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, 2019
Date of reporting period: March 31, 2019
Table of Contents
Item 1. Reports to Stockholders.
| SEMI-ANNUAL REPORT March 31, 2019 |
Diversified Funds
ICON Equity Income Fund (IOEZX, IOECX, IEQAX)
ICON Flexible Bond Fund (IOBZX, IOBCX, IOBAX)
ICON Fund (ICNZX, ICNCX, ICNAX)
ICON Long/Short Fund (IOLZX, IOLCX, ISTAX)
ICON Opportunities Fund (ICONX)
ICON Risk-Managed Balanced Fund (IOCZX, IOCCX, IOCAX)
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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 atwww.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.
Beginning on January 1, 2021, ICON will no longer send paper copies of the Funds’ annual and semi-annual shareholder reports by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and given a website address of where to access the report.
If you have already opted to receive e-delivery, this change will not affect you and you do not need to take any action. At any time, shareholders who invest directly in the ICON Funds may generally elect to receive reports or other communications electronically by enrolling at www.iconfunds.com or calling 1-800-764-0442 or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary.
You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with ICON, please call 1-800-764-0442. If you are a retirement plan sponsor or invest in the ICON Funds through a financial intermediary, please contact your representative or financial intermediary. Your election to receive reports as a paper copy will apply to all ICON Funds held in your account. Your election can be changed at any time in the future.
1-800-764-0442 | ● | www.iconfunds.com |
ICON Diversified Funds | About this Report |
March 31, 2019 (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, 2019, 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 Equity Income Fund and ICON Flexible Bond Fund may invest up to 25% and 35% 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.
ICON Equity Income Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Corporate Bonds (7.17%) | | | | | | | | |
Communication Services (0.82%) | | | | | | | | |
CSC Holdings LLC | | | | | | | | |
10.88%, 10/15/25(a) | | $ | 350,000 | | | $ | 404,075 | |
Lee Enterprises, Inc. | | | | | | | | |
9.50%, 03/15/22(a) | | | 250,000 | | | | 255,312 | |
| | | | | | | 659,387 | |
Consumer Discretionary (2.22%) | | | | | | | | |
Foot Locker, Inc. | | | | | | | | |
8.50%, 01/15/22 | | | 500,000 | | | | 550,000 | |
M/I Homes, Inc. | | | | | | | | |
6.75%, 01/15/21 | | | 200,000 | | | | 202,750 | |
Reliance Intermediate Holdings LP | | | | | | | | |
6.50%, 04/01/23(a) | | | 650,000 | | | | 671,125 | |
William Lyon Homes, Inc. | | | | | | | | |
7.00%, 08/15/22 | | | 350,000 | | | | 350,875 | |
| | | | | | | 1,774,750 | |
Consumer Staples (0.78%) | | | | | | | | |
Central Garden & Pet Co. | | | | | | | | |
6.13%, 11/15/23 | | | 600,000 | | | | 626,250 | |
| | | | | | | | |
Energy (0.63%) | | | | | | | | |
Antero Resources Corp. | | | | | | | | |
5.38%, 11/01/21 | | | 250,000 | | | | 250,938 | |
Continental Resources, Inc. | | | | | | | | |
5.00%, 09/15/22 | | | 250,000 | | | | 251,868 | |
| | | | | | | 502,806 | |
Health Care (0.59%) | | | | | | | | |
HCA, Inc. | | | | | | | | |
5.00%, 03/15/24 | | | 250,000 | | | | 264,723 | |
Molina Healthcare, Inc. | | | | | | | | |
5.38%, 11/15/22 | | | 200,000 | | | | 207,622 | |
| | | | | | | 472,345 | |
Industrials (0.59%) | | | | | | | | |
Air Canada | | | | | | | | |
7.75%, 04/15/21(a) | | | 200,000 | | | | 214,250 | |
RR Donnelley & Sons Co. | | | | | | | | |
7.88%, 03/15/21 | | | 155,000 | | | | 159,069 | |
USG Corp. | | | | | | | | |
5.50%, 03/01/25(a) | | | 100,000 | | | | 101,550 | |
| | | | | | | 474,869 | |
Information Technology (0.33%) | | | | | | | | |
NXP BV / NXP Funding LLC | | | | | | | | |
4.63%, 06/01/23(a) | | | 250,000 | | | | 259,625 | |
| | | | | | | | |
Materials (0.80%) | | | | | | | | |
First Quantum Minerals, Ltd. | | | | | | | | |
7.00%, 02/15/21(a) | | | 67,000 | | | | 68,130 | |
Freeport-McMoRan, Inc. | | | | | | | | |
6.88%, 02/15/23 | | | 244,000 | | | | 258,640 | |
Teck Resources, Ltd. | | | | | | | | |
8.50%, 06/01/24(a) | | | 292,000 | | | | 313,087 | |
| | | | | | | 639,857 | |
| | | Shares or Principal Amount | | | | Value | |
Telecommunication Services (0.25%) | | | | | | | | |
Level 3 Parent LLC | | | | | | | | |
5.75%, 12/01/22 | | $ | 200,000 | | | $ | 202,060 | |
| | | | | | | | |
Utilities (0.16%) | | | | | | | | |
DPL, Inc. | | | | | | | | |
6.75%, 10/01/19 | | | 124,000 | | | | 124,620 | |
| | | | | | | | |
Total Corporate Bonds (Cost $5,739,473) | | | | | | | 5,736,569 | |
| | | | | | | | |
Common Stocks (88.44%) | | | | | | | | |
Aerospace & Defense (2.85%) | | | | | | | | |
Boeing Co. | | | 2,200 | | | | 839,124 | |
Lockheed Martin Corp. | | | 4,800 | | | | 1,440,768 | |
| | | | | | | 2,279,892 | |
Apparel, Accessories & Luxury Goods (3.48%) | | | | | | | | |
Ralph Lauren Corp. | | | 9,600 | | | | 1,244,928 | |
VF Corp. | | | 17,700 | | | | 1,538,307 | |
| | | | | | | 2,783,235 | |
Auto Parts & Equipment (1.45%) | | | | | | | | |
Magna International, Inc. | | | 23,800 | | | | 1,158,822 | |
| | | | | | | | |
Automobile Manufacturers (0.98%) | | | | | | | | |
Nissan Motor Co., Ltd., Sponsored ADR(b) | | | 47,600 | | | | 781,592 | |
| | | | | | | | |
Biotechnology (1.51%) | | | | | | | | |
AbbVie, Inc. | | | 15,000 | | | | 1,208,850 | |
| | | | | | | | |
Broadcasting (1.02%) | | | | | | | | |
CBS Corp., Class B | | | 17,200 | | | | 817,516 | |
| | | | | | | | |
Building Products (1.80%) | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 30,200 | | | | 1,437,822 | |
| | | | | | | | |
Construction Machinery & Heavy Trucks (1.92%) | | | | | | | | |
Cummins, Inc. | | | 9,700 | | | | 1,531,339 | |
| | | | | | | | |
Consumer Finance (1.86%) | | | | | | | | |
Navient Corp. | | | 128,400 | | | | 1,485,588 | |
| | | | | | | | |
Diversified Banks (6.12%) | | | | | | | | |
Bank of America Corp. | | | 65,500 | | | | 1,807,145 | |
JPMorgan Chase & Co. | | | 18,000 | | | | 1,822,140 | |
US Bancorp | | | 26,300 | | | | 1,267,397 | |
| | | | | | | 4,896,682 | |
Diversified Chemicals (2.20%) | | | | | | | | |
DowDuPont, Inc. | | | 12,900 | | | | 687,699 | |
Eastman Chemical Co. | | | 14,100 | | | | 1,069,908 | |
| | | | | | | 1,757,607 | |
Electric Utilities (4.03%) | | | | | | | | |
Avangrid, Inc. | | | 24,400 | | | | 1,228,540 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 3 |
ICON Equity Income Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Electric Utilities (continued) | | | | | | | | |
Evergy, Inc. | | | 14,500 | | | $ | 841,725 | |
Otter Tail Corp. | | | 23,100 | | | | 1,150,842 | |
| | | | | | | 3,221,107 | |
Electronic Manufacturing Services (1.46%) | | | | | | | | |
TE Connectivity, Ltd. | | | 14,500 | | | | 1,170,875 | |
| | | | | | | | |
Hotels, Resorts & Cruise Lines (1.79%) | | | | | | | | |
Royal Caribbean Cruises, Ltd. | | | 12,500 | | | | 1,432,750 | |
| | | | | | | | |
Integrated Oil & Gas (1.42%) | | | | | | | | |
TOTAL SA, Sponsored ADR | | | 20,400 | | | | 1,135,260 | |
| | | | | | | | |
Integrated Telecommunication Services (2.02%) | | | | | | | | |
AT&T, Inc. | | | 51,400 | | | | 1,611,904 | |
| | | | | | | | |
Investment Banking & Brokerage (1.92%) | | | | | | | | |
Morgan Stanley | | | 36,400 | | | | 1,536,080 | |
| | | | | | | | |
IT Consulting & Other Services (3.36%) | | | | | | | | |
International Business Machines Corp. | | | 7,500 | | | | 1,058,250 | |
Leidos Holdings, Inc. | | | 25,500 | | | | 1,634,295 | |
| | | | | | | 2,692,545 | |
Life & Health Insurance (4.97%) | | | | | | | | |
CNO Financial Group, Inc. | | | 49,000 | | | | 792,820 | |
MetLife, Inc. | | | 37,400 | | | | 1,592,118 | |
Prudential Financial, Inc. | | | 17,300 | | | | 1,589,524 | |
| | | | | | | 3,974,462 | |
Managed Health Care (1.42%) | | | | | | | | |
UnitedHealth Group, Inc. | | | 4,600 | | | | 1,137,396 | |
| | | | | | | | |
Multi-Utilities (1.06%) | | | | | | | | |
CenterPoint Energy, Inc. | | | 27,700 | | | | 850,390 | |
| | | | | | | | |
Oil & Gas Exploration & Production (3.73%) | | | | | | | | |
Cabot Oil & Gas Corp. | | | 29,600 | | | | 772,560 | |
Cimarex Energy Co. | | | 14,900 | | | | 1,041,510 | |
Diamondback Energy, Inc. | | | 11,500 | | | | 1,167,595 | |
| | | | | | | 2,981,665 | |
Oil & Gas Refining & Marketing (2.72%) | | | | | | | | |
Marathon Petroleum Corp. | | | 19,800 | | | | 1,185,030 | |
Phillips 66 | | | 10,400 | | | | 989,768 | |
| | | | | | | 2,174,798 | |
Paper Packaging (3.26%) | | | | | | | | |
Avery Dennison Corp. | | | 7,000 | | | | 791,000 | |
International Paper Co. | | | 17,300 | | | | 800,471 | |
Packaging Corp. of America | | | 10,200 | | | | 1,013,676 | |
| | | | | | | 2,605,147 | |
Pharmaceuticals (5.70%) | | | | | | | | |
Allergan PLC | | | 10,300 | | | | 1,508,023 | |
Johnson & Johnson | | | 10,400 | | | | 1,453,816 | |
Merck & Co., Inc. | | | 19,100 | | | | 1,588,547 | |
| | | | | | | 4,550,386 | |
| | Shares or Principal Amount | | | Value | |
Property & Casualty Insurance (1.86%) | | | | | | | | |
Axis Capital Holdings, Ltd. | | | 27,200 | | | $ | 1,490,016 | |
| | | | | | | | |
Railroads (2.24%) | | | | | | | | |
CSX Corp. | | | 12,100 | | | | 905,322 | |
Union Pacific Corp. | | | 5,300 | | | | 886,160 | |
| | | | | | | 1,791,482 | |
Regional Banks (4.93%) | | | | | | | | |
Fifth Third Bancorp | | | 67,400 | | | | 1,699,828 | |
KeyCorp | | | 61,900 | | | | 974,925 | |
Webster Financial Corp. | | | 24,900 | | | | 1,261,683 | |
| | | | | | | 3,936,436 | |
Security & Alarm Services (1.78%) | | | | | | | | |
ADT, Inc.(b) | | | 223,300 | | | | 1,426,887 | |
| | | | | | | | |
Semiconductor Equipment (1.11%) | | | | | | | | |
Cabot Microelectronics Corp. | | | 7,900 | | | | 884,484 | |
| | | | | | | | |
Semiconductors (2.06%) | | | | | | | | |
Broadcom, Inc. | | | 2,751 | | | | 827,253 | |
Intel Corp. | | | 15,300 | | | | 821,610 | |
| | | | | | | 1,648,863 | |
Systems Software (2.05%) | | | | | | | | |
Microsoft Corp. | | | 13,900 | | | | 1,639,366 | |
| | | | | | | | |
Tobacco (4.58%) | | | | | | | | |
Altria Group, Inc. | | | 36,100 | | | | 2,073,223 | |
Philip Morris International, Inc. | | | 18,000 | | | | 1,591,020 | |
| | | | | | | 3,664,243 | |
Trading Companies & Distributors (1.76%) | | | | | | | | |
Aircastle, Ltd. | | | 69,600 | | | | 1,408,704 | |
| | | | | | | | |
Trucking (2.02%) | | | | | | | | |
Ryder System, Inc. | | | 26,100 | | | | 1,617,939 | |
| | | | | | | | |
Total Common Stocks (Cost $68,858,335) | | | | | | | 70,722,130 | |
| | | | | | | | |
Preferred Stocks (1.09%) | | | | | | | | |
Property & Casualty Insurance (1.09%) | | | | | | | | |
Argo Group US, Inc. | | | | | | | | |
6.50%, 09/15/42 | | | 34,200 | | | | 872,100 | |
| | | | | | | | |
Total Preferred Stocks (Cost $864,490) | | | | | | | 872,100 | |
The accompanying notes are an integral part of the financial statements.
ICON Equity Income Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Convertible Preferred Stocks (0.38%) | | | | | | | | |
Office REITs (0.38%) | | | | | | | | |
Equity Commonwealth, Series D | | | | | | | | |
6.50%(c) | | | 11,182 | | | $ | 305,940 | |
| | | | | | | | |
Total Convertible Preferred Stocks (Cost $262,037) | | | | | | | 305,940 | |
| | | | | | | | |
Closed-End Mutual Funds (1.30%) | | | | | | | | |
Alliance California Municipal Income Fund, Inc. | | | 22,941 | | | | 339,068 | |
BlackRock Income Trust, Inc. | | | 36,948 | | | | 219,840 | |
Eaton Vance Municipal Bond Fund | | | 6,302 | | | | 78,144 | |
Nuveen Mortgage Opportunity TermFund | | | 17,360 | | | | 403,273 | |
| | | | | | | | |
Total Closed-End Mutual Funds (Cost $1,020,327) | | | | | | | 1,040,325 | |
Underlying Security/Expiration Date/Exercise | | | | | | | | |
Price/ Notional Amount | | | Contracts | | | Value | |
Purchased Put Options (0.06%) | | | | | | | | |
S&P 500® Index | | | | | | | | |
04/18/19, 2,400, $42,516,000 | | | 150 | | | | 6,750 | |
S&P 500® Index | | | | | | | | |
06/21/19, 2,600, $5,668,800 | | | 20 | | | | 38,800 | |
| | | | | | | 45,550 | |
Total Purchased Put Options (Cost $191,065) | | | | | | | 45,550 | |
| | Shares or Principal Amount | | | Value | |
Collateral for Securities on Loan (2.40%) | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46% | | | 1,916,570 | | | | 1,916,570 | |
| | | | | | | | |
Total Collateral for Securities on Loan (Cost $1,916,570) | | | | | | | 1,916,570 | |
| | | | | | | | |
Total Investments (100.84%) (Cost $78,852,297) | | | | | | $ | 80,639,184 | |
| | | | | | | | |
Liabilities Less Other Assets (-0.84%) | | | | | | | (671,024 | ) |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 79,968,160 | |
Investment Abbreviations:
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
| (a) | Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2019, these securities had a total aggregate market value of $2,287,154. |
| (b) | All or a portion of the security was on loan as of March 31, 2019. |
| (c) | This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. |
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Financials | | | 22.75 | % |
Industrials | | | 14.96 | % |
Information Technology | | | 10.37 | % |
Consumer Discretionary | | | 9.92 | % |
Health Care | | | 9.22 | % |
Energy | | | 8.50 | % |
Materials | | | 6.26 | % |
Consumer Staples | | | 5.36 | % |
Utilities | | | 5.25 | % |
Communication Services | | | 3.86 | % |
Real Estate | | | 0.38 | % |
Telecommunication Services | | | 0.25 | % |
| | | 97.08 | % |
Percentages are based upon corporate bonds, common stocks, preferred stocks 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, 2019 | 5 |
ICON Equity Income Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Diversified Banks | | | 6.12 | % |
Pharmaceuticals | | | 5.70 | % |
Life & Health Insurance | | | 4.97 | % |
Regional Banks | | | 4.93 | % |
Tobacco | | | 4.58 | % |
Oil & Gas Exploration & Production | | | 4.36 | % |
Electric Utilities | | | 4.03 | % |
Apparel, Accessories & Luxury Goods | | | 3.48 | % |
IT Consulting & Other Services | | | 3.36 | % |
Paper Packaging | | | 3.26 | % |
Property & Casualty Insurance | | | 2.95 | % |
Aerospace & Defense | | | 2.85 | % |
Oil & Gas Refining & Marketing | | | 2.72 | % |
Semiconductors | | | 2.39 | % |
Railroads | | | 2.24 | % |
Diversified Chemicals | | | 2.20 | % |
Systems Software | | | 2.05 | % |
Trucking | | | 2.02 | % |
Integrated Telecommunication Services | | | 2.02 | % |
Investment Banking & Brokerage | | | 1.92 | % |
Construction Machinery & Heavy Trucks | | | 1.92 | % |
Building Products | | | 1.92 | % |
Consumer Finance | | | 1.86 | % |
Hotels, Resorts & Cruise Lines | | | 1.79 | % |
Security & Alarm Services | | | 1.78 | % |
Trading Companies & Distributors | | | 1.76 | % |
Managed Health Care | | | 1.68 | % |
Biotechnology | | | 1.51 | % |
Electronic Manufacturing Services | | | 1.46 | % |
Auto Parts & Equipment | | | 1.45 | % |
Integrated Oil & Gas | | | 1.42 | % |
Semiconductor Equipment | | | 1.11 | % |
Multi-Utilities | | | 1.06 | % |
Broadcasting | | | 1.02 | % |
Other Industries (each less than 1%) | | | 7.19 | % |
| | | 97.08 | % |
Percentages are based upon corporate bonds, common stocks, preferred stocks and convertible preferred stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
ICON Flexible Bond Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Corporate Bonds (70.80%) | | | | | | | | |
Communication Services (5.86%) | | | | | | | | |
CSC Holdings LLC | | | | | | | | |
10.88%, 10/15/25(a) | | $ | 2,200,000 | | | $ | 2,539,900 | |
Lee Enterprises, Inc. | | | | | | | | |
9.50%, 03/15/22(a) | | | 1,650,000 | | | | 1,685,062 | |
Walt Disney Co. | | | | | | | | |
7.75%, 02/01/24(a) | | | 3,000,000 | | | | 3,604,787 | |
| | | | | | | 7,829,749 | |
Consumer Discretionary (13.35%) | | | | | | | | |
Brookfield Residential Properties, Inc. | | | | | | | | |
6.50%, 12/15/20(a) | | | 100,000 | | | | 100,000 | |
Foot Locker, Inc. | | | | | | | | |
8.50%, 01/15/22 | | | 3,750,000 | | | | 4,125,000 | |
KB Home | | | | | | | | |
7.63%, 05/15/23 | | | 400,000 | | | | 435,500 | |
Lear Corp. | | | | | | | | |
5.38%, 03/15/24 | | | 1,500,000 | | | | 1,541,520 | |
M/I Homes, Inc. | | | | | | | | |
6.75%, 01/15/21 | | | 1,316,000 | | | | 1,334,095 | |
Nexteer Automotive Group, Ltd. | | | | | | | | |
5.88%, 11/15/21(a) | | | 200,000 | | | | 203,029 | |
Prime Security Services Borrower LLC/ Prime Finance, Inc. | | | | | | | | |
9.25%, 05/15/23(a) | | | 700,000 | | | | 735,000 | |
Reliance Intermediate Holdings LP | | | | | | | | |
6.50%, 04/01/23(a) | | | 4,650,000 | | | | 4,801,125 | |
Silversea Cruise Finance, Ltd. | | | | | | | | |
7.25%, 02/01/25(a) | | | 1,850,000 | | | | 2,000,775 | |
William Lyon Homes, Inc. | | | | | | | | |
7.00%, 08/15/22 | | | 2,550,000 | | | | 2,556,375 | |
| | | | | | | 17,832,419 | |
Consumer Staples (6.33%) | | | | | | | | |
Central Garden & Pet Co. | | | | | | | | |
6.13%, 11/15/23 | | | 2,550,000 | | | | 2,661,562 | |
Conagra Brands, Inc. | | | | | | | | |
7.13%, 10/01/26 | | | 1,150,000 | | | | 1,336,667 | |
Darling Ingredients, Inc. | | | | | | | | |
5.38%, 01/15/22 | | | 1,369,000 | | | | 1,389,535 | |
Kraft Heinz Foods Co. | | | | | | | | |
4.88%, 02/15/25(a) | | | 3,000,000 | | | | 3,068,675 | |
| | | | | | | 8,456,439 | |
Energy (12.96%) | | | | | | | | |
Andeavor Logistics LP / TesoroLogistics Finance Corp. | | | | | | | | |
6.25%, 10/15/22 | | | 4,399,000 | | | | 4,519,972 | |
6.38%, 05/01/24 | | | 3,694,000 | | | | 3,869,465 | |
Antero Resources Corp. | | | | | | | | |
5.38%, 11/01/21 | | | 1,200,000 | | | | 1,204,500 | |
Continental Resources, Inc. | | | | | | | | |
5.00%, 09/15/22 | | | 6,750,000 | | | | 6,800,444 | |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Energy (continued) | | | | | | | | |
CVR Refining LLC / Coffeyville Finance,Inc. | | | | | | | | |
6.50%, 11/01/22 | | $ | 900,000 | | | $ | 909,000 | |
| | | | | | | 17,303,381 | |
Financial (8.83%) | | | | | | | | |
Catlin Insurance Co., Ltd. | | | | | | | | |
3M US L + 2.975%,(a)(b)(c)(d) | | | 850,000 | | | | 833,000 | |
Delphi Financial Group, Inc. | | | | | | | | |
7.88%, 01/31/20 | | | 800,000 | | | | 830,246 | |
Icahn Enterprises LP / Icahn | | | | | | | | |
Enterprises Finance Corp. | | | | | | | | |
6.00%, 08/01/20 | | | 545,000 | | | | 550,178 | |
International Lease Finance Corp. | | | | | | | | |
8.25%, 12/15/20 | | | 1,852,000 | | | | 2,001,417 | |
Jefferies Finance LLC / JFIN Co.-IssuerCorp. | | | | | | | | |
7.38%, 04/01/20(a) | | | 950,000 | | | | 950,000 | |
Nationwide Mutual Insurance Co. | | | | | | | | |
7.88%, 04/01/33(a) | | | 900,000 | | | | 1,247,186 | |
NewBridge Bancorp, Series AI | | | | | | | | |
7.25%, 03/14/24(a)(e) | | | 500,000 | | | | 500,709 | |
Prudential Financial, Inc. | | | | | | | | |
3M US L + 4.175%, 09/15/42(b) | | | 3,850,000 | | | | 4,071,375 | |
Willis North America, Inc. | | | | | | | | |
7.00%, 09/29/19 | | | 800,000 | | | | 814,879 | |
| | | | | | | 11,798,990 | |
Health Care (3.94%) | | | | | | | | |
Bausch Health Cos., Inc. | | | | | | | | |
7.00%, 03/15/24(a) | | | 500,000 | | | | 529,000 | |
HCA, Inc. | | | | | | | | |
5.00%, 03/15/24 | | | 1,500,000 | | | | 1,588,337 | |
Hill-Rom Holdings, Inc. | | | | | | | | |
5.75%, 09/01/23(a) | | | 1,200,000 | | | | 1,237,500 | |
Horizon Pharma USA, Inc. | | | | | | | | |
8.75%, 11/01/24(a)(d) | | | 800,000 | | | | 869,000 | |
Molina Healthcare, Inc. | | | | | | | | |
5.38%, 11/15/22 | | | 1,000,000 | | | | 1,038,110 | |
| | | | | | | 5,261,947 | |
Industrials (5.06%) | | | | | | | | |
Air Canada | | | | | | | | |
7.75%, 04/15/21(a) | | | 2,924,000 | | | | 3,132,335 | |
Oshkosh Corp. | | | | | | | | |
5.38%, 03/01/25 | | | 1,069,000 | | | | 1,097,062 | |
RR Donnelley & Sons Co. | | | | | | | | |
7.88%, 03/15/21 | | | 309,000 | | | | 317,111 | |
USG Corp. | | | | | | | | |
5.50%, 03/01/25(a) | | | 1,000,000 | | | | 1,015,500 | |
XPO Logistics, Inc. | | | | | | | | |
6.50%, 06/15/22(a)(d) | | | 1,175,000 | | | | 1,200,850 | |
| | | | | | | 6,762,858 | |
Information Technology (3.63%) | | | | | | | | |
Amkor Technology, Inc. | | | | | | | | |
6.38%, 10/01/22 | | | 1,280,000 | | | | 1,301,632 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 7 |
ICON Flexible Bond Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Information Technology (continued) | | | | | | | | |
Dell International LLC / EMC Corp. | | | | | | | | |
7.13%, 06/15/24(a) | | $ | 1,352,000 | | | $ | 1,433,630 | |
Nielsen Co. Luxembourg SARL | | | | | | | | |
5.50%, 10/01/21(a) | | | 500,000 | | | | 501,250 | |
NXP BV / NXP Funding LLC | | | | | | | | |
4.63%, 06/01/23(a) | | | 1,550,000 | | | | 1,609,675 | |
| | | | | | | 4,846,187 | |
Materials (7.49%) | | | | | | | | |
Century Aluminum Co. | | | | | | | | |
7.50%, 06/01/21(a) | | | 1,250,000 | | | | 1,256,250 | |
First Quantum Minerals, Ltd. | | | | | | | | |
7.00%, 02/15/21(a)(d) | | | 667,000 | | | | 678,256 | |
Freeport-McMoRan, Inc. | | | | | | | | |
6.88%, 02/15/23 | | | 1,000,000 | | | | 1,060,000 | |
Hecla Mining Co. | | | | | | | | |
6.88%, 05/01/21 | | | 500,000 | | | | 500,000 | |
Teck Resources, Ltd. | | | | | | | | |
6.13%, 10/01/35 | | | 1,400,000 | | | | 1,491,371 | |
8.50%, 06/01/24(a) | | | 4,680,000 | | | | 5,017,966 | |
| | | | | | | 10,003,843 | |
Utilities (3.35%) | | | | | | | | |
DPL, Inc. | | | | | | | | |
6.75%, 10/01/19 | | | 619,000 | | | | 622,095 | |
Vistra Energy Corp. | | | | | | | | |
7.63%, 11/01/24 | | | 2,610,000 | | | | 2,760,127 | |
8.13%, 01/30/26(a) | | | 1,000,000 | | | | 1,091,250 | |
| | | | | | | 4,473,472 | |
Total Corporate Bonds (Cost $94,377,850) | | | | | | | 94,569,285 | |
| | | | | | | | |
| | | | | | | | |
Asset-Backed Securities (2.48%) | | | | | | | | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2014-A, Class C | | | | | | | | |
4.50%, 11/15/25(a)(e) | | | 3,500,000 | | | | 3,315,624 | |
| | | | | | | | |
Total Asset-Backed Securities (Cost $3,379,789) | | | | | | | 3,315,624 | |
| | | | | | | | |
| | | | | | | | |
Preferred Stocks (8.86%) | | | | | | | | |
Financial Services (2.40%) | | | | | | | | |
Cabco Series 2004-101 Trust Goldman | | | | | | | | |
Sachs Capital I, Series GS | | | | | | | | |
3M US L + 0.85%, 02/15/34(b) | | | 152,281 | | | | 3,205,515 | |
| | | | | | | | |
Property & Casualty Insurance (6.46%) | | | | | | | | |
Argo Group US, Inc. | | | | | | | | |
6.50%, 09/15/42 | | | 338,435 | | | | 8,630,093 | |
| | | | | | | | |
Total Preferred Stocks (Cost $11,843,940) | | | | | | | 11,835,608 | |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Convertible Preferred Stocks (4.89%) | | | | | | | | |
Diversified Banks (2.22%) | | | | | | | | |
Wells Fargo & Co., Series L 7.50%(c) | | | 2,297 | | | $ | 2,968,528 | |
| | | | | | | | |
Office REITs (2.67%) | | | | | | | | |
Equity Commonwealth, Series D | | | | | | | | |
6.50%(c)(d) | | | 130,189 | | | | 3,561,971 | |
| | | | | | | | |
Total Convertible Preferred Stocks (Cost $6,258,972) | | | | | | | 6,530,499 | |
| | | | | | | | |
Closed-End Mutual Funds (9.83%) | | | | | | | | |
| | | | | | | | |
Alliance California Municipal IncomeFund, Inc. | | | 162,068 | | | | 2,395,365 | |
BlackRock Income Trust, Inc.(d) | | | 445,905 | | | | 2,653,135 | |
Dreyfus Municipal Income, Inc. | | | 70,718 | | | | 594,738 | |
Duff & Phelps Utility and Corporate | | | | | | | | |
Bond Trust, Inc.(d) | | | 105,374 | | | | 908,324 | |
Eaton Vance Municipal Bond Fund(d) | | | 330,434 | | | | 4,097,387 | |
Nuveen Mortgage Opportunity TermFund | | | 105,158 | | | | 2,442,820 | |
Nuveen Mortgage Opportunity TermFund 2 | | | 1,801 | | | | 40,523 | |
| | | | | | | | |
Total Closed-End Mutual Funds (Cost $12,830,118) | | | | | | | 13,132,292 | |
| | | | | | | | |
Collateral for Securities on Loan (0.96%) | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio,7-Day Yield 2.46% | | | 1,275,800 | | | | 1,275,800 | |
| | | | | | | | |
Total Collateral for Securities on Loan (Cost $1,275,800) | | | | | | | 1,275,800 | |
| | | | | | | | |
Total Investments (97.82%) (Cost $129,966,469) | | | | | | $ | 130,659,108 | |
| | | | | | | | |
Other Assets Less Liabilities (2.18%) | | | | | | | 2,913,978 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 133,573,086 | |
Investment Abbreviations:
LIBOR - London Interbank Offered Rate
REIT - Real Estate Investment Trust
LIBOR Rates:
3M US L - 3 Month LIBOR as of March 31, 2019 was 2.60%
The accompanying notes are an integral part of the financial statements.
ICON Flexible Bond Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
(a) | Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2019, these securities had a total aggregate market value of $45,157,334. |
(b) | Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2019 is based on the reference rate plus the displayed spread as of the security’s last reset date. |
(c) | This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. |
(d) | All or a portion of the security was on loan as of March 31, 2019. |
(e) | These securities are considered, by management, to be illiquid. The aggregate value of these securities at March 31, 2019 was $3,816,333, which represent 2.86% of the Fund’s net assets. |
Credit Diversification(March 31, 2019) (Unaudited)
Ba1 | | | | 13.45 | % |
Baa3 | | | | 10.53 | % |
Ba3 | | | | 9.41 | % |
Ba2 | | | | 8.91 | % |
Baa2 | | | | 8.00 | % |
B1 | | | | 6.78 | % |
B3 | | | | 5.29 | % |
NR* | | | | 4.10 | % |
B2 | | | | 3.18 | % |
A2 | | | | 2.70 | % |
A3 | | | | 0.93 | % |
Total: | | | | 73.28 | % |
Percentages are based upon corporate bonds and asset-backed securities investments as a percentage of net assets. Ratings based on Moody’s Investors Service, Inc where available, otherwise on Standard & Poor’s Financial Services LLC.
* NR - Not Rated
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 9 |
ICON Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Common Stocks (98.69%) | | | | | | | | |
Application Software (2.92%) | | | | | | | | |
Adobe, Inc.(a) | | | 4,700 | | | $ | 1,252,503 | |
| | | | | | | | |
Auto Parts & Equipment (2.52%) | | | | | | | | |
Magna International, Inc. | | | 22,200 | | | | 1,080,918 | |
| | | | | | | | |
Biotechnology (7.35%) | | | | | | | | |
Alexion Pharmaceuticals, Inc.(a) | | | 11,609 | | | | 1,569,305 | |
Vertex Pharmaceuticals, Inc.(a) | | | 8,600 | | | | 1,581,970 | |
| | | | | | | 3,151,275 | |
Building Products (3.58%) | | | | | | | | |
Masco Corp. | | | 39,000 | | | | 1,533,090 | |
| | | | | | | | |
Construction Machinery & Heavy Trucks (3.47%) | | | | | | | | |
Cummins, Inc. | | | 9,400 | | | | 1,483,978 | |
| | | | | | | | |
Construction Materials (5.70%) | | | | | | | | |
Eagle Materials, Inc. | | | 7,700 | | | | 649,110 | |
Martin Marietta Materials, Inc. | | | 8,900 | | | | 1,790,502 | |
| | | | | | | 2,439,612 | |
Data Processing & Outsourced Services (4.50%) | | | | | | | | |
Total System Services, Inc. | | | 20,300 | | | | 1,928,703 | |
| | | | | | | | |
Diversified Banks (12.22%) | | | | | | | | |
Bank of America Corp. | | | 144,978 | | | | 3,999,943 | |
JPMorgan Chase & Co. | | | 12,200 | | | | 1,235,006 | |
| | | | | | | 5,234,949 | |
Footwear (3.09%) | | | | | | | | |
NIKE, Inc., Class B | | | 15,700 | | | | 1,322,097 | |
| | | | | | | | |
General Merchandise Stores (4.82%) | | | | | | | | |
Dollar General Corp. | | | 7,700 | | | | 918,610 | |
Dollar Tree, Inc.(a) | | | 10,900 | | | | 1,144,936 | |
| | | | | | | 2,063,546 | |
Health Care Services (1.15%) | | | | | | | | |
DaVita, Inc.(a) | | | 9,100 | | | | 494,039 | |
| | | | | | | | |
Home Improvement Retail (2.02%) | | | | | | | | |
Home Depot, Inc. | | | 4,500 | | | | 863,505 | |
| | | | | | | | |
Hotels, Resorts & Cruise Lines (3.08%) | | | | | | | | |
Royal Caribbean Cruises, Ltd. | | | 11,500 | | | | 1,318,130 | |
| | | | | | | | |
Internet & Direct Marketing Retail (2.41%) | | | | | | | | |
Expedia, Inc. | | | 8,687 | | | | 1,033,753 | |
| | | | | | | | |
Oil & Gas Exploration & Production (6.29%) | | | | | | | | |
Cabot Oil & Gas Corp. | | | 37,000 | | | | 965,700 | |
Diamondback Energy, Inc. | | | 8,600 | | | | 873,158 | |
Pioneer Natural Resources Co. | | | 5,604 | | | | 853,377 | |
| | | | | | | 2,692,235 | |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Oil & Gas Refining & Marketing (2.43%) | | | | | | | | |
Marathon Petroleum Corp. | | | 17,400 | | | $ | 1,041,390 | |
| | | | | | | | |
Pharmaceuticals (3.37%) | | | | | | | | |
Jazz Pharmaceuticals PLC(a) | | | 10,100 | | | | 1,443,795 | |
| | | | | | | | |
Railroads (2.55%) | | | | | | | | |
Canadian Pacific Railway, Ltd. | | | 5,303 | | | | 1,092,577 | |
| | | | | | | | |
Regional Banks (10.74%) | | | | | | | | |
KeyCorp | | | 30,300 | | | | 477,225 | |
Signature Bank | | | 16,600 | | | | 2,125,962 | |
SVB Financial Group(a) | | | 9,000 | | | | 2,001,240 | |
| | | | | | | 4,604,427 | |
Semiconductors (11.47%) | | | | | | | | |
NXP Semiconductors NV | | | 12,900 | | | | 1,140,231 | |
Qorvo, Inc.(a) | | | 20,300 | | | | 1,456,119 | |
Skyworks Solutions, Inc. | | | 28,100 | | | | 2,317,688 | |
| | | | | | | 4,914,038 | |
Specialty Stores (3.01%) | | | | | | | | |
Ulta Beauty, Inc.(a) | | | 3,700 | | | | 1,290,301 | |
| | | | | | | | |
Total Common Stocks (Cost $34,032,272) | | | | | | | 42,278,861 | |
| | | | | | | | |
Exchange Traded Funds (1.33%) | | | | | | | | |
Direxion Daily S&P 500® Bull 3X(b) | | | 12,168 | | | | 568,976 | |
| | | | | | | | |
Total Exchange Traded Funds (Cost $377,896) | | | | | | | 568,976 | |
| | | | | | | | |
Collateral for Securities on Loan (0.61%) | | | | | | | | |
State Street Navigator SecuritiesLending Government Money Market Portfolio,7-Day Yield 2.46% | | | 261,978 | | | | 261,978 | |
| | | | | | | | |
Total Collateral for Securities on Loan (Cost $261,978) | | | | | | | 261,978 | |
| | | | | | | | |
Total Investments (100.63%) (Cost $34,672,146) | | | | | | $ | 43,109,815 | |
| | | | | | | | |
Liabilities Less Other Assets (-0.63%) | | | | | | | (271,896 | ) |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 42,837,919 | |
(a) | Non-income producing security. |
(b) | All or a portion of the security was on loan as of March 31, 2019. |
The accompanying notes are an integral part of the financial statements.
ICON Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
Sector Composition(March 31, 2019) (Unaudited)
Financials | | | 22.96 | % |
Consumer Discretionary | | | 20.95 | % |
Information Technology | | | 18.89 | % |
Health Care | | | 11.87 | % |
Industrials | | | 9.60 | % |
Energy | | | 8.72 | % |
Materials | | | 5.70 | % |
| | | 98.69 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited)
Diversified Banks | | | 12.22 | % |
Semiconductors | | | 11.47 | % |
Regional Banks | | | 10.74 | % |
Biotechnology | | | 7.35 | % |
Oil & Gas Exploration & Production | | | 6.29 | % |
Construction Materials | | | 5.70 | % |
General Merchandise Stores | | | 4.82 | % |
Data Processing & Outsourced Services | | | 4.50 | % |
Building Products | | | 3.58 | % |
Construction Machinery & Heavy Trucks | | | 3.47 | % |
Pharmaceuticals | | | 3.37 | % |
Footwear | | | 3.09 | % |
Hotels, Resorts & Cruise Lines | | | 3.08 | % |
Specialty Stores | | | 3.01 | % |
Application Software | | | 2.92 | % |
Railroads | | | 2.55 | % |
Auto Parts & Equipment | | | 2.52 | % |
Oil & Gas Refining & Marketing | | | 2.43 | % |
Internet & Direct Marketing Retail | | | 2.41 | % |
Home Improvement Retail | | | 2.02 | % |
Health Care Services | | | 1.15 | % |
| | | 98.69 | % |
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, 2019 | 11 |
ICON Long/Short Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Common Stocks (98.52%) | | | | | | | | |
Air Freight & Logistics (3.74%) | | | | | | | | |
FedEx Corp. | | | 4,100 | | | $ | 743,781 | |
| | | | | | | | |
Auto Parts & Equipment (1.84%) | | | | | | | | |
Magna International, Inc. | | | 7,500 | | | | 365,175 | |
| | | | | | | | |
Biotechnology (3.88%) | | | | | | | | |
Vertex Pharmaceuticals, Inc.(a) | | | 4,200 | | | | 772,590 | |
| | | | | | | | |
Broadcasting (2.40%) | | | | | | | | |
Discovery Communications, Inc.,Class A(a) | | | 17,700 | | | | 478,254 | |
| | | | | | | | |
Building Products (3.77%) | | | | | | | | |
Masco Corp. | | | 19,100 | | | | 750,821 | |
| | | | | | | | |
Construction Materials (5.27%) | | | | | | | | |
Eagle Materials, Inc. | | | 6,700 | | | | 564,810 | |
Martin Marietta Materials, Inc.(b) | | | 2,400 | | | | 482,832 | |
| | | | | | | 1,047,642 | |
Data Processing & Outsourced Services (8.73%) | | | | | | | | |
Euronet Worldwide, Inc.(a) | | | 2,761 | | | | 393,691 | |
Mastercard, Inc., Class A | | | 5,700 | | | | 1,342,065 | |
| | | | | | | 1,735,756 | |
Diversified Banks (8.02%) | | | | | | | | |
Bank of America Corp. | | | 40,200 | | | | 1,109,118 | |
JPMorgan Chase & Co. | | | 4,800 | | | | 485,904 | |
| | | | | | | 1,595,022 | |
Footwear (3.26%) | | | | | | | | |
NIKE, Inc., Class B | | | 7,700 | | | | 648,417 | |
| | | | | | | | |
General Merchandise Stores (8.43%) | | | | | | | | |
Dollar General Corp. | | | 6,400 | | | | 763,520 | |
Dollar Tree, Inc.(a) | | | 8,700 | | | | 913,848 | |
| | | | | | | 1,677,368 | |
Health Care Facilities (1.88%) | | | | | | | | |
Universal Health Services, Inc., Class B | | | 2,800 | | | | 374,556 | |
| | | | | | | | |
Hotels, Resorts & Cruise Lines (4.09%) | | | | | | | | |
Royal Caribbean Cruises, Ltd. | | | 7,100 | | | | 813,802 | |
| | | | | | | | |
Insurance Brokers (3.30%) | | | | | | | | |
Arthur J Gallagher & Co. | | | 8,400 | | | | 656,040 | |
| | | | | | | | |
Oil & Gas Exploration & Production (6.20%) | | | | | | | | |
Cabot Oil & Gas Corp. | | | 19,700 | | | | 514,170 | |
Diamondback Energy, Inc. | | | 2,400 | | | | 243,672 | |
Parsley Energy, Inc., Class A(a) | | | 24,500 | | | | 472,850 | |
| | | | | | | 1,230,692 | |
Oil & Gas Refining & Marketing (3.19%) | | | | | | | | |
Marathon Petroleum Corp. | | | 10,600 | | | | 634,410 | |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Other Diversified Financial Services (4.09%) | | | | | | | | |
Voya Financial, Inc. | | | 16,300 | | | $ | 814,348 | |
| | | | | | | | |
Pharmaceuticals (3.16%) | | | | | | | | |
Jazz Pharmaceuticals PLC(a) | | | 4,400 | | | | 628,980 | |
| | | | | | | | |
Railroads (8.16%) | | | | | | | | |
CSX Corp. | | | 12,700 | | | | 950,214 | |
Kansas City Southern | | | 5,800 | | | | 672,684 | |
| | | | | | | 1,622,898 | |
Regional Banks (9.77%) | | | | | | | | |
Signature Bank | | | 8,400 | | | | 1,075,788 | |
SVB Financial Group(a) | | | 3,900 | | | | 867,204 | |
| | | | | | | 1,942,992 | |
Semiconductors (3.79%) | | | | | | | | |
Qorvo, Inc.(a) | | | 6,300 | | | | 451,899 | |
Skyworks Solutions, Inc. | | | 3,656 | | | | 301,547 | |
| | | | | | | 753,446 | |
Trading Companies & Distributors (1.55%) | | | | | | | | |
United Rentals, Inc.(a) | | | 2,700 | | | | 308,475 | |
| | | | | | | | |
Total Common Stocks (Cost $16,678,326) | | | | | | | 19,595,465 | |
| | | | | | | | |
Exchange Traded Funds (1.39%) | | | | | | | | |
Direxion Daily S&P 500® Bull 3X(b) | | | 5,926 | | | | 277,100 | |
| | | | | | | | |
Total Exchange Traded Funds (Cost $184,041) | | | | | | | 277,100 | |
| | | | | | | | |
Collateral for Securities on Loan (0.69%) | | | | | | | | |
State Street Navigator SecuritiesLending Government Money Market Portfolio,7-Day Yield 2.46% | | | 137,522 | | | | 137,522 | |
| | | | | | | | |
Total Collateral for Securities on Loan (Cost $137,522) | | | | | | | 137,522 | |
| | | | | | | | |
Total Investments (100.60%) (Cost $16,999,889) | | | | | | $ | 20,010,087 | |
| | | | | | | | |
Liabilities Less Other Assets (-0.60%) | | | | | | | (119,423 | ) |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 19,890,664 | |
(a) | Non-income producing security. |
(b) | All or a portion of the security was on loan as of March 31, 2019. |
The accompanying notes are an integral part of the financial statements.
ICON Long/Short Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
Sector Composition(March 31, 2019) (Unaudited)
Financials | | | 25.18 | % |
Consumer Discretionary | | | 17.62 | % |
Industrials | | | 17.22 | % |
Information Technology | | | 12.52 | % |
Energy | | | 9.39 | % |
Health Care | | | 8.92 | % |
Materials | | | 5.27 | % |
Communication Services | | | 2.40 | % |
| | | 98.52 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited)
Regional Banks | | | 9.77 | % |
Data Processing & Outsourced Services | | | 8.73 | % |
General Merchandise Stores | | | 8.43 | % |
Railroads | | | 8.16 | % |
Diversified Banks | | | 8.02 | % |
Oil & Gas Exploration & Production | | | 6.20 | % |
Construction Materials | | | 5.27 | % |
Other Diversified Financial Services | | | 4.09 | % |
Hotels, Resorts & Cruise Lines | | | 4.09 | % |
Biotechnology | | | 3.88 | % |
Semiconductors | | | 3.79 | % |
Building Products | | | 3.77 | % |
Air Freight & Logistics | | | 3.74 | % |
Insurance Brokers | | | 3.30 | % |
Footwear | | | 3.26 | % |
Oil & Gas Refining & Marketing | | | 3.19 | % |
Pharmaceuticals | | | 3.16 | % |
Broadcasting | | | 2.40 | % |
Health Care Facilities | | | 1.88 | % |
Auto Parts & Equipment | | | 1.84 | % |
Trading Companies & Distributors | | | 1.55 | % |
| | | 98.52 | % |
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, 2019 | 13 |
ICON Opportunities Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| | Shares or Principal Amount | | | Value | |
Common Stocks (98.64%) | | | | | | | | |
Air Freight & Logistics (3.42%) | | | | | | | | |
Forward Air Corp. | | | 9,200 | | | $ | 595,516 | |
| | | | | | | | |
Application Software (2.50%) | | | | | | | | |
Ebix, Inc.(a) | | | 8,800 | | | | 434,456 | |
| | | | | | | | |
Building Products (9.40%) | | | | | | | | |
Armstrong World Industries, Inc. | | | 9,600 | | | | 762,432 | |
Continental Building Products, Inc.(b) | | | 18,400 | | | | 456,136 | |
Patrick Industries, Inc.(b) | | | 9,200 | | | | 416,944 | |
| | | | | | | 1,635,512 | |
Casinos & Gaming (3.06%) | | | | | | | | |
Monarch Casino & Resort, Inc.(b) | | | 12,100 | | | | 531,432 | |
| | | | | | | | |
Communications Equipment (1.79%) | | | | | | | | |
Extreme Networks, Inc.(b) | | | 41,600 | | | | 311,584 | |
| | | | | | | | |
Construction Machinery & Heavy Trucks (4.89%) | | | | | |
Alamo Group, Inc. | | | 3,500 | | | | 349,790 | |
Terex Corp. | | | 15,600 | | | | 501,228 | |
| | | | | | | 851,018 | |
Electronic Manufacturing Services (3.21%) | | | | | | | | |
Methode Electronics, Inc. | | | 19,400 | | | | 558,332 | |
| | | | | | | | |
Homebuilding (8.42%) | | | | | | | | |
KB Home | | | 25,500 | | | | 616,335 | |
LGI Homes, Inc.(b) | | | 14,100 | | | | 849,384 | |
| | | | | | | 1,465,719 | |
Homefurnishing Retail (3.54%) | | | | | | | | |
Aaron’s, Inc. | | | 11,700 | | | | 615,420 | |
| | | | | | | | |
Industrial Machinery (4.77%) | | | | | | | | |
Albany International Corp., Class A | | | 4,900 | | | | 350,791 | |
Altra Industrial Motion Corp. | | | 15,400 | | | | 478,170 | |
| | | | | | | 828,961 | |
Leisure Products (6.32%) | | | | | | | | |
Brunswick Corp. | | | 12,600 | | | | 634,158 | |
MasterCraft Boat Holdings, Inc.(b) | | | 20,600 | | | | 464,942 | |
| | | | | | | 1,099,100 | |
Oil & Gas Exploration & Production (3.86%) | | | | | | | | |
Matador Resources Co.(a)(b) | | | 10,800 | | | | 208,764 | |
Ring Energy, Inc.(b) | | | 24,400 | | | | 143,228 | |
SM Energy Co. | | | 8,200 | | | | 143,418 | |
SRC Energy, Inc.(b) | | | 34,189 | | | | 175,048 | |
| | | | | | | 670,458 | |
Oil & Gas Refining & Marketing (2.25%) | | | | | | | | |
CVR Energy, Inc. | | | 9,500 | | | | 391,400 | |
| | | | | | | | |
Pharmaceuticals (6.61%) | | | | | | | | |
Corcept Therapeutics, Inc.(b) | | | 54,700 | | | | 642,178 | |
Supernus Pharmaceuticals, Inc.(b) | | | 14,500 | | | | 508,080 | |
| | | | | | | 1,150,258 | |
| | Shares or Principal Amount | | | Value | |
Regional Banks (3.31%) | | | | | | | | |
First Midwest Bancorp, Inc. | | | 28,127 | | | $ | 575,478 | |
| | | | | | | | |
Semiconductor Equipment (3.09%) | | | | | | | | |
Cabot Microelectronics Corp. | | | 4,800 | | | | 537,408 | |
| | | | | | | | |
Semiconductors (6.75%) | | | | | | | | |
Diodes, Inc.(b) | | | 18,813 | | | | 652,811 | |
Mellanox Technologies, Ltd.(b) | | | 4,400 | | | | 520,784 | |
| | | | | | | 1,173,595 | |
Specialty Chemicals (2.13%) | | | | | | | | |
Ferro Corp.(b) | | | 19,600 | | | | 371,028 | |
| | | | | | | | |
Specialty Stores (5.00%) | | | | | | | | |
Five Below, Inc.(b) | | | 7,000 | | | | 869,750 | |
| | | | | | | | |
Steel (1.24%) | | | | | | | | |
Carpenter Technology Corp. | | | 4,700 | | | | 215,495 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals (4.37%) | | | |
Super Micro Computer, Inc.(b) | | | 36,000 | | | | 760,590 | |
| | | | | | | | |
Thrifts & Mortgage Finance (8.71%) | | | | | | | | |
Axos Financial, Inc.(b) | | | 28,600 | | | | 828,256 | |
Essent Group, Ltd.(b) | | | 15,800 | | | | 686,510 | |
| | | | | | | 1,514,766 | |
| | | | | | | | |
Total Common Stocks (Cost $17,334,962) | | | | | | | 17,157,276 | |
| | | | | | | | |
Exchange Traded Funds (1.33%) | | | | | | | | |
Direxion Daily Small Cap Bull 3X Shares(a) | | | 3,800 | | | | 232,256 | |
| | | | | | | | |
Total Exchange Traded Funds (Cost $141,587) | | | | | | | 232,256 | |
| | | | | | | | |
Collateral for Securities on Loan (3.57%) | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46% | | | 621,561 | | | | 621,561 | |
| | | | | | | | |
Total Collateral for Securities on Loan (Cost $621,561) | | | | | | | 621,561 | |
| | | | | | | | |
Total Investments (103.54%) (Cost $18,098,110) | | | | | | $ | 18,011,093 | |
| | | | | | | | |
Liabilities Less Other Assets (-3.54%) | | | | | | | (616,516 | ) |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 17,394,577 | |
The accompanying notes are an integral part of the financial statements.
ICON Opportunities Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| (a) | All or a portion of the security was on loan as of March 31, 2019. (b) Non-income producing security. |
| (b) | Non-income producing security. |
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Consumer Discretionary | | | 26.34 | % |
Industrials | | | 22.48 | % |
Information Technology | | | 21.71 | % |
Financials | | | 12.02 | % |
Health Care | | | 6.61 | % |
Energy | | | 6.11 | % |
Materials | | | 3.37 | % |
| | | 98.64 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Building Products | | | 9.40 | % |
Thrifts & Mortgage Finance | | | 8.71 | % |
Homebuilding | | | 8.42 | % |
Semiconductors | | | 6.75 | % |
Pharmaceuticals | | | 6.61 | % |
Leisure Products | | | 6.32 | % |
Specialty Stores | | | 5.00 | % |
Construction Machinery & Heavy Trucks | | | 4.89 | % |
Industrial Machinery | | | 4.77 | % |
Technology Hardware, Storage & Peripherals | | | 4.37 | % |
Oil & Gas Exploration & Production | | | 3.86 | % |
Homefurnishing Retail | | | 3.54 | % |
Air Freight & Logistics | | | 3.42 | % |
Regional Banks | | | 3.31 | % |
Electronic Manufacturing Services | | | 3.21 | % |
Semiconductor Equipment | | | 3.09 | % |
Casinos & Gaming | | | 3.06 | % |
Application Software | | | 2.50 | % |
Oil & Gas Refining & Marketing | | | 2.25 | % |
Specialty Chemicals | | | 2.13 | % |
Communications Equipment | | | 1.79 | % |
Steel | | | 1.24 | % |
| | | 98.64 | % |
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, 2019 | 15 |
ICON Risk-Managed Balanced Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| | Shares or Principal Amount | | | Value | |
Corporate Bonds (21.61%) | | | | | | | | |
Communication Services (1.56%) | | | | | | | | |
CSC Holdings LLC | | | | | | | | |
10.88%, 10/15/25(a) | | $ | 200,000 | | | $ | 230,900 | |
Lee Enterprises, Inc. | | | | | | | | |
9.50%, 03/15/22(a) | | | 200,000 | | | | 204,250 | |
| | | | | | | 435,150 | |
Consumer Discretionary (3.57%) | | | | | | | | |
Foot Locker, Inc. | | | | | | | | |
8.50%, 01/15/22 | | | 300,000 | | | | 330,000 | |
Reliance Intermediate Holdings LP | | | | | | | | |
6.50%, 04/01/23(a) | | | 400,000 | | | | 413,000 | |
William Lyon Homes, Inc. | | | | | | | | |
7.00%, 08/15/22 | | | 250,000 | | | | 250,625 | |
| | | | | | | 993,625 | |
Consumer Staples (2.81%) | | | | | | | | |
Central Garden & Pet Co. | | | | | | | | |
6.13%, 11/15/23 | | | 260,000 | | | | 271,375 | |
Conagra Brands, Inc. | | | | | | | | |
7.13%, 10/01/26 | | | 175,000 | | | | 203,406 | |
Darling Ingredients, Inc. | | | | | | | | |
5.38%, 01/15/22 | | | 100,000 | | | | 101,500 | |
Kraft Heinz Foods Co. | | | | | | | | |
4.88%, 02/15/25(a) | | | 200,000 | | | | 204,578 | |
| | | | | | | 780,859 | |
Energy (3.29%) | | | | | | | | |
Andeavor Logistics LP / Tesoro Logistics Finance Corp. | | | | | | | | |
6.25%, 10/15/22 | | | 314,000 | | | | 322,635 | |
6.38%, 05/01/24 | | | 200,000 | | | | 209,500 | |
Continental Resources, Inc. | | | | | | | | |
5.00%, 09/15/22 | | | 380,000 | | | | 382,840 | |
| | | | | | | 914,975 | |
Financial (4.01%) | | | | | | | | |
Catlin Insurance Co., Ltd. | | | | | | | | |
3M US L + 2.975%,(a)(b)(c)(d) | | | 150,000 | | | | 147,000 | |
Jefferies Finance LLC / JFIN Co.-Issuer Corp. | | | | | | | | |
7.38%, 04/01/20(a) | | | 150,000 | | | | 150,000 | |
Nationwide Mutual Insurance Co. | | | | | | | | |
7.88%, 04/01/33(a) | | | 253,000 | | | | 350,598 | |
Prudential Financial, Inc. | | | | | | | | |
3M US L + 4.175%, 09/15/42(b) | | | 250,000 | | | | 264,375 | |
Willis North America, Inc. | | | | | | | | |
7.00%, 09/29/19 | | | 200,000 | | | | 203,720 | |
| | | | | | | 1,115,693 | |
Health Care (1.12%) | | | | | | | | |
Bausch Health Cos., Inc. | | | | | | | | |
7.00%, 03/15/24(a) | | | 100,000 | | | | 105,800 | |
Hill-Rom Holdings, Inc. | | | | | | | | |
5.75%, 09/01/23(a) | | | 100,000 | | | | 103,125 | |
Molina Healthcare, Inc. | | | | | | | | |
5.38%, 11/15/22 | | | 100,000 | | | | 103,811 | |
| | | | | | | 312,736 | |
| | Shares or Principal Amount | | | Value | |
Industrials (0.64%) | | | | | | |
USG Corp. | | | | | | | | |
5.50%, 03/01/25(a) | | $ | 175,000 | | | $ | 177,712 | |
| | | | | | | | |
Information Technology (1.48%) | | | | | | | | |
Amkor Technology, Inc. | | | | | | | | |
6.38%, 10/01/22 | | | 100,000 | | | | 101,690 | |
NXP BV / NXP Funding LLC | | | | | | | | |
4.63%, 06/01/23(a) | | | 300,000 | | | | 311,550 | |
| | | | | | | 413,240 | |
Materials (2.12%) | | | | | | | | |
Teck Resources, Ltd. | | | | | | | | |
6.13%, 10/01/35 | | | 100,000 | | | | 106,526 | |
8.50%, 06/01/24(a) | | | 450,000 | | | | 482,497 | |
| | | | | | | 589,023 | |
Utilities (1.01%) | | | | | | | | |
DPL, Inc. | | | | | | | | |
6.75%, 10/01/19 | | | 124,000 | | | | 124,620 | |
Vistra Energy Corp. | | | | | | | | |
7.63%, 11/01/24 | | | 148,000 | | | | 156,513 | |
| | | | | | | 281,133 | |
| | | | | | | | |
Total Corporate Bonds (Cost $6,020,378) | | | | | | | 6,014,146 | |
| | | | | | | | |
Asset-Backed Securities (0.85%) | | | | | | | | |
SMB Private Education Loan Trust Series 2014-A, Class C | | | | | | | | |
4.50%, 11/15/25(a)(e) | | | 250,000 | | | | 236,830 | |
| | | | | | | | |
Total Asset-Backed Securities (Cost $241,413) | | | | | | | 236,830 | |
| | | | | | | | |
U.S. Treasury Obligations (2.75%) | | | | | | | | |
U.S. Treasury Bond | | | | | | | | |
2.63%, 02/15/29 | | | 750,000 | | | | 764,590 | |
| | | | | | | | |
Total U.S. Treasury Obligations (Cost $743,864) | | | | | | | 764,590 | |
| | | | | | | | |
Common Stocks (63.76%) | | | | | | | | |
Automotive Retail (1.52%) | | | | | | | | |
AutoZone, Inc.(f) | | | 412 | | | | 421,937 | |
| | | | | | | | |
Biotechnology (1.32%) | | | | | | | | |
AbbVie, Inc. | | | 4,561 | | | | 367,571 | |
| | | | | | | | |
Building Products (3.86%) | | | | | | | | |
AO Smith Corp. | | | 10,707 | | | | 570,897 | |
Masco Corp. | | | 12,846 | | | | 504,976 | |
| | | | | | | 1,075,873 | |
Construction Materials (1.31%) | | | | | | | | |
Eagle Materials, Inc. | | | 4,318 | | | | 364,007 | |
The accompanying notes are an integral part of the financial statements.
ICON Risk-Managed Balanced Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
| | Shares or Principal Amount | | | Value | |
Data Processing & Outsourced Services (5.72%) | | | | | | | | |
Mastercard, Inc., Class A | | | 3,729 | | | $ | 877,993 | |
Visa, Inc., Class A | | | 4,567 | | | | 713,320 | |
| | | | | | | 1,591,313 | |
Diversified Banks (4.63%) | | | | | | | | |
Bank of America Corp. | | | 23,362 | | | | 644,558 | |
JPMorgan Chase & Co. | | | 6,353 | | | | 643,114 | |
| | | | | | | 1,287,672 | |
Footwear (2.30%) | | | | | | | | |
NIKE, Inc., Class B | | | 7,600 | | | | 639,996 | |
| | | | | | | | |
Health Care Services (1.30%) | | | | | | | | |
Cigna Corp. | | | 2,253 | | | | 362,327 | |
| | | | | | | | |
Homebuilding (1.64%) | | | | | | | | |
DR Horton, Inc. | | | 10,994 | | | | 454,932 | |
| | | | | | | | |
Hotels, Resorts & Cruise Lines (1.83%) | | | | | | | | |
Royal Caribbean Cruises, Ltd. | | | 4,438 | | | | 508,684 | |
| | | | | | | | |
Interactive Media & Services (2.46%) | | | | | | | | |
Alphabet, Inc., Class C(f) | | | 254 | | | | 298,021 | |
Facebook, Inc., Class A(f) | | | 2,323 | | | | 387,221 | |
| | | | | | | 685,242 | |
Internet & Direct Marketing Retail (2.40%) | | | | | | | | |
eBay, Inc. | | | 18,000 | | | | 668,520 | |
| | | | | | | | |
IT Consulting & Other Services (1.56%) | | | | | | | | |
Cognizant Technology Solutions Corp., Class A | | | 5,983 | | | | 433,468 | |
| | | | | | | | |
Leisure Products (1.39%) | | | | | | | | |
Brunswick Corp. | | | 7,657 | | | | 385,377 | |
| | | | | | | | |
Life & Health Insurance (0.84%) | | | | | | | | |
Lincoln National Corp. | | | 4,000 | | | | 234,800 | |
| | | | | | | | |
Life Sciences Tools & Services (4.64%) | | | | | | | | |
PerkinElmer, Inc. | | | 5,812 | | | | 560,044 | |
PRA Health Sciences, Inc.(f) | | | 2,644 | | | | 291,607 | |
Thermo Fisher Scientific, Inc. | | | 1,605 | | | | 439,321 | |
| | | | | | | 1,290,972 | |
Oil & Gas Exploration & Production (3.46%) | | | | | | | | |
Cimarex Energy Co. | | | 3,100 | | | | 216,690 | |
Diamondback Energy, Inc. | | | 3,023 | | | | 306,925 | |
Parsley Energy, Inc., Class A(f) | | | 11,739 | | | | 226,563 | |
SRC Energy, Inc.(f) | | | 42,030 | | | | 215,194 | |
| | | | | | | 965,372 | |
Oil & Gas Refining & Marketing (1.11%) | | | | | | | | |
Marathon Petroleum Corp. | | | 5,146 | | | | 307,988 | |
| | | | | | | | |
Paper Packaging (5.15%) | | | | | | | | |
Graphic Packaging Holding Co. | | | 25,667 | | | | 324,174 | |
International Paper Co. | | | 11,900 | | | | 550,613 | |
| | Shares or Principal Amount | | | Value | |
Paper Packaging (continued) | | | | | | | | |
Packaging Corp. of America | | | 5,600 | | | $ | 556,528 | |
| | | | | | | 1,431,315 | |
Pharmaceuticals (1.44%) | | | | | | | | |
Jazz Pharmaceuticals PLC(f) | | | 2,810 | | | | 401,690 | |
| | | | | | | | |
Railroads (3.36%) | | | | | | | | |
Canadian Pacific Railway, Ltd. | | | 2,000 | | | | 412,060 | |
Union Pacific Corp. | | | 3,129 | | | | 523,169 | |
| | | | | | | 935,229 | |
Regional Banks (5.08%) | | | | | | | | |
KeyCorp | | | 21,031 | | | | 331,238 | |
Signature Bank | | | 4,102 | | | | 525,343 | |
SVB Financial Group(f) | | | 2,500 | | | | 555,900 | |
| | | | | | | 1,412,481 | |
Semiconductors (4.27%) | | | | | | | | |
Monolithic Power Systems, Inc. | | | 5,419 | | | | 734,220 | |
Skyworks Solutions, Inc. | | | 5,515 | | | | 454,877 | |
| | | | | | | 1,189,097 | |
Trading Companies & Distributors (1.17%) | | | | | | | | |
Air Lease Corp. | | | 9,485 | | | | 325,810 | |
| | | | | | | | |
Total Common Stocks (Cost $16,431,079) | | | | | | | 17,741,673 | |
| | | | | | | | |
Preferred Stocks (0.81%) | | | | | | | | |
Property & Casualty Insurance (0.81%) | | | | | | | | |
Argo Group US, Inc. | | | | | | | | |
6.50%, 09/15/42 | | | 8,816 | | | | 224,808 | |
| | | | | | | | |
Total Preferred Stocks (Cost $222,477) | | | | | | | 224,808 | |
| | | | | | | | |
Closed-End Mutual Funds (7.27%) | | | | | | | | |
Alliance California Municipal Income Fund, Inc. | | | 25,512 | | | | 377,067 | |
BlackRock Enhanced Government Fund, Inc. | | | 10,531 | | | | 137,956 | |
BlackRock Income Trust, Inc. | | | 72,972 | | | | 434,184 | |
Dreyfus Municipal Income, Inc. | | | 22,281 | | | | 187,383 | |
Duff & Phelps Utility and Corporate Bond Trust, Inc. | | | 15,858 | | | | 136,696 | |
Eaton Vance Municipal Bond Fund | | | 32,147 | | | | 398,622 | |
Nuveen Mortgage Opportunity Term Fund | | | 15,076 | | | | 350,216 | |
| | | | | | | | |
Total Closed-End Mutual Funds (Cost $1,983,785) | | | | | | | 2,022,124 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 17 |
ICON Risk-Managed Balanced Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
Underlying Security/Expiration Date/Exercise | | | | | | |
Price/ Notional Amount | | Contracts | | | Value | |
Purchased Put Options (0.07%) | | | | | | | | |
S&P 500® Index | | | | | | | | |
04/18/19, 2,400, $2,834,400 | | | 10 | | | $ | 450 | |
S&P 500® Index | | | | | | | | |
06/21/19, 2,600, $2,834,400 | | | 10 | | | | 19,400 | |
| | | | | | | 19,850 | |
| | | | | | | | |
Total Purchased Put Options (Cost $64,777) | | | | | | | 19,850 | |
| | | | | | | | |
Total Investments (97.12%) (Cost $25,707,773) | | | | | | $ | 27,024,021 | |
| | | | | | | | |
Other Assets Less Liabilities (2.88%) | | | | | | | 800,168 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 27,824,189 | |
Investment Abbreviations:
LIBOR - London Interbank Offered Rate
REIT - Real Estate Investment Trust
LIBOR Rates:
3M US L - 3 Month LIBOR as of March 31, 2019 was 2.60%
| (a) | Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2019, these securities had a total aggregate market value of $3,117,840. |
| (b) | Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2019 is based on the reference rate plus the displayed spread as of the security’s last reset date. |
| (c) | This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. |
| (d) | All or a portion of the security was on loan as of March 31, 2019. |
| (e) | These securities are considered, by management, to be illiquid. The aggregate value of these securities at March 31, 2019 was $236,830, which represent 0.85% of the Fund’s net assets. |
| (f) | Non-income producing security. |
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Financials | | | 15.37 | % |
Consumer Discretionary | | | 14.65 | % |
Information Technology | | | 13.03 | % |
Health Care | | | 9.82 | % |
Industrials | | | 9.03 | % |
Materials | | | 8.58 | % |
Energy | | | 7.86 | % |
Communication Services | | | 4.02 | % |
Consumer Staples | | | 2.81 | % |
Government | | | 2.75 | % |
Utilities | | | 1.01 | % |
| | | 88.93 | % |
Percentages are based upon corporate bonds, U.S. treasury obligations, common stocks, and preferred stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Data Processing & Outsourced Services | | | 5.72 | % |
Semiconductors | | | 5.39 | % |
Paper Packaging | | | 5.15 | % |
Regional Banks | | | 5.08 | % |
Oil & Gas Exploration & Production | | | 4.84 | % |
Life Sciences Tools & Services | | | 4.64 | % |
Diversified Banks | | | 4.63 | % |
Building Products | | | 4.50 | % |
Railroads | | | 3.36 | % |
Property & Casualty Insurance | | | 3.33 | % |
Sovereigns | | | 2.75 | % |
Interactive Media & Services | | | 2.46 | % |
Internet & Direct Marketing Retail | | | 2.40 | % |
Footwear | | | 2.30 | % |
Diversified Metals & Mining | | | 2.12 | % |
Pipeline | | | 1.91 | % |
Hotels, Resorts & Cruise Lines | | | 1.83 | % |
Pharmaceuticals | | | 1.82 | % |
Life & Health Insurance | | | 1.79 | % |
Homebuilding | | | 1.64 | % |
IT Consulting & Other Services | | | 1.56 | % |
Automotive Retail | | | 1.52 | % |
Retail | | | 1.48 | % |
Leisure Products | | | 1.39 | % |
Biotechnology | | | 1.32 | % |
Construction Materials | | | 1.31 | % |
Health Care Services | | | 1.30 | % |
Apparel Retail | | | 1.19 | % |
Trading Companies & Distributors | | | 1.17 | % |
Oil & Gas Refining & Marketing | | | 1.11 | % |
Other Industries (each less than 1%) | | | 7.92 | % |
| | | 88.93 | % |
Percentages are based upon corporate bonds, U.S. treasury obligations, common stocks, and preferred stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
ICON Risk-Managed Balanced Fund | Schedule of Investments |
| March 31, 2019 (Unaudited) |
Credit Diversification(March 31, 2019) (Unaudited) | | | | |
| | | | |
Baa3 | | | 4.70 | % |
Ba1 | | | 3.74 | % |
Ba2 | | | 3.69 | % |
Aaa | | | 2.75 | % |
B1 | | | 1.88 | % |
Baa2 | | | 1.69 | % |
B2 | | | 1.63 | % |
NR* | | | 1.38 | % |
Ba3 | | | 1.30 | % |
A3 | | | 1.26 | % |
B3 | | | 1.20 | % |
Total: | | | 25.22 | % |
Percentages are based upon corporate bonds, U.S. Treasury obligations and asset-backed securities investments as a percentage of net assets. Ratings based on Moody’s Investors Service, Inc.
* NR - Not Rated
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 19 |
ICON Diversified Funds | Statements of Assets and Liabilities |
| March 31, 2019 (Unaudited) |
| | ICON Equity Income Fund | | | ICON Flexible Bond Fund | | | ICON Fund | |
Assets | | | | | | | | | |
Investments, at cost | | $ | 78,852,297 | | | $ | 129,966,469 | | | $ | 34,672,146 | |
Investments, at value(a) | | | 80,639,184 | | | | 130,659,108 | | | | 43,109,815 | |
Cash and cash equivalents | | | 243,670 | | | | 1,033 | | | | 38,915 | |
Receivables: | | | | | | | | | | | | |
Investments sold | | | 928,035 | | | | 3,776,870 | | | | — | |
Fund shares sold | | | 575,467 | | | | 922,233 | | | | 29,039 | |
Expense reimbursements due from Adviser | | | 43,714 | | | | 60,960 | | | | 6,521 | |
Interest | | | 98,660 | | | | 1,631,481 | | | | 3 | |
Dividends | | | 194,222 | | | | 4,495 | | | | 20,870 | |
Foreign tax reclaims | | | 7,935 | | | | — | | | | — | |
Other assets | | | 21,931 | | | | 28,401 | | | | 19,987 | |
Total assets | | | 82,752,818 | | | | 137,084,581 | | | | 43,225,150 | |
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Payable for collateral received on securities loaned | | | 1,916,570 | | | | 1,275,800 | | | | 261,978 | |
Loan payable, at value (Cost $–, $242,456 and $–) | | | — | | | | 242,456 | | | | — | |
Investments purchased | | | 43,281 | | | | 1,447,526 | | | | 2 | |
Fund shares redeemed | | | 109,336 | | | | 55,400 | | | | 50,667 | |
Distributions due to shareholders | | | 583,373 | | | | 356,918 | | | | — | |
Advisory fees | | | 51,019 | | | | 66,703 | | | | 27,469 | |
Transfer agent fees | | | 28,435 | | | | 17,768 | | | | 15,572 | |
Fund accounting fees | | | 7,698 | | | | 12,244 | | | | 4,069 | |
Accrued distribution fees | | | 17,703 | | | | 3,804 | | | | 9,723 | |
Trustee fees and expenses | | | 3,826 | | | | 6,115 | | | | 2,123 | |
Administration fees | | | 3,401 | | | | 5,559 | | | | 1,831 | |
Accrued expenses | | | 20,016 | | | | 21,202 | | | | 13,797 | |
Total liabilities | | | 2,784,658 | | | | 3,511,495 | | | | 387,231 | |
Net Assets - all share classes | | $ | 79,968,160 | | | $ | 133,573,086 | | | $ | 42,837,919 | |
Net Assets - Class S | | $ | 52,289,875 | | | $ | 125,125,529 | | | $ | 27,837,190 | |
Net Assets - Class C | | $ | 18,338,075 | | | $ | 4,106,374 | | | $ | 10,146,639 | |
Net Assets - Class A | | $ | 9,340,210 | | | $ | 4,341,183 | | | $ | 4,854,090 | |
| | | | | | | | | | | | |
Net Assets Consists of | | | | | | | | | | | | |
Paid-in capital | | $ | 77,342,955 | | | $ | 136,611,980 | | | $ | 32,871,482 | |
Total distributable earnings | | | 2,625,205 | | | | (3,038,894 | ) | | | 9,966,437 | |
Net Assets | | $ | 79,968,160 | | | $ | 133,573,086 | | | $ | 42,837,919 | |
| | | | | | | | | | | | |
Shares outstanding (unlimited shares authorized, no par value) | | | | | | | | | | | | |
Class S | | | 2,986,073 | | | | 13,436,571 | | | | 1,484,626 | |
Class C | | | 1,037,444 | | | | 439,524 | | | | 630,201 | |
Class A | | | 534,639 | | | | 468,506 | | | | 276,517 | |
Net asset value (offering and redemption price per share) | | | | | | | | | | | | |
Class S | | $ | 17.51 | | | $ | 9.31 | | | $ | 18.75 | |
Class C | | $ | 17.68 | | | $ | 9.34 | | | $ | 16.10 | |
Class A | | $ | 17.47 | | | $ | 9.27 | | | $ | 17.55 | |
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | | $ | 18.54 | | | $ | 9.73 | | | $ | 18.63 | |
| | | | | | | | | | | | |
(a) Includes securities on loan of | | $ | 2,084,672 | | | $ | 2,888,385 | | | $ | 260,640 | |
The accompanying notes are an integral part of the financial statements. | |
ICON Diversified Funds | Statements of Assets and Liabilities |
| March 31, 2019 (Unaudited) |
| | ICON Long/Short Fund | | | ICON Opportunities Fund | | | ICON Risk-Managed Balanced Fund | |
Assets | | | | | | | | | |
Investments, at cost | | $ | 16,999,889 | | | $ | 18,098,110 | | | $ | 25,707,773 | |
Investments, at value(a) | | | 20,010,087 | | | | 18,011,093 | | | | 27,024,021 | |
Cash and cash equivalents | | | 50,311 | | | | 26,483 | | | | 848,414 | |
Receivables: | | | | | | | | | | | | |
Investments sold | | | 5,266 | | | | — | | | | 16,708 | |
Fund shares sold | | | 1,850 | | | | 13,005 | | | | 107,987 | |
Expense reimbursements due from Adviser | | | 23,074 | | | | 6,565 | | | | 19,395 | |
Interest | | | 26 | | | | 36 | | | | 114,041 | |
Dividends | | | 11,417 | | | | 8,419 | | | | 12,650 | |
Foreign tax reclaims | | | — | | | | — | | | | — | |
Other assets | | | 18,833 | | | | 6,219 | | | | 18,562 | |
Total assets | | | 20,120,864 | | | | 18,071,820 | | | | 28,161,778 | |
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Payable for collateral received on securities loaned | | | 137,522 | | | | 621,561 | | | | — | |
Investments purchased | | | — | | | | 23 | | | | 269,717 | |
Fund shares redeemed | | | 43,939 | | | | 15,630 | | | | 1,189 | |
Advisory fees | | | 14,397 | | | | 11,152 | | | | 17,652 | |
Transfer agent fees | | | 12,463 | | | | 11,465 | | | | 11,328 | |
Fund accounting fees | | | 2,418 | | | | 2,509 | | | | 5,580 | |
Accrued distribution fees | | | 4,466 | | | | — | | | | 13,962 | |
Trustee fees and expenses | | | 1,007 | | | | 859 | | | | 1,367 | |
Administration fees | | | 847 | | | | 743 | | | | 1,177 | |
Accrued expenses | | | 13,141 | | | | 13,301 | | | | 15,617 | |
Total liabilities | | | 230,200 | | | | 677,243 | | | | 337,589 | |
Net Assets - all share classes | | $ | 19,890,664 | | | $ | 17,394,577 | | | $ | 27,824,189 | |
Net Assets - Class S | | $ | 11,405,515 | | | $ | — | | | $ | 8,463,974 | |
Net Assets - Class C | | $ | 4,042,376 | | | $ | — | | | $ | 15,642,893 | |
Net Assets - Class A | | $ | 4,442,773 | | | $ | — | | | $ | 3,717,322 | |
| | | | | | | | | | | | |
Net Assets Consists of | | | | | | | | | | | | |
Paid-in capital | | $ | 16,577,261 | | | $ | 17,470,353 | | | $ | 26,606,879 | |
Total distributable earnings | | | 3,313,403 | | | | (75,776 | ) | | | 1,217,310 | |
Net Assets | | $ | 19,890,664 | | | $ | 17,394,577 | | | $ | 27,824,189 | |
| | | | | | | | | | | | |
Shares outstanding (unlimited shares authorized, no par value) | | | | | | | 1,334,485 | | | | | |
Class S | | | 443,101 | | | | — | | | | 542,498 | |
Class C | | | 181,479 | | | | — | | | | 1,097,408 | |
Class A | | | 179,158 | | | | — | | | | 244,192 | |
Net asset value (offering and redemption price per share) | | | | | | $ | 13.03 | | | | | |
Class S | | $ | 25.74 | | | $ | — | | | $ | 15.60 | |
Class C | | $ | 22.27 | | | $ | — | | | $ | 14.25 | |
Class A | | $ | 24.80 | | | $ | — | | | $ | 15.22 | |
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | | $ | 26.31 | | | $ | — | | | $ | 16.15 | |
| | | | | | | | | | | | |
(a) Includes securities on loan of | | $ | 302,190 | | | $ | 824,032 | | | $ | 147,000 | |
The accompanying notes are an integral part of the financial statements. | |
Semi-Annual Report | March 31, 2019 | 21 |
ICON Diversified Funds | Statements of Operations |
Period Ended March 31, 2019 (Unaudited)
| | ICON Equity Income Fund | | | ICON Flexible Bond Fund | | | ICON Fund | |
Investment Income | | | | | | | | | | | | |
Interest | | $ | 104,930 | | | $ | 1,379,825 | | | $ | 41 | |
Dividends | | | 1,480,833 | | | | 975,088 | | | | 279,156 | |
Foreign taxes withheld | | | (21,047 | ) | | | — | | | | (3,183 | ) |
Income from securities lending, net | | | 3,839 | | | | 29,396 | | | | 2,361 | |
Other income | | | 17,275 | | | | 77,175 | | | | — | |
Total investment income | | | 1,585,830 | | | | 2,461,484 | | | | 278,375 | |
| | | | | | | | | | | | |
Expenses | | | | | | | | | | | | |
Advisory fees | | | 282,848 | | | | 345,178 | | | | 160,059 | |
Administration fees | | | 18,858 | | | | 28,765 | | | | 10,672 | |
Transfer agent fees | | | 61,814 | | | | 47,413 | | | | 34,865 | |
Distribution fees: | | | | | | | | | | | | |
Class C | | | 86,789 | | | | 14,702 | | | | 49,958 | |
Class A | | | 12,165 | | | | 5,031 | | | | 5,894 | |
Registration fees | | | 19,748 | | | | 20,914 | | | | 18,163 | |
Audit and tax service expense | | | 8,975 | | | | 8,971 | | | | 7,974 | |
Fund accounting fees | | | 20,055 | | | | 30,523 | | | | 10,869 | |
Trustee fees and expenses | | | 13,289 | | | | 19,530 | | | | 7,673 | |
Insurance expense | | | 4,299 | | | | 5,353 | | | | 2,742 | |
Custody fees | | | 3,730 | | | | 5,846 | | | | 1,840 | |
Printing fees | | | 7,750 | | | | 7,900 | | | | 4,790 | |
Interest expense | | | 268 | | | | 191 | | | | 1,018 | |
Other expenses | | | 18,915 | | | | 24,378 | | | | 11,845 | |
Total expenses before expense reimbursement | | | 559,503 | | | | 564,695 | | | | 328,362 | |
Expense reimbursement by Adviser due to expense limitation agreement | | | (86,916 | ) | | | (112,367 | ) | | | (10,954 | ) |
Net Expenses | | | 472,587 | | | | 452,328 | | | | 317,408 | |
Net Investment Income/(Loss) | | | 1,113,243 | | | | 2,009,156 | | | | (39,033 | ) |
| | | | | | | | | | | | |
Realized and Unrealized Gain/(Loss) | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | 852,057 | | | | (196,672 | ) | | | 2,274,620 | |
Investments and foreign currency translations | | | 852,057 | | | | (196,672 | ) | | | 2,274,620 | |
| | | | | | | | | | | | |
Change in unrealized net appreciation/(depreciation) on: | | | | | | | | | | | | |
Investments and foreign currency | | | (2,593,239 | ) | | | 1,800,466 | | | | (4,744,983 | ) |
| | | (2,593,239 | ) | | | 1,800,466 | | | | (4,744,983 | ) |
Net realized and unrealized gain/(loss) | | | (1,741,182 | ) | | | 1,603,794 | | | | (2,470,363 | ) |
Net Increase/(Decrease) in Net Assets Resulting From Operations | | $ | (627,939 | ) | | $ | 3,612,950 | | | $ | (2,509,396 | ) |
The accompanying notes are an integral part of the financial statements.
ICON Diversified Funds | Statements of Operations |
Period Ended March 31, 2019 (Unaudited)
| | ICON Long/Short Fund | | | ICON Opportunities Fund | | | ICON Risk-Managed Balanced Fund | |
Investment Income | | | | | | | | | | | | |
Interest | | $ | — | | | $ | 30 | | | $ | 108,491 | |
Dividends | | | 134,402 | | | | 59,632 | | | | 207,689 | |
Foreign taxes withheld | | | (782 | ) | | | — | | | | (720 | ) |
Income from securities lending, net | | | 1,029 | | | | 3,298 | | | | 608 | |
Total investment income | | | 134,649 | | | | 62,960 | | | | 316,068 | |
| | | | | | | | | | | | |
Expenses | | | | | | | | | | | | |
Advisory fees | | | 94,924 | | | | 64,882 | | | | 105,683 | |
Administration fees | | | 5,584 | | | | 4,326 | | | | 7,046 | |
Transfer agent fees | | | 28,455 | | | | 22,454 | | | | 27,520 | |
Distribution fees: | | | | | | | | | | | | |
Class C | | | 21,505 | | | | — | | | | 75,513 | |
Class A | | | 5,720 | | | | — | | | | 4,907 | |
Registration fees | | | 18,665 | | | | 8,999 | | | | 18,907 | |
Audit and tax service expense | | | 8,721 | | | | 7,975 | | | | 9,715 | |
Fund accounting fees | | | 6,234 | | | | 5,423 | | | | 10,405 | |
Trustee fees and expenses | | | 4,070 | | | | 3,135 | | | | 5,023 | |
Insurance expense | | | 1,502 | | | | 1,190 | | | | 1,662 | |
Custody fees | | | 1,611 | | | | 1,843 | | | | 2,319 | |
Printing fees | | | 3,702 | | | | 3,377 | | | | 3,861 | |
Interest expense | | | 2,300 | | | | 338 | | | | — | |
Other expenses | | | 7,814 | | | | 5,785 | | | | 9,246 | |
Total expenses before expense reimbursement | | | 210,807 | | | | 129,727 | | | | 281,807 | |
Expense reimbursement by Adviser due to expense limitation agreement | | | (40,039 | ) | | | (17,177 | ) | | | (32,559 | ) |
Net Expenses | | | 170,768 | | | | 112,550 | | | | 249,248 | |
Net Investment Income/(Loss) | | | (36,119 | ) | | | (49,590 | ) | | | 66,820 | |
| | | | | | | | | | | | |
Realized and Unrealized Gain/(Loss) | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | | | | | |
Investments and foreign currency translations | | | 805,334 | | | | 538,729 | | | | (84,301 | ) |
| | | 805,334 | | | | 538,729 | | | | (84,301 | ) |
Change in unrealized net appreciation/(depreciation) on: | | | | | | | | | | | | |
Investments and foreign currency | | | (2,625,497 | ) | | | (2,834,987 | ) | | | (1,480,358 | ) |
| | | (2,625,497 | ) | | | (2,834,987 | ) | | | (1,480,358 | ) |
Net realized and unrealized gain/(loss) | | | (1,820,163 | ) | | | (2,296,258 | ) | | | (1,564,659 | ) |
Net Increase/(Decrease) in Net Assets Resulting From Operations | | $ | (1,856,282 | ) | | $ | (2,345,848 | ) | | $ | (1,497,839 | ) |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 23 |
ICON Diversified Funds | Statements of Changes in Net Assets |
| | ICON Equity Income Fund | | | ICON Flexible Bond Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018(a) | |
Operations | | | | | | | | | | | | |
Net investment income/(loss) | | $ | 1,113,243 | | | $ | 2,241,678 | | | $ | 2,009,156 | | | $ | 3,522,028 | |
Net realized gain/(loss) | | | 852,057 | | | | 3,050,654 | | | | (196,672 | ) | | | (877,235 | ) |
Change in net unrealized appreciation/(depreciation) | | | (2,593,239 | ) | | | (979,199 | ) | | | 1,800,466 | | | | (931,423 | ) |
Net increase/(decrease) in net assets resulting from operations | | | (627,939 | ) | | | 4,313,133 | | | | 3,612,950 | | | | 1,713,370 | |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | (935,456 | ) | | | (1,607,191 | ) | | | (2,497,563 | ) | | | (3,164,850 | ) |
Class C | | | (247,796 | ) | | | (342,652 | ) | | | (65,659 | ) | | | (100,341 | ) |
Class A | | | (173,825 | ) | | | (365,825 | ) | | | (89,101 | ) | | | (125,245 | ) |
Net decrease from dividends and distributions | | | (1,357,077 | ) | | | (2,315,668 | ) | | | (2,652,323 | ) | | | (3,390,436 | ) |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 9,562,081 | | | | 14,018,260 | | | | 45,044,455 | | | | 36,821,738 | |
Class C | | | 2,133,561 | | | | 3,350,835 | | | | 1,123,485 | | | | 585,449 | |
Class A | | | 840,083 | | | | 2,012,996 | | | | 884,974 | | | | 993,823 | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | 897,575 | | | | 1,536,440 | | | | 2,292,414 | | | | 2,912,727 | |
Class C | | | 230,616 | | | | 310,512 | | | | 56,193 | | | | 85,079 | |
Class A | | | 148,356 | | | | 310,987 | | | | 83,161 | | | | 115,309 | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (8,037,033 | ) | | | (22,765,862 | ) | | | (20,412,963 | ) | | | (21,361,079 | ) |
Class C | | | (1,107,985 | ) | | | (2,388,940 | ) | | | (377,075 | ) | | | (1,067,548 | ) |
Class A | | | (2,044,243 | ) | | | (6,198,082 | ) | | | (342,535 | ) | | | (1,212,911 | ) |
Net increase/(decrease) from fund share transactions | | | 2,623,011 | | | | (9,812,854 | ) | | | 28,352,109 | | | | 17,872,587 | |
| | | | | | | | | | | | | | | | |
Total net increase/(decrease) in net assets | | | 637,995 | | | | (7,815,389 | ) | | | 29,312,736 | | | | 16,195,521 | |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 79,330,165 | | | | 87,145,554 | | | | 104,260,350 | | | | 88,064,829 | |
End of period | | $ | 79,968,160 | | | $ | 79,330,165 | | | $ | 133,573,086 | | | $ | 104,260,350 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 557,992 | | | | 771,961 | | | | 4,905,813 | | | | 3,961,759 | |
Class C | | | 124,348 | | | | 183,047 | | | | 121,942 | | | | 62,589 | |
Class A | | | 49,167 | | | | 111,347 | | | | 96,928 | | | | 107,547 | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | 54,743 | | | | 85,666 | | | | 249,603 | | | | 313,069 | |
Class C | | | 13,994 | | | | 17,162 | | | | 6,100 | | | | 9,103 | |
Class A | | | 9,108 | | | | 17,383 | | | | 9,105 | | | | 12,448 | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (475,852 | ) | | | (1,249,425 | ) | | | (2,226,474 | ) | | | (2,296,036 | ) |
Class C | | | (64,034 | ) | | | (130,988 | ) | | | (40,694 | ) | | | (114,075 | ) |
Class A | | | (119,832 | ) | | | (341,407 | ) | | | (37,440 | ) | | | (130,931 | ) |
Net increase/(decrease) | | | 149,634 | | | | (535,254 | ) | | | 3,084,883 | | | | 1,925,473 | |
Shares outstanding, beginning of period | | | 4,408,522 | | | | 4,943,776 | | | | 11,259,718 | | | | 9,334,245 | |
Shares outstanding, end of period | | | 4,558,156 | | | | 4,408,522 | | | | 14,344,601 | | | | 11,259,718 | |
| (a) | Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund. |
The accompanying notes are an integral part of the financial statements.
ICON Diversified Funds | Statements of Changes in Net Assets |
| | ICON Fund | | | ICON Long/Short Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | |
Operations | | | | | | | | | | | | |
Net investment income/(loss) | | $ | (39,033 | ) | | $ | (226,954 | ) | | $ | (36,119 | ) | | $ | (131,995 | ) |
Net realized gain/(loss) | | | 2,274,620 | | | | 3,356,674 | | | | 805,334 | | | | 1,840,083 | |
Change in net unrealized appreciation/(depreciation) | | | (4,744,983 | ) | | | 32,995 | | | | (2,625,497 | ) | | | 61,132 | |
Net increase/(decrease) in net assets resulting from operations | | | (2,509,396 | ) | | | 3,162,715 | | | | (1,856,282 | ) | | | 1,769,220 | |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | (340,838 | ) | | | — | | | | (171,949 | ) | | | — | |
Class C | | | (140,023 | ) | | | — | | | | (71,049 | ) | | | — | |
Class A | | | (60,635 | ) | | | — | | | | (69,039 | ) | | | — | |
Net decrease from dividends and distributions | | | (541,496 | ) | | | — | | | | (312,037 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 449,504 | | | | 3,873,962 | | | | 2,784,827 | | | | 10,816,178 | |
Class C | | | 194,118 | | | | 547,780 | | | | 138,453 | | | | 761,410 | |
Class A | | | 248,435 | | | | 1,140,529 | | | | 278,387 | | | | 2,733,365 | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | 333,895 | | | | — | | | | 158,276 | | | | — | |
Class C | | | 134,839 | | | | — | | | | 68,167 | | | | — | |
Class A | | | 60,061 | | | | — | | | | 61,419 | | | | — | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (3,551,826 | ) | | | (6,326,048 | ) | | | (8,563,098 | ) | | | (4,397,179 | ) |
Class C | | | (890,862 | ) | | | (2,476,705 | ) | | | (890,962 | ) | | | (711,148 | ) |
Class A | | | (527,809 | ) | | | (1,186,452 | ) | | | (943,659 | ) | | | (4,937,947 | ) |
Net increase/(decrease) from fund share transactions | | | (3,549,645 | ) | | | (4,426,934 | ) | | | (6,908,190 | ) | | | 4,264,679 | |
| | | | | | | | | | | | | | | | |
Total net increase/(decrease) in net assets | | | (6,600,537 | ) | | | (1,264,219 | ) | | | (9,076,509 | ) | | | 6,033,899 | |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 49,438,456 | | | | 50,702,675 | | | | 28,967,173 | | | | 22,933,274 | |
End of period | | $ | 42,837,919 | | | $ | 49,438,456 | | | $ | 19,890,664 | | | $ | 28,967,173 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 24,990 | | | | 192,622 | | | | 112,240 | | | | 399,467 | |
Class C | | | 12,225 | | | | 31,789 | | | | 7,161 | | | | 32,406 | |
Class A | | | 14,926 | | | | 59,973 | | | | 11,694 | | | | 103,610 | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | 21,159 | | | | — | | | | 7,355 | | | | — | |
Class C | | | 9,922 | | | | — | | | | 3,651 | | | | — | |
Class A | | | 4,064 | | | | — | | | | 2,960 | | | | — | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (199,249 | ) | | | (315,297 | ) | | | (361,962 | ) | | | (162,050 | ) |
Class C | | | (57,352 | ) | | | (141,244 | ) | | | (42,477 | ) | | | (30,287 | ) |
Class A | | | (31,911 | ) | | | (63,542 | ) | | | (40,014 | ) | | | (186,954 | ) |
Net increase/(decrease) | | | (201,226 | ) | | | (235,699 | ) | | | (299,392 | ) | | | 156,192 | |
Shares outstanding, beginning of period | | | 2,592,570 | | | | 2,828,269 | | | | 1,103,130 | | | | 946,938 | |
Shares outstanding, end of period | | | 2,391,344 | | | | 2,592,570 | | | | 803,738 | | | | 1,103,130 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 25 |
ICON Diversified Funds | Statements of Changes in Net Assets |
| | ICON Opportunities Fund | | | ICON Risk-Managed Balanced Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | |
Operations | | | | | | | | | | | | |
Net investment income/(loss) | | $ | (49,590 | ) | | $ | (166,742 | ) | | $ | 66,820 | | | $ | 159,711 | |
Net realized gain/(loss) | | | 538,729 | | | | 3,637,781 | | | | (84,301 | ) | | | 783,256 | |
Change in net unrealized appreciation/(depreciation) | | | (2,834,987 | ) | | | (2,599,824 | ) | | | (1,480,358 | ) | | | 440,875 | |
Net increase/(decrease) in net assets resulting from operations | | | (2,345,848 | ) | | | 871,215 | | | | (1,497,839 | ) | | | 1,383,842 | |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Dividends and distributions | | | (3,835,809 | ) | | | (307,810 | ) | | | | | | | | |
Class S | | | — | | | | — | | | | (54,349 | ) | | | (101,832 | ) |
Class C | | | — | | | | — | | | | (25,803 | ) | | | (23,510 | ) |
Class A | | | — | | | | — | | | | (17,981 | ) | | | (41,068 | ) |
Net decrease from dividends and distributions | | | (3,835,809 | ) | | | (307,810 | ) | | | (98,133 | ) | | | (166,410 | ) |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | 901,305 | | | | 8,215,056 | | | | | | | | | |
Class S | | | — | | | | — | | | | 455,839 | | | | 3,005,177 | |
Class C | | | — | | | | — | | | | 1,501,709 | | | | 3,137,593 | |
Class A | | | — | | | | — | | | | 67,142 | | | | 1,309,983 | |
Reinvested dividends and distributions | | | 3,766,342 | | | | 305,435 | | | | | | | | | |
Class S | | | — | | | | — | | | | 51,421 | | | | 94,076 | |
Class C | | | — | | | | — | | | | 24,572 | | | | 21,452 | |
Class A | | | — | | | | — | | | | 16,047 | | | | 38,578 | |
Shares repurchased | | | (2,175,822 | ) | | | (7,368,889 | ) | | | | | | | | |
Class S | | | — | | | | — | | | | (2,171,490 | ) | | | (8,100,020 | ) |
Class C | | | — | | | | — | | | | (1,511,554 | ) | | | (3,902,945 | ) |
Class A | | | — | | | | — | | | | (947,445 | ) | | | (3,826,965 | ) |
Net increase/(decrease) from fund share transactions | | | 2,491,825 | | | | 1,151,602 | | | | (2,513,759 | ) | | | (8,223,071 | ) |
| | | | | | | | | | | | | | | | |
Total net increase/(decrease) in net assets | | | (3,689,832 | ) | | | 1,715,007 | | | | (4,109,731 | ) | | | (7,005,639 | ) |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 21,084,409 | | | | 19,369,402 | | | | 31,933,920 | | | | 38,939,559 | |
End of period | | $ | 17,394,577 | | | $ | 21,084,409 | | | $ | 27,824,189 | | | $ | 31,933,920 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 65,006 | | | | 417,657 | | | | | | | | | |
Class S | | | — | | | | — | | | | 30,376 | | | | 185,151 | |
Class C | | | — | | | | — | | | | 107,251 | | | | 214,005 | |
Class A | | | — | | | | — | | | | 4,740 | | | | 83,430 | |
Issued to shareholders in reinvestment of distributions | | | 340,230 | | | | 15,481 | | | | | | | | | |
Class S | | | — | | | | — | | | | 3,559 | | | | 5,890 | |
Class C | | | — | | | | — | | | | 1,927 | | | | 1,468 | |
Class A | | | — | | | | — | | | | 1,138 | | | | 2,482 | |
Shares repurchased | | | (151,642 | ) | | | (377,941 | ) | | | | | | | | |
Class S | | | — | | | | — | | | | (145,472 | ) | | | (507,106 | ) |
Class C | | | — | | | | — | | | | (111,505 | ) | | | (265,702 | ) |
Class A | | | — | | | | — | | | | (66,137 | ) | | | (242,735 | ) |
Net increase/(decrease) | | | 253,594 | | | | 55,197 | | | | (174,123 | ) | | | (523,117 | ) |
Shares outstanding, beginning of period | | | 1,080,891 | | | | 1,025,694 | | | | 2,058,221 | | | | 2,581,338 | |
Shares outstanding, end of period | | | 1,334,485 | | | | 1,080,891 | | | | 1,884,098 | | | | 2,058,221 | |
The accompanying notes are an integral part of the financial statements.
ICON Equity Income Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 17.96 | | | $ | 17.61 | | | $ | 15.62 | | | $ | 14.36 | | | $ | 14.87 | | | $ | 13.80 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.27 | | | | 0.53 | | | | 0.61 | | | | 0.60 | | | | 0.56 | | | | 0.52 | |
Net realized and unrealized gains/(losses) on investments | | | (0.38 | ) | | | 0.38 | | | | 1.95 | | | | 1.27 | | | | (0.56 | ) | | | 1.04 | |
Total from investment operations | | | (0.11 | ) | | | 0.91 | | | | 2.56 | | | | 1.87 | | | | (0.00 | )(b) | | | 1.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.32 | ) | | | (0.56 | ) | | | (0.57 | ) | | | (0.61 | ) | | | (0.51 | ) | | | (0.49 | ) |
Distributions from net realized gains | | | (0.02 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.34 | ) | | | (0.56 | ) | | | (0.57 | ) | | | (0.61 | ) | | | (0.51 | ) | | | (0.49 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.51 | | | $ | 17.96 | | | $ | 17.61 | | | $ | 15.62 | | | $ | 14.36 | | | $ | 14.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (0.53 | )%(c) | | | 5.19 | % | | | 16.53 | % | | | 13.30 | % | | | (0.17 | )% | | | 11.36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 52,290 | | | $ | 51,185 | | | $ | 57,062 | | | $ | 37,868 | | | $ | 22,779 | | | $ | 8,022 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.22 | %(d) | | | 1.16 | % | | | 1.15 | % | | | 1.24 | % | | | 1.25 | % | | | 1.38 | % |
After expense limitation(e) | | | 0.99 | %(d) | | | 0.99 | % | | | 1.05 | %(f) | | | 1.20 | % | | | 1.20 | % | | | 1.20 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.99 | %(d) | | | 2.76 | % | | | 3.50 | % | | | 3.91 | % | | | 3.52 | % | | | 3.36 | % |
After expense limitation(e) | | | 3.22 | %(d) | | | 2.93 | % | | | 3.60 | % | | | 3.95 | % | | | 3.57 | % | | | 3.54 | % |
Portfolio turnover rate | | | 86 | %(c) | | | 171 | % | | | 206 | % | | | 145 | % | | | 174 | % | | | 148 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $(0.005). |
| (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 1.20% to 0.99%. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 27 |
ICON Equity Income Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 18.13 | | | $ | 17.76 | | | $ | 15.76 | | | $ | 14.45 | | | $ | 14.96 | | | $ | 13.88 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.19 | | | | 0.36 | | | | 0.45 | | | | 0.45 | | | | 0.40 | | | | 0.36 | |
Net realized and unrealized gains/(losses) on investments | | | (0.39 | ) | | | 0.38 | | | | 1.95 | | | | 1.28 | | | | (0.56 | ) | | | 1.06 | |
Total from investment operations | | | (0.20 | ) | | | 0.74 | | | | 2.40 | | | | 1.73 | | | | (0.16 | ) | | | 1.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.23 | ) | | | (0.37 | ) | | | (0.40 | ) | | | (0.42 | ) | | | (0.35 | ) | | | (0.34 | ) |
Distributions from net realized gains | | | (0.02 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.25 | ) | | | (0.37 | ) | | | (0.40 | ) | | | (0.42 | ) | | | (0.35 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.68 | | | $ | 18.13 | | | $ | 17.76 | | | $ | 15.76 | | | $ | 14.45 | | | $ | 14.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(b) | | | (1.03 | )%(c) | | | 4.21 | % | | | 15.34 | % | | | 12.15 | % | | | (1.16 | )% | | | 10.26 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 18,338 | | | $ | 17,460 | | | $ | 15,878 | | | $ | 10,532 | | | $ | 6,825 | | | $ | 5,481 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.20 | %(d) | | | 2.17 | % | | | 2.20 | % | | | 2.34 | % | | | 2.34 | % | | | 2.45 | % |
After expense limitation(e) | | | 1.99 | %(d) | | | 1.99 | % | | | 2.05 | %(f) | | | 2.20 | % | | | 2.20 | % | | | 2.20 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.00 | %(d) | | | 1.81 | % | | | 2.49 | % | | | 2.80 | % | | | 2.40 | % | | | 2.21 | % |
After expense limitation(e) | | | 2.21 | %(d) | | | 1.99 | % | | | 2.64 | % | | | 2.94 | % | | | 2.54 | % | | | 2.46 | % |
Portfolio turnover rate | | | 86 | %(c) | | | 171 | % | | | 206 | % | | | 145 | % | | | 174 | % | | | 148 | % |
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (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.
ICON Equity Income Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 17.92 | | | $ | 17.56 | | | $ | 15.58 | | | $ | 14.29 | | | $ | 14.79 | | | $ | 13.73 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.25 | | | | 0.49 | | | | 0.54 | | | | 0.56 | | | | 0.50 | | | | 0.47 | |
Net realized and unrealized gains/(losses) on investments | | | (0.39 | ) | | | 0.38 | | | | 1.96 | | | | 1.26 | | | | (0.53 | ) | | | 1.04 | |
Total from investment operations | | | (0.14 | ) | | | 0.87 | | | | 2.50 | | | | 1.82 | | | | (0.03 | ) | | | 1.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.29 | ) | | | (0.51 | ) | | | (0.52 | ) | | | (0.53 | ) | | | (0.47 | ) | | | (0.45 | ) |
Distributions from net realized gains | | | (0.02 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.31 | ) | | | (0.51 | ) | | | (0.52 | ) | | | (0.53 | ) | | | (0.47 | ) | | | (0.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.47 | | | $ | 17.92 | | | $ | 17.56 | | | $ | 15.58 | | | $ | 14.29 | | | $ | 14.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(b) | | | (0.66 | )%(c) | | | 4.98 | % | | | 16.20 | % | | | 12.97 | % | | | (0.38 | )% | | | 11.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 9,340 | | | $ | 10,685 | | | $ | 14,206 | | | $ | 16,775 | | | $ | 13,039 | | | $ | 13,847 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.54 | %(d) | | | 1.45 | % | | | 1.45 | % | | | 1.54 | % | | | 1.52 | % | | | 1.59 | % |
After expense limitation(e) | | | 1.24 | %(d) | | | 1.24 | % | | | 1.31 | %(f) | | | 1.45 | % | | | 1.45 | % | | | 1.45 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.65 | %(d) | | | 2.48 | % | | | 3.06 | % | | | 3.64 | % | | | 3.14 | % | | | 3.08 | % |
After expense limitation(e) | | | 2.95 | %(d) | | | 2.69 | % | | | 3.20 | % | | | 3.73 | % | | | 3.21 | % | | | 3.22 | % |
Portfolio turnover rate | | | 86 | %(c) | | | 171 | % | | | 206 | % | | | 145 | % | | | 174 | % | | | 148 | % |
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (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 1.45% to 1.24%. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 29 |
ICON Flexible Bond Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018(a) | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 9.26 | | | $ | 9.43 | | | $ | 9.55 | | | $ | 9.20 | | | $ | 9.90 | | | $ | 9.89 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.16 | | | | 0.36 | | | | 0.37 | | | | 0.34 | | | | 0.41 | | | | 0.43 | (c) |
Net realized and unrealized gains/(losses) on investments | | | 0.10 | | | | (0.19 | ) | | | (0.11 | ) | | | 0.34 | | | | (0.44 | ) | | | 0.15 | |
Total from investment operations | | | 0.26 | | | | 0.17 | | | | 0.26 | | | | 0.68 | | | | (0.03 | ) | | | 0.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.21 | ) | | | (0.34 | ) | | | (0.38 | ) | | | (0.33 | ) | | | (0.51 | ) | | | (0.44 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.13 | ) | | | (0.13 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | |
Total dividends and distributions | | | (0.21 | ) | | | (0.34 | ) | | | (0.38 | ) | | | (0.33 | ) | | | (0.67 | ) | | | (0.57 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.31 | | | $ | 9.26 | | | $ | 9.43 | | | $ | 9.55 | | | $ | 9.20 | | | $ | 9.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | 2.91 | %(d) | | | 1.89 | % | | | 2.82 | % | | | 7.54 | % | | | (0.28 | )% | | | 6.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 125,126 | | | $ | 97,303 | | | $ | 80,467 | | | $ | 76,656 | | | $ | 73,152 | | | $ | 87,675 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.93 | %(e) | | | 0.92 | % | | | 0.91 | % | | | 0.93 | % | | | 0.91 | % | | | 0.86 | % |
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 | | | 3.34 | %(e) | | | 3.65 | % | | | 3.80 | % | | | 3.43 | % | | | 4.10 | % | | | 4.22 | % |
After expense limitation(f) | | | 3.52 | %(e) | | | 3.82 | % | | | 3.96 | % | | | 3.61 | % | | | 4.26 | % | | | 4.33 | %(c) |
Portfolio turnover rate | | | 67 | %(d) | | | 153 | % | | | 169 | % | | | 141 | % | | | 153 | % | | | 176 | % |
| (a) | Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund. |
| (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. |
| (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.
ICON Flexible Bond Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018(a) | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 9.29 | | | $ | 9.48 | | | $ | 9.58 | | | $ | 9.24 | | | $ | 9.94 | | | $ | 9.93 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.12 | | | | 0.28 | | | | 0.29 | | | | 0.26 | | | | 0.32 | | | | 0.34 | (c) |
Net realized and unrealized gains/(losses) on investments | | | 0.11 | | | | (0.19 | ) | | | (0.10 | ) | | | 0.34 | | | | (0.43 | ) | | | 0.15 | |
Total from investment operations | | | 0.23 | | | | 0.09 | | | | 0.19 | | | | 0.60 | | | | (0.11 | ) | | | 0.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.18 | ) | | | (0.28 | ) | | | (0.29 | ) | | | (0.26 | ) | | | (0.43 | ) | | | (0.35 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.13 | ) | | | (0.13 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | |
Total dividends and distributions | | | (0.18 | ) | | | (0.28 | ) | | | (0.29 | ) | | | (0.26 | ) | | | (0.59 | ) | | | (0.48 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.34 | | | $ | 9.29 | | | $ | 9.48 | | | $ | 9.58 | | | $ | 9.24 | | | $ | 9.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) | | | 2.48 | %(e) | | | 0.92 | % | | | 2.05 | % | | | 6.59 | % | | | (1.10 | )% | | | 5.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 4,106 | | | $ | 3,272 | | | $ | 3,739 | | | $ | 4,590 | | | $ | 4,142 | | | $ | 2,879 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.15 | %(f) | | | 2.20 | % | | | 2.13 | % | | | 2.10 | % | | | 2.19 | % | | | 2.27 | % |
After expense limitation(g) | | | 1.60 | %(f) | | | 1.60 | % | | | 1.60 | % | | | 1.60 | % | | | 1.60 | % | | | 1.60 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.15 | %(f) | | | 2.36 | % | | | 2.58 | % | | | 2.28 | % | | | 2.76 | % | | | 2.75 | % |
After expense limitation(g) | | | 2.70 | %(f) | | | 2.96 | % | | | 3.11 | % | | | 2.78 | % | | | 3.35 | % | | | 3.42 | %(c) |
Portfolio turnover rate | | | 67 | %(e) | | | 153 | % | | | 169 | % | | | 141 | % | | | 153 | % | | | 176 | % |
| (a) | Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund. |
| (b) | Calculated using the average shares method. |
| (c) | 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. |
| (d) | The total return calculation excludes any sales charges. |
| (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, 2019 | 31 |
ICON Flexible Bond Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018(a) | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 9.21 | | | $ | 9.39 | | | $ | 9.51 | | | $ | 9.17 | | | $ | 9.86 | | | $ | 9.89 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.15 | | | | 0.33 | | | | 0.33 | | | | 0.31 | | | | 0.36 | | | | 0.43 | (c) |
Net realized and unrealized gains/(losses) on investments | | | 0.11 | | | | (0.19 | ) | | | (0.10 | ) | | | 0.34 | | | | (0.41 | ) | | | 0.12 | |
Total from investment operations | | | 0.26 | | | | 0.14 | | | | 0.23 | | | | 0.65 | | | | (0.05 | ) | | | 0.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.20 | ) | | | (0.32 | ) | | | (0.35 | ) | | | (0.31 | ) | | | (0.48 | ) | | | (0.45 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.13 | ) | | | (0.13 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | |
Total dividends and distributions | | | (0.20 | ) | | | (0.32 | ) | | | (0.35 | ) | | | (0.31 | ) | | | (0.64 | ) | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.27 | | | $ | 9.21 | | | $ | 9.39 | | | $ | 9.51 | | | $ | 9.17 | | | $ | 9.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) | | | 2.90 | %(e) | | | 1.55 | % | | | 2.48 | % | | | 7.25 | % | | | (0.44 | )% | | | 5.77 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 4,341 | | | $ | 3,685 | | | $ | 3,859 | | | $ | 6,100 | | | $ | 7,838 | | | $ | 4,278 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.42 | %(f) | | | 1.45 | % | | | 1.41 | % | | | 1.38 | % | | �� | 1.36 | % | | | 1.44 | % |
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 | | | 2.87 | %(f) | | | 3.13 | % | | | 3.13 | % | | | 2.98 | % | | | 3.50 | % | | | 3.84 | % |
After expense limitation(g) | | | 3.29 | %(f) | | | 3.58 | % | | | 3.54 | % | | | 3.36 | % | | | 3.86 | % | | | 4.28 | %(c) |
Portfolio turnover rate | | | 67 | %(e) | | | 153 | % | | | 169 | % | | | 141 | % | | | 153 | % | | | 176 | % |
| (a) | Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund. |
| (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. |
| (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.
ICON Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 19.90 | | | $ | 18.68 | | | $ | 14.08 | | | $ | 13.83 | | | $ | 14.52 | | | $ | 14.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a)(b) | | | 0.01 | | | | (0.02 | ) | | | (0.01 | ) | | | 0.05 | | | | (0.02 | ) | | | 0.00 | (c) |
Net realized and unrealized gains/(losses) on investments | | | (0.94 | ) | | | 1.24 | | | | 4.61 | | | | 0.20 | | | | (0.67 | ) | | | 0.52 | |
Total from investment operations | | | (0.93 | ) | | | 1.22 | | | | 4.60 | | | | 0.25 | | | | (0.69 | ) | | | 0.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.75 | | | $ | 19.90 | | | $ | 18.68 | | | $ | 14.08 | | | $ | 13.83 | | | $ | 14.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (4.47 | )%(d) | | | 6.53 | % | | | 32.67 | % | | | 1.81 | % | | | (4.75 | )% | | | 3.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 27,837 | | | $ | 32,583 | | | $ | 32,883 | | | $ | 28,897 | | | $ | 33,695 | | | $ | 41,577 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.21 | %(e) | | | 1.11 | % | | | 1.10 | % | | | 1.12 | % | | | 1.09 | % | | | 1.10 | % |
After expense limitation(f) | | | 1.21 | %(e) | | | 1.11 | % | | | 1.10 | % | | | 1.12 | % | | | 1.09 | % | | | 1.10 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.09 | %(e) | | | (0.12 | )% | | | (0.04 | )% | | | 0.39 | % | | | (0.11 | )% | | | 0.02 | % |
After expense limitation(f) | | | 0.09 | %(e) | | | (0.12 | )% | | | (0.04 | )% | | | 0.39 | % | | | (0.11 | )% | | | 0.02 | % |
Portfolio turnover rate | | | 23 | %(d) | | | 25 | % | | | 15 | % | | | 31 | % | | | 54 | % | | | 65 | % |
| (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) | Amount less than $0.005. |
| (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, 2019 | 33 |
ICON Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 17.21 | | | $ | 16.34 | | | $ | 12.46 | | | $ | 12.38 | | | $ | 13.15 | | | $ | 12.82 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.07 | ) | | | (0.22 | ) | | | (0.17 | ) | | | (0.09 | ) | | | (0.18 | ) | | | (0.14 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.82 | ) | | | 1.09 | | | | 4.05 | | | | 0.17 | | | | (0.59 | ) | | | 0.47 | |
Total from investment operations | | | (0.89 | ) | | | 0.87 | | | | 3.88 | | | | 0.08 | | | | (0.77 | ) | | | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.10 | | | $ | 17.21 | | | $ | 16.34 | | | $ | 12.46 | | | $ | 12.38 | | | $ | 13.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(b) | | | (4.94 | )%(c) | | | 5.32 | % | | | 31.14 | % | | | 0.65 | % | | | (5.86 | )% | | | 2.57 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 10,147 | | | $ | 11,452 | | | $ | 12,663 | | | $ | 11,520 | | | $ | 13,745 | | | $ | 17,050 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.35 | %(d) | | | 2.27 | % | | | 2.31 | % | | | 2.41 | % | | | 2.27 | % | | | 2.26 | % |
After expense limitation(e) | | | 2.25 | %(d) | | | 2.25 | % | | | 2.25 | % | | | 2.26 | % | | | 2.25 | % | | | 2.25 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (1.05 | )%(d) | | | (1.28 | )% | | | (1.25 | )% | | | (0.90 | )% | | | (1.29 | )% | | | (1.09 | )% |
After expense limitation(e) | | | (0.95 | )%(d) | | | (1.26 | )% | | | (1.19 | )% | | | (0.75 | )% | | | (1.27 | )% | | | (1.08 | )% |
Portfolio turnover rate | | | 23 | %(c) | | | 25 | % | | | 15 | % | | | 31 | % | | | 54 | % | | | 65 | % |
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (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.
ICON Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 18.67 | | | $ | 17.60 | | | $ | 13.31 | | | $ | 13.13 | | | $ | 13.84 | | | $ | 13.39 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.02 | ) | | | (0.10 | ) | | | (0.07 | ) | | | 0.00 | (b) | | | (0.08 | ) | | | (0.05 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.88 | ) | | | 1.17 | | | | 4.36 | | | | 0.18 | | | | (0.63 | ) | | | 0.50 | |
Total from investment operations | | | (0.90 | ) | | | 1.07 | | | | 4.29 | | | | 0.18 | | | | (0.71 | ) | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.55 | | | $ | 18.67 | | | $ | 17.60 | | | $ | 13.31 | | | $ | 13.13 | | | $ | 13.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (4.61 | )%(d) | | | 6.08 | % | | | 32.23 | % | | | 1.37 | % | | | (5.13 | )% | | | 3.36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 4,854 | | | $ | 5,404 | | | $ | 5,156 | | | $ | 5,490 | | | $ | 6,994 | | | $ | 8,076 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.75 | %(e) | | | 1.63 | % | | | 1.66 | % | | | 1.67 | % | | | 1.55 | % | | | 1.56 | % |
After expense limitation(f) | | | 1.50 | %(e) | | | 1.50 | % | | | 1.50 | % | | | 1.51 | % | | | 1.50 | % | | | 1.50 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.45 | )%(e) | | | (0.64 | )% | | | (0.60 | )% | | | (0.16 | )% | | | (0.57 | )% | | | (0.38 | )% |
After expense limitation(f) | | | (0.20 | )%(e) | | | (0.51 | )% | | | (0.44 | )% | | | 0.00 | %(g) | | | (0.52 | )% | | | (0.32 | )% |
Portfolio turnover rate | | | 23 | %(d) | | | 25 | % | | | 15 | % | | | 31 | % | | | 54 | % | | | 65 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (c) | The total return calculation excludes any sales charges. |
| (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) | Less than 0.005% of average net assets. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 35 |
ICON Long/Short Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 27.11 | | | $ | 25.13 | | | $ | 18.70 | | | $ | 18.39 | | | $ | 18.41 | | | $ | 17.48 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.01 | ) | | | (0.06 | ) | | | (0.04 | ) | | | 0.04 | | | | (0.09 | ) | | | (0.06 | ) |
Net realized and unrealized gains/(losses) on investments | | | (1.01 | ) | | | 2.04 | | | | 6.47 | | | | 0.27 | | | | 0.07 | | | | 0.99 | |
Total from investment operations | | | (1.02 | ) | | | 1.98 | | | | 6.43 | | | | 0.31 | | | | (0.02 | ) | | | 0.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | (0.35 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.35 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 25.74 | | | $ | 27.11 | | | $ | 25.13 | | | $ | 18.70 | | | $ | 18.39 | | | $ | 18.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (3.53 | )%(b) | | | 7.88 | % | | | 34.39 | % | | | 1.69 | % | | | (0.11 | )% | | | 5.32 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 11,406 | | | $ | 18,580 | | | $ | 11,259 | | | $ | 7,114 | | | $ | 17,196 | | | $ | 16,465 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.55 | %(c) | | | 1.38 | % | | | 1.50 | % | | | 1.63 | % | | | 1.37 | % | | | 1.45 | % |
After expense limitation(d) | | | 1.27 | %(c) | | | 1.25 | % | | | 1.25 | % | | | 1.28 | % | | | 1.28 | % | | | 1.32 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.34 | )%(c) | | | (0.33 | )% | | | (0.43 | )% | | | (0.11 | )% | | | (0.52 | )% | | | (0.47 | )% |
After expense limitation(d) | | | (0.06 | )%(c) | | | (0.20 | )% | | | (0.18 | )% | | | 0.24 | % | | | (0.43 | )% | | | (0.34 | )% |
Portfolio turnover rate | | | 16 | %(b) | | | 36 | % | | | 24 | % | | | 20 | % | | | 74 | % | | | 65 | % |
| (a) | Calculated using the average shares method. |
| (d) | The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable. |
The accompanying notes are an integral part of the financial statements.
ICON Long/Short Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 23.63 | | | $ | 22.13 | | | $ | 16.65 | | | $ | 16.54 | | | $ | 16.74 | | | $ | 16.05 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.12 | ) | | | (0.30 | ) | | | (0.25 | ) | | | (0.13 | ) | | | (0.27 | ) | | | (0.24 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.89 | ) | | | 1.80 | | | | 5.73 | | | | 0.24 | | | | 0.07 | | | | 0.93 | |
Total from investment operations | | | (1.01 | ) | | | 1.50 | | | | 5.48 | | | | 0.11 | | | | (0.20 | ) | | | 0.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | (0.35 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.35 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 22.27 | | | $ | 23.63 | | | $ | 22.13 | | | $ | 16.65 | | | $ | 16.54 | | | $ | 16.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(b) | | | (4.01 | )%(c) | | | 6.78 | % | | | 32.91 | % | | | 0.67 | % | | | (1.19 | )% | | | 4.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 4,042 | | | $ | 5,036 | | | $ | 4,671 | | | $ | 4,211 | | | $ | 6,300 | | | $ | 6,932 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.75 | %(d) | | | 2.60 | % | | | 2.75 | % | | | 2.76 | % | | | 2.53 | % | | | 2.57 | % |
After expense limitation(e) | | | 2.32 | %(d) | | | 2.30 | % | | | 2.30 | % | | | 2.33 | % | | | 2.33 | % | | | 2.38 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (1.54 | )%(d) | | | (1.57 | )% | | | (1.69 | )% | | | (1.21 | )% | | | (1.68 | )% | | | (1.58 | )% |
After expense limitation(e) | | | (1.11 | )%(d) | | | (1.27 | )% | | | (1.24 | )% | | | (0.78 | )% | | | (1.48 | )% | | | (1.39 | )% |
Portfolio turnover rate | | | 16 | %(c) | | | 36 | % | | | 24 | % | | | 20 | % | | | 74 | % | | | 65 | % |
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (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, 2019 | 37 |
ICON Long/Short Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 26.16 | | | $ | 24.33 | | | $ | 18.16 | | | $ | 17.91 | | | $ | 17.99 | | | $ | 17.13 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.04 | ) | | | (0.14 | ) | | | (0.11 | ) | | | (0.01 | ) | | | (0.15 | ) | | | (0.12 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.97 | ) | | | 1.97 | | | | 6.28 | | | | 0.26 | | | | 0.07 | | | | 0.98 | |
Total from investment operations | | | (1.01 | ) | | | 1.83 | | | | 6.17 | | | | 0.25 | | | | (0.08 | ) | | | 0.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | (0.35 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.35 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.80 | | | $ | 26.16 | | | $ | 24.33 | | | $ | 18.16 | | | $ | 17.91 | | | $ | 17.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(b) | | | (3.62 | )%(c) | | | 7.52 | % | | | 33.98 | % | | | 1.40 | % | | | (0.44 | )% | | | 5.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 4,443 | | | $ | 5,351 | | | $ | 7,003 | | | $ | 5,316 | | | $ | 9,186 | | | $ | 11,160 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.11 | %(d) | | | 1.83 | % | | | 1.93 | % | | | 1.95 | % | | | 1.73 | % | | | 1.81 | % |
After expense limitation(e) | | | 1.57 | %(d) | | | 1.55 | % | | | 1.55 | % | | | 1.58 | % | | | 1.58 | % | | | 1.63 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.91 | )%(d) | | | (0.80 | )% | | | (0.87 | )% | | | (0.40 | )% | | | (0.89 | )% | | | (0.82 | )% |
After expense limitation(e) | | | (0.37 | )%(d) | | | (0.52 | )% | | | (0.49 | )% | | | (0.03 | )% | | | (0.74 | )% | | | (0.64 | )% |
Portfolio turnover rate | | | 16 | %(c) | | | 36 | % | | | 24 | % | | | 20 | % | | | 74 | % | | | 65 | % |
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (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.
ICON Opportunities Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 19.51 | | | $ | 18.88 | | | $ | 14.74 | | | $ | 13.32 | | | $ | 13.04 | | | $ | 13.02 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.04 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.03 | ) | | | (0.09 | ) | | | (0.12 | ) |
Net realized and unrealized gains/(losses) on investments | | | (2.74 | ) | | | 1.07 | | | | 4.48 | | | | 1.46 | | | | 0.58 | | | | 0.41 | |
Total from investment operations | | | (2.78 | ) | | | 0.92 | | | | 4.35 | | | | 1.43 | | | | 0.49 | | | | 0.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | (3.70 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.01 | ) | | | (0.21 | ) | | | (0.27 | ) |
Total dividends and distributions | | | (3.70 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.01 | ) | | | (0.21 | ) | | | (0.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.03 | | | $ | 19.51 | | | $ | 18.88 | | | $ | 14.74 | | | $ | 13.32 | | | $ | 13.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (10.88 | )%(b) | | | 4.88 | % | | | 29.75 | % | | | 10.76 | % | | | 3.75 | % | | | 2.19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 17,395 | | | $ | 21,084 | | | $ | 19,369 | | | $ | 16,059 | | | $ | 11,047 | | | $ | 12,133 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.50 | %(c) | | | 1.35 | % | | | 1.47 | % | | | 1.53 | % | | | 1.58 | % | | | 2.44 | % |
After expense limitation(d) | | | 1.30 | %(c) | | | 1.30 | % | | | 1.45 | %(e) | | | 1.51 | % | | | 1.50 | % | | | 1.50 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.77 | )%(c) | | | (0.80 | )% | | | (0.80 | )% | | | (0.27 | )% | | | (0.72 | )% | | | (1.81 | )% |
After expense limitation(d) | | | (0.57 | )%(c) | | | (0.75 | )% | | | (0.78 | )% | | | (0.25 | )% | | | (0.65 | )% | | | (0.87 | )% |
Portfolio turnover rate | | | 32 | %(b) | | | 87 | % | | | 26 | % | | | 95 | % | | | 76 | % | | | 46 | % |
| (a) | Calculated using the average shares method. |
| (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. |
| (e) | Effective June 30, 2017, the annual expense limitation rate changed from 1.50% to 1.30%. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 39 |
ICON Risk-Managed Balanced Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 16.32 | | | $ | 15.74 | | | $ | 14.46 | | | $ | 14.02 | | | $ | 13.98 | | | $ | 13.40 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.08 | | | | 0.16 | | | | 0.21 | | | | 0.19 | | | | 0.18 | | | | 0.24 | |
Net realized and unrealized gains/(losses) on investments | | | (0.71 | ) | | | 0.57 | | | | 1.30 | | | | 0.42 | | | | 0.01 | | | | 0.56 | |
Total from investment operations | | | (0.63 | ) | | | 0.73 | | | | 1.51 | | | | 0.61 | | | | 0.19 | | | | 0.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.09 | ) | | | (0.15 | ) | | | (0.23 | ) | | | (0.17 | ) | | | (0.15 | ) | | | (0.22 | ) |
Total dividends and distributions | | | (0.09 | ) | | | (0.15 | ) | | | (0.23 | ) | | | (0.17 | ) | | | (0.15 | ) | | | (0.22 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.60 | | | $ | 16.32 | | | $ | 15.74 | | | $ | 14.46 | | | $ | 14.02 | | | $ | 13.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (3.80 | )%(b) | | | 4.64 | % | | | 10.53 | % | | | 4.39 | % | | | 1.35 | % | | | 6.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 8,464 | | | $ | 10,676 | | | $ | 15,272 | | | $ | 20,087 | | | $ | 26,677 | | | $ | 20,071 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.47 | %(c) | | | 1.38 | % | | | 1.36 | % | | | 1.27 | % | | | 1.34 | % | | | 1.22 | % |
After expense limitation(d) | | | 1.20 | %(c) | | | 1.20 | % | | | 1.20 | % | | | 1.20 | % | | | 1.20 | % | | | 1.20 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.79 | %(c) | | | 0.82 | % | | | 1.26 | % | | | 1.27 | % | | | 1.09 | % | | | 1.72 | % |
After expense limitation(d) | | | 1.06 | %(c) | | | 1.00 | % | | | 1.42 | % | | | 1.34 | % | | | 1.23 | % | | | 1.74 | % |
Portfolio turnover rate | | | 33 | %(b) | | | 87 | % | | | 83 | % | | | 109 | % | | | 119 | % | | | 137 | % |
| (a) | Calculated using the average shares method. |
| (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.
ICON Risk-Managed Balanced Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 14.92 | | | $ | 14.42 | | | $ | 13.27 | | | $ | 12.89 | | | $ | 12.90 | | | $ | 12.39 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.00 | (b) | | | (0.00 | )(c) | | | 0.06 | | | | 0.04 | | | | 0.03 | | | | 0.09 | |
Net realized and unrealized gains/(losses) on investments | | | (0.65 | ) | | | 0.52 | | | | 1.19 | | | | 0.39 | | | | 0.01 | | | | 0.54 | |
Total from investment operations | | | (0.65 | ) | | | 0.52 | | | | 1.25 | | | | 0.43 | | | | 0.04 | | | | 0.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.02 | ) | | | (0.02 | ) | | | (0.10 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.12 | ) |
Total dividends and distributions | | | (0.02 | ) | | | (0.02 | ) | | | (0.10 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.25 | | | $ | 14.92 | | | $ | 14.42 | | | $ | 13.27 | | | $ | 12.89 | | | $ | 12.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) | | | (4.32 | )%(e) | | | 3.61 | % | | | 9.44 | % | | | 3.35 | % | | | 0.31 | % | | | 5.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 15,643 | | | $ | 16,409 | | | $ | 16,583 | | | $ | 15,151 | | | $ | 13,061 | | | $ | 9,469 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.37 | %(f) | | | 2.28 | % | | | 2.30 | % | | | 2.29 | % | | | 2.38 | % | | | 2.33 | % |
After expense limitation(g) | | | 2.20 | %(f) | | | 2.20 | % | | | 2.20 | % | | | 2.20 | % | | | 2.20 | % | | | 2.20 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.12 | )%(f) | | | (0.08 | )% | | | 0.35 | % | | | 0.24 | % | | | 0.06 | % | | | 0.61 | % |
After expense limitation(g) | | | 0.05 | %(f) | | | 0.00 | %(h) | | | 0.45 | % | | | 0.33 | % | | | 0.24 | % | | | 0.74 | % |
Portfolio turnover rate | | | 33 | %(e) | | | 87 | % | | | 83 | % | | | 109 | % | | | 119 | % | | | 137 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (c) | Amount less than $(0.005). |
| (d) | The total return calculation excludes any sales charges. |
| (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, 2019 | 41 |
ICON Risk-Managed Balanced Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 15.93 | | | $ | 15.36 | | | $ | 14.11 | | | $ | 13.68 | | | $ | 13.69 | | | $ | 13.12 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.06 | | | | 0.12 | | | | 0.17 | | | | 0.15 | | | | 0.14 | | | | 0.20 | |
Net realized and unrealized gains/(losses) on investments | | | (0.70 | ) | | | 0.55 | | | | 1.27 | | | | 0.42 | | | | 0.00 | (b) | | | 0.57 | |
Total from investment operations | | | (0.64 | ) | | | 0.67 | | | | 1.44 | | | | 0.57 | | | | 0.14 | | | | 0.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.07 | ) | | | (0.10 | ) | | | (0.19 | ) | | | (0.14 | ) | | | (0.15 | ) | | | (0.20 | ) |
Total dividends and distributions | | | (0.07 | ) | | | (0.10 | ) | | | (0.19 | ) | | | (0.14 | ) | | | (0.15 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.22 | | | $ | 15.93 | | | $ | 15.36 | | | $ | 14.11 | | | $ | 13.68 | | | $ | 13.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (3.97 | )%(d) | | | 4.40 | % | | | 10.29 | % | | | 4.18 | % | | | 1.00 | % | | | 5.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 3,717 | | | $ | 4,849 | | | $ | 7,084 | | | $ | 9,095 | | | $ | 8,446 | | | $ | 7,014 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.86 | %(e) | | | 1.64 | % | | | 1.64 | % | | | 1.60 | % | | | 1.70 | % | | | 1.65 | % |
After expense limitation(f) | | | 1.45 | %(e) | | | 1.45 | % | | | 1.45 | % | | | 1.45 | % | | | 1.45 | % | | | 1.45 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.39 | %(e) | | | 0.56 | % | | | 0.98 | % | | | 0.93 | % | | | 0.71 | % | | | 1.29 | % |
After expense limitation(f) | | | 0.80 | %(e) | | | 0.75 | % | | | 1.17 | % | | | 1.08 | % | | | 0.96 | % | | | 1.49 | % |
Portfolio turnover rate | | | 33 | %(d) | | | 87 | % | | | 83 | % | | | 109 | % | | | 119 | % | | | 137 | % |
| (a) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (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.
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
1. ORGANIZATION
The ICON Equity Income Fund (“Equity Income Fund”), ICON Flexible Bond Fund (“Flexible Bond 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 Equity Income Fund is modest capital appreciation and income. The investment objective of the Flexible Bond Fund is to maximize total return. The investment objective of the ICON Fund is capital appreciation with a secondary objective of capital preservation to provide long-term growth. The investment objective of the Opportunities Fund is to provide capital appreciation. The investment objective of the Long/Short Fund is to provide 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.
The Funds may invest in other investment companies. As with other investments, investments in other investment companies, including closed-end funds (which include business development companies (BDCs)), unit investment trusts, open-end investment companies, and exchange traded funds, are subject to many of the same risks as investing directly in the underlying instruments, including market risk and, for non-index strategies, selection risk. In addition, if a Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (including management and advisory fees). If a Fund acquires shares of one or more underlying funds, shareholders bear both their proportionate share of expenses in the Fund (excluding management and advisory fees attributable to those assets of the Fund invested in the underlying funds) and, indirectly, the expenses of the underlying funds (including management and advisory fees). Further, the closed-end fund market is inefficient. Many closed-end funds (CEFs), including many in which the Funds invest, are small or microcap securities. There is little independent research published on CEFs and limited availability of data makes research difficult and time consuming. CEFs may trade unpredictably. The underlying assets may be unknown and their value not readily determinable. The Funds often purchase CEFs believing they are trading at a discount to NAV, and an ongoing corporate action will cause the discount to narrow or disappear. With little independent analysis of the CEFs’ individual assets, the Fund essentially makes a value based arbitrage strategy. The Fund will look to events like pending or proposed tender offers, liquidations, take-over plays etc. If the event is not preceded by an official announcement — and is, instead, “pending” or “anticipated” — this strategy can be very risky. If the event is announced, there is still the possibility that it will not happen. In sum, investing in CEFs in general, and CEF arbitrage plays in particular carry unique and arguably heightened risks.
The Equity Income Fund, Flexible Bond 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. Reduced liquidity may adversely affect the market price of, and ability of a Fund to value and sell particular securities at certain times, thereby making it difficult to make specific valuation determinations.
The Equity Income Fund, Flexible Bond 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 Equity Income Fund, Flexible Bond 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 or other asset-backed 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
Semi-Annual Report | March 31, 2019 | 43 |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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 involves certain risks, such as limiting gains and lack of liquidity of the underlying securities, and are not suitable for all investors.
Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of less government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small- and mid-cap investing, including limited product lines, less liquidity and small market share.
The Equity Income Fund has a significant weighting in the Financials sector, the ICON Fund has a significant weighting in the Information Technology and Financials sectors, the Long/Short Fund has a significant weighting in the Financial sector, the Opportunities Fund has a significant weighting in the Information Technology and Financials sectors which may cause the Funds’ performance to be susceptible to the economic, business and/or other developments that may affect those sectors.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be remote.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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’ Valuation Committee pursuant to procedures approved by the Funds’ Board of Trustees (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
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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, including money market funds, that are not traded on an exchange are valued at the end of day net asset value (“NAV”) 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 Funds’ Valuation Committee determines that use of another valuation methodology is appropriate. The purpose of daily fair valuation is 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 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, 2019:
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 | | $ | — | | | $ | 5,736,569 | | | $ | — | | | $ | 5,736,569 | |
Common Stocks | | | 70,722,130 | | | | — | | | | — | | | | 70,722,130 | |
Preferred Stocks | | | 872,100 | | | | — | | | | — | | | | 872,100 | |
Convertible Preferred Stocks | | | 305,940 | | | | — | | | | — | | | | 305,940 | |
Closed-End Mutual Funds | | | 1,040,325 | | | | — | | | | — | | | | 1,040,325 | |
Purchased Put Options | | | 45,550 | | | | — | | | | — | | | | 45,550 | |
Collateral for Securities on Loan | | | — | | | | 1,916,570 | | | | — | | | | 1,916,570 | |
Total | | $ | 72,986,045 | | | $ | 7,653,139 | | | $ | — | | | $ | 80,639,184 | |
Semi-Annual Report | March 31, 2019 | 45 |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
ICON Flexible 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 | | $ | — | | | $ | 94,569,285 | | | $ | — | | | $ | 94,569,285 | |
Asset-Backed Securities | | | — | | | | 3,315,624 | | | | — | | | | 3,315,624 | |
Preferred Stocks | | | 11,835,608 | | | | — | | | | — | | | | 11,835,608 | |
Convertible Preferred Stocks | | | 6,530,499 | | | | — | | | | — | | | | 6,530,499 | |
Closed-End Mutual Funds | | | 13,132,292 | | | | — | | | | — | | | | 13,132,292 | |
Collateral for Securities on Loan | | | — | | | | 1,275,800 | | | | — | | | | 1,275,800 | |
Total | | $ | 31,498,399 | | | $ | 99,160,709 | | | $ | — | | | $ | 130,659,108 | |
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 | | $ | 42,278,861 | | | $ | — | | | $ | — | | | $ | 42,278,861 | |
Exchange Traded Funds | | | 568,976 | | | | — | | | | — | | | | 568,976 | |
Collateral for Securities on Loan | | | — | | | | 261,978 | | | | — | | | | 261,978 | |
Total | | $ | 42,847,837 | | | $ | 261,978 | | | $ | — | | | $ | 43,109,815 | |
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 | | $ | 19,595,465 | | | $ | — | | | $ | — | | | $ | 19,595,465 | |
Exchange Traded Funds | | | 277,100 | | | | — | | | | — | | | | 277,100 | |
Collateral for Securities on Loan | | | — | | | | 137,522 | | | | — | | | | 137,522 | |
Total | | $ | 19,872,565 | | | $ | 137,522 | | | $ | — | | | $ | 20,010,087 | |
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 | | $ | 17,157,276 | | | $ | — | | | $ | — | | | $ | 17,157,276 | |
Exchange Traded Funds | | | 232,256 | | | | — | | | | — | | | | 232,256 | |
Collateral for Securities on Loan | | | — | | | | 621,561 | | | | — | | | | 621,561 | |
Total | | $ | 17,389,532 | | | $ | 621,561 | | | $ | — | | | $ | 18,011,093 | |
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 | | $ | — | | | $ | 6,014,146 | | | $ | — | | | $ | 6,014,146 | |
Asset-Backed Securities | | | — | | | | 236,830 | | | | — | | | | 236,830 | |
U.S. Treasury Obligations | | | — | | | | 764,590 | | | | — | | | | 764,590 | |
Common Stocks | | | 17,741,673 | | | | — | | | | — | | | | 17,741,673 | |
Preferred Stocks | | | 224,808 | | | | — | | | | — | | | | 224,808 | |
Closed-End Mutual Funds | | | 2,022,124 | | | | — | | | | — | | | | 2,022,124 | |
Purchased Put Options | | | 19,850 | | | | — | | | | — | | | | 19,850 | |
Total | | $ | 20,008,455 | | | $ | 7,015,566 | | | $ | — | | | $ | 27,024,021 | |
| * | 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, 2019.
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
Fund Share Valuation
Fund shares are sold and redeemed on a daily basis at the NAV. NAV per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading. The NAV is computed by dividing the total value of each Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.
Cash and Cash Equivalents
Idle cash may be swept into an overnight demand deposit account and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.
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, 2019 was limited to purchased 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. A Fund may use derivatives to hedge risks inherent in its portfolio, to enhance the potential return of its portfolio, to diversify its portfolio, as a substitute for taking a position in an underlying asset, to reduce transaction costs associated with managing a portfolio, or to implement an investment strategy through investments that may be more tax-efficient than a direct equity investment.
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 limiting 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.
Semi-Annual Report | March 31, 2019 | 47 |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
For the six months ended March 31, 2019, the Equity Income Fund and the Risk-Managed Balanced 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 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 | | $ | 45,550 | | | N/A | | | N/A | |
Total | | | | $ | 45,550 | | | | | $ | — | |
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 | | $ | 19,850 | | | N/A | | | N/A | |
Total | | | | $ | 19,850 | | | | | $ | — | |
ICON Equity Income Fund Risk Exposure | | Statements of Operations Location | | Realized Gain/(Loss) on Derivatives Recognized in Income | | | Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income | |
Equity Contracts (Purchased Options) | | Net realized gain/(loss) on Investments and foreign currency translations/ Change in unrealized net appreciation/(depreciation) on Investments and foreign currency | | $ | 84,908 | | | $ | (2,600 | ) |
Total | | | | $ | 84,908 | | | $ | (2,600 | ) |
ICON Risk-Managed Balanced Fund Risk Exposure | | Statements of Operations Location | | Realized Gain/(Loss) on Derivatives Recognized in Income | | | Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income | |
Equity Contracts (Purchased Options) | | Net realized gain/(loss) on Investments and foreign currency translations/ Change in unrealized net appreciation/(depreciation) on Investments and foreign currency | | $ | 1,501 | | | $ | (36,269 | ) |
Total | | | | $ | 1,501 | | | $ | (36,269 | ) |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
The average purchased option contracts during the six months ended March 31, 2019, was as follows:
ICON Equity Income Fund
Derivative Type | Unit of Measurement | Average Contracts+ | Days Held |
Purchased Options | Contracts | 68 | 149 |
ICON Risk-Managed Balanced Fund
Derivative Type | Unit of Measurement | Average Contracts+ | Days Held |
Purchased Options | Contracts | 9 | 104 |
| + | 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 Funds’ 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, 2019, 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. 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 assets that generally exceed the value of the securities on loan. Collateral may consist of cash or securities issued or guaranteed by the United States government or its agencies or instrumentalities. 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.
The following is a summary of the Funds’ securities lending positions and related cash and non-cash collateral received as of March 31, 2019:
| | Market Value of Securities on Loan | | | Market Value of Cash Collateral Received | | | Market Value of Non-Cash Collateral Received | | | Total Collateral Received | | | Excess Collateral | |
ICON Equity Income Fund | | $ | 2,084,672 | | | $ | 1,916,570 | | | $ | 215,900 | | | $ | 2,132,470 | | | $ | 47,798 | |
ICON Flexible Bond Fund | | | 2,888,385 | | | | 1,275,800 | | | | 1,678,072 | | | | 2,953,872 | | | | 65,487 | |
ICON Fund | | | 260,640 | | | | 261,978 | | | | — | | | | 261,978 | | | | 1,338 | |
ICON Long/Short Fund | | | 302,190 | | | | 137,522 | | | | 166,044 | | | | 303,566 | | | | 1,376 | |
ICON Opportunities Fund | | | 824,032 | | | | 621,561 | | | | 218,700 | | | | 840,261 | | | | 16,229 | |
ICON Risk-Managed Balanced Fund | | | 147,000 | | | | — | | | | 150,000 | | | | 150,000 | | | | 3,000 | |
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.
Semi-Annual Report | March 31, 2019 | 49 |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
The Funds have elected to invest cash collateral received from lending in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedules of Investments. The Funds bear the risk of loss with respect to the investment of cash collateral. The State Street Navigator Securities Lending Government Money Market Portfolio is a Government Money Market Portfolio designed to provide continuous daily liquidity. Non-Cash collateral received consists of securities issued or guaranteed by the United States government or its agencies or instrumentalities with remaining maturities ranging from overnight to 30 years. Non-cash collateral is not disclosed on the Funds’ Schedules of Investments or their Statements of Assets and Liabilities as the Funds do not have the ability to re-hypothecate these securities. The net securities lending income earned by the Funds for the six months ended March 31, 2019, is included in the Statements of Operations.
Security loans consist of equity and corporate fixed income securities and generally do not have a stated maturity date. The Funds may recall a loaned security at any time.
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. As of and during the six months ended March 31, 2019, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize the interest and penalties, if any, related to the unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
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 Flexible 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 GAAP.
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 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 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.
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.
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (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.
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.
The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.
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 or number of shareholder accounts. 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 or number of shareholder accounts. 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 for the six months ended March 31, 2019 that are included on the Statements of Operations:
Fund | | Printing Fees* | | | Transfer Agent Fees* | | | Registration Fees | |
ICON Equity Income Fund | | | | | | | | | | | | |
Class S | | $ | 2,435 | | | $ | 37,515 | | | $ | 8,039 | |
Class C | | | 631 | | | | 9,368 | | | | 5,505 | |
Class A | | | 532 | | | | 6,327 | | | | 6,204 | |
ICON Flexible Bond Fund | | | | | | | | | | | | |
Class S | | | 2,159 | | | | 37,062 | | | | 11,643 | |
Class C | | | 308 | | | | 2,551 | | | | 5,264 | |
Class A | | | 134 | | | | 2,602 | | | | 4,007 | |
ICON Fund | | | | | | | | | | | | |
Class S | | | 1,257 | | | | 15,622 | | | | 7,095 | |
Class C | | | 383 | | | | 9,938 | | | | 5,294 | |
Class A | | | 207 | | | | 4,913 | | | | 5,774 | |
ICON Long/Short Fund | | | | | | | | | | | | |
Class S | | | 729 | | | | 13,727 | | | | 5,995 | |
Class C | | | 268 | | | | 4,935 | | | | 5,672 | |
Class A | | | 484 | | | | 6,532 | | | | 6,998 | |
ICON Risk-Managed Balanced Fund | | | | | | | | | | | | |
Class S | | | 607 | | | | 9,144 | | | | 5,915 | |
Class C | | | 674 | | | | 10,764 | | | | 6,752 | |
Class A | | | 230 | | | | 3,026 | | | | 6,240 | |
| * | Printing and Transfer agent out of pocket fees are a Fund level expense. |
Semi-Annual Report | March 31, 2019 | 51 |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (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 investments. 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 Flexible 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 Equity Income Fund | | | — | | | | 0.99 | % | | | 1.99 | % | | | 1.24 | % |
ICON Flexible Bond Fund | | | — | | | | 0.75 | % | | | 1.60 | % | | | 1.00 | % |
ICON Fund | | | — | | | | 1.25 | % | | | 2.25 | % | | | 1.50 | % |
ICON Long/Short Fund | | | — | | | | 1.25 | % | | | 2.30 | % | | | 1.55 | % |
ICON Opportunities Fund | | | 1.30 | % | | | — | | | | — | | | | — | |
ICON Risk-Managed Balanced Fund | | | — | | | | 1.20 | % | | | 2.20 | % | | | 1.45 | % |
The Funds’ expense limitations, excluding the Flexible 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 Flexible 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, 2020. 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, 2019, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | | Expires 2019 | | | Expires 2020 | | | Expires 2021 | | | Expires 2022 | |
ICON Equity Income Fund | | $ | 16,960 | | | $ | 92,199 | | | $ | 146,948 | | | $ | 86,916 | |
ICON Flexible Bond Fund | | | 85,804 | | | | 162,616 | | | | 184,480 | | | | 112,367 | |
ICON Fund | | | 14,487 | | | | 16,031 | | | | 9,658 | | | | 10,954 | |
ICON Long/Short Fund | | | 33,774 | | | | 66,063 | | | | 54,396 | | | | 40,039 | |
ICON Opportunities Fund | | | 2,957 | | | | 3,673 | | | | 11,238 | | | | 17,177 | |
ICON Risk-Managed Balanced Fund | | | 28,242 | | | | 53,919 | | | | 45,213 | | | | 32,559 | |
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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.
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, 2019, 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,
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.
Distribution Fees
ICON Distributors, Inc. (“IDI” or “Distributor”), a wholly-owned subsidiary of ICON Management and Research and affiliate of ICON Advisers, Inc., serves the Trust as Distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate or reimburse the Distributor for the sale and distribution of shares and for other shareholder services. The Flexible Bond Fund Class C shareholders pay an annual distribution fee of 0.85% of average daily net assets and Class A shareholders pay an annual distribution fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual distribution fee of 1.00% of average daily net assets for Class C shares and an annual distribution fee of 0.25% of average daily net assets for Class A shares. There is no annual distribution fee for Class S shares or the ICON Opportunities Fund. The total amount paid by each Fund under the 12b-1 Plan is shown on the Statements of Operations.
Class A Shares are subject to an initial sales charge and the public offering price of Class A shares 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 Flexible Bond Fund). For the six months ended March 31, 2019, IDI collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries, as follows:
Fund | | Sales Charges Collected |
ICON Equity Income Fund Class A | | $ | 3,859 | |
ICON Flexible Bond Fund Class A | | | 4,665 | |
ICON Fund Class A | | | 825 | |
ICON Long/Short Fund Class A | | | 1,334 | |
ICON Risk-Managed Balanced Fund Class A | | | 115 | |
In addition, IDI receives a contingent deferred sales charge of 1.00% of the purchase price on redemptions of Class C shares made within one year following the date of purchase. A 1.00% contingent deferred sales charge may also apply to certain redemptions of Class A shares made within one year following the purchase of $1 million or more without an initial sales charge. For the six months ended March 31, 2019, IDI collected the following contingent deferred sales charges:
Fund | | Contingent Deferred Sales Charges Collected |
ICON Equity Income Fund Class C | | $ | 129 | |
ICON Fund Class C | | | 162 | |
ICON Long/Short Fund Class C | | | 282 | |
ICON Risk-Managed Balanced Fund Class C | | | 335 | |
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 pays a portion 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, 2019, 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, 2019, the total related amounts accrued by the Funds under this arrangement was $1,837 and is included in Other Expenses on the Statements of Operations.
The Flexible Bond Fund engaged in two cross trade transactions during the six months ended March 31, 2019, pursuant to Rule 17a-7 under the 1940 Act. The first cross trade was between the Flexible Bond Fund and the Equity Income Fund on January 15, 2019. The second cross trade was between the Flexible Bond Fund and a separate investment portfolio that is sub-advised by ICON Advisers on February 21, 2019. Generally, cross trading is the buying or selling of portfolio securities between funds or investment portfolios to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions between the Funds and its affiliates pursuant to Rule 17a-7. At
Semi-Annual Report | March 31, 2019 | 53 |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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.
Transactions related to cross trades during the six months ended March 31, 2019 were as follows:
Fund | | Transaction | | Date | | Security | | Shares | | | Execution Price | | Realized Gain/(Loss) | |
ICON Equity Income Fund | | Sale | | January 15, 2019 | | Equity Commonwealth | | 10,000.00 | | | $ | 25.60 | | | $ | (3,721 | ) |
| | | | | | 6.5% Perpetual Pfd | | | | | | | | | | | |
ICON Flexible Bond Fund | | Purchase | | January 15, 2019 | | Equity Commonwealth | | 10,000.00 | | | | 25.60 | | | $ | — | |
| | | | | | 6.5% Perpetual Pfd | | | | | | | | | | | |
ICON Flexible Bond Fund | | Purchase | | February 21, 2019 | | Argo Group US, Inc. | | 10,000.00 | | | | 25.50 | | | $ | — | |
| | | | | | 6.5% 9/15/42 Pfd | | | | | | | | | | | |
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 $30 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2019 was 3.74%. The Line of Credit agreement/arrangement expires on March 17, 2020.
As of March 31, 2019, the Flexible Bond Fund had an outstanding borrowing in the amount of $242,456.
For the six months ended March 31, 2019, the average outstanding loan by Fund was as follows:
Fund | | Maximum Borrowing (10/01/18 - 03/31/19) | | | Average Borrowing (10/01/18 - 03/31/19)^ | | | Average Interest Rates (10/01/18 - 03/31/19)^ |
ICON Equity Income Fund* | | $ | 529,450 | | | $ | 203,639 | | | 3.71% |
ICON Flexible Bond Fund | | | 811,248 | | | | 204,815 | | | 3.71% |
ICON Fund* | | | 338,117 | | | | 85,078 | | | 3.66% |
ICON Long/Short Fund* | | | 2,859,202 | | | | 299,118 | | | 3.69% |
ICON Opportunities Fund* | | | 421,781 | | | | 108,101 | | | 3.65% |
| * | There were no outstanding borrowings under this agreement/arrangement as of March 31, 2019. |
| ^ | 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, 2019, 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 Equity Income Fund | | $ | 67,636,905 | | | $ | 65,089,089 | | | $ | — | | | $ | — | |
ICON Flexible Bond Fund | | | 91,476,191 | | | | 57,104,640 | | | | 8,648,711 | | | | 17,073,406 | |
ICON Fund | | | 9,906,175 | | | | 14,003,493 | | | | — | | | | — | |
ICON Long/Short Fund | | | 3,648,190 | | | | 10,745,221 | | | | — | | | | — | |
ICON Opportunities Fund | | | 5,654,474 | | | | 7,022,341 | | | | — | | | | — | |
ICON Risk-Managed Balanced Fund | | | 7,594,341 | | | | 10,058,504 | | | | 1,473,546 | | | | 1,740,125 | |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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, expiring capital losses, net investment losses, trust preferred securities, and mark to market of options held.
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses generated by a Fund may be carried over indefinitely.
During the year ended September 30, 2018, the utilized/expired capital loss carryforwards were as follows:
Fund | | Expired Amount | | | Utilized Amount | |
ICON Equity Income Fund | | | 12,597,872 | | | $ | 3,128,718 | |
ICON Fund | | | 15,390,374 | | | | 3,356,674 | |
ICON Long/Short Fund | | | 19,033,318 | | | | 1,840,083 | |
ICON Risk-Managed Balanced Fund | | | 11,050,333 | | | | 796,953 | |
The following Funds elect to defer to the period ending September 30, 2019, late year ordinary losses:
Fund | | Ordinary Losses Recognized | |
ICON Fund | | $ | 165,336 | |
ICON Long/Short Fund | | | 153,973 | |
ICON Opportunities Fund | | | 126,296 | |
The capital losses with no expiration were as follows:
Fund | | Short-Term | | | Long-Term | |
ICON Flexible Bond Fund | | $ | 1,399,638 | | | $ | 1,626,723 | |
For the year ended September 30, 2018, the following reclassifications were made, which had no impact on results of operations or net assets.
Fund | | Paid-in Capital | | | Total Distributable Earnings | |
ICON Equity Income Fund | | $ | (12,597,873 | ) | | $ | 12,597,873 | |
ICON Fund | | | (15,607,588 | ) | | | 15,607,588 | |
ICON Long/Short Fund | | | (19,121,113 | ) | | | 19,121,113 | |
ICON Opportunities Fund | | | (143,874 | ) | | | 143,874 | |
ICON Risk-Managed Balanced Fund | | | (11,058,642 | ) | | | 11,058,642 | |
For ICON Fund, Long/Short Fund and Opportunities Fund included in the amounts for reclassified were a net operating loss offset to paid in capital of $217,214, $87,795 and $143,874.
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2018, were as follows:
Fund | | Ordinary Income | | | Long-Term Capital Gains | |
ICON Equity Income Fund | | $ | 2,315,668 | | | $ | — | |
ICON Flexible Bond Fund | | | 3,390,436 | | | | — | |
ICON Opportunities Fund | | | — | | | | 307,810 | |
ICON Risk-Managed Balanced Fund | | | 166,410 | | | | — | |
Semi-Annual Report | March 31, 2019 | 55 |
ICON Diversified Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
As of September 30, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Fund | | Undistributed Ordinary Income | | | Accumulated Capital Gains/ (Losses) | | | Other Cumulative Effect of Timing Differences | | | Unrealized Appreciation/ (Depreciation)* | | | Total Accumulated Earnings/ (Deficit) | |
ICON Equity Income Fund | | $ | 117,828 | | | $ | — | | | $ | — | | | $ | 4,492,393 | | | $ | 4,610,221 | |
ICON Flexible Bond Fund | | | 186,954 | | | | (3,026,361 | ) | | | — | | | | (1,160,114 | ) | | | (3,999,521 | ) |
ICON Fund | | | — | | | | — | | | | (165,336 | ) | | | 13,182,665 | | | | 13,017,329 | |
ICON Long/Short Fund | | | — | | | | — | | | | (153,973 | ) | | | 5,635,695 | | | | 5,481,722 | |
ICON Opportunities Fund | | | — | | | | 3,484,207 | | | | (126,296 | ) | | | 2,747,970 | | | | 6,105,881 | |
ICON Risk-Managed Balanced Fund | | | 9,941 | | | | — | | | | — | | | | 2,803,341 | | | | 2,813,282 | |
| * | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax treatment of tax deferral of losses on wash sales. |
As of March 31, 2019, 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 Equity Income Fund | | $ | 3,902,804 | | | $ | (2,458,215 | ) | | $ | 1,444,589 | | | $ | 79,194,595 | |
ICON Flexible Bond Fund | | | 1,053,515 | | | | (419,187 | ) | | | 634,328 | | | | 130,024,780 | |
ICON Fund | | | 9,337,587 | | | | (899,918 | ) | | | 8,437,669 | | | | 34,672,146 | |
ICON Long/Short Fund | | | 3,804,807 | | | | (794,609 | ) | | | 3,010,198 | | | | 16,999,889 | |
ICON Opportunities Fund | | | 1,912,803 | | | | (1,999,820 | ) | | | (87,017 | ) | | | 18,098,110 | |
ICON Risk-Managed Balanced Fund | | | 2,673,470 | | | | (1,358,408 | ) | | | 1,315,062 | | | | 25,708,959 | |
| * | This balance includes appreciation/(depreciation) of foreign currency. |
7. RECENT ACCOUNTING PRONOUNCEMENTS
In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 changed the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of January 1, 2019, the amortized cost basis of investments in the Equity Income Fund was reduced by $26,513 and unrealized appreciation of investments was increased by $26,513, the amortized cost basis of investments in the Flexible Income Fund was reduced by $508,011 and unrealized appreciation of investments was increased by $508,011 and the amortized cost basis of investments in the Risk-Managed Balanced Fund was reduced by $34,982 and unrealized appreciation of investments was increased by $34,982. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, which changes the fair value measurement disclosure requirements of FASB Accounting Standards Codification Topic 820, Fair Value Measurement. The update to Topic 820 includes new, eliminated, and modified disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods. Early adoption is permitted for any eliminated or modified disclosures. Management has eliminated and modified disclosures and is currently evaluating the impact of the remaining ASU.
8. SUBSEQUENT EVENT
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2019 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.
ICON Diversified Funds | Disclosure of Fund Expenses |
March 31, 2019 (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 sixmonth period and held for the six-month period (10/01/18 – 03/31/19).
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, 2018 | | Ending Account Value March 31, 2019 | | Expense Ratio(a) | | Expenses Paid During period October 1, 2018 - March 31, 2019(b) |
ICON Equity Income Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 994.70 | | | 0.99 | % | | $ | 4.92 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,020.00 | | | 0.99 | % | | $ | 4.99 | |
Class C | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 989.70 | | | 1.99 | % | | $ | 9.87 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,015.01 | | | 1.99 | % | | $ | 10.00 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 993.40 | | | 1.24 | % | | $ | 6.16 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,018.75 | | | 1.24 | % | | $ | 6.24 | |
| | | | | | | | | | | | | |
ICON Flexible Bond Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 1,029.10 | | | 0.75 | % | | $ | 3.79 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,021.19 | | | 0.75 | % | | $ | 3.78 | |
Class C | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 1,024.80 | | | 1.60 | % | | $ | 8.08 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.95 | | | 1.60 | % | | $ | 8.05 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 1,029.00 | | | 1.00 | % | | $ | 5.06 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,019.95 | | | 1.00 | % | | $ | 5.04 | |
Semi-Annual Report | March 31, 2019 | 57 |
ICON Diversified Funds | Disclosure of Fund Expenses |
March 31, 2019 (Unaudited)
| | Beginning Account Value October 1, 2018 | | Ending Account Value March 31, 2019 | | Expense Ratio(a) | | Expenses Paid During period October 1, 2018 - March 31, 2019(b) |
ICON Fund | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 955.30 | | | 1.21 | % | | $ | 5.90 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,018.90 | | | 1.21 | % | | $ | 6.09 | |
Class C | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 950.60 | | | 2.25 | % | | $ | 10.94 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,013.71 | | | 2.25 | % | | $ | 11.30 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 953.90 | | | 1.50 | % | | $ | 7.31 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.45 | | | 1.50 | % | | $ | 7.54 | |
| | | | | | | | | | | | | |
ICON Long/Short Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 964.70 | | | 1.27 | % | | $ | 6.22 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,018.60 | | | 1.27 | % | | $ | 6.39 | |
Class C | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 959.90 | | | 2.32 | % | | $ | 11.34 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,013.36 | | | 2.32 | % | | $ | 11.65 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 963.80 | | | 1.57 | % | | $ | 7.69 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.10 | | | 1.57 | % | | $ | 7.90 | |
| | | | | | | | | | | | | |
ICON Opportunities Fund | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 891.20 | | | 1.30 | % | | $ | 6.13 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,018.45 | | | 1.30 | % | | $ | 6.54 | |
| | | | | | | | | | | | | |
ICON Risk-Managed Balanced Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 962.00 | | | 1.20 | % | | $ | 5.87 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,018.95 | | | 1.20 | % | | $ | 6.04 | |
Class C | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 956.80 | | | 2.20 | % | | $ | 10.73 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,013.96 | | | 2.20 | % | | $ | 11.05 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 960.30 | | | 1.45 | % | | $ | 7.09 | |
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.
ICON Diversified Funds | Additional Information |
March 31, 2019 (Unaudited)
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
Semi-Annual Report | March 31, 2019 | 59 |
ICON Diversified Funds | Privacy Policy |
March 31, 2019 (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 areno longerour 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. |
ICON Diversified Funds | Privacy Policy |
March 31, 2019 (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. ● Ouraffiliatesinclude 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. ● Nonaffiliateswe 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, 2019 | 61 |
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, Suite 1200 |
| Greenwood Village, CO 80111 |
On the Internet | www.iconfunds.com |
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| SEMI-ANNUAL REPORT March 31, 2019 |
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International Funds
ICON Emerging Markets Fund (ICARX, IPCAX)
ICON International Equity Fund (ICNEX, IIQCX, IIQAX)
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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 atwww.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.
Beginning on January 1, 2021, ICON will no longer send paper copies of the Funds’ annual and semi-annual shareholder reports by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and given a website address of where to access the report.
If you have already opted to receive e-delivery, this change will not affect you and you do not need to take any action. At any time, shareholders who invest directly in the ICON Funds may generally elect to receive reports or other communications electronically by enrolling at www.iconfunds.com or calling 1-800-764-0442 or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary.
You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with ICON, please call 1-800-764-0442. If you are a retirement plan sponsor or invest in the ICON Funds through a financial intermediary, please contact your representative or financial intermediary. Your election to receive reports as a paper copy will apply to all ICON Funds held in your account. Your election can be changed at any time in the future.
| | |
1-800-764-0442 | ● | www.iconfunds.com |
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ICON International Funds | About This Report |
March 31, 2019 (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, 2019, 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.
ICON Emerging Markets Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Common Stocks (92.70%) | | | | | | | | |
Cable & Satellite (0.03%) | | | | | | | | |
MultiChoice Group, Ltd.(a) | | | 2,000 | | | $ | 16,730 | |
| | | | | | | | |
Commodity Chemicals (2.68%) | | | | | | | | |
Indorama Ventures PCL | | | 190,000 | | | | 298,308 | |
Kumho Petrochemical Co., Ltd. | | | 3,000 | | | | 252,102 | |
Mexichem SAB de CV | | | 262,246 | | | | 626,896 | |
PTT Global Chemical PCL | | | 140,000 | | | | 297,350 | |
| | | | | | | 1,474,656 | |
Construction Materials (2.55%) | | | | | | | | |
China Resources Cement Holdings, Ltd. | | | 454,000 | | | | 470,390 | |
West China Cement, Ltd. | | | 7,000,000 | | | | 929,477 | |
| | | | | | | 1,399,867 | |
Diversified Banks (20.37%) | | | | | | | | |
Agricultural Bank of China, Ltd., Class H | | | 3,364,000 | | | | 1,555,056 | |
Akbank T.A.S.(a) | | | 250,000 | | | | 284,658 | |
Bank of China, Ltd., Class H | | | 3,462,000 | | | | 1,573,376 | |
Bank of Georgia Group PLC | | | 20,000 | | | | 430,989 | |
China Construction Bank Corp., Class H | | | 1,750,000 | | | | 1,502,145 | |
Grupo Financiero Banorte SAB de CV, Class O | | | 194,108 | | | | 1,054,530 | |
Industrial & Commercial Bank of China, Ltd., Class H | | | 1,052,000 | | | | 772,573 | |
Industrial Bank of Korea | | | 52,000 | | | | 643,854 | |
OTP Bank Nyrt | | | 18,000 | | | | 793,545 | |
Sberbank of Russia PJSC, Sponsored ADR | | | 88,000 | | | | 1,159,840 | |
Shinhan Financial Group Co., Ltd. | | | 28,000 | | | | 1,039,702 | |
Turkiye Garanti Bankasi AS | | | 260,000 | | | | 391,135 | |
| | | | | | | 11,201,403 | |
Diversified Real Estate Activity (1.18%) | | | | | | | | |
Ayala Land, Inc. | | | 760,000 | | | | 650,313 | |
| | | | | | | | |
Electric Utilities (3.76%) | | | | | | | | |
Enel Americas SA | | | 2,200,000 | | | | 391,115 | |
Kansai Electric Power Co., Inc. | | | 54,000 | | | | 796,344 | |
Power Grid Corp. of India, Ltd. | | | 308,000 | | | | 879,891 | |
| | | | | | | 2,067,350 | |
Gas Utilities (5.08%) | | | | | | | | |
Beijing Enterprises Holdings, Ltd. | | | 190,000 | | | | 1,078,899 | |
GAIL India, Ltd. | | | 233,000 | | | | 1,170,080 | |
Rubis SCA | | | 10,000 | | | | 545,886 | |
| | | | | | | 2,794,865 | |
Independent Power Producers & Energy Traders (2.37%) | | | | | |
Aboitiz Power Corp. | | | 642,000 | | | | 433,147 | |
Electricity Generating PCL | | | 94,000 | | | | 865,654 | |
| | | | | | | 1,298,801 | |
Industrial Machinery (2.11%) | | | | | | | | |
China Conch Venture Holdings, Ltd. | | | 324,000 | | | | 1,160,204 | |
| | | | | | | | |
Integrated Oil & Gas (11.22%) | | | | | | | | |
Gazprom PJSC, Sponsored ADR | | | 346,000 | | | | 1,563,138 | |
LUKOIL PJSC, Sponsored ADR | | | 13,800 | | | | 1,233,858 | |
| | Shares or Principal Amount | | | Value | |
Integrated Oil & Gas (continued) | | | | | | | | |
MOL Hungarian Oil & Gas PLC | | | 106,000 | | | $ | 1,215,565 | |
Oil & Natural Gas Corp., Ltd. | | | 326,000 | | | | 751,835 | |
Rosneft Oil Co. PJSC, GDR | | | 222,000 | | | | 1,395,336 | |
| | | | | | | 6,159,732 | |
Interactive Media & Services (5.61%) | | | | | | | | |
Momo, Inc., Sponsored ADR(a) | | | 14,000 | | | | 535,360 | |
Tencent Holdings, Ltd. | | | 43,545 | | | | 2,002,539 | |
YY, Inc., ADR(a) | | | 6,500 | | | | 546,065 | |
| | | | | | | 3,083,964 | |
Internet & Direct Marketing Retail (3.51%) | | | | | | | | |
Alibaba Group Holding, Ltd., Sponsored ADR(a)(b) | | | 8,000 | | | | 1,459,600 | |
Naspers, Ltd., Class N | | | 2,000 | | | | 466,083 | |
| | | | | | | 1,925,683 | |
IT Consulting & Other Services (3.07%) | | | | | | | | |
HCL Technologies, Ltd. | | | 57,657 | | | | 905,859 | |
Infosys, Ltd. | | | 72,488 | | | | 777,940 | |
| | | | | | | 1,683,799 | |
Life & Health Insurance (0.84%) | | | | | | | | |
Samsung Life Insurance Co., Ltd. | | | 6,200 | | | | 459,531 | |
| | | | | | | | |
Oil & Gas Exploration & Production (7.00%) | | | | | | | | |
CNOOC, Ltd. | | | 1,017,000 | | | | 1,894,346 | |
Diamondback Energy, Inc. | | | 7,296 | | | | 740,763 | |
EOG Resources, Inc. | | | 5,200 | | | | 494,936 | |
Pioneer Natural Resources Co. | | | 4,700 | | | | 715,716 | |
| | | | | | | 3,845,761 | |
Oil & Gas Refining & Marketing (4.11%) | | | | | | | | |
Motor Oil Hellas Corinth Refineries SA | | | 21,000 | | | | 487,625 | |
Petron Corp. | | | 4,000,000 | | | | 494,382 | |
SK Innovation Co., Ltd. | | | 5,500 | | | | 870,065 | |
Tupras Turkiye Petrol Rafinerileri AS | | | 18,000 | | | | 403,704 | |
| | | | | | | 2,255,776 | |
Oil & Gas Storage & Transportation (2.18%) | | | | | | | | |
Kunlun Energy Co., Ltd. | | | 850,000 | | | | 889,764 | |
Petronet LNG, Ltd. | | | 85,000 | | | | 308,539 | |
| | | | | | | 1,198,303 | |
Paper Packaging (0.43%) | | | | | | | | |
DS Smith PLC | | | 54,000 | | | | 236,560 | |
| | | | | | | | |
Paper Products (1.05%) | | | | | | | | |
Mondi PLC | | | 26,000 | | | | 575,721 | |
| | | | | | | | |
Real Estate Development (2.14%) | | | | | | | | |
LSR Group PJSC, GDR | | | 200,000 | | | | 400,587 | |
Megaworld Corp. | | | 7,023,000 | | | | 775,812 | |
| | | | | | | 1,176,399 | |
Regional Banks (3.72%) | | | | | | | | |
DGB Financial Group, Inc. | | | 127,000 | | | | 914,847 | |
Regional SAB de CV | | | 223,800 | | | | 1,127,287 | |
| | | | | | | 2,042,134 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 3 |
ICON Emerging Markets Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Renewable Electricity (1.88%) | | | | | | | | |
China Everbright Greentech, Ltd. | | | 1,299,792 | | | $ | 1,033,324 | |
| | | | | | | | |
Semiconductors (0.73%) | | | | | | | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 50,000 | | | | 400,453 | |
| | | | | | | | |
Steel (0.81%) | | | | | | | | |
POSCO | | | 2,000 | | | | 446,600 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals (0.54%) | | | | | |
Samsung Electronics Co., Ltd. | | | 7,500 | | | | 295,822 | |
| | | | | | | | |
Water Utilities (1.89%) | | | | | | | | |
Beijing Enterprises Water Group, Ltd. | | | 682,000 | | | | 421,897 | |
TTW PCL | | | 1,599,400 | | | | 614,863 | |
| | | | | | | 1,036,760 | |
Wireless Telecommunication Services (1.84%) | | | | | | | | |
China Mobile, Ltd. | | | 39,000 | | | | 397,969 | |
TIM Participacoes SA | | | 202,000 | | | | 612,911 | |
| | | | | | | 1,010,880 | |
| | | | | | | | |
Total Common Stocks (Cost $49,864,529) | | | | | | | 50,931,391 | |
| | | | | | | | |
Preferred Stocks (2.73%) | | | | | | | | |
Integrated Oil & Gas (1.58%) | | | | | | | | |
Petroleo Brasileiro SA | | | 122,000 | | | | 867,167 | |
| | | | | | | | |
Integrated Telecommunication Services (1.15%) | | | | | | | | |
Telefonica Brasil SA | | | 52,000 | | | | 630,850 | |
| | | | | | | | |
Total Preferred Stocks (Cost $1,415,292) | | | | | | | 1,498,017 | |
| | | | | | | | |
| | | | | | | | |
Total Investments (95.43%) (Cost $51,279,821) | | | | | | $ | 52,429,408 | |
| | | | | | | | |
Other Assets Less Liabilities (4.57%) | | | | | | | 2,511,495 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 54,940,903 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was on loan as of March 31, 2019. |
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
Country Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
China | | | 25.35 | % |
Russia | | | 10.48 | % |
South Korea | | | 8.96 | % |
India | | | 8.73 | % |
Hong Kong | | | 7.81 | % |
Mexico | | | 5.11 | % |
Philippines | | | 4.28 | % |
Brazil | | | 3.85 | % |
Thailand | | | 3.78 | % |
Hungary | | | 3.65 | % |
United States | | | 3.55 | % |
Turkey | | | 1.97 | % |
United Kingdom | | | 1.48 | % |
Japan | | | 1.45 | % |
France | | | 0.99 | % |
Greece | | | 0.89 | % |
South Africa | | | 0.88 | % |
Georgia | | | 0.78 | % |
Taiwan | | | 0.73 | % |
Chile | | | 0.71 | % |
| | | 95.43 | % |
Percentages are based upon common and preferred stocks as a percentage of net assets.
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Energy | | | 26.09 | % |
Financials | | | 24.93 | % |
Utilities | | | 14.98 | % |
Communication Services | | | 8.63 | % |
Materials | | | 7.52 | % |
Information Technology | | | 4.34 | % |
Consumer Discretionary | | | 3.51 | % |
Real Estate | | | 3.32 | % |
Industrials | | | 2.11 | % |
| | | 95.43 | % |
Percentages are based upon common and preferred stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
ICON Emerging Markets Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Diversified Banks | | | 20.37 | % |
Integrated Oil & Gas | | | 12.80 | % |
Oil & Gas Exploration & Production | | | 7.00 | % |
Interactive Media & Services | | | 5.61 | % |
Gas Utilities | | | 5.08 | % |
Oil & Gas Refining & Marketing | | | 4.11 | % |
Electric Utilities | | | 3.76 | % |
Regional Banks | | | 3.72 | % |
Internet & Direct Marketing Retail | | | 3.51 | % |
IT Consulting & Other Services | | | 3.07 | % |
Commodity Chemicals | | | 2.68 | % |
Construction Materials | | | 2.55 | % |
Independent Power Producers & Energy Traders | | | 2.37 | % |
Oil & Gas Storage & Transportation | | | 2.18 | % |
Real Estate Development | | | 2.14 | % |
Industrial Machinery | | | 2.11 | % |
Water Utilities | | | 1.89 | % |
Renewable Electricity | | | 1.88 | % |
Wireless Telecommunication Services | | | 1.84 | % |
Diversified Real Estate Activity | | | 1.18 | % |
Integrated Telecommunication Services | | | 1.15 | % |
Paper Products | | | 1.05 | % |
Other Industries (each less than 1%) | | | 3.38 | % |
| | | 95.43 | % |
Percentages are based upon common and preferred stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 5 |
ICON International Equity Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Common Stocks (91.73%) | | | | | | | | |
Aerospace & Defense (1.30%) | | | | | | | | |
Airbus SE | | | 3,500 | | | $ | 463,877 | |
| | | | | | | | |
Application Software (0.64%) | | | | | | | | |
Open Text Corp. | | | 6,000 | | | | 230,374 | |
| | | | | | | | |
Biotechnology (0.53%) | | | | | | | | |
Alexion Pharmaceuticals, Inc.(a) | | | 1,400 | | | | 189,252 | |
| | | | | | | | |
Building Products (0.80%) | | | | | | | | |
Tyman PLC | | | 90,264 | | | | 284,506 | |
| | | | | | | | |
Commodity Chemicals (2.46%) | | | | | | | | |
Indorama Ventures PCL | | | 100,000 | | | | 157,004 | |
Kumho Petrochemical Co., Ltd. | | | 2,400 | | | | 201,681 | |
Mexichem SAB de CV | | | 129,654 | | | | 309,937 | |
PTT Global Chemical PCL | | | 100,000 | | | | 212,393 | |
| | | | | | | 881,015 | |
Construction Materials (0.88%) | | | | | | | | |
West China Cement, Ltd. | | | 2,380,000 | | | | 316,022 | |
| | | | | | | | |
Diversified Banks (14.40%) | | | | | | | | |
ABN AMRO Group NV | | | 7,200 | | | | 162,321 | |
Agricultural Bank of China, Ltd., Class H | | | 500,000 | | | | 231,132 | |
Banco Santander SA | | | 115,000 | | | | 534,006 | |
Bank of China, Ltd., Class H | | | 1,060,000 | | | | 481,738 | |
BNP Paribas SA | | | 6,200 | | | | 295,047 | |
DNB ASA | | | 7,700 | | | | 141,832 | |
Grupo Financiero Banorte SAB de CV, Class O | | | 25,591 | | | | 139,028 | |
HSBC Holdings PLC | | | 35,000 | | | | 284,405 | |
ING Groep NV | | | 19,600 | | | | 237,499 | |
KB Financial Group, Inc. | | | 2,700 | | | | 99,906 | |
Lloyds Banking Group PLC | | | 286,000 | | | | 231,711 | |
OTP Bank Nyrt | | | 8,000 | | | | 352,687 | |
Oversea-Chinese Banking Corp., Ltd. | | | 48,000 | | | | 392,428 | |
Sberbank of Russia PJSC, Sponsored ADR | | | 42,000 | | | | 553,560 | |
Shinhan Financial Group Co., Ltd. | | | 3,200 | | | | 118,823 | |
Toronto-Dominion Bank | | | 6,100 | | | | 331,030 | |
UniCredit SpA | | | 43,584 | | | | 559,858 | |
| | | | | | | 5,147,011 | |
Diversified Chemicals (1.71%) | | | | | | | | |
BASF SE | | | 5,000 | | | | 368,734 | |
Mitsubishi Chemical Holdings Corp. | | | 17,000 | | | | 120,064 | |
Sumitomo Chemical Co., Ltd.(b) | | | 26,000 | | | | 121,376 | |
| | | | | | | 610,174 | |
Electric Utilities (5.54%) | | | | | | | | |
CK Infrastructure Holdings, Ltd. | | | 74,000 | | | | 607,386 | |
Enel SpA | | | 101,600 | | | | 651,033 | |
Iberdrola SA | | | 41,800 | | | | 366,994 | |
Kansai Electric Power Co., Inc. | | | 24,000 | | | | 353,931 | |
| | | | | | | 1,979,344 | |
| | Shares or Principal Amount | | | Value | |
Fertilizers & Agricultural Chemicals (0.80%) | | | | | | | | |
Nutrien, Ltd. | | | 5,400 | | | $ | 284,800 | |
| | | | | | | | |
Gas Utilities (2.09%) | | | | | | | | |
Beijing Enterprises Holdings, Ltd. | | | 42,000 | | | | 238,494 | |
GAIL India, Ltd. | | | 57,400 | | | | 288,251 | |
Rubis SCA | | | 4,000 | | | | 218,354 | |
| | | | | | | 745,099 | |
Independent Power Producers & Energy Traders (2.72%) | | | | | |
Aboitiz Power Corp. | | | 290,000 | | | | 195,658 | |
Electric Power Development Co., Ltd. | | | 12,200 | | | | 297,502 | |
Electricity Generating PCL | | | 52,000 | | | | 478,872 | |
| | | | | | | 972,032 | |
Industrial Machinery (0.50%) | | | | | | | | |
China Conch Venture Holdings, Ltd. | | | 50,000 | | | | 179,044 | |
| | | | | | | | |
Integrated Oil & Gas (11.27%) | | | | | | | | |
BP PLC | | | 65,000 | | | | 471,996 | |
Eni SpA | | | 21,000 | | | | 371,039 | |
Gazprom PJSC, Sponsored ADR | | | 33,000 | | | | 149,085 | |
LUKOIL PJSC, Sponsored ADR | | | 2,400 | | | | 214,584 | |
MOL Hungarian Oil & Gas PLC | | | 31,600 | | | | 362,376 | |
Oil & Natural Gas Corp., Ltd. | | | 85,000 | | | | 196,031 | |
Repsol SA | | | 19,400 | | | | 331,901 | |
Rosneft Oil Co. PJSC, GDR | | | 75,700 | | | | 475,797 | |
Royal Dutch Shell PLC, Class B | | | 27,000 | | | | 853,351 | |
TOTAL SA(b) | | | 10,800 | | | | 601,013 | |
| | | | | | | 4,027,173 | |
Interactive Media & Services (1.74%) | | | | | | | | |
Momo, Inc., Sponsored ADR(a) | | | 3,200 | | | | 122,368 | |
Tencent Holdings, Ltd. | | | 10,900 | | | | 501,267 | |
| | | | | | | 623,635 | |
Internet & Direct Marketing Retail (0.76%) | | | | | | | | |
Alibaba Group Holding, Ltd., Sponsored ADR(a)(b) | | | 1,500 | | | | 273,675 | |
| | | | | | | | |
Life & Health Insurance (1.16%) | | | | | | | | |
NN Group NV | | | 5,986 | | | | 249,056 | |
Prudential PLC | | | 8,200 | | | | 164,373 | |
| | | | | | | 413,429 | |
Multi-line Insurance (7.07%) | | | | | | | | |
Allianz SE | | | 4,500 | | | | 1,002,815 | |
Assicurazioni Generali SpA | | | 28,300 | | | | 524,697 | |
Aviva PLC | | | 77,000 | | | | 414,062 | |
AXA SA | | | 23,200 | | | | 583,501 | |
| | | | | | | 2,525,075 | |
Multi-Utilities (2.76%) | | | | | | | | |
E.ON SE | | | 34,000 | | | | 378,360 | |
Engie SA | | | 17,000 | | | | 253,518 | |
National Grid PLC | | | 31,800 | | | | 352,991 | |
| | | | | | | 984,869 | |
Oil & Gas Exploration & Production (6.36%) | | | | | | | | |
CNOOC, Ltd. | | | 287,000 | | | | 534,589 | |
Diamondback Energy, Inc. | | | 7,609 | | | | 772,542 | |
The accompanying notes are an integral part of the financial statements.
ICON International Equity Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Oil & Gas Exploration & Production (continued) | | | | | | | | |
Encana Corp., (ECA) | | | 37,940 | | | $ | 274,686 | |
Encana Corp., (ECA:CN) | | | 35,100 | | | | 254,251 | |
Parsley Energy, Inc., Class A(a) | | | 11,530 | | | | 222,529 | |
Pioneer Natural Resources Co. | | | 1,400 | | | | 213,192 | |
| | | | | | | 2,271,789 | |
Oil & Gas Refining & Marketing (3.32%) | | | | | | | | |
JXTG Holdings, Inc. | | | 134,000 | | | | 611,702 | |
Petron Corp. | | | 1,580,000 | | | | 195,281 | |
SK Innovation Co., Ltd. | | | 2,400 | | | | 379,665 | |
| | | | | | | 1,186,648 | |
Oil & Gas Storage & Transportation (0.71%) | | | | | | | | |
Kunlun Energy Co., Ltd. | | | 244,000 | | | | 255,415 | |
| | | | | | | | |
Other Diversified Financial Services (1.04%) | | | | | | | | |
ORIX Corp. | | | 26,000 | | | | 373,558 | |
| | | | | | | | |
Packaged Foods & Meats (1.49%) | | | | | | | | |
Danone SA | | | 6,900 | | | | 531,307 | |
| | | | | | | | |
Paper Packaging (2.88%) | | | | | | | | |
DS Smith PLC | | | 117,300 | | | | 513,861 | |
Rengo Co., Ltd. | | | 55,000 | | | | 516,650 | |
| | | | | | | 1,030,511 | |
Paper Products (3.59%) | | | | | | | | |
Mondi PLC | | | 38,000 | | | | 841,439 | |
Oji Holdings Corp. | | | 71,000 | | | | 441,822 | |
| | | | | | | 1,283,261 | |
Pharmaceuticals (1.71%) | | | | | | | | |
GlaxoSmithKline PLC | | | 9,400 | | | | 195,293 | |
Roche Holding AG | | | 1,000 | | | | 275,555 | |
Takeda Pharmaceutical Co., Ltd. | | | 3,400 | | | | 139,238 | |
| | | | | | | 610,086 | |
Real Estate Development (1.25%) | | | | | | | | |
Daiwa House Industry Co., Ltd. | | | 14,000 | | | | 445,867 | |
| | | | | | | | |
Regional Banks (1.70%) | | | | | | | | |
DGB Financial Group, Inc. | | | 38,000 | | | | 273,734 | |
Regional SAB de CV | | | 66,000 | | | | 332,444 | |
| | | | | | | 606,178 | |
Renewable Electricity (0.94%) | | | | | | | | |
China Everbright Greentech, Ltd. | | | 423,009 | | | | 336,289 | |
| | | | | | | | |
Specialty Chemicals (2.26%) | | | | | | | | |
Borregaard ASA | | | 19,128 | | | | 189,625 | |
Covestro AG(c) | | | 4,500 | | | | 248,271 | |
Shin-Etsu Chemical Co., Ltd. | | | 4,400 | | | | 370,255 | |
| | | | | | | 808,151 | |
Tobacco (1.48%) | | | | | | | | |
British American Tobacco PLC | | | 12,700 | | | | 529,817 | |
| | | | | | | | |
Trading Companies & Distributors (1.36%) | | | | | | | | |
Ashtead Group PLC | | | 20,100 | | | | 485,910 | |
| | Shares or Principal Amount | | | Value | |
Wireless Telecommunication Services (2.51%) | | | | | | | | |
SoftBank Group Corp. | | | 9,200 | | | $ | 896,786 | |
| | | | | | | | |
Total Common Stocks (Cost $35,766,598) | | | | | | | 32,781,979 | |
| | | | | | | | |
Preferred Stocks (0.64%) | | | | | | | | |
Integrated Oil & Gas (0.64%) | | | | | | | | |
Petroleo Brasileiro SA | | | 32,300 | | | | 229,586 | |
| | | | | | | | |
Total Preferred Stocks (Cost $166,032) | | | | | | | 229,586 | |
| | | | | | | | |
Collateral for Securities on Loan (0.02%) | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46% | | | 8,467 | | | | 8,467 | |
| | | | | | | | |
Total Collateral for Securities on Loan (Cost $8,467) | | | | | | | 8,467 | |
| | | | | | | | |
Total Investments (92.39%) (Cost $35,941,097) | | | | | | $ | 33,020,032 | |
| | | | | | | | |
Other Assets Less Liabilities (7.61%) | | | | | | | 2,718,834 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 35,738,866 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was on loan as of March 31, 2019. |
| (c) | Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2019, these securities had a total aggregate market value of $248,271. |
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 7 |
ICON International Equity Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
Country Composition(March 31, 2019) (Unaudited) | | | |
| | | |
United Kingdom | | | 15.74 | % |
Japan | | | 13.12 | % |
France | | | 8.24 | % |
China | | | 7.38 | % |
Italy | | | 5.90 | % |
Germany | | | 5.59 | % |
Hong Kong | | | 4.02 | % |
United States | | | 3.91 | % |
Russia | | | 3.90 | % |
Canada | | | 3.85 | % |
Spain | | | 3.45 | % |
South Korea | | | 3.00 | % |
Thailand | | | 2.37 | % |
Mexico | | | 2.19 | % |
Hungary | | | 2.00 | % |
Netherlands | | | 1.81 | % |
India | | | 1.36 | % |
Singapore | | | 1.10 | % |
Philippines | | | 1.10 | % |
Norway | | | 0.93 | % |
Switzerland | | | 0.77 | % |
Brazil | | | 0.64 | % |
| | | 92.37 | % |
Percentages are based upon common and preferred stocks as a percentage of net assets.
Sector Composition(March 31, 2019) (Unaudited) | | | |
| | | |
Financials | | | 25.37 | % |
Energy | | | 22.30 | % |
Materials | | | 14.58 | % |
Utilities | | | 14.05 | % |
Communication Services | | | 4.25 | % |
Industrials | | | 3.96 | % |
Consumer Staples | | | 2.97 | % |
Health Care | | | 2.24 | % |
Real Estate | | | 1.25 | % |
Consumer Discretionary | | | 0.76 | % |
Information Technology | | | 0.64 | % |
| | | 92.37 | % |
Percentages are based upon common and preferred stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | |
| | | |
Diversified Banks | | | 14.40 | % |
Integrated Oil & Gas | | | 11.91 | % |
Multi-line Insurance | | | 7.07 | % |
Oil & Gas Exploration & Production | | | 6.36 | % |
Electric Utilities | | | 5.54 | % |
Paper Products | | | 3.59 | % |
Oil & Gas Refining & Marketing | | | 3.32 | % |
Paper Packaging | | | 2.88 | % |
Multi-Utilities | | | 2.76 | % |
Independent Power Producers & Energy Traders | | | 2.72 | % |
Wireless Telecommunication Services | | | 2.51 | % |
Commodity Chemicals | | | 2.46 | % |
Specialty Chemicals | | | 2.26 | % |
Gas Utilities | | | 2.09 | % |
Interactive Media & Services | | | 1.74 | % |
Diversified Chemicals | | | 1.71 | % |
Pharmaceuticals | | | 1.71 | % |
Regional Banks | | | 1.70 | % |
Packaged Foods & Meats | | | 1.49 | % |
Tobacco | | | 1.48 | % |
Trading Companies & Distributors | | | 1.36 | % |
Aerospace & Defense | | | 1.30 | % |
Diversified Real Estate Activities | | | 1.25 | % |
Life & Health Insurance | | | 1.16 | % |
Other Diversified Financial Services | | | 1.04 | % |
Other Industries (each less than 1%) | | | 6.56 | % |
| | | 92.37 | % |
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.
ICON International Funds | Statements of Assets and Liabilities |
March 31, 2019 (Unaudited)
| | ICON Emerging Markets Fund | | | ICON International Equity Fund | |
Assets | | | | | | |
Investments, at cost | | $ | 51,279,821 | | | $ | 35,941,097 | |
Investments, at value(a) | | | 52,429,408 | | | | 33,020,032 | |
Cash and cash equivalents | | | 1,760,457 | | | | 3,101,022 | |
Foreign currency, at value (Cost $584,313 and $32,860, respectively) | | | 581,659 | | | | 33,122 | |
Receivables: | | | | | | | | |
Fund shares sold | | | 69,924 | | | | 2,884 | |
Expense reimbursements due from Adviser | | | 25,773 | | | | 16,008 | |
Interest | | | 608 | | | | 809 | |
Dividends | | | 301,069 | | | | 151,475 | |
Foreign tax reclaims | | | — | | | | 53,405 | |
Other assets | | | 18,203 | | | | 20,327 | |
Total assets | | | 55,187,101 | | | | 36,399,084 | |
| | | | | | | | |
Liabilities | | | | | | | | |
Payables: | | | | | | | | |
Payable for collateral received on securities loaned | | | — | | | | 8,467 | |
Investments purchased | | | — | | | | 531,885 | |
Capital gains tax | | | 53,311 | | | | — | |
Fund shares redeemed | | | 64,608 | | | | 31,578 | |
Advisory fees | | | 46,998 | | | | 30,684 | |
Transfer agent fees | | | 36,279 | | | | 13,164 | |
Fund accounting fees | | | 12,461 | | | | 16,448 | |
Accrued distribution fees | | | 528 | | | | 1,544 | |
Trustee fees and expenses | | | 2,670 | | | | 1,784 | |
Administration fees | | | 2,350 | | | | 1,534 | |
Accrued expenses | | | 26,993 | | | | 23,130 | |
Total liabilities | | | 246,198 | | | | 660,218 | |
Net Assets - all share classes | | $ | 54,940,903 | | | $ | 35,738,866 | |
Net Assets - Class S | | $ | 52,479,414 | | | $ | 32,958,695 | |
Net Assets - Class C | | $ | — | | | $ | 1,469,887 | |
Net Assets - Class A | | $ | 2,461,489 | | | $ | 1,310,284 | |
| | | | | | | | |
Net Assets Consists of | | | | | | | | |
Paid-in capital | | $ | 54,468,219 | | | $ | 47,901,143 | |
Total distributable earnings | | | 472,684 | | | | (12,162,277 | ) |
Net Assets | | $ | 54,940,903 | | | $ | 35,738,866 | |
| | | | | | | | |
Shares outstanding (unlimited shares authorized, no par value) | | | | | | | | |
Class S | | | 3,383,791 | | | | 2,802,106 | |
Class C | | | — | | | | 143,495 | |
Class A | | | 159,418 | | | | 113,861 | |
Net asset value (offering and redemption price per share) | | | | | | | | |
Class S | | $ | 15.51 | | | $ | 11.76 | |
Class C | | $ | — | | | $ | 10.24 | |
Class A | | $ | 15.44 | | | $ | 11.51 | |
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | | $ | 16.38 | | | $ | 12.21 | |
| | | | | | | | |
(a) Includes securities on loan of | | $ | 1,459,600 | | | $ | 305,719 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 9 |
ICON International Funds | Statements of Operations |
Period Ended March 31, 2019 (Unaudited)
| | ICON Emerging Markets Fund | | | ICON International Equity Fund | |
Investment Income | | | | | | |
Dividends | | | 594,558 | | | | 383,287 | |
Foreign taxes withheld | | | (64,415 | ) | | | (36,218 | ) |
Income from securities lending, net | | | 406 | | | | 2,696 | |
Total investment income | | | 530,549 | | | | 349,765 | |
| | | | | | | | |
Expenses | | | | | | | | |
Advisory fees | | | 265,502 | | | | 185,388 | |
Administration fees | | | 13,275 | | | | 9,269 | |
Transfer agent fees | | | 77,389 | | | | 28,176 | |
Distribution fees: | | | | | | | | |
Class C | | | — | | | | 7,878 | |
Class A | | | 6,837 | | | | 1,610 | |
Registration fees | | | 15,653 | | | | 17,021 | |
Audit and tax service expense | | | 10,960 | | | | 10,961 | |
Fund accounting fees | | | 22,579 | | | | 26,033 | |
Trustee fees and expenses | | | 9,367 | | | | 6,657 | |
Insurance expense | | | 3,048 | | | | 2,322 | |
Custody fees | | | 19,949 | | | | 11,818 | |
Printing fees | | | 8,824 | | | | 4,893 | |
Interest expense | | | 1,042 | | | | — | |
Other expenses | | | 17,289 | | | | 16,231 | |
Total expenses before expense reimbursement | | | 471,714 | | | | 328,257 | |
Expense reimbursement by Adviser due to expense limitation agreement | | | (52,354 | ) | | | (31,878 | ) |
Net Expenses | | | 419,360 | | | | 296,379 | |
Net Investment Income/(Loss) | | | 111,189 | | | | 53,386 | |
| | | | | | | | |
Realized and Unrealized Gain/(Loss) | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | |
Investments and foreign currency translations | | | (560,126 | ) | | | (2,013,933 | ) |
| | | (560,126 | ) | | | (2,013,933 | ) |
Change in unrealized net appreciation/(depreciation) on: | | | | | | | | |
Investments and foreign currency | | | (627,057 | ) | | | (1,381,052 | ) |
Capital gains tax | | | 52,785 | | | | 10,312 | |
| | | (574,272 | ) | | | (1,370,740 | ) |
Net realized and unrealized gain/(loss) | | | (1,134,398 | ) | | | (3,384,673 | ) |
Net Increase/(Decrease) in Net Assets Resulting From Operations | | $ | (1,023,209 | ) | | $ | (3,331,287 | ) |
The accompanying notes are an integral part of the financial statements.
ICON International Funds | Statements of Changes in Net Assets |
| | ICON Emerging Markets Fund | | | ICON International Equity Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | |
Operations | | | | | | | | | | | | |
Net investment income/(loss) | | $ | 111,189 | | | $ | 1,155,711 | | | $ | 53,386 | | | $ | 709,879 | |
Net realized gain/(loss) | | | (560,126 | ) | | | 257,464 | | | | (2,013,933 | ) | | | 592,186 | |
Change in net unrealized appreciation/(depreciation) | | | (574,272 | ) | | | (146,633 | ) | | | (1,370,740 | ) | | | (2,455,976 | ) |
Net increase/(decrease) in net assets resulting from operations | | | (1,023,209 | ) | | | 1,266,542 | | | | (3,331,287 | ) | | | (1,153,911 | ) |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | (1,423,899 | ) | | | (100,052 | ) | | | (484,585 | ) | | | — | |
Class C | | | — | | | | — | | | | (22,016 | ) | | | — | |
Class A | | | (158,692 | ) | | | (478 | ) | | | (18,087 | ) | | | — | |
Net decrease from dividends and distributions | | | (1,582,591 | ) | | | (100,530 | ) | | | (524,688 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 13,174,914 | | | | 21,485,982 | | | | 1,043,315 | | | | 7,643,709 | |
Class C | | | — | | | | — | | | | 101,287 | | | | 176,801 | |
Class A | | | 2,735,678 | | | | 3,063,930 | | | | 39,329 | | | | 82,833 | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | 1,374,068 | | | | 95,422 | | | | 477,537 | | | | — | |
Class C | | | — | | | | — | | | | 21,671 | | | | — | |
Class A | | | 142,269 | | | | 424 | | | | 15,393 | | | | — | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (10,611,468 | ) | | | (23,337,380 | ) | | | (5,106,464 | ) | | | (11,643,496 | ) |
Class C | | | — | | | | — | | | | (413,956 | ) | | | (664,995 | ) |
Class A | | | (6,601,578 | ) | | | (9,861,188 | ) | | | (79,453 | ) | | | (849,184 | ) |
Net increase/(decrease) from fund share transactions | | | 213,883 | | | | (8,552,810 | ) | | | (3,901,341 | ) | | | (5,254,332 | ) |
| | | | | | | | | | | | | | | | |
Total net decrease in net assets | | | (2,391,917 | ) | | | (7,386,798 | ) | | | (7,757,316 | ) | | | (6,408,243 | ) |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 57,332,820 | | | | 64,719,618 | | | | 43,496,182 | | | | 49,904,425 | |
End of period | | $ | 54,940,903 | | | $ | 57,332,820 | | | $ | 35,738,866 | | | $ | 43,496,182 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 860,446 | | | | 1,282,140 | | | | 91,942 | | | | 564,142 | |
Class C | | | — | | | | — | | | | 10,433 | | | | 15,057 | |
Class A | | | 176,913 | | | | 184,221 | | | | 3,439 | | | | 6,230 | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | 97,521 | | | | 5,942 | | | | 44,881 | | | | — | |
Class C | | | — | | | | — | | | | 2,333 | | | | — | |
Class A | | | 10,133 | | | | 26 | | | | 1,479 | | | | — | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (711,670 | ) | | | (1,410,257 | ) | | | (444,246 | ) | | | (882,846 | ) |
Class C | | | — | | | | — | | | | (40,768 | ) | | | (56,962 | ) |
Class A | | | (427,899 | ) | | | (601,142 | ) | | | (7,138 | ) | | | (66,078 | ) |
Net increase/(decrease) | | | 5,444 | | | | (539,070 | ) | | | (337,645 | ) | | | (420,457 | ) |
Shares outstanding, beginning of period | | | 3,537,765 | | | | 4,076,835 | | | | 3,397,107 | | | | 3,817,564 | |
Shares outstanding, end of period | | | 3,543,209 | | | | 3,537,765 | | | | 3,059,462 | | | | 3,397,107 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 11 |
ICON Emerging Markets Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 16.22 | | | $ | 15.90 | | | $ | 14.28 | | | $ | 12.95 | | | $ | 13.72 | | | $ | 13.51 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.04 | | | | 0.31 | | | | 0.07 | | | | (0.00 | )(b) | | | (0.03 | ) | | | (0.03 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.28 | ) | | | 0.04 | | | | 1.55 | | | | 1.33 | | | | (0.74 | ) | | | 0.27 | |
Total from investment operations | | | (0.24 | ) | | | 0.35 | | | | 1.62 | | | | 1.33 | | | | (0.77 | ) | | | 0.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.31 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | | | | (0.03 | ) |
Distributions from net realized gains | | | (0.16 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.47 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.51 | | | $ | 16.22 | | | $ | 15.90 | | | $ | 14.28 | | | $ | 12.95 | | | $ | 13.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (1.21 | )%(c) | | | 2.21 | % | | | 11.34 | % | | | 10.27 | % | | | (5.61 | )% | | | 1.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 52,479 | | | $ | 50,897 | | | $ | 51,833 | | | $ | 45,786 | | | $ | 16,123 | | | $ | 8,942 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.73 | %(d) | | | 1.61 | % | | | 1.72 | % | | | 1.85 | % | | | 2.44 | % | | | 2.11 | % |
After expense limitation | | | 1.55 | %(d)(e) | | | 1.55 | %(e) | | | 1.55 | %(e) | | | 1.55 | %(e) | | | 1.55 | %(e) | | | 1.88 | %(f) |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.29 | %(d) | | | 1.83 | % | | | 0.29 | % | | | (0.32 | )% | | | (1.08 | )% | | | (0.42 | )% |
After expense limitation | | | 0.47 | %(d)(e) | | | 1.89 | %(e) | | | 0.46 | %(e) | | | (0.02 | )%(e) | | | (0.19 | )%(e) | | | (0.19 | )%(f) |
Portfolio turnover rate | | | 27 | %(c) | | | 63 | % | | | 169 | % | | | 156 | % | | | 76 | % | | | 92 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $(0.005). |
| (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 of the 2014 Annual Report. The ratios in these financial highlights reflect the limitation, including the interest expense. |
The accompanying notes are an integral part of the financial statements.
ICON Emerging Markets Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 16.08 | | | $ | 15.77 | | | $ | 14.20 | | | $ | 12.91 | | | $ | 13.71 | | | $ | 13.51 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b)(c) | | | (0.00 | )(d) | | | 0.24 | | | | 0.06 | | | | (0.01 | ) | | | (0.07 | ) | | | (0.04 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.25 | ) | | | 0.07 | | | | 1.51 | | | | 1.30 | | | | (0.73 | ) | | | 0.27 | |
Total from investment operations | | | (0.25 | ) | | | 0.31 | | | | 1.57 | | | | 1.29 | | | | (0.80 | ) | | | 0.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.23 | ) | | | (0.00 | )(d) | | | — | | | | — | | | | — | | | | (0.03 | ) |
Distributions from net realized gains | | | (0.16 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.39 | ) | | | (0.00 | ) | | | — | | | | — | | | | — | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 15.44 | | | $ | 16.08 | | | $ | 15.77 | | | $ | 14.20 | | | $ | 12.91 | | | $ | 13.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(e) | | | (1.33 | )%(f) | | | 1.97 | % | | | 11.06 | % | | | 9.99 | % | | | (5.84 | )% | | | 1.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 2,461 | | | $ | 6,436 | | | $ | 12,887 | | | $ | 9,072 | | | $ | 725 | | | $ | 305 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.21 | %(g) | | | 1.96 | % | | | 2.12 | % | | | 2.16 | % | | | 4.75 | % | | | 4.32 | % |
After expense limitation(h) | | | 1.80 | %(g) | | | 1.80 | % | | | 1.80 | % | | | 1.80 | % | | | 1.80 | % | | | 1.95 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.43 | )%(g) | | | 1.32 | % | | | 0.08 | % | | | (0.43 | )% | | | (3.44 | )% | | | (2.65 | )% |
After expense limitation(h) | | | (0.02 | )%(g) | | | 1.48 | % | | | 0.40 | % | | | (0.07 | )% | | | (0.49 | )% | | | (0.28 | )% |
Portfolio turnover rate | | | 27 | %(f) | | | 63 | % | | | 169 | % | | | 156 | % | | | 76 | % | | | 92 | % |
| (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 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. |
| (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, 2019 | 13 |
ICON International Equity Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 12.89 | | | $ | 13.17 | | | $ | 11.94 | | | $ | 11.37 | | | $ | 11.75 | | | $ | 11.81 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.02 | | | | 0.20 | | | | 0.04 | | | | 0.05 | | | | 0.00 | (b) | | | 0.06 | |
Net realized and unrealized gains/(losses) on investments | | | (0.98 | ) | | | (0.48 | ) | | | 1.19 | | | | 0.52 | | | | (0.37 | ) | | | (0.12 | ) |
Total from investment operations | | | (0.96 | ) | | | (0.28 | ) | | | 1.23 | | | | 0.57 | | | | (0.37 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.17 | ) | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
Total dividends and distributions | | | (0.17 | ) | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.76 | | | $ | 12.89 | | | $ | 13.17 | | | $ | 11.94 | | | $ | 11.37 | | | $ | 11.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (7.35 | )%(c) | | | (2.13 | )% | | | 10.30 | % | | | 5.01 | % | | | (3.15 | )% | | | (0.51 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 32,959 | | | $ | 40,096 | | | $ | 45,144 | | | $ | 50,005 | | | $ | 67,201 | | | $ | 80,356 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.63 | %(d) | | | 1.49 | % | | | 1.57 | % | | | 1.45 | % | | | 1.41 | % | | | 1.41 | % |
After expense limitation(e) | | | 1.55 | %(d) | | | 1.49 | % | | | 1.55 | % | | | 1.45 | % | | | 1.41 | % | | | 1.41 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.26 | %(d) | | | 1.46 | % | | | 0.31 | % | | | 0.45 | % | | | 0.00 | %(f) | | | 0.44 | % |
After expense limitation(e) | | | 0.34 | %(d) | | | 1.46 | % | | | 0.33 | % | | | 0.45 | % | | | 0.00 | %(f) | | | 0.44 | % |
Portfolio turnover rate | | | 14 | %(c) | | | 92 | % | | | 209 | % | | | 198 | % | | | 204 | % | | | 193 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (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.
ICON International Equity Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 11.28 | | | $ | 11.64 | | | $ | 10.66 | | | $ | 10.27 | | | $ | 10.72 | | | $ | 10.89 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a)(b) | | | (0.03 | ) | | | 0.04 | | | | (0.07 | ) | | | (0.09 | ) | | | (0.12 | ) | | | (0.08 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.87 | ) | | | (0.40 | ) | | | 1.05 | | | | 0.48 | | | | (0.33 | ) | | | (0.09 | ) |
Total from investment operations | | | (0.90 | ) | | | (0.36 | ) | | | 0.98 | | | | 0.39 | | | | (0.45 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.14 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.14 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.24 | | | $ | 11.28 | | | $ | 11.64 | | | $ | 10.66 | | | $ | 10.27 | | | $ | 10.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (7.86 | )%(d) | | | (3.09 | )% | | | 9.19 | % | | | 3.80 | % | | | (4.20 | )% | | | (1.56 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 1,470 | | | $ | 1,934 | | | $ | 2,484 | | | $ | 2,941 | | | $ | 3,299 | | | $ | 4,597 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 3.65 | %(e) | | | 3.29 | % | | | 3.35 | % | | | 3.13 | % | | | 2.96 | % | | | 2.82 | % |
After expense limitation(f) | | | 2.55 | %(e) | | | 2.55 | % | | | 2.55 | % | | | 2.55 | % | | | 2.55 | % | | | 2.56 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (1.77 | )%(e) | | | (0.42 | )% | | | (1.48 | )% | | | (1.40 | )% | | | (1.56 | )% | | | (0.99 | )% |
After expense limitation(f) | | | (0.67 | )%(e) | | | 0.32 | % | | | (0.68 | )% | | | (0.82 | )% | | | (1.15 | )% | | | (0.73 | )% |
Portfolio turnover rate | | | 14 | %(d) | | | 92 | % | | | 209 | % | | | 198 | % | | | 204 | % | | | 193 | % |
| (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. |
| (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, 2019 | 15 |
ICON International Equity Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 12.63 | | | $ | 12.94 | | | $ | 11.76 | | | $ | 11.24 | | | $ | 11.65 | | | $ | 11.75 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.01 | | | | 0.14 | | | | 0.01 | | | | 0.05 | | | | (0.04 | ) | | | 0.00 | (b) |
Net realized and unrealized gains/(losses) on investments | | | (0.97 | ) | | | (0.45 | ) | | | 1.17 | | | | 0.47 | | | | (0.37 | ) | | | (0.10 | ) |
Total from investment operations | | | (0.96 | ) | | | (0.31 | ) | | | 1.18 | | | | 0.52 | | | | (0.41 | ) | | | (0.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.16 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.16 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.51 | | | $ | 12.63 | | | $ | 12.94 | | | $ | 11.76 | | | $ | 11.24 | | | $ | 11.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (7.48 | )%(d) | | | (2.40 | )% | | | 10.03 | % | | | 4.63 | % | | | (3.52 | )% | | | (0.85 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 1,310 | | | $ | 1,466 | | | $ | 2,276 | | | $ | 2,829 | | | $ | 3,725 | | | $ | 4,089 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 3.29 | %(e) | | | 2.59 | % | | | 2.67 | % | | | 2.43 | % | | | 2.25 | % | | | 2.12 | % |
After expense limitation(f) | | | 1.80 | %(e) | | | 1.80 | % | | | 1.80 | % | | | 1.80 | % | | | 1.80 | % | | | 1.81 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (1.37 | )%(e) | | | 0.28 | % | | | (0.80 | )% | | | (0.19 | )% | | | (0.77 | )% | | | (0.27 | )% |
After expense limitation(f) | | | 0.12 | %(e) | | | 1.07 | % | | | 0.07 | % | | | 0.44 | % | | | (0.32 | )% | | | 0.04 | % |
Portfolio turnover rate | | | 14 | %(d) | | | 92 | % | | | 209 | % | | | 198 | % | | | 204 | % | | | 193 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (c) | The total return calculation excludes any sales charges. |
| (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.
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (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 Class C shares. 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. Securities of emerging or developing market companies may be less liquid and more volatile than securities in countries with more mature markets. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity, and small market share.
In the normal course of business, the 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 financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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’ Valuation Committee pursuant to procedures approved by the Funds’ Board of Trustees (the “Board”).
Semi-Annual Report | March 31, 2019 | 17 |
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (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, including money market funds, that are not traded on an exchange are valued at the end of day net asset value (“NAV”) 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 Funds’ Valuation Committee determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation is 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 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, 2019:
ICON Emerging Markets Fund
Investments in Securities at Value* | | Level 1 - Quoted and Unadjusted Prices | | | Level 2 - Other Significant Observable Inputs | | | Level 3 - Significant Unobservable Inputs | | | Total | |
Common Stocks | | | | | | | | | | | | | | | | |
Commodity Chemicals | | $ | 626,896 | | | $ | 847,760 | | | $ | — | | | $ | 1,474,656 | |
Diversified Banks | | | 2,214,370 | | | | 8,987,033 | | | | — | | | | 11,201,403 | |
Electric Utilities | | | 391,115 | | | | 1,676,235 | | | | — | | | | 2,067,350 | |
Integrated Oil & Gas | | | 1,233,858 | | | | 4,925,874 | | | | — | | | | 6,159,732 | |
Interactive Media & Services | | | 1,081,425 | | | | 2,002,539 | | | | — | | | | 3,083,964 | |
Internet & Direct Marketing Retail | | | 1,459,600 | | | | 466,083 | | | | — | | | | 1,925,683 | |
Oil & Gas Exploration & Production | | | 1,951,415 | | | | 1,894,346 | | | | — | | | | 3,845,761 | |
Oil & Gas Refining & Marketing | | | 982,007 | | | | 1,273,769 | | | | — | | | | 2,255,776 | |
Regional Banks | | | 1,127,287 | | | | 914,847 | | | | — | | | | 2,042,134 | |
Water Utilities | | | 614,863 | | | | 421,897 | | | | — | | | | 1,036,760 | |
Wireless Telecommunication Services | | | 612,911 | | | | 397,969 | | | | — | | | | 1,010,880 | |
Other | | | 16,730 | | | | 14,810,562 | | | | — | | | | 14,827,292 | |
Preferred Stocks | | | 1,498,017 | | | | — | | | | — | | | | 1,498,017 | |
Total | | $ | 13,810,494 | | | $ | 38,618,914 | | | $ | — | | | $ | 52,429,408 | |
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
ICON International Equity Fund
Investments in Securities at Value* | | Level 1 - Quoted and Unadjusted Prices | | | Level 2 - Other Significant Observable Inputs | | | Level 3 - Significant Unobservable Inputs | | | Total | |
Common Stocks | | | | | | | | | | | | | | | | |
Commodity Chemicals | | $ | 309,937 | | | $ | 571,078 | | | $ | — | | | $ | 881,015 | |
Diversified Banks | | | 1,023,618 | | | | 4,123,393 | | | | — | | | | 5,147,011 | |
Integrated Oil & Gas | | | 214,584 | | | | 3,812,589 | | | | — | | | | 4,027,173 | |
Interactive Media & Services | | | 122,368 | | | | 501,267 | | | | — | | | | 623,635 | |
Oil & Gas Exploration & Production | | | 1,737,200 | | | | 534,589 | | | | — | | | | 2,271,789 | |
Oil & Gas Refining & Marketing | | | 195,281 | | | | 991,367 | | | | — | | | | 1,186,648 | |
Regional Banks | | | 332,444 | | | | 273,734 | | | | — | | | | 606,178 | |
Other | | | 1,262,607 | | | | 16,775,923 | | | | — | | | | 18,038,530 | |
Preferred Stocks | | | 229,586 | | | | — | | | | — | | | | 229,586 | |
Collateral for Securities on Loan | | | — | | | | 8,467 | | | | — | | | | 8,467 | |
Total | | $ | 5,427,625 | | | $ | 27,592,407 | | | $ | — | | | $ | 33,020,032 | |
| * | 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, 2019.
Fund Share Valuation
Fund shares are sold and redeemed on a daily basis at NAV. NAV per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading. The NAV is computed by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.
Cash and Cash Equivalents
Idle cash may be swept into an overnight demand deposit account and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities resulting from changes in the exchange rates and changes in market prices of securities held.
Forward Foreign Currency Contracts
The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting parties to exchange an amount of currency at some future time at an agreed upon rate. The Funds may use forward foreign currency contracts to manage foreign currency exposure with respect to transactional hedging, positional hedging, cross hedging and proxy hedging.
These contracts involve market risk and do not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of those securities decline. The Funds could be exposed to risk if the value of the currency changes unfavorably. Additionally, the Funds could be exposed to counterparty risk if the counterparties are unable to meet the terms of the contracts.
Semi-Annual Report | March 31, 2019 | 19 |
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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, 2019 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. 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 assets that generally exceed the value of the securities on loan. Collateral may consist of cash or securities issued or guaranteed by the United States government or its agencies or instrumentalities. 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.
The following is a summary of the Funds’ securities lending positions and related cash and non-cash collateral received as of March 31, 2019:
| | Market Value of Securities on Loan | | | Market Value of Cash Collateral Received | | | Market Value of Non-Cash Collateral Received | | | Total Collateral Received | | | Excess Collateral | |
ICON Emerging Markets Fund | | $ | 1,459,600 | | | $ | — | | | $ | 1,452,000 | | | $ | 1,452,000 | | | $ | — | |
ICON International Equity Fund | | | 305,719 | | | | 8,467 | | | | 298,029 | | | | 306,496 | | | | 777 | |
Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.
The Funds have elected to invest cash collateral received from lending in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedules of Investments. The Funds bear the risk of loss with respect to the investment of cash collateral. The State Street Navigator Securities Lending Government Money Market Portfolio is a Government Money Market Portfolio designed to provide continuous daily liquidity. Non-Cash collateral received consists of securities issued or guaranteed by the United States government or its agencies or instrumentalities with remaining maturities ranging from overnight to 30 years. Non-cash collateral is not disclosed on the Funds’ Schedules of Investments or their Statements of Assets and Liabilities as the Funds do not have the ability to re-hypothecate these securities. The net securities lending income earned by the Funds for the six months ended March 31, 2019, 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, 2019. It may also include collateral received from the pre-funding of security loans.
Security loans consist of equity securities and generally do not have a stated maturity date. The Funds may recall a loaned security at any time.
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. As of and during the six months ended March 31, 2019, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize the interest and penalties, if any, related to the unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
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 GAAP.
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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 affected by economic and political developments in a 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 or number of shareholder accounts. 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 or number of shareholder accounts. 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.
Semi-Annual Report | March 31, 2019 | 21 |
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
Below are additional class level expenses for the six months ended March 31, 2019 that are included on the Statements of Operations:
Fund | | Printing Fees* | | | Transfer Agent Fees* | | | Registration Fees | |
ICON Emerging Markets Fund | | | | | | | | | | | | |
Class S | | $ | 3,914 | | | $ | 57,720 | | | $ | 9,558 | |
Class A | | | 739 | | | | 7,885 | | | | 6,095 | |
ICON International Equity Fund | | | | | | | | | | | | |
Class S | | | 1,117 | | | | 16,406 | | | | 7,397 | |
Class C | | | 273 | | | | 4,768 | | | | 4,127 | |
Class A | | | 229 | | | | 4,280 | | | | 5,497 | |
| * | Printing and Transfer agent out of pocket fees are a Fund level expense. |
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 investments. 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, 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 | | 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, 2020. 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, 2019, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | | Expires 2019 | | | Expires 2020 | | | Expires 2021 | | | Expires 2022 | |
ICON Emerging Markets Fund | | $ | 67,522 | | | $ | 106,329 | (a) | | $ | 46,120 | | | $ | 52,354 | |
ICON International Equity Fund | | | 21,186 | | | | 41,389 | | | | 34,771 | | | | 31,878 | |
| (a) | Emerging Markets Fund Class C shares merged into Class A shares on January 10, 2017. The Class C amount is not available for recoupment. |
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, which is greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.
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.
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (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, 2019, 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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.
Distribution Fees
ICON Distributors, Inc. (“IDI” or “Distributor”), a wholly-owned subsidiary of ICON Management and Research and affiliate of ICON Advisers, Inc., serves the Trust as Distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate or reimburse the Distributor for the sale and distribution of shares and for other shareholder services. The shareholders of the ICON International Equity Fund Class C pay an annual distribution fee of 1.00% of average daily net assets. The shareholders of the Funds Class A shares pay an annual distribution fee of 0.25% of average daily net assets. There is no annual distribution fee for Class S shares. The total amount paid by each Fund under the 12b-1 Plan is shown on the Statements of Operations.
Class A Shares are subject to an initial sales charge and the public offering price of Class A shares equals net asset value plus the applicable sales charge, which is a maximum of 5.75%. For the six months ended March 31, 2019, IDI collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries, as follows:
Fund | | Sales Charges Collected |
ICON Emerging Markets Fund Class A | | $ | 2,516 | |
ICON International Equity Fund Class A | | | 41 | |
In addition, IDI receives a contingent deferred sales charge of 1.00% of the purchase price on redemptions of Class C shares made within one year following the date of purchase. A 1.00% contingent deferred sales charge may also apply to certain redemptions of Class A shares made within one year following the purchase of $1 million or more without an initial sales charge. For the six months ended March 31, 2019, IDI collected the following contingent deferred sales charges:
Fund | | Contingent Deferred Sales Charges Collected |
ICON International Equity Fund Class C | | $ | 206 | |
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 pays a portion 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, 2019, 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, 2019, the total related amounts accrued by the Funds under this arrangement was $534 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, 2019, 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.
Semi-Annual Report | March 31, 2019 | 23 |
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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 $30 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2019 was 3.74%. The Line of Credit agreement/arrangement expires on March 17, 2020.
For the six months ended March 31, 2019, the average outstanding loan by Fund was as follows:
Fund | | Maximum Borrowing (10/01/18 – 03/31/19) | | Average Borrowing (10/01/18 – 03/31/19)^ | | Average Interest Rates (10/01/18 – 03/31/19)^ |
ICON Emerging Markets Fund | | $ | 814,771 | | | $ | 524,803 | | | 3.76% |
| ^ | The average is calculated based on the actual number of days with outstanding borrowings. |
There were no outstanding borrowings under this agreement/arrangement as of March 31, 2019.
5. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended March 31, 2019, 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 | | $ | 13,697,432 | | | $ | 14,011,653 | |
ICON International Equity Fund | | | 4,739,342 | | | | 9,924,707 | |
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 expiring capital loss carryforwards.
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses generated by a Fund may be carried over indefinitely.
For International Equity Fund, the capital loss carryovers used during the year ended September 30, 2018 were, net of short-term and long-term, $299,186 and capital losses expired/unused were $27,012,993.
For International Equity Fund, the short-term and long-term capital losses with no expiration were $2,090,791 and $5,160,526, respectively.
For the year ended September 30, 2018, the following reclassification was made, which had no impact on results of operations or net assets.
Fund | | Paid-in Capital | | Total Distributable Earnings |
ICON International Equity Fund | | $ | (27,012,993 | ) | | $ | 27,012,993 | |
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2018, were as follows:
Fund | | Ordinary Income |
ICON Emerging Markets Fund | | $ | 100,530 | |
ICON International Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
As of September 30, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Fund | | Undistributed Ordinary Income | | | Accumulated Capital Gains/(Losses) | | | Other Cumulative Effect of Timing Differences | | | Unrealized Appreciation/(Depreciation) | | | Total Accumulated Earnings/(Deficit) | |
ICON Emerging Markets Fund | | $ | 1,413,151 | | | $ | — | | | $ | — | | | $ | 1,665,333 | | | $ | 3,078,484 | |
ICON International Equity Fund | | | 495,203 | | | | (7,251,317 | ) | | | 1,854 | | | | (1,552,042 | ) | | | (8,306,302 | ) |
As of March 31, 2019, 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 | | $ | 5,016,023 | | | $ | (3,866,436 | ) | | $ | 1,149,587 | | | $ | 51,279,821 | |
ICON International Equity Fund | | | 1,515,202 | | | | (4,436,267 | ) | | | (2,921,065 | ) | | | 35,941,097 | |
| * | This balance includes appreciation/(depreciation) of foreign currency. |
7. RECENT ACCOUNTING PRONOUNCEMENT
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, which changes the fair value measurement disclosure requirements of FASB Accounting Standards Codification Topic 820, Fair Value Measurement. The update to Topic 820 includes new, eliminated, and modified disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods. Early adoption is permitted for any eliminated or modified disclosures. Management has eliminated and modified disclosures and is currently evaluating the impact of the remaining ASU.
8. SUBSEQUENT EVENT
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2019 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.
Semi-Annual Report | March 31, 2019 | 25 |
ICON International Funds | Disclosure of Fund Expenses |
March 31, 2019 (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 (10/01/18 – 03/31/19).
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, 2018 | | Ending Account Value March 31, 2019 | | Expense Ratio(a) | | Expenses Paid During period October 1, 2018 - March 31, 2019(b) |
ICON Emerging Markets Fund | | | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 987.90 | | | 1.55 | % | | $ | 7.68 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.20 | | | 1.55 | % | | $ | 7.80 | |
Class A | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 986.70 | | | 1.80 | % | | $ | 8.92 | |
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 | | | $ | 926.50 | | | 1.55 | % | | $ | 7.44 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.20 | | | 1.55 | % | | $ | 7.80 | |
Class C | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 921.40 | | | 2.55 | % | | $ | 12.22 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,012.22 | | | 2.55 | % | | $ | 12.79 | |
Class A | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 925.20 | | | 1.80 | % | | $ | 8.64 | |
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). |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
ICON International Funds | Additional Information |
March 31, 2019 (Unaudited)
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
Semi-Annual Report | March 31, 2019 | 27 |
ICON International Funds | Privacy Policy |
March 31, 2019 (Unaudited)
| 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 areno longerour 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. |
ICON International Funds | Privacy Policy |
March 31, 2019 (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, 2019 | 29 |
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, Suite 1200 |
| Greenwood Village, CO 80111 |
On the Internet | www.iconfunds.com |
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 | SEMI-ANNUAL REPORT March 31, 2019 |
Sector Funds
ICON Consumer Discretionary Fund (ICCCX, ICCAX)
ICON Consumer Staples Fund (ICLEX, ICRAX)
ICON Energy Fund (ICENX, ICEEX, ICEAX)
ICON Financial Fund (ICFSX, ICFAX)
ICON Healthcare Fund (ICHCX, ICHAX)
ICON Industrials Fund (ICTRX, ICIAX)
ICON Information Technology Fund (ICTEX, ICTTX)
ICON Natural Resources Fund (ICBMX, ICBCX, ICBAX)
ICON Utilities Fund (ICTUX, ICTVX)
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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 atwww.iconfunds.com to learn more and sign up.
You may change or cancel your participation ineDelivery by visitingwww.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.
Beginning on January 1, 2021, ICON will no longer send paper copies of the Funds’ annual and semi-annual shareholder reports by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and given a website address of where to access the report.
If you have already opted to receive e-delivery, this change will not affect you and you do not need to take any action. At any time, shareholders who invest directly in the ICON Funds may generally elect to receive reports or other communications electronically by enrolling at www.iconfunds.com or calling 1-800-764-0442 or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary.
You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with ICON, please call 1-800-764-0442. If you are a retirement plan sponsor or invest in the ICON Funds through a financial intermediary, please contact your representative or financial intermediary. Your election to receive reports as a paper copy will apply to all ICON Funds held in your account. Your election can be changed at any time in the future.
| | |
1-800-764-0442 | ● | www.iconfunds.com |
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ICON Sector Funds | About This Report |
March 31, 2019 (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, 2019, 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.
ICON Consumer Discretionary Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | Value |
Common Stocks (91.61%) | | | | | | | | |
Apparel Retail (10.49%) | | | | | | | | |
Children’s Place, Inc.(a) | | | 2,812 | | | $ | 273,551 | |
Foot Locker, Inc. | | | 14,900 | | | | 902,940 | |
Tailored Brands, Inc.(a) | | | 27,521 | | | | 215,765 | |
TJX Cos., Inc. | | | 13,202 | | | | 702,478 | |
Urban Outfitters, Inc.(b) | | | 7,300 | | | | 216,372 | |
| | | | | | | 2,311,106 | |
Apparel, Accessories & Luxury Goods (13.96%) | | | | | | | | |
Capri Holdings, Ltd.(b) | | | 6,073 | | | | 277,840 | |
PVH Corp. | | | 5,900 | | | | 719,505 | |
Tapestry, Inc. | | | 8,276 | | | | 268,887 | |
VF Corp. | | | 20,800 | | | | 1,807,728 | |
| | | | | | | 3,073,960 | |
Automobile Manufacturers (2.02%) | | | | | | | | |
General Motors Co. | | | 12,000 | | | | 445,200 | |
| | | | | | | | |
Broadcasting (6.04%) | | | | | | | | |
CBS Corp., Class B | | | 28,000 | | | | 1,330,840 | |
| | | | | | | | |
Cable & Satellite (3.03%) | | | | | | | | |
Comcast Corp., Class A | | | 16,700 | | | | 667,666 | |
| | | | | | | | |
Distributors (1.07%) | | | | | | | | |
LKQ Corp.(b) | | | 8,300 | | | | 235,554 | |
| | | | | | | | |
Footwear (2.83%) | | | | | | | | |
NIKE, Inc., Class B | | | 7,400 | | | | 623,154 | |
| | | | | | | | |
Home Furnishings (1.49%) | | | | | | | | |
Mohawk Industries, Inc.(b) | | | 2,600 | | | | 327,990 | |
| | | | | | | | |
Home Improvement Retail (5.47%) | | | | | | | | |
Lowe’s Cos., Inc. | | | 11,000 | | | | 1,204,170 | |
| | | | | | | | |
Homebuilding (2.43%) | | | | | | | | |
DR Horton, Inc. | | | 5,332 | | | | 220,638 | |
Lennar Corp., Class A | | | 4,500 | | | | 220,905 | |
William Lyon Homes, Class A(b) | | | 6,201 | | | | 95,309 | |
| | | | | | | 536,852 | |
Hotels, Resorts & Cruise Lines (7.97%) | | | | | | | | |
Carnival Corp. | | | 11,012 | | | | 558,529 | |
Norwegian Cruise Line Holdings, Ltd.(b) | | | 8,200 | | | | 450,672 | |
Royal Caribbean Cruises, Ltd. | | | 6,499 | | | | 744,915 | |
| | | | | | | 1,754,116 | |
Household Appliances (1.21%) | | | | | | | | |
Helen of Troy, Ltd.(b) | | | 2,300 | | | | 266,708 | |
| | | | | | | | |
Housewares & Specialties (1.36%) | | | | | | | | |
Tupperware Brands Corp. | | | 11,712 | | | | 299,593 | |
| | | | | | | | |
Integrated Telecommunication Services (4.22%) | | | | | | | | |
AT&T, Inc. | | | 29,621 | | | | 928,915 | |
| | Shares or Principal Amount | | Value |
Internet & Direct Marketing Retail (26.14%) | | | | | | | | |
Alibaba Group Holding, Ltd., Sponsored ADR(a)(b) | | | 900 | | | $ | 164,205 | |
Amazon.com, Inc.(b) | | | 1,794 | | | | 3,194,666 | |
Booking Holdings, Inc.(b) | | | 600 | | | | 1,046,946 | |
eBay, Inc. | | | 7,800 | | | | 289,692 | |
Expedia, Inc. | | | 8,900 | | | | 1,059,100 | |
| | | | | | | 5,754,609 | |
Movies & Entertainment (1.44%) | | | | | | | | |
Viacom, Inc., Class B | | | 11,300 | | | | 317,191 | |
| | | | | | | | |
Specialized Consumer Services (0.44%) | | | | | | | | |
Weight Watchers International, Inc.(a)(b) | | | 4,800 | | | | 96,720 | |
| | | | | | | | |
Total Common Stocks (Cost $20,903,943) | | | | | | | 20,174,344 | |
| | | | | | | | |
Total Investments (91.61%) (Cost $20,903,943) | | | | | | $ | 20,174,344 | |
| | | | | | | | |
Other Assets Less Liabilities (8.39%) | | | | | | | 1,847,043 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 22,021,387 | |
| (a) | All or a portion of the security was on loan as of March 31, 2019. |
| (b) | Non-income producing security. |
ADR - American Depositary Receipt
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 3 |
ICON Consumer Discretionary Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Consumer Discretionary | | | 76.88 | % |
Communication Services | | | 14.73 | % |
| | | 91.61 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Internet & Direct Marketing Retail | | | 26.14 | % |
Apparel, Accessories & Luxury Goods | | | 13.96 | % |
Apparel Retail | | | 10.49 | % |
Hotels, Resorts & Cruise Lines | | | 7.97 | % |
Broadcasting | | | 6.04 | % |
Home Improvement Retail | | | 5.47 | % |
Integrated Telecommunication Services | | | 4.22 | % |
Cable & Satellite | | | 3.03 | % |
Footwear | | | 2.83 | % |
Homebuilding | | | 2.43 | % |
Automobile Manufacturers | | | 2.02 | % |
Home Furnishings | | | 1.49 | % |
Movies & Entertainment | | | 1.44 | % |
Housewares & Specialties | | | 1.36 | % |
Household Appliances | | | 1.21 | % |
Distributors | | | 1.07 | % |
Specialized Consumer Services | | | 0.44 | % |
| | | 91.61 | % |
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
ICON Consumer Staples Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | Value |
Common Stocks (92.70%) | | | | | | | | |
Agricultural Products (1.97%) | | | | | | | | |
Archer-Daniels-Midland Co. | | | 3,094 | | | $ | 133,444 | |
| | | | | | | | |
Brewers (2.97%) | | | | | | | | |
Anheuser-Busch InBev SA/NV, Sponsored ADR(a) | | | 2,400 | | | | 201,528 | |
| | | | | | | | |
Distillers & Vintners (7.50%) | | | | | | | | |
Constellation Brands, Inc., Class A | | | 2,900 | | | | 508,457 | |
| | | | | | | | |
Drug Retail (4.48%) | | | | | | | | |
Walgreens Boots Alliance, Inc. | | | 4,800 | | | | 303,696 | |
| | | | | | | | |
Food Distributors (7.58%) | | | | | | | | |
Sysco Corp. | | | 3,300 | | | | 220,308 | |
U.S. Foods Holding Corp.(b) | | | 5,900 | | | | 205,969 | |
United Natural Foods, Inc.(b) | | | 6,600 | | | | 87,252 | |
| | | | | | | 513,529 | |
Health Care Services (1.82%) | | | | | | | | |
Cigna Corp. | | | 400 | | | | 64,328 | |
CVS Health Corp. | | | 1,100 | | | | 59,323 | |
| | | | | | | 123,651 | |
Hypermarkets & Super Centers (8.15%) | | | | | | | | |
Walmart, Inc. | | | 5,664 | | | | 552,410 | |
| | | | | | | | |
Internet & Direct Marketing Retail (2.63%) | | | | | | | | |
Amazon.com, Inc.(b) | | | 100 | | | | 178,075 | |
| | | | | | | | |
Packaged Foods & Meats (12.48%) | | | | | | | | |
Conagra Brands, Inc. | | | 8,639 | | | | 239,646 | |
Kellogg Co. | | | 1,200 | | | | 68,856 | |
Lamb Weston Holdings, Inc. | | | 3,400 | | | | 254,796 | |
Nomad Foods, Ltd.(b) | | | 3,000 | | | | 61,350 | |
Tyson Foods, Inc., Class A | | | 3,200 | | | | 222,176 | |
| | | | | | | 846,824 | |
Personal Products (1.50%) | | | | | | | | |
Medifast, Inc.(a) | | | 800 | | | | 102,040 | |
| | | | | | | | |
Soft Drinks (26.44%) | | | | | | | | |
Coca-Cola Co. | | | 16,800 | | | | 787,248 | |
Coca-Cola European Partners PLC | | | 900 | | | | 46,566 | |
Keurig Dr Pepper, Inc.(a) | | | 8,000 | | | | 223,760 | |
PepsiCo, Inc. | | | 6,000 | | | | 735,300 | |
| | | | | | | 1,792,874 | |
Tobacco (15.18%) | | | | | | | | |
Altria Group, Inc. | | | 7,600 | | | | 436,468 | |
British American Tobacco PLC, Sponsored ADR | | | 1,700 | | | | 70,924 | |
| | Shares or Principal Amount | | Value |
Tobacco (continued) | | | | | | | | |
Philip Morris International, Inc. | | | 5,900 | | | $ | 521,501 | |
| | | | | | | 1,028,893 | |
Total Common Stocks (Cost $6,250,004) | | | | | | | 6,285,421 | |
| | | | | | | | |
Total Investments (92.70%) (Cost $6,250,004) | | | | | | $ | 6,285,421 | |
| | | | | | | | |
Other Assets Less Liabilities (7.30%) | | | | | | | 494,754 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 6,780,175 | |
| (a) | All or a portion of the security was on loan as of March 31, 2019. |
| (b) | Non-income producing security. |
ADR - American Depositary Receipt
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Consumer Staples | | | 88.25 | % |
Consumer Discretionary | | | 2.63 | % |
Health Care | | | 1.82 | % |
| | | 92.70 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Soft Drinks | | | 26.44 | % |
Tobacco | | | 15.18 | % |
Packaged Foods & Meats | | | 12.48 | % |
Hypermarkets & Super Centers | | | 8.15 | % |
Food Distributors | | | 7.58 | % |
Distillers & Vintners | | | 7.50 | % |
Drug Retail | | | 4.48 | % |
Brewers | | | 2.97 | % |
Internet & Direct Marketing Retail | | | 2.63 | % |
Agricultural Products | | | 1.97 | % |
Health Care Services | | | 1.82 | % |
Personal Products | | | 1.50 | % |
| | | 92.70 | % |
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, 2019 | 5 |
ICON Energy Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | Value |
Common Stocks (98.95%) | | | | | | | | |
Integrated Oil & Gas (36.16%) | | | | | | | | |
Chevron Corp. | | | 177,800 | | | $ | 21,901,404 | |
Exxon Mobil Corp. | | | 273,500 | | | | 22,098,800 | |
TOTAL SA, Sponsored ADR | | | 44,500 | | | | 2,476,425 | |
| | | | | | | 46,476,629 | |
Oil & Gas Equipment & Services (8.78%) | | | | | | | | |
Baker Hughes a GE Co.(a) | | | 68,800 | | | | 1,907,136 | |
Schlumberger, Ltd. | | | 138,300 | | | | 6,025,731 | |
Solaris Oilfield Infrastructure, Inc., Class A | | | 204,000 | | | | 3,353,760 | |
| | | | | | | 11,286,627 | |
Oil & Gas Exploration & Production (39.33%) | | | | | | | | |
Cabot Oil & Gas Corp. | | | 186,400 | | | | 4,865,040 | |
Callon Petroleum Co.(a)(b) | | | 401,400 | | | | 3,030,570 | |
Carrizo Oil & Gas, Inc.(a)(b) | | | 129,800 | | | | 1,618,606 | |
Centennial Resource Development, Inc., Class A(a)(b) | | | 185,200 | | | | 1,627,908 | |
Cimarex Energy Co. | | | 52,000 | | | | 3,634,800 | |
ConocoPhillips | | | 74,800 | | | | 4,992,152 | |
Denbury Resources, Inc.(a)(b) | | | 580,400 | | | | 1,189,820 | |
Diamondback Energy, Inc. | | | 84,661 | | | | 8,595,631 | |
Encana Corp. | | | 176,370 | | | | 1,276,919 | |
EOG Resources, Inc. | | | 68,400 | | | | 6,510,312 | |
Gulfport Energy Corp.(a)(b) | | | 468,600 | | | | 3,758,172 | |
Matador Resources Co.(a)(b) | | | 122,700 | | | | 2,371,791 | |
Parsley Energy, Inc., Class A(b) | | | 160,700 | | | | 3,101,510 | |
Pioneer Natural Resources Co. | | | 26,100 | | | | 3,974,508 | |
| | | | | | | 50,547,739 | |
Oil & Gas Refining & Marketing (12.91%) | | | | | | | | |
HollyFrontier Corp. | | | 29,700 | | | | 1,463,319 | |
Marathon Petroleum Corp. | | | 87,900 | | | | 5,260,815 | |
Phillips 66 | | | 55,200 | | | | 5,253,384 | |
Valero Energy Corp. | | | 54,400 | | | | 4,614,752 | |
| | | | | | | 16,592,270 | |
Oil & Gas Storage & Transportation (1.77%) | | | | | | | | |
Enterprise Products Partners LP | | | 35,400 | | | | 1,030,140 | |
Magellan Midstream Partners LP | | | 20,600 | | | | 1,248,978 | |
| | | | | | | 2,279,118 | |
Total Common Stocks (Cost $130,504,390) | | | | | | | 127,182,383 | |
Underlying Security/Expiration Date/Exercise Price/ Notional Amount | | Contracts | | Value |
Purchased Call Options (0.10%) | | | | | | | | |
SPDR®S&P® Oil & Gas Exploration & Production ETF 06/21/19, 30, $1,690,700 | | | 550 | | | $ | 127,050 | |
Total Purchased Call Options (Cost $93,741) | | | | | | | 127,050 | |
| | | | | | | | |
Total Investments (99.05%) (Cost $130,598,131) | | | | | | $ | 127,309,433 | |
| | | | | | | | |
Other Assets Less Liabilities (0.95%) | | | | | | | 1,227,511 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 128,536,944 | |
(a) | All or a portion of the security was on loan as of March 31, 2019. |
(b) | Non-income producing security. |
ADR - American Depositary Receipt
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Energy | | | 98.95 | % |
| | | 98.95 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Oil & Gas Exploration & Production | | | 39.33 | % |
Integrated Oil & Gas | | | 36.16 | % |
Oil & Gas Refining & Marketing | | | 12.91 | % |
Oil & Gas Equipment & Services | | | 8.78 | % |
Oil & Gas Storage & Transportation | | | 1.77 | % |
| | | 98.95 | % |
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
ICON Financial Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | Value |
Common Stocks (99.56%) | | | | | | | | |
Consumer Finance (12.81%) | | | | | | | | |
Ally Financial, Inc. | | | 34,100 | | | $ | 937,409 | |
American Express Co. | | | 10,700 | | | | 1,169,510 | |
Discover Financial Services | | | 20,498 | | | | 1,458,638 | |
Encore Capital Group, Inc.(a) | | | 13,800 | | | | 375,774 | |
Navient Corp. | | | 56,900 | | | | 658,333 | |
| | | | | | | 4,599,664 | |
Diversified Banks (38.66%) | | | | | | | | |
Bank of America Corp. | | | 148,800 | | | | 4,105,392 | |
Citigroup, Inc. | | | 44,100 | | | | 2,743,902 | |
JPMorgan Chase & Co. | | | 41,200 | | | | 4,170,676 | |
U.S. Bancorp | | | 36,300 | | | | 1,749,297 | |
Wells Fargo & Co. | | | 23,100 | | | | 1,116,192 | |
| | | | | | | 13,885,459 | |
Financial Exchanges & Data (2.55%) | | | | | | | | |
MSCI, Inc. | | | 4,600 | | | | 914,664 | |
| | | | | | | | |
Investment Banking & Brokerage (8.63%) | | | | | | | | |
E*TRADE Financial Corp. | | | 7,700 | | | | 357,511 | |
Evercore, Inc., Class A | | | 4,800 | | | | 436,800 | |
Goldman Sachs Group, Inc. | | | 5,600 | | | | 1,075,144 | |
Morgan Stanley | | | 29,100 | | | | 1,228,020 | |
| | | | | | | 3,097,475 | |
Life & Health Insurance (9.51%) | | | | | | | | |
CNO Financial Group, Inc. | | | 55,200 | | | | 893,136 | |
Lincoln National Corp. | | | 18,100 | | | | 1,062,470 | |
MetLife, Inc. | | | 14,400 | | | | 613,008 | |
Prudential Financial, Inc. | | | 9,200 | | | | 845,296 | |
| | | | | | | 3,413,910 | |
Multi-line Insurance (2.62%) | | | | | | | | |
Hartford Financial Services Group, Inc. | | | 18,900 | | | | 939,708 | |
| | | | | | | | |
Other Diversified Financial Services (3.21%) | | | | | | | | |
Voya Financial, Inc. | | | 23,100 | | | | 1,154,076 | |
| | | | | | | | |
Property & Casualty Insurance (2.11%) | | | | | | | | |
Arch Capital Group, Ltd.(a) | | | 23,500 | | | | 759,520 | |
| | | | | | | | |
Regional Banks (13.99%) | | | | | | | | |
Citizens Financial Group, Inc. | | | 10,800 | | | | 351,000 | |
East West Bancorp, Inc. | | | 14,100 | | | | 676,377 | |
Fifth Third Bancorp | | | 40,000 | | | | 1,008,800 | |
KeyCorp | | | 57,100 | | | | 899,325 | |
Synovus Financial Corp. | | | 26,000 | | | | 893,360 | |
Webster Financial Corp. | | | 23,600 | | | | 1,195,812 | |
| | | | | | | 5,024,674 | |
Thrifts & Mortgage Finance (5.47%) | | | | | | | | |
Axos Financial, Inc.(a) | | | 13,400 | | | | 388,064 | |
Essent Group, Ltd.(a) | | | 19,600 | | | | 851,620 | |
| | Shares or Principal Amount | | Value |
Thrifts & Mortgage Finance (continued) | | | | | | | | |
Radian Group, Inc. | | | 34,900 | | | $ | 723,826 | |
| | | | | | | 1,963,510 | |
Total Common Stocks (Cost $31,585,835) | | | | | | | 35,752,660 | |
| | | | | | | | |
Total Investments (99.56%) (Cost $31,585,835) | | | | | | $ | 35,752,660 | |
| | | | | | | | |
Other Assets Less Liabilities (0.44%) | | | | | | | 159,255 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 35,911,915 | |
| (a) | Non-income producing security. |
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Financials | | | 99.56 | % |
| | | 99.56 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Diversified Banks | | | 38.66 | % |
Regional Banks | | | 13.99 | % |
Consumer Finance | | | 12.81 | % |
Life & Health Insurance | | | 9.51 | % |
Investment Banking & Brokerage | | | 8.63 | % |
Thrifts & Mortgage Finance | | | 5.47 | % |
Other Diversified Financial Services | | | 3.21 | % |
Multi-line Insurance | | | 2.62 | % |
Financial Exchanges & Data | | | 2.55 | % |
Property & Casualty Insurance | | | 2.11 | % |
| | | 99.56 | % |
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, 2019 | 7 |
ICON Healthcare Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | Value |
Common Stocks (98.42%) | | | | | | | | |
Biotechnology (8.40%) | | | | | | | | |
AbbVie, Inc. | | | 21,600 | | | $ | 1,740,744 | |
Alexion Pharmaceuticals, Inc.(a) | | | 22,181 | | | | 2,998,427 | |
Regeneron Pharmaceuticals, Inc.(a) | | | 3,000 | | | | 1,231,860 | |
| | | | | | | 5,971,031 | |
Health Care Equipment (6.00%) | | | | | | | | |
Becton Dickinson and Co. | | | 5,931 | | | | 1,481,149 | |
Edwards Lifesciences Corp.(a) | | | 9,500 | | | | 1,817,635 | |
Teleflex, Inc. | | | 3,200 | | | | 966,912 | |
| | | | | | | 4,265,696 | |
Health Care Services (8.46%) | | | | | | | | |
Cigna Corp. | | | 16,278 | | | | 2,617,828 | |
DaVita, Inc.(a) | | | 19,700 | | | | 1,069,513 | |
MEDNAX, Inc.(a) | | | 33,600 | | | | 912,912 | |
Premier, Inc., Class A(a) | | | 41,132 | | | | 1,418,643 | |
| | | | | | | 6,018,896 | |
Health Care Technology (1.03%) | | | | | | | | |
Medidata Solutions, Inc.(a)(b) | | | 10,000 | | | | 732,400 | |
| | | | | | | | |
Life & Health Insurance (3.44%) | | | | | | | | |
CNO Financial Group, Inc. | | | 62,200 | | | | 1,006,396 | |
Lincoln National Corp. | | | 24,500 | | | | 1,438,150 | |
| | | | | | | 2,444,546 | |
Life Sciences Tools & Services (12.06%) | | | | | | | | |
IQVIA Holdings, Inc.(a) | | | 10,538 | | | | 1,515,891 | |
PerkinElmer, Inc. | | | 19,000 | | | | 1,830,840 | |
PRA Health Sciences, Inc.(a) | | | 22,400 | | | | 2,470,496 | |
Thermo Fisher Scientific, Inc. | | | 10,082 | | | | 2,759,645 | |
| | | | | | | 8,576,872 | |
Managed Health Care (22.66%) | | | | | | | | |
Anthem, Inc. | | | 9,100 | | | | 2,611,518 | |
Centene Corp.(a) | | | 44,822 | | | | 2,380,048 | |
HealthEquity, Inc.(a) | | | 18,400 | | | | 1,361,232 | |
Humana, Inc. | | | 6,000 | | | | 1,596,000 | |
UnitedHealth Group, Inc. | | | 23,300 | | | | 5,761,158 | |
WellCare Health Plans, Inc.(a) | | | 8,901 | | | | 2,401,045 | |
| | | | | | | 16,111,001 | |
Pharmaceuticals (36.37%) | | | | | | | | |
Allergan PLC | | | 12,200 | | | | 1,786,202 | |
Amneal Pharmaceuticals, Inc.(a)(b) | | | 128,042 | | | | 1,814,355 | |
Bristol-Myers Squibb Co. | | | 40,893 | | | | 1,951,005 | |
Corcept Therapeutics, Inc.(a)(b) | | | 62,000 | | | | 727,880 | |
Eli Lilly & Co. | | | 33,100 | | | | 4,295,056 | |
Jazz Pharmaceuticals PLC(a) | | | 17,662 | | | | 2,524,783 | |
Merck & Co., Inc. | | | 69,188 | | | | 5,754,366 | |
Mylan NV(a) | | | 56,000 | | | | 1,587,040 | |
Supernus Pharmaceuticals, Inc.(a) | | | 68,774 | | | | 2,409,841 | |
| | Shares or Principal Amount | | Value |
Pharmaceuticals (continued) | | | | | | | | |
Zoetis, Inc. | | | 29,988 | | | $ | 3,018,892 | |
| | | | | | | 25,869,420 | |
Total Common Stocks (Cost $63,782,061) | | | | | | | 69,989,862 | |
| | | | | | | | |
Total Investments (98.42%) (Cost $63,782,061) | | | | | | $ | 69,989,862 | |
| | | | | | | | |
Other Assets Less Liabilities (1.58%) | | | | | | | 1,123,401 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 71,113,263 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was on loan as of March 31, 2019. |
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Health Care | | | 94.98 | % |
Financials | | | 3.44 | % |
| | | 98.42 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Pharmaceuticals | | | 36.37 | % |
Managed Health Care | | | 22.66 | % |
Life Sciences Tools & Services | | | 12.06 | % |
Health Care Services | | | 8.46 | % |
Biotechnology | | | 8.40 | % |
Health Care Equipment | | | 6.00 | % |
Life & Health Insurance | | | 3.44 | % |
Health Care Technology | | | 1.03 | % |
| | | 98.42 | % |
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
ICON Industrials Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Common Stocks (98.99%) | | | | | | | | |
Aerospace & Defense (18.81%) | | | | | | | | |
Boeing Co. | | | 2,300 | | | $ | 877,266 | |
Lockheed Martin Corp. | | | 1,500 | | | | 450,240 | |
Northrop Grumman Corp. | | | 1,400 | | | | 377,440 | |
Raytheon Co. | | | 3,250 | | | | 591,760 | |
| | | | | | | 2,296,706 | |
Air Freight & Logistics (16.64%) | | | | | | | | |
FedEx Corp. | | | 2,700 | | | | 489,807 | |
Forward Air Corp. | | | 7,000 | | | | 453,110 | |
United Parcel Service, Inc., Class B | | | 5,900 | | | | 659,266 | |
XPO Logistics, Inc.(a)(b) | | | 8,000 | | | | 429,920 | |
| | | | | | | 2,032,103 | |
Building Products (11.20%) | | | | | | | | |
AO Smith Corp. | | | 5,000 | | | | 266,600 | |
Armstrong World Industries, Inc. | | | 3,000 | | | | 238,260 | |
Fortune Brands Home & Security, Inc. | | | 4,900 | | | | 233,289 | |
Masco Corp. | | | 7,200 | | | | 283,032 | |
PGT Innovations, Inc.(a) | | | 25,000 | | | | 346,250 | |
| | | | | | | 1,367,431 | |
Construction Machinery & Heavy Trucks (6.86%) | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 9,000 | | | | 404,280 | |
Cummins, Inc. | | | 2,750 | | | | 434,143 | |
| | | | | | | 838,423 | |
Electrical Components & Equipment (2.97%) | | | | | | | | |
Eaton Corp. PLC | | | 4,500 | | | | 362,520 | |
| | | | | | | | |
Industrial Machinery (6.02%) | | | | | | | | |
Altra Industrial Motion Corp. | | | 11,000 | | | | 341,550 | |
Ingersoll-Rand PLC | | | 2,200 | | | | 237,490 | |
Snap-on, Inc.(b) | | | 1,000 | | | | 156,520 | |
| | | | | | | 735,560 | |
Integrated Oil & Gas (3.13%) | | | | | | | | |
Royal Dutch Shell PLC, Class A, Sponsored ADR | | | 6,100 | | | | 381,799 | |
| | | | | | | | |
Oil & Gas Exploration & Production (4.44%) | | | | | | | | |
EOG Resources, Inc. | | | 2,500 | | | | 237,950 | |
Pioneer Natural Resources Co. | | | 2,000 | | | | 304,560 | |
| | | | | | | 542,510 | |
Railroads (19.75%) | | | | | | | | |
Canadian Pacific Railway, Ltd. | | | 3,400 | | | | 700,502 | |
CSX Corp. | | | 8,200 | | | | 613,524 | |
Kansas City Southern | | | 6,300 | | | | 730,674 | |
Union Pacific Corp. | | | 2,200 | | | | 367,840 | |
| | | | | | | 2,412,540 | |
Trading Companies & Distributors (5.16%) | | | | | | | | |
Air Lease Corp. | | | 12,000 | | | | 412,200 | |
United Rentals, Inc.(a) | | | 1,900 | | | | 217,075 | |
| | | | | | | 629,275 | |
| | Shares or Principal Amount | | | Value | |
Trucking (4.01%) | | | | | | |
Knight-Swift Transportation Holdings, Inc.(b) | | | 15,000 | | | $ | 490,200 | |
| | | | | | | | |
Total Common Stocks (Cost $11,383,222) | | | | | | | 12,089,067 | |
| | | | | | | | |
Total Investments (98.99%) (Cost $11,383,222) | | | | | | $ | 12,089,067 | |
| | | | | | | | |
Other Assets Less Liabilities (1.01%) | | | | | | | 123,067 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 12,212,134 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was on loan as of March 31, 2019. |
Sector Composition(March 31, 2019) (Unaudited) | | | | | |
| | | | | |
Industrials | | | | 91.42 | % |
Energy | | | | 7.57 | % |
| | | | 98.99 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Railroads | | | 19.75 | % |
Aerospace & Defense | | | 18.81 | % |
Air Freight & Logistics | | | 16.64 | % |
Building Products | | | 11.20 | % |
Construction Machinery & Heavy Trucks | | | 6.86 | % |
Industrial Machinery | | | 6.02 | % |
Trading Companies & Distributors | | | 5.16 | % |
Oil & Gas Exploration & Production | | | 4.44 | % |
Trucking | | | 4.01 | % |
Integrated Oil & Gas | | | 3.13 | % |
Electrical Components & Equipment | | | 2.97 | % |
| | | 98.99 | % |
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 9 |
ICON Information Technology Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Common Stocks (95.95%) | | | | | | | | |
Aerospace & Defense (2.91%) | | | | | | | | |
Lockheed Martin Corp. | | | 3,700 | | | $ | 1,110,592 | |
Northrop Grumman Corp. | | | 2,000 | | | | 539,200 | |
| | | | | | | 1,649,792 | |
Application Software (3.52%) | | | | | | | | |
Adobe, Inc.(a) | | | 4,300 | | | | 1,145,907 | |
CDK Global, Inc. | | | 14,500 | | | | 852,890 | |
| | | | | | | 1,998,797 | |
Data Processing & Outsourced Services (17.13%) | | | | | | | | |
Alliance Data Systems Corp. | | | 8,300 | | | | 1,452,334 | |
Automatic Data Processing, Inc. | | | 7,500 | | | | 1,198,050 | |
Euronet Worldwide, Inc.(a) | | | 7,800 | | | | 1,112,202 | |
Mastercard, Inc., Class A | | | 7,400 | | | | 1,742,330 | |
Total System Services, Inc. | | | 13,200 | | | | 1,254,132 | |
Visa, Inc., Class A | | | 18,980 | | | | 2,964,486 | |
| | | | | | | 9,723,534 | |
Electronic Components (1.95%) | | | | | | | | |
II-VI, Inc.(a)(b) | | | 29,800 | | | | 1,109,752 | |
| | | | | | | | |
Electronic Manufacturing Services (2.03%) | | | | | | | | |
TE Connectivity, Ltd. | | | 14,300 | | | | 1,154,725 | |
| | | | | | | | |
Financial Exchanges & Data (2.10%) | | | | | | | | |
MSCI, Inc. | | | 6,000 | | | | 1,193,040 | |
| | | | | | | | |
Integrated Telecommunication Services (2.90%) | | | | | | | | |
AT&T, Inc. | | | 52,600 | | | | 1,649,536 | |
| | | | | | | | |
Internet & Direct Marketing Retail (2.19%) | | | | | | | | |
Amazon.com, Inc.(a) | | | 700 | | | | 1,246,525 | |
| | | | | | | | |
IT Consulting & Other Services (11.48%) | | | | | | | | |
Booz Allen Hamilton Holding Corp. | | | 18,000 | | | | 1,046,520 | |
Cognizant Technology Solutions Corp., Class A | | | 25,200 | | | | 1,825,740 | |
DXC Technology Co. | | | 16,200 | | | | 1,041,822 | |
International Business Machines Corp. | | | 10,400 | | | | 1,467,440 | |
Perficient, Inc.(a) | | | 41,900 | | | | 1,147,641 | |
| | | | | | | 6,529,163 | |
Security & Alarm Services (1.38%) | | | | | | | | |
ADT, Inc.(b) | | | 122,400 | | | | 782,136 | |
| | | | | | | | |
Semiconductor Equipment (5.08%) | | | | | | | | |
Applied Materials, Inc. | | | 19,200 | | | | 761,472 | |
Cabot Microelectronics Corp. | | | 9,900 | | | | 1,108,404 | |
MKS Instruments, Inc. | | | 10,900 | | | | 1,014,245 | |
| | | | | | | 2,884,121 | |
Semiconductors (9.06%) | | | | | | | | |
Diodes, Inc.(a) | | | 21,000 | | | | 728,700 | |
Intel Corp. | | | 22,500 | | | | 1,208,250 | |
Monolithic Power Systems, Inc. | | | 6,500 | | | | 880,685 | |
NXP Semiconductors NV | | | 10,800 | | | | 954,612 | |
| | Shares or Principal Amount | | | Value | |
Semiconductors (continued) | | | | | | | | |
Skyworks Solutions, Inc. | | | 16,700 | | | $ | 1,377,416 | |
| | | | | | | 5,149,663 | |
Systems Software (11.53%) | | | | | | | | |
CommVault Systems, Inc.(a) | | | 16,100 | | | | 1,042,314 | |
Microsoft Corp. | | | 46,700 | | | | 5,507,798 | |
| | | | | | | 6,550,112 | |
Technology Distributors (6.73%) | | | | | | | | |
Arrow Electronics, Inc.(a) | | | 12,800 | | | | 986,368 | |
ScanSource, Inc.(a) | | | 44,700 | | | | 1,601,154 | |
SYNNEX Corp. | | | 12,900 | | | | 1,230,531 | |
| | | | | | | 3,818,053 | |
Technology Hardware, Storage & Peripherals (13.71%) | | | | | | | | |
Apple, Inc. | | | 31,200 | | | | 5,926,440 | |
NetApp, Inc. | | | 16,100 | | | | 1,116,374 | |
Super Micro Computer, Inc.(a) | | | 35,200 | | | | 743,688 | |
| | | | | | | 7,786,502 | |
Wireless Telecommunication Services (2.25%) | | | | | | | | |
T-Mobile U.S., Inc.(a) | | | 18,500 | | | | 1,278,350 | |
| | | | | | | | |
Total Common Stocks (Cost $46,114,607) | | | | | | | 54,503,801 | |
| | | | | | | | |
Collateral for Securities on Loan (1.40%) | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46% | | | 795,600 | | | | 795,600 | |
| | | | | | | | |
Total Collateral for Securities on Loan (Cost $795,600) | | | | | | | 795,600 | |
| | | | | | | | |
Total Investments (97.35%) (Cost $46,910,207) | | | | | | $ | 55,299,401 | |
| | | | | | | | |
Other Assets Less Liabilities (2.65%) | | | | | | | 1,505,667 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 56,805,068 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was on loan as of March 31, 2019. |
The accompanying notes are an integral part of the financial statements.
ICON Information Technology Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Information Technology | | | 82.22 | % |
Communication Services | | | 5.15 | % |
Industrials | | | 4.29 | % |
Consumer Discretionary | | | 2.19 | % |
Financials | | | 2.10 | % |
| | | 95.95 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Data Processing & Outsourced Services | | | 17.13 | % |
Technology Hardware, Storage & Peripherals | | | 13.71 | % |
Systems Software | | | 11.53 | % |
IT Consulting & Other Services | | | 11.48 | % |
Semiconductors | | | 9.06 | % |
Technology Distributors | | | 6.73 | % |
Semiconductor Equipment | | | 5.08 | % |
Application Software | | | 3.52 | % |
Aerospace & Defense | | | 2.91 | % |
Integrated Telecommunication Services | | | 2.90 | % |
Wireless Telecommunication Services | | | 2.25 | % |
Internet & Direct Marketing Retail | | | 2.19 | % |
Financial Exchanges & Data | | | 2.10 | % |
Electronic Manufacturing Services | | | 2.03 | % |
Electronic Components | | | 1.95 | % |
Security & Alarm Services | | | 1.38 | % |
| | | 95.95 | % |
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, 2019 | 11 |
ICON Natural Resources Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Common Stocks (99.22%) | | | | | | | | |
Aerospace & Defense (7.83%) | | | | | | | | |
Boeing Co. | | | 3,300 | | | $ | 1,258,686 | |
Lockheed Martin Corp. | | | 3,000 | | | | 900,480 | |
Northrop Grumman Corp. | | | 3,800 | | | | 1,024,480 | |
Raytheon Co. | | | 8,400 | | | | 1,529,472 | |
| | | | | | | 4,713,118 | |
Diversified Chemicals (2.87%) | | | | | | | | |
DowDuPont, Inc. | | | 8,600 | | | | 458,466 | |
Eastman Chemical Co. | | | 8,200 | | | | 622,216 | |
Huntsman Corp. | | | 29,000 | | | | 652,210 | |
| | | | | | | 1,732,892 | |
Electric Utilities (2.06%) | | | | | | | | |
Kansai Electric Power Co., Inc. | | | 84,000 | | | | 1,238,757 | |
| | | | | | | | |
Gas Utilities (3.30%) | | | | | | | | |
Beijing Enterprises Holdings, Ltd. | | | 168,000 | | | | 953,974 | |
Rubis SCA | | | 19,000 | | | | 1,037,184 | |
| | | | | | | 1,991,158 | |
Integrated Oil & Gas (37.53%) | | | | | | | | |
Chevron Corp. | | | 30,000 | | | | 3,695,400 | |
Gazprom PJSC, Sponsored ADR | | | 815,000 | | | | 3,681,957 | |
LUKOIL PJSC, Sponsored ADR | | | 32,000 | | | | 2,861,120 | |
MOL Hungarian Oil & Gas PLC | | | 132,000 | | | | 1,513,723 | |
Rosneft Oil Co. PJSC, GDR | | | 546,000 | | | | 3,431,772 | |
Royal Dutch Shell PLC, Class A, Sponsored ADR | | | 66,000 | | | | 4,130,940 | |
TOTAL SA, Sponsored ADR | | | 59,000 | | | | 3,283,350 | |
| | | | | | | 22,598,262 | |
Multi-Utilities (2.23%) | | | | | | | | |
Engie SA | | | 90,000 | | | | 1,342,157 | |
| | | | | | | | |
Oil & Gas Exploration & Production (23.79%) | | | | | | | | |
Carrizo Oil & Gas, Inc.(a)(b) | | | 114,000 | | | | 1,421,580 | |
CNOOC, Ltd. | | | 1,746,000 | | | | 3,252,240 | |
Diamondback Energy, Inc. | | | 18,700 | | | | 1,898,611 | |
EOG Resources, Inc. | | | 31,000 | | | | 2,950,580 | |
Parsley Energy, Inc., Class A(a) | | | 75,500 | | | | 1,457,150 | |
Pioneer Natural Resources Co. | | | 22,000 | | | | 3,350,160 | |
| | | | | | | 14,330,321 | |
Oil & Gas Refining & Marketing (7.73%) | | | | | | | | |
Marathon Petroleum Corp. | | | 31,000 | | | | 1,855,350 | |
Motor Oil Hellas Corinth Refineries SA | | | 77,000 | | | | 1,787,958 | |
Tupras Turkiye Petrol Rafinerileri AS | | | 45,000 | | | | 1,009,259 | |
| | | | | | | 4,652,567 | |
Oil & Gas Storage & Transportation (2.38%) | | | | | | | | |
Kunlun Energy Co., Ltd. | | | 1,370,000 | | | | 1,434,090 | |
| | | | | | | | |
Paper Packaging (5.75%) | | | | | | | | |
DS Smith PLC | | | 262,000 | | | | 1,147,754 | |
International Paper Co. | | | 50,000 | | | | 2,313,500 | |
| | | | | | | 3,461,254 | |
| | Shares or Principal Amount | | | Value | |
Paper Products (3.24%) | | | | | | | | |
Mondi PLC | | | 88,000 | | | $ | 1,948,596 | |
| | | | | | | | |
Renewable Electricity (0.51%) | | | | | | | | |
China Everbright Greentech, Ltd. | | | 384,000 | | | | 305,277 | |
| | | | | | | | |
Total Common Stocks (Cost $62,344,458) | | | | | | | 59,748,449 | |
| | | | | | | | |
Total Investments (99.22%) (Cost $62,344,458) | | | | | | $ | 59,748,449 | |
| | | | | | | | |
Other Assets Less Liabilities (0.78%) | | | | | | | 467,082 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 60,215,531 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was on loan as of March 31, 2019. |
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
The accompanying notes are an integral part of the financial statements.
ICON Natural Resources Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
Country Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
United States | | | 42.15 | % |
Russia | | | 16.57 | % |
France | | | 9.40 | % |
Netherlands | | | 6.86 | % |
China | | | 5.40 | % |
United Kingdom | | | 5.15 | % |
Hong Kong | | | 4.47 | % |
Greece | | | 2.97 | % |
Hungary | | | 2.51 | % |
Japan | | | 2.06 | % |
Turkey | | | 1.68 | % |
| | | 99.22 | % |
Percentages are based upon common stocks as a percentage of net assets.
Sector Composition(March 31, 2019) (Unaudited) | | | | |
| | | | |
Energy | | | 71.43 | % |
Materials | | | 11.86 | % |
Utilities | | | 8.10 | % |
Industrials | | | 7.83 | % |
| | | 99.22 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | |
| | | |
Integrated Oil & Gas | | | 37.53 | % |
Oil & Gas Exploration & Production | | | 23.79 | % |
Aerospace & Defense | | | 7.83 | % |
Oil & Gas Refining & Marketing | | | 7.73 | % |
Paper Packaging | | | 5.75 | % |
Gas Utilities | | | 3.30 | % |
Paper Products | | | 3.24 | % |
Diversified Chemicals | | | 2.87 | % |
Oil & Gas Storage & Transportation | | | 2.38 | % |
Multi-Utilities | | | 2.23 | % |
Electric Utilities | | | 2.06 | % |
Renewable Electricity | | | 0.51 | % |
| | | 99.22 | % |
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, 2019 | 13 |
ICON Utilities Fund | Schedule of Investments |
March 31, 2019 (Unaudited)
| | Shares or Principal Amount | | | Value | |
Common Stocks (99.36%) | | | | | | | | |
Electric Utilities (32.67%) | | | | | | | | |
American Electric Power Co., Inc. | | | 20,100 | | | $ | 1,683,375 | |
Avangrid, Inc. | | | 43,100 | | | | 2,170,085 | |
Edison International | | | 38,300 | | | | 2,371,536 | |
Evergy, Inc. | | | 42,300 | | | | 2,455,515 | |
NextEra Energy, Inc. | | | 11,500 | | | | 2,223,180 | |
Otter Tail Corp. | | | 18,300 | | | | 911,706 | |
PPL Corp. | | | 36,600 | | | | 1,161,684 | |
Xcel Energy, Inc. | | | 30,100 | | | | 1,691,921 | |
| | | | | | | 14,669,002 | |
Gas Utilities (3.95%) | | | | | | | | |
National Fuel Gas Co. | | | 29,100 | | | | 1,773,936 | |
| | | | | | | | |
Independent Power Producers & Energy Traders (2.35%) |
AES Corp. | | | 58,400 | | | | 1,055,872 | |
| | | | | | | | |
Integrated Oil & Gas (2.57%) | | | | | | | | |
Chevron Corp. | | | 3,500 | | | | 431,130 | |
TOTAL SA, Sponsored ADR | | | 13,000 | | | | 723,450 | |
| | | | | | | 1,154,580 | |
Integrated Telecommunication Services (5.49%) | | | | | | | | |
AT&T, Inc. | | | 36,500 | | | | 1,144,640 | |
BCE, Inc. | | | 29,700 | | | | 1,318,383 | |
| | | | | | | 2,463,023 | |
Multi-Utilities (38.93%) | | | | | | | | |
Ameren Corp. | | | 22,500 | | | | 1,654,875 | |
Avista Corp. | | | 11,600 | | | | 471,192 | |
Black Hills Corp. | | | 14,000 | | | | 1,036,980 | |
CenterPoint Energy, Inc. | | | 80,300 | | | | 2,465,210 | |
Consolidated Edison, Inc. | | | 17,100 | | | | 1,450,251 | |
Dominion Energy, Inc. | | | 20,600 | | | | 1,579,196 | |
DTE Energy Co. | | | 17,300 | | | | 2,158,002 | |
MDU Resources Group, Inc. | | | 45,300 | | | | 1,170,099 | |
NiSource, Inc. | | | 54,300 | | | | 1,556,238 | |
Sempra Energy | | | 21,400 | | | | 2,693,404 | |
WEC Energy Group, Inc. | | | 15,600 | | | | 1,233,648 | |
| | | | | | | 17,469,095 | |
Oil & Gas Exploration & Production (3.46%) | | | | | | | | |
Cimarex Energy Co. | | | 10,600 | | | | 740,940 | |
Diamondback Energy, Inc. | | | 3,900 | | | | 395,967 | |
EOG Resources, Inc. | | | 4,400 | | | | 418,792 | |
| | | | | | | 1,555,699 | |
Railroads (3.97%) | | | | | | | | |
Kansas City Southern | | | 8,600 | | | | 997,428 | |
Union Pacific Corp. | | | 4,700 | | | | 785,840 | |
| | | | | | | 1,783,268 | |
Water Utilities (5.97%) | | | | | | | | |
American Water Works Co., Inc. | | | 6,400 | | | | 667,264 | |
| | Shares or | | | | |
| | Principal | | | | |
| | Amount | | | Value | |
Water Utilities (continued) | | | | | | | | |
Consolidated Water Co., Ltd. | | | 156,400 | | | $ | 2,012,868 | |
| | | | | | | 2,680,132 | |
| | | | | | | | |
Total Common Stocks (Cost $40,734,076) | | | | | | | 44,604,607 | |
| | | | | | | | |
Total Investments (99.36%) (Cost $40,734,076) | | | | | | $ | 44,604,607 | |
| | | | | | | | |
Other Assets Less Liabilities (0.64%) | | | | | | | 285,408 | |
| | | | | | | | |
Net Assets (100.00%) | | | | | | $ | 44,890,015 | |
ADR - American Depositary Receipt
Sector Composition(March 31, 2019) (Unaudited) | | | |
| | | |
Utilities | | | 83.87 | % |
Energy | | | 6.03 | % |
Communication Services | | | 5.49 | % |
Industrials | | | 3.97 | % |
| | | 99.36 | % |
Percentages are based upon common stocks as a percentage of net assets.
Industry Composition(March 31, 2019) (Unaudited) | | | |
| | | |
Multi-Utilities | | | 38.93 | % |
Electric Utilities | | | 32.67 | % |
Water Utilities | | | 5.97 | % |
Integrated Telecommunication Services | | | 5.49 | % |
Railroads | | | 3.97 | % |
Gas Utilities | | | 3.95 | % |
Oil & Gas Exploration & Production | | | 3.46 | % |
Integrated Oil & Gas | | | 2.57 | % |
Independent Power Producers & Energy Traders | | | 2.35 | % |
| | | 99.36 | % |
Percentages are based upon common stocks as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
ICON Sector Funds | Statements of Assets and Liabilities |
March 31, 2019 (Unaudited)
| | ICON Consumer Discretionary Fund | | | ICON Consumer Staples Fund | | | ICON Energy Fund | |
Assets | | | | | | | | | |
Investments, at cost | | $ | 20,903,943 | | | $ | 6,250,004 | | | $ | 130,598,131 | |
Investments, at value(a) | | | 20,174,344 | | | | 6,285,421 | | | | 127,309,433 | |
Cash and cash equivalents | | | 1,205,685 | | | | 442,484 | | | | 1,394,321 | |
Receivables: | | | | | | | | | | | | |
Investments sold | | | 1,095,490 | | | | — | | | | — | |
Fund shares sold | | | 11,300 | | | | 30,086 | | | | 54,628 | |
Expense reimbursements due from Adviser | | | 1,722 | | | | 15,645 | | | | 52,416 | |
Interest | | | 722 | | | | 219 | | | | 966 | |
Dividends | | | 18,873 | | | | 24,291 | | | | 104,874 | |
Foreign tax reclaims | | | — | | | | — | | | | 24,280 | |
Other assets | | | 13,133 | | | | 12,540 | | | | 28,684 | |
Total assets | | | 22,521,269 | | | | 6,810,686 | | | | 128,969,602 | |
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investments purchased | | | 427,573 | | | | 120 | | | | 528 | |
Fund shares redeemed | | | 21,707 | | | | 3,323 | | | | 131,650 | |
Advisory fees | | | 18,861 | | | | 5,940 | | | | 109,379 | |
Transfer agent fees | | | 13,974 | | | | 6,938 | | | | 127,426 | |
Fund accounting fees | | | 2,859 | | | | 1,679 | | | | 10,744 | |
Accrued distribution fees | | | 130 | | | | 377 | | | | 4,193 | |
Trustee fees and expenses | | | 1,101 | | | | 484 | | | | 6,415 | |
Administration fees | | | 943 | | | | 297 | | | | 5,469 | |
Accrued expenses | | | 12,734 | | | | 11,353 | | | | 36,854 | |
Total liabilities | | | 499,882 | | | | 30,511 | | | | 432,658 | |
Net Assets - all share classes | | $ | 22,021,387 | | | $ | 6,780,175 | | | $ | 128,536,944 | |
Net Assets - Class S | | $ | 21,408,811 | | | $ | 5,372,009 | | | $ | 120,585,106 | |
Net Assets - Class C | | $ | — | | | $ | — | | | $ | 4,012,431 | |
Net Assets - Class A | | $ | 612,576 | | | $ | 1,408,166 | | | $ | 3,939,407 | |
| | | | | | | | | | | | |
Net Assets Consists of | | | | | | | | | | | | |
Paid-in capital | | $ | 22,205,746 | | | $ | 7,262,998 | | | $ | 321,711,740 | |
Total distributable earnings | | | (184,359 | ) | | | (482,823 | ) | | | (193,174,796 | ) |
Net Assets | | $ | 22,021,387 | | | $ | 6,780,175 | | | $ | 128,536,944 | |
| | | | | | | | | | | | |
Shares outstanding (unlimited shares authorized, no par value) | | | | | | | | | | | | |
Class S | | | 1,602,850 | | | | 804,678 | | | | 11,532,321 | |
Class C | | | — | | | | — | | | | 407,668 | |
Class A | | | 48,288 | | | | 211,751 | | | | 380,232 | |
Net asset value (offering and redemption price per share) | | | | | | | | | | | | |
Class S | | $ | 13.36 | | | $ | 6.68 | | | $ | 10.46 | |
Class C | | $ | — | | | $ | — | | | $ | 9.84 | |
Class A | | $ | 12.69 | | | $ | 6.65 | | | $ | 10.36 | |
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | | $ | 13.46 | | | $ | 7.06 | | | $ | 10.99 | |
| | | | | | | | | | | | |
(a) Includes securities on loan of | | $ | 750,241 | | | $ | 527,328 | | | $ | 14,722,097 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 15 |
ICON Sector Funds | Statements of Assets and Liabilities |
March 31, 2019 (Unaudited)
| | ICON Financial Fund | | | ICON Healthcare Fund | | | ICON Industrials Fund | |
Assets | | | | | | | | | |
Investments, at cost | | $ | 31,585,835 | | | $ | 63,782,061 | | | $ | 11,383,222 | |
Investments, at value(a) | | | 35,752,660 | | | | 69,989,862 | | | | 12,089,067 | |
Cash and cash equivalents | | | 187,281 | | | | 1,262,724 | | | | 130,901 | |
Receivables: | | | | | | | | | | | | |
Fund shares sold | | | 24,143 | | | | 6,310 | | | | 6,155 | |
Expense reimbursements due from Adviser | | | 5,196 | | | | 1,519 | | | | 12,239 | |
Interest | | | 205 | | | | 1,152 | | | | 161 | |
Dividends | | | 35,701 | | | | 43,920 | | | | 9,931 | |
Foreign tax reclaims | | | — | | | | 3,493 | | | | — | |
Other assets | | | 14,837 | | | | 17,624 | | | | 12,276 | |
Total assets | | | 36,020,023 | | | | 71,326,604 | | | | 12,260,730 | |
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investments purchased | | | 112 | | | | 630 | | | | 88 | |
Fund shares redeemed | | | 32,201 | | | | 85,284 | | | | 10,772 | |
Advisory fees | | | 31,496 | | | | 60,715 | | | | 10,824 | |
Transfer agent fees | | | 22,000 | | | | 34,373 | | | | 10,660 | |
Fund accounting fees | | | 3,796 | | | | 6,471 | | | | 1,961 | |
Accrued distribution fees | | | 302 | | | | 517 | | | | 282 | |
Trustee fees and expenses | | | 1,853 | | | | 3,620 | | | | 654 | |
Administration fees | | | 1,574 | | | | 3,036 | | | | 541 | |
Accrued expenses | | | 14,774 | | | | 18,695 | | | | 12,814 | |
Total liabilities | | | 108,108 | | | | 213,341 | | | | 48,596 | |
Net Assets - all share classes | | $ | 35,911,915 | | | $ | 71,113,263 | | | $ | 12,212,134 | |
Net Assets - Class S | | $ | 34,523,414 | | | $ | 68,688,634 | | | $ | 11,475,965 | |
Net Assets - Class A | | $ | 1,388,501 | | | $ | 2,424,629 | | | $ | 736,169 | |
| | | | | | | | | | | | |
Net Assets Consists of | | | | | | | | | | | | |
Paid-in capital | | $ | 32,277,035 | | | $ | 63,586,985 | | | $ | 11,766,798 | |
Total distributable earnings | | | 3,634,880 | | | | 7,526,278 | | | | 445,336 | |
Net Assets | | $ | 35,911,915 | | | $ | 71,113,263 | | | $ | 12,212,134 | |
| | | | | | | | | | | | |
Shares outstanding (unlimited shares authorized, no par value) | | | | | | | | | | | | |
Class S | | | 3,498,700 | | | | 4,047,662 | | | | 782,363 | |
Class A | | | 140,620 | | | | 150,251 | | | | 51,004 | |
Net asset value (offering and redemption price per share) | | | | | | | | | | | | |
Class S | | $ | 9.87 | | | $ | 16.97 | | | $ | 14.67 | |
Class A | | $ | 9.87 | | | $ | 16.14 | | | $ | 14.43 | |
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | | $ | 10.48 | | | $ | 17.12 | | | $ | 15.31 | |
| | | | | | | | | | | | |
(a) Includes securities on loan of | | $ | — | | | $ | 3,274,635 | | | $ | 638,270 | |
The accompanying notes are an integral part of the financial statements.
ICON Sector Funds | Statements of Assets and Liabilities |
March 31, 2019 (Unaudited)
| | ICON Information Technology Fund | | | ICON Natural Resources Fund | | | ICON Utilities Fund | |
Assets | | | | | | | | | |
Investments, at cost | | $ | 46,910,207 | | | $ | 62,344,458 | | | $ | 40,734,076 | |
Investments, at value(a) | | | 55,299,401 | | | | 59,748,449 | | | | 44,604,607 | |
Cash and cash equivalents | | | 2,408,765 | | | | 460,365 | | | | 139,005 | |
Receivables: | | | | | | | | | | | | |
Fund shares sold | | | 30,353 | | | | 49,291 | | | | 380,335 | |
Expense reimbursements due from Adviser | | | — | | | | 31,637 | | | | 34,952 | |
Interest | | | 1,655 | | | | 168 | | | | 185 | |
Dividends | | | 18,858 | | | | 174,363 | | | | 176,082 | |
Foreign tax reclaims | | | — | | | | 13,883 | | | | 3,047 | |
Other assets | | | 17,635 | | | | 20,182 | | | | 15,625 | |
Total assets | | | 57,776,667 | | | | 60,498,338 | | | | 45,353,838 | |
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Payable for collateral received on securities loaned | | | 795,600 | | | | — | | | | — | |
Distributions due to shareholders | | | — | | | | — | | | | 319,328 | |
Investments purchased | | | 905 | | | | — | | | | — | |
Fund shares redeemed | | | 72,886 | | | | 127,579 | | | | 64,322 | |
Advisory fees | | | 48,083 | | | | 52,284 | | | | 37,608 | |
Transfer agent fees | | | 26,612 | | | | 55,540 | | | | 17,517 | |
Fund accounting fees | | | 5,534 | | | | 10,370 | | | | 4,030 | |
Accrued distribution fees | | | 366 | | | | 1,484 | | | | 1,480 | |
Trustee fees and expenses | | | 2,721 | | | | 3,111 | | | | 2,027 | |
Administration fees | | | 2,395 | | | | 2,614 | | | | 1,880 | |
Accrued expenses | | | 16,497 | | | | 29,825 | | | | 15,631 | |
Total liabilities | | | 971,599 | | | | 282,807 | | | | 463,823 | |
Net Assets - all share classes | | $ | 56,805,068 | | | $ | 60,215,531 | | | $ | 44,890,015 | |
Net Assets - Class S | | $ | 55,063,241 | | | $ | 56,228,344 | | | $ | 37,824,018 | |
Net Assets - Class C | | $ | — | | | $ | 958,906 | | | $ | — | |
Net Assets - Class A | | $ | 1,741,827 | | | $ | 3,028,281 | | | $ | 7,065,997 | |
| | | | | | | | | | | | |
Net Assets Consists of | | | | | | | | | | | | |
Paid-in capital | | $ | 46,895,857 | | | $ | 66,422,933 | | | $ | 40,189,505 | |
Total distributable earnings | | | 9,909,211 | | | | (6,207,402 | ) | | | 4,700,510 | |
Net Assets | | $ | 56,805,068 | | | $ | 60,215,531 | | | $ | 44,890,015 | |
| | | | | | | | | | | | |
Shares outstanding (unlimited shares authorized, no par value) | | | | | | | | | | | | |
Class S | | | 3,816,391 | | | | 4,666,130 | | | | 3,951,902 | |
Class C | | | — | | | | 83,978 | | | | — | |
Class A | | | 126,410 | | | | 253,564 | | | | 751,793 | |
Net asset value (offering and redemption price per share) | | | | | | | | | | | | |
Class S | | $ | 14.43 | | | $ | 12.05 | | | $ | 9.57 | |
Class C | | $ | — | | | $ | 11.42 | | | $ | — | |
Class A | | $ | 13.78 | | | $ | 11.94 | | | $ | 9.40 | |
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | | $ | 14.62 | | | $ | 12.67 | | | $ | 9.97 | |
| | | | | | | | | | | | |
(a) Includes securities on loan of | | $ | 1,586,520 | | | $ | 1,376,863 | | | $ | — | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 17 |
ICON Sector Funds | Statements of Operations |
Period Ended March 31, 2019 (Unaudited)
| | ICON Consumer Discretionary Fund | | | ICON Consumer Staples Fund | | | ICON Energy Fund | |
Investment Income | | | | | | | | | | | | |
Interest | | $ | 3,359 | | | $ | 1,381 | | | $ | — | |
Dividends | | | 153,459 | | | | 106,859 | | | | 1,615,522 | |
Foreign taxes withheld | | | — | | | | (589 | ) | | | (12,794 | ) |
Income from securities lending, net | | | 407 | | | | 556 | | | | 12,547 | |
Total investment income | | | 157,225 | | | | 108,207 | | | | 1,615,275 | |
| | | | | | | | | | | | |
Expenses | | | | | | | | | | | | |
Advisory fees | | | 106,294 | | | | 38,867 | | | | 698,118 | |
Administration fees | | | 5,315 | | | | 1,943 | | | | 34,902 | |
Transfer agent fees | | | 29,256 | | | | 17,982 | | | | 253,030 | |
Distribution fees: | | | | | | | | | | | | |
Class C | | | — | | | | — | | | | 20,004 | |
Class A | | | 828 | | | | 2,739 | | | | 6,050 | |
Registration fees | | | 10,837 | | | | 10,134 | | | | 17,873 | |
Audit and tax service expense | | | 7,974 | | | | 7,974 | | | | 10,363 | |
Fund accounting fees | | | 6,551 | | | | 3,005 | | | | 33,469 | |
Trustee fees and expenses | | | 3,783 | | | | 1,456 | | | | 25,603 | |
Insurance expense | | | 1,269 | | | | 317 | | | | 9,518 | |
Custody fees | | | 2,034 | | | | 1,460 | | | | 3,919 | |
Printing fees | | | 4,159 | | | | 2,272 | | | | 21,287 | |
Interest expense | | | 50 | | | | 1,049 | | | | 538 | |
Other expenses | | | 6,590 | | | | 3,667 | | | | 35,840 | |
Total expenses before expense reimbursement | | | 184,940 | | | | 92,865 | | | | 1,170,514 | |
Expense reimbursement by Adviser due to expense limitation agreement | | | (3,285 | ) | | | (31,092 | ) | | | (100,091 | ) |
Net Expenses | | | 181,655 | | | | 61,773 | | | | 1,070,423 | |
Net Investment Income/(Loss) | | | (24,430 | ) | | | 46,434 | | | | 544,852 | |
| | | | | | | | | | | | |
Realized and Unrealized Gain/(Loss) | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | | | | | |
Investments, options, and foreign currency translations | | | 942,619 | | | | 14,681 | | | | (13,675,802 | ) |
| | | 942,619 | | | | 14,681 | | | | (13,675,802 | ) |
Change in unrealized net appreciation/(depreciation) on: | | | | | | | | | | | | |
Investments, options, and foreign currency | | | (1,080,820 | ) | | | 62,864 | | | | (20,963,124 | ) |
| | | (1,080,820 | ) | | | 62,864 | | | | (20,963,124 | ) |
Net realized and unrealized gain/(loss) | | | (138,201 | ) | | | 77,545 | | | | (34,638,926 | ) |
Net Increase/(Decrease) in Net Assets Resulting From Operations | | $ | (162,631 | ) | | $ | 123,979 | | | $ | (34,094,074 | ) |
The accompanying notes are an integral part of the financial statements.
ICON Sector Funds | Statements of Operations |
Period Ended March 31, 2019 (Unaudited)
| | ICON Financial Fund | | | ICON Healthcare Fund | | | ICON Industrials Fund | |
Investment Income | | | | | | | | | | | | |
Interest | | $ | — | | | $ | 839 | | | $ | 366 | |
Dividends | | | 449,890 | | | | 340,965 | | | | 158,473 | |
Foreign taxes withheld | | | — | | | | — | | | | (2,210 | ) |
Income from securities lending, net | | | 290 | | | | 1,674 | | | | 422 | |
Total investment income | | | 450,180 | | | | 343,478 | | | | 157,051 | |
| | | | | | | | | | | | |
Expenses | | | | | | | | | | | | |
Advisory fees | | | 187,712 | | | | 373,328 | | | | 63,024 | |
Administration fees | | | 9,386 | | | | 18,669 | | | | 3,151 | |
Transfer agent fees | | | 41,872 | | | | 80,429 | | | | 21,347 | |
Distribution fees: | | | | | | | | | | | | |
Class A | | | 1,723 | | | | 3,146 | | | | 2,607 | |
Registration fees | | | 11,108 | | | | 11,495 | | | | 10,550 | |
Audit and tax service expense | | | 7,974 | | | | 7,974 | | | | 7,974 | |
Fund accounting fees | | | 10,005 | | | | 18,677 | | | | 3,930 | |
Trustee fees and expenses | | | 6,812 | | | | 13,262 | | | | 2,241 | |
Insurance expense | | | 2,512 | | | | 4,129 | | | | 652 | |
Custody fees | | | 1,940 | | | | 2,240 | | | | 1,406 | |
Printing fees | | | 5,334 | | | | 8,872 | | | | 3,656 | |
Interest expense | | | 955 | | | | 559 | | | | 346 | |
Other expenses | | | 10,660 | | | | 18,038 | | | | 4,789 | |
Total expenses before expense reimbursement | | | 297,993 | | | | 560,818 | | | | 125,673 | |
Expense reimbursement by Adviser due to expense limitation agreement | | | (14,351 | ) | | | (2,805 | ) | | | (28,207 | ) |
Net Expenses | | | 283,642 | | | | 558,013 | | | | 97,466 | |
Net Investment Income/(Loss) | | | 166,538 | | | | (214,535 | ) | | | 59,585 | |
| | | | | | | | | | | | |
Realized and Unrealized Gain/(Loss) | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | | | | | |
Investments and foreign currency translations | | | (617,281 | ) | | | 1,757,536 | | | | (320,102 | ) |
| | | (617,281 | ) | | | 1,757,536 | | | | (320,102 | ) |
Change in unrealized net appreciation/(depreciation) on: | | | | | | | | | | | | |
Investments and foreign currency | | | (3,661,156 | ) | | | (8,341,811 | ) | | | (436,330 | ) |
| | | (3,661,156 | ) | | | (8,341,811 | ) | | | (436,330 | ) |
Net realized and unrealized gain/(loss) | | | (4,278,437 | ) | | | (6,584,275 | ) | | | (756,432 | ) |
Net Increase/(Decrease) in Net Assets Resulting From Operations | | $ | (4,111,899 | ) | | $ | (6,798,810 | ) | | $ | (696,847 | ) |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 19 |
ICON Sector Funds | Statements of Operations |
Period Ended March 31, 2019 (Unaudited)
| | ICON Information Technology Fund | | | ICON Natural Resources Fund | | | ICON Utilities Fund | |
Investment Income | | | | | | | | | | | | |
Interest | | $ | 1,649 | | | $ | — | | | $ | 1,302 | |
Dividends | | | 364,555 | | | | 986,011 | | | | 922,944 | |
Foreign taxes withheld | | | (244 | ) | | | (92,535 | ) | | | (9,015 | ) |
Income from securities lending, net | | | 254 | | | | 2,452 | | | | 797 | |
Total investment income | | | 366,214 | | | | 895,928 | | | | 916,028 | |
| | | | | | | | | | | | |
Expenses | | | | | | | | | | | | |
Advisory fees | | | 274,106 | | | | 331,366 | | | | 201,143 | |
Administration fees | | | 13,707 | | | | 16,567 | | | | 10,059 | |
Transfer agent fees | | | 56,117 | | | | 112,172 | | | | 45,518 | |
Distribution fees: | | | | | | | | | | | | |
Class C | | | — | | | | 5,128 | | | | — | |
Class A | | | 2,204 | | | | 4,098 | | | | 7,340 | |
Registration fees | | | 11,643 | | | | 15,788 | | | | 10,784 | |
Audit and tax service expense | | | 7,974 | | | | 7,974 | | | | 7,974 | |
Fund accounting fees | | | 14,283 | | | | 21,148 | | | | 10,496 | |
Trustee fees and expenses | | | 9,809 | | | | 11,955 | | | | 6,819 | |
Insurance expense | | | 3,458 | | | | 4,286 | | | | 1,902 | |
Custody fees | | | 2,375 | | | | 17,226 | | | | 2,461 | |
Printing fees | | | 6,388 | | | | 11,091 | | | | 4,532 | |
Interest expense | | | — | | | | 1,220 | | | | 1,218 | |
Other expenses | | | 14,206 | | | | 18,006 | | | | 9,973 | |
Total expenses before expense reimbursement | | | 416,270 | | | | 578,025 | | | | 320,219 | |
Expense reimbursement by Adviser due to expense limitation agreement | | | (3,624 | ) | | | (71,891 | ) | | | (66,156 | ) |
Net Expenses | | | 412,646 | | | | 506,134 | | | | 254,063 | |
Net Investment Income/(Loss) | | | (46,432 | ) | | | 389,794 | | | | 661,965 | |
| | | | | | | | | | | | |
Realized and Unrealized Gain/(Loss) | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | | | | | |
Investments and foreign currency translations | | | 1,630,134 | | | | (4,000,170 | ) | | | 1,101,568 | |
| | | 1,630,134 | | | | (4,000,170 | ) | | | 1,101,568 | |
Change in unrealized net appreciation/(depreciation) on: | | | | | | | | | | | | |
Investments and foreign currency | | | (3,267,830 | ) | | | (5,732,084 | ) | | | 2,126,303 | |
| | | (3,267,830 | ) | | | (5,732,084 | ) | | | 2,126,303 | |
Net realized and unrealized gain/(loss) | | | (1,637,696 | ) | | | (9,732,254 | ) | | | 3,227,871 | |
Net Increase/(Decrease) in Net Assets Resulting From Operations | | $ | (1,684,128 | ) | | $ | (9,342,460 | ) | | $ | 3,889,836 | |
The accompanying notes are an integral part of the financial statements.
ICON Sector Funds | Statements of Changes in Net Assets |
| | ICON Consumer Discretionary Fund | | | ICON Consumer Staples Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | $ | (24,430 | ) | | $ | (114,346 | ) | | $ | 46,434 | | | $ | 102,349 | |
Net realized gain/(loss) | | | 942,619 | | | | (258,587 | ) | | | 14,681 | | | | (206,426 | ) |
Change in net unrealized appreciation/(depreciation) | | | (1,080,820 | ) | | | 284,117 | | | | 62,864 | | | | 72,655 | |
Net increase/(decrease) in net assets resulting from operations | | | (162,631 | ) | | | (88,816 | ) | | | 123,979 | | | | (31,422 | ) |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | — | | | | (897,131 | ) | | | (84,696 | ) | | | (822,922 | ) |
Class A | | | — | | | | (49,825 | ) | | | (17,641 | ) | | | (332,699 | ) |
Net decrease from dividends and distributions | | | — | | | | (946,956 | ) | | | (102,337 | ) | | | (1,155,621 | ) |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 2,710,018 | | | | 6,793,747 | | | | 4,559,037 | | | | 3,369,557 | |
Class A | | | 48,970 | | | | 917,651 | | | | 4,002,701 | | | | 1,568,876 | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | — | | | | 890,044 | | | | 82,330 | | | | 813,554 | |
Class A | | | — | | | | 45,382 | | | | 15,874 | | | | 281,512 | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (3,924,006 | ) | | | (8,520,523 | ) | | | (4,465,924 | ) | | | (22,117,864 | ) |
Class A | | | (900,419 | ) | | | (880,930 | ) | | | (4,448,327 | ) | | | (3,258,317 | ) |
Net decrease from fund share transactions | | | (2,065,437 | ) | | | (754,629 | ) | | | (254,309 | ) | | | (19,342,682 | ) |
| | | | | | | | | | | | | | | | |
Total net decrease in net assets | | | (2,228,068 | ) | | | (1,790,401 | ) | | | (232,667 | ) | | | (20,529,725 | ) |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 24,249,455 | | | | 26,039,856 | | | | 7,012,842 | | | | 27,542,567 | |
End of period | | $ | 22,021,387 | | | $ | 24,249,455 | | | $ | 6,780,175 | | | $ | 7,012,842 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 223,636 | | | | 507,945 | | | | 710,078 | | | | 473,310 | |
Class A | | | 3,988 | | | | 72,430 | | | | 643,150 | | | | 239,901 | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | — | | | | 62,767 | | | | 13,344 | | | | 117,058 | |
Class A | | | — | | | | 3,357 | | | | 2,581 | | | | 40,681 | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (304,968 | ) | | | (645,396 | ) | | | (710,736 | ) | | | (3,036,610 | ) |
Class A | | | (72,000 | ) | | | (69,802 | ) | | | (696,891 | ) | | | (487,184 | ) |
Net decrease | | | (149,344 | ) | | | (68,699 | ) | | | (38,474 | ) | | | (2,652,844 | ) |
Shares outstanding, beginning of period | | | 1,800,482 | | | | 1,869,181 | | | | 1,054,903 | | | | 3,707,747 | |
Shares outstanding, end of period | | | 1,651,138 | | | | 1,800,482 | | | | 1,016,429 | | | | 1,054,903 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 21 |
ICON Sector Funds | Statements of Changes in Net Assets |
| | ICON Energy Fund | | | ICON Financial Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | |
Operations | | | | | | | | | | | | |
Net investment income/(loss) | | $ | 544,852 | | | $ | 499,299 | | | $ | 166,538 | | | $ | 183,321 | |
Net realized gain/(loss) | | | (13,675,802 | ) | | | (2,764,994 | ) | | | (617,281 | ) | | | 3,379,014 | |
Change in net unrealized appreciation/(depreciation) | | | (20,963,124 | ) | | | 11,093,473 | | | | (3,661,156 | ) | | | 849,313 | |
Net increase/(decrease) in net assets resulting from operations | | | (34,094,074 | ) | | | 8,827,778 | | | | (4,111,899 | ) | | | 4,411,648 | |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | (500,300 | ) | | | (3,237,108 | ) | | | (236,071 | ) | | | (92,213 | ) |
Class C | | | (5,336 | ) | | | (89,725 | ) | | | — | | | | — | |
Class A | | | (16,295 | ) | | | (119,376 | ) | | | (8,439 | ) | | | (2,629 | ) |
Net decrease from dividends and distributions | | | (521,931 | ) | | | (3,446,209 | ) | | | (244,510 | ) | | | (94,842 | ) |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 5,301,848 | | | | 18,098,615 | | | | 2,496,501 | | | | 10,035,038 | |
Class C | | | 509,183 | | | | 241,401 | | | | — | | | | — | |
Class A | | | 515,355 | | | | 1,463,565 | | | | 177,429 | | | | 813,466 | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | 484,438 | | | | 3,129,585 | | | | 230,086 | | | | 90,005 | |
Class C | | | 4,627 | | | | 77,225 | | | | — | | | | — | |
Class A | | | 11,327 | | | | 82,657 | | | | 7,617 | | | | 2,397 | |
Shares repurchased, net of redemption fees | | | | | | | | | | | | | | | | |
Class S | | | (22,477,034 | ) | | | (79,304,224 | ) | | | (7,495,818 | ) | | | (9,788,249 | ) |
Class C | | | (524,119 | ) | | | (2,796,501 | ) | | | — | | | | — | |
Class A | | | (1,667,746 | ) | | | (4,731,193 | ) | | | (159,507 | ) | | | (1,648,620 | ) |
Net decrease from fund share transactions | | | (17,842,121 | ) | | | (63,738,870 | ) | | | (4,743,692 | ) | | | (495,963 | ) |
| | | | | | | | | | | | | | | | |
Total net increase/(decrease) in net assets | | | (52,458,126 | ) | | | (58,357,301 | ) | | | (9,100,101 | ) | | | 3,820,843 | |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 180,995,070 | | | | 239,352,371 | | | | 45,012,016 | | | | 41,191,173 | |
End of period | | $ | 128,536,944 | | | $ | 180,995,070 | | | $ | 35,911,915 | | | $ | 45,012,016 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 502,027 | | | | 1,437,533 | | | | 254,529 | | | | 938,255 | |
Class C | | | 55,739 | | | | 20,373 | | | | — | | | | — | |
Class A | | | 48,622 | | | | 120,172 | | | | 18,019 | | | | 73,446 | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | 51,923 | | | | 251,574 | | | | 26,477 | | | | 8,357 | |
Class C | | | 526 | | | | 6,534 | | | | — | | | | — | |
Class A | | | 1,225 | | | | 6,692 | | | | 876 | | | | 222 | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (2,127,333 | ) | | | (6,360,889 | ) | | | (748,187 | ) | | | (906,394 | ) |
Class C | | | (53,174 | ) | | | (237,781 | ) | | | — | | | | — | |
Class A | | | (167,769 | ) | | | (377,099 | ) | | | (15,990 | ) | | | (148,209 | ) |
Net decrease | | | (1,688,214 | ) | | | (5,132,891 | ) | | | (464,276 | ) | | | (34,323 | ) |
Shares outstanding, beginning of period | | | 14,008,435 | | | | 19,141,326 | | | | 4,103,596 | | | | 4,137,919 | |
Shares outstanding, end of period | | | 12,320,221 | | | | 14,008,435 | | | | 3,639,320 | | | | 4,103,596 | |
The accompanying notes are an integral part of the financial statements.
ICON Sector Funds | Statements of Changes in Net Assets |
| | ICON Healthcare Fund | | | ICON Industrials Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | |
Operations | | | | | | | | | | | | |
Net investment income/(loss) | | $ | (214,535 | ) | | $ | (474,043 | ) | | $ | 59,585 | | | $ | (3,465 | ) |
Net realized gain/(loss) | | | 1,757,536 | | | | 5,271,578 | | | | (320,102 | ) | | | 787,164 | |
Change in net unrealized appreciation/(depreciation) | | | (8,341,811 | ) | | | 8,892,330 | | | | (436,330 | ) | | | (394,652 | ) |
Net increase/(decrease) in net assets resulting from operations | | | (6,798,810 | ) | | | 13,689,865 | | | | (696,847 | ) | | | 389,047 | |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | (4,850,318 | ) | | | (1,986,285 | ) | | | — | | | | — | |
Class A | | | (171,738 | ) | | | (90,235 | ) | | | — | | | | — | |
Net decrease from dividends and distributions | | | (5,022,056 | ) | | | (2,076,520 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 6,496,741 | | | | 8,386,003 | | | | 2,236,269 | | | | 4,277,404 | |
Class A | | | 118,993 | | | | 246,905 | | | | 1,589,693 | | | | 166,793 | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | 4,678,462 | | | | 1,910,895 | | | | — | | | | — | |
Class A | | | 153,187 | | | | 81,620 | | | | — | | | | — | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (10,036,331 | ) | | | (25,718,143 | ) | | | (1,868,845 | ) | | | (8,470,654 | ) |
Class A | | | (265,929 | ) | | | (1,954,040 | ) | | | (1,818,154 | ) | | | (1,480,104 | ) |
Net increase/(decrease) from fund share transactions | | | 1,145,123 | | | | (17,046,760 | ) | | | 138,963 | | | | (5,506,561 | ) |
| | | | | | | | | | | | | | | | |
Total net decrease in net assets | | | (10,675,743 | ) | | | (5,433,415 | ) | | | (557,884 | ) | | | (5,117,514 | ) |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 81,789,006 | | | | 87,222,421 | | | | 12,770,018 | | | | 17,887,532 | |
End of period | | $ | 71,113,263 | | | $ | 81,789,006 | | | $ | 12,212,134 | | | $ | 12,770,018 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 353,368 | | | | 473,772 | | | | 167,487 | | | | 281,772 | |
Class A | | | 7,271 | | | | 14,777 | | | | 104,265 | | | | 11,365 | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | 298,181 | | | | 116,647 | | | | — | | | | — | |
Class A | | | 10,260 | | | | 5,202 | | | | — | | | | — | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (586,847 | ) | | | (1,511,240 | ) | | | (134,246 | ) | | | (566,523 | ) |
Class A | | | (15,815 | ) | | | (116,334 | ) | | | (128,966 | ) | | | (98,337 | ) |
Net increase/(decrease) | | | 66,418 | | | | (1,017,176 | ) | | | 8,540 | | | | (371,723 | ) |
Shares outstanding, beginning of period | | | 4,131,495 | | | | 5,148,671 | | | | 824,827 | | | | 1,196,550 | |
Shares outstanding, end of period | | | 4,197,913 | | | | 4,131,495 | | | | 833,367 | | | | 824,827 | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 23 |
ICON Sector Funds | Statements of Changes in Net Assets |
| | ICON Information Technology Fund | | | ICON Natural Resources Fund | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | $ | (46,432 | ) | | $ | (411,753 | ) | | $ | 389,794 | | | $ | 1,608,237 | |
Net realized gain/(loss) | | | 1,630,134 | | | | 8,085,910 | | | | (4,000,170 | ) | | | 9,330,986 | |
Change in net unrealized appreciation/(depreciation) | | | (3,267,830 | ) | | | 166,298 | | | | (5,732,084 | ) | | | (4,314,715 | ) |
Net increase/(decrease) in net assets resulting from operations | | | (1,684,128 | ) | | | 7,840,455 | | | | (9,342,460 | ) | | | 6,624,508 | |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | (7,045,061 | ) | | | (13,288,826 | ) | | | (10,265,181 | ) | | | (926,150 | ) |
Class C | | | — | | | | — | | | | (184,114 | ) | | | (20,983 | ) |
Class A | | | (238,720 | ) | | | (488,662 | ) | | | (489,958 | ) | | | (64,170 | ) |
Net decrease from dividends and distributions | | | (7,283,781 | ) | | | (13,777,488 | ) | | | (10,939,253 | ) | | | (1,011,303 | ) |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 1,491,734 | | | | 8,513,236 | | | | 6,820,565 | | | | 29,189,297 | |
Class C | | | — | | | | — | | | | 428,029 | | | | 358,860 | |
Class A | | | 184,989 | | | | 471,172 | | | | 460,529 | | | | 2,692,213 | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | 6,871,071 | | | | 12,849,470 | | | | 9,920,274 | | | | 896,662 | |
Class C | | | — | | | | — | | | | 167,425 | | | | 19,514 | |
Class A | | | 207,711 | | | | 431,663 | | | | 452,538 | | | | 54,020 | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (6,125,139 | ) | | | (25,411,771 | ) | | | (18,467,147 | ) | | | (27,779,331 | ) |
Class C | | | — | | | | — | | | | (495,399 | ) | | | (1,053,050 | ) |
Class A | | | (431,941 | ) | | | (1,426,575 | ) | | | (1,112,694 | ) | | | (4,497,790 | ) |
Net increase/(decrease) from fund share transactions | | | 2,198,425 | | | | (4,572,805 | ) | | | (1,825,880 | ) | | | (119,605 | ) |
| | | | | | | | | | | | | | | | |
Total net increase/(decrease) in net assets | | | (6,769,484 | ) | | | (10,509,838 | ) | | | (22,107,593 | ) | | | 5,493,600 | |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 63,574,552 | | | | 74,084,390 | | | | 82,323,124 | | | | 76,829,524 | |
End of period | | $ | 56,805,068 | | | $ | 63,574,552 | | | $ | 60,215,531 | | | $ | 82,323,124 | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 107,589 | | | | 490,644 | | | | 529,200 | | | | 1,826,509 | |
Class C | | | — | | | | — | | | | 36,770 | | | | 23,436 | |
Class A | | | 12,840 | | | | 27,989 | | | | 32,393 | | | | 168,035 | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | 567,857 | | | | 798,104 | | | | 915,154 | | | | 57,149 | |
Class C | | | — | | | | — | | | | 16,255 | | | | 1,304 | |
Class A | | | 17,953 | | | | 27,778 | | | | 42,097 | | | | 3,481 | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (435,315 | ) | | | (1,434,351 | ) | | | (1,452,558 | ) | | | (1,740,876 | ) |
Class C | | | — | | | | — | | | | (44,634 | ) | | | (69,003 | ) |
Class A | | | (31,355 | ) | | | (81,689 | ) | | | (81,306 | ) | | | (282,127 | ) |
Net increase/(decrease) | | | 239,569 | | | | (171,525 | ) | | | (6,629 | ) | | | (12,092 | ) |
Shares outstanding, beginning of period | | | 3,703,232 | | | | 3,874,757 | | | | 5,010,301 | | | | 5,022,393 | |
Shares outstanding, end of period | | | 3,942,801 | | | | 3,703,232 | | | | 5,003,672 | | | | 5,010,301 | |
The accompanying notes are an integral part of the financial statements.
ICON Sector Funds | Statements of Changes in Net Assets |
| | ICON Utilities Fund | | | | | | | |
| | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | | | | | |
Operations | | | | | | | | | | | | |
Net investment income/(loss) | | $ | 661,965 | | | $ | 1,140,787 | | | | | | | | | |
Net realized gain/(loss) | | | 1,101,568 | | | | (63,162 | ) | | | | | | | | |
Change in net unrealized appreciation/(depreciation) | | | 2,126,303 | | | | 149,787 | | | | | | | | | |
Net increase/(decrease) in net assets resulting from operations | | | 3,889,836 | | | | 1,227,412 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Dividends and Distributions to Shareholders | | | | | | | | | | | | | | | | |
Class S | | | (839,502 | ) | | | (2,743,816 | ) | | | | | | | | |
Class A | | | (132,109 | ) | | | (610,900 | ) | | | | | | | | |
Net decrease from dividends and distributions | | | (971,611 | ) | | | (3,354,716 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 14,521,549 | | | | 9,480,817 | | | | | | | | | |
Class A | | | 1,586,180 | | | | 482,608 | | | | | | | | | |
Reinvested dividends and distributions | | | | | | | | | | | | | | | | |
Class S | | | 816,089 | | | | 2,667,776 | | | | | | | | | |
Class A | | | 55,189 | | | | 332,205 | | | | | | | | | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (10,833,259 | ) | | | (15,345,698 | ) | | | | | | | | |
Class A | | | (597,193 | ) | | | (3,176,944 | ) | | | | | | | | |
Net increase/(decrease) from fund share transactions | | | 5,548,555 | | | | (5,559,236 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total net increase/(decrease) in net assets | | | 8,466,780 | | | | (7,686,540 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 36,423,235 | | | | 44,109,775 | | | | | | | | | |
End of period | | $ | 44,890,015 | | | $ | 36,423,235 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Transactions in Fund Shares | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | |
Class S | | | 1,587,268 | | | | 1,072,968 | | | | | | | | | |
Class A | | | 175,205 | | | | 55,872 | | | | | | | | | |
Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | |
Class S | | | 90,844 | | | | 305,598 | | | | | | | | | |
Class A | | | 6,250 | | | | 38,729 | | | | | | | | | |
Shares repurchased | | | | | | | | | | | | | | | | |
Class S | | | (1,215,554 | ) | | | (1,744,614 | ) | | | | | | | | |
Class A | | | (66,758 | ) | | | (364,825 | ) | | | | | | | | |
Net increase/(decrease) | | | 577,255 | | | | (636,272 | ) | | | | | | | | |
Shares outstanding, beginning of period | | | 4,126,440 | | | | 4,762,712 | | | | | | | | | |
Shares outstanding, end of period | | | 4,703,695 | | | | 4,126,440 | | | | | | | | | |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 25 |
ICON Consumer Discretionary Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 13.51 | | | $ | 13.97 | | | $ | 13.55 | | | $ | 14.27 | | | $ | 15.55 | | | $ | 14.50 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.01 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.07 | ) | | | (0.07 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.14 | ) | | | 0.10 | | | | 1.25 | | | | 0.65 | | | | 1.03 | | | | 1.12 | |
Total from investment operations | | | (0.15 | ) | | | 0.04 | | | | 1.19 | | | | 0.62 | | | | 0.96 | | | | 1.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | — | | | | (0.50 | ) | | | (0.77 | ) | | | (1.34 | ) | | | (2.24 | ) | | | — | |
Total dividends and distributions | | | — | | | | (0.50 | ) | | | (0.77 | ) | | | (1.34 | ) | | | (2.24 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.36 | | | $ | 13.51 | | | $ | 13.97 | | | $ | 13.55 | | | $ | 14.27 | | | $ | 15.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (1.11 | )%(b) | | | 0.14 | % | | | 8.93 | % | | | 4.49 | % | | | 5.80 | % | | | 7.24 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 21,409 | | | $ | 22,755 | | | $ | 24,566 | | | $ | 37,263 | | | $ | 44,913 | | | $ | 55,476 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.70 | %(c) | | | 1.60 | % | | | 1.46 | % | | | 1.42 | % | | | 1.43 | % | | | 1.46 | % |
After expense limitation(d) | | | 1.70 | %(c) | | | 1.60 | % | | | 1.46 | % | | | 1.42 | % | | | 1.43 | % | | | 1.46 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.22 | )%(c) | | | (0.44 | )% | | | (0.43 | )% | | | (0.22 | )% | | | (0.44 | )% | | | (0.47 | )% |
After expense limitation(d) | | | (0.22 | )%(c) | | | (0.44 | )% | | | (0.43 | )% | | | (0.22 | )% | | | (0.44 | )% | | | (0.47 | )% |
Portfolio turnover rate | | | 89 | %(b) | | | 137 | % | | | 152 | % | | | 158 | % | | | 201 | % | | | 202 | % |
| (a) | Calculated using the average shares method. |
| (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.
ICON Consumer Discretionary Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 12.85 | | | $ | 13.36 | | | $ | 13.06 | | | $ | 13.88 | | | $ | 15.24 | | | $ | 14.25 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | (0.03 | ) | | | (0.11 | ) | | | (0.13 | ) | | | (0.10 | ) | | | (0.14 | ) | | | (0.12 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.13 | ) | | | 0.10 | | | | 1.20 | | | | 0.62 | | | | 1.02 | | | | 1.11 | |
Total from investment operations | | | (0.16 | ) | | | (0.01 | ) | | | 1.07 | | | | 0.52 | | | | 0.88 | | | | 0.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | — | | | | (0.50 | ) | | | (0.77 | ) | | | (1.34 | ) | | | (2.24 | ) | | | — | |
Total dividends and distributions | | | — | | | | (0.50 | ) | | | (0.77 | ) | | | (1.34 | ) | | | (2.24 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.69 | | | $ | 12.85 | | | $ | 13.36 | | | $ | 13.06 | | | $ | 13.88 | | | $ | 15.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (1.25 | )%(d) | | | (0.24 | )% | | | 8.32 | % | | | 3.86 | % | | | 5.34 | % | | | 6.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 613 | | | $ | 1,495 | | | $ | 1,474 | | | $ | 2,368 | | | $ | 2,999 | | | $ | 2,492 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.99 | %(e) | | | 2.28 | % | | | 2.22 | % | | | 2.13 | % | | | 1.91 | % | | | 1.76 | % |
After expense limitation(f) | | | 1.99 | %(e) | | | 1.99 | % | | | 1.99 | % | | | 1.99 | % | | | 1.91 | % | | | 1.76 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (1.47 | )%(e) | | | (1.14 | )% | | | (1.20 | )% | | | (0.92 | )% | | | (0.97 | )% | | | (0.80 | )% |
After expense limitation(f) | | | (0.47 | )%(e) | | | (0.85 | )% | | | (0.97 | )% | | | (0.78 | )% | | | (0.97 | )% | | | (0.80 | )% |
Portfolio turnover rate | | | 89 | %(d) | | | 137 | % | | | 152 | % | | | 158 | % | | | 201 | % | | | 202 | % |
| (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. |
| (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, 2019 | 27 |
ICON Consumer Staples Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 6.66 | | | $ | 7.43 | | | $ | 7.98 | | | $ | 9.20 | | | $ | 11.55 | | | $ | 11.18 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.04 | | | | 0.06 | | | | 0.02 | | | | 0.02 | | | | 0.04 | | | | 0.11 | |
Net realized and unrealized gains/(losses) on investments | | | 0.07 | | | | 0.01 | (b) | | | 0.41 | | | | 0.96 | | | | 0.98 | | | | 1.31 | |
Total from investment operations | | | 0.11 | | | | 0.07 | | | | 0.43 | | | | 0.98 | | | | 1.02 | | | | 1.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.09 | ) | | | (0.01 | ) | | | (0.02 | ) | | | (0.00 | )(c) | | | (0.22 | ) | | | (0.03 | ) |
Distributions from net realized gains | | | — | | | | (0.83 | ) | | | (0.96 | ) | | | (2.20 | ) | | | (3.15 | ) | | | (1.02 | ) |
Total dividends and distributions | | | (0.09 | ) | | | (0.84 | ) | | | (0.98 | ) | | | (2.20 | ) | | | (3.37 | ) | | | (1.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 6.68 | | | $ | 6.66 | | | $ | 7.43 | | | $ | 7.98 | | | $ | 9.20 | | | $ | 11.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | 1.75 | %(d) | | | 0.50 | % | | | 6.15 | % | | | 12.09 | % | | | 8.66 | % | | | 13.32 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 5,372 | | | $ | 5,275 | | | $ | 24,069 | | | $ | 31,799 | | | $ | 8,651 | | | $ | 25,731 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.35 | %(e) | | | 2.17 | % | | | 1.70 | % | | | 1.74 | % | | | 1.87 | % | | | 1.45 | % |
After expense limitation(f) | | | 1.53 | %(e) | | | 1.51 | % | | | 1.50 | % | | | 1.51 | % | | | 1.51 | % | | | 1.45 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.46 | %(e) | | | 0.28 | % | | | 0.04 | % | | | 0.00 | %(g) | | | (0.01 | )% | | | 0.94 | % |
After expense limitation(f) | | | 1.28 | %(e) | | | 0.94 | % | | | 0.24 | % | | | 0.23 | % | | | 0.35 | % | | | 0.94 | % |
Portfolio turnover rate | | | 115 | %(d) | | | 58 | % | | | 118 | % | | | 125 | % | | | 16 | % | | | 52 | % |
| (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) | Amount less than $(0.005). |
| (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) | Less than 0.005% of average net assets. |
The accompanying notes are an integral part of the financial statements.
ICON Consumer Staples Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 6.61 | | | $ | 7.40 | | | $ | 7.96 | | | $ | 9.19 | | | $ | 11.58 | | | $ | 11.23 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.03 | | | | 0.06 | | | | (0.01 | ) | | | (0.00 | )(c) | | | 0.02 | | | | 0.07 | |
Net realized and unrealized gains/(losses) on investments | | | 0.07 | | | | (0.01 | ) | | | 0.42 | | | | 0.97 | | | | 0.97 | | | | 1.32 | |
Total from investment operations | | | 0.10 | | | | 0.05 | | | | 0.41 | | | | 0.97 | | | | 0.99 | | | | 1.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.06 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.00 | )(c) | | | (0.23 | ) | | | (0.02 | ) |
Distributions from net realized gains | | | — | | | | (0.83 | ) | | | (0.96 | ) | | | (2.20 | ) | | | (3.15 | ) | | | (1.02 | ) |
Total dividends and distributions | | | (0.06 | ) | | | (0.84 | ) | | | (0.97 | ) | | | (2.20 | ) | | | (3.38 | ) | | | (1.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 6.65 | | | $ | 6.61 | | | $ | 7.40 | | | $ | 7.96 | | | $ | 9.19 | | | $ | 11.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) | | | 1.66 | %(e) | | | 0.17 | % | | | 5.91 | % | | | 11.93 | % | | | 8.32 | % | | | 12.99 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 1,408 | | | $ | 1,738 | | | $ | 3,473 | | | $ | 8,409 | | | $ | 3,602 | | | $ | 2,740 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.53 | %(f) | | | 2.29 | % | | | 1.97 | % | | | 1.97 | % | | | 2.12 | % | | | 2.04 | % |
After expense limitation(g) | | | 1.77 | %(f) | | | 1.77 | % | | | 1.75 | % | | | 1.76 | % | | | 1.76 | % | | | 1.75 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.22 | %(f) | | | 0.31 | % | | | (0.30 | )% | | | (0.23 | )% | | | (0.15 | )% | | | 0.35 | % |
After expense limitation(g) | | | 0.98 | %(f) | | | 0.83 | % | | | (0.08 | )% | | | (0.02 | )% | | | 0.21 | % | | | 0.64 | % |
Portfolio turnover rate | | | 115 | %(e) | | | 58 | % | | | 118 | % | | | 125 | % | | | 16 | % | | | 52 | % |
| (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. |
| (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, 2019 | 29 |
ICON Energy Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 12.95 | | | $ | 12.53 | | | $ | 12.66 | | | $ | 11.17 | | | $ | 22.30 | | | $ | 22.59 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.04 | | | | 0.04 | | | | 0.06 | | | | 0.24 | | | | 0.11 | | | | 0.11 | |
Net realized and unrealized gains/(losses) on investments | | | (2.49 | ) | | | 0.58 | | | | (0.11 | ) | | | 1.36 | | | | (7.42 | ) | | | 0.33 | |
Total from investment operations | | | (2.45 | ) | | | 0.62 | | | | (0.05 | ) | | | 1.60 | | | | (7.31 | ) | | | 0.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.04 | ) | | | (0.20 | ) | | | (0.08 | ) | | | (0.11 | ) | | | (0.09 | ) | | | (0.06 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (3.73 | ) | | | (0.67 | ) |
Total dividends and distributions | | | (0.04 | ) | | | (0.20 | ) | | | (0.08 | ) | | | (0.11 | ) | | | (3.82 | ) | | | (0.73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.46 | | | $ | 12.95 | | | $ | 12.53 | | | $ | 12.66 | | | $ | 11.17 | | | $ | 22.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (18.88 | )%(b) | | | 4.99 | % | | | (0.44 | )% | | | 14.55 | % | | | (36.37 | )% | | | 1.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 120,585 | | | $ | 169,661 | | | $ | 222,707 | | | $ | 327,497 | | | $ | 320,486 | | | $ | 615,541 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.64 | %(c) | | | 1.50 | % | | | 1.41 | % | | | 1.44 | % | | | 1.42 | % | | | 1.28 | % |
After expense limitation(d) | | | 1.50 | %(c) | | | 1.50 | % | | | 1.41 | % | | | 1.44 | % | | | 1.42 | % | | | 1.28 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.68 | %(c) | | | 0.28 | % | | | 0.46 | % | | | 2.04 | % | | | 0.74 | % | | | 0.46 | % |
After expense limitation(d) | | | 0.82 | %(c) | | | 0.28 | % | | | 0.46 | % | | | 2.04 | % | | | 0.74 | % | | | 0.46 | % |
Portfolio turnover rate | | | 31 | %(b) | | | 69 | % | | | 74 | % | | | 99 | % | | | 154 | % | | | 97 | % |
| (a) | Calculated using the average shares method. |
| (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.
ICON Energy Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 12.21 | | | $ | 11.92 | | | $ | 12.14 | | | $ | 10.77 | | | $ | 21.74 | | | $ | 22.21 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a)(b) | | | (0.01 | ) | | | (0.08 | ) | | | (0.07 | ) | | | 0.11 | | | | (0.04 | ) | | | (0.15 | ) |
Net realized and unrealized gains/(losses) on investments | | | (2.35 | ) | | | 0.54 | | | | (0.11 | ) | | | 1.31 | | | | (7.20 | ) | | | 0.35 | |
Total from investment operations | | | (2.36 | ) | | | 0.46 | | | | (0.18 | ) | | | 1.42 | | | | (7.24 | ) | | | 0.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.01 | ) | | | (0.17 | ) | | | (0.04 | ) | | | (0.05 | ) | | | — | | | | — | |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (3.73 | ) | | | (0.67 | ) |
Total dividends and distributions | | | (0.01 | ) | | | (0.17 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (3.73 | ) | | | (0.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Redemption fees | | | — | | | | 0.00 | (c) | | | — | | | | — | | | | — | | | | — | |
Net asset value, end of period | | $ | 9.84 | | | $ | 12.21 | | | $ | 11.92 | | | $ | 12.14 | | | $ | 10.77 | | | $ | 21.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) | | | (19.28 | )%(e) | | | 3.87 | % | | | (1.46 | )% | | | 13.31 | % | | | (36.99 | )% | | | 0.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 4,012 | | | $ | 4,941 | | | $ | 7,333 | | | $ | 10,124 | | | $ | 9,972 | | | $ | 17,170 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.72 | %(f) | | | 2.55 | % | | | 2.47 | % | | | 2.49 | % | | | 2.43 | % | | | 2.38 | % |
After expense limitation(g) | | | 2.50 | %(f) | | | 2.50 | % | | | 2.47 | % | | | 2.49 | % | | | 2.43 | % | | | 2.38 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.39 | )%(f) | | | (0.76 | )% | | | (0.61 | )% | | | 0.99 | % | | | (0.26 | )% | | | (0.65 | )% |
After expense limitation(g) | | | (0.17 | )%(f) | | | (0.71 | )% | | | (0.61 | )% | | | 0.99 | % | | | (0.26 | )% | | | (0.65 | )% |
Portfolio turnover rate | | | 31 | %(e) | | | 69 | % | | | 74 | % | | | 99 | % | | | 154 | % | | | 97 | % |
| (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) | Amount less than $0.005. |
| (d) | The total return calculation excludes any sales charges. |
| (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, 2019 | 31 |
ICON Energy Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 12.83 | | | $ | 12.44 | | | $ | 12.60 | | | $ | 11.11 | | | $ | 22.20 | | | $ | 22.50 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.03 | | | | 0.01 | | | | 0.02 | | | | 0.21 | | | | 0.07 | | | | 0.04 | |
Net realized and unrealized gains/(losses) on investments | | | (2.47 | ) | | | 0.57 | | | | (0.11 | ) | | | 1.35 | | | | (7.39 | ) | | | 0.35 | |
Total from investment operations | | | (2.44 | ) | | | 0.58 | | | | (0.09 | ) | | | 1.56 | | | | (7.32 | ) | | | 0.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.03 | ) | | | (0.19 | ) | | | (0.07 | ) | | | (0.07 | ) | | | (0.04 | ) | | | (0.02 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (3.73 | ) | | | (0.67 | ) |
Total dividends and distributions | | | (0.03 | ) | | | (0.19 | ) | | | (0.07 | ) | | | (0.07 | ) | | | (3.77 | ) | | | (0.69 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.36 | | | $ | 12.83 | | | $ | 12.44 | | | $ | 12.60 | | | $ | 11.11 | | | $ | 22.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(b) | | | (18.96 | )%(c) | | | 4.71 | % | | | (0.76 | )% | | | 14.19 | % | | | (36.55 | )% | | | 1.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 3,939 | | | $ | 6,394 | | | $ | 9,312 | | | $ | 14,648 | | | $ | 14,588 | | | $ | 26,695 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.91 | %(d) | | | 1.75 | % | | | 1.72 | % | | | 1.73 | % | | | 1.66 | % | | | 1.55 | % |
After expense limitation(e) | | | 1.75 | %(d) | | | 1.75 | % | | | 1.72 | % | | | 1.73 | % | | | 1.66 | % | | | 1.55 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.41 | %(d) | | | 0.06 | % | | | 0.15 | % | | | 1.77 | % | | | 0.50 | % | | | 0.19 | % |
After expense limitation(e) | | | 0.57 | %(d) | | | 0.06 | % | | | 0.15 | % | | | 1.77 | % | | | 0.50 | % | | | 0.19 | % |
Portfolio turnover rate | | | 31 | %(c) | | | 69 | % | | | 74 | % | | | 99 | % | | | 154 | % | | | 97 | % |
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (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.
ICON Financial Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 10.97 | | | $ | 9.95 | | | $ | 7.67 | | | $ | 7.74 | | | $ | 7.83 | | | $ | 7.47 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.04 | | | | 0.05 | | | | 0.03 | | | | 0.08 | | | | 0.04 | | | | 0.00 | (b) |
Net realized and unrealized gains/(losses) on investments | | | (1.07 | ) | | | 0.99 | | | | 2.34 | | | | (0.15 | ) | | | (0.08 | ) | | | 0.54 | |
Total from investment operations | | | (1.03 | ) | | | 1.04 | | | | 2.37 | | | | (0.07 | ) | | | (0.04 | ) | | | 0.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.07 | ) | | | (0.02 | ) | | | (0.09 | ) | | | — | | | | (0.05 | ) | | | (0.18 | ) |
Total dividends and distributions | | | (0.07 | ) | | | (0.02 | ) | | | (0.09 | ) | | | — | | | | (0.05 | ) | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.87 | | | $ | 10.97 | | | $ | 9.95 | | | $ | 7.67 | | | $ | 7.74 | | | $ | 7.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (9.34 | )%(c) | | | 10.48 | % | | | 30.96 | % | | | (0.90 | )% | | | (0.55 | )% | | | 7.27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 34,523 | | | $ | 43,500 | | | $ | 39,072 | | | $ | 43,354 | | | $ | 49,106 | | | $ | 32,286 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.56 | %(d) | | | 1.44 | % | | | 1.40 | % | | | 1.40 | % | | | 1.49 | % | | | 1.64 | % |
After expense limitation(e) | | | 1.50 | %(d) | | | 1.44 | % | | | 1.40 | % | | | 1.40 | % | | | 1.49 | % | | | 1.50 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.84 | %(d) | | | 0.41 | % | | | 0.28 | % | | | 1.00 | % | | | 0.52 | % | | | (0.20 | )% |
After expense limitation(e) | | | 0.90 | %(d) | | | 0.41 | % | | | 0.28 | % | | | 1.00 | % | | | 0.52 | % | | | (0.06 | )% |
Portfolio turnover rate | | | 5 | %(c) | | | 44 | % | | | 68 | % | | | 49 | % | | | 51 | % | | | 79 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (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, 2019 | 33 |
ICON Financial Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 10.98 | | | $ | 9.99 | | | $ | 7.71 | | | $ | 7.82 | | | $ | 7.89 | | | $ | 7.37 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.03 | | | | 0.01 | | | | (0.01 | ) | | | 0.05 | | | | 0.02 | | | | (0.02 | ) |
Net realized and unrealized gains/(losses) on investments | | | (1.08 | ) | | | 0.99 | | | | 2.37 | | | | (0.16 | ) | | | (0.07 | ) | | | 0.54 | |
Total from investment operations | | | (1.05 | ) | | | 1.00 | | | | 2.36 | | | | (0.11 | ) | | | (0.05 | ) | | | 0.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.06 | ) | | | (0.01 | ) | | | (0.08 | ) | | | — | | | | (0.02 | ) | | | — | |
Total dividends and distributions | | | (0.06 | ) | | | (0.01 | ) | | | (0.08 | ) | | | — | | | | (0.02 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.87 | | | $ | 10.98 | | | $ | 9.99 | | | $ | 7.71 | | | $ | 7.82 | | | $ | 7.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (9.49 | )%(d) | | | 10.04 | % | | | 30.68 | % | | | (1.41 | )% | | | (0.69 | )% | | | 7.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 1,389 | | | $ | 1,512 | | | $ | 2,119 | | | $ | 2,542 | | | $ | 1,974 | | | $ | 541 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.27 | %(e) | | | 1.98 | % | | | 2.05 | % | | | 2.12 | % | | | 2.19 | % | | | 2.35 | % |
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 | | | 0.13 | %(e) | | | (0.13 | )% | | | (0.37 | )% | | | 0.26 | % | | | (0.15 | )% | | | (0.86 | )% |
After expense limitation(f) | | | 0.65 | %(e) | | | 0.10 | % | | | (0.07 | )% | | | 0.63 | % | | | 0.29 | % | | | (0.26 | )% |
Portfolio turnover rate | | | 5 | %(d) | | | 44 | % | | | 68 | % | | | 49 | % | | | 51 | % | | | 79 | % |
| (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. |
| (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.
ICON Healthcare Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 19.83 | | | $ | 16.97 | | | $ | 15.40 | | | $ | 17.83 | | | $ | 22.42 | | | $ | 22.17 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.05 | ) | | | (0.10 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.09 | ) | | | (0.11 | ) |
Net realized and unrealized gains/(losses) on investments | | | (1.62 | ) | | | 3.38 | | | | 1.86 | | | | 1.54 | | | | 1.02 | | | | 6.18 | |
Total from investment operations | | | (1.67 | ) | | | 3.28 | | | | 1.81 | | | | 1.50 | | | | 0.93 | | | | 6.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
Distributions from net realized gains | | | (1.19 | ) | | | (0.42 | ) | | | (0.24 | ) | | | (3.93 | ) | | | (5.52 | ) | | | (5.79 | ) |
Total dividends and distributions | | | (1.19 | ) | | | (0.42 | ) | | | (0.24 | ) | | | (3.93 | ) | | | (5.52 | ) | | | (5.82 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.97 | | | $ | 19.83 | | | $ | 16.97 | | | $ | 15.40 | | | $ | 17.83 | | | $ | 22.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (7.91 | )%(b) | | | 19.84 | % | | | 11.94 | % | | | 9.44 | % | | | 2.55 | % | | | 32.27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 68,689 | | | $ | 78,975 | | | $ | 83,234 | | | $ | 76,218 | | | $ | 95,109 | | | $ | 148,261 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.49 | %(c) | | | 1.45 | % | | | 1.41 | % | | | 1.44 | % | | | 1.36 | % | | | 1.36 | % |
After expense limitation(d) | | | 1.49 | %(c) | | | 1.45 | % | | | 1.41 | % | | | 1.44 | % | | | 1.36 | % | | | 1.36 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.57 | )%(c) | | | (0.60 | )% | | | (0.33 | )% | | | (0.26 | )% | | | (0.45 | )% | | | (0.53 | )% |
After expense limitation(d) | | | (0.57 | )%(c) | | | (0.60 | )% | | | (0.33 | )% | | | (0.26 | )% | | | (0.45 | )% | | | (0.53 | )% |
Portfolio turnover rate | | | 22 | %(b) | | | 63 | % | | | 174 | % | | | 107 | % | | | 141 | % | | | 188 | % |
| (a) | Calculated using the average shares method. |
| (d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 35 |
ICON Healthcare Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 18.95 | | | $ | 16.29 | | | $ | 14.84 | | | $ | 17.37 | | | $ | 22.01 | | | $ | 21.92 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | (0.07 | ) | | | (0.15 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.14 | ) | | | (0.14 | ) |
Net realized and unrealized gains/(losses) on investments | | | (1.55 | ) | | | 3.23 | | | | 1.79 | | | | 1.49 | | | | 1.02 | | | | 6.03 | |
Total from investment operations | | | (1.62 | ) | | | 3.08 | | | | 1.69 | | | | 1.40 | | | | 0.88 | | | | 5.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) |
Distributions from net realized gains | | | (1.19 | ) | | | (0.42 | ) | | | (0.24 | ) | | | (3.93 | ) | | | (5.52 | ) | | | (5.79 | ) |
Total dividends and distributions | | | (1.19 | ) | | | (0.42 | ) | | | (0.24 | ) | | | (3.93 | ) | | | (5.52 | ) | | | (5.80 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.14 | | | $ | 18.95 | | | $ | 16.29 | | | $ | 14.84 | | | $ | 17.37 | | | $ | 22.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (8.02 | )%(d) | | | 19.43 | % | | | 11.58 | % | | | 9.03 | % | | | 2.33 | % | | | 31.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 2,425 | | | $ | 2,814 | | | $ | 3,989 | | | $ | 4,921 | | | $ | 15,317 | | | $ | 10,878 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.97 | %(e) | | | 1.86 | % | | | 1.86 | % | | | 1.79 | % | | | 1.62 | % | | | 1.62 | % |
After expense limitation(f) | | | 1.75 | %(e) | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % | | | 1.62 | % | | | 1.62 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (1.05 | )%(e) | | | (1.01 | )% | | | (0.78 | )% | | | (0.63 | )% | | | (0.69 | )% | | | (0.66 | )% |
After expense limitation(f) | | | (0.83 | )%(e) | | | (0.90 | )% | | | (0.67 | )% | | | (0.59 | )% | | | (0.69 | )% | | | (0.66 | )% |
Portfolio turnover rate | | | 22 | %(d) | | | 63 | % | | | 174 | % | | | 107 | % | | | 141 | % | | | 188 | % |
| (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. |
| (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.
ICON Industrials Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 15.50 | | | $ | 14.97 | | | $ | 12.26 | | | $ | 10.94 | | | $ | 11.67 | | | $ | 10.56 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.07 | | | | 0.00 | (b) | | | (0.04 | ) | | | (0.02 | ) | | | 0.01 | | | | 0.01 | |
Net realized and unrealized gains/(losses) on investments | | | (0.90 | ) | | | 0.53 | | | | 2.75 | | | | 1.34 | | | | (0.73 | ) | | | 1.16 | |
Total from investment operations | | | (0.83 | ) | | | 0.53 | | | | 2.71 | | | | 1.32 | | | | (0.72 | ) | | | 1.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) | | | (0.06 | ) |
Total dividends and distributions | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.67 | | | $ | 15.50 | | | $ | 14.97 | | | $ | 12.26 | | | $ | 10.94 | | | $ | 11.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (5.35 | )%(c) | | | 3.54 | % | | | 22.10 | % | | | 12.07 | % | | | (6.15 | )% | | | 11.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 11,476 | | | $ | 11,614 | | | $ | 15,482 | | | $ | 23,957 | | | $ | 14,251 | | | $ | 35,883 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.97 | %(d) | | | 1.80 | % | | | 1.69 | % | | | 1.73 | % | | | 1.53 | % | | | 1.41 | % |
After expense limitation(e) | | | 1.50 | %(d) | | | 1.50 | % | | | 1.51 | % | | | 1.50 | % | | | 1.50 | % | | | 1.41 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.49 | %(d) | | | (0.29 | )% | | | (0.50 | )% | | | (0.37 | )% | | | 0.07 | % | | | 0.07 | % |
After expense limitation(e) | | | 0.96 | %(d) | | | 0.01 | % | | | (0.32 | )% | | | (0.14 | )% | | | 0.10 | % | | | 0.07 | % |
Portfolio turnover rate | | | 45 | %(c) | | | 87 | % | | | 75 | % | | | 87 | % | | | 23 | % | | | 30 | % |
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (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, 2019 | 37 |
ICON Industrials Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 15.27 | | | $ | 14.79 | | | $ | 12.14 | | | $ | 10.86 | | | $ | 11.58 | | | $ | 10.45 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.06 | | | | (0.04 | ) | | | (0.07 | ) | | | (0.04 | ) | | | (0.02 | ) | | | (0.03 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.90 | ) | | | 0.52 | | | | 2.72 | | | | 1.32 | | | | (0.70 | ) | | | 1.16 | |
Total from investment operations | | | (0.84 | ) | | | 0.48 | | | | 2.65 | | | | 1.28 | | | | (0.72 | ) | | | 1.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.43 | | | $ | 15.27 | | | $ | 14.79 | | | $ | 12.14 | | | $ | 10.86 | | | $ | 11.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (5.50 | )%(d) | | | 3.25 | % | | | 21.83 | % | | | 11.79 | % | | | (6.22 | )% | | | 10.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 736 | | | $ | 1,156 | | | $ | 2,406 | | | $ | 998 | | | $ | 596 | | | $ | 298 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.11 | %(e) | | | 2.32 | % | | | 2.05 | % | | | 2.96 | % | | | 2.67 | % | | | 2.02 | % |
After expense limitation(f) | | | 1.75 | %(e) | | | 1.75 | % | | | 1.76 | % | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.56 | %(e) | | | (0.85 | )% | | | (0.79 | )% | | | (1.59 | )% | | | (1.11 | )% | | | (0.56 | )% |
After expense limitation(f) | | | 0.92 | %(e) | | | (0.28 | )% | | | (0.50 | )% | | | (0.38 | )% | | | (0.19 | )% | | | (0.29 | )% |
Portfolio turnover rate | | | 45 | %(d) | | | 87 | % | | | 75 | % | | | 87 | % | | | 23 | % | | | 30 | % |
| (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. |
| (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.
ICON Information Technology Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 17.19 | | | $ | 19.14 | | | $ | 17.96 | | | $ | 14.95 | | | $ | 13.55 | | | $ | 11.44 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | (0.01 | ) | | | (0.10 | ) | | | (0.10 | ) | | | (0.07 | ) | | | (0.09 | ) | | | (0.07 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.71 | ) | | | 2.09 | | | | 4.53 | | | | 3.08 | | | | 1.49 | | | | 2.18 | |
Total from investment operations | | | (0.72 | ) | | | 1.99 | | | | 4.43 | | | | 3.01 | | | | 1.40 | | | | 2.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.08 | ) | | | — | | | | — | | | | — | | | | — | |
Distributions from net realized gains | | | (2.04 | ) | | | (3.86 | ) | | | (3.25 | ) | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (2.04 | ) | | | (3.94 | ) | | | (3.25 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.43 | | | $ | 17.19 | | | $ | 19.14 | | | $ | 17.96 | | | $ | 14.95 | | | $ | 13.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (1.88 | )%(b) | | | 11.82 | % | | | 29.46 | % | | | 20.13 | % | | | 10.33 | % | | | 18.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 55,063 | | | $ | 61,474 | | | $ | 71,249 | | | $ | 48,953 | | | $ | 45,343 | | | $ | 50,363 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.50 | %(c) | | | 1.41 | % | | | 1.42 | % | | | 1.49 | % | | | 1.44 | % | | | 1.40 | % |
After expense limitation(d) | | | 1.50 | %(c) | | | 1.41 | % | | | 1.42 | % | | | 1.49 | % | | | 1.44 | % | | | 1.40 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.16 | )%(c) | | | (0.60 | )% | | | (0.58 | )% | | | (0.46 | )% | | | (0.62 | )% | | | (0.56 | )% |
After expense limitation(d) | | | (0.16 | )%(c) | | | (0.60 | )% | | | (0.58 | )% | | | (0.46 | )% | | | (0.62 | )% | | | (0.56 | )% |
Portfolio turnover rate | | | 57 | %(b) | | | 98 | % | | | 116 | % | | | 94 | % | | | 43 | % | | | 48 | % |
| (a) | Calculated using the average shares method. |
| (d) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 39 |
ICON Information Technology Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 16.55 | | | $ | 18.55 | | | $ | 17.55 | | | $ | 14.65 | | | $ | 13.32 | | | $ | 11.30 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | (0.03 | ) | | | (0.16 | ) | | | (0.15 | ) | | | (0.11 | ) | | | (0.14 | ) | | | (0.11 | ) |
Net realized and unrealized gains/(losses) on investments | | | (0.70 | ) | | | 2.02 | | | | 4.40 | | | | 3.01 | | | | 1.47 | | | | 2.13 | |
Total from investment operations | | | (0.73 | ) | | | 1.86 | | | | 4.25 | | | | 2.90 | | | | 1.33 | | | | 2.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.00 | )(c) | | | — | | | | — | | | | — | | | | — | |
Distributions from net realized gains | | | (2.04 | ) | | | (3.86 | ) | | | (3.25 | ) | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (2.04 | ) | | | (3.86 | ) | | | (3.25 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.78 | | | $ | 16.55 | | | $ | 18.55 | | | $ | 17.55 | | | $ | 14.65 | | | $ | 13.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) | | | (2.03 | )%(e) | | | 11.43 | % | | | 29.08 | % | | | 19.80 | % | | | 9.99 | % | | | 17.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 1,742 | | | $ | 2,101 | | | $ | 2,836 | | | $ | 2,631 | | | $ | 3,170 | | | $ | 455 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.16 | %(f) | | | 2.00 | % | | | 2.01 | % | | | 2.17 | % | | | 1.90 | % | | | 1.94 | % |
After expense limitation(g) | | | 1.75 | %(f) | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.81 | )%(f) | | | (1.20 | )% | | | (1.16 | )% | | | (1.12 | )% | | | (1.07 | )% | | | (1.10 | )% |
After expense limitation(g) | | | (0.40 | )%(f) | | | (0.95 | )% | | | (0.90 | )% | | | (0.70 | )% | | | (0.92 | )% | | | (0.91 | )% |
Portfolio turnover rate | | | 57 | %(e) | | | 98 | % | | | 116 | % | | | 94 | % | | | 43 | % | | | 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) | Amount less than $(0.005). |
| (d) | The total return calculation excludes any sales charges. |
| (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.
ICON Natural Resources Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016(a) | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 16.45 | | | $ | 15.32 | | | $ | 12.82 | | | $ | 11.86 | | | $ | 15.09 | | | $ | 13.43 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.08 | | | | 0.31 | | | | 0.01 | | | | 0.10 | | | | 0.04 | | | | 0.04 | |
Net realized and unrealized gains/(losses) on investments | | | (2.13 | ) | | | 1.01 | | | | 2.56 | | | | 1.80 | | | | (3.23 | ) | | | 1.68 | |
Total from investment operations | | | (2.05 | ) | | | 1.32 | | | | 2.57 | | | | 1.90 | | | | (3.19 | ) | | | 1.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.33 | ) | | | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.04 | ) | | | (0.06 | ) |
Distributions from net realized gains | | | (2.02 | ) | | | (0.19 | ) | | | — | | | | (0.88 | ) | | | — | | | | — | |
Total dividends and distributions | | | (2.35 | ) | | | (0.19 | ) | | | (0.07 | ) | | | (0.94 | ) | | | (0.04 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.05 | | | $ | 16.45 | | | $ | 15.32 | | | $ | 12.82 | | | $ | 11.86 | | | $ | 15.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | (10.88 | )%(c) | | | 8.68 | % | | | 20.13 | % | | | 17.24 | % | | | (21.22 | )% | | | 12.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 56,228 | | | $ | 76,916 | | | $ | 69,444 | | | $ | 65,787 | | | $ | 60,404 | | | $ | 93,610 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.70 | %(d) | | | 1.58 | % | | | 1.52 | % | | | 1.59 | % | | | 1.42 | % | | | 1.36 | % |
After expense limitation(e) | | | 1.50 | %(d) | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % | | | 1.42 | % | | | 1.36 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.01 | %(d) | | | 1.86 | % | | | 0.06 | % | | | 0.70 | % | | | 0.27 | % | | | 0.26 | % |
After expense limitation(e) | | | 1.21 | %(d) | | | 1.94 | % | | | 0.08 | % | | | 0.79 | % | | | 0.27 | % | | | 0.26 | % |
Portfolio turnover rate | | | 34 | %(c) | | | 117 | % | | | 68 | % | | | 81 | % | | | 48 | % | | | 33 | % |
| (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. |
| (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, 2019 | 41 |
ICON Natural Resources Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class C | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016(a) | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 15.57 | | | $ | 14.65 | | | $ | 12.36 | | | $ | 11.51 | | | $ | 14.77 | | | $ | 13.24 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.01 | | | | 0.14 | | | | (0.13 | ) | | | (0.03 | ) | | | (0.11 | ) | | | (0.12 | ) |
Net realized and unrealized gains/(losses) on investments | | | (2.01 | ) | | | 0.97 | | | | 2.47 | | | | 1.76 | | | | (3.15 | ) | | | 1.65 | |
Total from investment operations | | | (2.00 | ) | | | 1.11 | | | | 2.34 | | | | 1.73 | | | | (3.26 | ) | | | 1.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.13 | ) | | | — | | | | (0.05 | ) | | | — | | | | — | | | | — | |
Distributions from net realized gains | | | (2.02 | ) | | | (0.19 | ) | | | — | | | | (0.88 | ) | | | — | | | | — | |
Total dividends and distributions | | | (2.15 | ) | | | (0.19 | ) | | | (0.05 | ) | | | (0.88 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.42 | | | $ | 15.57 | | | $ | 14.65 | | | $ | 12.36 | | | $ | 11.51 | | | $ | 14.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (11.37 | )%(d) | | | 7.63 | % | | | 18.97 | % | | | 16.11 | % | | | (22.07 | )% | | | 11.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 959 | | | $ | 1,177 | | | $ | 1,756 | | | $ | 1,435 | | | $ | 834 | | | $ | 675 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 3.19 | %(e) | | | 2.79 | % | | | 2.85 | % | | | 3.01 | % | | | 2.94 | % | | | 4.17 | % |
After expense limitation(f) | | | 2.50 | %(e) | | | 2.50 | % | | | 2.50 | % | | | 2.51 | % | | | 2.50 | % | | | 2.50 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | (0.47 | )%(e) | | | 0.64 | % | | | (1.27 | )% | | | (0.73 | )% | | | (1.22 | )% | | | (2.51 | )% |
After expense limitation(f) | | | 0.22 | %(e) | | | 0.93 | % | | | (0.92 | )% | | | (0.23 | )% | | | (0.78 | )% | | | (0.84 | )% |
Portfolio turnover rate | | | 34 | %(d) | | | 117 | % | | | 68 | % | | | 81 | % | | | 48 | % | | | 33 | % |
| (a) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (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.
ICON Natural Resources Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016(a) | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 16.25 | | | $ | 15.17 | | | $ | 12.73 | | | $ | 11.75 | | | $ | 14.96 | | | $ | 13.36 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.06 | | | | 0.29 | | | | (0.03 | ) | | | 0.06 | | | | (0.01 | ) | | | (0.01 | ) |
Net realized and unrealized gains/(losses) on investments | | | (2.10 | ) | | | 0.98 | | | | 2.54 | | | | 1.81 | | | | (3.20 | ) | | | 1.67 | |
Total from investment operations | | | (2.04 | ) | | | 1.27 | | | | 2.51 | | | | 1.87 | | | | (3.21 | ) | | | 1.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.25 | ) | | | — | | | | (0.07 | ) | | | (0.01 | ) | | | — | | | | (0.06 | ) |
Distributions from net realized gains | | | (2.02 | ) | | | (0.19 | ) | | | — | | | | (0.88 | ) | | | — | | | | — | |
Total dividends and distributions | | | (2.27 | ) | | | (0.19 | ) | | | (0.07 | ) | | | (0.89 | ) | | | — | | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.94 | | | $ | 16.25 | | | $ | 15.17 | | | $ | 12.73 | | | $ | 11.75 | | | $ | 14.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | (11.05 | )%(d) | | | 8.43 | % | | | 19.81 | % | | | 17.05 | % | | | (21.46 | )% | | | 12.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 3,028 | | | $ | 4,231 | | | $ | 5,629 | | | $ | 4,451 | | | $ | 3,078 | | | $ | 8,229 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.17 | %(e) | | | 1.86 | % | | | 1.91 | % | | | 2.02 | % | | | 1.76 | % | | | 1.72 | % |
After expense limitation(f) | | | 1.75 | %(e) | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % | | | 1.72 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 0.56 | %(e) | | | 1.71 | % | | | (0.35 | )% | | | 0.24 | % | | | (0.06 | )% | | | (0.07 | )% |
After expense limitation(f) | | | 0.98 | %(e) | | | 1.82 | % | | | (0.19 | )% | | | 0.51 | % | | | (0.05 | )% | | | (0.07 | )% |
Portfolio turnover rate | | | 34 | %(d) | | | 117 | % | | | 68 | % | | | 81 | % | | | 48 | % | | | 33 | % |
| (a) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (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, 2019 | 43 |
ICON Utilities Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class S | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 8.85 | | | $ | 9.29 | | | $ | 9.49 | | | $ | 8.03 | | | $ | 7.90 | | | $ | 7.22 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(a) | | | 0.15 | | | | 0.28 | | | | 0.27 | | | | 0.30 | | | | 0.28 | | | | 0.22 | |
Net realized and unrealized gains/(losses) on investments | | | 0.78 | | | | 0.07 | | | | 0.59 | | | | 1.43 | | | | 0.11 | | | | 0.69 | |
Total from investment operations | | | 0.93 | | | | 0.35 | | | | 0.86 | | | | 1.73 | | | | 0.39 | | | | 0.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.16 | ) | | | (0.31 | ) | | | (0.27 | ) | | | (0.27 | ) | | | (0.26 | ) | | | (0.23 | ) |
Distributions from net realized gains | | | (0.05 | ) | | | (0.48 | ) | | | (0.79 | ) | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.21 | ) | | | (0.79 | ) | | | (1.06 | ) | | | (0.27 | ) | | | (0.26 | ) | | | (0.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.57 | | | $ | 8.85 | | | $ | 9.29 | | | $ | 9.49 | | | $ | 8.03 | | | $ | 7.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return | | | 10.70 | %(b) | | | 4.17 | % | | | 9.88 | % | | | 21.74 | % | | | 4.93 | % | | | 12.69 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 37,824 | | | $ | 30,883 | | | $ | 35,816 | | | $ | 43,864 | | | $ | 19,107 | | | $ | 17,920 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.57 | %(c) | | | 1.60 | % | | | 1.54 | % | | | 1.59 | % | | | 1.70 | % | | | 1.52 | % |
After expense limitation(d) | | | 1.23 | %(c) | | | 1.22 | % | | | 1.44 | %(e) | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.98 | %(c) | | | 2.82 | % | | | 2.83 | % | | | 3.15 | % | | | 3.12 | % | | | 2.84 | % |
After expense limitation(d) | | | 3.32 | %(c) | | | 3.20 | % | | | 2.93 | % | | | 3.24 | % | | | 3.32 | % | | | 2.86 | % |
Portfolio turnover rate | | | 85 | %(b) | | | 156 | % | | | 160 | % | | | 168 | % | | | 243 | % | | | 107 | % |
| (a) | Calculated using the average shares method. |
| (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. |
| (e) | Effective July 1, 2017, the annual expense limitation rate changed from 1.50% to 1.22%. |
The accompanying notes are an integral part of the financial statements.
ICON Utilities Fund | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
Class A(a) | | Period Ended March 31, 2019 (Unaudited) | | | Year Ended September 30, 2018 | | | Year Ended September 30, 2017 | | | Year Ended September 30, 2016 | | | Year Ended September 30, 2015 | | | Year Ended September 30, 2014 | |
Net asset value, beginning of period | | $ | 8.70 | | | $ | 9.14 | | | $ | 9.35 | | | $ | 7.92 | | | $ | 7.81 | | | $ | 7.14 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(b) | | | 0.14 | | | | 0.25 | | | | 0.24 | | | | 0.28 | | | | 0.26 | | | | 0.21 | |
Net realized and unrealized gains/(losses) on investments | | | 0.76 | | | | 0.08 | | | | 0.59 | | | | 1.40 | | | | 0.11 | | | | 0.68 | |
Total from investment operations | | | 0.90 | | | | 0.33 | | | | 0.83 | | | | 1.68 | | | | 0.37 | | | | 0.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.15 | ) | | | (0.29 | ) | | | (0.25 | ) | | | (0.25 | ) | | | (0.26 | ) | | | (0.22 | ) |
Distributions from net realized gains | | | (0.05 | ) | | | (0.48 | ) | | | (0.79 | ) | | | — | | | | — | | | | — | |
Total dividends and distributions | | | (0.20 | ) | | | (0.77 | ) | | | (1.04 | ) | | | (0.25 | ) | | | (0.26 | ) | | | (0.22 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.40 | | | $ | 8.70 | | | $ | 9.14 | | | $ | 9.35 | | | $ | 7.92 | | | $ | 7.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(c) | | | 10.52 | %(d) | | | 3.97 | % | | | 9.63 | % | | | 21.29 | % | | | 4.63 | % | | | 12.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratios and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000s) | | $ | 7,066 | | | $ | 5,540 | | | $ | 8,293 | | | $ | 15,868 | | | $ | 5,679 | | | $ | 2,517 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 1.74 | %(e) | | | 1.73 | % | | | 1.84 | % | | | 1.79 | % | | | 1.89 | % | | | 1.81 | % |
After expense limitation(f) | | | 1.47 | %(e) | | | 1.47 | % | | | 1.69 | %(g) | | 1.75 | % | | | 1.75 | % | | | 1.75 | % |
Ratio of net investment income/(loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense limitation | | | 2.85 | %(e) | | | 2.62 | % | | | 2.48 | % | | | 3.10 | % | | | 3.04 | % | | | 2.69 | % |
After expense limitation(f) | | | 3.12 | %(e) | | | 2.88 | % | | | 2.63 | % | | | 3.14 | % | | | 3.18 | % | | | 2.75 | % |
Portfolio turnover rate | | | 85 | %(d) | | | 156 | % | | | 160 | % | | | 168 | % | | | 243 | % | | | 107 | % |
| (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. |
| (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 July 1, 2017, the annual expense limitation rate changed from 1.75% to 1.47%. |
The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2019 | 45 |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (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 (“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 Consumer Discretionary Fund has a significant weighting in the Internet & Direct Marketing Retail industry, the Consumer Staples Fund has a significant weighting in the Soft Drinks industry, 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 Managed Health Care industry, the Natural Resources Fund has a significant weighting in the Integrated Oil & Gas industry and the Oil & Gas Exploration & Production 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 financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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.
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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’ Valuation Committee pursuant to procedures approved by the Funds’ Board of Trustees (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.
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, including money market funds, that are not traded on an exchange are valued at the end of day net asset value (“NAV”) 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 Funds’ Valuation Committee determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation is 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 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, 2019:
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 | | $ | 20,174,344 | | | $ | — | | | $ | — | | | $ | 20,174,344 | |
Total | | $ | 20,174,344 | | | $ | — | | | $ | — | | | $ | 20,174,344 | |
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 | | $ | 6,285,421 | | | $ | — | | | $ | — | | | $ | 6,285,421 | |
Total | | $ | 6,285,421 | | | $ | — | | | $ | — | | | $ | 6,285,421 | |
Semi-Annual Report | March 31, 2019 | 47 |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (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 | | $ | 127,182,383 | | | $ | — | | | $ | — | | | $ | 127,182,383 | |
Purchased Call Options | | | 127,050 | | | | — | | | | — | | | | 127,050 | |
Total | | $ | 127,309,433 | | | $ | — | | | $ | — | | | $ | 127,309,433 | |
| | | | | | | | | | | | | | | | |
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 | | $ | 35,752,660 | | | $ | — | | | $ | — | | | $ | 35,752,660 | |
Total | | $ | 35,752,660 | | | $ | — | | | $ | — | | | $ | 35,752,660 | |
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 | | $ | 69,989,862 | | | $ | — | | | $ | — | | | $ | 69,989,862 | |
Total | | $ | 69,989,862 | | | $ | — | | | $ | — | | | $ | 69,989,862 | |
ICON Industrials Fund | | | | | | | | |
| | | | | | | | |
Investments in Securities at Value* | | Level 1 - Quoted and Unadjusted Prices | | | Level 2 - Other Significant Observable Inputs | | | Level 3 - Significant Unobservable Inputs | | | Total | |
Common Stocks | | $ | 12,089,067 | | | $ | — | | | $ | — | | | $ | 12,089,067 | |
Total | | $ | 12,089,067 | | | $ | — | | | $ | — | | | $ | 12,089,067 | |
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 | | $ | 54,503,801 | | | $ | — | | | $ | — | | | $ | 54,503,801 | |
Collateral for Securities on Loan | | | — | | | | 795,600 | | | | — | | | | 795,600 | |
Total | | $ | 54,503,801 | | | $ | 795,600 | | | $ | — | | | $ | 55,299,401 | |
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 | | | | | | | | | | | | | | | | |
Integrated Oil & Gas | | $ | 13,970,810 | | | $ | 8,627,452 | | | $ | — | | | $ | 22,598,262 | |
Oil & Gas Exploration & Production | | | 11,078,081 | | | | 3,252,240 | | | | — | | | | 14,330,321 | |
Oil & Gas Refining & Marketing | | | 3,643,308 | | | | 1,009,259 | | | | — | | | | 4,652,567 | |
Paper Packaging | | | 2,313,500 | | | | 1,147,754 | | | | — | | | | 3,461,254 | |
Other | | | 6,446,010 | | | | 8,260,035 | | | | — | | | | 14,706,045 | |
Total | | $ | 37,451,709 | | | $ | 22,296,740 | | | $ | — | | | $ | 59,748,449 | |
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 | | $ | 44,604,607 | | | $ | — | | | $ | — | | | $ | 44,604,607 | |
Total | | $ | 44,604,607 | | | $ | — | | | $ | — | | | $ | 44,604,607 | |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
| * | Please refer to the Schedule of Investments and the Sector/Industry Classification tables for additional security details. |
There were no Level 3 securities held in any of the Funds at March 31, 2019.
Fund Share Valuation
Fund shares are sold and redeemed on a daily basis at NAV. NAV per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading. The NAV is computed by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.
Cash and Cash Equivalents
Idle cash may be swept into an overnight demand deposit account and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.
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, 2019 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 limiting 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
Semi-Annual Report | March 31, 2019 | 49 |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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, 2019, the Energy Fund engaged in purchased option transactions. All open option contracts are included on each Fund’s Schedule of Investments.
ICON Energy Fund
| | Asset Derivatives | | Liability Derivatives |
Risk Exposure | | Statements of Assets and Liabilities Location | | Fair Value | | Statements of Assets and Liabilities Location | | Fair Value |
Equity Contracts (Purchased Options) | | Investments, at value | | $ | 127,050 | | | N/A | | | N/A | |
Total | | | | $ | 127,050 | | | | | $ | — | |
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 Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income | |
Equity Contracts (Purchased Options) | | Net realized gain/(loss) on Investments, options, and foreign currency translations/ Change in unrealized net appreciation/(depreciation) on Investments, options, and foreign currency | | $ | 153,326 | | | $ | 24,342 | |
Total | | | | $ | 153,326 | | | $ | 24,342 | |
The average purchased option contracts during the six months ended March 31, 2019, was as follows:
ICON Energy Fund Derivative Type | | Unit of Measurement | | Average Contracts+ | | Days Held |
Purchased Options | | Contracts | | | 753 | | 182 | |
| + | The average is calculated based on the actual number of days with outstanding derivatives. |
The Funds value derivatives at fair value, as described above, and recognize changes in fair value currently in the results of operations. Accordingly the Funds do not follow hedge accounting, even for derivatives employed as economic hedges.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to certain approved brokers, dealers and other financial institutions to earn additional income. 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 assets that generally exceed the value of the securities on loan. Collateral may consist of cash or securities issued or guaranteed by the United States government or its agencies or instrumentalities. 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.
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
The following is a summary of the Funds’ securities lending positions and related cash and non-cash collateral received as of March 31, 2019:
| | Market Value of Securities on Loan | | Market Value of Cash Collateral Received | | Market Value of Non-Cash Collateral Received | | Total Collateral Received | | Excess Collateral |
ICON Consumer Discretionary Fund | | $ | 750,241 | | | $ | — | | | $ | 760,362 | | | $ | 760,362 | | | $ | 10,121 | |
ICON Consumer Staples Fund | | | 527,328 | | | | — | | | | 537,200 | | | | 537,200 | | | | 9,872 | |
ICON Energy Fund | | | 14,722,097 | | | | — | | | | 15,362,286 | | | | 15,362,286 | | | | 640,189 | |
ICON Healthcare Fund | | | 3,274,635 | | | | — | | | | 3,330,109 | | | | 3,330,109 | | | | 55,474 | |
ICON Industrials Fund | | | 638,270 | | | | — | | | | 646,485 | | | | 646,485 | | | | 8,215 | |
ICON Information Technology Fund | | | 1,586,520 | | | | 795,600 | | | | 815,400 | | | | 1,611,000 | | | | 24,480 | |
ICON Natural Resources Fund | | | 1,376,863 | | | | — | | | | 1,435,382 | | | | 1,435,382 | | | | 58,519 | |
Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.
The Funds have elected to invest cash collateral received from lending in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedules of Investments. The Funds bear the risk of loss with respect to the investment of cash collateral. The State Street Navigator Securities Lending Government Money Market Portfolio is a Government Money Market Portfolio designed to provide continuous daily liquidity. Non-Cash collateral received consists of securities issued or guaranteed by the United States government or its agencies or instrumentalities with remaining maturities ranging from overnight to 30 years. Non-cash collateral is not disclosed on the Funds’ Schedules of Investments or their Statements of Assets and Liabilities as the Funds do not have the ability to re-hypothecate these securities. The net securities lending income earned by the Funds for the six months ended March 31, 2019, is included in the Statements of Operations.
Security loans consist of equity securities and generally do not have a stated maturity date. The Funds may recall a loaned security at any time.
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. As of and during the six months ended March 31, 2019, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize the interest and penalties, if any, related to the unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
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 GAAP.
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 and is included in capital gains tax in the Statements of Operations.
Semi-Annual Report | March 31, 2019 | 51 |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
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.
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.
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.
The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in specific country or region.
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 or number of shareholder accounts. 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 or number of shareholder accounts. 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.
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
Below are additional class level expenses for the six months ended March 31, 2019 that are included on the Statements of Operations:
Fund | | Printing Fees* | | | Transfer Agent Fees* | | | Registration Fees | |
ICON Consumer Discretionary Fund | | | | | | | | | | | | |
Class S | | $ | 2,102 | | | $ | 25,098 | | | $ | 8,097 | |
Class A | | | 63 | | | | 1,739 | | | | 2,740 | |
ICON Consumer Staples Fund | | | | | | | | | | | | |
Class S | | | 691 | | | | 12,638 | | | | 6,713 | |
Class A | | | 175 | | | | 3,647 | | | | 3,421 | |
ICON Energy Fund | | | | | | | | | | | | |
Class S | | | 12,416 | | | | 209,691 | | | | 9,721 | |
Class C | | | 309 | | | | 4,175 | | | | 4,175 | |
Class A | | | 359 | | | | 4,665 | | | | 3,977 | |
ICON Financial Fund | | | | | | | | | | | | |
Class S | | | 2,390 | | | | 36,822 | | | | 8,219 | |
Class A | | | 240 | | | | 1,817 | | | | 2,889 | |
ICON Healthcare Fund | | | | | | | | | | | | |
Class S | | | 4,327 | | | | 66,334 | | | | 8,387 | |
Class A | | | 162 | | | | 2,472 | | | | 3,108 | |
ICON Industrials Fund | | | | | | | | | | | | |
Class S | | | 1,898 | | | | 18,129 | | | | 7,502 | |
Class A | | | 47 | | | | 1,269 | | | | 3,048 | |
ICON Information Technology Fund | | | | | | | | | | | | |
Class S | | | 2,976 | | | | 46,918 | | | | 8,104 | |
Class A | | | 126 | | | | 1,894 | | | | 3,539 | |
ICON Natural Resources Fund | | | | | | | | | | | | |
Class S | | | 6,312 | | | | 93,680 | | | | 8,714 | |
Class C | | | 73 | | | | 1,139 | | | | 3,075 | |
Class A | | | 296 | | | | 5,062 | | | | 3,999 | |
ICON Utilities Fund | | | | | | | | | | | | |
Class S | | | 1,863 | | | | 38,172 | | | | 7,117 | |
Class A | | | 72 | | | | 2,206 | | | | 3,667 | |
| * | Printing and Transfer agent out of pocket fees are a Fund level expense. |
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 investments. 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 | | | 1.22 | % | | | — | | | 1.47 | % |
Semi-Annual Report | March 31, 2019 | 53 |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
The Funds’ expense limitations will continue in effect until at least January 31, 2020. 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, 2019, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | | Expires 2019 | | | Expires 2020 | | | Expires 2021 | | | Expires 2022 | |
ICON Consumer Discretionary Fund | | $ | 2,114 | | | $ | 4,198 | | | $ | 3,577 | | | $ | 3,285 | |
ICON Consumer Staples Fund | | | 26,449 | | | | 63,487 | | | | 69,700 | | | | 31,092 | |
ICON Energy Fund | | | — | | | | — | | | | 3,104 | | | | 100,091 | |
ICON Financial Fund | | | 5,617 | | | | 6,790 | | | | 5,239 | | | | 14,351 | |
ICON Healthcare Fund | | | 1,898 | | | | 4,986 | | | | 3,569 | | | | 2,805 | |
ICON Industrials Fund | | | 15,621 | | | | 44,703 | | | | 50,110 | | | | 28,207 | |
ICON Information Technology Fund | | | 5,482 | | | | 6,814 | | | | 5,978 | | | | 3,624 | |
ICON Natural Resources Fund | | | 28,121 | | | | 26,508 | | | | 69,036 | | | | 71,891 | |
ICON Utilities Fund | | | 26,247 | | | | 57,017 | | | | 130,032 | | | | 66,156 | |
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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.
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, 2019, 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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.
Distribution Fees
ICON Distributors, Inc. (“IDI” or “Distributor”), a wholly-owned subsidiary of ICON Management and Research and affiliate of ICON Advisers, Inc., serves the Trust as Distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate or reimburse the Distributor for the sale and distribution of shares and for other shareholder services. The shareholders of the Funds pay an annual distribution fee of 1.00% of average daily net assets for Class C shares and an annual distribution fee of 0.25% of average daily net assets for Class A shares. There is no annual distribution fee for Class S shares. The total amount paid by each Fund under the 12b-1 Plan is shown on the Statements of Operations.
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
Class A Shares are subject to an initial sales charge and the public offering price of Class A shares equals net asset value plus the applicable sales charge, which is a maximum of 5.75%. For the six months ended March 31, 2019, IDI collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries, as follows:
Fund | | Sales Charges Collected |
ICON Consumer Discretionary Fund Class A | | $ | 253 | |
ICON Consumer Staples Fund Class A | | | 1,200 | |
ICON Energy Fund Class A | | | 1,378 | |
ICON Financial Fund Class A | | | 417 | |
ICON Healthcare Fund Class A | | | 467 | |
ICON Information Technology Fund Class A | | | 1,178 | |
ICON Natural Resources Fund Class A | | | 1,135 | |
ICON Utilities Fund Class A | | | 2,395 | |
In addition, IDI receives a contingent deferred sales charge of 1.00% of the purchase price on redemptions of Class C shares made within one year following the date of purchase. A 1.00% contingent deferred sales charge may also apply to certain redemptions of Class A shares made within one year following the purchase of $1 million or more without an initial sales charge. For the six months ended March 31, 2019, IDI collected the following contingent deferred sales charges:
Fund | | Contingent Deferred Sales Charges Collected |
ICON Energy Fund Class C | | $ | 11 | |
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 pays a portion 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, 2019, 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, 2019, the total related amounts accrued by the Funds under this arrangement was $2,628 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, 2019, 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 $30 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2019 was 3.74%. The Line of Credit agreement/arrangement expires on March 17, 2020.
Semi-Annual Report | March 31, 2019 | 55 |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
For the six months ended March 31, 2019, the average outstanding loan by Fund was as follows:
Fund | | Maximum Borrowing (10/01/18 - 03/31/19) | | | Average Borrowing (10/01/18 - 03/31/19)^ | | | Average Interest Rates (10/01/18 - 03/31/19)^ |
ICON Consumer Discretionary Fund* | | $ | 181,555 | | | $ | 82,488 | | | | 3.64 | % |
ICON Consumer Staples Fund* | | | 2,544,861 | | | | 1,262,547 | | | | 3.74 | % |
ICON Energy Fund* | | | 910,206 | | | | 583,347 | | | | 3.68 | % |
ICON Financial Fund* | | | 1,754,817 | | | | 804,243 | | | | 3.55 | % |
IOCN Healthcare Fund* | | | 794,312 | | | | 298,826 | | | | 3.72 | % |
ICON Industrials Fund* | | | 1,350,397 | | | | 302,894 | | | | 3.75 | % |
ICON Natural Resources Fund* | | | 896,976 | | | | 463,095 | | | | 3.64 | % |
ICON Utilities Fund* | | | 1,517,516 | | | | 582,887 | | | | 3.75 | % |
| * | There were no outstanding borrowings under this agreement/arrangement as of March 31, 2019. |
| ^ | 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, 2019, 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 | | $ | 17,845,730 | | | $ | 20,441,858 | |
ICON Consumer Staples Fund | | | 8,455,139 | | | | 8,957,742 | |
ICON Energy Fund | | | 43,181,000 | | | | 57,318,265 | |
ICON Financial Fund | | | 1,851,101 | | | | 6,655,041 | |
ICON Healthcare Fund | | | 16,778,050 | | | | 21,819,611 | |
ICON Industrials Fund | | | 5,763,287 | | | | 5,564,555 | |
ICON Information Technology Fund | | | 30,960,857 | | | | 36,487,074 | |
ICON Natural Resources Fund | | | 22,496,043 | | | | 35,445,871 | |
ICON Utilities Fund | | | 39,239,330 | | | | 33,621,923 | |
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, expiring capital losses, 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.
During the year ended September 30, 2018, the utilized/expired capital loss carryforwards were as follows:
Fund | | | Expired Amount | | | Utilized Amount | |
ICON Financial Fund | | | 40,830,438 | | | $ | 3,388,209 | |
ICON Industrials Fund | | | 13,718,613 | | | | 787,072 | |
For Energy Fund, the short-term and long-term capital losses deferred were $78,442,382 and $87,999,358, respectively.
The Consumer Discretionary Fund elects to defer to the period ending September 30, 2019, capital losses recognized during the period November 1, 2017 to September 30, 2018 in the amount of $372,949.
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
The Consumer Staples Fund elects to defer to the period ending September 30, 2019, capital losses recognized during the period November 1, 2017 to September 30, 2018 in the amount of $579,354.
The Energy Fund elects to defer to the period ending September 30, 2019, capital losses recognized during the period November 1, 2017 to September 30, 2018 in the amount of $8,056,667.
For the year ended September 30, 2018, the following reclassifications were made, which had no impact on results of operations or net assets.
Fund | | Paid-in Capital | | | Total Distributable Earnings | |
ICON Energy Fund | | $ | (892 | ) | | $ | 892 | |
ICON Financial Fund | | | (40,830,438 | ) | | | 40,830,438 | |
ICON Industrials Fund | | | (13,758,464 | ) | | | 13,758,464 | |
ICON Utilities Fund | | | (13 | ) | | | 13 | |
For Industrials Fund, included in the amounts reclassified was a net operating loss offset to paid in capital of $39,851.
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2018, were as follows:
Fund | | Ordinary Income | | | Long-Term Capital Gains | |
ICON Consumer Discretionary Fund | | $ | 946,956 | | | $ | — | |
ICON Consumer Staples Fund | | | 697,696 | | | | 457,925 | |
ICON Energy Fund | | | 3,446,209 | | | | — | |
ICON Financial Fund | | | 94,842 | | | | — | |
ICON Healthcare Fund | | | 833,129 | | | | 1,243,391 | |
ICON Information Technology Fund | | | 3,421,861 | | | | 10,355,627 | |
ICON Natural Resources Fund | | | 1,011,303 | | | | — | |
ICON Utilities Fund | | | 2,149,591 | | | | 1,205,125 | |
As of September 30, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Fund | | Undistributed Ordinary Income | | | Accumulated Capital Gains/(Losses) | | | Other Cumulative Effect of Timing Differences | | | Unrealized Appreciation/ (Depreciation)* | | | Total Accumulated Earnings/(Deficit) | |
ICON Consumer Discretionary Fund | | $ | — | | | $ | (372,949 | ) | | $ | — | | | $ | 351,221 | | | $ | (21,728 | ) |
ICON Consumer Staples Fund | | | 102,336 | | | | (579,354 | ) | | | — | | | | (27,447 | ) | | | (504,465 | ) |
ICON Energy Fund | | | 356,208 | | | | (174,498,407 | ) | | | — | | | | 15,583,408 | | | | (158,558,791 | ) |
ICON Financial Fund | | | 163,308 | | | | — | | | | — | | | | 7,827,981 | | | | 7,991,289 | |
ICON Healthcare Fund | | | 1,645,449 | | | | 3,152,083 | | | | — | | | | 14,549,612 | | | | 19,347,144 | |
ICON Industrials Fund | | | — | | | | — | | | | — | | | | 1,142,183 | | | | 1,142,183 | |
ICON Information Technology Fund | | | 5,119,639 | | | | 2,164,116 | | | | — | | | | 11,593,365 | | | | 18,877,120 | |
ICON Natural Resources Fund | | | 5,186,341 | | | | 5,752,876 | | | | — | | | | 3,135,094 | | | | 14,074,311 | |
ICON Utilities Fund | | | 85,632 | | | | 112,409 | | | | — | | | | 1,584,244 | | | | 1,782,285 | |
| * | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax treatment of tax deferral of losses on wash sales. |
Semi-Annual Report | March 31, 2019 | 57 |
ICON Sector Funds | Notes to Financial Statements |
March 31, 2019 (Unaudited)
As of March 31, 2019, 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 | | $ | 1,100,000 | | | $ | (1,829,599 | ) | | $ | (729,599 | ) | | $ | 20,903,943 | |
ICON Consumer Staples Fund | | | 241,577 | | | | (277,469 | ) | | | (35,892 | ) | | | 6,321,313 | |
ICON Energy Fund | | | 8,912,587 | | | | (12,746,650 | ) | | | (3,834,063 | ) | | | 131,143,496 | |
ICON Financial Fund | | | 6,130,931 | | | | (2,161,560 | ) | | | 3,969,371 | | | | 31,783,289 | |
ICON Healthcare Fund | | | 11,386,126 | | | | (5,178,325 | ) | | | 6,207,801 | | | | 63,782,061 | |
ICON Industrials Fund | | | 1,255,707 | | | | (549,862 | ) | | | 705,845 | | | | 11,383,222 | |
ICON Information Technology Fund | | | 9,890,619 | | | | (1,534,408 | ) | | | 8,356,211 | | | | 46,943,190 | |
ICON Natural Resources Fund | | | 3,525,547 | | | | (6,121,556 | ) | | | (2,596,009 | ) | | | 62,344,458 | |
ICON Utilities Fund | | | 4,204,739 | | | | (571,319 | ) | | | 3,633,420 | | | | 40,971,187 | |
| * | This balance includes appreciation/(depreciation) of foreign currency. |
7. RECENT ACCOUNTING PRONOUNCEMENT
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, which changes the fair value measurement disclosure requirements of FASB Accounting Standards Codification Topic 820, Fair Value Measurement. The update to Topic 820 includes new, eliminated, and modified disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods. Early adoption is permitted for any eliminated or modified disclosures. Management has eliminated and modified disclosures and is currently evaluating the impact of the remaining ASU.
8. SUBSEQUENT EVENT
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2019 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.
ICON Sector Funds | Disclosure of Fund Expenses |
March 31, 2019 (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-months period (10/01/18 – 03/31/19).
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, 2018 | | Ending Account Value March 31, 2019 | | Expense Ratio(a) | | Expenses Paid During period October 1, 2018 - March 31, 2019(b) |
ICON Consumer Discretionary Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 988.90 | | | 1.70 | % | | $ | 8.43 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.45 | | | 1.70 | % | | $ | 8.55 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 987.50 | | | 1.99 | % | | $ | 9.86 | |
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 | | $ | 1,017.50 | | | 1.53 | % | | $ | 7.70 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.30 | | | 1.53 | % | | $ | 7.70 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 1,016.60 | | | 1.77 | % | | $ | 8.90 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.11 | | | 1.77 | % | | $ | 8.90 | |
Semi-Annual Report | March 31, 2019 | 59 |
ICON Sector Funds | Disclosure of Fund Expenses |
March 31, 2019 (Unaudited)
| | Beginning Account Value October 1, 2018 | | Ending Account Value March 31, 2019 | | Expense Ratio(a) | | Expenses Paid During period October 1, 2018 - March 31, 2019(b) |
ICON Energy Fund | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 811.20 | | | 1.50 | % | | $ | 6.77 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.45 | | | 1.50 | % | | $ | 7.54 | |
Class C | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 807.20 | | | 2.50 | % | | $ | 11.26 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,012.47 | | | 2.50 | % | | $ | 12.54 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 810.40 | | | 1.75 | % | | $ | 7.90 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.21 | | | 1.75 | % | | $ | 8.80 | |
| | | | | | | | | | | | | |
ICON Financial Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 906.60 | | | 1.50 | % | | $ | 7.13 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.45 | | | 1.50 | % | | $ | 7.54 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 905.10 | | | 1.75 | % | | $ | 8.31 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.21 | | | 1.75 | % | | $ | 8.80 | |
| | | | | | | | | | | | | |
ICON Healthcare Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 920.90 | | | 1.49 | % | | $ | 7.14 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.50 | | | 1.49 | % | | $ | 7.49 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 919.80 | | | 1.75 | % | | $ | 8.38 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.21 | | | 1.75 | % | | $ | 8.80 | |
| | | | | | | | | | | | | |
ICON Industrials Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 946.50 | | | 1.50 | % | | $ | 7.28 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.45 | | | 1.50 | % | | $ | 7.54 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 945.00 | | | 1.75 | % | | $ | 8.49 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.21 | | | 1.75 | % | | $ | 8.80 | |
| | | | | | | | | | | | | |
ICON Information Technology Fund | | | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 981.20 | | | 1.50 | % | | $ | 7.41 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.45 | | | 1.50 | % | | $ | 7.54 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 979.70 | | | 1.75 | % | | $ | 8.64 | |
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 | | $ | 891.20 | | | 1.50 | % | | $ | 7.07 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.45 | | | 1.50 | % | | $ | 7.54 | |
Class C | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 886.30 | | | 2.50 | % | | $ | 11.76 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,012.47 | | | 2.50 | % | | $ | 12.54 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 889.50 | | | 1.75 | % | | $ | 8.24 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,016.21 | | | 1.75 | % | | $ | 8.80 | |
ICON Sector Funds | Disclosure of Fund Expenses |
March 31, 2019 (Unaudited)
| | Beginning Account Value October 1, 2018 | | Ending Account Value March 31, 2019 | | Expense Ratio(a) | | Expenses Paid During period October 1, 2018 - March 31, 2019(b) |
ICON Utilities Fund | | | | | | | | | | | |
Class S | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 1,107.00 | | | 1.23 | % | | $ | 6.46 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,018.80 | | | 1.23 | % | | $ | 6.19 | |
Class A | | | | | | | | | | | | | |
Actual | | $1,000.00 | | $ | 1,105.20 | | | 1.47 | % | | $ | 7.72 | |
Hypothetical (5% return before expenses) | | $1,000.00 | | $ | 1,017.60 | | | 1.47 | % | | $ | 7.39 | |
| (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.
Semi-Annual Report | March 31, 2019 | 61 |
ICON Sector Funds | Additional Information |
March 31, 2019 (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.
ICON Sector Funds | Privacy Policy |
March 31, 2019 (Unaudited)
| 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 areno longerour 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, 2019 | 63 |
ICON Sector Funds | Privacy Policy |
March 31, 2019 (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 |
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, Suite 1200 |
| Greenwood Village, CO 80111 |
On the Internet | www.iconfunds.com |
Table of Contents
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. |
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.
Table of Contents
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 13. 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.
Table of Contents
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.
| | |
By (Signature and Title)* | | /s/ Craig T. Callahan |
| | Craig T. Callahan, President (Principal Executive Officer) |
Date May 24, 2019
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 (Principal Executive Officer) |
Date May 24, 2019
| | |
By (Signature and Title)* | | /s/ Brian D. Harding |
| | Brian D. Harding, Treasurer (Principal Financial Officer) |
Date May 24, 2019
* | Print the name and title of each signing officer under his or her signature. |