Outsourced Services (3.65%) |
| |||||
Cielo S.A. | 41,600 | 377,119 | ||||
Paysafe Group PLC(b) | 101,000 | 592,107 | ||||
Wirecard AG(a) | 10,503 | 580,915 | ||||
Worldpay Group PLC | 60,000 | 221,834 | ||||
|
| |||||
1,771,975 | ||||||
|
| |||||
Distillers & Vintners (0.36%) | ||||||
Thai Beverage PCL | 260,000 | 174,748 | ||||
|
| |||||
Diversified Banks (2.01%) | ||||||
BGEO Group PLC | 8,600 | 345,808 | ||||
Credicorp, Ltd. | 2,200 | 359,260 | ||||
Siam Commercial Bank PCL | 57,000 | 270,402 | ||||
|
| |||||
975,470 | ||||||
|
| |||||
Diversified Chemicals (0.47%) |
| |||||
Nissan Chemical Industries, Ltd. | 7,900 | 230,459 | ||||
|
| |||||
Diversified Real Estate Activities (1.31%) |
| |||||
Daiwa House Industry Co., Ltd. | 22,200 | 638,116 | ||||
|
| |||||
Diversified Support Services (0.76%) |
| |||||
Cape PLC | 120,000 | 371,522 | ||||
|
| |||||
Electric Utilities (6.88%) | ||||||
Acciona S.A. | 7,000 | 559,887 | ||||
Chubu Electric Power Co., Inc. | 20,000 | 268,659 | ||||
Emera, Inc. | 6,000 | 211,964 | ||||
Enel S.p.A. | 177,000 | 832,868 | ||||
Iberdrola S.A. | 118,000 | 843,098 | ||||
Korea Electric Power Corp. | 9,300 | 387,116 | ||||
SSE PLC | 13,000 | 240,254 | ||||
|
| |||||
3,343,846 | ||||||
|
| |||||
Electronic Components (0.58%) |
| |||||
Tongda Group Holdings, Ltd. | 800,000 | 282,407 | ||||
|
| |||||
Electronic Equipment & Instruments (3.96%) |
| |||||
Halma PLC | 38,183 | 489,972 | ||||
Ingenico Group S.A. | 8,557 | 807,065 | ||||
SFA Engineering Corp. | 9,700 | 628,364 | ||||
|
| |||||
1,925,401 | ||||||
|
| |||||
Electronic Manufacturing Services (1.61%) |
| |||||
AAC Technologies Holdings, Inc. | 26,000 | 304,435 |
The accompanying notes are an integral part of the financial statements.
6 | www.iconfunds.com |
Table of Contents
ICON International Equity Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Electronic Manufacturing Services (continued) |
| |||||
Fabrinet(b) | 11,400 | $ | 479,142 | |||
|
| |||||
783,577 | ||||||
|
| |||||
Environmental & Facilities Services (1.08%) |
| |||||
China Everbright International, Ltd. | 390,000 | 525,217 | ||||
|
| |||||
Food Retail (0.42%) | ||||||
Koninklijke Ahold Delhaize N.V. | 9,600 | 205,151 | ||||
|
| |||||
Gas Utilities (0.65%) | ||||||
China Gas Holdings, Ltd. | 196,000 | 315,804 | ||||
|
| |||||
Gold (5.58%) | ||||||
AngloGold Ashanti, Ltd. | 21,000 | 224,405 | ||||
Barrick Gold Corp. | 32,600 | 619,225 | ||||
Gold Fields, Ltd. | 67,500 | 235,212 | ||||
Randgold Resources, Ltd. | 7,500 | 655,352 | ||||
SEMAFO, Inc.(b) | 131,000 | 395,015 | ||||
Sibanye Gold, Ltd. | 95,000 | 205,108 | ||||
Zijin Mining Group Co., Ltd., Class H | 1,020,000 | 378,559 | ||||
|
| |||||
2,712,876 | ||||||
|
| |||||
Highways & Railtracks (0.56%) |
| |||||
Promotora y Operadora de Infraestructura SAB de CV(b) | 25,000 | 269,919 | ||||
|
| |||||
Home Entertainment Software (0.44%) |
| |||||
Capcom Co., Ltd.(a) | 11,000 | 215,711 | ||||
|
| |||||
Home Furnishings (0.32%) | ||||||
Hanssem Co., Ltd. | 800 | 157,389 | ||||
|
| |||||
Home Improvement Retail (0.42%) |
| |||||
Hornbach Holding AG & Co. KGaA | 2,740 | 202,836 | ||||
|
| |||||
Household Appliances (0.50%) |
| |||||
Haier Electronics Group Co., Ltd. | 105,750 | 242,374 | ||||
|
| |||||
Independent Power Producers & Energy Traders (0.93%) |
| |||||
Electric Power Development Co., Ltd. | 19,300 | 453,530 | ||||
|
| |||||
Industrial Conglomerates (1.12%) |
| |||||
Beijing Enterprises Holdings, Ltd. | 38,000 | 196,683 | ||||
Seibu Holdings, Inc. | 11,000 | 181,960 | ||||
Shanghai Industrial Holdings, Ltd. | 57,000 | 167,707 | ||||
|
| |||||
546,350 | ||||||
|
| |||||
Industrial Machinery (0.83%) |
| |||||
China Conch Venture Holdings, Ltd. | 206,000 | 404,672 | ||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Integrated Oil & Gas (1.18%) | ||||||
China Petroleum & Chemical Corp., Class H | 244,000 | $ | 198,608 | |||
MOL Hungarian Oil and Gas PLC | 2,700 | 184,872 | ||||
Suncor Energy, Inc. | 6,200 | 190,357 | ||||
|
| |||||
573,837 | ||||||
|
| |||||
Integrated Telecommunication Services (0.97%) |
| |||||
BT Group PLC | 53,000 | 211,636 | ||||
Telecom Italia S.p.A.(b) | 290,000 | 261,054 | ||||
|
| |||||
472,690 | ||||||
|
| |||||
Internet Software & Services (4.17%) |
| |||||
Alibaba Group Holding, Ltd., | ||||||
Sponsored ADR(b) | 7,200 | 776,376 | ||||
NAVER Corp. | 270 | 206,459 | ||||
SINA Corp.(b) | 5,600 | 403,872 | ||||
Tencent Holdings, Ltd. | 13,000 | 374,524 | ||||
YY, Inc., ADR(b) | 5,700 | 262,827 | ||||
|
| |||||
2,024,058 | ||||||
|
| |||||
IT Consulting & Other Services (0.46%) |
| |||||
Capgemini S.A. | 2,400 | 221,534 | ||||
|
| |||||
Movies & Entertainment (0.35%) |
| |||||
Loen Entertainment, Inc. | 2,100 | 169,006 | ||||
|
| |||||
Multi-Utilities (3.73%) | ||||||
ACEA S.p.A | 40,100 | 545,258 | ||||
Engie S.A. | 34,900 | 493,194 | ||||
Hera S.p.A. | 77,000 | 213,899 | ||||
Veolia Environnement S.A. | 30,000 | 562,556 | ||||
|
| |||||
1,814,907 | ||||||
|
| |||||
Oil & Gas Equipment & Services (0.51%) |
| |||||
SBM Offshore N.V. | 15,000 | 245,920 | ||||
|
| |||||
Oil & Gas Exploration & Production (2.13%) |
| |||||
CNOOC, Ltd. | 324,000 | 387,284 | ||||
Diamondback Energy, Inc.(b) | 2,400 | 248,916 | ||||
DNO ASA(b) | 470,000 | 397,094 | ||||
|
| |||||
1,033,294 | ||||||
|
| |||||
Other Diversified Financial Services (0.98%) |
| |||||
ORIX Corp. | 32,000 | 474,961 | ||||
|
| |||||
Packaged Foods & Meats (0.66%) |
| |||||
Maeil Dairy Industry Co., Ltd. | 7,600 | 320,682 | ||||
|
| |||||
Paper Products (0.57%) | ||||||
Lee & Man Paper Manufacturing, Ltd. | 360,000 | 275,352 | ||||
|
| |||||
Pharmaceuticals (5.78%) | ||||||
Hikma Pharmaceuticals PLC | 14,900 | 370,105 | ||||
Novartis AG | 5,600 | 415,842 | ||||
Roche Holding AG | 4,000 | 1,022,935 | ||||
Shionogi & Co., Ltd. | 7,500 | 388,257 | ||||
UCB S.A. | 2,700 | 209,435 |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 7 |
Table of Contents
ICON International Equity Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Pharmaceuticals (continued) |
| |||||
Vectura Group PLC(b) | 210,000 | $ | 401,209 | |||
|
| |||||
2,807,783 | ||||||
|
| |||||
Publishing (0.81%) |
| |||||
Informa PLC | 48,300 | 394,797 | ||||
|
| |||||
Regional Banks (0.81%) |
| |||||
Banregio Grupo Financiero SAB de CV | 66,000 | 394,084 | ||||
|
| |||||
Restaurants (1.01%) |
| |||||
Domino’s Pizza Enterprises, Ltd.(a) | 11,100 | 492,781 | ||||
|
| |||||
Semiconductors (3.65%) |
| |||||
NXP Semiconductors N.V.(b) | 10,000 | 1,035,000 | ||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 118,000 | 739,935 | ||||
|
| |||||
1,774,935 | ||||||
|
| |||||
Specialized Finance (1.31%) |
| |||||
GRENKE AG | 3,600 | 635,358 | ||||
|
| |||||
Trading Companies & Distributors (0.39%) |
| |||||
Mitsubishi Corp. | 8,800 | 190,719 | ||||
|
| |||||
Water Utilities (2.83%) |
| |||||
CT Environmental Group, Ltd. | 1,820,000 | 386,605 | ||||
Guangdong Investment, Ltd. | 460,000 | 655,924 | ||||
Pennon Group PLC | 30,000 | 331,394 | ||||
|
| |||||
1,373,923 | ||||||
|
| |||||
Wireless Telecommunication Services (1.87%) |
| |||||
China Mobile, Ltd. | 39,000 | 428,903 | ||||
SoftBank Group Corp. | 6,800 | 482,223 | ||||
|
| |||||
911,126 | ||||||
|
| |||||
Total Common Stocks (Cost $43,274,092) | 43,434,151 | |||||
|
| |||||
Collateral for Securities on Loan (3.94%) |
| |||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 1,914,212 | 1,914,212 | ||||
|
| |||||
Total Collateral for Securities on Loan (Cost $1,914,212) | 1,914,212 | |||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Short-Term Investments (11.24%) |
| |||||
Time Deposits (11.24%) |
| |||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 5,461,128 | $ | 5,461,128 | |||
|
| |||||
Total Short-Term Investments (Cost $5,461,128) | 5,461,128 | |||||
|
| |||||
Total Investments (104.55%) (Cost $50,649,432) | $ | 50,809,491 | ||||
Liabilities Less Other Assets (-4.55%) | (2,212,836) | |||||
|
| |||||
Net Assets (100.00%) | $ | 48,596,655 |
| |||
|
|
(a) | All or a portion of the security was on loan as of March 31, 2017. |
(b) | Non-income producing security. |
(c) | Fair valued security; valued by management in accordance with procedures approved by the Fund’s Board of Trustees. As of March 31, 2017, these securities had an aggregate market value of $165,332 or 0.34% of total net assets. |
ADR - American Depositary Receipt
The accompanying notes are an integral part of the financial statements.
8 | www.iconfunds.com |
Table of Contents
ICON International Equity Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Country Composition (March 31, 2017) (Unaudited) |
| |||
Japan | 12.09% | |||
China | 9.75% | |||
Hong Kong | 7.94% | |||
United Kingdom | 7.69% | |||
France | 5.55% | |||
Canada | 4.74% | |||
South Korea | 3.85% | |||
Italy | 3.81% | |||
Spain | 3.34% | |||
Ireland | 3.21% | |||
Netherlands | 3.06% | |||
Switzerland | 2.96% | |||
South Africa | 2.70% | |||
Mexico | 2.40% | |||
Denmark | 2.40% | |||
Taiwan | 1.91% | |||
Thailand | 1.90% | |||
Germany | 1.61% | |||
Jersey | 1.35% | |||
Australia | 1.01% | |||
Norway | 0.82% | |||
Brazil | 0.78% | |||
Singapore | 0.76% | |||
Peru | 0.74% | |||
Georgia | 0.71% | |||
Sweden | 0.51% | |||
United States | 0.51% | |||
Indonesia | 0.46% | |||
Belgium | 0.43% | |||
Hungary | 0.38% | |||
|
| |||
89.37% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
Sector Composition (March 31, 2017) (Unaudited) |
| |||
Information Technology | 18.52% | |||
Utilities | 15.02% | |||
Consumer Discretionary | 12.08% | |||
Industrials | 10.91% | |||
Materials | 9.69% | |||
Health Care | 7.77% | |||
Financial | 5.11% | |||
Energy | 3.82% | |||
Telecommunication Services | 3.30% | |||
Consumer Staples | 1.84% | |||
Real Estate | 1.31% | |||
|
| |||
89.37% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited) |
| |||
Electric Utilities | 6.88% | |||
Pharmaceuticals | 5.78% | |||
Gold | 5.58% | |||
Internet Software & Services | 4.17% | |||
Construction & Engineering | 4.09% | |||
Electronic Equipment & Instruments | 3.96% | |||
Multi-Utilities | 3.73% | |||
Auto Parts & Equipment | 3.65% | |||
Data Processing & Outsourced Services | 3.65% | |||
Semiconductors | 3.65% | |||
Water Utilities | 2.83% | |||
Cable & Satellite | 2.27% | |||
Oil & Gas Exploration & Production | 2.13% | |||
Building Products | 2.08% | |||
Diversified Banks | 2.01% | |||
Biotechnology | 1.99% | |||
Wireless Telecommunication Services | 1.87% | |||
Commodity Chemicals | 1.80% | |||
Electronic Manufacturing Services | 1.61% | |||
Advertising | 1.48% | |||
Specialized Finance | 1.31% | |||
Diversified Real Estate Activities | 1.31% | |||
Integrated Oil & Gas | 1.18% | |||
Industrial Conglomerates | 1.12% | |||
Environmental & Facilities Services | 1.08% | |||
Restaurants | 1.01% | |||
Other Industries (each less than 1%) | 17.15% | |||
|
| |||
89.37% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 9 |
Table of Contents
ICON International Funds | Statements of Assets and Liabilities | |
March 31, 2017 (Unaudited) |
ICON Emerging Markets Fund | ICON International Equity Fund | |||||||
| ||||||||
Assets | ||||||||
Investments, at cost | $ | 48,574,724 | $ | 50,649,432 | ||||
|
| |||||||
Investments, at value(a) | 50,945,464 | 50,809,491 | ||||||
Foreign currency, at value (Cost $54,636 and $11,252, respectively) | 54,716 | 11,260 | ||||||
Receivables: | ||||||||
Investments sold | 1,408,221 | 1,150,619 | ||||||
Fund shares sold | 322,320 | 42,847 | ||||||
Expense reimbursements due from Adviser | 29,768 | 10,029 | ||||||
Interest | 10 | 11 | ||||||
Dividends | 201,914 | 142,180 | ||||||
Foreign tax reclaims | – | 63,334 | ||||||
Other assets | 26,206 | 23,125 | ||||||
|
| |||||||
Total assets | 52,988,619 | 52,252,896 | ||||||
|
| |||||||
Liabilities | ||||||||
Payables: | ||||||||
Payable for collateral received on securities loaned | – | 1,914,212 | ||||||
Investments purchased | 934,278 | 1,589,075 | ||||||
Fund shares redeemed | 35,929 | 65,228 | ||||||
Advisory fees | 42,681 | 40,809 | ||||||
Transfer agent fees | 21,386 | 8,422 | ||||||
Fund accounting fees | 4,756 | 6,800 | ||||||
Accrued distribution fees | 1,903 | 2,677 | ||||||
Trustee fees and expenses | 1,837 | 2,035 | ||||||
Administration fees | 2,208 | 2,119 | ||||||
Accrued expenses | 21,428 | 24,864 | ||||||
|
| |||||||
Total liabilities | 1,066,406 | 3,656,241 | ||||||
|
| |||||||
Net Assets - all share classes | $ | 51,922,213 | $ | 48,596,655 | ||||
|
| |||||||
Net Assets - Class S | $ | 42,087,857 | $ | 43,559,383 | ||||
|
| |||||||
Net Assets - Class C | $ | – | $ | 2,605,861 | ||||
|
| |||||||
Net Assets - Class A | $ | 9,834,356 | $ | 2,431,411 | ||||
|
| |||||||
Net Assets Consists of | ||||||||
Paid-in capital | $ | 54,514,547 | $ | 138,925,356 | ||||
Accumulated undistributed net investment income/(loss) | (213,098) | (267,075) | ||||||
Accumulated undistributed net realized gain/(loss) | (4,753,018) | (90,227,776) | ||||||
Unrealized appreciation/(depreciation) | 2,373,782 | 166,150 | ||||||
|
| |||||||
Net Assets | $ | 51,922,213 | $ | 48,596,655 | ||||
|
| |||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||
Class S | 2,790,031 | 3,503,839 | ||||||
Class C | – | 235,913 | ||||||
Class A | 656,507 | 198,860 | ||||||
Net asset value (offering and redemption price per share) | ||||||||
Class S | $ | 15.09 | $ | 12.43 | ||||
Class C | $ | – | $ | 11.05 | ||||
Class A | $ | 14.98 | $ | 12.23 | ||||
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 15.89 | $ | 12.98 | ||||
(a) Includes securities on loan of | $ | – | $ | 1,837,210 |
The accompanying notes are an integral part of the financial statements.
10 | www.iconfunds.com |
Table of Contents
ICON International Funds | Statements of Operations | |
Period Ended March 31, 2017 (Unaudited) |
ICON Emerging | ICON International | |||||
Markets Fund | Equity Fund | |||||
| ||||||
Investment Income | ||||||
Interest | $ | 752 | $ 526 | |||
Dividends | 340,794 | 385,192 | ||||
Foreign taxes withheld | (56,807) | (40,272) | ||||
Income from securities lending, net | 113 | 16,983 | ||||
|
| |||||
Total investment income | 284,852 | 362,429 | ||||
|
| |||||
Expenses | ||||||
Advisory fees | 235,497 | 248,889 | ||||
Administration fees | 11,777 | 12,445 | ||||
Transfer agent fees | 62,076 | 24,205 | ||||
Distribution fees: | ||||||
Class C(a) | 2,500 | 13,044 | ||||
Class A | 8,713 | 3,012 | ||||
Registration fees | 15,616 | 18,268 | ||||
Audit and tax service expense | 12,147 | 12,213 | ||||
Fund accounting fees | 25,131 | 33,688 | ||||
Trustee fees and expenses | 4,152 | 4,503 | ||||
Insurance expense | 2,426 | 2,449 | ||||
Custody fees | 28,014 | 20,406 | ||||
Printing fees | 6,539 | 6,667 | ||||
Other expenses | 22,853 | 25,560 | ||||
|
| |||||
Total expenses before expense reimbursement | 437,441 | 425,349 | ||||
Expense reimbursement by Adviser due to expense limitation agreement | (61,088) | (23,829) | ||||
|
| |||||
Net Expenses | 376,353 | 401,520 | ||||
|
| |||||
Net Investment Income/(Loss) | (91,501) | (39,091) | ||||
|
| |||||
Realized and Unrealized Gain/(Loss) | ||||||
Net realized gain/(loss) on: | ||||||
Investments | 886,096 | 808,264 | ||||
Foreign currency | (83,552) | (137,016) | ||||
Capital gains tax | (44,231) | (61,405) | ||||
|
| |||||
758,313 | 609,843 | |||||
|
| |||||
Change in unrealized net appreciation/(depreciation) on: | ||||||
Investments and foreign currency | 1,356,599 | 1,108,692 | ||||
|
| |||||
1,356,599 | 1,108,692 | |||||
|
| |||||
Net realized and unrealized gain/(loss) | 2,114,912 | 1,718,535 | ||||
|
| |||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 2,023,411 | $ 1,679,444 | |||
|
|
(a) | Emerging Markets Fund Class C shares merged into Class A shares on January 10, 2017. The information presented is for expenses incurred before the merger. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 11 |
Table of Contents
ICON International Funds | Statements of Changes in Net Assets |
ICON Emerging Markets Fund | ICON International Equity Fund | |||||||||||||||
| ||||||||||||||||
Period Ended | Period Ended | |||||||||||||||
March 31, 2017 | Year Ended | March 31, 2017 | Year Ended | |||||||||||||
(Unaudited) | September 30, 2016 | (Unaudited) | September 30, 2016 | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | (91,501) | $ | (20,622) | $ | (39,091) | $ | 264,296 | ||||||||
Net realized gain/(loss) | 758,313 | 2,067,753 | 609,843 | (2,700,624) | ||||||||||||
Change in net unrealized appreciation/(depreciation) | 1,356,599 | 2,013,423 | 1,108,692 | 5,285,537 | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 2,023,411 | 4,060,554 | 1,679,444 | 2,849,209 | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 12,655,726 | 35,539,610 | 1,033,768 | 3,354,948 | ||||||||||||
Class C(a) | 43,641 | 823,176 | 47,591 | 81,425 | ||||||||||||
Class A(a) | 5,442,316 | 12,243,987 | 145,803 | 175,210 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (17,947,966) | (9,328,014) | (9,024,574) | (23,174,814) | ||||||||||||
Class C(a) | (995,637) | (459,358) | (448,104) | (552,431) | ||||||||||||
Class A(a) | (5,169,635) | (4,458,977) | (611,914) | (1,184,134) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) from fund share transactions | (5,971,555) | 34,360,424 | (8,857,430) | (21,299,796) | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | (3,948,144) | 38,420,978 | (7,177,986) | (18,450,587) | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 55,870,357 | 17,449,379 | 55,774,641 | 74,225,228 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 51,922,213 | $ | 55,870,357 | $ | 48,596,655 | $ | 55,774,641 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (213,098) | $ | (121,597) | $ | (267,075) | $ | (227,984) | ||||||||
|
| |||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 900,949 | 2,656,595 | 90,605 | 291,975 | ||||||||||||
Class C(a) | 3,312 | 64,476 | 4,564 | 7,727 | ||||||||||||
Class A(a) | 391,124 | 918,881 | 12,111 | 15,507 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (1,317,759) | (694,300) | (775,363) | (2,012,460) | ||||||||||||
Class C(a) | (78,688) | (37,993) | (44,518) | (53,203) | ||||||||||||
Class A(a) | (373,696) | (335,946) | (53,887) | (106,353) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) | (474,758) | 2,571,713 | (766,488) | (1,856,807) | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 3,921,296 | 1,349,583 | 4,705,100 | 6,561,907 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 3,446,538 | 3,921,296 | 3,938,612 | 4,705,100 | ||||||||||||
|
|
(a) | Emerging Markets Fund Class C shares merged into Class A shares on January 10, 2017. 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.
12 | www.iconfunds.com |
Table of Contents
ICON Emerging Markets Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
March 31, 2017 | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
Class S | (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 14.28 | $ | 12.95 | $ | 13.72 | $ | 13.51 | $ | 12.21 | $ | 10.12 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.02) | (0.00) | (b) | (0.03) | (0.03) | 0.06 | 0.11 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.83 | 1.33 | (0.74) | 0.27 | 1.33 | 2.02 | ||||||||||||||||||
Total from investment operations | 0.81 | 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 | $ | 15.09 | $ | 14.28 | $ | 12.95 | $ | 13.72 | $ | 13.51 | $ | 12.21 | ||||||||||||
Total Return | 5.67%(c) | 10.27 | % | (5.61) | % | 1.78 | % | 11.44 | % | 21.16% | ||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 42,088 | $ | 45,786 | $ | 16,123 | $ | 8,942 | $ | 29,053 | $ | 37,969 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.77%(d) | 1.85 | % | 2.44 | % | 2.11 | % | 1.64 | % | 1.50% | ||||||||||||||
After expense limitation | 1.55%(d)(e) | 1.55% | (e) | 1.55% | (e) | 1.88% | (f) | 1.64 | % | 1.50% | ||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.58)%(d) | (0.32) | % | (1.08) | % | (0.42) | % | 0.46 | % | 0.96% | ||||||||||||||
After expense limitation | (0.36)%(d)(e) | (0.02)% | (e) | (0.19)% | (e) | (0.19)% | (f) | 0.46 | % | 0.96% | ||||||||||||||
Portfolio turnover rate | 113%(c) | 156 | % | 76 | % | 92 | % | 60 | % | 72% |
(a) | Calculated using the average shares method. |
(b) | Amount less than $(0.005). |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
(f) | Effective May 5, 2014, Class S’s operating expenses, not including interest expense, were contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 13 |
Table of Contents
ICON Emerging Markets Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
March 31, 2017 | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
Class A(a) | (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 14.20 | $ | 12.91 | $ | 13.71 | $ | 13.51 | $ | 12.17 | $ | 10.10 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.03) | (0.01) | (0.07) | (0.04) | 0.04 | 0.09 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.81 | 1.30 | (0.73) | 0.27 | 1.33 | 2.00 | ||||||||||||||||||
Total from investment operations | 0.78 | 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 | $ | 14.98 | $ | 14.20 | $ | 12.91 | $ | 13.71 | $ | 13.51 | $ | 12.17 | ||||||||||||
Total Return(c) | 5.49%(d) | 9.99 | % | (5.84) | % | 1.68 | % | 11.29 | % | 20.73% | ||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 9,834 | $ | 9,072 | $ | 725 | $ | 305 | $ | 789 | $ | 690 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.20%(e) | 2.16 | % | 4.75 | % | 4.32 | % | 2.97 | % | 2.88% | ||||||||||||||
After expense limitation(f) | 1.80%(e) | 1.80 | % | 1.80 | % | 1.95 | % | 1.81 | % | 1.80% | ||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.84)%(e) | (0.43) | % | (3.44) | % | (2.65) | % | (0.82) | % | (0.31)% | ||||||||||||||
After expense limitation(f) | (0.44)%(e) | (0.07) | % | (0.49) | % | (0.28) | % | 0.34 | % | 0.77% | ||||||||||||||
Portfolio turnover rate | 113%(d) | 156 | % | 76 | % | 92 | % | 60 | % | 72% |
(a) | Class C shares were merged into Class A on January 10, 2017. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
(b) | Calculated using the average shares method. |
(c) | The total return calculation excludes any sales charges. |
(d) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
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Table of Contents
ICON International Equity Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
March 31, 2017 | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
Class S(a) | (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 11.94 | $ | 11.37 | $ | 11.75 | $ | 11.81 | $ | 11.05 | $ | 9.22 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.01) | 0.05 | 0.00 | (c) | 0.06 | 0.07 | 0.16 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.50 | 0.52 | (0.37) | (0.12) | 0.74 | 1.78 | ||||||||||||||||||
Total from investment operations | 0.49 | 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 | $ | 12.43 | $ | 11.94 | $ | 11.37 | $ | 11.75 | $ | 11.81 | $ | 11.05 | ||||||||||||
Total Return | 4.10%(e) | 5.01 | % | (3.15) | % | (0.51) | % | 7.33 | % | 21.19% | ||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 43,559 | $ | 50,005 | $ | 67,201 | $ | 80,356 | $ | 42,105 | $ | 56,152 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.55%(f) | 1.45 | % | 1.41 | % | 1.41 | % | 1.45 | % | 1.39% | ||||||||||||||
After expense limitation(g) | 1.55%(f) | 1.45 | % | 1.41 | % | 1.41 | % | 1.45 | % | 1.39% | ||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.09)%(f) | 0.45 | % | 0.00% | (h) | 0.44 | % | 0.65 | % | 1.47% | ||||||||||||||
After expense limitation(g) | (0.09)%(f) | 0.45 | % | 0.00% | (h) | 0.44 | % | 0.65 | % | 1.47% | ||||||||||||||
Portfolio turnover rate | 121%(e) | 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) | Not Annualized. |
(f) | Annualized. |
(g) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
(h) | Less than 0.005% of average net assets. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 15 |
Table of Contents
ICON International Equity Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
March 31, 2017 | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
Class C | (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.66 | $ | 10.27 | $ | 10.72 | $ | 10.89 | $ | 10.26 | $ | 8.56 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.06) | (0.09) | (b) | (0.12) | (0.08) | (0.04) | (0.02) | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.45 | 0.48 | (0.33) | (0.09) | 0.67 | 1.72 | ||||||||||||||||||
Total from investment operations | 0.39 | 0.39 | (0.45) | (0.17) | 0.63 | 1.70 | ||||||||||||||||||
Net asset value, end of period | $ | 11.05 | $ | 10.66 | $ | 10.27 | $ | 10.72 | $ | 10.89 | $ | 10.26 | ||||||||||||
Total Return(c) | 3.66%(d) | 3.80 | % | (4.20) | % | (1.56) | % | 6.14 | % | 19.86% | ||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 2,606 | $ | 2,941 | $ | 3,299 | $ | 4,597 | $ | 5,657 | $ | 6,773 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 3.38%(e) | 3.13 | % | 2.96 | % | 2.82 | % | 2.77 | % | 2.72% | ||||||||||||||
After expense limitation(f) | 2.55%(e) | 2.55 | % | 2.55 | % | 2.56 | % | 2.56 | % | 2.55% | ||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (1.92)%(e) | (1.40) | % | (1.56) | % | (0.99) | % | (0.63) | % | (0.41)% | ||||||||||||||
After expense limitation(f) | (1.09)%(e) | (0.82) | % | (1.15) | % | (0.73) | % | (0.42) | % | (0.24)% | ||||||||||||||
Portfolio turnover rate | 121%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
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Table of Contents
ICON International Equity Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 11.76 | $ | 11.24 | $ | 11.65 | $ | 11.75 | $ | 10.99 | $ | 9.16 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.02) | 0.05 | (0.04) | 0.00 | (c) | 0.04 | 0.11 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.49 | 0.47 | (0.37) | (0.10) | 0.73 | 1.77 | ||||||||||||||||||
Total from investment operations | 0.47 | 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 | $ | 12.23 | $ | 11.76 | $ | 11.24 | $ | 11.65 | $ | 11.75 | $ | 10.99 | ||||||||||||
Total Return(e) | 4.00% | (f) | 4.63 | % | (3.52) | % | (0.85) | % | 7.03 | % | 20.61 | % | ||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 2,431 | $ | 2,829 | $ | 3,725 | $ | 4,089 | $ | 5,043 | $ | 6,309 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.82% | (g) | 2.43 | % | 2.25 | % | 2.12 | % | 2.19 | % | 2.01 | % | ||||||||||||
After expense limitation(h) | 1.80% | (g) | 1.80 | % | 1.80 | % | 1.81 | % | 1.81 | % | 1.80 | % | ||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (1.36)% | (g) | (0.19) | % | (0.77) | % | (0.27) | % | (0.06) | % | 0.85 | % | ||||||||||||
After expense limitation(h) | (0.34)% | (g) | 0.44 | % | (0.32) | % | 0.04 | % | 0.32 | % | 1.06 | % | ||||||||||||
Portfolio turnover rate | 121% | (f) | 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) | Not Annualized. |
(g) | Annualized. |
(h) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2017 | 17 |
Table of Contents
ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
1. ORGANIZATION
The ICON Emerging Markets Fund (“Emerging Markets Fund”) and ICON International Equity Fund (“International Equity Fund”) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Each Fund offers two classes of shares: Class S and Class A. The International Equity Fund also offers a Class C share. On January 10, 2017, the Class C shares of the Emerging Markets Fund merged into the Class A shares of the Emerging Markets Fund. The Class C shares of the Emerging Markets Fund 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 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.
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 fair 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 fair 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.
18 | www.iconfunds.com |
Table of Contents
ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Exchange traded options 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 fair value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 | — | quoted prices in active markets for identical securities. | ||
Level 2 | — | significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). | ||
Level 3 | — | significant unobservable inputs. |
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2017:
ICON Emerging Markets Fund
Investments in Securities at Value* | Level 1 - Quoted and Unadjusted | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Cable & Satellite | $ | 493,529 | $ | 871,900 | $ | – | $ | 1,365,429 | ||||||||
Diversified Banks | 1,051,356 | 4,366,267 | – | 5,417,623 | ||||||||||||
Electric Utilities | 528,755 | 1,706,531 | – | 2,235,286 | ||||||||||||
Electronic Manufacturing Services | 743,931 | 515,198 | – | 1,259,129 | ||||||||||||
Internet Software & Services | 3,243,219 | 2,031,640 | – | 5,274,859 | ||||||||||||
Oil & Gas Exploration & Production | 269,659 | 516,379 | – | 786,038 | ||||||||||||
Regional Banks | 1,037,754 | 712,845 | – | 1,750,599 | ||||||||||||
Semiconductors | 972,900 | 2,229,381 | – | 3,202,281 | ||||||||||||
Other | 2,885,072 | 22,358,709 | – | 25,243,781 | ||||||||||||
Short-Term Investments | – | 4,410,439 | – | 4,410,439 | ||||||||||||
Total | $ | 11,226,175 | $ | 39,719,289 | $ | – | $ | 50,945,464 | ||||||||
Semi-Annual Report | March 31, 2017 | 19 |
Table of Contents
ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
ICON International Equity Fund
Investments in Securities at Value* | Level 1 - Quoted and Unadjusted | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Auto Parts & Equipment | $ | 256,089 | $ | 1,515,220 | $ | – | $ | 1,771,309 | ||||||||
Cable & Satellite | 904,218 | 196,436 | – | 1,100,654 | ||||||||||||
Commodity Chemicals | 225,108 | 650,319 | – | 875,427 | ||||||||||||
Data Processing & Outsourced Services | 377,119 | 1,394,856 | – | 1,771,975 | ||||||||||||
Diversified Banks | 359,260 | 616,210 | – | 975,470 | ||||||||||||
Electric Utilities | 211,964 | 3,131,882 | – | 3,343,846 | ||||||||||||
Electronic Manufacturing Services | 479,142 | 304,435 | – | 783,577 | ||||||||||||
Gold | 1,014,240 | 1,698,636 | – | 2,712,876 | ||||||||||||
Integrated Oil & Gas | 190,357 | 383,480 | – | 573,837 | ||||||||||||
Internet Software & Services | 1,443,075 | 580,983 | – | 2,024,058 | ||||||||||||
Oil & Gas Exploration & Production | 248,916 | 784,378 | – | 1,033,294 | ||||||||||||
Semiconductors | 1,035,000 | 739,935 | – | 1,774,935 | ||||||||||||
Other | 1,056,922 | 23,635,971 | – | 24,692,893 | ||||||||||||
Collateral for Securities on Loan | – | 1,914,212 | – | 1,914,212 | ||||||||||||
Short-Term Investments | – | 5,461,128 | – | 5,461,128 | ||||||||||||
Total | $ | 7,801,410 | $ | 43,008,081 | $ | – | $ | 50,809,491 | ||||||||
* | 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 March 31, 2017.
For the International Equity Fund, common stocks valued at $946,467, were transferred from Level 1 to Level 2 during the six months ended March 31, 2017. At September 30, 2016, these securities were valued using quoted market prices in active markets without using fair value adjustment factors; at March 31, 2017, these securities were valued using quoted market prices in active markets with fair value adjustment factors. For the Emerging Markets Fund and International Equity Fund, common stocks valued at $265,582 and $169,006, respectively, were transferred from Level 2 to Level 1 during the six months ended March 31, 2017. At September 30, 2016, these securities were valued using quoted market prices in active markets with fair value adjustment factors; at March 31, 2017, these securities were valued using quoted market prices in active markets without using 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
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.
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ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
Forward Foreign Currency Contracts
The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting parties to exchange an amount of currency at some future time at an agreed upon rate. The Funds use forward foreign currency contracts to manage foreign currency exposure with respect to transactional hedging, positional hedging, cross hedging and proxy hedging.
These contracts involve market risk and do not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of those securities decline. The Funds could be exposed to risk if the value of the currency changes unfavorably. Additionally, the Funds could be exposed to counterparty risk if the counterparties are unable to meet the terms of the contracts.
These contracts are marked-to-market daily. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statements of Operations. At March 31, 2017 and for the six months then ended, the Emerging Markets Fund and International Equity Fund had no outstanding forward foreign currency contracts.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to certain approved brokers, dealers and other financial institutions to earn additional income. 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 fair 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.
Effective October 14, 2016, the Funds have elected to invest the cash collateral in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedule of Investments. Prior to October 14, 2016, the Funds used the State Street Navigator Prime Portfolio. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the six months ended March 31, 2017, is included in the Statements of Operations.
The value of the collateral could include collateral held for securities that were sold on or before March 31, 2017. It may also include collateral received from the pre-funding of security loans.
The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of March 31, 2017:
Remaining contractual maturity of the lending agreement | ||||||||||||||||||||||||||
Overnight & Continuous | Up to 30 days | 30-90 days | Greater than 90 days | Fair Value | Collateral Received | Excess amount due to | ||||||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||||||||
ICON International Equity Fund | ||||||||||||||||||||||||||
Equity Securities | $ 1,837,210 | $ | – | $ | – | $ | – | $ | 1,837,210 | $ | 1,914,212 | $ 77,002 |
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.
Semi-Annual Report | March 31, 2017 | 21 |
Table of Contents
ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute income and net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforward. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past three years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s NAV. The tax is paid when the gain is realized and is included in capital gains tax in the Statements of Operations.
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 effective yield.
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.
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ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 | $ | 5,475 | $ | 40,757 | $ | 7,298 | ||||||||||
Class C(a) | 105 | 957 | 2,863 | |||||||||||||
Class A(a) | 959 | 9,130 | 5,455 | |||||||||||||
ICON International Equity Fund | ||||||||||||||||
Class S | 5,226 | 7,171 | 7,358 | |||||||||||||
Class C | 603 | 6,243 | 5,106 | |||||||||||||
Class A | 838 | 6,710 | 5,804 |
* | Transfer agent out of pocket fees are a Fund level expense. |
(a) | Emerging Markets Fund Class C shares merged into Class A shares on January 10, 2017. The information presented is for expenses incurred before the merger. |
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 1.00% of each Fund’s average daily net assets.
ICON Advisers has contractually agreed to limit the Funds’ operating expenses (exclusive of brokerage, interest, taxes, 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% | – | 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 the Emerging Markets Fund Class A and all classes of the International Equity Fund. The expense limitation for the Emerging Markets Fund Class S will continue in effect until at least January 31, 2018. 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 March 31, 2017 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | Expires 2017 | Expires 2018 | Expires 2019 | Expires 2020 | ||||||||||||
ICON Emerging Markets Fund | $ | 30,603 | $ | 112,887 | $ | 106,751 | $ | 57,388 | ||||||||
ICON International Equity Fund | 13,502 | 34,662 | 38,568 | 23,829 |
Accounting, Custody and Transfer Agent Fees
ALPS Fund Services, Inc. (“ALPS”) serves as the fund accounting agent for the Trust. 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.
ALPS is the Trust’s transfer agent. For these services, the Trust pays an annual fee plus annual base fee per Fund, per account fees and out-of-pocket expenses.
Semi-Annual | March 31, 2017 | 23 |
Table of Contents
ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 six months ended March 31, 2017, 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.
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.
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
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 six months ended March 31, 2017, 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 of Trustees reviews and approves such reimbursements. For the six months ended March 31, 2017, the total related amounts accrued by the Funds under this arrangement was $2,101 and is included in Other Expenses on the Statements of Operations.
The Funds did not engage in cross trades with each other, during the six months ended March 31, 2017, 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 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 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 an uncommitted, unsecured, revolving Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. The maximum borrowing limit is $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, 2018.
For the six months ended March 31, 2017, there were no outstanding borrowings under this agreement/arrangement.
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ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
5. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended March 31, 2017, 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 | $ | 47,381,950 | $ | 52,486,662 | ||||
ICON International Equity Fund | 54,353,003 | 62,741,985 |
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.
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.
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.
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. |
Semi-Annual | March 31, 2017 | 25 |
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ICON International Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
As of March 31, 2017, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Fund | Gross Appreciation (excess of value over tax cost) | Gross Depreciation (excess of tax cost over value) | Net Unrealized Appreciation/ (Depreciation) | Cost of Investments for Income Tax Purposes | ||||||||||||
ICON Emerging Markets Fund | $ | 3,520,692 | $ | (1,228,848) | $ | 2,291,844 | $ | 48,653,620 | ||||||||
ICON International Equity Fund | 2,222,847 | (2,108,631) | 114,216 | 50,695,275 |
7. RECENT ACCOUNTING PRONOUNCEMENT
In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-19, “Technical Corrections and Improvements.” It includes an update to Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurement. The update to Topic 820 clarifies the difference between a valuation approach and a valuation technique. It also requires disclosure when there has been a change in either or both a valuation approach and/or a valuation technique. The changes related to Topic 820 are effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. Management is currently evaluating the impact of the ASU to the financial statements.
8. SECURITIES AND EXCHANGE COMMISSION REGULATIONS
On October 13, 2016, the Securities and Exchange Commission amended Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact to the financial statements and disclosures.
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ICON International Funds | Disclosure of Fund Expenses | |
March 31, 2017 (Unaudited) |
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/01/16 – 3/31/17).
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 October 1, 2016 | Ending Account March 31, 2017 | Expense Ratio(a) | Expenses Paid During period October 1, 2016 - March 31, 2017(b) | |||||
ICON Emerging Markets Fund | ||||||||
Class S | ||||||||
Actual | $ 1,000.00 | $ 1,056.70 | 1.55% | $ 7.95 | ||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.20 | 1.55% | $ 7.80 | ||||
Class A(c) | ||||||||
Actual | $ 1,000.00 | $ 1,054.90 | 1.80% | $ 9.22 | ||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,015.96 | 1.80% | $ 9.05 | ||||
ICON International Equity Fund | ||||||||
Class S | ||||||||
Actual | $ 1,000.00 | $ 1,041.00 | 1.55% | $ 7.89 | ||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.20 | 1.55% | $ 7.80 | ||||
Class C | ||||||||
Actual | $ 1,000.00 | $ 1,036.60 | 2.55% | $12.95 | ||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,012.22 | 2.55% | $12.79 | ||||
Class A | ||||||||
Actual | $ 1,000.00 | $ 1,040.00 | 1.80% | $ 9.15 | ||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,015.96 | 1.80% | $ 9.05 |
(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 182/365 (to reflect the half-year period). |
(c) | Class C shares were merged into Class A on January 10, 2017. 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. |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
Semi-Annual Report | March 31, 2017 | 27 |
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ICON International Funds | Additional Information | |
March 31, 2017 (Unaudited) |
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
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ICON International Funds | Privacy Policy | |
March 31, 2017 (Unaudited) |
FACTS | WHAT DOES ICON DO WITH YOUR PERSONAL INFORMATION? | |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
● Social Security number and account balances ● income and transaction history ● checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. | |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons ICON chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does ICON share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For our marketing purposes — to offer our products and services to you | No | We don’t share | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 1-800-764-0442 for the ICON Funds and 1-800-828-4881 for ICON Advisers, Inc. and ICON Distributors, Inc. |
Semi-Annual Report | March 31, 2017 | 29 |
Table of Contents
ICON International Funds | Privacy Policy | |
March 31, 2017 (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 |
30 | www.iconfunds.com |
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Intentionally Left Blank
Table of Contents
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 |
Table of Contents
SEMI-ANNUAL REPORT
March 31, 2017 |
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
Table of Contents
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
TABLE OF CONTENTS
2 | ||||
Schedules of Investments (Unaudited) | ||||
3 | ||||
5 | ||||
6 | ||||
8 | ||||
10 | ||||
12 | ||||
14 | ||||
16 | ||||
18 | ||||
19 | ||||
33 | ||||
53 | ||||
65 | ||||
68 | ||||
69 |
Table of Contents
ICON Sector Funds | About This Report | |
March 31, 2017 (Unaudited) |
Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2017, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.
An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of the financial statements released to the market as part of our analysis.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
2 | www.iconfunds.com |
Table of Contents
ICON Consumer Discretionary Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal | Value | |||||||
| ||||||||
Common Stocks (77.57%) | ||||||||
Apparel Retail (1.11%) | ||||||||
Foot Locker, Inc. | 5,600 | $ | 418,936 | |||||
|
| |||||||
Auto Parts & Equipment (9.58%) | ||||||||
Adient PLC | 7,900 | 574,093 | ||||||
Horizon Global Corp.(a) | 36,800 | 510,784 | ||||||
Modine Manufacturing Co.(a) | 58,200 | 710,040 | ||||||
Motorcar Parts of America, Inc.(a) | 47,220 | 1,451,070 | ||||||
Standard Motor Products, Inc. | 7,700 | 378,378 | ||||||
|
| |||||||
3,624,365 | ||||||||
|
| |||||||
Automotive Retail (1.96%) | ||||||||
AutoZone, Inc.(a) | 500 | 361,525 | ||||||
O’Reilly Automotive, Inc.(a) | 1,400 | 377,776 | ||||||
|
| |||||||
739,301 | ||||||||
|
| |||||||
Cable & Satellite (3.32%) | ||||||||
Comcast Corp., Class A | 33,400 | 1,255,506 | ||||||
|
| |||||||
Casinos & Gaming (3.85%) | ||||||||
MGM Resorts International | 53,200 | 1,457,680 | ||||||
|
| |||||||
Footwear (3.98%) | ||||||||
NIKE, Inc., Class B | 27,000 | 1,504,710 | ||||||
|
| |||||||
Home Furnishings (1.03%) | ||||||||
Ethan Allen Interiors, Inc. | 12,700 | 389,255 | ||||||
|
| |||||||
Home Improvement Retail (8.07%) | ||||||||
Home Depot, Inc. | 8,300 | 1,218,689 | ||||||
Lowe’s Cos., Inc. | 22,300 | 1,833,283 | ||||||
|
| |||||||
3,051,972 | ||||||||
|
| |||||||
Homebuilding (3.91%) | ||||||||
LGI Homes, Inc.(a)(b) | 29,000 | 983,390 | ||||||
PulteGroup, Inc. | 21,000 | 494,550 | ||||||
|
| |||||||
1,477,940 | ||||||||
|
| |||||||
Household Appliances (4.49%) | ||||||||
Whirlpool Corp. | 9,900 | 1,696,167 | ||||||
|
| |||||||
Housewares & Specialties (7.31%) | ||||||||
Newell Brands, Inc. | 58,600 | 2,764,162 | ||||||
|
| |||||||
Internet & Direct Marketing Retail (1.00%) |
| |||||||
Expedia, Inc. | 3,000 | 378,510 | ||||||
|
| |||||||
Leisure Products (1.09%) | ||||||||
American Outdoor Brands | 20,800 | 412,048 | ||||||
|
| |||||||
Movies & Entertainment (10.06%) | ||||||||
Time Warner, Inc. | 11,700 | 1,143,207 | ||||||
Twenty-First Century Fox, Inc., Class A | 82,100 | 2,659,219 | ||||||
|
| |||||||
3,802,426 | ||||||||
|
|
Shares or Principal | Value | |||||||
| ||||||||
Restaurants (8.89%) | ||||||||
Aramark | 22,700 | $ | 836,949 | |||||
McDonald’s Corp. | 16,500 | 2,138,565 | ||||||
Starbucks Corp. | 6,600 | 385,374 | ||||||
|
| |||||||
3,360,888 | ||||||||
|
| |||||||
Specialized Consumer Services (0.54%) |
| |||||||
Liberty Tax, Inc. | 14,295 | 203,704 | ||||||
|
| |||||||
Specialty Stores (2.61%) | ||||||||
Sportsman’s Warehouse Holdings, Inc.(a)(b) | 27,688 | 132,349 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.(a) | 3,000 | 855,690 | ||||||
|
| |||||||
988,039 | ||||||||
|
| |||||||
Tires & Rubber (4.77%) | ||||||||
Goodyear Tire & Rubber Co. | 50,100 | 1,803,600 | ||||||
|
| |||||||
Total Common Stocks (Cost $28,576,160) | 29,329,209 | |||||||
|
| |||||||
Collateral for Securities on Loan (3.17%) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 1,199,953 | 1,199,953 | ||||||
|
| |||||||
Total Collateral for Securities on Loan (Cost $1,199,953) |
| 1,199,953 | ||||||
|
| |||||||
Short-Term Investments (24.12%) |
| |||||||
Time Deposits (24.12%) | ||||||||
State Street Euro Dollar Time Deposit (USD), | ||||||||
0.07%, 04/03/17 | 9,121,016 | 9,121,016 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $9,121,016) | 9,121,016 | |||||||
|
| |||||||
Total Investments (104.86%) (Cost $38,897,129) | $ | 39,650,178 | ||||||
Liabilities Less Other Assets (-4.86%) |
| (1,837,117) | ||||||
|
| |||||||
Net Assets (100.00%) | $ | 37,813,061 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of the security was on loan as of March 31, 2017. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 3 |
Table of Contents
ICON Consumer Discretionary Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Sector Composition (March 31, 2017) (Unaudited)
Consumer Discretionary | 77.57% | |
| ||
77.57% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Movies & Entertainment | 10.06% | |
Auto Parts & Equipment | 9.58% | |
Restaurants | 8.89% | |
Home Improvement Retail | 8.07% | |
Housewares & Specialties | 7.31% | |
Tires & Rubber | 4.77% | |
Household Appliances | 4.49% | |
Footwear | 3.98% | |
Homebuilding | 3.91% | |
Casinos & Gaming | 3.85% | |
Cable & Satellite | 3.32% | |
Specialty Stores | 2.61% | |
Automotive Retail | 1.96% | |
Apparel Retail | 1.11% | |
Leisure Products | 1.09% | |
Home Furnishings | 1.03% | |
Internet & Direct Marketing Retail | 1.00% | |
Other Industries (each less than 1%) | 0.54% | |
| ||
77.57% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
4 | www.iconfunds.com |
Table of Contents
ICON Consumer Staples Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Common Stocks (86.45%) | ||||||||
Agricultural Products (1.07%) | ||||||||
Fresh Del Monte Produce, Inc. | 5,400 | $ | 319,842 | |||||
|
| |||||||
Brewers (5.81%) | ||||||||
Molson Coors Brewing Co., Class B | 18,200 | 1,741,922 | ||||||
|
| |||||||
Distillers & Vintners (6.37%) | ||||||||
Constellation Brands, Inc., Class A | 11,800 | 1,912,426 | ||||||
|
| |||||||
Drug Retail (9.47%) | ||||||||
CVS Health Corp. | 17,900 | 1,405,150 | ||||||
Walgreens Boots Alliance, Inc. | 17,300 | 1,436,765 | ||||||
|
| |||||||
2,841,915 | ||||||||
|
| |||||||
Food Distributors (5.37%) | ||||||||
Sysco Corp. | 23,100 | 1,199,352 | ||||||
US Foods Holding Corp.(a) | 14,700 | 411,306 | ||||||
|
| |||||||
1,610,658 | ||||||||
|
| |||||||
Household Products (7.59%) | ||||||||
Procter & Gamble Co. | 14,200 | 1,275,870 | ||||||
Spectrum Brands Holdings, Inc. | 7,200 | 1,000,872 | ||||||
|
| |||||||
2,276,742 | ||||||||
|
| |||||||
Housewares & Specialties (4.35%) | ||||||||
Newell Brands, Inc. | 27,700 | 1,306,609 | ||||||
|
| |||||||
Packaged Foods & Meats (23.21%) | ||||||||
Blue Buffalo Pet Products, Inc.(a) | 53,300 | 1,225,900 | ||||||
J.M. Smucker Co. | 6,400 | 838,912 | ||||||
Kellogg Co. | 15,500 | 1,125,455 | ||||||
Mondelez International, Inc., Class A | 26,500 | 1,141,620 | ||||||
Nomad Foods, Ltd.(a) | 101,000 | 1,156,450 | ||||||
TreeHouse Foods, Inc.(a) | 13,200 | 1,117,512 | ||||||
Tyson Foods, Inc., Class A | 5,800 | 357,918 | ||||||
|
| |||||||
6,963,767 | ||||||||
|
| |||||||
Personal Products (2.32%) | ||||||||
Estee Lauder Cos., Inc., Class A | 8,200 | 695,278 | ||||||
|
| |||||||
Soft Drinks (20.89%) | ||||||||
Coca-Cola Co. | 66,800 | 2,834,992 | ||||||
Monster Beverage Corp.(a) | 38,000 | 1,754,460 | ||||||
PepsiCo, Inc. | 15,000 | 1,677,900 | ||||||
|
| |||||||
6,267,352 | ||||||||
|
| |||||||
Total Common Stocks (Cost $26,229,664) | 25,936,511 | |||||||
|
|
Shares or Principal Amount | Value | |||||||
| ||||||||
Short-Term Investments (10.94%) |
| |||||||
Time Deposits (10.94%) | ||||||||
State Street Euro Dollar Time Deposit (USD), | ||||||||
0.07%, 04/03/17 | 3,282,767 | $ | 3,282,767 | |||||
|
| |||||||
Total Short-Term Investments (Cost $3,282,767) |
| 3,282,767 | ||||||
|
| |||||||
Total Investments (97.39%) (Cost $29,512,431) |
| $ | 29,219,278 | |||||
Other Assets Less Liabilities (2.61%) |
| 782,476 | ||||||
|
| |||||||
Net Assets (100.00%) | $ | 30,001,754 | ||||||
|
| |||||||
(a) Non-income producing security. |
| |||||||
Sector Composition (March 31, 2017) (Unaudited) |
| |||||||
| ||||||||
Consumer Staples |
| 82.10% | ||||||
Consumer Discretionary |
| 4.35% | ||||||
|
| |||||||
86.45% | ||||||||
|
| |||||||
Percentages are based upon common stocks as a percentage of net assets. |
| |||||||
Industry Composition (March 31, 2017) (Unaudited) |
| |||||||
| ||||||||
Packaged Foods & Meats |
| 23.21% | ||||||
Soft Drinks |
| 20.89% | ||||||
Drug Retail |
| 9.47% | ||||||
Household Products |
| 7.59% | ||||||
Distillers & Vintners |
| 6.37% | ||||||
Brewers |
| 5.81% | ||||||
Food Distributors |
| 5.37% | ||||||
Housewares & Specialties |
| 4.35% | ||||||
Personal Products |
| 2.32% | ||||||
Agricultural Products |
| 1.07% | ||||||
|
| |||||||
86.45% | ||||||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 5 |
Table of Contents
ICON Energy Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (97.47%) | ||||||
Coal & Consumable Fuels (4.38%) | ||||||
Cameco Corp.(a) | 384,500 | $ | 4,256,415 | |||
CONSOL Energy, Inc.(b) | 590,000 | 9,900,200 | ||||
|
| |||||
14,156,615 | ||||||
|
| |||||
Gas Utilities (1.50%) | ||||||
National Fuel Gas Co. | 81,200 | 4,841,144 | ||||
|
| |||||
Integrated Oil & Gas (25.47%) | ||||||
Chevron Corp. | 238,900 | 25,650,693 | ||||
Exxon Mobil Corp. | 568,500 | 46,622,685 | ||||
Suncor Energy, Inc. | 324,700 | 9,984,525 | ||||
|
| |||||
82,257,903 | ||||||
|
| |||||
Multi-Utilities (2.48%) | ||||||
CenterPoint Energy, Inc. | 114,200 | 3,148,494 | ||||
NiSource, Inc. | 204,700 | 4,869,813 | ||||
|
| |||||
8,018,307 | ||||||
|
| |||||
Oil & Gas Equipment & Services (8.72%) | ||||||
RPC, Inc.(a) | 436,100 | 7,984,991 | ||||
Schlumberger, Ltd. | 258,450 | 20,184,945 | ||||
|
| |||||
28,169,936 | ||||||
|
| |||||
Oil & Gas Exploration & Production (40.11%) |
| |||||
Antero Resources Corp.(b) | 190,700 | 4,349,867 | ||||
Cabot Oil & Gas Corp. | 325,600 | 7,785,096 | ||||
Carrizo Oil & Gas, Inc.(b) | 218,400 | 6,259,344 | ||||
Chesapeake Energy Corp.(a)(b) | 1,302,850 | 7,738,929 | ||||
Cimarex Energy Co. | 93,900 | 11,220,111 | ||||
Continental Resources, Inc.(b) | 88,850 | 4,035,567 | ||||
Denbury Resources, Inc.(b) | 1,368,650 | 3,531,117 | ||||
Diamondback Energy, Inc.(b) | 101,850 | 10,563,373 | ||||
EOG Resources, Inc. | 155,700 | 15,188,535 | ||||
EQT Corp. | 89,600 | 5,474,560 | ||||
Gulfport Energy Corp.(b) | 493,600 | 8,484,984 | ||||
Laredo Petroleum, Inc.(b) | 547,000 | 7,986,200 | ||||
Matador Resources Co.(b) | 283,400 | 6,742,086 | ||||
Newfield Exploration Co.(b) | 176,400 | 6,510,924 | ||||
Range Resources Corp. | 252,100 | 7,336,110 | ||||
Southwestern Energy Co.(b) | 753,700 | 6,157,729 | ||||
SRC Energy, Inc.(b) | 1,207,750 | 10,193,410 | ||||
|
| |||||
129,557,942 | ||||||
|
| |||||
Oil & Gas Refining & Marketing (5.23%) | ||||||
Green Plains, Inc. | 168,700 | 4,175,325 | ||||
HollyFrontier Corp. | 200,000 | 5,668,000 | ||||
Tesoro Corp. | 68,800 | 5,576,928 | ||||
World Fuel Services Corp. | 40,000 | 1,450,000 | ||||
|
| |||||
16,870,253 | ||||||
|
| |||||
Oil & Gas Storage & Transportation (5.90%) |
| |||||
Golar LNG, Ltd. | 231,600 | 6,468,588 | ||||
Magellan Midstream Partners L.P. | 64,900 | 4,991,459 | ||||
Teekay LNG Partners L.P. | 433,308 | 7,604,556 | ||||
|
| |||||
19,064,603 | ||||||
|
| |||||
Renewable Electricity (3.68%) |
| |||||
8Point3 Energy Partners L.P. | 520,300 | 7,060,471 |
Shares or Principal Amount | Value | |||||||
| ||||||||
Renewable Electricity (continued) |
| |||||||
Ormat Technologies, Inc. | 84,300 | $ | 4,811,844 | |||||
|
| |||||||
11,872,315 | ||||||||
|
| |||||||
Total Common Stocks (Cost $301,880,623) | 314,809,018 | |||||||
|
| |||||||
Collateral for Securities on Loan (4.03%) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 13,018,860 | 13,018,860 | ||||||
|
| |||||||
Total Collateral for Securities on Loan (Cost $13,018,860) |
| 13,018,860 | ||||||
|
| |||||||
Short-Term Investments (1.10%) |
| |||||||
Time Deposits (1.10%) | ||||||||
State Street Euro Dollar Time Deposit (USD), | ||||||||
0.07%, 04/03/17 | 3,564,394 | 3,564,394 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $3,564,394) | 3,564,394 | |||||||
|
| |||||||
Total Investments (102.60%) (Cost $318,463,877) | $ | 331,392,272 | ||||||
Liabilities Less Other Assets (-2.60%) |
| (8,400,491) | ||||||
|
| |||||||
Net Assets (100.00%) | $ | 322,991,781 | ||||||
|
|
(a) | All or a portion of the security was on loan as of March 31, 2017. |
(b) | Non-income producing security. |
Sector Composition (March 31, 2017) (Unaudited)
Energy | 89.81% | |||
Utilities | 7.66% | |||
|
| |||
97.47% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
6 | www.iconfunds.com |
Table of Contents
ICON Energy Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Industry Composition (March 31, 2017) (Unaudited)
Oil & Gas Exploration & Production | 40.11% | |||
Integrated Oil & Gas | 25.47% | |||
Oil & Gas Equipment & Services | 8.72% | |||
Oil & Gas Storage & Transportation | 5.90% | |||
Oil & Gas Refining & Marketing | 5.23% | |||
Coal & Consumable Fuels | 4.38% | |||
Renewable Electricity | 3.68% | |||
Multi-Utilities | 2.48% | |||
Gas Utilities | 1.50% | |||
|
| |||
97.47% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 7 |
Table of Contents
ICON Financial Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Common Stocks (94.53%) | ||||||||
Asset Management & Custody Banks (7.86%) |
| |||||||
Cohen & Steers, Inc. | 19,100 | $ | 763,427 | |||||
Financial Engines, Inc. | 17,600 | 766,480 | ||||||
Janus Capital Group, Inc. | 89,500 | 1,181,400 | ||||||
Legg Mason, Inc. | 18,900 | 682,479 | ||||||
|
| |||||||
3,393,786 | ||||||||
|
| |||||||
Consumer Finance (5.62%) | ||||||||
Ally Financial, Inc. | 34,100 | 693,253 | ||||||
Credit Acceptance Corp.(a)(b) | 3,000 | 598,230 | ||||||
Discover Financial Services | 16,600 | 1,135,274 | ||||||
|
| |||||||
2,426,757 | ||||||||
|
| |||||||
Data Processing & Outsourced Services (6.39%) |
| |||||||
Broadridge Financial Solutions, Inc. | 9,600 | 652,320 | ||||||
Euronet Worldwide, Inc.(a) | 5,500 | 470,360 | ||||||
ExlService Holdings, Inc.(a) | 15,100 | 715,136 | ||||||
MasterCard, Inc., Class A | 8,200 | 922,254 | ||||||
|
| |||||||
2,760,070 | ||||||||
|
| |||||||
Diversified Banks (32.47%) | ||||||||
Bank of America Corp. | 169,100 | 3,989,069 | ||||||
Citigroup, Inc. | 46,300 | 2,769,666 | ||||||
JPMorgan Chase & Co. | 43,300 | 3,803,472 | ||||||
U.S. Bancorp | 24,900 | 1,282,350 | ||||||
Wells Fargo & Co. | 39,000 | 2,170,740 | ||||||
|
| |||||||
14,015,297 | ||||||||
|
| |||||||
Financial Exchanges & Data (1.55%) |
| |||||||
MSCI, Inc. | 6,900 | 670,611 | ||||||
|
| |||||||
Insurance Brokers (3.14%) | ||||||||
Aon PLC | 11,400 | 1,353,066 | ||||||
|
| |||||||
Investment Banking & Brokerage (6.88%) |
| |||||||
BGC Partners, Inc., Class A | 59,100 | 671,376 | ||||||
E*TRADE Financial Corp.(a) | 18,700 | 652,443 | ||||||
Goldman Sachs Group, Inc. | 3,700 | 849,964 | ||||||
Morgan Stanley | 18,600 | 796,824 | ||||||
|
| |||||||
2,970,607 | ||||||||
|
| |||||||
Life & Health Insurance (4.32%) | ||||||||
Aflac, Inc. | 7,200 | 521,424 | ||||||
CNO Financial Group, Inc. | 42,200 | 865,100 | ||||||
Unum Group | 10,200 | 478,278 | ||||||
|
| |||||||
1,864,802 | ||||||||
|
| |||||||
Multi-line Insurance (3.38%) | ||||||||
American International Group, Inc. | 23,400 | 1,460,862 | ||||||
|
| |||||||
Other Diversified Financial Services (1.35%) |
| |||||||
Voya Financial, Inc. | 15,300 | 580,788 | ||||||
|
| |||||||
Property & Casualty Insurance (7.40%) |
| |||||||
AmTrust Financial Services, Inc. | 49,000 | 904,540 | ||||||
United Insurance Holdings Corp. | 60,300 | 961,785 |
Shares or Principal Amount | Value | |||||||
| ||||||||
Property & Casualty Insurance (continued) |
| |||||||
XL Group PLC | 33,300 | $ | 1,327,338 | |||||
|
| |||||||
3,193,663 | ||||||||
|
| |||||||
Regional Banks (6.12%) | ||||||||
Fifth Third Bancorp | 16,200 | 411,480 | ||||||
First Commonwealth Financial Corp. | 38,600 | 511,836 | ||||||
First Midwest Bancorp, Inc. | 46,200 | 1,094,016 | ||||||
Signature Bank(a) | 4,200 | 623,238 | ||||||
|
| |||||||
2,640,570 | ||||||||
|
| |||||||
Retail REITs (1.48%) | ||||||||
Macerich Co., REIT | 9,900 | 637,560 | ||||||
|
| |||||||
Thrifts & Mortgage Finance (6.57%) |
| |||||||
Essent Group, Ltd.(a) | 32,000 | 1,157,440 | ||||||
HomeStreet, Inc.(a) | 20,000 | 559,000 | ||||||
New York Community Bancorp, Inc. | 42,600 | 595,122 | ||||||
Radian Group, Inc. | 29,300 | 526,228 | ||||||
|
| |||||||
2,837,790 | ||||||||
|
| |||||||
Total Common Stocks (Cost $35,705,694) |
| 40,806,229 | ||||||
|
| |||||||
Collateral for Securities on Loan (1.42%) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 612,750 | 612,750 | ||||||
|
| |||||||
Total Collateral for Securities on Loan (Cost $612,750) |
| 612,750 | ||||||
|
| |||||||
Short-Term Investments (6.53%) | ||||||||
Time Deposits (6.53%) | ||||||||
State Street Euro Dollar Time Deposit (USD), | ||||||||
0.07%, 04/03/17 | 2,820,514 | 2,820,514 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $2,820,514) | 2,820,514 | |||||||
|
| |||||||
Total Investments (102.48%) (Cost $39,138,958) | $ | 44,239,493 | ||||||
Liabilities Less Other Assets (-2.48%) |
| (1,069,304) | ||||||
|
| |||||||
Net Assets (100.00%) | $ | 43,170,189 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of the security was on loan as of March 31, 2017. |
REIT - Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
8 | www.iconfunds.com |
Table of Contents
ICON Financial Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Sector Composition (March 31, 2017) (Unaudited)
Financial | 86.66% | |
Information Technology | 6.39% | |
Real Estate | 1.48% | |
| ||
94.53% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Diversified Banks | 32.47% | |
Asset Management & Custody Banks | 7.86% | |
Property & Casualty Insurance | 7.40% | |
Investment Banking & Brokerage | 6.88% | |
Thrifts & Mortgage Finance | 6.57% | |
Data Processing & Outsourced Services | 6.39% | |
Regional Banks | 6.12% | |
Consumer Finance | 5.62% | |
Life & Health Insurance | 4.32% | |
Multi-line Insurance | 3.38% | |
Insurance Brokers | 3.14% | |
Financial Exchanges & Data | 1.55% | |
Retail REITs | 1.48% | |
Other Diversified Financial Services | 1.35% | |
| ||
94.53% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 9 |
Table of Contents
ICON Healthcare Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Common Stocks (91.31%) | ||||||||
Biotechnology (17.15%) | ||||||||
AbbVie, Inc. | 42,300 |
| $ 2,756,268 |
| ||||
Acorda Therapeutics, Inc.(a) | 100,500 | 2,110,500 | ||||||
Celgene Corp.(a) | 41,100 | 5,114,073 | ||||||
Shire PLC, ADR | 13,100 | 2,282,413 | ||||||
Vertex Pharmaceuticals, | 27,000 | 2,952,450 | ||||||
|
| |||||||
15,215,704 | ||||||||
|
| |||||||
Health Care Equipment (15.52%) |
| |||||||
Abbott Laboratories | 60,000 | 2,664,600 | ||||||
Becton, Dickinson and Co. | 4,500 | 825,480 | ||||||
Boston Scientific Corp.(a) | 70,500 | 1,753,335 | ||||||
Cutera, Inc.(a) | 27,605 | 571,424 | ||||||
Integer Holdings Corp.(a) | 22,900 | 920,580 | ||||||
Medtronic PLC | 51,000 | 4,108,560 | ||||||
STERIS PLC | 22,400 | 1,555,904 | ||||||
Zimmer Biomet Holdings, Inc. | 11,200 | 1,367,632 | ||||||
|
| |||||||
13,767,515 | ||||||||
|
| |||||||
Health Care Services (5.84%) | ||||||||
BioTelemetry, Inc.(a) | 86,387 | 2,500,904 | ||||||
Premier, Inc., Class A(a) | 84,332 | 2,684,287 | ||||||
|
| |||||||
5,185,191 | ||||||||
|
| |||||||
Life Sciences Tools & Services (6.94%) |
| |||||||
Albany Molecular Research, Inc.(a)(b) | 30,300 | 425,109 | ||||||
NeoGenomics, Inc.(a) | 157,649 | 1,243,851 | ||||||
PRA Health Sciences, Inc.(a) | 21,300 | 1,389,399 | ||||||
Thermo Fisher Scientific, Inc. | 20,200 | 3,102,720 | ||||||
|
| |||||||
6,161,079 | ||||||||
|
| |||||||
Managed Health Care (11.69%) | ||||||||
Aetna, Inc. | 21,356 | 2,723,958 | ||||||
CIGNA Corp. | 6,300 | 922,887 | ||||||
Humana, Inc. | 4,400 | 907,016 | ||||||
UnitedHealth Group, Inc. | 29,900 | 4,903,899 | ||||||
WellCare Health Plans, Inc.(a) | 6,500 | 911,365 | ||||||
|
| |||||||
10,369,125 | ||||||||
|
| |||||||
Pharmaceuticals (34.17%) | ||||||||
Allergan PLC | 12,800 | 3,058,176 | ||||||
ANI Pharmaceuticals, Inc.(a) | 20,700 | 1,024,857 | ||||||
Eli Lilly & Co. | 36,100 | 3,036,371 | ||||||
Endo International PLC(a) | 74,600 | 832,536 | ||||||
Impax Laboratories, Inc.(a) | 106,900 | 1,352,285 | ||||||
Innoviva, Inc.(a)(b) | 172,468 | 2,385,232 | ||||||
Jazz Pharmaceuticals PLC(a) | 11,000 | 1,596,430 | ||||||
Mallinckrodt PLC(a) | 43,000 | 1,916,510 | ||||||
Merck & Co., Inc. | 90,400 | 5,744,016 | ||||||
Pacira Pharmaceuticals, | 18,700 | 852,720 | ||||||
Pfizer, Inc. | 187,000 | 6,397,270 |
Shares or Principal Amount | Value | |||||
| ||||||
Pharmaceuticals (continued) | ||||||
Roche Holding AG, Sponsored ADR | 66,200 | $ 2,120,386 | ||||
|
| |||||
30,316,789 | ||||||
|
| |||||
Total Common Stocks (Cost $80,423,730) | 81,015,403 | |||||
|
| |||||
Collateral for Securities on Loan (2.24%) |
| |||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 1,990,361 | 1,990,361 | ||||
|
| |||||
Total Collateral for Securities on Loan (Cost $1,990,361) | 1,990,361 | |||||
|
| |||||
Short-Term Investments (12.34%) |
| |||||
Time Deposits (12.34%) | ||||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 10,952,804 | 10,952,804 | ||||
|
| |||||
Total Short-Term Investments (Cost $10,952,804) | 10,952,804 | |||||
|
| |||||
Total Investments (105.89%) (Cost $93,366,895) | $93,958,568 | |||||
Liabilities Less Other Assets (-5.89%) | (5,230,136) | |||||
|
| |||||
Net Assets (100.00%) | $88,728,432 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of the security was on loan as of March 31, 2017. |
ADR - American Depositary Receipt
Sector Composition (March 31, 2017) (Unaudited)
Health Care | 91.31% | |
| ||
91.31% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
10 | www.iconfunds.com |
Table of Contents
ICON Healthcare Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Industry Composition (March 31, 2017) (Unaudited)
Pharmaceuticals | 34.17% | |
Biotechnology | 17.15% | |
Health Care Equipment | 15.52% | |
Managed Health Care | 11.69% | |
Life Sciences Tools & Services | 6.94% | |
Health Care Services | 5.84% | |
| ||
91.31% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 11 |
Table of Contents
ICON Industrials Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Common Stocks (89.81%) |
| |||||||
Aerospace & Defense (12.03%) |
| |||||||
B/E Aerospace, Inc. | 2,500 | $ 160,275 | ||||||
Boeing Co. | 3,000 | 530,580 | ||||||
General Dynamics Corp. | 1,900 | 355,680 | ||||||
Hexcel Corp. | 5,000 | 272,750 | ||||||
Orbital ATK, Inc. | 8,390 | 822,220 | ||||||
Raytheon Co. | 1,100 | 167,750 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 4,000 | 231,680 | ||||||
TransDigm Group, Inc. | 2,500 | 550,400 | ||||||
|
| |||||||
3,091,335 | ||||||||
|
| |||||||
Air Freight & Logistics (1.74%) |
| |||||||
Echo Global Logistics, Inc.(a) | 20,973 | 447,773 | ||||||
|
| |||||||
Airlines (2.90%) |
| |||||||
Alaska Air Group, Inc. | 2,100 | 193,662 | ||||||
Delta Air Lines, Inc. | 12,000 | 551,520 | ||||||
|
| |||||||
745,182 | ||||||||
|
| |||||||
Building Products (19.12%) |
| |||||||
Armstrong World | 5,000 | 230,250 | ||||||
Builders FirstSource, Inc.(a) | 33,100 | 493,190 | ||||||
Fortune Brands Home & Security, Inc. | 16,500 | 1,004,025 | ||||||
Johnson Controls International PLC | 38,000 | 1,600,560 | ||||||
Masco Corp. | 26,500 | 900,735 | ||||||
PGT, Inc.(a) | 11,000 | 118,250 | ||||||
Quanex Building Products Corp. | 28,000 | 567,000 | ||||||
|
| |||||||
4,914,010 | ||||||||
|
| |||||||
Commercial Printing (4.54%) |
| |||||||
Deluxe Corp. | 12,700 | 916,559 | ||||||
InnerWorkings, Inc.(a) | 25,000 | 249,000 | ||||||
|
| |||||||
1,165,559 | ||||||||
|
| |||||||
Construction & Engineering (4.99%) |
| |||||||
Comfort Systems U.S.A., Inc. | 18,500 | 678,025 | ||||||
Dycom Industries, Inc.(a) | 6,500 | 604,175 | ||||||
|
| |||||||
1,282,200 | ||||||||
|
| |||||||
Construction Machinery & Heavy Trucks (2.81%) |
| |||||||
Allison Transmission Holdings, Inc. | 20,000 | 721,200 | ||||||
|
| |||||||
Electrical Components & Equipment (2.38%) |
| |||||||
Acuity Brands, Inc. | 3,000 | 612,000 | ||||||
|
| |||||||
Human Resource & Employment Services (4.25%) |
| |||||||
Korn/Ferry International | 15,500 | 488,095 | ||||||
ManpowerGroup, Inc. | 4,000 | 410,280 | ||||||
On Assignment, Inc.(a) | 4,000 | 194,120 | ||||||
|
| |||||||
1,092,495 | ||||||||
|
| |||||||
Industrial Conglomerates (11.44%) |
| |||||||
Carlisle Cos., Inc. | 5,500 | 585,255 | ||||||
General Electric Co. | 61,000 | 1,817,800 | ||||||
Honeywell International, Inc. | 4,300 | 536,941 | ||||||
|
| |||||||
2,939,996 | ||||||||
|
|
Shares or Principal Amount | Value | |||||
| ||||||
Industrial Machinery (3.71%) |
| |||||
Ingersoll-Rand PLC | 5,000 | $ 406,600 | ||||
Middleby Corp.(a) | 4,000 | 545,800 | ||||
|
| |||||
952,400 | ||||||
|
| |||||
Office Services & Supplies (1.79%) |
| |||||
HNI Corp. | 10,000 | 460,900 | ||||
|
| |||||
Railroads (2.00%) |
| |||||
Kansas City Southern | 6,000 | 514,560 | ||||
|
| |||||
Research & Consulting Services (11.58%) |
| |||||
Advisory Board Co.(a) | 30,000 | 1,404,000 | ||||
Equifax, Inc. | 11,500 | 1,572,510 | ||||
|
| |||||
2,976,510 | ||||||
|
| |||||
Trading Companies & Distributors (4.53%) |
| |||||
Air Lease Corp. | 30,000 | 1,162,500 | ||||
|
| |||||
Total Common Stocks (Cost $20,394,563) | 23,078,620 | |||||
|
| |||||
Short-Term Investments (10.08%) |
| |||||
Time Deposits (10.08%) |
| |||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 2,591,209 | 2,591,209 | ||||
|
| |||||
Total Short-Term Investments (Cost $2,591,209) | 2,591,209 | |||||
|
| |||||
Total Investments (99.89%) (Cost $22,985,772) | $25,669,829 | |||||
Other Assets Less Liabilities (0.11%) | 28,896 | |||||
|
| |||||
Net Assets (100.00%) | $25,698,725 | |||||
|
|
(a) | Non-income producing security. |
Sector Composition (March 31, 2017) (Unaudited)
Industrials | 89.81% | |
| ||
89.81% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
12 | www.iconfunds.com |
Table of Contents
ICON Industrials Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Industry Composition (March 31, 2017) (Unaudited)
Building Products | 19.12% | |
Aerospace & Defense | 12.03% | |
Research & Consulting Services | 11.58% | |
Industrial Conglomerates | 11.44% | |
Construction & Engineering | 4.99% | |
Commercial Printing | 4.54% | |
Trading Companies & Distributors | 4.53% | |
Human Resource & Employment Services | 4.25% | |
Industrial Machinery | 3.71% | |
Airlines | 2.90% | |
Construction Machinery & Heavy Trucks | 2.81% | |
Electrical Components & Equipment | 2.38% | |
Railroads | 2.00% | |
Office Services & Supplies | 1.79% | |
Air Freight & Logistics | 1.74% | |
| ||
89.81% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 13 |
Table of Contents
ICON Information Technology Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (98.81%) |
| |||||
Application Software (2.82%) |
| |||||
CDK Global, Inc. | 22,100 | $ 1,436,721 | ||||
|
| |||||
Communications Equipment (8.26%) |
| |||||
Finisar Corp.(a) | 39,800 | 1,088,132 | ||||
Motorola Solutions, Inc. | 9,200 | 793,224 | ||||
Oclaro, Inc.(a) | 149,800 | 1,471,036 | ||||
Palo Alto Networks, Inc.(a) | 7,600 | 856,368 | ||||
|
| |||||
4,208,760 | ||||||
|
| |||||
Data Processing & Outsourced Services (12.78%) |
| |||||
Broadridge Financial Solutions, Inc. | 9,900 | 672,705 | ||||
Euronet Worldwide, Inc.(a) | 7,400 | 632,848 | ||||
ExlService Holdings, Inc.(a) | 22,200 | 1,051,392 | ||||
Genpact, Ltd. | 21,800 | 539,768 | ||||
MasterCard, Inc., Class A | 8,500 | 955,995 | ||||
MAXIMUS, Inc. | 22,500 | 1,399,500 | ||||
Visa, Inc., Class A | 14,180 | 1,260,177 | ||||
|
| |||||
6,512,385 | ||||||
|
| |||||
Electronic Manufacturing Services (3.88%) |
| |||||
Fabrinet(a) | 35,100 | 1,475,253 | ||||
IPG Photonics Corp.(a) | 4,135 | 499,095 | ||||
|
| |||||
1,974,348 | ||||||
|
| |||||
Home Entertainment Software (3.73%) |
| |||||
Activision Blizzard, Inc. | 19,200 | 957,312 | ||||
Electronic Arts, Inc.(a) | 10,500 | 939,960 | ||||
|
| |||||
1,897,272 | ||||||
|
| |||||
Internet Software & Services (23.71%) |
| |||||
Alibaba Group Holding, Ltd., Sponsored ADR(a) | 7,800 | 841,074 | ||||
Alphabet, Inc., Class A(a) | 3,200 | 2,712,960 | ||||
Alphabet, Inc., Class C(a) | 3,439 | 2,852,857 | ||||
Facebook, Inc., Class A(a) | 28,500 | 4,048,425 | ||||
LogMeIn, Inc. | 10,300 | 1,004,250 | ||||
SINA Corp.(a) | 8,600 | 620,232 | ||||
|
| |||||
12,079,798 | ||||||
|
| |||||
IT Consulting & Other Services (2.54%) |
| |||||
Cognizant Technology Solutions Corp., | 21,700 | 1,291,584 | ||||
|
| |||||
Semiconductor Equipment (5.64%) |
| |||||
Advanced Energy Industries, Inc.(a) | 7,597 | 520,850 | ||||
Applied Materials, Inc. | 27,200 | 1,058,080 | ||||
Photronics, Inc.(a) | 120,900 | 1,293,630 | ||||
|
| |||||
2,872,560 | ||||||
|
| |||||
Semiconductors (17.31%) |
| |||||
Broadcom, Ltd. | 4,500 | 985,320 | ||||
Cirrus Logic, Inc.(a) | 19,100 | 1,159,179 | ||||
Intel Corp. | 50,000 | 1,803,500 | ||||
M/A-COM Technology Solutions Holdings, Inc.(a) | 11,500 | 555,450 | ||||
Monolithic Power Systems, Inc. | 8,400 | 773,640 | ||||
NXP Semiconductors | 10,900 | 1,128,150 |
Shares or Principal Amount | Value | |||||||
| ||||||||
Semiconductors (continued) |
| |||||||
Qorvo, Inc.(a) | 10,000 | $ 685,600 | ||||||
Skyworks Solutions, Inc. | 9,900 | 970,002 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR | 23,100 | 758,604 | ||||||
|
| |||||||
8,819,445 | ||||||||
|
| |||||||
Systems Software (3.81%) |
| |||||||
Microsoft Corp. | 29,500 | 1,942,870 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (14.33%) |
| |||||||
Apple, Inc. | 42,300 | 6,076,818 | ||||||
Electronics For Imaging, Inc.(a) | 25,000 | 1,220,750 | ||||||
|
| |||||||
7,297,568 | ||||||||
|
| |||||||
Total Common Stocks (Cost $40,212,961) | 50,333,311 | |||||||
|
| |||||||
Short-Term Investments (2.50%) |
| |||||||
Time Deposits (2.50%) |
| |||||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 1,274,505 | 1,274,505 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $1,274,505) | 1,274,505 | |||||||
|
| |||||||
Total Investments (101.31%) (Cost $41,487,466) | $51,607,816 | |||||||
Liabilities Less Other Assets (-1.31%) |
| (667,079) | ||||||
|
| |||||||
Net Assets (100.00%) | $50,940,737 | |||||||
|
|
(a) | Non-income producing security. |
ADR - American Depositary Receipt
Sector Composition (March 31, 2017) (Unaudited)
Information Technology | 98.81% | |
| ||
98.81% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
14 | www.iconfunds.com |
Table of Contents
ICON Information Technology Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Industry Composition (March 31, 2017) (Unaudited)
Internet Software & Services | 23.71% | |
Semiconductors | 17.31% | |
Technology Hardware, Storage & Peripherals | 14.33% | |
Data Processing & Outsourced Services | 12.78% | |
Communications Equipment | 8.26% | |
Semiconductor Equipment | 5.64% | |
Electronic Manufacturing Services | 3.88% | |
Systems Software | 3.81% | |
Home Entertainment Software | 3.73% | |
Application Software | 2.82% | |
IT Consulting & Other Services | 2.54% | |
| ||
98.81% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 15 |
Table of Contents
ICON Natural Resources Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Common Stocks (85.55%) |
| |||||
Building Products (6.15%) |
| |||||
Apogee Enterprises, Inc. | 16,000 | $ 953,760 | ||||
Fortune Brands Home & Security, Inc. | 14,500 | 882,325 | ||||
Masco Corp. | 60,000 | 2,039,400 | ||||
PGT, Inc.(a) | 36,300 | 390,225 | ||||
Tarkett S.A. | 15,000 | 648,070 | ||||
|
| |||||
4,913,780 | ||||||
|
| |||||
Coal & Consumable Fuels (1.70%) |
| |||||
Cameco Corp.(b) | 85,000 | 940,950 | ||||
CONSOL Energy, Inc.(a) | 25,000 | 419,500 | ||||
|
| |||||
1,360,450 | ||||||
|
| |||||
Commodity Chemicals (2.85%) |
| |||||
Cabot Corp. | 7,000 | 419,370 | ||||
Methanex Corp. | 9,939 | 466,139 | ||||
Olin Corp. | 42,339 | 1,391,683 | ||||
|
| |||||
2,277,192 | ||||||
|
| |||||
Construction & Engineering (2.15%) |
| |||||
Comfort Systems U.S.A., Inc. | 46,940 | 1,720,351 | ||||
|
| |||||
Construction Materials (10.06%) |
| |||||
Buzzi Unicem S.p.A. | 60,000 | 1,533,690 | ||||
Eagle Materials, Inc. | 13,000 | 1,262,820 | ||||
Headwaters, Inc.(a) | 20,000 | 469,600 | ||||
Martin Marietta Materials, Inc. | 4,500 | 982,125 | ||||
Summit Materials, Inc., Class A(a) | 85,008 | 2,100,548 | ||||
Vulcan Materials Co. | 14,000 | 1,686,720 | ||||
|
| |||||
8,035,503 | ||||||
|
| |||||
Diversified Chemicals (12.48%) |
| |||||
Dow Chemical Co. | 28,745 | 1,826,457 | ||||
Eastman Chemical Co. | 40,000 | 3,232,000 | ||||
Huntsman Corp. | 200,000 | 4,908,000 | ||||
|
| |||||
9,966,457 | ||||||
|
| |||||
Fertilizers & Agricultural Chemicals (4.86%) |
| |||||
Agrium, Inc. | 5,500 | 525,525 | ||||
CF Industries Holdings, Inc. | 90,000 | 2,641,500 | ||||
Monsanto Co. | 6,300 | 713,160 | ||||
|
| |||||
3,880,185 | ||||||
|
| |||||
Gold (7.15%) | ||||||
Agnico Eagle Mines Ltd. | 20,000 | 848,800 | ||||
Randgold Resources, Ltd. | 22,728 | 1,985,979 | ||||
Royal Gold, Inc. | 41,000 | 2,872,050 | ||||
|
| |||||
5,706,829 | ||||||
|
| |||||
Integrated Oil & Gas (2.99%) | ||||||
BP PLC | 140,000 | 805,857 | ||||
Royal Dutch Shell PLC, Sponsored ADR, Class A | 30,000 | 1,581,900 | ||||
|
| |||||
2,387,757 | ||||||
|
| |||||
Metal & Glass Containers (4.31%) |
| |||||
Ball Corp. | 25,000 | 1,856,500 | ||||
Crown Holdings, Inc.(a) | 30,000 | 1,588,500 | ||||
|
| |||||
3,445,000 | ||||||
|
|
Shares or Principal Amount | Value | |||||||
| ||||||||
Oil & Gas Equipment & Services (3.13%) |
| |||||||
Schlumberger, Ltd. | 32,000 | $ 2,499,200 | ||||||
|
| |||||||
Oil & Gas Exploration & Production (12.30%) |
| |||||||
Cabot Oil & Gas Corp. | 30,000 | 717,300 | ||||||
Cimarex Energy Co. | 17,000 | 2,031,330 | ||||||
Diamondback Energy, Inc.(a) | 13,300 | 1,379,410 | ||||||
Gulfport Energy Corp.(a) | 95,000 | 1,633,050 | ||||||
Range Resources Corp. | 60,000 | 1,746,000 | ||||||
SRC Energy, Inc.(a) | 275,000 | 2,321,000 | ||||||
|
| |||||||
9,828,090 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing (2.66%) |
| |||||||
Green Plains, Inc. | 25,000 | 618,750 | ||||||
PBF Energy, Inc., Class A | 31,214 | 692,015 | ||||||
Tesoro Corp. | 10,000 | 810,600 | ||||||
|
| |||||||
2,121,365 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation (0.73%) |
| |||||||
Enbridge, Inc. | 14,000 | 586,487 | ||||||
|
| |||||||
Paper Packaging (6.18%) |
| |||||||
Avery Dennison Corp. | 2,200 | 177,320 | ||||||
Graphic Packaging Holding Co. | 370,000 | 4,761,900 | ||||||
|
| |||||||
4,939,220 | ||||||||
|
| |||||||
Specialty Chemicals (5.25%) |
| |||||||
Celanese Corp., Class A | 17,000 | 1,527,450 | ||||||
PolyOne Corp. | 60,000 | 2,045,400 | ||||||
Sherwin-Williams Co. | 2,000 | 620,380 | ||||||
|
| |||||||
4,193,230 | ||||||||
|
| |||||||
Steel (0.60%) | ||||||||
Nucor Corp. | 8,000 | 477,760 | ||||||
|
| |||||||
Total Common Stocks (Cost $61,633,452) | 68,338,856 | |||||||
|
| |||||||
Exchange Traded Funds (3.73%) |
| |||||||
iShares North American Natural Resources | 87,000 | 2,981,490 | ||||||
Total Exchange Traded Funds (Cost $2,612,843) |
| 2,981,490 | ||||||
|
| |||||||
Collateral for Securities on Loan (3.57%) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.74% | 2,850,000 | 2,850,000 | ||||||
|
| |||||||
Total Collateral for Securities on Loan (Cost $2,850,000) |
| 2,850,000 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
16 | www.iconfunds.com |
Table of Contents
ICON Natural Resources Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Short-Term Investments (12.12%) |
| |||||||
Time Deposits (12.12%) |
| |||||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 9,679,112 | $ | 9,679,112 | |||||
|
| |||||||
Total Short-Term Investments (Cost $9,679,112) |
| 9,679,112 | ||||||
|
| |||||||
Total Investments (104.97%) (Cost $76,775,407) | $ | 83,849,458 | ||||||
Liabilities Less Other Assets (-4.97%) |
| (3,969,046) | ||||||
|
| |||||||
Net Assets (100.00%) |
| $ | 79,880,412 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of the security was on loan as of March 31, 2017. |
ADR - American Depositary Receipt
Sector Composition (March 31, 2017) (Unaudited)
Materials | 53.74% | |||
Energy | 23.51% | |||
Industrials | 8.30% | |||
|
| |||
85.55% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Diversified Chemicals | 12.48% | |||
Oil & Gas Exploration & Production | 12.30% | |||
Construction Materials | 10.06% | |||
Gold | 7.15% | |||
Paper Packaging | 6.18% | |||
Building Products | 6.15% | |||
Specialty Chemicals | 5.25% | |||
Fertilizers & Agricultural Chemicals | 4.86% | |||
Metal & Glass Containers | 4.31% | |||
Oil & Gas Equipment & Services | 3.13% | |||
Integrated Oil & Gas | 2.99% | |||
Commodity Chemicals | 2.85% | |||
Oil & Gas Refining & Marketing | 2.66% | |||
Construction & Engineering | 2.15% | |||
Coal & Consumable Fuels | 1.70% | |||
Other Industries (each less than 1%) | 1.33% | |||
|
| |||
85.55% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 17 |
Table of Contents
ICON Utilities Fund | Schedule of Investments | |
March 31, 2017 (Unaudited) |
Shares or Principal Amount | Value | |||||||
| ||||||||
Common Stocks (97.07%) |
| |||||||
Communications Equipment (2.94%) |
| |||||||
Oclaro, Inc.(a) | 96,100 | $ 943,702 | ||||||
Palo Alto Networks, Inc.(a) | 4,400 | 495,792 | ||||||
|
| |||||||
1,439,494 | ||||||||
|
| |||||||
Electric Utilities (35.55%) |
| |||||||
Alliant Energy Corp. | 37,300 | 1,477,453 | ||||||
American Electric Power Co., Inc. | 34,400 | 2,309,272 | ||||||
Avangrid, Inc. | 53,200 | 2,273,768 | ||||||
Edison International | 33,500 | 2,666,935 | ||||||
Eversource Energy | 52,900 | 3,109,462 | ||||||
NextEra Energy, Inc. | 12,900 | 1,655,973 | ||||||
PG&E Corp. | 35,500 | 2,355,780 | ||||||
Xcel Energy, Inc. | 34,500 | 1,533,525 | ||||||
|
| |||||||
17,382,168 | ||||||||
|
| |||||||
Gas Utilities (4.47%) |
| |||||||
National Fuel Gas Co. | 36,700 | 2,188,054 | ||||||
|
| |||||||
Independent Power Producers & Energy Traders (2.42%) |
| |||||||
AES Corp. | 105,900 | 1,183,962 | ||||||
|
| |||||||
Integrated Telecommunication Services (4.77%) |
| |||||||
AT&T, Inc. | 35,300 | 1,466,715 | ||||||
BCE, Inc. | 19,500 | 863,265 | ||||||
|
| |||||||
2,329,980 | ||||||||
|
| |||||||
Multi-Utilities (33.77%) |
| |||||||
Ameren Corp. | 49,000 | 2,674,910 | ||||||
CenterPoint Energy, Inc. | 103,900 | 2,864,523 | ||||||
CMS Energy Corp. | 60,976 | 2,728,066 | ||||||
DTE Energy Co. | 23,500 | 2,399,585 | ||||||
NiSource, Inc. | 62,900 | 1,496,391 | ||||||
Public Service Enterprise Group, Inc. | 23,300 | 1,033,355 | ||||||
SCANA Corp. | 28,600 | 1,869,010 | ||||||
Sempra Energy | 13,100 | 1,447,550 | ||||||
|
| |||||||
16,513,390 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production (4.97%) |
| |||||||
Diamondback Energy, Inc.(a) | 7,000 | 726,005 | ||||||
EOG Resources, Inc. | 7,500 | 731,625 | ||||||
Gulfport Energy Corp.(a) | 56,500 | 971,235 | ||||||
|
| |||||||
2,428,865 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation (1.00%) |
| |||||||
Teekay LNG Partners L.P. | 27,800 | 487,890 | ||||||
|
| |||||||
Renewable Electricity (5.45%) |
| |||||||
8Point3 Energy Partners L.P. | 108,075 | 1,466,578 | ||||||
Ormat Technologies, Inc. | 21,000 | 1,198,680 | ||||||
|
| |||||||
2,665,258 | ||||||||
|
|
Shares or Principal Amount | Value | |||||||
| ||||||||
Water Utilities (1.73%) |
| |||||||
Consolidated Water Co., Ltd. | 72,621 | $ 846,034 | ||||||
|
| |||||||
Total Common Stocks (Cost $45,451,547) | 47,465,095 | |||||||
|
| |||||||
Short-Term Investments (0.81%) |
| |||||||
Time Deposits (0.81%) |
| |||||||
State Street Euro Dollar Time Deposit (USD), 0.07%, 04/03/17 | 394,400 | 394,400 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $394,400) |
| 394,400 | ||||||
|
| |||||||
Total Investments (97.88%) (Cost $45,845,947) | $47,859,495 | |||||||
Other Assets Less Liabilities (2.12%) |
| 1,034,977 | ||||||
|
| |||||||
Net Assets (100.00%) | $48,894,472 | |||||||
|
|
(a) | Non-income producing security. |
Sector Composition (March 31, 2017) (Unaudited)
Utilities | 83.39% | |
Energy | 5.97% | |
Telecommunication Services | 4.77% | |
Information Technology | 2.94% | |
| ||
97.07% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition (March 31, 2017) (Unaudited)
Electric Utilities | 35.55% | |
Multi-Utilities | 33.77% | |
Renewable Electricity | 5.45% | |
Oil & Gas Exploration & Production | 4.97% | |
Integrated Telecommunication Services | 4.77% | |
Gas Utilities | 4.47% | |
Communications Equipment | 2.94% | |
Independent Power Producers & Energy Traders | 2.42% | |
Water Utilities | 1.73% | |
Oil & Gas Storage & Transportation | 1.00% | |
| ||
97.07% | ||
|
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
18 | www.iconfunds.com |
Table of Contents
ICON Sector Funds | Statements of Assets and Liabilities | |
March 31, 2017 (Unaudited) |
ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | ICON Energy Fund | |||||||||||||
Assets | |||||||||||||||
Investments, at cost | $ | 38,897,129 | $ | 29,512,431 | $ | 318,463,877 | |||||||||
|
|
| |||||||||||||
Investments, at value(a) | 39,650,178 | 29,219,278 | 331,392,272 | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 1,113,982 | 643,143 | 11,174,289 | ||||||||||||
Fund shares sold | 1,378 | 131,889 | 490,673 | ||||||||||||
Expense reimbursements due from Adviser | 906 | 21,101 | – | ||||||||||||
Dividends | 24,750 | 40,803 | 452,036 | ||||||||||||
Foreign tax reclaims | – | – | – | ||||||||||||
Other assets | 16,107 | 19,067 | 46,780 | ||||||||||||
|
|
| |||||||||||||
Total assets | 40,807,301 | 30,075,281 | 343,556,050 | ||||||||||||
|
|
| |||||||||||||
Liabilities | |||||||||||||||
Payables: | |||||||||||||||
Payable for collateral received on securities loaned | 1,199,953 | – | 13,018,860 | ||||||||||||
Expense recoupment due to Adviser | – | – | 1,076 | ||||||||||||
Investments purchased | 1,708,158 | – | 6,475,355 | ||||||||||||
Fund shares redeemed | 29,231 | 21,894 | 540,067 | ||||||||||||
Advisory fees | 32,466 | 27,282 | 274,360 | ||||||||||||
Transfer agent fees | 7,479 | 10,169 | 148,773 | ||||||||||||
Fund accounting fees | 2,149 | 1,970 | 11,134 | ||||||||||||
Accrued distribution fees | 398 | 1,118 | 10,483 | ||||||||||||
Trustee fees and expenses | 1,370 | 1,298 | 10,164 | ||||||||||||
Administration fees | 1,679 | 1,421 | 14,192 | ||||||||||||
Accrued expenses | 11,357 | 8,375 | 59,805 | ||||||||||||
|
|
| |||||||||||||
Total liabilities | 2,994,240 | 73,527 | 20,564,269 | ||||||||||||
|
|
| |||||||||||||
Net Assets - all share classes | $ | 37,813,061 | $ | 30,001,754 | $ | 322,991,781 | |||||||||
|
|
| |||||||||||||
Net Assets - Class S | $ | 35,949,646 | $ | 24,484,983 | $ | 301,343,563 | |||||||||
|
|
| |||||||||||||
Net Assets - Class C | $ | – | $ | – | $ | 9,195,235 | |||||||||
|
|
| |||||||||||||
Net Assets - Class A | $ | 1,863,415 | $ | 5,516,771 | $ | 12,452,983 | |||||||||
|
|
| |||||||||||||
Net Assets Consists of | |||||||||||||||
Paid-in capital | $ | 37,066,257 | $ | 29,599,391 | $ | 470,411,832 | |||||||||
Accumulated undistributed net investment income/(loss) | (69,510) | 10,161 | (342,294) | ||||||||||||
Accumulated undistributed net realized gain/(loss) | 63,265 | 685,355 | (160,006,152) | ||||||||||||
Unrealized appreciation/(depreciation) | 753,049 | (293,153) | 12,928,395 | ||||||||||||
|
|
| |||||||||||||
Net Assets | $ | 37,813,061 | $ | 30,001,754 | $ | 322,991,781 | |||||||||
|
|
| |||||||||||||
Shares outstanding (unlimited shares authorized, no par value) | |||||||||||||||
Class S | 2,595,408 | 3,326,086 | 23,282,139 | ||||||||||||
Class C | – | – | 742,867 | ||||||||||||
Class A | 140,301 | 751,972 | 967,301 | ||||||||||||
Net asset value (offering and redemption price per share) | |||||||||||||||
Class S | $ | 13.85 | $ | 7.36 | $ | 12.94 | |||||||||
Class C | $ | – | $ | – | $ | 12.38 | |||||||||
Class A | $ | 13.28 | $ | 7.34 | $ | 12.87 | |||||||||
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 14.09 | $ | 7.79 | $ | 13.66 | |||||||||
(a) Includes securities on loan of | $ | 1,175,426 | $ | – | $ | 12,796,803 |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 19 |
Table of Contents
ICON Sector Funds | Statements of Assets and Liabilities | |
March 31, 2017 (Unaudited) |
ICON Financial Fund | ICON Healthcare Fund | ICON Industrials Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 39,138,958 | $ | 93,366,895 | $ | 22,985,772 | ||||||
|
|
| ||||||||||
Investments, at value(a) | 44,239,493 | 93,958,568 | 25,669,829 | |||||||||
Receivables: | ||||||||||||
Investments sold | 426,936 | 1,552,255 | – | |||||||||
Fund shares sold | 6,169 | 69,133 | 59,662 | |||||||||
Expense reimbursements due from Adviser | 1,771 | 843 | 4,821 | |||||||||
Dividends | 30,286 | 148,751 | 28,320 | |||||||||
Foreign tax reclaims | – | 3,493 | – | |||||||||
Other assets | 17,296 | 19,043 | 15,416 | |||||||||
|
|
| ||||||||||
Total assets | 44,721,951 | 95,752,086 | 25,778,048 | |||||||||
|
|
| ||||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Payable for collateral received on securities loaned | 612,750 | 1,990,361 | – | |||||||||
Investments purchased | 844,795 | 4,827,449 | – | |||||||||
Fund shares redeemed | 33,376 | 85,538 | 41,817 | |||||||||
Advisory fees | 37,454 | 75,995 | 22,342 | |||||||||
Transfer agent fees | 6,070 | 20,948 | 3,682 | |||||||||
Fund accounting fees | 2,295 | 3,723 | 1,667 | |||||||||
Accrued distribution fees | 466 | 941 | 811 | |||||||||
Trustee fees and expenses | 1,183 | 2,794 | 373 | |||||||||
Administration fees | 1,938 | 3,909 | 1,142 | |||||||||
Accrued expenses | 11,435 | 11,996 | 7,489 | |||||||||
|
|
| ||||||||||
Total liabilities | 1,551,762 | 7,023,654 | 79,323 | |||||||||
|
|
| ||||||||||
Net Assets - all share classes | $ | 43,170,189 | $ | 88,728,432 | $ | 25,698,725 | ||||||
|
|
| ||||||||||
Net Assets - Class S | $ | 41,039,249 | $ | 84,333,864 | $ | 22,344,732 | ||||||
|
|
| ||||||||||
Net Assets - Class A | $ | 2,130,940 | $ | 4,394,568 | $ | 3,353,993 | ||||||
|
|
| ||||||||||
Net Assets Consists of | ||||||||||||
Paid-in capital | $ | 125,803,737 | $ | 87,361,504 | $ | 39,585,651 | ||||||
Accumulated undistributed net investment income/(loss) | 31,436 | (130,862) | (91,725) | |||||||||
Accumulated undistributed net realized gain/(loss) | (87,765,519) | 906,117 | (16,479,258) | |||||||||
Unrealized appreciation/(depreciation) | 5,100,535 | 591,673 | 2,684,057 | |||||||||
|
|
| ||||||||||
Net Assets | $ | 43,170,189 | $ | 88,728,432 | $ | 25,698,725 | ||||||
|
|
| ||||||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 4,436,639 | 5,340,403 | 1,560,746 | |||||||||
Class A | 229,284 | 289,527 | 236,970 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 9.25 | $ | 15.79 | $ | 14.32 | ||||||
Class A | $ | 9.29 | $ | 15.18 | $ | 14.15 | ||||||
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 9.86 | $ | 16.11 | $ | 15.01 | ||||||
(a) Includes securities on loan of | $ | 598,230 | $ | 1,945,109 | $ | – |
The accompanying notes are an integral part of the financial statements.
20 | www.iconfunds.com |
Table of Contents
ICON Sector Funds | Statements of Assets and Liabilities | |
March 31, 2017 (Unaudited) |
ICON Information Technology Fund | ICON Natural Resources Fund | ICON Utilities Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 41,487,466 | $ | 76,775,407 | $ | 45,845,947 | ||||||
|
|
| ||||||||||
Investments, at value(a) | 51,607,816 | 83,849,458 | 47,859,495 | |||||||||
Receivables: | ||||||||||||
Investments sold | 2,544,860 | – | 1,811,073 | |||||||||
Fund shares sold | 211,084 | 97,132 | 454,261 | |||||||||
Expense reimbursements due from Adviser | 1,861 | – | 8,741 | |||||||||
Dividends | 15,031 | 113,215 | 209,349 | |||||||||
Foreign tax reclaims | – | 792 | – | |||||||||
Other assets | 19,716 | 24,797 | 28,192 | |||||||||
|
|
| ||||||||||
Total assets | 54,400,368 | 84,085,394 | 50,371,111 | |||||||||
|
|
| ||||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Payable for collateral received on securities loaned | – | 2,850,000 | – | |||||||||
Expense recoupment due to Adviser | – | 6,242 | – | |||||||||
Investments purchased | 3,358,739 | 1,180,958 | 1,262,392 | |||||||||
Fund shares redeemed | 26,426 | 42,878 | 130,616 | |||||||||
Advisory fees | 42,648 | 66,937 | 41,589 | |||||||||
Transfer agent fees | 14,142 | 31,458 | 19,247 | |||||||||
Fund accounting fees | 2,470 | 3,492 | 2,549 | |||||||||
Accrued distribution fees | 545 | 2,669 | 2,030 | |||||||||
Trustee fees and expenses | 1,289 | 2,272 | 2,327 | |||||||||
Administration fees | 2,202 | 3,448 | 2,160 | |||||||||
Accrued expenses | 11,170 | 14,628 | 13,729 | |||||||||
|
|
| ||||||||||
Total liabilities | 3,459,631 | 4,204,982 | 1,476,639 | |||||||||
|
|
| ||||||||||
Net Assets - all share classes | $ | 50,940,737 | $ | 79,880,412 | $ | 48,894,472 | ||||||
|
|
| ||||||||||
Net Assets - Class S | $ | 48,308,763 | $ | 72,080,128 | $ | 39,300,376 | ||||||
|
|
| ||||||||||
Net Assets - Class C | $ | – | $ | 1,708,750 | $ | – | ||||||
|
|
| ||||||||||
Net Assets - Class A | $ | 2,631,974 | $ | 6,091,534 | $ | 9,594,096 | ||||||
|
|
| ||||||||||
Net Assets Consists of | ||||||||||||
Paid-in capital | $ | 35,360,978 | $ | 75,877,188 | $ | 45,729,568 | ||||||
Accumulated undistributed net investment income/(loss) | (115,788) | 30,782 | 13,347 | |||||||||
Accumulated undistributed net realized gain/(loss) | 5,575,197 | (3,101,468) | 1,137,883 | |||||||||
Unrealized appreciation/(depreciation) | 10,120,350 | 7,073,910 | 2,013,674 | |||||||||
|
|
| ||||||||||
Net Assets | $ | 50,940,737 | $ | 79,880,412 | $ | 48,894,472 | ||||||
|
|
| ||||||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 2,888,317 | 5,000,022 | 4,293,138 | |||||||||
Class C | – | 123,357 | – | |||||||||
Class A | 162,123 | 426,243 | 1,064,993 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 16.73 | $ | 14.42 | $ | 9.15 | ||||||
Class C | $ | – | $ | 13.85 | $ | – | ||||||
Class A | $ | 16.23 | $ | 14.29 | $ | 9.01 | ||||||
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 17.22 | $ | 15.16 | $ | 9.56 | ||||||
(a) Includes securities on loan of | $ | – | $ | 2,774,395 | $ | – |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 21 |
Table of Contents
ICON Sector Funds | Statements of Operations | |
Period Ended March 31, 2017 (Unaudited) |
ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | ICON Energy Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 1,301 | $ | 1,014 | $ | 2,479 | ||||||
|
| |||||||||||
Dividends | 210,802 | 312,461 | 3,672,401 | |||||||||
|
| |||||||||||
Foreign taxes withheld | – | (71) | (124,600) | |||||||||
Income from securities lending, net | 5,711 | 2,250 | 131,302 | |||||||||
Total investment income | 217,814 | 315,654 | 3,681,582 | |||||||||
Expenses | ||||||||||||
Advisory fees | 198,324 | 166,426 | 1,753,245 | |||||||||
Administration fees | 9,916 | 8,321 | 87,662 | |||||||||
Transfer agent fees | 24,863 | 49,333 | 350,406 | |||||||||
Distribution fees: | ||||||||||||
Class C | – | – | 49,159 | |||||||||
Class A | 2,547 | 6,849 | 17,367 | |||||||||
Registration fees | 12,642 | 16,019 | 28,016 | |||||||||
Audit and tax service expense | 8,439 | 8,394 | 12,631 | |||||||||
Fund accounting fees | 8,261 | 7,066 | 62,738 | |||||||||
Trustee fees and expenses | 3,345 | 3,060 | 28,113 | |||||||||
Insurance expense | 1,754 | 1,774 | 15,311 | |||||||||
Custody fees | 2,454 | 2,229 | 6,688 | |||||||||
Printing fees | 5,403 | 3,307 | 35,639 | |||||||||
Interest expense | – | 1,398 | 411 | |||||||||
Recoupment of previously reimbursed expenses | – | 1,155 | – | |||||||||
Other expenses | 12,294 | 10,848 | 90,529 | |||||||||
|
| |||||||||||
Total expenses before expense reimbursement | 290,242 | 286,179 | 2,537,915 | |||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (2,918) | (28,714) | – | |||||||||
|
| |||||||||||
Net Expenses | 287,324 | 257,465 | 2,537,915 | |||||||||
|
| |||||||||||
Net Investment Income/(Loss) | (69,510) | 58,189 | 1,143,667 | |||||||||
|
| |||||||||||
Realized and Unrealized Gain/(Loss) | ||||||||||||
Net realized gain/(loss) on: | ||||||||||||
Investments | 63,273 | 1,406,487 | (1,811,601) | |||||||||
Foreign currency | – | – | (719) | |||||||||
|
| |||||||||||
63,273 | 1,406,487 | (1,812,320) | ||||||||||
|
| |||||||||||
Change in unrealized net appreciation/(depreciation) on: | ||||||||||||
Investments and foreign currency | 3,056,409 | (244,681) | 10,534,500 | |||||||||
|
| |||||||||||
3,056,409 | (244,681) | 10,534,500 | ||||||||||
|
| |||||||||||
Net realized and unrealized gain/(loss) | 3,119,682 | 1,161,806 | 8,722,180 | |||||||||
|
| |||||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 3,050,172 | $ | 1,219,995 | $ | 9,865,847 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
22 | www.iconfunds.com |
Table of Contents
ICON Sector Funds | Statements of Operations | |
Period Ended March 31, 2017 (Unaudited) |
ICON Financial Fund | ICON Healthcare Fund | ICON Industrials Fund | |||||||||||||
Investment Income | |||||||||||||||
Interest | $ | 449 | $ | 1,737 | $ | 635 | |||||||||
Dividends | 409,721 | 504,861 | 120,345 | ||||||||||||
Foreign taxes withheld | (1,509) | (2,578) | – | ||||||||||||
Income from securities lending, net | 9,799 | 3,600 | 164 | ||||||||||||
|
| ||||||||||||||
Total investment income | 418,460 | 507,620 | 121,144 | ||||||||||||
|
| ||||||||||||||
Expenses | |||||||||||||||
Advisory fees | 247,735 | 401,872 | 123,711 | ||||||||||||
Administration fees | 12,387 | 20,094 | 6,186 | ||||||||||||
Transfer agent fees | 24,506 | 67,827 | 25,798 | ||||||||||||
Distribution fees: | |||||||||||||||
Class A | 2,961 | 5,797 | 3,221 | ||||||||||||
Registration fees | 13,266 | 16,514 | 11,750 | ||||||||||||
Audit and tax service expense | 8,440 | 8,505 | 8,391 | ||||||||||||
Fund accounting fees | 9,963 | 15,503 | 5,475 | ||||||||||||
Trustee fees and expenses | 3,791 | 6,576 | 1,580 | ||||||||||||
Insurance expense | 2,012 | 3,531 | 970 | ||||||||||||
Custody fees | 1,897 | 3,719 | 2,060 | ||||||||||||
Printing fees | 5,847 | 7,652 | 4,362 | ||||||||||||
Interest expense | 534 | 131 | 1,358 | ||||||||||||
Other expenses | 14,446 | 21,562 | 6,517 | ||||||||||||
|
| ||||||||||||||
Total expenses before expense reimbursement | 347,785 | 579,283 | 201,379 | ||||||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (3,962) | (4,045) | (11,045) | ||||||||||||
|
| ||||||||||||||
Net Expenses | 343,823 | 575,238 | 190,334 | ||||||||||||
|
| ||||||||||||||
Net Investment Income/(Loss) | 74,637 | (67,618) | (69,190) | ||||||||||||
|
| ||||||||||||||
Realized and Unrealized Gain/(Loss) | |||||||||||||||
Net realized gain/(loss) on: | |||||||||||||||
Investments | 3,566,138 | 954,834 | 1,734,759 | ||||||||||||
Foreign currency | (63) | – | – | ||||||||||||
|
| ||||||||||||||
3,566,075 | 954,834 | 1,734,759 | |||||||||||||
|
| ||||||||||||||
Change in unrealized net appreciation/(depreciation) on: | |||||||||||||||
Investments and foreign currency | 6,387,183 | 2,321,415 | 1,343,513 | ||||||||||||
|
| ||||||||||||||
6,387,183 | 2,321,415 | 1,343,513 | |||||||||||||
|
| ||||||||||||||
Net realized and unrealized gain/(loss) | 9,953,258 | 3,276,249 | 3,078,272 | ||||||||||||
|
| ||||||||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 10,027,895 | $ | 3,208,631 | $ | 3,009,082 | |||||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 23 |
Table of Contents
ICON Sector Funds | Statements of Operations | |
Period Ended March 31, 2017 (Unaudited) |
ICON Information Technology Fund | ICON Natural Resources Fund | ICON Utilities Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 171 | $ | 1,935 | $ | 90 | ||||||
Dividends | 251,808 | 638,179 | 1,141,421 | |||||||||
Foreign taxes withheld | (680) | (16,193) | (7,922) | |||||||||
Income from securities lending, net | 3,252 | 8,890 | 9,757 | |||||||||
|
| |||||||||||
Total investment income | 254,551 | 632,811 | 1,143,346 | |||||||||
|
| |||||||||||
Expenses | ||||||||||||
Advisory fees | 250,258 | 381,147 | 252,355 | |||||||||
Administration fees | 12,514 | 19,057 | 12,619 | |||||||||
Transfer agent fees | 46,300 | 82,962 | 62,337 | |||||||||
Distribution fees: | ||||||||||||
Class C | – | 7,824 | – | |||||||||
Class A | 3,166 | 5,935 | 13,130 | |||||||||
Registration fees | 13,015 | 17,599 | 16,742 | |||||||||
Audit and tax service expense | 8,434 | 8,617 | 8,420 | |||||||||
Fund accounting fees | 10,063 | 15,327 | 10,233 | |||||||||
Trustee fees and expenses | 3,906 | 5,996 | 4,642 | |||||||||
Insurance expense | 2,195 | 3,142 | 2,724 | |||||||||
Custody fees | 1,974 | 3,006 | 2,840 | |||||||||
Printing fees | 6,550 | 11,141 | 6,922 | |||||||||
Interest expense | 710 | – | 1,392 | |||||||||
Recoupment of previously reimbursed expenses | – | 14,722 | – | |||||||||
Other expenses | 14,492 | 20,971 | 15,763 | |||||||||
|
| |||||||||||
Total expenses before expense reimbursement | 373,577 | 597,446 | 410,119 | |||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (3,238) | (11,606) | (17,455) | |||||||||
|
| |||||||||||
Net Expenses | 370,339 | 585,840 | 392,664 | |||||||||
|
| |||||||||||
Net Investment Income/(Loss) | (115,788) | 46,971 | 750,682 | |||||||||
|
| |||||||||||
Realized and Unrealized Gain/(Loss) | ||||||||||||
Net realized gain/(loss) on: | ||||||||||||
Investments | 6,056,242 | 2,319,320 | 1,249,056 | |||||||||
Foreign currency | – | (5,561) | 302 | |||||||||
|
| |||||||||||
6,056,242 | 2,313,759 | 1,249,358 | ||||||||||
|
| |||||||||||
Change in unrealized net appreciation/(depreciation) on: | ||||||||||||
Investments and foreign currency | 186,394 | 6,867,535 | 975,489 | |||||||||
|
| |||||||||||
186,394 | 6,867,535 | 975,489 | ||||||||||
|
| |||||||||||
Net realized and unrealized gain/(loss) | 6,242,636 | 9,181,294 | 2,224,847 | |||||||||
|
| |||||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 6,126,848 | $ | 9,228,265 | $ | 2,975,529 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
24 | www.iconfunds.com |
Table of Contents
Page Intentionally Left Blank
Table of Contents
ICON Sector Funds | Statements of Changes in Net Assets |
ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | (69,510) | $ | (115,723) | $ | 58,189 | $ | 35,430 | ||||||||
Net realized gain/(loss) | 63,273 | 2,371,232 | 1,406,487 | 3,041,135 | ||||||||||||
Change in net unrealized appreciation/(depreciation) | 3,056,409 | (204,909) | (244,681) | (1,151,918) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 3,050,172 | 2,050,600 | 1,219,995 | 1,924,647 | ||||||||||||
|
| |||||||||||||||
Dividends and Distributions to Shareholders |
| |||||||||||||||
Net investment income | ||||||||||||||||
Class S | – | – | (73,624) | (2,775) | ||||||||||||
Class A | – | – | (7,526) | (282) | ||||||||||||
Net realized gains | ||||||||||||||||
Class S | (2,138,950) | (4,142,603) | (3,218,507) | (1,689,533) | ||||||||||||
Class A | (116,512) | (324,745) | (543,760) | (1,018,358) | ||||||||||||
|
| |||||||||||||||
Net decrease from dividends and distributions | (2,255,462) | (4,467,348) | (3,843,417) | (2,710,948) | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 8,216,203 | 3,598,562 | 7,486,210 | 31,781,091 | ||||||||||||
Class A | 221,669 | 978,272 | 2,382,258 | 9,210,875 | ||||||||||||
Reinvested dividends and distributions | ||||||||||||||||
Class S | 2,120,009 | 4,104,730 | 3,170,250 | 1,604,272 | ||||||||||||
Class A | 100,528 | 289,861 | 405,750 | 808,132 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (12,424,095) | (13,145,470) | (15,815,400) | (9,693,926) | ||||||||||||
Class A | (846,724) | (1,690,501) | (5,211,989) | (4,969,477) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) from fund share transactions | (2,612,410) | (5,864,546) | (7,582,921) | 28,740,967 | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | (1,817,700) | (8,281,294) | (10,206,343) | 27,954,666 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 39,630,761 | 47,912,055 | 40,208,097 | 12,253,431 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 37,813,061 | $ | 39,630,761 | $ | 30,001,754 | $ | 40,208,097 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (69,510) | $ | – | $ | 10,161 | $ | 33,122 | ||||||||
|
| |||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 590,350 | 251,318 | 975,219 | 3,991,017 | ||||||||||||
Class A | 16,659 | 70,735 | 320,654 | 1,184,079 | ||||||||||||
Issued to shareholders in reinvestment of distributions | ||||||||||||||||
Class S | 155,218 | 307,240 | 450,960 | 212,768 | ||||||||||||
Class A | 7,663 | 22,418 | 57,882 | 107,322 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (900,193) | (955,082) | (2,082,767) | (1,161,279) | ||||||||||||
Class A | (65,336) | (128,008) | (683,193) | (626,714) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) | (195,639) | (431,379) | (961,245) | 3,707,193 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 2,931,348 | 3,362,727 | 5,039,303 | 1,332,110 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 2,735,709 | 2,931,348 | 4,078,058 | 5,039,303 | ||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
26 | www.iconfunds.com |
Table of Contents
ICON Sector Funds | Statements of Changes in Net Assets | |
ICON Energy Fund | ICON Financial Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | 1,143,667 | $ | 6,869,776 | $ | 74,637 | $ | 487,539 | ||||||||
Net realized gain/(loss) | (1,812,320) | (57,720,482) | 3,566,075 | (4,872,140) | ||||||||||||
Net realized gain/(loss) on long-term capital gain distributions from other investment companies | – | – | – | 3,543 | ||||||||||||
Change in net unrealized appreciation/(depreciation) | 10,534,500 | 100,616,370 | 6,387,183 | 2,869,562 | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 9,865,847 | 49,765,664 | 10,027,895 | (1,511,496) | ||||||||||||
|
| |||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||
Net investment income | ||||||||||||||||
Class S | (1,390,520) | (3,080,658) | (509,223) | – | ||||||||||||
Class C | (14,960) | (46,988) | – | – | ||||||||||||
Class A | (46,799) | (87,124) | (21,427) | – | ||||||||||||
|
| |||||||||||||||
Net decrease from dividends and distributions | (1,452,279) | (3,214,770) | (530,650) | – | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 33,758,478 | 109,808,067 | 6,785,227 | 11,122,679 | ||||||||||||
Class C | 354,074 | 1,926,758 | – | – | ||||||||||||
Class A | 1,065,079 | 4,574,292 | 753,898 | 1,691,237 | ||||||||||||
Reinvested dividends and distributions | ||||||||||||||||
Class S | 1,335,450 | 2,963,225 | 500,837 | – | ||||||||||||
Class C | 12,964 | 40,797 | – | – | ||||||||||||
Class A | 35,855 | 66,909 | 18,938 | – | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (69,135,903) | (149,229,594) | (18,687,951) | (15,374,878) | ||||||||||||
Class C | (1,500,931) | (2,980,604) | – | – | ||||||||||||
Class A | (3,615,398) | (6,498,389) | (1,593,379) | (1,112,225) | ||||||||||||
|
| |||||||||||||||
Net decrease from fund share transactions | (37,690,332) | (39,328,539) | (12,222,430) | (3,673,187) | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | (29,276,764) | 7,222,355 | (2,725,185) | (5,184,683) | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 352,268,545 | 345,046,190 | 45,895,374 | 51,080,057 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 322,991,781 | $ | 352,268,545 | $ | 43,170,189 | $ | 45,895,374 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (342,294) | $ | (33,682) | $ | 31,436 | $ | 487,449 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 27 |
Table of Contents
ICON Sector Funds | Statements of Changes in Net Assets | |
ICON Energy Fund | ICON Financial Fund | |||||||||||||||
| ||||||||||||||||
Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 2,601,143 | 9,937,173 | 781,715 | 1,386,325 | ||||||||||||
Class C | 27,609 | 173,976 | – | – | ||||||||||||
Class A | 81,130 | 405,435 | 83,628 | 225,786 | ||||||||||||
Issued to shareholders in reinvestment of distributions | ||||||||||||||||
Class S | 97,621 | 278,237 | 54,797 | – | ||||||||||||
Class C | 988 | 3,961 | – | – | ||||||||||||
Class A | 2,632 | 6,295 | 2,061 | – | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (5,289,369) | (13,027,347) | (2,053,987) | (2,072,996) | ||||||||||||
Class C | (119,699) | (270,035) | – | – | ||||||||||||
Class A | (278,902) | (561,929) | (185,991) | (148,818) | ||||||||||||
|
| |||||||||||||||
Net decrease | (2,876,847) | (3,054,234) | (1,317,777) | (609,703) | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 27,869,154 | 30,923,388 | 5,983,700 | 6,593,403 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 24,992,307 | 27,869,154 | 4,665,923 | 5,983,700 | ||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
28 | www.iconfunds.com |
Table of Contents
ICON Sector Funds | Statements of Changes in Net Assets | |
ICON Healthcare Fund | ICON Industrials Fund | |||||||||||||||
| ||||||||||||||||
Period Ended (Unaudited) | Year Ended September 30, 2016 | Period Ended (Unaudited) | Year Ended September 30, 2016 | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | (67,618) | $ | (256,229) | $ | (69,190) | $ | (24,274) | ||||||||
Net realized gain/(loss) | 954,834 | 1,360,141 | 1,734,759 | 1,229,396 | ||||||||||||
Change in net unrealized appreciation/(depreciation) | 2,321,415 | 6,368,752 | 1,343,513 | 210,733 | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 3,208,631 | 7,472,664 | 3,009,082 | 1,415,855 | ||||||||||||
|
| |||||||||||||||
Dividends and Distributions to Shareholders |
| |||||||||||||||
Net realized gains | ||||||||||||||||
Class S | (1,138,922) | (18,074,605) | – | – | ||||||||||||
Class A | (76,949) | (2,959,679) | – | – | ||||||||||||
|
| |||||||||||||||
Net decrease from dividends and distributions | (1,215,871) | (21,034,284) | – | – | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 20,054,708 | 8,840,606 | 13,372,610 | 13,580,388 | ||||||||||||
Class A | 799,381 | 1,044,829 | 2,871,191 | 865,729 | ||||||||||||
Reinvested dividends and distributions | ||||||||||||||||
Class S | 1,092,964 | 17,161,570 | – | – | ||||||||||||
Class A | 69,063 | 2,747,924 | – | – | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (14,946,749) | (33,976,571) | (17,681,010) | (5,225,967) | ||||||||||||
Class A | (1,472,654) | (11,543,997) | (828,015) | (528,190) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) from fund share transactions | 5,596,713 | (15,725,639) | (2,265,224) | 8,691,960 | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | 7,589,473 | (29,287,259) | 743,858 | 10,107,815 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 81,138,959 | 110,426,218 | 24,954,867 | 14,847,052 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 88,728,432 | $ | 81,138,959 | $ | 25,698,725 | $ | 24,954,867 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (130,862) | $ | (63,244) | $ | (91,725) | $ | (22,535) | ||||||||
|
| |||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 1,310,898 | 571,957 | 996,203 | 1,102,557 | ||||||||||||
Class A | 54,838 | 67,963 | 214,820 | 72,878 | ||||||||||||
Issued to shareholders in reinvestment of distributions | ||||||||||||||||
Class S | 73,402 | 1,165,868 | – | – | ||||||||||||
Class A | 4,823 | 193,108 | – | – | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (991,601) | (2,124,163) | (1,388,997) | (451,383) | ||||||||||||
Class A | (101,730) | (811,470) | (60,074) | (45,537) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) | 350,630 | (936,737) | (238,048) | 678,515 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 5,279,300 | 6,216,037 | 2,035,764 | 1,357,249 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 5,629,930 | 5,279,300 | 1,797,716 | 2,035,764 | ||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 29 |
Table of Contents
ICON Sector Funds | Statements of Changes in Net Assets | |
ICON Information Technology Fund | ICON Natural Resources Fund | |||||||||||||||
| ||||||||||||||||
Period Ended (Unaudited) | Year Ended September 30, 2016 | Period Ended March 31, 2017 (Unaudited) | Year Ended September 30, 2016 (a) | |||||||||||||
| ||||||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | (115,788) | $ | (219,517) | $ | 46,971 | $ | 524,612 | ||||||||
Net realized gain/(loss) | 6,056,242 | 9,737,627 | 2,313,759 | (4,590,557) | ||||||||||||
Change in net unrealized appreciation/(depreciation) | 186,394 | (1,066,435) | 6,867,535 | 15,224,010 | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 6,126,848 | 8,451,675 | 9,228,265 | 11,158,065 | ||||||||||||
|
| |||||||||||||||
Dividends and Distributions to Shareholders |
| |||||||||||||||
Net investment income | ||||||||||||||||
Class S | – | – | (388,278) | (322,749) | ||||||||||||
Class C | – | – | (5,892) | – | ||||||||||||
Class A | – | – | (22,709) | (2,353) | ||||||||||||
Net realized gains | ||||||||||||||||
Class S | (8,893,473) | – | – | (4,489,113) | ||||||||||||
Class C | – | – | – | (52,186) | ||||||||||||
Class A | (461,260) | – | – | (201,365) | ||||||||||||
|
| |||||||||||||||
Net decrease from dividends and distributions | (9,354,733) | – | (416,879) | (5,067,766) | ||||||||||||
|
| |||||||||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 7,136,762 | 18,296,541 | 13,138,954 | 16,580,790 | ||||||||||||
Class C | – | – | 257,319 | 828,203 | ||||||||||||
Class A | 528,162 | 1,908,013 | 2,654,042 | 4,545,786 | ||||||||||||
Reinvested dividends and distributions | ||||||||||||||||
Class S | 8,699,541 | – | 378,212 | 4,690,853 | ||||||||||||
Class C | – | – | 5,266 | 43,566 | ||||||||||||
Class A | 403,556 | – | 19,756 | 183,313 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (13,410,113) | (22,597,870) | (15,394,440) | (21,368,193) | ||||||||||||
Class C | – | – | (164,525) | (401,215) | ||||||||||||
Class A | (773,128) | (2,987,018) | (1,497,940) | (3,837,341) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) from fund share transactions | 2,584,780 | (5,380,334) | (603,356) | 1,265,762 | ||||||||||||
|
| |||||||||||||||
Total net increase/(decrease) in net assets | (643,105) | 3,071,341 | 8,208,030 | 7,356,061 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 51,583,842 | 48,512,501 | 71,672,382 | 64,316,321 | ||||||||||||
|
| |||||||||||||||
End of period | $ | 50,940,737 | $ | 51,583,842 | $ | 79,880,412 | $ | 71,672,382 | ||||||||
|
| |||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (115,788) | $ | – | $ | 30,782 | $ | 400,690 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
30 | www.iconfunds.com |
Table of Contents
ICON Sector Funds | Statements of Changes in Net Assets | |
ICON Information Technology Fund | ICON Natural Resources Fund | |||||||||||||||
| ||||||||||||||||
Period Ended (Unaudited) | Year Ended September 30, 2016 | Period Ended (Unaudited) | Year Ended September 30, 2016 (a) | |||||||||||||
| ||||||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class S | 416,672 | 1,105,056 | 956,249 | 1,391,294 | ||||||||||||
Class C | – | – | 19,470 | 72,656 | ||||||||||||
Class A | 33,184 | 119,658 | 191,136 | 384,690 | ||||||||||||
Issued to shareholders in reinvestment of distributions | ||||||||||||||||
Class S | 574,606 | – | 27,073 | 422,219 | ||||||||||||
Class C | – | – | 392 | 4,038 | ||||||||||||
Class A | 27,453 | – | 1,426 | 16,604 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class S | (829,138) | (1,410,912) | (1,113,115) | (1,776,770) | ||||||||||||
Class C | – | – | (12,519) | (33,139) | ||||||||||||
Class A | (48,453) | (186,123) | (115,896) | (313,793) | ||||||||||||
|
| |||||||||||||||
Net increase/(decrease) | 174,324 | (372,321) | (45,784) | 167,799 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, beginning of period | 2,876,116 | 3,248,437 | 5,595,406 | 5,427,607 | ||||||||||||
|
| |||||||||||||||
Shares outstanding, end of period | 3,050,440 | 2,876,116 | 5,549,622 | 5,595,406 | ||||||||||||
|
|
(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.
Semi-Annual | March 31, 2017 | 31 |
Table of Contents
ICON Sector Funds | Statements of Changes in Net Assets | |
ICON Utilities Fund | ||||||||
| ||||||||
Period Ended (Unaudited) | Year Ended September 30, 2016 | |||||||
| ||||||||
Operations | ||||||||
Net investment income/(loss) | $ | 750,682 | $ | 1,459,825 | ||||
Net realized gain/(loss) | 1,249,358 | 4,283,561 | ||||||
Change in net unrealized appreciation/(depreciation) | 975,489 | 1,873,338 | ||||||
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | 2,975,529 | 7,616,724 | ||||||
|
| |||||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class S | (617,906) | (1,106,247) | ||||||
Class A | (142,419) | (318,477) | ||||||
Net realized gains | ||||||||
Class S | (3,387,793) | – | ||||||
Class A | (880,434) | – | ||||||
|
| |||||||
Net decrease from dividends and distributions | (5,028,552) | (1,424,724) | ||||||
|
| |||||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 10,913,135 | 50,937,665 | ||||||
Class A | 1,629,515 | 12,140,072 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 3,772,449 | 1,060,746 | ||||||
Class A | 662,405 | 221,423 | ||||||
Shares repurchased | ||||||||
Class S | (17,773,358) | (31,789,944) | ||||||
Class A | (7,988,184) | (3,816,717) | ||||||
|
| |||||||
Net increase/(decrease) from fund share transactions | (8,784,038) | 28,753,245 | ||||||
|
| |||||||
Total net increase/(decrease) in net assets | (10,837,061) | 34,945,245 | ||||||
Net Assets | ||||||||
Beginning of period | 59,731,533 | 24,786,288 | ||||||
|
| |||||||
End of period | $ | 48,894,472 | $ | 59,731,533 | ||||
|
| |||||||
Accumulated undistributed net investment income/(loss) | $ | 13,347 | $ | 22,990 | ||||
|
| |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 1,198,864 | 5,504,446 | ||||||
Class A | 181,102 | 1,380,355 | ||||||
Issued to shareholders in reinvestment of distributions | ||||||||
Class S | 426,456 | 114,167 | ||||||
Class A | 76,135 | 23,829 | ||||||
Shares repurchased | ||||||||
Class S | (1,956,149) | (3,372,689) | ||||||
Class A | (889,283) | (424,156) | ||||||
|
| |||||||
Net increase/(decrease) | (962,875) | 3,225,952 | ||||||
|
| |||||||
Shares outstanding, beginning of period | 6,321,006 | 3,095,054 | ||||||
|
| |||||||
Shares outstanding, end of period | 5,358,131 | 6,321,006 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
32 | www.iconfunds.com |
Table of Contents
ICON Consumer Discretionary Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended (Unaudited) | Year Ended 2016 | Year Ended 2015 | Year Ended 2014 | Year Ended 2013 | Year Ended 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 13.55 | $ | 14.27 | $ | 15.55 | $ | 14.50 | $ | 11.82 | $ | 8.79 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.02) | (0.03) | (0.07) | (0.07) | (0.03) | 0.03 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.09 | 0.65 | 1.03 | 1.12 | 2.73 | 3.00 | ||||||||||||||||||
Total from investment operations | 1.07 | 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 | (0.77) | (1.34) | (2.24) | – | – | – | ||||||||||||||||||
Total dividends and distributions | (0.77) | (1.34) | (2.24) | – | (0.02) | – | ||||||||||||||||||
Net asset value, end of period | $ | 13.85 | $ | 13.55 | $ | 14.27 | $ | 15.55 | $ | 14.50 | $ | 11.82 | ||||||||||||
Total Return | 7.99%(b) | 4.49% | 5.80% | 7.24% | 22.91% | 34.47% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 35,950 | $ | 37,263 | $ | 44,913 | $ | 55,476 | $ | 39,883 | $ | 58,314 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.42%(c) | 1.42% | 1.43% | 1.46% | 1.38% | 1.40% | ||||||||||||||||||
After expense limitation(d) | 1.42%(c) | 1.42% | 1.43% | 1.46% | 1.38% | 1.40% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.32)%(c) | (0.22)% | (0.44)% | (0.47)% | (0.21)% | 0.26% | ||||||||||||||||||
After expense limitation(d) | (0.32)%(c) | (0.22)% | (0.44)% | (0.47)% | (0.21)% | 0.26% | ||||||||||||||||||
Portfolio turnover rate | 81%(b) | 158% | 201% | 202% | 87% | 91% |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 33 |
Table of Contents
ICON Consumer Discretionary Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | Year Ended 2016 | Year Ended 2015 | Year Ended 2014 | Year Ended 2013 | Year Ended 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 13.06 | $ | 13.88 | $ | 15.24 | $ | 14.25 | $ | 11.65 | $ | 8.75 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.06) | (0.10)�� | (0.14) | (0.12) | (0.09) | (0.02) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.05 | 0.62 | 1.02 | 1.11 | 2.69 | 2.92 | ||||||||||||||||||
Total from investment operations | 0.99 | 0.52 | 0.88 | 0.99 | 2.60 | 2.90 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distributions from net realized gains | (0.77) | (1.34) | (2.24) | – | – | – | ||||||||||||||||||
Total dividends and distributions | (0.77) | (1.34) | (2.24) | – | – | – | ||||||||||||||||||
Net asset value, end of period | $ | 13.28 | $ | 13.06 | $ | 13.88 | $ | 15.24 | $ | 14.25 | $ | 11.65 | ||||||||||||
Total Return(c) | 7.67%(d) | 3.86% | 5.34% | 6.95% | 22.42% | 33.03% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 1,863 | $ | 2,368 | $ | 2,999 | $ | 2,492 | $ | 4,699 | $ | 1,542 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.28%(e) | 2.13% | 1.91% | 1.76% | 1.78% | 1.78% | ||||||||||||||||||
After expense limitation(f) | 1.99%(e) | 1.99% | 1.91% | 1.76% | 1.78% | 1.78% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (1.19)%(e) | (0.92)% | (0.97)% | (0.80)% | (0.66)% | (0.20)% | ||||||||||||||||||
After expense limitation(f) | (0.90)%(e) | (0.78)% | (0.97)% | (0.80)% | (0.66)% | (0.20)% | ||||||||||||||||||
Portfolio turnover rate | 81%(d) | 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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
34 | www.iconfunds.com |
Table of Contents
ICON Consumer Staples Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | Year Ended 2016 | Year Ended 2015 | Year Ended 2014 | Year Ended 2013 | Year Ended 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 7.98 | $ | 9.20 | $ | 11.55 | $ | 11.18 | $ | 10.20 | $ | 8.61 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | 0.02 | 0.02 | 0.04 | 0.11 | 0.21 | 0.14 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.34 | 0.96 | 0.98 | 1.31 | 0.98 | 1.69 | ||||||||||||||||||
Total from investment operations | 0.36 | 0.98 | 1.02 | 1.42 | 1.19 | 1.83 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.02) | (0.00)(b) | (0.22) | (0.03) | (0.21) | (0.24) | ||||||||||||||||||
Distributions from net realized gains | (0.96) | (2.20) | (3.15) | (1.02) | – | – | ||||||||||||||||||
Total dividends and distributions | (0.98) | (2.20) | (3.37) | (1.05) | (0.21) | (0.24) | ||||||||||||||||||
Net asset value, end of period | $ | 7.36 | $ | 7.98 | $ | 9.20 | $ | 11.55 | $ | 11.18 | $ | 10.20 | ||||||||||||
Total Return | 5.15%(c) | 12.09% | 8.66% | 13.32% | 11.75% | 21.50% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 24,485 | $ | 31,799 | $ | 8,651 | $ | 25,731 | $ | 33,813 | $ | 37,567 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.64%(d) | 1.74% | 1.87% | 1.45% | 1.51% | 1.55% | ||||||||||||||||||
After expense limitation(e) | 1.51%(d) | 1.51% | 1.51% | 1.45% | 1.51% | 1.51% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.28%(d) | 0.00%(f) | (0.01)% | 0.94% | 1.92% | 1.40% | ||||||||||||||||||
After expense limitation(e) | 0.41%(d) | 0.23% | 0.35% | 0.94% | 1.92% | 1.44% | ||||||||||||||||||
Portfolio turnover rate | 66%(c) | 125% | 16% | 52% | 91% | 82% |
(a) | Calculated using the average shares method. |
(b) | Amount less than $(0.005). |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
(f) | Less than 0.005% of average net assets. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 35 |
Table of Contents
ICON Consumer Staples Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | Year Ended 2016 | Year Ended 2015 | Year Ended 2014 | Year Ended 2013 | Year Ended 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 7.96 | $ | 9.19 | $ | 11.58 | $ | 11.23 | $ | 10.24 | $ | 8.68 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.00 | (c) | (0.00)(d)(e) | 0.02 | 0.07 | 0.14 | 0.11 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.35 | 0.97 | 0.97 | 1.32 | 1.03 | 1.68 | ||||||||||||||||||
Total from investment operations | 0.35 | 0.97 | 0.99 | 1.39 | 1.17 | 1.79 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.01) | (0.00)(e) | (0.23) | (0.02) | (0.18) | (0.23) | ||||||||||||||||||
Distributions from net realized gains | (0.96) | (2.20) | (3.15) | (1.02) | – | – | ||||||||||||||||||
Total dividends and distributions | (0.97) | (2.20) | (3.38) | (1.04) | (0.18) | (0.23) | ||||||||||||||||||
Net asset value, end of period | $ | 7.34 | $ | 7.96 | $ | 9.19 | $ | 11.58 | $ | 11.23 | $ | 10.24 | ||||||||||||
Total Return(f) | 5.05%(g) | 11.93% | 8.32% | 12.99% | 11.52% | 20.94% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 5,517 | $ | 8,409 | $ | 3,602 | $ | 2,740 | $ | 2,744 | $ | 1,499 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.15%(h) | 1.97% | 2.12% | 2.04% | 1.84% | 2.05% | ||||||||||||||||||
After expense limitation(i) | 1.76%(h) | 1.76% | 1.76% | 1.75% | 1.75% | 1.77% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.32)%(h) | (0.23)% | (0.15)% | 0.35% | 1.20% | 0.82% | ||||||||||||||||||
After expense limitation(i) | 0.07%(h) | (0.02)% | 0.21% | 0.64% | 1.29% | 1.10% | ||||||||||||||||||
Portfolio turnover rate | 66%(g) | 125% | 16% | 52% | 91% | 82% |
(a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
(b) | Calculated using the average shares method. |
(c) | Amount less than $0.005. |
(d) | The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period. |
(e) | Amount less than $(0.005). |
(f) | The total return calculation excludes any sales charges. |
(g) | Not Annualized. |
(h) | Annualized. |
(i) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
36 | www.iconfunds.com |
Table of Contents
ICON Energy Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.66 | $ | 11.17 | $ | 22.30 | $ | 22.59 | $ | 19.18 | $ | 16.64 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/ | 0.05 | 0.24 | 0.11 | 0.11 | 0.18 | 0.16 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.28 | 1.36 | (7.42) | 0.33 | 3.51 | 2.93 | ||||||||||||||||||
Total from investment operations | 0.33 | 1.60 | (7.31) | 0.44 | 3.69 | 3.09 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.05) | (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 | (0.05) | (0.11) | (3.82) | (0.73) | (0.28) | (0.55) | ||||||||||||||||||
Net asset value, end of period | $ | 12.94 | $ | 12.66 | $ | 11.17 | $ | 22.30 | $ | 22.59 | $ | 19.18 | ||||||||||||
Total Return | 2.62%(b) | 14.55% | (36.37)% | 1.92% | 19.55% | 18.87% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 301,344 | $ | 327,497 | $ | 320,486 | $ | 615,541 | $ | 659,581 | $ | 567,054 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.41%(c) | 1.44% | 1.42% | 1.28% | 1.29% | 1.23% | ||||||||||||||||||
After expense limitation(d) | 1.41%(c) | 1.44% | 1.42% | 1.28% | 1.29% | 1.23% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.69%(c) | 2.04% | 0.74% | 0.46% | 0.85% | 0.87% | ||||||||||||||||||
After expense limitation(d) | 0.69%(c) | 2.04% | 0.74% | 0.46% | 0.85% | 0.87% | ||||||||||||||||||
Portfolio turnover rate | 44%(b) | 99% | 154% | 97% | 88% | 74% |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 37 |
Table of Contents
ICON Energy Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class C | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.14 | $ | 10.77 | $ | 21.74 | $ | 22.21 | $ | 18.87 | $ | 16.47 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.02)(b) | 0.11 | (0.04) | (0.15) | (0.05) | (0.04) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.28 | 1.31 | (7.20) | 0.35 | 3.48 | 2.88 | ||||||||||||||||||
Total from investment operations | 0.26 | 1.42 | (7.24) | 0.20 | 3.43 | 2.84 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.02) | (0.05) | – | – | (0.09) | (0.04) | ||||||||||||||||||
Distributions from net realized gains | – | – | (3.73) | (0.67) | – | (0.40) | ||||||||||||||||||
Total dividends and distributions | (0.02) | (0.05) | (3.73) | (0.67) | (0.09) | (0.44) | ||||||||||||||||||
Net asset value, end of period | $ | 12.38 | $ | 12.14 | $ | 10.77 | $ | 21.74 | $ | 22.21 | $ | 18.87 | ||||||||||||
Total Return(c) | 2.13%(d) | 13.31% | (36.99)% | 0.83% | 18.30% | 17.50% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 9,195 | $ | 10,124 | $ | 9,972 | $ | 17,170 | $ | 14,691 | $ | 8,257 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.46%(e) | 2.49% | 2.43% | 2.38% | 2.35% | 2.36% | ||||||||||||||||||
After expense limitation(f) | 2.46%(e) | 2.49% | 2.43% | 2.38% | 2.35% | 2.36% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.35)%(e) | 0.99% | (0.26)% | (0.65)% | (0.25)% | (0.20)% | ||||||||||||||||||
After expense limitation(f) | (0.35)%(e) | 0.99% | (0.26)% | (0.65)% | (0.25)% | (0.20)% | ||||||||||||||||||
Portfolio turnover rate | 44%(d) | 99% | 154% | 97% | 88% | 74% |
(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) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
38 | www.iconfunds.com |
Table of Contents
ICON Energy Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.60 | $ | 11.11 | $ | 22.20 | $ | 22.50 | $ | 19.12 | $ | 16.59 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | 0.02 | 0.21 | 0.07 | 0.04 | 0.11 | 0.11 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.29 | 1.35 | (7.39) | 0.35 | 3.51 | 2.91 | ||||||||||||||||||
Total from investment operations | 0.31 | 1.56 | (7.32) | 0.39 | 3.62 | 3.02 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.04) | (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 | (0.04) | (0.07) | (3.77) | (0.69) | (0.24) | (0.49) | ||||||||||||||||||
Net asset value, end of period | $ | 12.87 | $ | 12.60 | $ | 11.11 | $ | 22.20 | $ | 22.50 | $ | 19.12 | ||||||||||||
Total Return(b) | 2.47%(c) | 14.19% | (36.55)% | 1.67% | 19.21% | 18.47% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 12,453 | $ | 14,648 | $ | 14,588 | $ | 26,695 | $ | 26,170 | $ | 15,836 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.73%(d) | 1.73% | 1.66% | 1.55% | 1.61% | 1.55% | ||||||||||||||||||
After expense limitation(e) | 1.73%(d) | 1.73% | 1.66% | 1.55% | 1.61% | 1.55% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.37%(d) | 1.77% | 0.50% | 0.19% | 0.51% | 0.61% | ||||||||||||||||||
After expense limitation(e) | 0.37%(d) | 1.77% | 0.50% | 0.19% | 0.51% | 0.61% | ||||||||||||||||||
Portfolio turnover rate | 44%(c) | 99% | 154% | 97% | 88% | 74% |
(a) | Calculated using the average shares method. |
(b) | The total return calculation excludes any sales charges. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 39 |
Table of Contents
ICON Financial Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 7.67 | $ | 7.74 | $ | 7.83 | $ | 7.47 | $ | 6.04 | $ | 4.69 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | 0.01 | 0.08 | 0.04 | 0.00(b) | 0.04 | 0.04 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.66 | (0.15) | (0.08) | 0.54 | 1.44 | 1.34 | ||||||||||||||||||
Total from investment operations | 1.67 | (0.07) | (0.04) | 0.54 | 1.48 | 1.38 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.09) | – | (0.05) | (0.18) | (0.05) | (0.03) | ||||||||||||||||||
Total dividends and distributions | (0.09) | – | (0.05) | (0.18) | (0.05) | (0.03) | ||||||||||||||||||
Net asset value, end of period | $ | 9.25 | $ | 7.67 | $ | 7.74 | $ | 7.83 | $ | 7.47 | $ | 6.04 | ||||||||||||
Total Return | 21.75%(c) | (0.90)% | (0.55)% | 7.27% | 24.68% | 29.54% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 41,039 | $ | 43,354 | $ | 49,106 | $ | 32,286 | $ | 11,853 | $ | 27,696 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.37%(d) | 1.40% | 1.49% | 1.64% | 1.47% | 1.39% | ||||||||||||||||||
After expense limitation(e) | 1.37%(d) | 1.40% | 1.49% | 1.50% | 1.47% | 1.39% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.32%(d) | 1.00% | 0.52% | (0.20)% | 0.65% | 0.70% | ||||||||||||||||||
After expense limitation(e) | 0.32%(d) | 1.00% | 0.52% | (0.06)% | 0.65% | 0.70% | ||||||||||||||||||
Portfolio turnover rate | 37%(c) | 49% | 51% | 79% | 95% | 95% |
(a) | Calculated using the average shares method. |
(b) | Amount less than $0.005. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
40 | www.iconfunds.com |
Table of Contents
ICON Financial Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 7.71 | $ | 7.82 | $ | 7.89 | $ | 7.37 | $ | 5.99 | $ | 4.68 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.00)(c)(d) | 0.05 | 0.02 | (0.02) | 0.06 | 0.01 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.66 | (0.16) | (0.07) | 0.54 | 1.38 | 1.33 | ||||||||||||||||||
Total from investment operations | 1.66 | (0.11) | (0.05) | 0.52 | 1.44 | 1.34 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.08) | – | (0.02) | – | (0.06) | (0.03) | ||||||||||||||||||
Total dividends and distributions | (0.08) | – | (0.02) | – | (0.06) | (0.03) | ||||||||||||||||||
Net asset value, end of period | $ | 9.29 | $ | 7.71 | $ | 7.82 | $ | 7.89 | $ | 7.37 | $ | 5.99 | ||||||||||||
Total Return(e) | 21.52%(f) | (1.41)% | (0.69)% | 7.20% | 24.20% | 28.83% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 2,131 | $ | 2,542 | $ | 1,974 | $ | 541 | $ | 936 | $ | 9,278 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.09%(g) | 2.12% | 2.19% | 2.35% | 1.88% | 1.80% | ||||||||||||||||||
After expense limitation(h) | 1.75%(g) | 1.75% | 1.75% | 1.75% | 1.76% | 1.77% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.42)%(g) | 0.26% | (0.15)% | (0.86)% | 0.82% | 0.09% | ||||||||||||||||||
After expense limitation(h) | (0.08)%(g) | 0.63% | 0.29% | (0.26)% | 0.94% | 0.12% | ||||||||||||||||||
Portfolio turnover rate | 37%(f) | 49% | 51% | 79% | 95% | 95% |
(a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
(b) | Calculated using the average shares method. |
(c) | Amount less than $(0.005). |
(d) | The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period. |
(e) | The total return calculation excludes any sales charges. |
(f) | Not Annualized. |
(g) | Annualized. |
(h) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 41 |
Table of Contents
ICON Healthcare Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 15.40 | $ | 17.83 | $ | 22.42 | $ | 22.17 | $ | 17.56 | $ | 13.56 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.01) | (0.04) | (0.09) | (0.11) | 0.03 | 0.17 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.64 | 1.54 | 1.02 | 6.18 | 4.75 | 3.97 | ||||||||||||||||||
Total from investment operations | 0.63 | 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 | (0.24) | (3.93) | (5.52) | (5.79) | – | – | ||||||||||||||||||
Total dividends and distributions | (0.24) | (3.93) | (5.52) | (5.82) | (0.17) | (0.14) | ||||||||||||||||||
Net asset value, end of period | $ | 15.79 | $ | 15.40 | $ | 17.83 | $ | 22.42 | $ | 22.17 | $ | 17.56 | ||||||||||||
Total Return | 4.15%(b) | 9.44% | 2.55% | 32.27% | 27.48% | 30.76% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 84,334 | $ | 76,218 | $ | 95,109 | $ | 148,261 | $ | 92,171 | $ | 100,938 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.41%(c) | 1.44% | 1.36% | 1.36% | 1.39% | 1.34% | ||||||||||||||||||
After expense limitation(d) | 1.41%(c) | 1.44% | 1.36% | 1.36% | 1.39% | 1.34% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.15)%(c) | (0.26)% | (0.45)% | (0.53)% | 0.13% | 1.08% | ||||||||||||||||||
After expense limitation(d) | (0.15)%(c) | (0.26)% | (0.45)% | (0.53)% | 0.13% | 1.08% | ||||||||||||||||||
Portfolio turnover rate | 105%(b) | 107% | 141% | 188% | 112% | 48% |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
42 | www.iconfunds.com |
Table of Contents
ICON Healthcare Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 14.84 | $ | 17.37 | $ | 22.01 | $ | 21.92 | $ | 17.42 | $ | 13.53 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.04) | (0.09) | (0.14) | (0.14) | (0.03) | 0.11 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.62 | 1.49 | 1.02 | 6.03 | 4.69 | 3.94 | ||||||||||||||||||
Total from investment operations | 0.58 | 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 | (0.24) | (3.93) | (5.52) | (5.79) | – | – | ||||||||||||||||||
Total dividends and distributions | (0.24) | (3.93) | (5.52) | (5.80) | (0.16) | (0.16) | ||||||||||||||||||
Net asset value, end of period | $ | 15.18 | $ | 14.84 | $ | 17.37 | $ | 22.01 | $ | 21.92 | $ | 17.42 | ||||||||||||
Total Return(c) | 3.97%(d) | 9.03% | 2.33% | 31.72% | 26.95% | 30.19% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 4,395 | $ | 4,921 | $ | 15,317 | $ | 10,878 | $ | 3,748 | $ | 390 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.93%(e) | 1.79% | 1.62% | 1.62% | 1.69% | 2.89% | ||||||||||||||||||
After expense limitation(f) | 1.75%(e) | 1.75% | 1.62% | 1.62% | 1.69% | 1.76% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.70)%(e) | (0.63)% | (0.69)% | (0.66)% | (0.15)% | (0.46)% | ||||||||||||||||||
After expense limitation(f) | (0.52)%(e) | (0.59)% | (0.69)% | (0.66)% | (0.15)% | 0.67% | ||||||||||||||||||
Portfolio turnover rate | 105%(d) | 107% | 141% | 188% | 112% | 48% |
(a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
(b) | Calculated using the average shares method. |
(c) | The total return calculation excludes any sales charges. |
(d) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 43 |
Table of Contents
ICON Industrials Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.26 | $ | 10.94 | $ | 11.67 | $ | 10.56 | $ | 8.26 | $ | 6.80 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/ | (0.04) | (0.02) | 0.01 | 0.01 | 0.06 | 0.07 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.10 | 1.34 | (0.73) | 1.16 | 2.35 | 1.48 | ||||||||||||||||||
Total from investment operations | 2.06 | 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 | $ | 14.32 | $ | 12.26 | $ | 10.94 | $ | 11.67 | $ | 10.56 | $ | 8.26 | ||||||||||||
Total Return | 16.80%(b) | 12.07% | (6.15)% | 11.14% | 29.52% | 22.99% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 22,345 | $ | 23,957 | $ | 14,251 | $ | 35,883 | $ | 34,409 | $ | 39,621 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.59%(c) | 1.73% | 1.53% | 1.41% | 1.46% | 1.40% | ||||||||||||||||||
After expense limitation(d) | 1.51%(c) | 1.50% | 1.50% | 1.41% | 1.46% | 1.40% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.62)%(c) | (0.37)% | 0.07% | 0.07% | 0.60% | 0.91% | ||||||||||||||||||
After expense limitation(d) | (0.54)%(c) | (0.14)% | 0.10% | 0.07% | 0.60% | 0.91% | ||||||||||||||||||
Portfolio turnover rate | 54%(b) | 87% | 23% | 30% | 46% | 34% |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
44 | www.iconfunds.com |
Table of Contents
ICON Industrials Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.14 | $ | 10.86 | $ | 11.58 | $ | 10.45 | $ | 8.10 | $ | 6.76 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.05) | (0.04) | (0.02) | (0.03) | 0.00(c) | 0.08 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.06 | 1.32 | (0.70) | 1.16 | 2.36 | 1.35 | ||||||||||||||||||
Total from investment operations | 2.01 | 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 | $ | 14.15 | $ | 12.14 | $ | 10.86 | $ | 11.58 | $ | 10.45 | $ | 8.10 | ||||||||||||
Total Return(d) | 16.56%(e) | 11.79% | (6.22)% | 10.81% | 29.20% | 21.21% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 3,354 | $ | 998 | $ | 596 | $ | 298 | $ | 4,322 | $ | 163 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.95%(f) | 2.96% | 2.67% | 2.02% | 2.09% | 2.50% | ||||||||||||||||||
After expense limitation(g) | 1.76%(f) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.92)%(f) | (1.59)% | (1.11)% | (0.56)% | (0.32)% | 0.18% | ||||||||||||||||||
After expense limitation(g) | (0.73)%(f) | (0.38)% | (0.19)% | (0.29)% | 0.02% | 0.93% | ||||||||||||||||||
Portfolio turnover rate | 54%(e) | 87% | 23% | 30% | 46% | 34% |
(a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
(b) | Calculated using the average shares method. |
(c) | Amount less than $0.005. |
(d) | The total return calculation excludes any sales charges. |
(e) | Not Annualized. |
(f) | Annualized. |
(g) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 45 |
Table of Contents
ICON Information Technology Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 17.96 | $ | 14.95 | $ | 13.55 | $ | 11.44 | $ | 10.72 | $ | 8.22 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | (0.04) | (0.07) | (0.09) | (0.07) | (0.02) | (0.02) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.06 | 3.08 | 1.49 | 2.18 | 0.74 | 2.52 | ||||||||||||||||||
Total from investment operations | 2.02 | 3.01 | 1.40 | 2.11 | 0.72 | 2.50 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distributions from net realized gains | (3.25) | – | – | – | – | – | ||||||||||||||||||
Total dividends and distributions | (3.25) | – | – | – | – | – | ||||||||||||||||||
Net asset value, end of period | $ | 16.73 | $ | 17.96 | $ | 14.95 | $ | 13.55 | $ | 11.44 | $ | 10.72 | ||||||||||||
Total Return | 13.15%(b) | 20.13% | 10.33% | 18.44% | 6.72% | 30.41% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 48,309 | $ | 48,953 | $ | 45,343 | $ | 50,363 | $ | 73,851 | $ | 83,330 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.47%(c) | 1.49% | 1.44% | 1.40% | 1.38% | 1.34% | ||||||||||||||||||
After expense limitation(d) | 1.47%(c) | 1.49% | 1.44% | 1.40% | 1.38% | 1.34% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.45)%(c) | (0.46)% | (0.62)% | (0.56)% | (0.22)% | (0.20)% | ||||||||||||||||||
After expense limitation(d) | (0.45)%(c) | (0.46)% | (0.62)% | (0.56)% | (0.22)% | (0.20)% | ||||||||||||||||||
Portfolio turnover rate | 43%(b) | 94% | 43% | 48% | 52% | 35% |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
46 | www.iconfunds.com |
Table of Contents
ICON Information Technology Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 17.55 | $ | 14.65 | $ | 13.32 | $ | 11.30 | $ | 10.65 | $ | 8.20 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.06) | (0.11) | (0.14) | (0.11) | (0.05) | (0.06) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.99 | 3.01 | 1.47 | 2.13 | 0.70 | 2.51 | ||||||||||||||||||
Total from investment operations | 1.93 | 2.90 | 1.33 | 2.02 | 0.65 | 2.45 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distributions from net realized gains | (3.25) | – | – | – | – | – | ||||||||||||||||||
Total dividends and distributions | (3.25) | – | – | – | – | – | ||||||||||||||||||
Net asset value, end of period | $ | 16.23 | $ | 17.55 | $ | 14.65 | $ | 13.32 | $ | 11.30 | $ | 10.65 | ||||||||||||
Total Return(c) | 12.93%(d) | 19.80% | 9.99% | 17.88% | 6.10% | 29.88% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 2,632 | $ | 2,631 | $ | 3,170 | $ | 455 | $ | 2,330 | $ | 1,400 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.01%(e) | 2.17% | 1.90% | 1.94% | 2.23% | 2.87% | ||||||||||||||||||
After expense limitation(f) | 1.75%(e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.99)%(e) | (1.12)% | (1.07)% | (1.10)% | (0.94)% | (1.71)% | ||||||||||||||||||
After expense limitation(f) | (0.73)%(e) | (0.70)% | (0.92)% | (0.91)% | (0.45)% | (0.59)% | ||||||||||||||||||
Portfolio turnover rate | 43%(d) | 94% | 43% | 48% | 52% | 35% |
(a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
(b) | Calculated using the average shares method. |
(c) | The total return calculation excludes any sales charges. |
(d) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 47 |
Table of Contents
ICON Natural Resources Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.82 | $ | 11.86 | $ | 15.09 | $ | 13.43 | $ | 11.12 | $ | 9.00 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.01 | 0.10 | 0.04 | 0.04 | 0.09 | 0.11 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.66 | 1.80 | (3.23) | 1.68 | 2.40 | 2.11 | ||||||||||||||||||
Total from investment operations | 1.67 | 1.90 | (3.19) | 1.72 | 2.49 | 2.22 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.07) | (0.06) | (0.04) | (0.06) | (0.18) | (0.10) | ||||||||||||||||||
Distributions from net realized gains | – | (0.88) | – | – | – | – | ||||||||||||||||||
Total dividends and distributions | (0.07) | (0.94) | (0.04) | (0.06) | (0.18) | (0.10) | ||||||||||||||||||
Net asset value, end of period | $ | 14.42 | $ | 12.82 | $ | 11.86 | $ | 15.09 | $ | 13.43 | $ | 11.12 | ||||||||||||
Total Return | 13.07%(c) | 17.24% | (21.22)% | 12.85% | 22.73% | 24.85% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 72,080 | $ | 65,787 | $ | 60,404 | $ | 93,610 | $ | 65,782 | $ | 41,627 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.51%(d) | 1.59% | 1.42% | 1.36% | 1.45% | 1.39% | ||||||||||||||||||
After expense limitation(e) | 1.50%(d) | 1.50% | 1.42% | 1.36% | 1.45% | 1.39% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 0.15%(d) | 0.70% | 0.27% | 0.26% | 0.72% | 1.00% | ||||||||||||||||||
After expense limitation(e) | 0.16%(d) | 0.79% | 0.27% | 0.26% | 0.72% | 1.00% | ||||||||||||||||||
Portfolio turnover rate | 32%(c) | 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) | Not Annualized. |
(d) | Annualized. |
(e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
48 | www.iconfunds.com |
Table of Contents
ICON Natural Resources Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class C | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.36 | $ | 11.51 | $ | 14.77 | $ | 13.24 | $ | 10.94 | $ | 8.92 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.06)(c) | (0.03)(c) | (0.11) | (0.12) | (0.04) | 0.00(d) | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.60 | 1.76 | (3.15) | 1.65 | 2.38 | 2.08 | ||||||||||||||||||
Total from investment operations | 1.54 | 1.73 | (3.26) | 1.53 | 2.34 | 2.08 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.05) | – | – | – | (0.04) | (0.06) | ||||||||||||||||||
Distributions from net realized gains | – | (0.88) | – | – | – | – | ||||||||||||||||||
Total dividends and distributions | (0.05) | (0.88) | – | – | (0.04) | (0.06) | ||||||||||||||||||
Net asset value, end of period | $ | 13.85 | $ | 12.36 | $ | 11.51 | $ | 14.77 | $ | 13.24 | $ | 10.94 | ||||||||||||
Total Return(e) | 12.47%(f) | 16.11% | (22.07)% | 11.56% | 21.43% | 23.36% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 1,709 | $ | 1,435 | $ | 834 | $ | 675 | $ | 218 | $ | 195 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.88%(g) | 3.01% | 2.94% | 4.17% | 4.12% | 4.29% | ||||||||||||||||||
After expense limitation(h) | 2.50%(g) | 2.51% | 2.50% | 2.50% | 2.50% | 2.51% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (1.22)%(g) | (0.73)% | (1.22)% | (2.51)% | (1.95)% | (1.82)% | ||||||||||||||||||
After expense limitation(h) | (0.84)%(g) | (0.23)% | (0.78)% | (0.84)% | (0.33)% | (0.04)% | ||||||||||||||||||
Portfolio turnover rate | 32%(f) | 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) | Not Annualized. |
(g) | Annualized. |
(h) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2017 | 49 |
Table of Contents
ICON Natural Resources Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 12.73 | $ | 11.75 | $ | 14.96 | $ | 13.36 | $ | 11.07 | $ | 8.97 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | (0.01)(c) | 0.06 | (0.01) | (0.01) | 0.05 | 0.08 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 1.64 | 1.81 | (3.20) | 1.67 | 2.38 | 2.10 | ||||||||||||||||||
Total from investment operations | 1.63 | 1.87 | (3.21) | 1.66 | 2.43 | 2.18 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.07) | (0.01) | – | (0.06) | (0.14) | (0.08) | ||||||||||||||||||
Distributions from net realized gains | – | (0.88) | – | – | – | – | ||||||||||||||||||
Total dividends and distributions | (0.07) | (0.89) | – | (0.06) | (0.14) | (0.08) | ||||||||||||||||||
Net asset value, end of period | $ | 14.29 | $ | 12.73 | $ | 11.75 | $ | 14.96 | $ | 13.36 | $ | 11.07 | ||||||||||||
Total Return(d) | 12.86%(e) | 17.05% | (21.46)% | 12.47% | 22.24% | 24.44% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 6,092 | $ | 4,451 | $ | 3,078 | $ | 8,229 | $ | 1,883 | $ | 539 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.91%(f) | 2.02% | 1.76% | 1.72% | 2.02% | 2.12% | ||||||||||||||||||
After expense limitation(g) | 1.75%(f) | 1.75% | 1.75% | 1.72% | 1.75% | 1.76% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | (0.25)%(f) | 0.24% | (0.06)% | (0.07)% | 0.17% | 0.34% | ||||||||||||||||||
After expense limitation(g) | (0.09)%(f) | 0.51% | (0.05)% | (0.07)% | 0.44% | 0.70% | ||||||||||||||||||
Portfolio turnover rate | 32%(e) | 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) | The total return calculation excludes any sales charges. |
(e) | Not Annualized. |
(f) | Annualized. |
(g) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
50 | www.iconfunds.com |
Table of Contents
ICON Utilities Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class S | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 9.49 | $ | 8.03 | $ | 7.90 | $ | 7.22 | $ | 6.81 | $ | 6.29 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(a) | 0.14 | 0.30 | 0.28 | 0.22 | 0.20 | 0.20 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.45 | 1.43 | 0.11 | 0.69 | 0.43 | 0.55 | ||||||||||||||||||
Total from investment operations | 0.59 | 1.73 | 0.39 | 0.91 | 0.63 | 0.75 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.14) | (0.27) | (0.26) | (0.23) | (0.22) | (0.23) | ||||||||||||||||||
Distributions from net realized gains | (0.79) | – | – | – | – | – | ||||||||||||||||||
Total dividends and distributions | (0.93) | (0.27) | (0.26) | (0.23) | (0.22) | (0.23) | ||||||||||||||||||
Net asset value, end of period | $ | 9.15 | $ | 9.49 | $ | 8.03 | $ | 7.90 | $ | 7.22 | $ | 6.81 | ||||||||||||
Total Return | 6.70%(b) | 21.74% | 4.93% | 12.69% | 9.25% | 12.01% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 39,300 | $ | 43,864 | $ | 19,107 | $ | 17,920 | $ | 29,117 | $ | 23,524 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.57%(c) | 1.59% | 1.70% | 1.52% | 1.62% | 1.53% | ||||||||||||||||||
After expense limitation(d) | 1.51%(c) | 1.50% | 1.50% | 1.50% | 1.51% | 1.51% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.98%(c) | 3.15% | 3.12% | 2.84% | 2.71% | 3.00% | ||||||||||||||||||
After expense limitation(d) | 3.04%(c) | 3.24% | 3.32% | 2.86% | 2.81% | 3.02% | ||||||||||||||||||
Portfolio turnover rate | 71%(b) | 168% | 243% | 107% | 121% | 51% |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
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Table of Contents
ICON Utilities Fund | Financial Highlights | |
For a Share Outstanding Throughout the Periods Presented |
Class A(a) | Period Ended March 31, 2017 (Unaudited) | 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 | $ | 9.35 | $ | 7.92 | $ | 7.81 | $ | 7.14 | $ | 6.73 | $ | 6.24 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss)(b) | 0.12 | 0.28 | 0.26 | 0.21 | 0.18 | 0.20 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.46 | 1.40 | 0.11 | 0.68 | 0.42 | 0.53 | ||||||||||||||||||
Total from investment operations | 0.58 | 1.68 | 0.37 | 0.89 | 0.60 | 0.73 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.13) | (0.25) | (0.26) | (0.22) | (0.19) | (0.24) | ||||||||||||||||||
Distributions from net realized gains | (0.79) | – | – | – | – | – | ||||||||||||||||||
Total dividends and distributions | (0.92) | (0.25) | (0.26) | (0.22) | (0.19) | (0.24) | ||||||||||||||||||
Net asset value, end of period | $ | 9.01 | $ | 9.35 | $ | 7.92 | $ | 7.81 | $ | 7.14 | $ | 6.73 | ||||||||||||
Total Return(c) | 6.66%(d) | 21.29% | 4.63% | 12.44% | 8.96% | 11.81% | ||||||||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 9,594 | $ | 15,868 | $ | 5,679 | $ | 2,517 | $ | 2,402 | $ | 7,113 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||||||
Before expense limitation | 1.84%(e) | 1.79% | 1.89% | 1.81% | 1.74% | 1.70% | ||||||||||||||||||
After expense limitation(f) | 1.76%(e) | 1.75% | 1.75% | 1.75% | 1.74% | 1.70% | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
Before expense limitation | 2.65%(e) | 3.10% | 3.04% | 2.69% | 2.55% | 3.03% | ||||||||||||||||||
After expense limitation(f) | 2.73%(e) | 3.14% | 3.18% | 2.75% | 2.55% | 3.03% | ||||||||||||||||||
Portfolio turnover rate | 71%(d) | 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 periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
(b) | Calculated using the average shares method. |
(c) | The total return calculation excludes any sales charges. |
(d) | Not Annualized. |
(e) | Annualized. |
(f) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
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Table of Contents
ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 S and Class A. The Energy Fund and the Natural Resources Fund also offer a Class C share. 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 Financial Fund has a significant weighting in the Diversified Banks industry, the Healthcare Fund has a significant weighting in the Pharmaceuticals 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.
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 fair 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 fair 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.
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ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Exchange traded options 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 fair value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — | quoted prices in active markets for identical securities. | |
Level 2 — | significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). | |
Level 3 — | significant unobservable inputs. |
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2017:
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 | $ | 29,329,209 | $ | – | $ | – | $ | 29,329,209 | ||||||||
Collateral for Securities on Loan | – | 1,199,953 | – | 1,199,953 | ||||||||||||
Short-Term Investments | – | 9,121,016 | – | 9,121,016 | ||||||||||||
Total | $ | 29,329,209 | $ | 10,320,969 | $ | – | $ | 39,650,178 | ||||||||
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 | $ | 25,936,511 | $ | – | $ | – | $ | 25,936,511 | ||||||||
Short-Term Investments | – | 3,282,767 | – | 3,282,767 | ||||||||||||
Total | $ | 25,936,511 | $ | 3,282,767 | $ | – | $ | 29,219,278 | ||||||||
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ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 | $ | 314,809,018 | $ | – | $ | – | $ | 314,809,018 | ||||||||
Collateral for Securities on Loan | – | 13,018,860 | – | 13,018,860 | ||||||||||||
Short-Term Investments | – | 3,564,394 | – | 3,564,394 | ||||||||||||
Total | $ | 314,809,018 | $ | 16,583,254 | $ | – | $ | 331,392,272 | ||||||||
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 | $ | 40,806,229 | $ | – | $ | – | $ | 40,806,229 | ||||||||
Collateral for Securities on Loan | – | 612,750 | – | 612,750 | ||||||||||||
Short-Term Investments | – | 2,820,514 | – | 2,820,514 | ||||||||||||
Total | $ | 40,806,229 | $ | 3,433,264 | $ | – | $ | 44,239,493 | ||||||||
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 | $ | 81,015,403 | $ | – | $ | – | $ | 81,015,403 | ||||||||
Collateral for Securities on Loan | – | 1,990,361 | – | 1,990,361 | ||||||||||||
Short-Term Investments | – | 10,952,804 | – | 10,952,804 | ||||||||||||
Total | $ | 81,015,403 | $ | 12,943,165 | $ | – | $ | 93,958,568 | ||||||||
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 | $ | 23,078,620 | $ | – | $ | – | $ | 23,078,620 | ||||||||
Short-Term Investments | – | 2,591,209 | – | 2,591,209 | ||||||||||||
Total | $ | 23,078,620 | $ | 2,591,209 | $ | – | $ | 25,669,829 | ||||||||
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 | $ | 50,333,311 | $ | – | $ | – | $ | 50,333,311 | ||||||||
Short-Term Investments | – | 1,274,505 | – | 1,274,505 | ||||||||||||
Total | $ | 50,333,311 | $ | 1,274,505 | $ | – | $ | 51,607,816 | ||||||||
ICON Natural Resources Fund
Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Building Products | $ | 4,265,710 | $ | 648,070 | $ | – | $ | 4,913,780 | ||||||||
Construction Materials | 6,501,813 | 1,533,690 | – | 8,035,503 | ||||||||||||
Gold | 3,720,850 | 1,985,979 | – | 5,706,829 | ||||||||||||
Integrated Oil & Gas | 1,581,900 | 805,857 | – | 2,387,757 | ||||||||||||
Other | 47,294,987 | – | – | 47,294,987 | ||||||||||||
Exchange Traded Funds | 2,981,490 | – | – | 2,981,490 | ||||||||||||
Collateral for Securities on Loan | – | 2,850,000 | – | 2,850,000 | ||||||||||||
Short-Term Investments | – | 9,679,112 | – | 9,679,112 | ||||||||||||
Total | $ | 66,346,750 | $ | 17,502,708 | $ | – | $ | 83,849,458 | ||||||||
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Table of Contents
ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 | $ | 47,465,095 | $ | – | $ | – | $ | 47,465,095 | ||||||||||
Short-Term Investments | – | 394,400 | – | 394,400 | ||||||||||||||
Total | $ | 47,465,095 | $ | 394,400 | $ | – | $ | 47,859,495 | ||||||||||
* | Please refer to the Schedule of Investments and the Sector/Industry Classification tables for additional security details. |
There were no Level 3 securities were held in any of the Funds at March 31, 2017.
For the six months ended March 31, 2017, 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
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 six months ended March 31, 2017 was limited to purchased options.
The Funds may purchase and/or write (sell) call and put options on any security in which it may invest. The Funds utilize options to hedge against changes in market conditions or to provide market exposure while trying to reduce transaction costs.
Option contracts involve market risk and liquidity risk and can be highly volatile. Should prices of securities or securities indexes move in an unexpected manner, the Funds may not achieve the desired benefits and may realize losses and thus be in a worse position than if such strategies had not been utilized.
When a Fund writes a put or call option, an amount equal to the premium received is included on the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current fair 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 fair 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.
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ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 fair 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 fair value of the index. Written and purchased options are non-income producing securities.
As of March 31, 2017, the Energy Fund, Financial Fund and 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 Energy Fund
Risk Exposure | Statements of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income | Change in on Derivatives in Income | |||||||
Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/ Change in unrealized net appreciation/(depreciation) on investments and foreign currency | $ | (1,003,925) | $ | – | |||||
Total | $ | (1,003,925) | $ | – | ||||||
ICON Financial Fund
Risk Exposure | Statements of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income |
Change in on Derivatives in Income | |||||||
Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/ Change in unrealized net appreciation/(depreciation) on investments and foreign currency | $ | (197,893) | $ | – | |||||
Total | $ | (197,893) | $ | – | ||||||
ICON Utilities Fund
Risk Exposure | Statements of Operations Location | Realized Gain/(Loss) on Derivatives in Income |
Change in on Derivatives in Income | |||||||
Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/ Change in unrealized net appreciation/(depreciation) on investments and foreign currency | $ | 161,273 | $ | (80,609) | |||||
Total | $ | 161,273 | $ | (80,609) | ||||||
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Table of Contents
ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
The average purchased option contracts during the six months ended March 31, 2017, was as follows:
ICON Energy Fund Derivative Type | Unit of Measurement | Average Contracts+ | Days Held | |||||
Purchased Options | Contracts | 6,242 | 144 | |||||
ICON Financial Fund Derivative Type | Unit of Measurement | Average Contracts+ | Days Held | |||||
Purchased Options | Contracts | 2,798 | 92 | |||||
ICON Utilities Fund Derivative Type | Unit of Measurement | Average Contracts+ | Days Held | |||||
Purchased Options | Contracts | 609 | 79 |
+ | 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.
Short Sales
The Funds may engage in short sales on securities the Fund owns or has the right to obtain. Short sales involve market risk. If a security sold short increases in price, the 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 fair 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 six months ended March 31, 2017, the Utilities Fund inadvertently engaged in short selling due to an exercised put option.
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 fair 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.
Effective October 14, 2016, the Funds have elected to invest the cash collateral in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedule of Investments. Prior to October 14, 2016, the Funds used the State Street Navigator Prime Portfolio. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the six months ended March 31, 2017, is included in the Statements of Operations.
The value of the collateral could include collateral held for securities that were sold on or before March 31, 2017. It may also include collateral received from the pre-funding of security loans.
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ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Funds as of March 31, 2017:
Remaining contractual maturity of the lending agreement | ||||||||||||||||||||||||||||||||
Overnight & Continuous | Up to 30 days | 30-90 days | Greater than 90 days | Fair Value | Collateral Received | Excess amount due to counterparty | ||||||||||||||||||||||||||
Securities Lending Transactions |
| |||||||||||||||||||||||||||||||
ICON Consumer Discretionary Fund |
| |||||||||||||||||||||||||||||||
Equity Securities | $ | 1,175,426 | $ | – | $ | – | $ | – | $ | 1,175,426 | $ | 1,199,953 | $ | 24,527 | ||||||||||||||||||
ICON Energy Fund | ||||||||||||||||||||||||||||||||
Equity Securities | 12,796,803 | – | – | – | 12,796,803 | 13,018,860 | 222,057 | |||||||||||||||||||||||||
ICON Financial Fund | ||||||||||||||||||||||||||||||||
Equity Securities | 598,230 | – | – | – | 598,230 | 612,750 | 14,520 | |||||||||||||||||||||||||
ICON Healthcare Fund | ||||||||||||||||||||||||||||||||
Equity Securities | 1,945,109 | – | – | – | 1,945,109 | 1,990,361 | 45,252 | |||||||||||||||||||||||||
ICON Natural Resources Fund | ||||||||||||||||||||||||||||||||
Equity Securities | 2,774,395 | – | – | – | 2,774,395 | 2,850,000 | 75,605 |
Income Taxes, Dividends, and Distributions
The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute income and net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforward. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax periods and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past three years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s NAV. The tax is paid when the gain is realized.
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on fixed income securities purchased are accreted or amortized to income over the life of the respective securities based on the effective yield.
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.
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Table of Contents
ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 Consumer Discretionary Fund | ||||||||||||
Class S | $ | 5,025 | $ | 18,702 | $ | 7,643 | ||||||
Class A | 378 | 2,470 | 4,999 | |||||||||
ICON Consumer Staples Fund | ||||||||||||
Class S | 2,053 | 37,683 | 7,630 | |||||||||
Class A | 1,254 | 7,155 | 8,389 | |||||||||
ICON Energy Fund | ||||||||||||
Class S | 33,114 | 268,585 | 17,683 | |||||||||
Class C | 1,060 | 7,231 | 4,069 | |||||||||
Class A | 1,465 | 11,172 | 6,264 | |||||||||
ICON Financial Fund | ||||||||||||
Class S | 5,487 | 18,349 | 8,533 | |||||||||
Class A | 360 | 2,030 | 4,733 | |||||||||
ICON Healthcare Fund | ||||||||||||
Class S | 6,822 | 48,365 | 11,339 | |||||||||
Class A | 830 | 4,149 | 5,175 | |||||||||
ICON Industrials Fund | ||||||||||||
Class S | 4,203 | 20,779 | 7,733 | |||||||||
Class A | 159 | 1,229 | 4,017 | |||||||||
ICON Information Technology Fund | ||||||||||||
Class S | 6,302 | 36,469 | 8,487 | |||||||||
Class A | 248 | 1,664 | 4,528 | |||||||||
ICON Natural Resources Fund | ||||||||||||
Class S | 10,577 | 67,851 | 9,037 | |||||||||
Class C | 164 | 1,219 | 3,772 | |||||||||
Class A | 400 | 4,671 | 4,790 | |||||||||
ICON Utilities Fund | ||||||||||||
Class S | 6,170 | 41,368 | 10,618 | |||||||||
Class A | 752 | 9,172 | 6,124 |
* | Transfer agent out of pocket fees are a Fund level expense. |
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Table of Contents
ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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, 2018. 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 March 31, 2017 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | Expires 2017 | Expires 2018 | Expires 2019 | Expires 2020 | ||||||||||||
ICON Consumer Discretionary Fund | $ | – | $ | – | $ | 4,288 | $ | 2,918 | ||||||||
ICON Consumer Staples Fund | 6,194 | 36,815 | 51,650 | 28,714 | ||||||||||||
ICON Financial Fund | 958 | 3,685 | 8,903 | 3,962 | ||||||||||||
ICON Healthcare Fund | – | – | 3,006 | 4,045 | ||||||||||||
ICON Industrials Fund | 322 | 7,666 | 44,625 | 11,045 | ||||||||||||
ICON Information Technology Fund | 1,128 | 1,632 | 8,637 | 3,238 | ||||||||||||
ICON Natural Resources Fund | 4,502 | 3,552 | 59,176 | 11,606 | ||||||||||||
ICON Utilities Fund | 498 | 30,739 | 31,947 | 17,455 |
Accounting, Custody and Transfer Agent Fees
ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Trust. 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.
ALPS is the Trust’s transfer agent. For these services, the Trust pays an annual fee plus annual base fee per Fund, per account fees and out-of-pocket expenses.
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 six months ended March 31, 2017, each Fund’s payment for administrative services to ICON Advisers is included
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ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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.
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.
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
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 six months ended March 31, 2017, 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 six months ended March 31, 2017, the total related amounts accrued by the Funds under this arrangement was $16,610 and is included in Other Expenses on the Statements of Operations.
The Funds engaged in cross trades with each other and other funds within the Trust, during the six months ended March 31, 2017, 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 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 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 an uncommitted, unsecured, revolving Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. The maximum borrowing limit is $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, 2018.
For the six months ended March 31, 2017, the average outstanding loan by Fund was as follows:
Fund* | Average Borrowing (10/01/16 - 3/31/17)^ | Average Interest Rates (10/01/16 - 3/31/17)^ | ||||||
ICON Consumer Staples Fund | $ | 3,040,200 | 1.85% | |||||
ICON Energy Fund | 1,654,781 | 1.79% | ||||||
ICON Financial Fund | 440,371 | 1.87% | ||||||
ICON Healthcare Fund | 160,667 | 1.99% | ||||||
ICON Industrials Fund | 2,107,126 | 1.78% | ||||||
ICON Information Technology Fund | 709,869 | 1.90% | ||||||
ICON Utilities Fund | 523,737 | 1.96% |
* | There were no outstanding borrowings under this agreement/arrangement as of March 31, 2017. |
^ | The average is calculated based on the actual number of days with outstanding borrowings. |
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ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
5. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended March 31, 2017, 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 | $ 25,796,210 | $ 37,409,361 | ||||||
ICON Consumer Staples Fund | 19,361,101 | 31,486,239 | ||||||
ICON Energy Fund | 147,395,336 | 187,498,733 | ||||||
ICON Financial Fund | 17,187,034 | 32,509,805 | ||||||
ICON Healthcare Fund | 78,919,016 | 80,039,240 | ||||||
ICON Industrials Fund | 11,413,967 | 14,527,318 | ||||||
ICON Information Technology Fund | 20,888,858 | 27,937,262 | ||||||
ICON Natural Resources Fund | 21,013,583 | 25,046,079 | ||||||
ICON Utilities Fund | 35,736,246 | 48,600,270 |
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.
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.
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 | ||||||
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 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.
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 | – |
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Table of Contents
ICON Sector Funds | Notes to Financial Statements | |
March 31, 2017 (Unaudited) |
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 | Unrealized Appreciation/ (Depreciation)** | Total 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. |
As of March 31, 2017, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Fund | Gross Appreciation (excess of value over tax cost) | Gross Depreciation (excess of tax cost over value) | Net Unrealized Appreciation/ (Depreciation) | Cost of Investments for Income Tax Purposes | ||||||||||||
ICON Consumer Discretionary Fund | $ | 1,805,964 | $ | (1,052,915) | $ | 753,049 | $ | 38,897,129 | ||||||||
ICON Consumer Staples Fund | 553,977 | (847,130) | (293,153) | 29,512,431 | ||||||||||||
ICON Energy Fund | 27,844,907 | (17,265,708) | 10,579,199 | 320,813,073 | ||||||||||||
ICON Financial Fund | 5,832,245 | (731,710) | 5,100,535 | 39,138,958 | ||||||||||||
ICON Healthcare Fund | 3,398,150 | (2,806,477) | 591,673 | 93,366,895 | ||||||||||||
ICON Industrials Fund | 3,066,062 | (382,005) | 2,684,057 | 22,985,772 | ||||||||||||
ICON Information Technology Fund | 10,535,456 | (415,106) | 10,120,350 | 41,487,466 | ||||||||||||
ICON Natural Resources Fund | 8,482,104 | (1,408,053) | 7,074,051 | 76,775,407 | ||||||||||||
ICON Utilities Fund | 2,656,198 | (667,026) | 1,989,172 | 45,870,323 |
7. RECENT ACCOUNTING PRONOUNCEMENT
In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-19, “Technical Corrections and Improvements.” It includes an update to Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurement. The update to Topic 820 clarifies the difference between a valuation approach and a valuation technique. It also requires disclosure when there has been a change in either or both a valuation approach and/or a valuation technique. The changes related to Topic 820 are effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016. Management is currently evaluating the impact of the ASU to the financial statements.
8. SECURITIES AND EXCHANGE COMMISSION REGULATIONS
On October 13, 2016, the Securities and Exchange Commission amended Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact to the financial statements and disclosures.
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ICON Sector Funds | Disclosure of Fund Expenses | |
March 31, 2017 (Unaudited) |
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/01/16 – 3/31/17).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value October 1, 2016 | Ending Account Value March 31, 2017 | Expense Ratio(a) | Expenses Paid During period October 1, 2016 - March 31, 2017(b) | |||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,079.90 | 1.42% | $ 7.36 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.85 | 1.42% | $ 7.14 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,076.70 | 1.99% | $10.30 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,015.01 | 1.99% | $10.00 | ||||||||||||
ICON Consumer Staples Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,051.50 | 1.51% | $ 7.72 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.40 | 1.51% | $ 7.59 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,050.50 | 1.76% | $ 9.00 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.16 | 1.76% | $ 8.85 |
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ICON Sector Funds | Disclosure of Fund Expenses | |
March 31, 2017 (Unaudited) |
Beginning Account Value October 1, 2016 | Ending Account Value March 31, 2017 | Expense Ratio(a) | Expenses Paid During period October 1, 2016 - March 31, 2017(b) | |||||||||||||
ICON Energy Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,026.20 | 1.41% | $ 7.12 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.90 | 1.41% | $ 7.09 | ||||||||||||
Class C | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,021.30 | 2.46% | $12.40 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,012.67 | 2.46% | $12.34 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,024.70 | 1.73% | $ 8.73 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.31 | 1.73% | $ 8.70 | ||||||||||||
ICON Financial Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,217.50 | 1.37% | $ 7.57 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,018.10 | 1.37% | $ 6.89 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,215.20 | 1.75% | $ 9.66 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.21 | 1.75% | $ 8.80 | ||||||||||||
ICON Healthcare Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,041.50 | 1.41% | $ 7.18 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.90 | 1.41% | $ 7.09 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,039.70 | 1.75% | $ 8.90 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.21 | 1.75% | $ 8.80 | ||||||||||||
ICON Industrials Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,168.00 | 1.51% | $ 8.16 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.40 | 1.51% | $ 7.59 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,165.60 | 1.76% | $ 9.50 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.16 | 1.76% | $ 8.85 | ||||||||||||
ICON Information Technology Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,131.50 | 1.47% | $ 7.81 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.60 | 1.47% | $ 7.39 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,129.30 | 1.75% | $ 9.29 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.21 | 1.75% | $ 8.80 | ||||||||||||
ICON Natural Resources Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,130.70 | 1.50% | $ 7.97 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.45 | 1.50% | $ 7.54 | ||||||||||||
Class C | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,124.70 | 2.50% | $13.24 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,012.47 | 2.50% | $12.54 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,128.60 | 1.75% | $ 9.29 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.21 | 1.75% | $ 8.80 |
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ICON Sector Funds | Disclosure of Fund Expenses | |
March 31, 2017 (Unaudited) |
Beginning Account Value October 1, 2016 | Ending Account Value March 31, 2017 | Expense Ratio(a) | Expenses Paid During period October 1, 2016 - March 31, 2017(b) | |||||||||||||
ICON Utilities Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,067.00 | 1.51% | $ 7.78 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,017.40 | 1.51% | $ 7.59 | ||||||||||||
Class A | ||||||||||||||||
Actual | $ 1,000.00 | $ 1,066.60 | 1.76% | $ 9.07 | ||||||||||||
Hypothetical (5% return before expenses) | $ 1,000.00 | $ 1,016.16 | 1.76% | $ 8.85 |
(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 182/365 (to reflect the half-year period). |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
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ICON Sector Funds | Additional Information | |
March 31, 2017 (Unaudited) |
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
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ICON Sector Funds | Privacy Policy | |
March 31, 2017 (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. |
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ICON Sector Funds | Privacy Policy | |
March 31, 2017 (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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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 |
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Item 2. Code of Ethics.
Not applicable – only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable – only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable – only for annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | The schedule of investments in securities of unaffiliated issuers is included in Item 1. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
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Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable – only for annual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | ICON Funds |
By (Signature and Title)* | /s/ Craig T. Callahan | |
Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer) |
Date June 5, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Craig T. Callahan | |
Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer) |
Date June 5, 2017
By (Signature and Title)* | /s/ Brian D. Harding | |
Brian D. Harding, Vice President, Treasurer (Principal Financial Officer and Principal Accounting Officer) |
Date June 5, 2017
* | Print the name and title of each signing officer under his or her signature. |