N-CSR

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)

Erik L. Jonson 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, 2009

Date of reporting period: September 30, 2009

TABLE OF CONTENTS

	Item 1. Reports to Stockholders.
	Item 2. Code of Ethics.
	Item 3. Audit Committee Financial Expert.
	Item 4. Principal Accountant Fees and Services.
	Item 5. Audit Committee of Listed Registrants.
	Item 6. Investments.
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Item 8. Portfolio Managers of Closed-End Management Investment Companies.
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Item 10. Submission of Matters to a Vote of Security Holders.
	Item 11. Controls and Procedures.
	Item 12. Exhibits.
SIGNATURES
EX-99.CODEETH
EX-99.CERT
EX-99.906CERT

Item 1. Reports to Stockholders.

2009 Annual Report
ICON Diversified Funds
Investment Update

ICON Bond Fund

ICON Core Equity Fund

ICON Equity Income Fund

ICON Long/Short Fund

ICON Risk-Managed Equity Fund

1-800-764-0442 ï www.iconfunds.com

AR-DIV-09 K04081

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

When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.

Visit ICON’s website at www.iconfunds.com to learn more and sign up.

You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.

1-800-764-0442  •  www.iconfunds.com

Table of Contents

About This Report (Unaudited)	2
Message from ICON Funds (Unaudited)	5
Management Overview (Unaudited) and Schedules of Investments
ICON Bond Fund	9
ICON Core Equity Fund	20
ICON Equity Income Fund	27
ICON Long/Short Fund	35
ICON Risk-Managed Equity Fund	44
Financial Statements	55
Financial Highlights	62
Notes to Financial Statements	68
Report of Independent Registered Public Accounting Firm	86
Six Month Hypothetical Expense Example (Unaudited)	87
Board of Trustees and Fund Officers (Unaudited)	90
Other Information (Unaudited)	93

About This Report (unaudited)

Historical Returns

All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions, and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.

Portfolio Data

This Report reflects ICON’s views, opinions and portfolio holdings as of September 30, 2009, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of September 30, 2009 are included in each Fund’s Schedule of Investments.

While ICON’s quantitative investment methodology primarily considers company-specific factors beyond financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. 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 some foreign countries. In general, there may be less governmental supervision of foreign stock

2 About This Report

exchanges and securities brokers and issuers. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.

According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.

This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward looking statements, which are not statements of historical fact. Forward looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this Report and other factors beyond the control of our investment team. Therefore, actual outcomes may differ materially from what is expressed in such forward looking statements.

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. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified

About This Report 3

investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks.

Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The ICON Bond Fund and the Equity Income Fund may invest up to 25% 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.

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.

Comparative Indexes

The comparative indexes discussed in this Report are meant to provide a basis for judging a Fund’s performance against specific securities indexes. Each index shown accounts for both change in the security price and reinvestment of dividends and distributions (except as noted), but does not reflect the costs of managing a mutual fund. The Funds’ portfolios may significantly differ in holdings and composition from the index. Individuals cannot invest directly in an index.

•   The unmanaged Standard & Poor’s (“S&P”) Composite 1500 Index (“S&P Composite 1500 Index”) is a broad-based capitalization-weighted index comprising 1,500 stocks of large-cap, mid-cap, and small-cap U.S. companies.

•   The unmanaged Barclays Capital U.S. Universal Index (formerly known as the Lehman Brothers U.S. Universal Index) represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-ERISA portion of the Commercial Mortgage-Backed Securities (“CMBS”) Index and the CMBS High-Yield Index. All securities in this market-value weighted index have at least one year remaining to maturity and meet certain minimum issue size criteria.

Index returns and statistical data included in this Report are provided by Bloomberg, FactSet Research Systems, and Barclays Capital.

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 Web site for more information.

4 About This Report

Message From ICON Funds

Road to Recovery

At ICON we believe the bear market from late 2007 through March 2009 can be divided into three phases. The three distinct phases can be seen in the chart below, which reflects the S & P 1500 Index, a broad measure of the U.S. stock market, over the course of a roughly two year period.

Looking at this graph, one can see how the first phase lasted almost a year, beginning with a generally slow, steady decline following the Index’s peak in October 2007. The second phase was a sharp week-long crash following the bankruptcy of Lehman Brothers on September 15, 2008. And the third phase was driven by economic uncertainty as economists (professional and amateur) revised their forecasts for the recession outward and downward, unable to clearly see an end or bottom. As an example, Bloomberg surveys of over 80 economists in January and February 2009 show 3rd quarter GDP forecasts being rapidly revised downward. By mid-March 2009, economists predicted 3rd quarter GDP growth would be 0% on an annual basis. These downward revisions coincided with the stock market’s continued gradual decline that was the final leg of phase 3.

Source: Factset

Message From ICON Funds 5

By mid-September 2009, a survey of those same economists revealed a 3rd quarter GDP forecast of 2.9% growth. That is a huge upward revision since March. If the upward revision proves accurate, it suggests economists and investors alike let their fear and anxiety get the better of them in late 2008 and early 2009. In other words, it seems (and we believe) the bleak initial outlook of 0% growth for 3rd quarter 2009 was both unduly negative and likely way off the mark.

As seen in the graph, the stock market quickly recovered its losses from phase 3 in roughly six months between March and August 2009. The S & P 1500 Index gained 59.9% from March 9 through September 30. Annualized, it equates to a pace of 130.7%, putting this rally among the best by historical standards.

As the market rallied and recovered from phase 3 of the bear market, stock prices moved higher - but so has underlying value as measured by ICON. Over time we bring new earnings into our equation for each company we analyze. In so doing, we drop off old, stale earnings. Our normal process of bringing in 2009 earnings and 2010 estimates has generally added modestly to our calculation of the intrinsic value of most companies. A much bigger boost in intrinsic value has come from the rally in corporate bonds and the accompanying drop in yields. Lower yields equate to higher valuation readings under the ICON system. As corporate bond yields drop and earnings increase, value becomes a target that continually moves higher with prices struggling to play catch-up.

Now, what about recovering from phases 2 and 1 of the bear market? Based on ICON’s valuation readings we feel we can make a few encouraging observations. We believe stocks are currently priced about 10% below our estimate of intrinsic value. If corporate bond yields continue to drop to historical normal levels, and assuming normal earnings growth, we believe conditions are in place for fair market values to eventually exceed even those seen at their peak levels toward the end of 2007. To cut to the chase, we feel we could see a recovery from phases 1 and 2 over the next couple of years.

As for the earnings portion, consensus forecasts from I/B/E/S for S & P 500 index companies anticipate earnings recovery in 2010 and 2011. Although there is often a rapid rebound in earnings coming out of a recession, the I/B/E/S analysts surveyed appear cautious in their forecasts for this recovery. The analysts expect operating EPS for the S & P 500 companies to rise to $71.17 in 2010 (a 27.7% increase over the 2009 estimate of $55.72) and another 13.8% to $81 in 2011. This forecasted earnings growth will increase value (as calculated using ICON’s proprietary methodology) when

6 Message From ICON Funds

earnings are introduced into our valuation equation over the next year or two.

Our belief that corporate bond yields can keep dropping is based on a continuation of the unwinding from the Lehman Brothers bankruptcy last fall. When Lehman Brothers declared bankruptcy in September 2008, corporate bond yields and their spread above Treasury Bonds rose dramatically. Bond investors evidently feared and anticipated many defaults. With the economic and financial setting proving to be better than was initially expected last year, corporate bond yields have been dropping. Yields are far from being back to normal levels, however. Our expectation that corporate bond yields will continue to drop is based on more than just “hoping yields return to normal levels.” Rather, corporate bonds of various qualities and maturities have the valuation and relative strength readings under our system to suggest their moves can continue. In other words, the ICON bond model suggests the rally in corporate bonds is sustainable.

Thus, our case for valuation readings approaching levels not seen since late 2007 is threefold. First, stocks are still priced below our estimate of fair value. Second, we believe new earnings over the next two years will push values higher. Third, and finally, declining yields on corporate bonds should likewise raise value.

The path to recovery is nonetheless unpredictable. During phase 2, from September 30 through October 10, 2008, the S & P 1500 Index dropped 22.9% in eight trading days. Could the phase 2 recovery be a mirror image of the phase 2 collapse, with an equally dramatic upside? It’s possible, but unlikely in our opinion. Instead, a path of two steps forward and one step back is more likely. There remain a lot of jittery, skeptical investors who use advances as an opportunity to exit. To move higher, the market has to absorb or “take out” their shares. While valuations may justify price levels back to those seen at the peak in 2007, the path for stock prices may be a grind.

In conclusion, we see the path to recovery occurring over three distinct phases. As investors came to believe the depression they feared last winter would not materialize, we experienced a phase 3 recovery. We expect the phase 2 recovery will occur as investors realize that the bond default potential is greatly reduced with the start of an economic recovery: in other words, phase 2 might be seen as an unwinding of the Lehman Brothers fallout. We believe phase 1 recovery will occur as investors acknowledge the fact that corporate earnings are advancing - typical of an economic recovery.

So far, off the low last March, the leading industries have come from the Financials sector. Next in line are the cyclical economically sensitive

Message From ICON Funds 7

industries from the following sectors: Materials, Industrials, Consumer Discretionary and Information Technology. Lagging, but still participating, are the so called “recession proof” industries from sectors like Health Care, Utilities and Consumer Staples.

On the road to recovery, ICON will stick to its system of industry rotation as we work to capture industry themes and leadership. While our research team has adjusted to and learned from these unprecedented times, there is always room for improvement. We have emerged from the bear market as a better, more effective money manager and we look forward to serving you in the years ahead.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

8 Message From ICON Funds

Class I IOBIX
Class C IOBCX
Class Z IOBZX

Management Overview
ICON Bond Fund

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

A.  For the Fund’s fiscal year ended September 30, 2009, the ICON Bond Fund outperformed the Barclays Capital US Universal Index. The Fund returned 13.50% for the Class I shares, 12.80% for the Class C shares and 13.79% for the Class Z shares, while the Barclays Capital US Universal Index returned 10.91%. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  The Fund’s healthy exposure to generally riskier corporate bonds and underweight position in risk free Treasury bonds was the primary factor behind the Fund’s relative outperformance. At the outset of the fiscal year, Treasury yields were abnormally low due to the panic following the credit crisis of 2008. On October 1, 2008 the 10-year constant maturity US Treasury yield was 3.81% versus a 6.80% weekly average over the past 50 years.

At the same time, credit spreads (corporate yields relative to an applicable Treasury yield) were near all time highs. On October 3, 2008, the Moody’s Aaa Index traded at 226 basis points above the 10-year US Treasury yield, while the Moody’s Baa Index traded at 416 basis points above the 10-year US Treasury. By comparison, over the past 50 years, the Moody’s Aaa Index has averaged just an 83 basis point spread over the 10-year Treasury while the Baa Index has averaged 181 basis points above the 10-year Treasury.

During fiscal year 2009, ICON’s valuation system, quantitatively based on comparing historical relationships across the credit curve to current relationships, saw tremendous value in corporate bonds and very little value in Treasury bonds. At the same time, the ICON system relies on its relative strength calculations, which pointed to Treasury bonds and away from corporate bonds as the flight to quality clearly favored the former. This left Agency bonds, which offered solid relative strength and decent value after the collapse of Fannie Mae and Freddie Mac, as investors became more assured that Agency bonds at least had the full faith and support of the US government.

The Fund tilted toward Agencies in October and November 2008 and this proved prescient as investors continued to stampede out of riskier assets

Management Overview 9

and into cash and other assets perceived as more stable. On December 5, 2008 the spread between the Moody’s Baa Index and the 10-year Treasury peaked at a 70-year high of 612 basis points. In January 2009, investors who had evidently been hoarding cash recognized the value in corporate bonds and began pouring money into bond funds. Net new cash flows into bond funds rose from -$63.39 billion in the last calendar quarter of 2008 to $53.36 billion in the first quarter of 2009, to $88.92 billion in the second quarter, and to an estimated $132.45 billion in the third quarter. This increase in demand for bonds tightened spreads and led corporate bonds to one of their best years ever. As relative strength began to reemerge in corporate bonds, the Fund took a strong overweight position and fully participated in this rally.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  As discussed above, the Fund’s composition, which was heavy in corporate debt and light in US Treasury debt, was essential to the Fund’s outperforming its benchmarks. The Moody’s Baa Index yield fell from 7.85% at the outset of the fiscal year to 6.17% at the end of the year. Similarly, the Moody’s Aaa Index yield fell from 6.01% at the outset of the fiscal year to 5.04% by year-end. In contrast, the constant maturity 10-year US Treasury note yield fell only 54 basis points from 3.85% to 3.31%.

The Fund’s tilt towards Agency debt at the beginning of the fiscal year aided performance as corporate bond yields rose during October and November of 2008. Finally, the Fund’s strong weighting and timing in Treasury Inflation Protected Securities (“TIPS”) added to performance. The Fund added $10.42 million in TIPS from December to mid-March when inflation expectations were low and sold the same securities for $10.79 million in May and June as inflation expectations increased with the strong equity rally.

10 Management Overview

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

A.  Although corporate credit spreads have tightened, there is room for spreads to narrow significantly based on historical averages. As of September 25, 2009, the Moody’s Aaa Index yield stood at 171 basis points over the 10-year constant maturity US Treasury versus its 89 basis point weekly average dating back to January 1962. Similarly, the Moody’s Baa Index yield stood at 284 basis points over the 10-year constant maturity US Treasury compared to its 191 basis point weekly average since January 1962. Based on ICON’s system, these conditions suggest considerable value remains in corporate bonds along with exceptional relative strength following the 2009 rally.

Although we believe fixed coupon Treasury bonds should be avoided given their current metrics, as fiscal year 2009 comes to an end we are not overly concerned with rampant inflation or rapidly rising government bond yields. Our research suggests inflation tends to be mild following recessions. Further, we believe unemployment, rising savings rates and diminished resource utilization should keep inflation and government bond yields relatively low for the near future. Finally, the continued demand for bonds from investors in the face of a deleveraging corporate and consumer environment should support lower bond yields. In sum, we remain relatively bullish on the bond market in general and the corporate bond market in particular.

ICON Bond Fund
Credit Diversification
September 30, 2009

Aaa	0.3%
Aa1	0.9%
Aa2	3.1%
Aa3	1.3%
A1	6.7%
A2	12.3%
A3	14.2%
Baa1	10.0%
Baa2	12.1%
Baa3	20.2%
Ba1	5.3%
Ba2	2.3%
Ba3	1.8%
B1	2.5%
B2	0.8%
B3	0.1%
Caa1	0.6%
Ca	0.4%
Not Rated	0.6%
	95.5%

Percentages are based upon corporate bond investments as a percentage of net assets.

Ratings based on Moody’s Investors Service, Inc.

Management Overview 11

ICON Bond Fund
Average Annual Total Return
as of September 30, 2009

												Gross			Net
	Inception								Since			Expense			Expense
	Date		1 Year			5 Years			Inception			Ratio*			Ratio*
ICON Bond Fund - Class I		9/30/02		13.50	%		4.00	%		4.79	%		1.08	%		1.00	%
Barclays Capital U.S. Universal Index				10.91	%		5.16	%		5.33	%		N/A			N/A
ICON Bond Fund - Class C		10/21/02		12.80	%		3.37	%		4.54	%		2.42	%		1.60	%
Barclays Capital U.S. Universal Index				10.91	%		5.16	%		5.67	%		N/A			N/A
ICON Bond Fund - Class Z		5/6/04		13.79	%		4.22	%		4.72	%		186.00	%		0.75	%
Barclays Capital U.S. Universal Index				10.91	%		5.16	%		5.58	%		N/A			N/A

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

*  Please see the January 26, 2009 prospectus for details.

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

12 Management Overview

ICON Bond Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class I shares on the Class’ inception date of 9/30/02 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Fund’s other share classes will vary due to differences in charges and expenses. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 13

ICON Bond Fund
Schedule of Investments
September 30, 2009

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Corporate Bonds (95.5%)
$	220,000	Ace INA Holdings, Inc.		8.88	%		08/15/29	$	273,822
	500,000	AK Steel Corp.		7.75	%		06/15/12		501,875
	700,000	Alcoa, Inc.(a)		6.50	%		06/01/11		724,300
	1,000,000	Alcoa, Inc.		5.55	%		02/01/17		970,743
	1,000,000	Alcoa, Inc.		6.75	%		07/15/18		1,002,484
	1,000,000	Allied Waste North America		6.50	%		11/15/10		1,032,500
	1,000,000	Allied Waste North America		6.88	%		06/01/17		1,056,177
	1,000,000	Altria Group, Inc.		7.75	%		02/06/14		1,139,735
	500,000	AmerenEnergy Generating Co.		7.00	%		04/15/18		506,086
	1,800,000	American Express Credit Co.(c)		0.37	%		02/24/12		1,723,493
	500,000	American Express Credit Co.		7.30	%		08/20/13		554,496
	1,000,000	American Express Credit Co.		7.00	%		03/19/18		1,100,078
	250,000	American General Finance Corp.		3.88	%		10/01/09		250,000
	250,000	American General Finance Corp.		5.20	%		12/15/11		201,580
	750,000	American General Finance Corp.		5.38	%		10/01/12		579,670
	400,000	American International Group, Inc.		5.38	%		10/18/11		370,038
	1,000,000	Anadarko Petroleum Corp.		8.70	%		03/15/19		1,195,661
	650,000	Arizona Public Service Co.		6.38	%		10/15/11		690,069
	500,000	AT&T, Inc.		5.80	%		02/15/19		535,018
	500,000	AutoZone, Inc.(a)		4.38	%		06/01/13		505,058
	500,000	AutoZone, Inc.		5.50	%		11/15/15		530,477
	500,000	Ball Corp.		6.88	%		12/15/12		506,250
	1,500,000	Bank of America Corp.		6.25	%		04/15/12		1,591,561
	1,000,000	Bank of America Corp.		4.88	%		09/15/12		1,026,781
	1,250,000	Bank of America Corp.		5.42	%		03/15/17		1,194,322
	950,000	Bank of America Corp.(c)		0.60	%		06/15/17		791,445
	2,000,000	BB&T Corp.		6.50	%		08/01/11		2,111,772
	410,000	Bell Atlantic Maryland		8.30	%		08/01/31		469,161
	750,000	Boston Scientific Corp.		6.00	%		06/15/11		770,625
	1,500,000	Caterpillar Financial Services Corp.		6.13	%		02/17/14		1,644,475
	150,000	Centex Corp.		4.55	%		11/01/10		151,500
	1,127,000	Chartered Semiconductor - YD		5.75	%		08/03/10		1,131,865
	500,000	Chesapeake Energy Corp.		7.00	%		08/15/14		483,750
	500,000	Chesapeake Energy Corp.		6.63	%		01/15/16		472,500
	450,000	Cincinnati Financial Corp.		6.90	%		05/15/28		279,703

14 Schedule of Investments

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
$	750,000	CIT Group, Inc.		4.75	%		12/15/10	$	518,117
	355,000	CIT Group, Inc.		7.75	%		04/02/12		223,778
	775,000	Citigroup, Inc.		6.50	%		01/18/11		803,644
	1,000,000	Citigroup, Inc.		6.00	%		02/21/12		1,038,814
	850,000	Citigroup, Inc.		5.30	%		10/17/12		876,987
	1,000,000	Citigroup, Inc.(c)		0.58	%		06/09/16		831,532
	639,000	Comcast Cable Communications Holdings		8.38	%		03/15/13		742,167
	400,000	Comcast Cable Communications Holdings		8.88	%		05/01/17		493,307
	500,000	Comcast Cable Holdings LLC		9.80	%		02/01/12		576,193
	550,000	Comerica Bank		7.13	%		12/01/13		533,832
	500,000	ConocoPhillips		4.75	%		02/01/14		537,935
	500,000	Consolidated Edison Co. of New York		5.55	%		04/01/14		547,235
	1,000,000	Constellation Energy Group, Inc.		4.55	%		06/15/15		974,489
	2,000,000	Coventry Health Care, Inc.		5.88	%		01/15/12		1,979,538
	1,000,000	Coventry Health Care, Inc.		6.13	%		01/15/15		964,284
	114,000	Cox Communications, Inc.		7.63	%		06/15/25		128,992
	500,000	Credit Suisse New York - YD		5.50	%		05/01/14		537,290
	500,000	Credit Suisse New York - YD		6.00	%		02/15/18		523,478
	1,000,000	Credit Suisse USA, Inc.		6.13	%		11/15/11		1,079,485
	500,000	CSX Corp.		5.75	%		03/15/13		533,165
	1,100,000	CSX Corp.		7.38	%		02/01/19		1,294,461
	1,000,000	CVS Caremark Corp.		5.75	%		06/01/17		1,070,505
	750,000	Daimler Finance NA		8.00	%		06/15/10		780,619
	1,000,000	Daimler Finance NA		7.75	%		01/18/11		1,059,899
	2,500,000	Daimler Finance NA		6.50	%		11/15/13		2,693,382
	500,000	Denbury Resources, Inc.		9.75	%		03/01/16		531,250
	232,000	Dillard’s, Inc.		9.13	%		08/01/11		229,100
	850,000	DPL, Inc.		6.88	%		09/01/11		915,288
	450,000	E.I. Du Pont de Nemours		5.00	%		07/15/13		490,189
	1,000,000	E.I. Du Pont De Nemours(a)		4.75	%		03/15/15		1,071,852
	450,000	Exelon Generation Co., LLC		5.35	%		01/15/14		475,997
	750,000	Exelon Generation Co., LLC		6.20	%		10/01/17		818,523
	500,000	Farmers Insurance Capital Notes(b)		7.20	%		07/15/48		419,383
	6,000	First American Financial Corp.		7.55	%		04/01/28		4,312
	23,000	FirstEnergy Corp.		6.45	%		11/15/11		24,876
	1,000,000	Fiserv, Inc.		6.13	%		11/20/12		1,083,837
	750,000	Fortune Brands, Inc.		4.88	%		12/01/13		751,490
	500,000	Freeport-McMoRan Copper & Gold, Inc.		8.25	%		04/01/15		531,875
	600,000	Freeport-McMoRan Copper & Gold, Inc.		8.38	%		04/01/17		638,250
	1,000,000	Frontier Communications Corp.		8.13	%		10/01/18		1,006,250
	1,000,000	General Electric Capital Corp.		5.25	%		10/19/12		1,057,242

Schedule of Investments 15

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
$	500,000	General Electric Capital Corp.		5.45	%		01/15/13	$	526,935
	1,000,000	General Electric Capital Corp.(c)		0.61	%		05/08/13		912,009
	500,000	General Electric Capital Corp.		4.75	%		09/15/14		513,275
	1,000,000	General Electric Capital Corp.(c)		0.66	%		05/11/16		840,043
	397,000	Genworth Financial, Inc.		5.65	%		06/15/12		380,914
	450,000	Hartford Financial Services Group		5.25	%		10/15/11		450,192
	700,000	Hartford Financial Services Group		5.38	%		03/15/17		640,881
	1,000,000	Hartford Financial Services Group		6.30	%		03/15/18		974,298
	1,000,000	Hartford Financial Services Group		6.00	%		01/15/19		948,336
	1,000,000	Health Care Property Investors, Inc.		5.65	%		12/15/13		989,334
	1,000,000	Horace Mann Educators Corp.		6.85	%		04/15/16		969,698
	500,000	HSBC Finance Corp.		7.00	%		05/15/12		540,131
	900,000	HSBC Finance Corp.		5.90	%		06/19/12		949,911
	500,000	HSBC Finance Corp.		4.75	%		07/15/13		508,277
	1,900,000	HSBC Finance Corp.(c)		0.10	%		11/10/13		1,642,417
	2,000,000	HSBC Finance Corp.		5.00	%		06/30/15		2,007,664
	1,000,000	Humana, Inc.		7.20	%		06/15/18		1,012,067
	900,000	Ingersoll-Rand Global Holding Co.		9.50	%		04/15/14		1,063,466
	950,000	International Business Machines Corp.		8.38	%		11/01/19		1,255,462
	250,000	International Lease Finance Corp.		5.63	%		09/15/10		238,569
	294,000	International Lease Finance Corp.		4.88	%		09/01/10		275,682
	800,000	International Lease Finance Corp.		5.75	%		06/15/11		728,709
	900,000	International Paper Co.		7.95	%		06/15/18		975,562
	450,000	John Hancock(b)		7.38	%		02/15/24		471,365
	1,850,000	JPMorgan Chase & Co.		6.63	%		03/15/12		2,019,763
	1,000,000	JPMorgan Chase Bank NA(c)		0.63	%		06/13/16		930,047
	950,000	Kraft Foods, Inc.		6.13	%		02/01/18		1,006,695
	750,000	Land O’Lakes, Inc.		9.00	%		12/15/10		760,312
	1,000,000	Lincoln National Corp.		7.00	%		03/15/18		1,034,433
	2,000,000	Lincoln National Corp.		8.75	%		07/01/19		2,313,134
	1,500,000	Marathon Oil Corp.		6.50	%		02/15/14		1,651,770
	1,000,000	Massey Energy Co.		6.63	%		11/15/10		982,750
	1,350,000	Merrill Lynch & Co.		5.45	%		02/05/13		1,399,843
	1,100,000	Merrill Lynch & Co.(c)		0.62	%		05/05/14		974,006
	500,000	MetLife, Inc.		6.75	%		06/01/16		558,004
	500,000	Microsoft Corp.		4.20	%		06/01/19		514,790
	1,000,000	Morgan Stanley		5.75	%		08/31/12		1,070,112
	500,000	Morgan Stanley		5.30	%		03/01/13		523,916
	500,000	Morgan Stanley(c)		0.84	%		01/09/14		465,208
	1,500,000	Morgan Stanley		4.75	%		04/01/14		1,488,930
	1,000,000	Morgan Stanley(c)		0.99	%		10/15/15		914,707

16 Schedule of Investments

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
$	1,000,000	Motorola, Inc.		7.63	%		11/15/10	$	1,041,250
	1,000,000	Motorola, Inc.		8.00	%		11/01/11		1,066,012
	600,000	Nalco Co.		7.75	%		11/15/11		600,000
	1,000,000	National City Bank(c)		0.68	%		06/07/17		801,312
	400,000	New Jersey Bell Telephone		7.85	%		11/15/29		443,326
	500,000	Newfield Exploration Co.		7.13	%		05/15/18		498,750
	1,000,000	Newmont Mining Corp.		5.13	%		10/01/19		999,558
	122,000	NLV Financial Corp.(b)		6.50	%		03/15/35		78,587
	900,000	Nordstrom, Inc.		6.75	%		06/01/14		987,294
	500,000	NRG Energy, Inc.		7.38	%		02/01/16		483,750
	1,000,000	NRG Energy, Inc.		7.38	%		01/15/17		967,500
	1,000,000	Peabody Energy Corp.		6.88	%		03/15/13		1,010,000
	1,000,000	Potash Corp. of Saskatchewan, Inc.		4.88	%		03/30/20		998,854
	600,000	PPG Industries, Inc.		5.75	%		03/15/13		634,330
	1,750,000	PPL Energy Supply LLC		6.50	%		05/01/18		1,885,718
	950,000	Protective Life Corp.		6.40	%		01/15/18		927,503
	400,000	Prudential Financial, Inc.		5.10	%		09/20/14		404,205
	1,600,000	Prudential Financial, Inc.		4.75	%		09/17/15		1,588,774
	2,050,000	Prudential Financial, Inc.		6.10	%		06/15/17		2,059,043
	225,000	PSEG Energy Holdings LLC		8.50	%		06/15/11		238,254
	500,000	R.R. Donnelley & Sons Co.		4.95	%		04/01/14		481,121
	750,000	RadioShack Corp.		7.38	%		05/15/11		757,500
	1,000,000	Reliance Steel & Aluminum Co.		6.20	%		11/15/16		990,285
	1,000,000	Reynolds American, Inc.		7.25	%		06/01/12		1,074,117
	900,000	Reynolds American, Inc.		7.25	%		06/01/13		979,240
	1,250,000	Rio Tinto Finance USA, Ltd. - YD		5.88	%		07/15/13		1,346,782
	250,000	Rogers Communications, Inc. - YD		8.00	%		12/15/12		256,875
	800,000	Rohm & Haas Co.		5.60	%		03/15/13		835,257
	500,000	Rohm & Haas Co.		6.00	%		09/15/17		498,206
	1,000,000	Rowan Cos., Inc.		7.88	%		08/01/19		1,075,180
	600,000	Ryder System, Inc.		5.00	%		04/01/11		615,224
	500,000	Ryder System, Inc.		5.85	%		03/01/14		520,197
	500,000	Sempra Energy Corp.		6.00	%		02/01/13		529,671
	500,000	Simon Property Group LP		4.88	%		03/18/10		504,319
	500,000	Simon Property Group LP		5.00	%		03/01/12		515,604
	500,000	Simon Property Group LP		5.75	%		05/01/12		522,467
	500,000	Simon Property Group LP		5.45	%		03/15/13		511,026
	1,750,000	SLM Corp.		5.13	%		08/27/12		1,497,429
	1,000,000	SLM Corp.		5.38	%		01/15/13		833,758
	500,000	SLM Corp.		5.38	%		05/15/14		382,689
	1,000,000	Smithfield Foods, Inc.(a)		8.00	%		10/15/09		1,000,000

Schedule of Investments 17

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
$	1,000,000	State Street Bank & Trust(c)		0.51	%		12/08/15	$	926,422
	1,000,000	Suntrust Bank(c)		0.90	%		04/01/15		865,840
	1,000,000	Target Corp.		6.00	%		01/15/18		1,126,614
	350,000	Telefonica de Argentina - YD		9.13	%		11/07/10		364,000
	500,000	Tennessee Gas Pipeline		7.00	%		10/15/28		532,781
	500,000	Tesoro Corp.		6.63	%		11/01/15		462,500
	1,100,000	The AES Corp.		7.75	%		10/15/15		1,105,500
	600,000	The Black & Decker Corp.		8.95	%		04/15/14		705,038
	500,000	The Coca-Cola Co.		4.88	%		03/15/19		527,674
	400,000	The Dow Chemical Co.		6.00	%		10/01/12		426,021
	800,000	The Dow Chemical Co.		7.60	%		05/15/14		884,999
	1,000,000	The Dow Chemical Co.		5.70	%		05/15/18		985,914
	250,000	The Goldman Sachs Group, Inc.		7.35	%		10/01/09		250,046
	1,000,000	The Goldman Sachs Group, Inc.		5.70	%		09/01/12		1,078,974
	1,000,000	The Goldman Sachs Group, Inc.(c)		0.74	%		03/22/16		943,118
	1,000,000	The Goldman Sachs Group, Inc.		7.50	%		02/15/19		1,143,617
	750,000	The Western Union Co.		5.93	%		10/01/16		812,714
	250,000	The Williams Cos., Inc.		7.13	%		09/01/11		265,082
	2,000,000	Torchmark Corp.		6.38	%		06/15/16		2,040,560
	750,000	Transocean, Ltd. - YD		5.25	%		03/15/13		792,975
	1,000,000	Unilever Capital Corp.		4.80	%		02/15/19		1,050,820
	1,000,000	United States Steel Corp.		6.05	%		06/01/17		933,992
	1,000,000	UnitedHealth Group, Inc.		5.50	%		11/15/12		1,070,831
	500,000	UnitedHealth Group, Inc.		4.88	%		02/15/13		519,686
	1,660,000	Valero Energy Corp.		6.13	%		06/15/17		1,713,850
	1,000,000	Verizon Communications, Inc.		6.88	%		06/15/12		1,115,067
	500,000	Verizon Pennsylvania		5.65	%		11/15/11		532,603
	1,000,000	Viacom, Inc.		6.63	%		05/15/11		1,047,528
	2,000,000	Wachovia Corp.(c)		0.67	%		08/01/13		1,910,890
	1,500,000	Wachovia Corp.		5.25	%		08/01/14		1,523,346
	500,000	Wells Fargo & Co.		5.25	%		10/23/12		533,468
	900,000	Wells Fargo Bank NA(c)		0.65	%		05/16/16		777,058
	1,000,000	Whirlpool Corp.		7.75	%		07/15/16		1,074,941
	1,000,000	Whiting Petroleum Corp.		7.00	%		02/01/14		987,500
	1,000,000	Willis Group Holdings, Ltd.		6.20	%		03/28/17		978,884
	100,000	Xerox Corp.		5.65	%		05/15/13		104,059
	500,000	Xerox Corp.		7.63	%		06/15/13		513,489
Total Corporate Bonds (Cost $158,625,879)									163,954,897

18 Schedule of Investments

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
U.S. Government And U.S. Government Agency Bonds (0.5%)
$	825,000	Fannie Mae		5.13	%		01/02/14	$	875,325
Total U.S. Government And U.S. Government Agency Bonds (Cost $808,682)									875,325
Foreign Government Bond (0.3%)
	500,000	Republic of South Africa - YD		6.50	%		06/02/14		547,500
Total Foreign Government Bonds (Cost $514,179)									547,500
Short-Term Investment (3.0%)
	5,142,191	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#							5,142,191
Total Short-Term Investments (Cost $5,142,191)									5,142,191
Mutual Funds (1.7%)
	2,877,101	Invesco Aim Liquid Assets Portfolio, 0.28%^							2,877,101
Total Mutual Funds (Cost $2,877,101)									2,877,101
Total Investments 101.0% (Cost $167,968,032)									173,397,014
Liabilities Less Other Assets (1.0)%									(1,724,116	)
Net Assets 100.0%								$	171,672,898

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

#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
^	Investments made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
(b)	Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale. These securities are considered to be illiquid. The aggregate value of these securities at September 30, 2009 was $969,335, which represented 0.56% of the Fund’s Net Assets.
(c)	Floating Rate Security. Rate disclosed is as of September 30, 2009.
YD	Yankee Dollar Bond

Schedule of Investments 19

Class I ICNIX
Class C ICNCX
Class Z ICNZX
Class A ICNAX

Management Overview
ICON Core Equity Fund

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

A.  For the fiscal year ended September 30, 2009, the Fund’s benchmark, the S&P Composite 1500 Index, lost 6.77%, compared to the ICON Core Equity Fund’s return of -19.22% for Class I shares, -19.98% for Class C shares, and -19.31% for Class Z shares. Class A shares of the Fund have returned -20.05% (and -24.68% with maximum sales charge). Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  We utilize a two-part investment process that relies on aggregated company-specific valuations and relative strength measurements to aid in our industry rotation methodology. In response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better-equipped to handle all types of market conditions.

Going into calendar year 2009, we saw bargains in virtually every segment of the equity market. Because we saw value throughout the market, the Fund was fully invested and heavily allocated in the cyclical-based Financial, Industrials, Consumer Discretionary, and Energy Sectors in anticipation of a market rebound. Unfortunately, fears about the economy and consumer demand disconnected equity prices from their fundamentals and the market continued its free-fall with the S&P 1500 Index losing almost 25% in just over 2 months between December 31, 2008 and March 9, 2009. While the Fund’s holdings were distributed where we thought we saw the most value, the Fund nonetheless underperformed the benchmarks during this time period.

Improved debt markets and economic outlooks sparked one of the strongest equity rallies in recent history, as the S&P 1500 Index increased over 59% between March 9 and September 30, 2009. The ICON Core Equity Fund, utilizing the modified methodology referenced above, performed well during this rally, returning over 64% and outperforming the broad-based S&P 1500 by over 400 basis points.

20 Management Overview

One other performance time-period is important to note. Our modified valuation calculation went into effect on February 1, 2009. Between February 1 and fiscal year-end, the ICON Core Equity Fund returned 34.52% compared to a return of 31.24% for the S&P 1500 Index. In other words, the Fund outperformed its benchmark by over 300 basis points. While this is a relatively short time period, we believe the Fund’s performance reflects the improvements of the modified formula and we hope to continue using these modifications effectively in the future.

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

A.  The ICON Core Equity Fund faced a challenging environment in fiscal year 2009. In spite of the rally off the March 9 low, only two of the nine sectors we follow within the S&P 1500 produced positive returns during the time period: Information Technology & Consumer Discretionary. The seven remaining sectors produced negative returns. The sectors that contributed most to the Fund’s performance were Information Technology, Materials, and Energy. The sectors that detracted most from absolute performance include Financials, Industrials, and Consumer Discretionary. Overweight industry positions and underperformance within these sectors created negative returns during the last 12 months.

On an industry level, looking at the S&P 1500 Index, the variance of returns across the market as a whole is remarkable to us. For example, the best performing industry produced a positive 84% return while the worst performing industry produced a -68% return. Additionally, only 49 of the 154 industries within the S&P 1500 produced positive returns during fiscal year 2009, creating an environment where the majority of industries produced negative absolute returns. The industries that contributed most to the Fund’s performance include investment banking & brokerage, systems software, diversified chemicals, multi-line insurance, and commodity chemicals. The industries that detracted most from performance during fiscal year 2009 include other diversified financial services, regional banks, life & health insurance, managed health care, and airlines.

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

A.  As of the end of fiscal year 2009, we calculated a value-to-price ratio (“V/P”) of 1.09 for the domestic equity markets. Thus, under the ICON methodology, a V/P of 1.09 indicates domestic stocks are trading at an approximate 9% discount to our estimation of their intrinsic value. While many economic pundits and market analysts have claimed that the market has moved “too far, too fast”, our disciplined valuation approach nonetheless suggests upside potential for our investors. On a sector basis,

Management Overview 21

the most attractive areas within the market continue to be Financials, Industrials, Information Technology, and Health Care. Moving forward, we will continue to do what we’ve always done by allocating towards industries within these sectors that reflect strong combinations of value and relative strength.

ICON Core Equity Fund
Sector Composition
as of September 30, 2009

Financial	21.4%
Industrials	18.2%
Information Technology	17.5%
Energy	10.0%
Health Care	9.3%
Consumer Discretionary	8.0%
Leisure and Consumer Staples	6.9%
Materials	5.9%
	97.2%

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

ICON Core Equity Fund
Industry Composition
as of September 30, 2009

Life & Health Insurance	5.6%
Oil & Gas Drilling	5.3%
Computer Hardware	4.8%
Railroads	4.4%
Apparel Retail	4.4%
Diversified Banks	4.2%
Communications Equipment	4.2%
Industrial Machinery	4.2%
Health Care Equipment	3.9%
Industrial Conglomerates	3.9%
Other Diversified Financial Services	3.7%
Movies & Entertainment	3.1%
Systems Software	3.1%
Drug Retail	3.0%
Airlines	3.0%
Integrated Oil & Gas	3.0%
Life Sciences Tools & Services	2.9%
Investment Banking & Brokerage	2.6%
Aerospace & Defense	2.2%
Internet Software & Services	2.1%
Multi-Line Insurance	2.1%
Consumer Finance	2.1%
Specialty Chemicals	2.1%
Industrial Gases	2.1%
Oil & Gas Storage & Transportation	1.6%
Health Care Services	1.6%
Apparel, Accessories & Luxury Goods	1.5%
Technology Distributors	1.4%
Homebuilding	1.2%
Pharmaceuticals	1.2%
Data Processing & Outsourced Services	1.1%
Footwear	1.0%
Health Care Distributors	1.0%
Other Industries (each less than 1%)	3.6%
	97.2%

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

22 Management Overview

ICON Core Equity Fund
Average Annual Total Return
as of September 30, 2009

												Gross			Net
	Inception								Since			Expense			Expense
	Date		1 Year			5 Years			Inception			Ratio*			Ratio*
ICON Core Equity Fund - Class I		10/12/00		-19.22	%		-2.85	%		1.38	%		1.27	%		1.27	%
S&P Composite 1500 Index				-6.77	%		1.38	%		-0.02	%		N/A			N/A
ICON Core Equity Fund - Class C		11/28/00		-19.98	%		-3.65	%		-0.08	%		2.05	%		2.05	%
S&P Composite 1500 Index				-6.77	%		1.38	%		-0.16	%		N/A			N/A
ICON Core Equity Fund - Class Z		5/6/04		-19.31	%		-2.89	%		-1.63	%		1.34	%		1.34	%
S&P Composite 1500 Index				-6.77	%		1.38	%		1.47	%		N/A			N/A
ICON Core Equity Fund - Class A		5/31/06		-20.05	%		N/A			-12.12	%		2.09	%		2.09	%
ICON Core Equity Fund - Class A
(including maximum sales charge of 5.75%)		5/31/06		-24.68	%		N/A			-13.66	%		2.09	%		2.09	%
S&P Composite 1500 Index				-6.77	%		N/A			-3.17	%		N/A			N/A

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

*  Please see the January 26, 2009 prospectus for details.

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

Management Overview 23

ICON Core Equity Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class I shares on the Class’ inception date of 10/12/00 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Fund’s other share classes will vary due to differences in charges and expenses. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

24 Management Overview

ICON Core Equity Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (97.2%)
	22,100	Accenture PLC	$	823,667
	52,800	Aflac, Inc.		2,256,672
	13,500	Air Products & Chemicals, Inc.		1,047,330
	37,500	Alaska Air Group, Inc.†		1,004,625
	58,900	Albemarle Corp.		2,037,940
	35,900	Amedisys, Inc.†(a)		1,566,317
	52,300	Avnet, Inc.†		1,358,231
	159,400	Bank of America Corp.(a)		2,697,048
	60,700	BE Aerospace, Inc.†(a)		1,222,498
	11,700	Becton, Dickinson & Co.		816,075
	37,600	Cash America International, Inc.		1,134,016
	12,200	China Petroleum and Chemical Corp. - ADR(a)		1,038,830
	104,100	Cisco Systems, Inc.†		2,450,514
	19,900	Computer Sciences Corp.†		1,048,929
	29,800	Covance, Inc.†(a)		1,613,670
	16,600	Credicorp, Ltd.		1,290,816
	50,400	CSX Corp.		2,109,744
	39,700	CVS Caremark Corp.		1,418,878
	31,800	Desarrolladora Homex S.A. de C.V. - ADR†(a)		1,201,404
	21,600	Diamond Offshore Drilling, Inc.(a)		2,063,232
	60,400	Dollar Financial Corp.†(a)		967,608
	13,200	FMC Corp.		742,500
	112,600	General Electric Co.(a)		1,848,892
	4,300	Google, Inc. - Class A†		2,132,155
	46,600	Guess?, Inc.		1,726,064
	44,300	Hewlett-Packard Co.		2,091,403
	26,400	Honeywell International, Inc.		980,760
	21,900	International Business Machines Corp.		2,619,459
	21,800	JPMorgan Chase & Co.		955,276
	14,300	McDonald’s Corp.		816,101
	37,400	Medtronic, Inc.		1,376,320
	36,300	Merck & Co., Inc.(a)		1,148,169
	48,600	Methanex Corp.		841,266
	60,100	MetLife, Inc.(a)		2,288,008
	116,900	Microsoft Corp.		3,026,541
	39,400	Middleby Corp.†(a)		2,167,394
	17,300	Morgan Stanley		534,224
	16,200	Murphy Oil Corp.(a)		932,634
	99,400	Navios Maritime Holdings, Inc.		488,054
	58,800	Noble Corp.		2,232,048
	89,800	PAREXEL International Corp.†		1,220,382
	37,600	Parker Hannifin Corp.(a)		1,949,184
	35,500	Patterson Cos., Inc.†		967,375
	12,100	Praxair, Inc.		988,449
	19,800	Prudential Financial, Inc.		988,218

Schedule of Investments 25

Shares or Principal Amount			Value
	105,400	Republic Airways Holdings, Inc.†(a)	$	983,382
	24,700	Research In Motion, Ltd.†		1,668,485
	128,700	Ship Finance International, Ltd.(a)		1,581,723
	59,600	SkyWest, Inc.		988,168
	43,200	StatoilHydro ASA - ADR		973,728
	161,200	Symmetry Medical, Inc.†		1,671,644
	11,300	The Goldman Sachs Group, Inc.(a)		2,083,155
	79,400	The Hartford Financial Services Group, Inc.		2,104,100
	50,500	Time Warner, Inc.(a)		1,453,390
	43,000	TJX Cos., Inc.		1,597,450
	11,500	Transocean, Ltd.†		983,595
	57,900	Tyco International, Ltd.		1,996,392
	64,900	U.S. Bancorp		1,418,714
	39,000	Union Pacific Corp.		2,275,650
	33,400	Urban Outfitters, Inc.†		1,007,678
	21,100	V.F. Corp.		1,528,273
	56,200	Viacom, Inc. - Class B†		1,575,848
	42,600	Walgreen Co.(a)		1,596,222
	50,300	Wells Fargo & Co.(a)		1,417,454
	39,500	Wolverine World Wide, Inc.		981,180
Total Common Stocks (Cost $77,720,435)				96,115,151
Short-Term Investments (4.3%)
$	4,248,126	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#		4,248,126
Total Short-Term Investments (Cost $4,248,126)				4,248,126
Mutual Funds (28.1%)
	27,814,062	Invesco Aim Liquid Assets Portfolio, 0.28%^		27,814,062
Total Mutual Funds (Cost $27,814,062)				27,814,062
Total Investments 129.6% (Cost $109,782,623)				128,177,339
Liabilities Less Other Assets (29.6)%				(29,270,691	)
Net Assets 100.0%			$	98,906,648

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
^	Investments made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

26 Schedule of Investments

Class I IOEIX
Class C IOECX
Class Z IOEZX
Class A IEQAX

Management Overview
ICON Equity Income Fund

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

A.  The ICON Equity Income Fund returned -9.48% for the Class I shares, -10.12% for the Class C shares, -9.20% for the Class Z shares for the fiscal year ended September 30, 2009 underperforming the Fund’s benchmark, the S&P Composite 1500 Index, which lost 6.77% during the same period. Class A shares of the Fund returned -9.53% (and -14.74% with maximum sales charge) during the same period. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  The Equity Income Fund lagged its benchmark as the financial crisis that began last year culminated in a widespread, broad market sell-off in March 2009. Asset write-downs eroded the capital structure of numerous commercial and investment banks, culminating with the collapse of 107 financial institutions - with 11 of these closures reported by the FDIC during September 2009.

The Federal Reserve continued its extraordinary steps to infuse liquidity and stimulate lending during fiscal year 2009. The target for the Federal Funds Rate was lowered from 2.00% to between 0% and 0.25% and the Troubled Asset Relief Program (“TARP”), begun in 2008 under the Bush administration, was handed off to Timothy Geithner under the Obama administration. As the year progressed and the markets improved, several banks began to repay TARP funds they had received earlier.

We believe the volatility experienced by the Fund was a reflection in part of the fear that dominated the broader markets for the first half of the fiscal year. As investors worried about the prospect of a crushing economic downturn, the broad S&P 1500 index reached new lows for the decade on March 9, 2009. Shortly thereafter, however, signs emerged that the economy may have bottomed without the U.S. experiencing the depression many investors feared and anticipated, and the equity markets rallied in response. From March 9 to the end of the fiscal year, the S&P 1500 index returned 59.91%. The ICON Equity Income Fund Class I gained 64.28% during the same time period.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully

Management Overview 27

accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  The Fund was able to take advantage of opportunities in the high yield bond market in early 2009. Later in the fiscal year, we opted to purchase high yield ETFs rather than the bonds directly in an effort to manage the bid/ask spreads. We availed ourselves of a similar opportunity with preferred stocks as well. While the Fund did hold some preferred stock directly, the Fund held a larger position in preferred ETFs. These ETFs not only helped in the overall current yield of the Fund, they also contributed to the Fund’s returns through capital appreciation. The Fund’s Information Technology sector holdings (and, in particular, the Fund’s position in the semiconductor industry) likewise benefited returns.

The first half of fiscal year 2009 was marked by extreme volatility, with sudden, dramatic shifts in sector leaders. This environment made it difficult for us to uncover a lasting theme of any sort. Although we were quick to identify industries which seemed to initially perform well off each market low, new industry leadership would quickly emerge in a schizophrenic market. Performance suffered as the Fund lost ground when industry leaders became industry laggards virtually overnight. The Fund’s positions in the Financial and Industrial sectors in particular proved detrimental to performance.

Q.  What is your investment outlook for the market?

A.  As the fiscal year ends, we measure the fair value for the broad equity market to be approximately 9% higher than where prices are currently trading. Further, corporate bond yields (which are still significantly higher than treasury yields) could extend the current market rally. The favorable spreads in corporate bond yields suggest there may be opportunities for income and capital appreciation for both high yield bonds and preferred stock.

28 Management Overview

ICON Equity Income Fund
Sector Composition
as of September 30, 2009

Financial	20.5%
Information Technology	10.2%
Leisure and Consumer Staples	9.0%
Industrials	7.7%
Materials	6.9%
Energy	6.3%
Consumer Discretionary	3.7%
Health Care	2.9%
Telecommunication & Utilities	5.0%
	72.2%

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

ICON Equity Income Fund
Industry Composition
as of September 30, 2009

Life & Health Insurance	5.4%
Mortgage REITs	4.2%
Industrial Machinery	3.6%
Diversified Chemicals	3.4%
Diversified Banks	3.1%
Systems Software	2.9%
Property & Casualty Insurance	2.8%
Personal Products	2.6%
Asset Management & Custody Banks	2.4%
Semiconductors	2.4%
Integrated Oil & Gas	2.2%
Oil & Gas Storage & Transportation	2.2%
Publishing	2.1%
Pharmaceuticals	2.1%
Computer Hardware	2.0%
Electronic Manufacturing Services	1.9%
Household Appliances	1.8%
Marine	1.7%
Multi-Line Insurance	1.5%
Oil & Gas Drilling	1.4%
Independent Power Producers & Energy Traders	1.4%
Leisure Products	1.3%
Specialty Chemicals	1.3%
Construction & Farm Machinery & Heavy Trucks	1.3%
Commodity Chemicals	1.3%
Movies & Entertainment	1.2%
Wireless Telecommunication Services	1.1%
Apparel, Accessories & Luxury Goods	1.1%
Gas Utilities	1.1%
Electrical Components & Equipment	1.1%
Household Products	1.0%
Regional Banks	1.0%
Other Industries (each less than 1%)	6.3%
	72.2%

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

Management Overview 29

ICON Equity Income Fund
Average Annual Total Return
as of September 30, 2009

												Gross			Net
	Inception								Since			Expense			Expense
	Date		1 Year			5 Years			Inception			Ratio*			Ratio*
ICON Equity Income Fund - Class I		9/30/02		-9.48	%		0.53	%		6.29	%		1.23	%		1.23	%
S&P Composite 1500 Index				-6.77	%		1.38	%		6.26	%		N/A			N/A
ICON Equity Income Fund - Class C		11/8/02		-10.12	%		-0.39	%		4.52	%		2.34	%		2.20	%
S&P Composite 1500 Index				-6.77	%		1.38	%		4.86	%		N/A			N/A
ICON Equity Income Fund - Class Z		5/10/04		-9.20	%		0.62	%		2.04	%		11.18	%		1.20	%
S&P Composite 1500 Index				-6.77	%		1.38	%		1.97	%		N/A			N/A
ICON Equity Income Fund - Class A		5/31/06		-9.53	%		N/A			-3.95	%		5.40	%		1.44	%
ICON Equity Income Fund - Class A (including maximum sales charge of 5.75%)		5/31/06		-14.74	%		N/A			-5.64	%		5.40	%		1.44	%
S&P Composite 1500 Index				-6.77	%		N/A			-3.17	%		N/A			N/A

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

*  Please see the January 26, 2009 prospectus for details.

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

30 Management Overview

ICON Equity Income Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class I shares on the Class’ inception date of 9/30/02 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Fund’s other share classes will vary due to differences in charges and expenses. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 31

ICON Equity Income Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (72.2%)
	11,400	Abercrombie & Fitch Co. - Class A	$	374,832
	17,000	Aflac, Inc.		726,580
	10,900	Alliant Energy Corp.		303,565
	55,200	Allianz SE - ADR		688,896
	43,500	Annaly Capital Management, Inc. - REIT		789,090
	62,500	Anworth Mortgage Asset Corp. - REIT		492,500
	77,400	Apollo Investment Corp.		739,170
	16,600	Avon Products, Inc.		563,736
	37,200	Banco Bilbao Vizcaya Argentaria S.A. - ADR		663,648
	47,100	Banco Santander Central Hispano S.A. - ADR		760,665
	8,600	BP PLC - ADR		457,778
	11,400	Caterpillar, Inc.		585,162
	19,000	Constellation Energy Group, Inc.		615,030
	12,700	Cooper Industries PLC - Class A		477,139
	28,200	Crane Co.		727,842
	6,500	Diamond Offshore Drilling, Inc.		620,880
	13,700	E.I. du Pont de Nemours and Co.		440,318
	12,000	Eastman Chemical Co.		642,480
	7,700	Eaton Corp.		435,743
	13,200	Federated Investors, Inc.		348,084
	13,200	Harsco Corp.		467,412
	41,200	Intel Corp.		806,284
	7,600	International Business Machines Corp.		909,036
	63,600	Jabil Circuit, Inc.		852,876
	7,800	Kimberly-Clark Corp.		460,044
	8,300	Lubrizol Corp.		593,118
	7,300	M&T Bank Corp.		454,936
	15,400	Maxim Integrated Products, Inc.		279,356
	15,100	Merck & Co., Inc.		477,613
	14,700	Meredith Corp.		440,118
	33,800	Methanex Corp.		585,078
	79,700	MFA Financial, Inc.		634,412
	51,400	Microsoft Corp.		1,330,746
	160,900	Navios Maritime Holdings, Inc.		790,019
	32,100	Nu Skin Enterprises, Inc. - Class A		594,813
	8,100	Nucor Corp.		380,781
	13,200	ONEOK, Inc.		483,384
	10,800	Overseas Shipholding Group, Inc.		403,596
	26,700	Partner Communications Co., Ltd. - ADR		502,494
	49,000	PDL BioPharma, Inc.		386,120
	27,800	Pfizer, Inc.		460,090
	14,600	Polaris Industries, Inc.		595,388
	51,000	Protective Life Corp.		1,092,420
	7,700	Reynolds American, Inc.		342,804
	16,400	San Juan Basin Royalty Trust		296,184
	13,600	Sasol - ADR		518,432
	46,500	Ship Finance International, Ltd.		571,485
	12,200	Snap-on, Inc.		424,072
	20,500	Sun Life Financial, Inc.		640,420
	14,900	The Allstate Corp.		456,238
	18,200	The Dow Chemical Co.		474,474
	20,300	The Empire District Electric Co.		367,227

32 Schedule of Investments

Shares or Principal Amount			Value
	9,100	The Stanley Works	$	388,479
	15,500	Thomson Reuters Corp.		520,335
	19,000	Time Warner, Inc.		546,820
	53,300	United Online, Inc.		428,532
	6,900	V.F. Corp.		499,767
	45,900	XL Capital, Ltd. - Class A		801,414
Total Common Stocks (Cost $24,719,382)				32,709,955
Preferred Stocks (1.2%)
	12,100	ING Groep N.V., 7.38%		200,860
	13,200	Wells Fargo Capital XII, 7.88%		335,412
Total Preferred Stocks (Cost $506,796)				536,272

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Corporate Bonds (5.4%)
$	250,000	Bank of America Corp.		5.38	%		9/11/12	$	261,709
	183,000	Comcast Cable Communications Holdings		8.38	%		3/15/13		212,545
	600,000	Daimler Finance NA		6.50	%		11/15/13		646,412
	450,000	General Electric Capital Corp. - Series A		6.00	%		6/15/12		481,961
	413,000	HSBC Finance Corp.		4.75	%		7/15/13		419,837
	400,000	Merrill Lynch & Co.		5.45	%		2/5/13		414,768
Total Corporate Bonds (Cost $2,322,561)									2,437,232
Convertible Corporate Bonds (0.7%)
	400,000	Molina Healthcare, Inc. - Series H		3.75	%		10/1/14		330,000
Total Convertible Corporate Bonds (Cost $384,843)									330,000
U.S. Government Bonds (9.2%)
	500,000	Financing Corp.		9.40	%		2/8/18		685,164
	500,000	Fannie Mae		7.25	%		5/15/30		685,445
	350,000	Freddie Mac		6.75	%		3/15/31		457,949
	1,000,000	Freddie Mac		5.50	%		7/18/16		1,134,138
	400,000	U.S. Treasury Bonds		8.00	%		11/15/21		566,188
	600,000	U.S. Treasury Bonds		4.50	%		2/15/36		644,437
Total U.S. Government Bonds (Cost $3,973,460)									4,173,321

Schedule of Investments 33

Underlying Security/
Expiration Date/
Exercise Price	Contracts		Value
Call Options Purchased (0.9% )
Amedisys, Inc., Expiration December 2009, Exercise price $40.00		45	$	27,000
Bank of America Corp., Expiration January 2011, Exercise price $17.50		229		87,020
Cisco Systems, Inc., Expiration January 2011, Exercise price $20.00		175		98,000
Hewlett-Packard Co., Expiration February 2010, Exercise price $48.00		104		30,160
Hewlett-Packard Co., Expiration January 2011, Exercise price $40.00		100		108,500
Jos. A. Bank Clothiers, Inc., Expiration April 2010, Exercise price $45.00		75		44,625
Research In Motion, Ltd., Expiration January 2010, Exercise price $90.00		56	$	8,232
Total Call Options Purchased (Cost $334,264)				403,537

Shares or Principal Amount			Value
Exchange Traded Funds (8.4%)
	8,600	iShares iBoxx $     High Yield Corporate Bond Fund	$	742,610
	27,900	iShares S&P U.S. Preferred Stock Index Fund		1,011,933
	72,100	PowerShares Financial Preferred Portfolio		1,142,785
	49,500	PowerShares High Yield Corporate Bond Portfolio		877,635
Total Exchange Traded Funds (Cost $2,629,144)				3,774,963
Short-Term Investments (0.8%)
$	383,755	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#		383,755
Total Short-Term Investments (Cost $383,755)				383,755
Total Investments 98.8% (Cost $35,254,205)				44,749,035
Other Assets Less Liabilities 1.2%				524,315
Net Assets 100.0%			$	45,273,350

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

#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

34 Schedule of Investments

Class I IOCIX
Class C IOCCX
Class Z IOCZX
Class A IOCAX

Management Overview
ICON Long/Short Fund

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

A.  The Fund’s benchmark, the S&P Composite 1500 Index, lost 6.77% for the fiscal year ended September 30, 2009. In comparison, the ICON Long/Short Fund returned -12.40% for Class I shares, -13.10% for Class C shares, -12.10% for Class Z shares and -12.39% for Class A shares (-17.46% with maximum sales charge).

Although the Fund also delivered subpar risk adjusted returns with a negative Alpha, Sharpe Ratio, and Sortino Ratio, these measures all improved dramatically in the final two quarters of the year as described below. Total returns and other performance statistics for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  The credit crunch of 2008 and the way ICON’s model dealt with this once-in-a-lifetime liquidity crisis are the primary factors behind the Fund’s relative performance. After the collapse of Lehman Brothers, investors across the world sold assets perceived as risky and hoarded cash. In the last calendar quarter of 2008 alone, net sales out of Bond Mutual Funds totaled -$157 billion while net sales of Money Market Funds totaled $444 billion. This stampede out of riskier assets and into cash drove bond yields higher and credit spreads (that is, the difference between a risky corporate bond’s yield and a comparable maturity US Treasury bond), to 70-year highs.

Although ICON’s equity valuation model (which, among other things, relied upon a stock’s Beta factored by the Moody’s Aaa Bond Index yield to account for opportunity costs) captured some of this spread widening, it did not account for the dramatic spread widening in riskier bonds rated below Aaa. To illustrate, the average monthly difference between the Moody’s Aaa Index and the Moody’s Baa Index from January 1919 to September 2008 was just 119 basis points. It briefly touched 269 basis points in the recession of 1982, but reached an astonishing level of 338 basis points in December 2008 - a level unseen since the 344 basis spread recorded in the midst of the Great Depression in November 1933. Because we did not adequately account for this extra 219 basis points of risk in our valuation model, we continued to see compelling value in a

Management Overview 35

punishing environment for equities. Accordingly, the Long/Short Fund held a minimal short weighting through the end of 2008 and into 2009.

After extremely disappointing returns in 2008, we made a modification to our model in an effort to better account for company-specific risk. Although we are disappointed we did not make this change before the first quarter of 2009, we do feel the adjusted model has affected performance positively. By comparison, for the first two quarters of this fiscal year, the Long Short Class I shares fell 29.65% versus a 30.94% decline for the S&P 1500. With a Beta of .80, the Fund showed a -.05 alpha, a -1.11 Sharpe Ratio, and a -0.99 Sortino Ratio assuming a 4% minimum acceptable return (MAR). For the second two quarters of this fiscal year the Fund entirely used the new valuation system and returned 24.52% versus a 35.00% return for the S&P 1500. This 70.06% upside capture was done with a .55 Beta, a .04 Alpha, a 3.97 Sharpe Ratio and a 2.51 Sortino Ratio assuming a 4% MAR. The statistics shown were calculated using daily return data.

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

A.  Sector tilts by the Fund greatly affected performance. An overweight and underperforming position in the Financials sector was by far the biggest drag on performance. The Fund was pulled strongly to the sector in 2008 and early 2009. We discovered too late that our valuations failed to capture the dramatic spread widening in corporate bonds during the flight to safety following the collapse of Lehman Brothers. The Fund’s performance was also negatively affected by significant weights in the falling Industrials, Health Care and Leisure and Consumer Staples sectors.

On the positive side, the Fund’s long holdings in the Materials sector rose approximately 70% versus a -3.48% return for the S&P 1500 Materials Index. The Fund’s long exposure to the Energy sector returned 6.71% versus a loss of 14.42% for the S&P 1500 Energy Index, while the Fund’s long positions in the Consumer Discretionary sector returned 6.99% versus a 2.82% return for the S&P 1500 Consumer Discretionary Index.

The Fund’s short weightings throughout the year also affected performance. As mentioned earlier, the Fund initially saw considerable value in equities in late 2008 and early 2009 and held minimal short positions. This left the Fund considerably exposed to market risk and the Fund’s Class I shares captured 95.83% of the downside over the first two quarters of the fiscal year. Although the Fund held considerable short positions in the second two quarters of the fiscal year, the Class I share was able to capture 70.06% of the upside over the time period. Furthermore during the S&P 1500’s 7.07% slide from June 12 to July 10,

36 Management Overview

the Class I share fell 3.00% reflecting a 42.43% downside capture. During the S&P 1500’s 3.26% slide from August 26 to September 2, the Class I share fell 1.13% for a 34.66% downside capture. Finally, during the S&P 1500’s late 1.39% slide from September 22 to September 30, the Class I share fell .09% for a 6.47% downside capture.

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

A.  As fiscal year 2009 came to an end, ICON’s valuation model showed a 1.09 overall value to price ratio for the broad equity market. Although this reading suggests some upside for equities, we will maintain significant short weightings until we see more compelling value. On a sector level we see a better combination of value and strength from the more cyclical sectors and we will continue to tilt in favor of the cyclical and away from the defensive sectors until our model suggests otherwise.

ICON Long/Short Fund
Sector Composition
as of September 30, 2009

Financial	29.4%
Information Technology	17.2%
Health Care	15.1%
Energy	14.0%
Industrials	13.9%
Leisure and Consumer Staples	8.9%
Consumer Discretionary	3.6%
Materials	2.5%
Telecommunication & Utilities	2.4%
	107.0%

Percentages are based upon long positions excluding short-term investments and mutual funds as a percentage net assets.

ICON Long/Short Fund
Industry Composition
as of September 30, 2009

Pharmaceuticals	8.6%
Integrated Oil & Gas	7.3%
Investment Banking & Brokerage	6.1%
Life & Health Insurance	5.4%
Other Diversified Financial Services	4.9%
Industrial Conglomerates	4.4%
Railroads	4.4%
Systems Software	3.8%
Computer Hardware	3.7%
Health Care Distributors	3.6%
Oil & Gas Drilling	3.6%
Internet Software & Services	3.3%
Multi-Line Insurance	3.1%
Diversified Banks	3.0%
Health Care Equipment	2.8%
Data Processing & Outsourced Services	2.8%
Property & Casualty Insurance	2.7%
Communications Equipment	2.5%
Drug Retail	2.2%

Management Overview 37

ICON Long/Short Fund
Industry Composition (continued)
as of September 30, 2009

Household Products	2.1%
Food Distributors	2.0%
Oil & Gas Refining & Marketing	1.6%
Multi-Utilities	1.6%
Oil & Gas Exploration & Production	1.6%
Apparel Retail	1.5%
Cable & Satellite	1.3%
Reinsurance	1.3%
Electrical Components & Equipment	1.2%
Aerospace & Defense	1.2%
IT Consulting & Other Services	1.1%
Consumer Finance	1.1%
Mortgage REITs	1.1%
Other Industries (each less than 1%)	10.1%
	107.0%

Percentages are based upon long positions excluding short-term investments and mutual funds as a percentage net assets.

ICON Long/Short Fund
Average Annual Total Return
as of September 30, 2009

												Gross			Net
	Inception								Since			Expense			Expense
	Date		1 Year			5 Years			Inception			Ratio*			Ratio*
ICON Long/Short Fund - Class I		9/30/02		-12.40	%		-0.84	%		4.39	%		1.47	%		1.47	%
S&P Composite 1500 Index				-6.77	%		1.38	%		6.26	%		N/A			N/A
ICON Long/Short Fund - Class C		10/17/02		-13.10	%		-1.67	%		2.71	%		2.31	%		2.31	%
S&P Composite 1500 Index				-6.77	%		1.38	%		5.58	%		N/A			N/A
ICON Long/Short Fund - Class Z		5/6/04		-12.10	%		-0.73	%		-0.74	%		2.37	%		1.44	%
S&P Composite 1500 Index				-6.77	%		1.38	%		1.47	%		N/A			N/A
ICON Long/Short Fund - Class A		5/31/06		-12.39	%		N/A			-8.84	%		1.72	%		1.72	%
ICON Long/Short Fund - Class A (including maximum sales charge of 5.75%)		5/31/06		-17.46	%		N/A			-10.45	%		1.72	%		1.72	%
S&P Composite 1500 Index				-6.77	%		N/A			-3.17	%		N/A			N/A

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

*  Please see the January 26, 2009 prospectus for details.

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

38 Management Overview

ICON Long/Short Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class I shares on the Class’ inception date of 9/30/02 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Fund’s other share classes will vary due to differences in charges and expenses. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 39

ICON Long/Short Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (85.3%)
	6,500	3M Co.x	$	479,700
	10,000	Accenture PLC		372,700
	4,500	Aflac, Inc.x		192,330
	1,500	Air Products & Chemicals, Inc.		116,370
	14,000	Amerisource-Bergen Corp.x		313,320
	15,000	Annaly Capital Management, Inc. - REITx		272,100
	10,000	Anworth Mortgage Asset Corp. - REIT		78,800
	22,900	Apollo Investment Corp.		218,695
	5,000	Archer Daniels Midland Co.x		146,100
	9,000	ATC Technology Corp.†		177,840
	7,000	Automatic Data Processing, Inc.		275,100
	28,000	Bank of America Corp.x(a)		473,760
	5,000	Bayer AG - ADR(a)		348,000
	4,500	Becton, Dickinson & Co.		313,875
	5,000	Bemis Co., Inc.		129,550
	6,200	BP PLC - ADRx(a)		330,026
	5,000	Burlington Northern Santa Fe Corp.x		399,150
	8,000	Canadian National Railway Co. - ADR(a)		391,920
	7,000	Cardinal Health, Inc.x		187,600
	5,300	Cash America International, Inc.x		159,848
	6,100	Chevron Corp.x		429,623
	5,000	Chubb Corp.x		252,050
	5,500	Cintas Corp.(a)		166,705
	25,000	Comcast Corp. - Class A		422,250
	5,000	Computer Sciences Corp.†		263,550
	10,000	CVS Caremark Corp.x		357,400
	9,700	Delphi Financial Group, Inc. - Class Ax		219,511
	4,400	Diamond Offshore Drilling, Inc.x(a)		420,288
	5,000	eBay, Inc.†		118,050
	5,000	Eli Lilly and Co.		165,150
	5,300	Eni SpA - ADRx		264,205
	900	Entergy Corp.		71,874
	2,500	Everest Re Group, Ltd.		219,250
	3,000	Exxon Mobil Corp.x		205,830
	6,000	Fiserv, Inc.†x		289,200
	4,500	FMC Corp.(a)		253,125
	1,200	FPL Group, Inc.x		66,276
	3,500	GATX Corp.(a)		97,825
	6,000	General Dynamics Corp.		387,600
	10,000	GlaxoSmithKline PLC - ADR		395,100
	900	Google, Inc. - Class A†x		446,265
	7,700	Harris Corp.		289,520
	9,200	HCC Insurance Holdings, Inc.		251,620
	15,600	Hewlett-Packard Co.x		736,476
	4,000	International Business Machines Corp.x		478,440
	10,000	Johnson & Johnson, Inc.x		608,900
	8,000	Kimberly-Clark Corp.x		471,840
	2,000	Kirby Corp.†		73,640
	2,000	Lender Processing Services, Inc.x		76,340
	8,200	Lincoln National Corp.x		212,462
	13,400	Loews Corp.x		458,950
	2,500	Lubrizol Corp.		178,650
	5,000	LUKOIL - ADRx		274,250
	5,300	McDonald’s Corp.		302,471
	7,100	McKesson Corp.x(a)		422,805

40 Schedule of Investments

Shares or Principal Amount			Value
	10,000	Medtronic, Inc.	$	368,000
	19,000	Merck & Co., Inc.(a)		600,970
	4,500	MetLife, Inc.x		171,315
	48,200	Microsoft Corp.x		1,247,898
	5,700	Morgan Stanley		176,016
	2,000	Nike, Inc. - Class Bx		129,400
	5,800	Noble Corp.x		220,168
	8,000	Norfolk Southern Corp.		344,880
	10,000	Novartis AG - ADR		503,800
	7,100	NV Energy, Inc.		82,289
	10,000	Patterson Cos., Inc.†x		272,500
	2,000	PetroChina Co., Ltd. - ADRx		227,500
	12,300	Pfizer, Inc.		203,565
	3,600	Portland General Electric Co.		70,992
	1,500	Praxair, Inc.		122,535
	4,000	Procter & Gamble Co.x		231,680
	3,300	Prudential Financial, Inc.x		164,703
	7,000	Public Service Enterprise Group, Inc.		220,080
	4,500	Reinsurance Group of America, Inc.		200,700
	18,000	Republic Airways Holdings, Inc.†		167,940
	6,000	Sempra Energy Corp.		298,860
	2,500	Shinhan Financial Group Co., Ltd. - ADRx		200,425
	5,000	Siemens AG - ADRx(a)		464,800
	14,500	StatoilHydro ASA - ADR		326,830
	5,000	Stryker Corp.(a)		227,150
	3,700	Sun Life Financial, Inc.x		115,588
	5,000	Sysco Corp.x		124,250
	5,700	Target Corp.(a)		266,076
	11,400	The Allstate Corp.x		349,068
	2,200	The Goldman Sachs Group, Inc.(a)		405,570
	10,000	TJX Cos., Inc.x		371,500
	4,200	Torchmark Corp.x		182,406
	5,500	Total S.A. - ADRx		325,930
	5,000	Transocean, Ltd.†x		427,650
	5,700	Travelers Cos., Inc.x		280,611
	16,500	U.S. Bancorp		360,690
	5,500	Union Pacific Corp.x		320,925
	2,500	V.F. Corp.x		181,075
	2,000	W.W. Grainger, Inc.		178,720
	10,000	Walgreen Co.(a)		374,700
	15,100	Wells Fargo & Co.x(a)		425,518
	5,000	Wolverine World Wide, Inc.		124,200
	8,000	World Acceptance Corp.†x		201,680
Total Common Stocks (Cost $24,947,246)				27,985,428
Preferred Stocks (1.4%)
	20,935	Morgan Stanley Capital Trust VI, 6.60%(a)		478,365
Total Preferred Stocks (Cost $310,067)				478,365

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Corporate Bonds (20.3%)
$	100,000	Alcoa, Inc.x		6.50	%		06/01/11	$	103,471
	500,000	American Express Credit Co.x		5.00	%		12/02/10		515,031
	70,000	American International Group, Inc.		5.38	%		10/18/11		64,757
	100,000	Citigroup, Inc.		5.30	%		10/17/12		103,175
	500,000	Credit Suisse New York - YD x		5.50	%		05/01/14		537,289
	500,000	General Electric Capital Corp.x		4.75	%		09/15/14		513,275
	250,000	Hartford Financial Services Group		5.38	%		03/15/17		228,886
	500,000	HSBC Finance Corp.x		4.75	%		07/15/13		508,277
	500,000	Merrill Lynch & Co.x		5.45	%		02/05/13		518,460
	500,000	Morgan Stanleyx		4.75	%		04/01/14		496,310

Schedule of Investments 41

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
$	500,000	Prudential Financial, Inc.x		5.10	%		09/20/14	$	505,257
	400,000	Simon Property Group LPx		5.45	%		03/15/13		408,821
	500,000	The Dow Chemical Co.x		6.00	%		10/01/12		532,526
	100,000	The Dow Chemical Co.x		7.60	%		05/15/14		110,625
	500,000	The Goldman Sachs Group, Inc.x		7.35	%		10/01/09		500,093
	500,000	Wachovia Corp.x		5.25	%		08/01/14		507,782
	500,000	Xerox Corp. x		5.65	%		05/15/13		520,293
Total Corporate Bonds (Cost $6,041,061)									6,674,328

Shares or Principal Amount			Value
Short-Term Investments (5.7%)
$	1,856,228	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#	$	1,856,228
Total Short-Term Investments (Cost $1,856,228)				1,856,228
Mutual Funds (14.0%)
	4,590,112	Invesco Aim Liquid Assets Portfolio, 0.28%^	$	4,590,112
Total Mutual Funds (Cost $4,590,112)				4,590,112
Total Investments 126.7% (Cost $37,744,714)				41,584,461
Liabilities Less Other Assets (26.7)%				(8,763,643	)
Net Assets 100.0%			$	32,820,818

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

†	Non-income producing security.
x	Portion of security is pledged as collateral for call options written and/or securities sold short.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
^	Investments made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
YD	Yankee Dollar Bond

42 Schedule of Investments

ICON Long/Short Fund
Schedule of Securities Sold Short
September 30, 2009

Shares		Short Security	Value
	5,000	Bill Barrett Corp.†	$	163,950
	5,000	Broadcom Corp.†		153,450
	3,500	Cabot Oil & Gas Corp.		125,125
	5,500	Choice Hotels International, Inc.		170,830
	10,000	Cognex Corp.		163,800
	5,000	Computer Programs & Systems, Inc.		207,050
	20,000	Consumer Discretionary Select Sector SPDR Fund		549,400
	100,000	Financial Select Sector SPDR Fund		1,494,000
	3,500	First Financial Bankshares, Inc.		173,110
	12,382	First Horizon National Corp.†		163,814
	1,500	Hittite Microwave Corp.†		55,170
	10,000	iShares Barclays 20+ Year Treasury Bond Fund		986,600
	5,000	iShares Barclays 7-10 Year Treasury Bond Fund		461,850
	2,500	Itron, Inc.†		160,350
	10,000	Jefferies Group, Inc.†		272,300
	2,500	Linear Technology Corp.		69,075
	6,044	Marriott International, Inc. - Class A		166,754
	10,000	Materials Select Sector SPDR Trust		309,000
	2,300	Microchip Technology, Inc.		60,950
	5,000	NVIDIA Corp.†		75,150
	6,000	Penn National Gaming, Inc.†		165,960
	8,000	Petrohawk Energy Corp.†		193,680
	7,900	Plum Creek Timber Co., Inc.		242,056
	5,000	PS Business Parks, Inc.		256,600
	4,000	Public Storage		300,960
	6,000	Range Resources Corp.		296,160
	4,500	Ryder System, Inc.		175,770
	40,000	SPDR Trust - Series 1		4,222,400
	7,800	St. Joe Corp.†		227,136
	7,500	Starwood Hotels & Resorts Worldwide, Inc.		247,725
	2,500	Supertex, Inc.†		75,000
	50,000	Technology Select Sector SPDR Fund		1,043,500
	4,000	Vail Resorts, Inc.†		134,160
	12,500	Werner Enterprises, Inc.		232,875
Total Securities Sold Short (Proceeds $13,036,404)			$	13,795,710

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

† Non-income producing security.

Schedule of Investments 43

Class I IOCIX
Class C IOCCX
Class Z IOCZX
Class A ICNAX

Management Overview
ICON Risk-Managed Equity Fund

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

A.  The Fund outperformed its benchmark for the period. The Fund’s Class I shares declined 5.98%, while the benchmark S&P 1500 Composite Index fell 6.77%. The Class C shares declined 6.69%, the Class Z shares declined 5.79% and the Class A shares of the Fund returned negative 6.05% (and negative 11.48% with maximum sales charge). Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  Three primary factors influenced the Fund’s performance over the past fiscal year: valuation, volatility, and the overall impact of the Fund’s use of derivatives to hedge risk. Entering the period, our quantitative analysis indicated that the market was underpriced. In addition, the volatility that had already been roiling the market since the fall of 2007 reached all time highs early in fiscal year 2009. Further, the extreme volatility caused significant, short swings in different market sectors. This volatility created a difficult environment for our theme-oriented investment style.

With respect to market valuation, we entered fiscal year 2009 with an overall market value-to-price ratio of 1.34. Our quantitative, bottom-up approach to valuing the market indicated that the approximately 1900 stocks we track were trading on average at about a 34% discount to our estimate of what they were intrinsically worth. In short, entering the period we believed there was significant upside potential in the U.S. equity market. At ICON, we often see a correlation between market over- and underpricing and the degree to which investors’ decisions reflect either greed or fear. And as we entered fiscal year 2009, fear and negative sentiment seemed pervasive among everyday consumers.

The Conference Board Consumer Confidence Index, which, since 1968, has surveyed individuals about their optimism over the economy six months forward, plummeted during the first five months of the fiscal period. At the beginning of fiscal year 2009 the Index value was 61.4. By the end of February, the survey value hit an all-time low of 25.3. Looking back, it appears this precipitous decline in consumer confidence was manifested also in significant downward pressure on stocks. Although

44 Management Overview

ICON prides itself on its non-emotional, quantitative approach to investing, it seemed obvious to us that the worst financial crisis since the great depression had decimated consumer confidence. The resulting fear and uncertainty led investors to sell stocks almost indiscriminately, causing equity prices to fall well below our estimate of their intrinsic value.

We stayed almost fully invested during this period and, as a result, the prices of the underlying securities held in the Fund declined. Because the Fund uses an option hedging technique in an effort to provide some downside protection during market declines, the Fund was able to hold up better than its broad market index during this five-month period. From September 30, 2008 to February 27, 2009, the S&P 1500 Index fell 36.50%, while the Fund fell 22.90%. The Fund’s options helped the Fund outperform its benchmark during an especially volatile time in October, when the S&P 1500 fell 17.92% in just five trading days (between October 3 and October 10, 2008). In contrast, the Fund declined only 3.21% during this same period. One has to go back to “Black Monday” on October 19, 1987 to find such an extreme short-term decline.

Market volatility during the first five months of fiscal year 2009 was virtually unprecedented. This extreme volatility continued in early March, but this time in an upward trajectory as the market began an abrupt move higher. In just 13 trading days between March 9 and March 26, 2009, the S&P 1500 Index rose 23.66%. This dramatic move was among the best in U.S. stock market history.

Unfortunately, the market’s sudden about-face represented a worst-case scenario for the Fund. Because the Fund hopes to provide investors some downside protection in falling markets, there is a trade-off. The use of options as a hedge will generally limit the upside potential of the Fund during rising markets. In the extreme rally that took place during the 13-day trading period just mentioned, the derivative hedge limited participation in the extreme upward move. From March 9, 2009 to March 26, 2009, for example, the Fund’s Class I shares rose just 5.02%. Although the use of options successfully dampened the Fund’s decline in the extreme downturn that took place during the first week of October, by design it limited some of the upside during the dramatic rally that took place in early March 2009.

The Fund likewise attempts to reduce volatility relative to the broad market as measured by the S&P 1500 Index. Amid the historically high volatility that marked this fiscal year, the Fund did meet this goal. This reduction in relative volatility can easily be measured through a stock market statistic called “beta”. Beta measures how the price of a stock

Management Overview 45

moves relative to the movement in the price of an index. A beta of 1.00 means that a stock is moving up or down exactly as much as the index it is being measured against over a specific period of time. A beta higher than 1.00 indicates that the stock is moving in greater magnitude than its index (suggesting the stock is more volatile than the index), while a beta of less than 1.00 shows that a stock is moving up or down less than its index over a specific period of time. The beta of the Fund over this past fiscal year was .44 using daily data, indicating that it was much less volatile than the S&P 1500 Index over the period.

Thus over the course of the fiscal year, the use of options allowed the Fund to capture less of the downside while helping reduce the impact of market volatility on the Fund. Because the Fund’s underlying equities underperformed the S&P 1500 Index, however, we outperformed the Fund’s benchmark by only .79% for the fiscal year.

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

A.  In assessing the underperformance of the holdings in the Fund, it is instructive to break down returns by sectors. At ICON, we use our value-based approach to investing to tilt toward those sectors we believe offer the best upside potential based on our quantitative analysis. We track and invest in nine different economic sectors.

Over the past fiscal year our quantitative valuation analysis tilted us in the direction of economically sensitive sectors like Materials, Industrials, and Consumer Discretionary. We overweighted those sectors relative to our S&P 1500 benchmark. Our analysis similarly tilted us toward the Financials sector. These sector tilts were detrimental to the performance of the Fund during the five-month decline described above, but proved beneficial from the March 9, 2009 low to the end of the period.

For example, from September 30, 2008 to March 9, 2009, the S&P 1500 Financials sector index fell 66.55%, significantly underperforming the broader market (that is, the S&P 1500 Index), which declined 41.69%. On the flipside, from the March 9 low to the end of the period, the Financials sector index rose 129.32% while the broader market index increased 59.91%. Still, the Financials sector tilts established over the full period resulted in a decline of 5.98% for the class I shares. As shown above, the benchmark declined 6.77%. While the underlying equities in the Fund significantly underperformed the S&P 1500 Index, the Fund ultimately outperformed its benchmark. This highlights the benefit of the options hedging to the overall performance of the Fund over the entire period.

46 Management Overview

Q.  What is the investment outlook for the equity market?

A.  Stocks ended the period trading at about a 9% percent discount to our calculation of their intrinsic value. We therefore believe that while we ended the fiscal year with the market in the midst of an explosive rally - the S&P 500 Index was up 58.25% from the March 9 low to the end of the fiscal period - additional upside potential still exists. Further, a Bloomberg survey of 66 analysts reveals their consensus for third quarter GDP estimates of a 3.20% increase. Should the analysts’ estimates turn out to be accurate, the increase in GDP would represent the first positive GDP number since the 4th quarter of 2007.

The potential for positive GDP in the third quarter of this year supports our quantitative analysis that the bear market that began in October 2007 may have come to an end in early March, 2009. There is a well-documented relationship between the stock market and the economy which holds that the stock market bottoms about six to nine months prior to the end of a recession. If the analysts are correct and we do get a positive GDP number for the third quarter of this year, then the low reached in early March of this year would have occurred about 6 months prior to the turn in the economy. Given that this scenario appears to be a real possibility and given that our quantitative analysis indicates that the market remains undervalued, we believe a bull market may be underway.

ICON Risk-Managed Equity Fund
Sector Composition
as of September 30, 2009

Financial	26.0%
Information Technology	18.2%
Health Care	12.8%
Industrials	12.8%
Leisure and Consumer Staples	7.6%
Energy	6.8%
Consumer Discretionary	5.6%
Telecommunication & Utilities	5.2%
Materials	4.3%
	99.3%

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

Management Overview 47

ICON Risk-Managed Equity Fund
Industry Composition
as of September 30, 2009

Computer Hardware	5.6%
Other Diversified Financial Services	5.0%
Pharmaceuticals	5.0%
Investment Banking & Brokerage	4.0%
Systems Software	3.6%
Diversified Banks	3.4%
Life & Health Insurance	3.3%
Aerospace & Defense	3.1%
Railroads	3.1%
Integrated Oil & Gas	3.0%
Industrial Conglomerates	3.0%
Oil & Gas Drilling	2.8%
Health Care Services	2.8%
Health Care Distributors	2.3%
Property & Casualty Insurance	2.3%
Internet Software & Services	2.3%
Movies & Entertainment	2.2%
Paper Packaging	2.1%
Asset Management & Custody Banks	2.0%
Semiconductors	2.0%
Multi-Line Insurance	1.9%
Industrial Machinery	1.9%
Data Processing & Outsourced Services	1.9%
Apparel Retail	1.8%
Footwear	1.6%
Gas Utilities	1.5%
Drug Retail	1.5%
Consumer Finance	1.4%
Electric Utilities	1.3%
Specialty Chemicals	1.3%
Integrated Telecommunication Services	1.3%
Health Care Equipment	1.2%
Electrical Components & Equipment	1.1%
Packaged Foods & Meats	1.0%
Life Sciences Tools & Services	1.0%
Communications Equipment	1.0%
Other Industries (each less than 1%)	13.7%
	99.3%

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

48 Management Overview

ICON Risk-Managed Equity Fund
Average Annual Total Return
as of September 30, 2009

												Gross			Net
	Inception								Since			Expense			Expense
	Date		1 Year			5 Years			Inception			Ratio*			Ratio*
ICON Risk-Managed Equity Fund - Class I		9/30/02		-5.98	%		0.83	%		5.23	%		1.30	%		1.30	%
S&P Composite 1500 Index				-6.77	%		1.38	%		6.26	%		N/A			N/A
ICON Risk-Managed Equity Fund - Class C		11/21/02		-6.69	%		0.03	%		3.41	%		2.52	%		2.21	%
S&P Composite 1500 Index				-6.77	%		1.38	%		4.69	%		N/A			N/A
ICON Risk-Managed Equity Fund - Class Z		5/6/04		-5.79	%		1.09	%		1.59	%		4.39	%		1.21	%
S&P Composite 1500 Index				-6.77	%		1.38	%		1.47	%		N/A			N/A
ICON Risk-Managed Equity Fund - Class A		5/31/06		-6.05	%		N/A			-1.39	%		3.75	%		1.46	%
ICON Risk-Managed Equity Fund - Class A (including maximum sales charge of 5.75%)		5/31/06		-11.48	%		N/A			-3.13	%		3.75	%		1.46	%
S&P Composite 1500 Index				-6.77	%		N/A			-3.17	%		N/A			N/A

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

*  Please see the January 26, 2009 prospectus for details.

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

Management Overview 49

ICON Risk-Managed Equity Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class I shares on the Class’ inception date of 9/30/02 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Fund’s other share classes will vary due to differences in charges and expenses. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

50 Management Overview

ICON Risk-Managed Equity Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (99.3%)
	7,400	3M Co.x	$	546,120
	11,900	AGL Resources, Inc.(a)		419,713
	7,600	Air Methods Corp.†x		247,532
	6,000	Allergan, Inc.		340,560
	24,900	Allianz SE - ADRx		310,752
	15,700	Altria Group, Inc.x		279,617
	3,400	America Movil S.A.B. de C.V. - ADR		149,022
	11,400	American Electric Power Co., Inc.		353,286
	9,900	Ameriprise Financial, Inc.x		359,667
	20,200	Amerisource-Bergen Corp.(a)		452,076
	31,900	Anworth Mortgage Asset Corp. - REIT		251,372
	7,400	Assured Guaranty, Ltd.		143,708
	10,200	AT&T, Inc.		275,502
	9,700	ATC Technology Corp.†x		191,672
	15,500	Atwood Oceanics, Inc.†x		546,685
	60,900	Bank of America Corp.x(a)		1,030,428
	21,100	BE Aerospace, Inc.†x		424,954
	11,800	Bemis Co., Inc.		305,738
	5,100	Burlington Northern Santa Fe Corp.		407,133
	10,300	Cash America International, Inc.x		310,648
	3,400	China Petroleum and Chemical Corp. - ADR(a)		289,510
	11,600	CIGNA Corp.x		325,844
	9,600	Cognizant Technology Solutions Corp.†		371,136
	4,800	Computer Sciences Corp.†		253,008
	10,300	ConAgra Foods, Inc.		223,304
	9,100	Constellation Energy Group, Inc.		294,567
	4,100	Cooper Industries PLC - Class A		154,037
	8,300	Crane Co.(a)		214,223
	5,200	Credicorp, Ltd.x		404,352
	10,900	CSX Corp.x		456,274
	8,300	CVS Caremark Corp.		296,642
	19,700	Dell, Inc.†		300,622
	11,000	Delphi Financial Group, Inc. - Class Ax		248,930
	3,700	Desarrolladora Homex S.A. de C.V. - ADR†(a)		139,786
	4,900	Deutsche Bank AG - ADRx		376,173
	4,300	Diamond Offshore Drilling, Inc.(a)		410,736
	16,400	Dollar Financial Corp.†x		262,728
	6,800	E.I. du Pont de Nemours and Co.		218,552
	7,400	eBay, Inc.†		174,714
	6,900	Express Scripts, Inc.†x		535,302
	5,200	Fiserv, Inc.†		250,640
	13,000	General Electric Co.(a)		213,460
	10,900	GlaxoSmithKline PLC - ADR		430,659
	1,600	Google, Inc. - Class A†		793,360
	8,900	Guess?, Inc.x		329,656
	4,100	Henry Schein, Inc.†(a)		225,131
	19,000	Hewlett-Packard Co.x		896,990
	5,700	Honeywell International, Inc.		211,755
	7,100	Hubbell, Inc. - Class Bx		298,200
	14,700	ING Groep N.V. - ADR†x		262,101
	4,400	Ingersoll-Rand PLC		134,948
	42,800	Intel Corp.x		837,596
	9,600	International Business Machines Corp.x		1,148,256
	18,800	JPMorgan Chase & Co.x		823,816
	3,800	Kimberly-Clark Corp.		224,124

Schedule of Investments 51

Shares or Principal Amount			Value
	8,000	Lincoln National Corp.x	$	207,280
	6,500	Loews Corp.		222,625
	4,900	Lubrizol Corp.		350,154
	5,600	Massey Energy Co.		156,184
	4,500	Medco Health Solutions, Inc.†		248,895
	9,500	Medicis Pharmaceutical Corp. - Class A		202,825
	14,100	Medtronic, Inc.x		518,880
	19,400	Merck & Co., Inc.(a)		613,622
	7,000	MetLife, Inc.x		266,490
	59,100	Microsoft Corp.x		1,530,099
	8,200	Middleby Corp.†		451,082
	10,300	Morgan Stanleyx		318,064
	4,800	Murphy Oil Corp.x		276,336
	9,300	Nalco Holding Co.		190,557
	5,900	Nike, Inc. - Class Bx		381,730
	4,600	Novartis AG - ADR		231,748
	12,000	Nu Skin Enterprises, Inc. - Class A		222,360
	6,400	Occidental Petroleum Corp.x		501,760
	6,300	ONEOK, Inc.		230,706
	9,900	Owens-Illinois, Inc.†		365,310
	9,400	PAREXEL International Corp.†		127,746
	11,100	Patterson Cos., Inc.†		302,475
	2,200	PepsiCo, Inc.		129,052
	17,200	Pfizer, Inc.		284,660
	6,500	Pinnacle West Capital Corp.(a)		213,330
	7,800	PNC Financial Services Group, Inc.x		379,002
	13,300	Prudential Financial, Inc.x		663,803
	2,700	Quest Diagnostics, Inc.		140,913
	6,200	Research In Motion, Ltd.†x		418,810
	6,700	Rock-Tenn Co. - Class A		315,637
	5,500	Sasol - ADRx		209,660
	4,500	Shinhan Financial Group Co., Ltd. - ADRx		360,765
	5,500	Siemens AG - ADR(a)		511,280
	7,400	Snap-on, Inc.x		257,224
	10,200	Sonoco Products Co.		280,908
	9,300	State Street Corp.x		489,180
	5,600	SYNNEX Corp.†(a)		170,688
	15,800	Sysco Corp.x		392,630
	5,600	Target Corp.x(a)		261,408
	11,700	The Allstate Corp.x		358,254
	7,400	The Goldman Sachs Group, Inc.x		1,364,190
	10,300	The Hartford Financial Services Group, Inc.x		272,950
	17,200	The Walt Disney Co.		472,312
	5,200	Time Warner Cable, Inc.†		224,068
	8,400	Time Warner, Inc.		241,752
	11,300	TJX Cos., Inc.x		419,795
	2,700	Transocean, Ltd.†x		230,931
	6,600	Travelers Cos., Inc.		324,918
	7,600	Unilever N.V.		219,336
	7,800	Union Pacific Corp.x		455,130
	11,300	United Technologies Corp.x		688,509
	3,900	V.F. Corp.x		282,477
	7,300	Varian Medical Systems, Inc.†(a)		307,549
	8,500	Verizon Communications, Inc.		257,295
	4,200	Visa, Inc. - Class Ax		290,262
	9,200	Walgreen Co.(a)		344,724
	24,400	Wells Fargo & Co.x(a)		687,592
	6,900	Western Digital Corp.†		252,057
	12,600	Wolverine World Wide, Inc.x		312,984
	8,600	XL Capital, Ltd. - Class Ax		150,156
Total Common Stocks (Cost $35,127,322)				41,930,436

52 Schedule of Investments

Underlying Security/
Expiration Date/
Exercise Price	Contracts		Value
Put Options Purchased (0.3% )
S&P 500 Index, Expiration November 2009, Exercise price $950.00		115	$	113,275
Total Put Options Purchased (Cost $138,386)				113,275

Shares or Principal Amount			Value
Short-Term Investments (18.8%)
$	7,938,217	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#	$	7,938,217
Total Short-Term Investments (Cost $7,938,217)				7,938,217
Mutual Funds (9.6%)
	4,073,701	Invesco Aim Liquid Assets Portfolio, 0.28%^		4,073,701
Total Mutual Funds (Cost $4,073,701)				4,073,701
Total Investments 128.0% (Cost $47,277,626)				54,055,629
Liabilities Less Other Assets (28.0)%				(11,808,646	)
Net Assets 100.0%			$	42,246,983

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

†	Non-income producing security.
x	Portion of security is pledged as collateral for call options written and/or securities sold short.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
^	Investments made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Schedule of Investments 53

ICON Risk-Managed Equity Fund
Schedule of Written Call Options
September 30, 2009

Underlying Security/
Expiration Date/
Exercise Price	Contracts		Value
S&P 500 Index, Expiration October 2009, Exercise Price $1,065.00		140	$	217,700
S&P 500 Index, Expiration November 2009, Exercise Price $1,045.00		130		544,050
S&P 500 Index, Expiration November 2009, Exercise Price $1,050.00		140		540,400
Total Options Written (Premiums received $1,358,925)			$	1,302,150

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

54 Schedule of Investments

Statements of Assets and Liabilities
September 30, 2009

			ICON		ICON Equity		ICON		ICON Risk-
	ICON		Core Equity		Income		Long/Short		Managed
	Bond Fund		Fund		Fund		Fund		Equity Fund
Assets
Investments, at cost	$	167,968,032	$	109,782,623	$	35,254,205	$	37,744,714	$	47,277,626
Investments, at value†		173,397,014		128,177,339		44,749,035		41,584,461		54,055,629
Cash		-		-		-		2,236		860
Deposits for short sales		-		-		-		14,320,852		-
Receivables:
Fund shares sold		773,282		206,550		418,351		30,200		48,314
Investments sold		-		-		371,554		1,057,426		178,503
Interest		2,371,969		3,758		87,514		103,369		521
Dividends		-		122,325		162,316		55,603		36,826
Expense reimbursements by Adviser		35,897		-		9,588		19,974		8,792
Foreign tax reclaims		-		-		-		661		-
Other assets		73,567		55,705		51,577		51,981		54,103
Total Assets		176,651,729		128,565,677		45,849,935		57,226,763		54,383,548
Liabilities
Options written, at value (premiums received $1,358,925)		-		-		-		-		1,302,150
Securities sold short, at value (proceeds of $13,036,404)		-		-		-		13,795,710		-
Payable for income on short positions		-		-		-		21,523		-
Payables:
Due to custodian bank		-		-		349		-		-
Due to prime broker		-		-		-		4,042,597		6,611,814
Interest		-		-		-		491		-
Investments purchased		991,250		1,646,553		-		1,735,798		-
Payable for collateral received on securities loaned		2,877,101		27,814,062		-		4,590,112		4,073,701
Fund shares redeemed		373,878		65,536		114,559		152,890		102,904
Distributions due to shareholders		597,765		-		406,397		-		-
Advisory fees		83,742		60,154		28,492		23,939		25,880
Accrued distribution fees		36,859		40,212		11,536		16,545		10,635
Fund accounting fees		995		571		263		192		245
Transfer agent fees		8,394		17,633		9,501		11,588		6,113
Administration fees		6,782		3,869		1,758		1,017		1,545
Trustee fees		313		930		628		465		372
Accrued expenses		1,752		9,509		3,102		13,078		1,206
Total Liabilities		4,978,831		29,659,029		576,585		24,405,945		12,136,565
Net Assets - all share classes	$	171,672,898	$	98,906,648	$	45,273,350	$	32,820,818	$	42,246,983
Net Assets - Class I	$	166,145,056	$	62,962,587	$	41,622,592	$	15,209,331	$	37,474,725
Net Assets - Class C	$	4,440,736	$	33,088,993	$	3,347,683	$	15,093,243	$	3,198,614
Net Assets - Class Z	$	1,087,106	$	886,562	$	65,745	$	128,375	$	72,305
Net Assets - Class A	$	-	$	1,968,506	$	237,330	$	2,389,869	$	1,501,339

Financial Statements 55

				ICON			ICON Equity			ICON			ICON Risk-
	ICON			Core Equity			Income			Long/Short			Managed
	Bond Fund			Fund			Fund			Fund			Equity Fund
Net Assets Consist of
Paid-in capital	$	166,078,224		$	146,873,436		$	78,446,160		$	96,402,259		$	63,362,117
Accumulated undistributed net investment income/(loss)		(329,006	)		1,543,338			7,965			170,533			6,269
Accumulated undistributed net realized gain/(loss) from investment , written options and securities sold short transactions		494,698			(67,904,842	)		(42,675,605	)		(66,832,415	)		(27,956,181	)
Unrealized appreciation/(depreciation) on investments, written options and securities sold short		5,428,982			18,394,716			9,494,830			3,080,441			6,834,778
Net Assets	$	171,672,898		$	98,906,648		$	45,273,350		$	32,820,818		$	42,246,983
Shares outstanding (unlimited shares authorized, no par value)
Class I		16,156,312			6,937,506			4,047,314			1,297,159			3,594,205
Class C		430,977			3,952,817			329,568			1,348,351			323,900
Class Z		105,925			97,713			6,410			10,883			6,815
Class A		-			225,425			23,234			204,845			144,440
Net asset value (offering and redemption price per share)
Class I	$	10.28		$	9.08		$	10.28		$	11.73		$	10.43
Class C	$	10.30		$	8.37		$	10.16		$	11.19		$	9.88
Class Z	$	10.26		$	9.07		$	10.26		$	11.80		$	10.61
Class A	$	-		$	8.73		$	10.21		$	11.67		$	10.39
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	-		$	9.26		$	10.83		$	12.38		$	11.02
† Includes securities on loan of	$	2,769,200		$	26,956,341		$	-		$	4,459,359		$	3,949,994

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

56 Financial Statements

Statements of Operations
For the year ended September 30, 2009

	ICON						ICON			ICON			ICON
	Bond			ICON Core			Equity			Long/Short			Risk-Managed
	Fund			Equity Fund			Income Fund			Fund			Equity Fund
Investment Income
Interest	$	6,725,342		$	8,646		$	402,047		$	229,545		$	11,082
Dividends		37,877			2,140,206			3,055,646			1,535,393			1,448,738
Income from securities lending, net		12,592			187,972			-			91,903			126,879
Foreign taxes withheld		-			(3,537	)		(1,418	)		-			-
Total Investment Income		6,775,811			2,333,287			3,456,275			1,856,841			1,586,699
Expenses
Advisory fees		784,955			665,457			434,700			459,570			394,130
Distribution fees:
Class I		315,652			134,808			135,412			85,425			120,084
Class C		35,163			323,159			33,689			169,924			33,228
Class A		-			3,804			909			6,836			2,524
Fund accounting fees		48,739			29,556			20,584			20,184			19,197
Transfer agent fees		96,951			166,790			98,124			102,861			77,674
Administration fees		65,061			44,032			28,730			26,756			26,043
Registration fees:
Class I		24,456			14,443			16,511			24,999			19,003
Class C		13,311			12,973			11,568			12,830			11,678
Class A		-			10,559			10,272			10,512			10,381
Insurance expense		10,273			12,015			10,458			16,856			8,816
Trustee fees and expenses		15,088			11,957			7,394			7,933			6,888
Interest expense		4,725			155			6,263			22,780			20,055
Other expenses		67,345			87,074			57,785			83,623			64,646
Dividends on short positions		-			-			-			219,694			-
Total expenses before expense reimbursement and transfer agent earnings credit		1,481,719			1,516,782			872,399			1,270,783			814,347
Transfer agent earning credit		(136	)		(147	)		(118	)		(132	)		(113	)
Expense reimbursement by Adviser due to expense limitation agreement		(144,367	)		-			(36,020	)		(62,226	)		(34,273	)
Net Expenses		1,337,216			1,516,635			836,261			1,208,425			779,961
Net Investment Income/(Loss)		5,438,595			816,652			2,620,014			648,416			806,738
Net Realized and Unrealized Gain/(Loss) on Investments and Written Options
Net realized gain/(loss) from investment transactions		1,554,731			(53,156,403	)		(32,693,378	)		(39,704,721	)		(23,948,145	)
Net realized gain/(loss) from written option transactions		-			-			-			14,367			4,056,985
Net realized gain/(loss) from securities sold short		-			-			-			4,561,368			-
Change in unrealized net appreciation/(depreciation) on investments		11,782,343			23,270,077			9,486,473			9,908,366			9,066,050
Change in unrealized net appreciation/(depreciation) on written options		-			-			-			-			101,121
Net Realized and Unrealized Gain/(Loss) on Investments and Written Options		13,337,074			(29,886,326	)		(23,206,905	)		(25,220,620	)		(10,723,989	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	18,775,669		$	(29,069,674	)	$	(20,586,891	)	$	(24,572,204	)	$	(9,917,251	)

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

Financial Statements 57

Statements of Changes in Net Assets

	ICON Bond Fund						ICON Core Equity Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008
Operations
Net investment income/(loss)	$	5,438,595		$	4,922,615		$	816,652		$	452,648
Net realized gain/(loss) from investment transactions, securities sold short and written options		1,554,731			669,257			(53,156,403	)		(14,748,439	)
Change in net unrealized appreciation/(depreciation) on investments and written options and securities sold short		11,782,343			(6,778,176	)		23,270,077			(31,524,489	)
Net increase/(decrease) in net assets resulting from operations		18,775,669			(1,186,304	)		(29,069,674	)		(45,820,280	)
Dividends and Distributions to Shareholders
Net investment income
Class I		(5,269,023	)		(5,247,750	)		-			-
Class C		(146,269	)		(88,949	)		-			-
Class Z		(19,370	)		(142	)		-			-
Class A		-			-			-			-
Net realized gains
Class I		-			-			-			(7,187,602	)
Class C		-			-			-			(7,656,597	)
Class Z		-			-			-			(109,019	)
Class A		-			-			-			(124,615	)
Net decrease from dividends and distributions		(5,434,662	)		(5,336,841	)		-			(15,077,833	)
Fund Share Transactions
Shares sold
Class I		110,025,884			52,872,632			34,414,296			40,848,727
Class C		3,715,970			2,345,458			3,488,160			5,417,694
Class Z		1,024,697			10,634			568,499			375,126
Class A		-			-			1,065,854			1,883,178
Reinvested dividends and distributions
Class I		5,195,686			5,171,793			-			6,810,276
Class C		141,136			86,070			-			7,380,164
Class Z		593			142			-			107,124
Class A		-			-			-			112,656
Shares repurchased
Class I		(62,932,616	)		(73,834,034	)		(32,263,347	)		(28,889,006	)
Class C		(2,543,325	)		(1,002,203	)		(13,186,346	)		(20,488,331	)
Class Z		(14,142	)		(13,684	)		(530,397	)		(68,187	)
Class A		-			-			(649,988	)		(827,329	)
Net increase/(decrease) from fund share transactions		54,613,883			(14,363,192	)		(7,093,269	)		12,662,092
Total net increase/(decrease) in net assets		67,954,890			(20,886,337	)		(36,162,943	)		(48,236,021	)
Net Assets
Beginning of period		103,718,008			124,604,345			135,069,591			183,305,612
End of period	$	171,672,898		$	103,718,008		$	98,906,648		$	135,069,591

58 Financial Statements

ICON Equity Income Fund						ICON Long/Short Fund						ICON Risk-Managed Equity Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
2009			2008			2009			2008			2009			2008
$	2,620,014		$	2,873,541		$	648,416		$	1,479,998		$	806,738		$	758,092
	(32,693,378	)		(9,999,212	)		(35,128,986	)		(26,496,920	)		(19,891,160	)		1,899,110
	9,486,473			(15,900,667	)		9,908,366			(37,411,114	)		9,167,171			(12,308,836	)
	(20,586,891	)		(23,026,338	)		(24,572,204	)		(62,428,036	)		(9,917,251	)		(9,651,634	)
	(2,442,168	)		(2,634,085	)		(1,205,084	)		(399,948	)		(748,790	)		(730,001	)
	(123,710	)		(74,308	)		(359,390	)		-			(37,849	)		(17,592	)
	(2,966	)		(1,668	)		(4,344	)		-			(2,338	)		(1,990	)
	(17,663	)		(6,596	)		(80,999	)		(7,652	)		(14,552	)		(4,914	)
	-			(12,299,870	)		-			(9,426,798	)		-			(3,156,831	)
	-			(509,032	)		-			(1,802,594	)		-			(103,778	)
	-			(4,033	)		-			(8,704	)		-			(2,015	)
	-			(33,610	)		-			(264,846	)		-			(13,118	)
	(2,586,507	)		(15,563,202	)		(1,649,817	)		(11,910,542	)		(803,529	)		(4,030,239	)
	17,031,691			32,408,389			3,640,010			71,979,977			14,905,319			44,002,873
	1,003,478			1,321,434			783,734			7,910,378			1,277,270			2,960,233
	4,455			55,480			26,476			504,312			57,628			446,647
	477,212			186,596			293,068			3,456,617			1,280,397			687,944
	2,330,556			14,280,781			1,110,666			9,338,356			737,233			3,844,378
	113,379			550,445			331,307			1,686,440			33,619			119,074
	2,966			5,700			4,257			8,484			2,338			4,005
	16,732			40,115			69,277			218,920			12,100			17,075
	(53,677,014	)		(35,964,387	)		(62,354,601	)		(167,590,194	)		(50,438,637	)		(29,452,929	)
	(1,647,586	)		(1,164,749	)		(8,349,905	)		(13,749,105	)		(1,977,570	)		(604,737	)
	(11,436	)		(1,352	)		(351,623	)		(271,710	)		(325,048	)		(26,662	)
	(521,267	)		(166,362	)		(1,949,938	)		(3,220,063	)		(687,665	)		(42,105	)
	(34,876,834	)		11,552,090			(66,747,272	)		(89,727,588	)		(35,123,016	)		21,955,796
	(58,050,232	)		(27,037,450	)		(92,969,293	)		(164,066,166	)		(45,843,796	)		8,273,923
	103,323,582			130,361,032			125,790,111			289,856,277			88,090,779			79,816,856
$	45,273,350		$	103,323,582		$	32,820,818		$	125,790,111		$	42,246,983		$	88,090,779

Financial Statements 59

Statements of Changes in Net Assets (continued)

	ICON Bond Fund						ICON Core Equity Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008
Transactions in Fund Shares
Shares sold
Class I		11,482,901			5,266,742			4,484,288			3,159,841
Class C		394,493			230,968			493,140			415,353
Class Z		106,530			1,071			69,039			26,683
Class A		-			-			141,844			141,172
Reinvested dividends and distributions
Class I		534,012			514,757			-			459,223
Class C		14,570			8,598			-			531,329
Class Z		60			14			-			7,238
Class A		-			-			-			7,775
Shares repurchased
Class I		(6,559,440	)		(7,363,485	)		(4,364,896	)		(2,118,855	)
Class C		(266,193	)		(99,871	)		(1,833,735	)		(1,552,228	)
Class Z		(1,498	)		(1,359	)		(79,984	)		(4,689	)
Class A		-			-			(88,346	)		(62,207	)
Net increase/(decrease)		5,705,435			(1,442,565	)		(1,178,650	)		1,010,635
Shares outstanding, beginning of period		10,987,779			12,430,344			12,392,111			11,381,476
Shares outstanding, end of period		16,693,214			10,987,779			11,213,461			12,392,111
Accumulated undistributed net investment income/(loss)	$	(329,006	)	$	(297,908	)	$	1,543,338		$	702,010

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

60 Financial Statements

ICON Equity Income Fund						ICON Long/Short Fund						ICON Risk-Managed Equity Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
2009			2008			2009			2008			2009			2008
	2,000,622			2,409,932			340,946			4,122,378			1,569,658			3,538,611
	129,891			99,285			78,797			476,043			145,207			251,905
	480			4,082			2,545			30,543			5,713			35,779
	54,286			13,938			28,761			205,076			137,816			56,323
	259,726			1,018,360			109,323			528,188			81,150			306,393
	12,741			39,498			33,955			99,261			4,017			9,910
	331			416			418			478			243			325
	1,909			2,873			6,852			12,424			1,363			1,372
	(6,514,734	)		(2,691,935	)		(5,931,965	)		(10,278,275	)		(5,380,747	)		(2,379,180	)
	(193,327	)		(84,944	)		(831,324	)		(880,400	)		(217,823	)		(50,918	)
	(1,218	)		(101	)		(31,165	)		(15,100	)		(35,997	)		(1,992	)
	(56,756	)		(12,649	)		(185,853	)		(199,994	)		(71,413	)		(3,410	)
	(4,306,049	)		798,755			(6,378,710	)		(5,899,378	)		(3,760,813	)		1,765,118
	8,712,575			7,913,820			9,239,948			15,139,326			7,830,173			6,065,055
	4,406,526			8,712,575			2,861,238			9,239,948			4,069,360			7,830,173
$	7,965		$	10,408		$	170,533		$	1,164,664		$	6,269		$	(9,707	)

Financial Statements 61

Financial Highlights

																												Ratio of expenses to						Ratio of net investment
																												average						income to average
																												net assets(a)						net assets(a)
																												Before			After			Before			After
																												expense			expense			expense			expense
			Income from									Less dividends																limitation/			limitation/			limitation/			limitation/
			investment operations									and distributions																recoupment			recoupment			recoupment			recoupment
	Net asset		Net			Net realized						Dividends			Distributions											Net assets,		and transfer			and transfer			and transfer			and transfer
	value,		investment			and unrealized			Total from			from net			from net			Total			Net asset					end of		agent			agent			agent			agent			Portfolio
	beginning		income/			gains/(losses)			investment			investment			realized			dividends and			value, end		Total			period (in		earnings			earnings			earnings			earnings			turnover
	of period		(loss)(x)			on investments			operations			income			gains			distributions			of period		return*			thousands)		credit			credit			credit			credit			rate(b)
ICON Bond Fund
Class I
Year Ended September 30, 2009	$	9.44	$	0.40		$	0.84		$	1.24		$	(0.40	)	$	-		$	(0.40	)	$	10.28		13.50	%	$	166,145		1.09	%		1.00	%(c)		4.08	%		4.17	%		73.71	%
Year Ended September 30, 2008		10.02		0.42			(0.55	)		(0.13	)		(0.45	)		-			(0.45	)		9.44		(1.48	)%		100,985		1.08	%		1.00	%(c)		4.06	%		4.14	%		73.47	%
Year Ended September 30, 2007		10.00		0.44			0.03			0.47			(0.45	)		-			(0.45	)		10.02		4.80	%		123,102		1.09	%		1.00	%(c)		4.34	%		4.42	%		34.40	%
Year Ended September 30, 2006		10.16		0.42			(0.15	)		0.27			(0.42	)		(0.01	)		(0.43	)		10.00		2.72	%		90,324		1.11	%		1.01	%(c)		4.14	%		4.24	%		66.82	%
Year Ended September 30, 2005		10.52		0.40			(0.29	)		0.11			(0.41	)		(0.06	)		(0.47	)		10.16		1.05	%		82,415		1.18	%		1.10	%		3.72	%		3.80	%		76.28	%
Class C
Year Ended September 30, 2009		9.46		0.34			0.84			1.18			(0.34	)		-			(0.34	)		10.30		12.80	%		4,441		2.40	%		1.60	%(c)		2.75	%		3.55	%		73.71	%
Year Ended September 30, 2008		10.05		0.35			(0.55	)		(0.20	)		(0.39	)		-			(0.39	)		9.46		(2.16	)%		2,725		2.42	%		1.60	%(c)		2.71	%		3.53	%		73.47	%
Year Ended September 30, 2007		10.02		0.38			0.04			0.42			(0.39	)		-			(0.39	)		10.05		4.27	%		1,491		3.15	%		1.60	%(c)		2.28	%		3.82	%		34.40	%
Year Ended September 30, 2006		10.18		0.36			(0.15	)		0.21			(0.36	)		(0.01	)		(0.37	)		10.02		2.09	%		968		3.08	%		1.61	%(c)		2.17	%		3.64	%		66.82	%
Year Ended September 30, 2005		10.54		0.33			(0.28	)		0.05			(0.35	)		(0.06	)		(0.41	)		10.18		0.47	%		988		3.42	%		1.69	%		1.46	%		3.19	%		76.28	%
Class Z
Year Ended September 30, 2009		9.42		0.45			0.81			1.26			(0.42	)		-			(0.42	)		10.26		13.79	%		1,087		1.91	%		0.75	%(c)		3.34	%		4.50	%		73.71	%
Year Ended September 30, 2008		10.02		0.44			(0.57	)		(0.13	)		(0.47	)		-			(0.47	)		9.42		(1.43	)%		8		186.00	%		0.75	%(c)		(180.79	)%		4.46	%		73.47	%
Year Ended September 30, 2007		10.00		0.46			0.03			0.49			(0.47	)		-			(0.47	)		10.02		5.02	%		11		31.60	%		0.75	%(c)		(26.18	)%		4.67	%		34.40	%
Year Ended September 30, 2006		10.15		0.45			(0.15	)		0.30			(0.44	)		(0.01	)		(0.45	)		10.00		3.06	%		4		25.40	%		0.76	%(c)		(20.18	)%		4.47	%		66.82	%
Year Ended September 30, 2005		10.51		0.42			(0.28	)		0.14			(0.44	)		(0.06	)		(0.50	)		10.15		1.30	%		5		74.28	%		0.84	%		(69.41	)%		4.03	%		76.28	%
ICON Core Equity Fund
Class I
Year Ended September 30, 2009		11.24		0.10			(2.26	)		(2.16	)		-			-			-			9.08		(19.22	)%		62,963		1.37	%		1.37	%		1.23	%		1.23	%		208.48	%
Year Ended September 30, 2008		16.59		0.09			(4.07	)		(3.98	)		-			(1.37	)		(1.37	)		11.24		(25.99	)%		76,606		1.27	%		1.27	%		0.67	%		0.67	%		173.81	%
Year Ended September 30, 2007		15.22		0.02			2.46			2.48			-			(1.11	)		(1.11	)		16.59		17.05	%		88,246		1.24	%		1.23	%		0.12	%		0.13	%		116.81	%
Year Ended September 30, 2006		15.14		(0.02	)		0.67			0.65			-			(0.57	)		(0.57	)		15.22		4.35	%		104,966		1.23	%		1.23	%		(0.13	)%		(0.13	)%		148.67	%
Year Ended September 30, 2005		12.78		(0.05	)		2.41			2.36			-			-			-			15.14		18.47	%		93,780		1.27	%		N/A			(0.33	)%		N/A			136.82	%
Class C
Year Ended September 30, 2009		10.46		0.03			(2.12	)		(2.09	)		-			-			-			8.37		(19.98	)%		33,089		2.25	%		2.25	%		0.44	%		0.44	%		208.48	%
Year Ended September 30, 2008		15.66		(0.01	)		(3.82	)		(3.83	)		-			(1.37	)		(1.37	)		10.46		(26.61	)%		55,364		2.05	%		2.05	%		(0.09	)%		(0.09	)%		173.81	%
Year Ended September 30, 2007		14.52		(0.10	)		2.35			2.25			-			(1.11	)		(1.11	)		15.66		16.25	%		92,350		2.02	%		2.02	%		(0.68	)%		(0.67	)%		116.81	%
Year Ended September 30, 2006		14.58		(0.14	)		0.65			0.51			-			(0.57	)		(0.57	)		14.52		3.54	%		95,842		2.03	%		2.02	%		(0.91	)%		(0.91	)%		148.67	%
Year Ended September 30, 2005		12.41		(0.15	)		2.32			2.17			-			-			-			14.58		17.49	%		78,145		2.04	%		N/A			(1.10	)%		N/A			136.82	%
Class Z
Year Ended September 30, 2009		11.24		0.10			(2.27	)		(2.17	)		-			-			-			9.07		(19.31	)%		887		1.45	%		1.45	%		1.27	%		1.27	%		208.48	%
Year Ended September 30, 2008		16.62		0.09			(4.10	)		(4.01	)		-			(1.37	)		(1.37	)		11.24		(26.11	)%		1,222		1.34	%		1.34	%		0.65	%		0.65	%		173.81	%
Year Ended September 30, 2007		15.23		0.03			2.47			2.50			-			(1.11	)		(1.11	)		16.62		17.18	%		1,320		1.18	%		1.18	%		0.17	%		0.17	%		116.81	%
Year Ended September 30, 2006		15.12		0.02			0.66			0.68			-			(0.57	)		(0.57	)		15.23		4.57	%		1,291		0.99	%		0.98	%		0.12	%		0.12	%		148.67	%
Year Ended September 30, 2005		12.79		(0.14	)		2.47			2.33			-			-			-			15.12		18.22	%		1,165		1.76	%		N/A			(0.94	)%		N/A			136.82	%
Class A
Year Ended September 30, 2009		10.92		0.01			(2.20	)		(2.19	)		-			-			-			8.73		(20.05	)%		1,969		2.43	%		2.43	%		0.11	%		0.11	%		208.48	%
Year Ended September 30, 2008		16.32		(0.01	)		(4.02	)		(4.03	)		-			(1.37	)		(1.37	)		10.92		(26.76	)%		1,878		2.09	%		2.09	%		(0.08	)%		(0.08	)%		173.81	%
Year Ended September 30, 2007		15.09		(0.06	)		2.40			2.34			-			(1.11	)		(1.11	)		16.32		16.25	%		1,390		1.66	%		1.65	%		(0.42	)%		(0.41	)%		116.81	%
May 31, 2006 (inception) to September 30, 2006		15.80		(0.27	)		(0.44	)		(0.71	)		-			-			-			15.09		(4.49	)%		128		7.44	%		7.43	%		(5.45	)%		(5.44	)%		148.67	%

62 Financial Highlights

Financial Highlights

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63

Financial Highlights (continued)

																												Ratio of expenses to						Ratio of net investment
																												average						income to average
																												net assets(a)						net assets(a)
																												Before			After			Before			After
																												expense			expense			expense			expense
			Income from									Less dividends																limitation/			limitation/			limitation/			limitation/
			investment operations									and distributions																recoupment			recoupment			recoupment			recoupment
	Net asset		Net			Net realized						Dividends			Distributions											Net assets,		and transfer			and transfer			and transfer			and transfer
	value,		investment			and unrealized			Total from			from net			from net			Total			Net asset					end of		agent			agent			agent			agent			Portfolio
	beginning		income/			gains/(losses)			investment			investment			realized			dividends and			value, end		Total			period (in		earnings			earnings			earnings			earnings			turnover
	of period		(loss)(x)			on investments			operations			income			gains			distributions			of period		return*			thousands)		credit			credit			credit			credit			rate(b)
ICON Equity Income Fund
Class I
Year Ended September 30, 2009	$	11.87	$	0.40		$	(1.59	)	$	(1.19	)	$	(0.40	)	$	-		$	(0.40	)	$	10.28		(9.48	)%	$	41,623		1.40	%		1.40	%(c)		4.58	%		4.58	%		148.56	%
Year Ended September 30, 2008		16.48		0.34			(3.00	)		(2.66	)		(0.31	)		(1.64	)		(1.95	)		11.87		(17.76	)%		98,501		1.23	%(g)		1.23	%(c)		2.48	%		2.48	%		132.93	%
Year Ended September 30, 2007		14.94		0.29			2.26			2.55			(0.34	)		(0.67	)		(1.01	)		16.48		17.67	%		124,668		1.23	%(h)		1.22	%(c)		1.86	%		1.86	%		121.30	%
Year Ended September 30, 2006		15.79		0.30			0.29			0.59			(0.35	)		(1.09	)		(1.44	)		14.94		4.02	%		133,835		1.23	%		1.23	%(c)		1.96	%		1.96	%		162.84	%
Year Ended September 30, 2005		14.33		0.27			1.54			1.81			(0.27	)		(0.08	)		(0.35	)		15.79		12.71	%		129,681		1.27	%		1.27	%		1.79	%		1.79	%		143.82	%
Class C
Year Ended September 30, 2009		11.73		0.32			(1.56	)		(1.24	)		(0.33	)		-			(0.33	)		10.16		(10.12	)%		3,348		2.69	%		2.21	%(c)		3.21	%		3.69	%		148.56	%
Year Ended September 30, 2008		16.33		0.21			(2.97	)		(2.76	)		(0.20	)		(1.64	)		(1.84	)		11.73		(18.60	)%		4,461		2.34	%(g)		2.20	%(c)		1.40	%		1.54	%		132.93	%
Year Ended September 30, 2007		14.85		0.14			2.23			2.37			(0.22	)		(0.67	)		(0.89	)		16.33		16.45	%		5,331		2.33	%(h)		2.21	%(c)		0.75	%		0.87	%		121.30	%
Year Ended September 30, 2006		15.71		0.15			0.29			0.44			(0.21	)		(1.09	)		(1.30	)		14.85		3.03	%		4,753		2.29	%		2.20	%(c)		0.91	%		1.00	%		162.84	%
Year Ended September 30, 2005		14.27		0.13			1.54			1.67			(0.15	)		(0.08	)		(0.23	)		15.71		11.71	%		3,861		2.53	%		2.20	%		0.53	%		0.86	%		143.82	%
Class Z
Year Ended September 30, 2009		11.84		0.41			(1.57	)		(1.16	)		(0.42	)		-			(0.42	)		10.26		(9.20	)%		66		8.73	%		1.21	%(c)		(2.83	)%		4.69	%		148.56	%
Year Ended September 30, 2008		16.46		0.38			(3.04	)		(2.66	)		(0.32	)		(1.64	)		(1.96	)		11.84		(17.81	)%		81		11.18	%(g)		1.20	%(c)		(7.14	)%		2.84	%		132.93	%
Year Ended September 30, 2007		14.94		0.30			2.26			2.56			(0.37	)		(0.67	)		(1.04	)		16.46		17.74	%		40		11.08	%(h)		1.21	%(c)		(7.96	)%		1.92	%		121.30	%
Year Ended September 30, 2006		15.79		0.30			0.29			0.59			(0.35	)		(1.09	)		(1.44	)		14.94		4.04	%		24		4.36	%		1.20	%(c)		(1.20	)%		1.96	%		162.84	%
Year Ended September 30, 2005		14.33		0.28			1.55			1.83			(0.29	)		(0.08	)		(0.37	)		15.79		12.89	%		23		9.37	%		1.20	%		(6.31	)%		1.86	%		143.82	%
Class A
Year Ended September 30, 2009		11.80		0.38			(1.57	)		(1.19	)		(0.40	)		-			(0.40	)		10.21		(9.53	)%		237		5.68	%		1.46	%(c)		0.26	%		4.48	%		148.56	%
Year Ended September 30, 2008		16.40		0.31			(2.99	)		(2.68	)		(0.28	)		(1.64	)		(1.92	)		11.80		(17.98	)%		281		5.40	%(g)		1.44	%(c)		(1.67	)%		2.29	%		132.93	%
Year Ended September 30, 2007		14.92		0.27			2.22			2.49			(0.34	)		(0.67	)		(1.01	)		16.40		17.29	%		322		3.77	%(h)		1.45	%(c)		(0.60	)%		1.73	%		121.30	%
May 31, 2006 (inception) to September 30, 2006		15.04		0.08			(0.01	)		0.07			(0.19	)		-			(0.19	)		14.92		0.46	%		19		38.36	%		1.44	%(c)		(35.18	)%		1.74	%		162.84	%
ICON Long/Short Fund(f)
Class I
Year Ended September 30, 2009		13.76		0.16			(1.91	)		(1.75	)		(0.28	)		-			(0.28	)		11.73		(12.40	)%		15,209		2.03	%		1.97	%(c)		1.44	%		1.50	%		131.79	%
Year Ended September 30, 2008		19.26		0.13			(4.86	)		(4.73	)		(0.03	)		(0.74	)		(0.77	)		13.76		(25.43	)%		93,243		1.47	%		1.47	%(c)		0.78	%		0.78	%		174.59	%
Year Ended September 30, 2007		17.19		0.07			2.47			2.54			(0.04	)		(0.43	)		(0.47	)		19.26		15.05	%		238,943		1.46	%		1.46	%(c)		0.39	%		0.39	%		105.00	%
Year Ended September 30, 2006		15.99		0.03			1.17			1.20			-			-			-			17.19		7.50	%		168,522		1.45	%(d)		1.45	%(c)		0.18	%(d)		0.18	%		94.62	%
Year Ended September 30, 2005		13.92		(0.08	)		2.65			2.57			-			(0.50	)		(0.50	)		15.99		18.69	%		53,158		1.58	%		1.58	%		(0.53	)%		(0.53	)%		112.06	%
Class C
Year Ended September 30, 2009		13.13		0.06			(1.81	)		(1.75	)		(0.19	)		-			(0.19	)		11.19		(13.10	)%		15,093		2.95	%		2.81	%(c)		0.44	%		0.58	%		131.79	%
Year Ended September 30, 2008		18.54		-			(4.67	)		(4.67	)		-			(0.74	)		(0.74	)		13.13		(26.09	)%		27,148		2.31	%		2.31	%(c)		(0.01	)%		(0.01	)%		174.59	%
Year Ended September 30, 2007		16.67		(0.08	)		2.38			2.30			-			(0.43	)		(0.43	)		18.54		14.05	%		43,986		2.33	%		2.32	%(c)		(0.48	)%		(0.47	)%		105.00	%
Year Ended September 30, 2006		15.63		(0.13	)		1.17			1.04			-			-			-			16.67		6.65	%		26,763		2.30	%(d)		2.30	%(c)		(0.78	)%(d)		(0.78	)%		94.62	%
Year Ended September 30, 2005		13.73		(0.19	)		2.59			2.40			-			(0.50	)		(0.50	)		15.63		17.68	%		13,925		2.37	%		2.32	%		(1.35	)%		(1.31	)%		112.06	%
Class Z
Year Ended September 30, 2009		13.81		0.17			(1.89	)		(1.72	)		(0.29	)		-			(0.29	)		11.80		(12.10	)%		128		4.40	%		1.73	%(c)		(1.12	)%		1.55	%		131.79	%
Year Ended September 30, 2008		19.30		0.18			(4.93	)		(4.75	)		-			(0.74	)		(0.74	)		13.81		(25.45	)%		540		2.37	%		1.44	%(c)		0.16	%		1.09	%		174.59	%
Year Ended September 30, 2007		17.29		0.10			2.41			2.51			(0.07	)		(0.43	)		(0.50	)		19.30		14.81	%		447		1.25	%		1.25	%(c)		0.55	%		0.55	%		105.00	%
Year Ended September 30, 2006		16.05		0.11			1.13			1.24			-			-			-			17.29		7.73	%		3,306		1.17	%(d)		1.17	%(c)		0.61	%(d)		0.61	%		94.62	%
Year Ended September 30, 2005		13.94		(0.05	)		2.66			2.61			-			(0.50	)		(0.50	)		16.05		18.96	%		140		3.07	%		1.33	%		(2.07	)%		(0.33	)%		112.06	%

64 Financial Highlights

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65

Financial Highlights (continued)

																												Ratio of expenses to						Ratio of net investment
																												average						income to average
																												net assets(a)						net assets(a)
																												Before						Before			After
																												expense			After			expense			expense
			Income from									Less dividends																limitation/			expense			limitation/			limitation/
			investment operations									and distributions																recoupment			limitation/			recoupment			recoupment
	Net asset		Net			Net realized						Dividends			Distributions											Net assets,		and transfer			recoupment			and transfer			and transfer
	value,		investment			and unrealized			Total from			from net			from net			Total			Net asset					end of		agent			and transfer			agent			agent			Portfolio
	beginning		income/			gains/(losses)			investment			investment			realized			dividends and			value, end		Total			period (in		earnings			agent earnings			earnings			earnings			turnover
	of period		(loss)(x)			on investments			operations			income			gains			distributions			of period		return*			thousands)		credit			credit			credit			credit			rate(b)
Class A
Year Ended September 30, 2009	$	13.69	$	0.14		$	(1.88	)	$	(1.74	)	$	(0.28	)	$	-		$	(0.28	)	$	11.67		(12.39	)%	$	2,390		2.64	%		2.06	%(c)		0.76	%		1.34	%		131.79	%
Year Ended September 30, 2008		19.20		0.10			(4.85	)		(4.75	)		(0.02	)		(0.74	)		(0.76	)		13.69		(25.61	)%		4,859		1.72	%		1.72	%(c)		0.63	%		0.63	%		174.59	%
Year Ended September 30, 2007		17.18		0.05			2.46			2.51			(0.06	)		(0.43	)		(0.49	)		19.20		14.94	%		6,481		1.68	%		1.67	%(c)		0.27	%		0.26	%		105.00	%
May 31, 2006 (inception) to September 30, 2006		17.52		0.05			(0.39	)		(0.34	)		-			-			-			17.18		(1.94	)%		821		2.51	%		1.54	%(c)		(0.01	)%		0.96	%		94.62	%
ICON Risk-Managed Equity Fund
Class I
Year Ended September 30, 2009		11.28		0.15			(0.85	)		(0.70	)		(0.15	)		-			(0.15	)		10.43		(5.98	)%		37,475		1.44	%		1.44	%(c)		1.62	%		1.62	%		194.31	%
Year Ended September 30, 2008		13.18		0.12			(1.39	)		(1.27	)		(0.10	)		(0.53	)		(0.63	)		11.28		(10.04	)%		82,599		1.30	%		1.30	%(c)		0.93	%		0.93	%		184.47	%
Year Ended September 30, 2007		13.80		(0.02	)		1.64			1.62			(0.01	)		(2.23	)		(2.24	)		13.18		12.51	%		77,195		1.50	%		1.50	%(c)		(0.11	)%		(0.11	)%		150.42	%
Year Ended September 30, 2006		13.88		(0.01	)		0.05			0.04			-			(0.12	)		(0.12	)		13.80		0.30	%		60,321		1.47	%		1.47	%(c)		(0.04	)%		(0.04	)%		159.55	%
Year Ended September 30, 2005		13.25		(0.06	)		1.26			1.20			-			(0.57	)		(0.57	)		13.88		9.21	%		54,347		1.54	%		1.45	%		(0.57	)%		(0.48	)%		159.35	%
Class C
Year Ended September 30, 2009		10.72		0.05			(0.79	)		(0.74	)		(0.10	)		-			(0.10	)		9.88		(6.69	)%		3,199		2.72	%		2.24	%(c)		0.06	%		0.54	%		194.31	%
Year Ended September 30, 2008		12.61		0.01			(1.32	)		(1.31	)		(0.05	)		(0.53	)		(0.58	)		10.72		(10.85	)%		4,207		2.52	%		2.21	%(c)		(0.24	)%		0.07	%		184.47	%
Year Ended September 30, 2007		13.39		(0.11	)		1.56			1.45			-			(2.23	)		(2.23	)		12.61		11.53	%		2,291		2.76	%		2.25	%(c)		(1.34	)%		(0.83	)%		150.42	%
Year Ended September 30, 2006		13.56		(0.11	)		0.06			(0.05	)		-			(0.12	)		(0.12	)		13.39		(0.36	)%		2,842		2.61	%		2.23	%(c)		(1.23	)%		(0.85	)%		159.55	%
Year Ended September 30, 2005		13.06		(0.16	)		1.23			1.07			-			(0.57	)		(0.57	)		13.56		8.31	%		3,652		2.80	%		2.20	%		(1.80	)%		(1.20	)%		159.35	%
Class Z
Year Ended September 30, 2009		11.46		0.22			(0.91	)		(0.69	)		(0.16	)		-			(0.16	)		10.61		(5.79	)%		72		3.55	%		1.24	%(c)		(0.10	)%		2.21	%		194.31	%
Year Ended September 30, 2008		13.37		0.15			(1.43	)		(1.28	)		(0.10	)		(0.53	)		(0.63	)		11.46		(9.99	)%		422		4.39	%		1.21	%(c)		(1.98	)%		1.20	%		184.47	%
Year Ended September 30, 2007		13.94		0.01			1.65			1.66			-			(2.23	)		(2.23	)		13.37		12.67	%		37		17.99	%		1.25	%(c)		(16.64	)%		0.10	%		150.42	%
Year Ended September 30, 2006		13.94		0.02			0.10			0.12			-			(0.12	)		(0.12	)		13.94		0.88	%		5		3.52	%		1.22	%(c)		(2.14	)%		0.15	%		159.55	%
Year Ended September 30, 2005		13.29		(0.03	)		1.25			1.22			-			(0.57	)		(0.57	)		13.94		9.42	%		3		53.94	%		1.20	%		(52.97	)%		(0.23	)%		159.35	%
Class A
Year Ended September 30, 2009		11.25		0.09			(0.80	)		(0.71	)		(0.15	)		-			(0.15	)		10.39		(6.05	)%		1,501		2.87	%		1.49	%(c)		(0.43	)%		0.95	%		194.31	%
Year Ended September 30, 2008		13.15		0.10			(1.38	)		(1.28	)		(0.09	)		(0.53	)		(0.62	)		11.25		(10.18	)%		863		3.75	%		1.46	%(c)		(1.44	)%		0.85	%		184.47	%
Year Ended September 30, 2007		13.80		(0.03	)		1.65			1.62			(0.04	)		(2.23	)		(2.27	)		13.15		12.51	%		294		7.12	%		1.49	%(c)		(5.85	)%		(0.22	)%		150.42	%
May 31, 2006 (inception) to September 30, 2006		13.73		0.03			0.04			0.07			-			-			-			13.80		0.51	%		15		42.18	%		1.47	%(c)		(40.01	)%		0.69	%		159.55	%

(x)	Calculated using the average shares method.
*	The total return calculation is for the period indicated and excludes any sales charges.
(a)	Annualized for periods less than a year.
(b)	Portfolio turnover is calculated at the Fund level and is not annualized.
(c)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense.
(d)	Prior disclosures were reclassified to be consistent with current presentation.
(e)	Amount less than $0.005.
(f)	The Fund’s operating expenses, not including dividends on short positions, are contractually limited to 1.55% for Class I, 2.30% for Class C, 1.25% for Class Z and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the dividends on short positions.
(g)	The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including expenses that were paid on behalf of the Fund by a third party related to a tax matter were 1.43%, 2.54%, 11.38% and 5.60% for Class I, C, Z and A, respectively.
(h)	The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including a potential Internal Revenue Code section 860 deficiency dividend expense were 1.81%, 2.91%, 11.66% and 4.35% for Class I, C, Z and A, respectively.

The accompanying notes are an integral part of the financial statements

66 Financial Highlights

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67

Notes To Financial Statements
September 30, 2009

1. Organization

The ICON Bond Fund (“Bond Fund”), ICON Core Equity Fund (“Core Equity Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Long/Short Fund (“Long/Short Fund”) and ICON Risk-Managed Equity Fund (“Risk-Managed Equity Fund”) (formerly ICON Income Opportunity 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 four classes of shares: Class I, Class C, Class Z and Class A with the exception of Bond Fund, which offers three classes of shares: Class I, Class C and Class Z. 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 12 other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

Each Fund is authorized to issue an unlimited number of no par shares. The investment objective of the Bond Fund is maximum total return. The investment objective of the Core Equity Fund is long-term capital appreciation with a secondary objective of capital preservation. The investment objective of the Equity Income Fund is modest capital appreciation and income. The investment objective of the Long/Short Fund is capital appreciation. The investment objective of the Risk-Managed Equity Fund is modest capital appreciation and to maximize realized gains.

The Funds may have elements of risk, including the risk of loss of principal. 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. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund may invest in medium-and lower-quality debt securities. High-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. The Long/Short Fund engages in short selling; there are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The Long/Short Fund’s loss on a short sale is potentially unlimited as a loss

68 Notes to Financial Statements

occurs when the value of a security sold short increases. The Risk-Managed Equity Fund invests in call options; call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. There are also risks associated with small- and mid-cap investing, including limited product lines, less liquidity and small market share. 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.

The Risk-Managed Equity Fund overweighted the Financial sector which may cause the Fund’s performance to be susceptible to the economic, business or other developments that affect that sector.

In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Investment Valuation

The Funds’ securities and other assets are valued at the closing price at the close of the regular trading session of the New York Stock Exchange (the

Notes to Financial Statements 69

Notes to Financial Statements (continued)

“NYSE”) (normally 4 p.m. Eastern 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.

The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.

Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with 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 securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.

Investments in other open-end investment companies are valued at net asset value.

70 Notes to Financial Statements

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

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

Level 2 — significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).

Level 3 — significant unobservable inputs.

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in certain foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on September 30, 2009:

	Level 1
			Liabilities in		Level 2
	Investments		Securities Sold Short		Investments
Fund Name	in Securities		and Written Options		in Securities
ICON Bond Fund
Corporate Bonds	$	-	$	-	$	163,954,897
Short-Term Investments		-		-		5,142,191
Mutual Funds		2,877,101		-		-
U.S. Government and U.S. Government Agency Bonds		-		-		875,325
Foreign Government Bonds		-		-		547,500
Total	$	2,877,101	$	-	$	170,519,913
ICON Core Equity Fund
Common Stock	$	96,115,151	$	-	$	-
Mutual Funds		27,814,062		-		-
Short-Term Investments		-		-		4,248,126
Total	$	123,929,213	$	-	$	4,248,126
ICON Equity Income Fund
Common Stock	$	32,709,955	$	-	$	-
Exchange Traded Funds		3,774,963		-		-
Corporate Bonds		-		-		2,437,232
U.S. Government Bonds		-		-		4,173,321
Preferred Stock		536,272		-		-
Call Options Purchased		403,537		-		-
Short-Term Investments		-		-		383,755
Convertible Corporate Bonds		-		-		330,000
Total	$	37,424,727	$	-	$	7,324,308

Notes to Financial Statements 71

Notes to Financial Statements (continued)

	Level 1
			Liabilities in			Level 2
	Investments		Securities Sold Short			Investments
	in Securities		and Written Options			in Securities
ICON Long/Short Fund
Common Stock	$	27,985,428	$	(4,728,960	)	$	-
Corporate Bonds		-		-			6,674,328
Preferred Stock		478,365		-			-
Short-Term Investments		-		-			1,856,228
Mutual Funds		4,590,112		(9,066,750	)		-
Total	$	33,053,905	$	(13,795,710	)	$	8,530,556
ICON Risk-Managed Equity Fund
Common Stock	$	41,930,436	$	-		$	-
Short-Term Investments		-		-			7,938,217
Mutual Funds		4,073,701		-			-
Put Options Purchased		113,275		-			-
Call Options Written		-		(1,302,150	)		-
Total	$	46,117,412	$	(1,302,150	)	$	7,938,217

There were no Level 3 securities held in any of the Funds at September 30, 2009.

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.

Derivatives

Each Fund may use derivatives for various purposes. The Funds’ use of derivatives for the fiscal year ended September 30, 2009 was limited to written and purchased options. Following is a summary of how these

72 Notes to Financial Statements

derivatives are treated in the financial statements and their impact on the Funds:

Fair Values of Derivative Instruments as of September 30, 2009

	Asset Derivatives			Liability Derivatives
	Statement of			Statement of
	Assets and			Assets and
Derivatives not accounted	Liabilities	Fair		Liabilities	Fair
for as hedging instruments	Location	Value		Location	Value
Purchased option contracts
Equity risk
ICON Equity Income Fund	Investments,	$	69,273	Investments,	$	-
ICON Risk-Managed Equity Fund	at value		-	at value		25,111
Written option contracts
Equity risk
ICON Risk-Managed Equity Fund	Options written, at value	$	56,775	Options written, at value	$	-

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

	Location of Gain/(loss) on
Derivatives not accounted	Derivatives Recognized in
for as hedging instruments	Operations	Amount
Purchased option contracts
Equity risk
ICON Equity Income Fund	Net realized gain/(loss) from	$	(250,038	)
ICON Risk-Managed Equity Fund	investment transactions		3,832,020
Written option contracts
Equity risk
ICON Long/Short Fund	Net realized gain/(loss) from	$	14,367
ICON Risk-Managed Equity Fund	written option transactions		4,056,985

Notes to Financial Statements 73

Notes to Financial Statements (continued)

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Operations

	Location of Gain/(loss) on
Derivatives not accounted	Derivatives Recognized in
for as hedging instruments	Operations	Amount
Purchased option contracts
Equity risk
ICON Equity Income Fund	Change in unrealized net	$	205,936
ICON Risk-Managed Equity	appreciation/(depreciation) on		(1,136	)
Fund	investments
Written option contracts
Equity risk
ICON Long/Short Fund	Change in unrealized net	$	–
ICON Risk-Managed Equity	appreciation/(depreciation) on		101,121
Fund	written options

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the year ended September 30, 2009.

The Funds value derivatives at fair value, as described below, 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.

Options Transactions

The Risk-Managed Equity Fund’s primary investment strategy involves the use of options. Each of the other Funds may also purchase and/or write (sell) call and put options on any security in which it may invest. The Funds utilize options to hedge against changes in market conditions and to provide market exposure while trying to reduce transaction costs.

Option contracts involve market risk and can be highly volatile. Should prices of securities or securities indexes move in an unexpected manner, the Funds may not achieve the desired benefits and may realize losses and thus be in a worse position than if such strategies had not been utilized.

When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is

74 Notes to Financial Statements

exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains, lack of liquidity for the option and lack of liquidity for the security or securities index.

Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing 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 or received, the exercise price and the market value of the index. Written and purchased options are non-income producing securities.

As of September 30, 2009, the Equity Income Fund engaged in purchased call options transactions and the Risk-Managed Equity Fund engaged in written call and purchased put options transactions. The Long/Short Fund engaged in written call options during the year. All open options contracts are included on each Fund’s Schedule of Investments.

The Long/Short Fund and the Risk-Managed Equity Fund’s written options are collateralized by cash and/or securities held in a segregated account at the Fund’s custodian. Such collateral is restricted from the Funds’ use. The cash collateral held for the prime broker and/or the borrowings from the prime broker are included on the Statement of Assets and Liabilities. The securities pledged as collateral are included on the Schedule of Investments.

Notes to Financial Statements 75

Notes to Financial Statements (continued)

The number of option contracts written and the premiums received by the Long/Short Fund and the Risk-Managed Equity Fund during the year ended September 30, 2009, were as follows:

	Long/Short Fund						Risk-Managed Equity Fund
	Number of			Premiums			Number of			Premiums
	Contracts			Received			Contracts			Received
Options outstanding, beginning of year		-		$	-			760		$	4,557,454
Options written during year		3,160			14,367			50,112			173,600,116
Options expired during year		(3,160	)		(14,367	)		-			-
Options closed during year		-			-			(50,462	)		(176,798,645	)
Options exercised during year		-			-			-			-
Options outstanding, end of year		-		$	-			410		$	1,358,925

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.

Short sales involve market risk. If a security sold short increases in price, the Long/Short Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. These short sales are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. The collateral required is determined daily by reference to the market value of the short positions. Such collateral for the Funds is restricted from use. The cash collateral that is restricted from use is included on the Statement of Assets and Liabilities as “Deposits for short sales.” The securities pledged as collateral that are restricted from use are included on the Schedule of Investments. Dividends received on short sales are treated as an expense on the Statement of Operations. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short may exceed the liabilities recorded on the Statement of Assets and Liabilities. Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the Fund’s prime broker. As of September 30, 2009, the Long/Short Fund engaged in short selling. The short positions are included in the Schedule of Securities Sold Short on the Schedule of Investments.

76 Notes to Financial Statements

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.

All loans will be continuously secured by collateral which consists of cash. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Invesco Aim Liquid Assets Portfolio, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.

The cash collateral invested by the Lending Agent is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

As of September 30, 2009, the following Funds had securities with the following values on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
ICON Bond Fund	$	2,769,200	$	2,877,101
ICON Core Equity Fund		26,956,341		27,814,062
ICON Long/Short Fund		4,459,359		4,590,112
ICON Risk-Managed Equity Fund		3,949,994		4,073,701

The value of the collateral above could include collateral held for securities that were sold on or before September 30, 2009. It may also include collateral received from the pre-funding of loans.

Income Taxes

The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

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

Notes to Financial Statements 77

Notes to Financial Statements (continued)

Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Bond Fund distributes net investment income, if any, to shareholders monthly. The Equity Income Fund and the Risk-Managed Equity Fund intend to distribute net investment income, if any, to shareholders quarterly. 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 carryovers. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.

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

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four 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.

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 securities purchased are amortized over the life of the respective securities.

Investment Transactions

Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.

78 Notes to Financial Statements

Allocation of Income and Expenses

Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds in the Trust based upon relative net assets. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class-specific expenses are allocated daily to each class of shares based upon the proportion of net assets.

3. Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily net assets of the Bond Fund, 0.75% of average daily net assets of the Core Equity, Equity Income and Risk-Managed Equity Funds, and 0.85% of average daily net assets of the Long/Short Fund.

ICON Advisers has contractually agreed to limit its investment advisory fee and/or reimburse certain of the Funds’ operating expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following amounts:

Fund	Class I		Class C		Class Z		Class A
ICON Bond Fund		1.00%		1.60%		0.75%		N/A
ICON Equity Income Fund		1.45%		2.20%		1.20%		1.45%
ICON Long/Short Fund		1.55%		2.30%		1.25%		1.55%
ICON Risk-Managed Equity Fund		1.45%		2.20%		1.20%		1.45%

The Funds’ expense limitation 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 the expenses were reimbursed or at the time these payments are proposed.

Notes to Financial Statements 79

Notes to Financial Statements (continued)

As of September 30, 2009 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2010		2011		2012
ICON Bond Fund	$	101,907	$	110,767	$	144,367
ICON Equity Income Fund		13,070		24,557		36,020
ICON Long/Short Fund		-		4,673		62,226
ICON Risk-Managed Equity Fund		20,262		27,551		34,273

Accounting, Custody and Transfer Agent Fees

Citi Fund Services Ohio, Inc. (“Citi”) is the fund accounting agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of net assets, 0.0175% on net assets over $1.75 billion and up to $5 billion, and 0.01% on net assets in excess of $5 billion.

Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. Effective July 1, 2009, for domestic custody services, the Trust pays BBH 0.0050% on the first $250 million of assets, 0.0040% on the second $250 million of assets and 0.0025% on domestic assets above $500 million, plus certain transaction charges. Prior to July 1, 2009, the Trust paid BBH 0.0065% on the first $50 million of assets and 0.0050% on domestic assets above $50 million. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.

Transfer agent earnings credits are credits received for interest which results from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the year ended September 30, 2009, the Funds received transfer agent earnings credits which are included on the Statement of Operations.

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 Funds’ 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

80 Notes to Financial Statements

$5 billion. During the year ended September 30, 2009, the Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any damage, expense or 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 entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.

Distribution Fees

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares and for other shareholder services. Under the 12b-1 Plan, Bond Fund Class C shareholders pay an annual distribution and service fee of 0.85% of average daily net assets and Class I shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual distribution and service fee of 1.00% of average daily net assets for Class C shares and an annual distribution and service fee of 0.25% of average daily net assets for Class I shares and Class A shares. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.

Other Related Parties

Certain Officers and Directors of ICON 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 CCO’s salary is paid 100% by the Funds. For the year ended September 30, 2009, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

Some of the distribution amounts received by IDI, discussed in the Distribution Fees section above, have been used to offset various shareholder servicing costs incurred by ICON. For the year ended September 30, 2009, this amount was $50,679.

Notes to Financial Statements 81

Notes to Financial Statements (continued)

4. Borrowings

The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests. At BBH, the maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in the Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings with BBH is charged at LIBOR plus 1.50%, which was 1.71% at September 30, 2009. The Funds may have borrowings with the prime broker as a result of brokerage requirements. Interest on domestic borrowings with the prime broker is charged at the Fed Funds rate plus 50 basis points, which was 0.60% at September 30, 2009. The average interest rate charged for the year ended September 30, 2009, was 1.57%.

	Average Borrowing
Fund	(10/1/08-9/30/09)
ICON Bond Fund	$	641,052
ICON Core Equity Fund		964,768
ICON Equity Income Fund		1,149,620
ICON Long/Short Fund**		2,138,273
ICON Risk-Managed Equity Fund**		4,068,464

**Fund had outstanding borrowings as of September 30, 2009.

Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.

5. Purchases and Sales of Investment Securities

For the year ended September 30, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding securities sold short, short-term securities and written options contacts) was as follows:

							Proceeds from
					Purchases of		Sales of
			Proceeds		Long-Term		Long-Term
	Purchases of		from Sales		U.S. Government		U.S. Government
	Securities		of Securities		Obligations		Obligations
ICON Bond Fund	$	127,155,747	$	66,944,260	$	12,472,846	$	21,671,329
ICON Core Equity Fund		183,257,841		188,613,665		-		-
ICON Equity Income Fund		84,571,663		113,826,583		3,130,288		6,664,991
ICON Long/Short Fund		71,442,770		130,462,803		-		-
ICON Risk-Managed Equity Fund		102,944,303		129,492,685		-		-

82 Notes to Financial Statements

6. Federal Income Tax

Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.

The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2009 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.

For the year ended September 30, 2009 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Core Equity Fund	$	1,364,078		2016
		32,616,367		2017
ICON Equity Income Fund		77,639		2016
		14,946,877		2017
ICON Long/Short Fund		44,159,483		2017
ICON Risk-Managed Equity Fund		260,291		2016
		7,975,360		2017

Future capital loss carryover utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2009, the Bond Fund utilized capital loss carryforwards in the amount of $442,729.

Notes to Financial Statements 83

Notes to Financial Statements (continued)

For the year ended September 30, 2009, the Funds will elect to defer post October losses of:

	Post October
Fund	Losses
ICON Core Equity Fund	$	33,870,952
ICON Equity Income Fund		27,191,288
ICON Long/Short Fund		22,054,193
ICON Risk-Managed Equity Fund		19,386,605

The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2009, were as follows:

					Total
	Distributions Paid		Total Taxable		Distributions
Fund	from Ordinary Income		Distributions		Paid
ICON Bond Fund	$	5,192,023	$	5,192,023	$	5,192,023
ICON Equity Income Fund		3,171,360		3,171,360		3,171,360
ICON Long/Short Fund		1,649,817		1,649,817		1,649,817
ICON Risk-Managed Equity Fund		1,081,889		1,081,889		1,081,889

The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2008, were as follows:

	Distributions paid from						Total
	Ordinary		Net Long-		Total Taxable		Distributions
Fund	Income		Term Gains		Distributions		Paid
ICON Bond Fund	$	5,417,996	$	-	$	5,417,996	$	5,417,996
ICON Core Equity Fund		8,394,127		6,683,706		15,077,833		15,077,833
ICON Equity Income Fund		8,635,510		6,462,123		15,097,633		15,097,633
ICON Long/Short Fund		5,569,851		6,340,691		11,910,542		11,910,542
ICON Risk-Managed Equity Fund		3,751,879		-		3,751,879		3,751,879

As of September 30, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:

															Total
	Undistributed		Undistributed							Accumulated			Unrealized		Accumulated
	Ordinary		Net Long-		Accumulated		Distributions			Capital and			Appreciation/		Earnings/
Fund	Income		Term-Gains		Earnings		Payable*			Other Losses			(Depreciation)**		(Deficit)
ICON Bond Fund	$	627,140	$	136,317	$	763,457	$	(597,765	)	$	-		$	5,428,982	$	5,594,674
ICON Core Equity Fund		1,543,338		-		1,543,338		-			(67,851,397	)		18,341,271		(47,966,788	)
ICON Equity Income Fund		389,456		-		389,456		(406,397	)		(42,215,804	)		9,059,935		(33,172,810	)
ICON Long/Short Fund		170,533		-		170,533		-			(66,213,676	)		2,461,702		(63,581,441	)
ICON Risk-Managed Equity Fund		4,343		-		4,343		-			(27,622,256	)		6,502,779		(21,115,134	)

* Differences between the financial statement distribution payable and the tax basis distribution payable are a result of accrual based accounting and cash basis accounting used for federal tax reporting purposes.

84 Notes to Financial Statements

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

As of September 30, 2009, cost for federal income tax purposes and the amount of net unrealized appreciation/ depreciation were as follows:

			Unrealized		Unrealized			Net Appreciation/
Fund	Cost		Appreciation		(Depreciation)			(Depreciation)
ICON Bond Fund	$	167,968,032	$	7,356,205	$	(1,927,223	)	$	5,428,982
ICON Core Equity Fund		109,836,068		18,871,222		(529,951	)		18,341,271
ICON Equity Income Fund		35,689,100		9,380,687		(320,752	)		9,059,935
ICON Long/Short Fund		38,295,651		4,925,938		(1,637,128	)		3,288,810
ICON Risk-Managed Equity Fund		47,611,551		7,148,094		(704,016	)		6,444,078

7. Subsequent Events

Management has evaluated subsequent events through November 20, 2009, the date of this report.

Notes to Financial Statements 85

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the ICON Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, securities sold short and written call options, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of ICON Bond Fund, ICON Core Equity Fund, ICON Equity Income Fund, ICON Risk Managed Equity Fund (formerly ICON Income Opportunity Fund) and ICON Long/Short Fund (five of the portfolios constituting ICON Funds, hereafter referred to as the “Funds”) at September 30, 2009, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 20, 2009

86 Report of Accounting Firm

Six Month Hypothetical Expense Example
September 30, 2009 (unaudited)

Example

As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (4/1/09-9/30/09).

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 $10 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

Expense Example 87

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				Expenses Paid		Annualized
	Account Value		Ending Account		During Period		Expense Ratio
	4/1/09		Value 9/30/09		4/1/09 - 9/30/09*		4/1/09 - 9/30/09
ICON Bond Fund
Class I
Actual Expenses	$	1,000.00	$	1,117.10	$	5.31		1.00%
Hypothetical Example (5% return before expenses)		1,000.00		1,019.99		5.06
Class C
Actual Expenses		1,000.00		1,114.80		8.43		1.59%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.03		8.04
Class Z
Actual Expenses		1,000.00		1,118.70		3.98		0.75%
Hypothetical Example (5% return before expenses)		1,000.00		1,021.24		3.80
ICON Core Equity Fund
Class I
Actual Expenses		1,000.00		1,405.60		8.14		1.35%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.23		6.83
Class C
Actual Expenses		1,000.00		1,397.30		13.28		2.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.92		11.16
Class Z
Actual Expenses		1,000.00		1,401.90		8.91		1.48%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.58		7.49
Class A
Actual Expenses		1,000.00		1,396.80		14.06		2.34%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.27		11.81
ICON Equity Income Fund
Class I
Actual Expenses		1,000.00		1,420.80		8.68		1.43%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.83		7.23
Class C
Actual Expenses		1,000.00		1,416.10		13.39		2.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.92		11.16
Class Z
Actual Expenses		1,000.00		1,423.60		7.35		1.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.93		6.12

88 Expense Example

	Beginning				Expenses Paid		Annualized
	Account Value		Ending Account		During Period		Expense Ratio
	4/1/09		Value 9/30/09		4/1/09 - 9/30/09*		4/1/09 - 9/30/09
Class A
Actual Expenses	$	1,000.00	$	1,419.80	$	8.80		1.45%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.73		7.33
ICON Long/Short Fund
Class I
Actual Expenses		1,000.00		1,245.20		12.66		2.25%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.72		11.36
Class C
Actual Expenses		1,000.00		1,239.20		16.95		3.02%
Hypothetical Example (5% return before expenses)		1,000.00		1,009.86		15.22
Class Z
Actual Expenses		1,000.00		1,246.00		9.74		1.73%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.33		8.74
Class A
Actual Expenses		1,000.00		1,244.10		11.59		2.06%
Hypothetical Example (5% return before expenses)		1,000.00		1,014.67		10.40
ICON Risk-Managed Equity Fund
Class I
Actual Expenses		1,000.00		1,236.20		8.41		1.50%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.48		7.59
Class C
Actual Expenses		1,000.00		1,231.90		12.70		2.27%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.62		11.46
Class Z
Actual Expenses		1,000.00		1,236.50		7.12		1.27%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.63		6.43
Class A
Actual Expenses		1,000.00		1,234.80		8.12		1.45%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.73		7.33

*  Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

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

Expense Example 89

Board of Trustees and Fund Officers (unaudited)

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

Interested Trustee

Craig T. Callahan, 58, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as President (1998 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI, and is President of ICON Insurance Agency, Inc. (2004 to 2009). Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.

Independent Trustees

Glen F. Bergert, 59. Mr. Bergert has been a Trustee of the Funds since 1999. Mr. Bergert is President of Venture Capital Management LLC (1997 to present); General Partner of SOGNO Partners LP, a venture capital company (2001 to present); General Partner of Bergert Properties, LLP, a real estate holding company (1997 to present); and General Partner of Pyramid Real Estate Partnership, a real estate development company (1998 to present); General Partner of Chamois Partners, LP, a venture capital company (2004 to present); and was previously a General Partner with KPMG Peat Marwick, LLP (1979 to 1997). Mr. Bergert is also a Director of Herre Bros, Inc., a contracting company (1998 to present) and Delta Dental of California, an insurance company (2006 to present). Mr. Bergert was a Director of Delta Dental of Pennsylvania, an insurance company (1998 to 2009) and Delta Reinsurance Corporation (2000 to 2009).

John C. Pomeroy, Jr., 62. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was

90 Trustees and Officers

Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).

Gregory Kellam Scott, 60. Mr. Scott has been a Trustee of the Funds since November 2002. Mr. Scott currently is employed as a member of the Executive Staff of the President of Ivy Tech Community College, recently appointed as Assistant to the President for Diversity and Community Relations (April 2008 to present). Prior to his current employment, he served as Executive Director of the Indiana Civil Rights Commission (2005 to 2008) and is a member of the U.S. State Department’s Advisory Committee on the African Judiciary (2006 to present). Mr. Scott was Senior Vice President-Law, General Counsel and Secretary of GenCorp, Inc., a multinational technology-based manufacturing company (2002 to 2004); Vice President and General Counsel of Kaiser-Hill Company, LLC, a nuclear clean-up and environmental remediation company (2000 to 2002) and served as a Justice on the Colorado Supreme Court (1993 to 2000). From 1980 until 1993, he was a member of the faculty of the University Of Denver College Of Law.

R. Michael Sentel, 61. Mr. Sentel has been a Trustee of the Funds since their inception. Mr. Sentel is a Senior Attorney with the U.S. Department of Education (1996 to present). Mr. Sentel also provides legal representation as a sole practitioner with an emphasis on corporate and transactional law. He served as general counsel to numerous public companies and served on the board of directors of one of these clients. Mr. Sentel began his legal career with the U.S. Securities and Exchange Commission’s Division of Enforcement and served as a Branch Chief (1980 to 1981). Later he served as the Section Chief for the Professional Liability Section of the Federal Deposit Insurance Corp. with responsibility for the Rocky Mountain Region (1991 to 1994).

The Officers of the Funds are:

Craig T. Callahan, 58, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as President (1998 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI, and is President of ICON Insurance Agency, Inc. (2004 to 2009). Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of IM&R, the parent company of ICON Advisers and IDI.

Trustees and Officers 91

Erik L. Jonson, 60. Mr. Jonson has been a Vice President and Principal Financial Officer/Treasurer of the Funds since their inception in 1996. Mr. Jonson is also Chief Financial Officer (1996 to present) and Executive Vice President (2004 to present) and was previously Vice President (1998 to 2004) and Secretary (2005 and 1998 to 2002) of ICON Advisers; Chief Financial Officer, Secretary and Director (1998 to present) of IM&R; and Executive Vice and Treasurer/Financial Principal (1996 to present) of IDI; and Executive Vice President and Treasurer of ICON Insurance Agency, Inc. (2004 to 2009).

Jessica Seidlitz, 31. Ms. Seidlitz serves as Assistant Treasurer of the Funds (2007 to present). She also serves as Mutual Fund Controller of ICON Advisers, Inc. (2005 to present). Previously, she was a Senior Associate/Associate at PricewaterhouseCoopers LLP, (2001 to 2004).

Donald Salcito, 56. Mr. Salcito serves as Vice President and Secretary of the Funds since November 15, 2006. Mr. Salcito is also Executive Vice President and General Counsel (September 2005 to present) of ICON Advisers; Director of IM&R (2005 to present); Executive Vice President, Secretary, General Counsel, for IDI (2005 to present); Chief Compliance Officer of IDI (2005 to 2007); Executive Vice President and Secretary of ICON Insurance Agency, Inc. (2005 to 2009). Previously he was a Partner in the law firm of Perkins Coie, LLP. (2000 to 2005).

Brian Harding, 30. Mr. Harding serves as Chief Compliance Officer of the Funds (2008 to present). Mr. Harding also serves as Anti-Money Laundering Officer of the Funds (2008 to present). Previously he was a Manager (2007 to 2008) and Senior Associate/Associate (2001 to 2007) at PricewaterhouseCoopers LLP.

92 Trustees and Officers

Other Information (unaudited)

Renewal of Investment Advisory Agreements

In determining to renew the investment advisory agreements between ICON Funds (the “Trust”) and ICON Advisers, Inc. (“ICON” or the “Adviser”) the Board requested, was provided with and reviewed data with respect to ICON, its personnel, and the services to be provided to each Fund by ICON under the Trust’s Investment Advisory Agreement dated October 9, 1996, as amended (related to the Sector, International and Core Equity Funds) and under the Trust’s Investment Advisory Agreement dated July 9, 2002 and effective October 1, 2002, as amended (related to the U.S. Diversified Funds - Bond, Risk-Managed Equity, Equity Income and Long/Short Funds) (collectively, the “Advisory Agreements”). The data included information concerning advisory, distribution and administrative services provided to the Funds by ICON and its related companies; information concerning other businesses of those companies; comparative data related to exchange traded funds versus the Sector Funds; and comparative data obtained from Lipper Analytical Services related to Fund performance and Fund expenses.

On August 10, 2009, the Board of Trustees, including all of the Trustees that are not “interested persons” of the Trust (the “Independent Trustees”), approved continuation of the Advisory Agreements with the Adviser for each Fund for an additional one-year term commencing October 1, 2009.

The Independent Trustees were represented by independent legal counsel throughout the process. Prior to acting on the matter, the Independent Trustees met separately as a group in private sessions with their independent legal counsel to review and discuss the foregoing information. Based on these discussions, independent legal counsel and/or the Lead Independent Trustee also contacted management to request additional information and to discuss responses to questions raised during the process. In addition, the Independent Trustees received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the agreement.

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to

Other Information 93

which the Adviser obtains research through “soft dollar” arrangements with the Funds’ brokerage, and the financial and non-financial resources available to provide services required under the Advisory Agreement.

During the Board of Trustees’ discussion, management personnel noted that the markets overall had performed poorly in 2008 and the beginning of 2009 and that the ICON Funds performed poorly as well. In this regard it was noted that late 2008 Board meetings the Adviser advised that it was concerned with the poor performance and began an internal analysis to determine the cause. Management advised that, in light of the analysis, it believes that the Adviser’s valuation equation was over valuing riskier stocks due to several factors - including, but not limited to, the extreme events of 2008, the industry wide undervaluing of risk, and the increase in the number of stocks in the Adviser’s investable universe; and that, in light of such, the Adviser made modifications to the risk valuation metrics of the valuation equation - namely that the Adviser modified the equation so that the valuation equation now takes into account an additional item of information on each individual company. The Trustees recalled that during the entire process, Management kept the Trustees informed, updating the Trustees on the status of the internal analysis and the changes to the valuation equation as the changes were being implemented. In addition, in response to Trustee questions, the Adviser advised that it has monitored Fund performance after implementation of the modification and found significant improvement; and that it believes this adjustment has improved the valuation equation and will benefit the Funds going forward. In reaching their conclusions, the Trustees noted that they have taken into consideration the poor overall market performance, the Funds’ performance, and the Adviser’s response, analysis and changes to the valuation equation.

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

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

B. That ICON has made significant expenditures in the past year and in prior years to ensure that it has the sophisticated systems and the highly trained personnel necessary for it to be able to continue to provide

94 Other Information

quality service to the Funds’ shareholders, including the dedication of substantial resources to ICON’s investment and trading departments;

C. That the Board is satisfied with the research, portfolio management, and trading services, among others, being provided by ICON to the Funds, and is charging fair, reasonable, and competitive fees; and

D. The risks assumed by ICON in providing investment advisory services to each Fund including the capital commitments which have been made in the past and which continue to be made by ICON to ensure the continuation of the highest quality of service to the Trust is made with the recognition that the Trust’s advisory relationship with ICON be terminated at any time and must be renewed on an annual basis.

In considering the reasonableness of the fee payable to the Adviser for managing each Fund, the Board reviewed, among other things, financial statements of the Adviser and an analysis of the profitability to the Adviser and its affiliates of their relationship with each Fund over various time periods, which analysis identified all revenues and other benefits received by the Adviser and its affiliates from managing each Fund, the costs associated with providing such services and the resulting profitability to the Adviser and its affiliates.

The Board considered the current and anticipated asset levels of each Fund and the willingness of the Adviser to waive fees and pay expenses of the Funds from time to time to limit the total expenses of the Funds. In this regard the Board discussed significantly reduced asset levels in each fund covered by the Advisory Agreements due to the tumultuous markets during the past year, to related poor Fund performance, and to redemptions. ICON’s ability to provide the services called for under the Advisory Agreements was assessed in light of current and projected asset levels. Fund expenses and expense ratios were also assessed in light of current and projected asset levels. The Board concluded that the Adviser has the resources necessary to provide the services called for under the Advisory Agreements; that profitability to the Adviser and its affiliates from their relationship with the Funds is not excessive; and that the Adviser is not realizing material benefits from economies of scale that would warrant adjustments to the fees for any Fund at this time. The Board of Trustees concluded that, in light of the nature, extent and quality of the services provided by the Adviser and the levels of profitability associated with providing these services, the fees charged by the Adviser under the Advisory Agreements to each Fund are reasonable.

In connection with assessing data bearing the fairness of fee arrangements, the Board used data from Lipper Analytical Services concerning funds of

Other Information 95

similar size and funds of larger size, as well as data concerning ICON’s other clients and noted:

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

B. that contractual advisory fees of the Sector Funds were higher than fees for similar funds; but that the Sector Funds’ expense ratios were competitive and consistent with those of similarly managed Funds;

C. that contractual advisory fees for the International Funds were above the average fees for similar funds; and that the Funds’ expense ratios were competitive in light of their size;

D. that ICON has contractually agreed to impose expense limitations on certain Funds at a cost to ICON;

E. that the advisory and other fees payable by the Funds to ICON are essentially fees which would be similar to those which would have resulted solely from “arm’s-length” bargaining, and may well be lower than fees arrived at solely from such arm’s-length negotiation;

F. that, the fees paid to ICON for managing other institutional accounts (such as pension plans) are not lower than the fees paid by similarly-managed funds; and to the extent such fees of those accounts are lower, the reasons why such accounts are less costly for ICON to manage; and

G. that ICON has contractually commited to breakpointas in it fees so that economies of scale could be realized as a Fund grows in assets, for the benefit of Fund shareholders.

In connection with the direct and indirect benefits to ICON from serving as the Funds’ adviser, the Board discussed and noted:

A. that ICON benefits from serving directly or through affiliates as the principal underwriter and administrative agent for the Funds; that services provided by ICON and its affiliates to the Funds are satisfactory, and that profits derived from providing the services are competitive and reasonable; and

B. that ICON receives research assistance from the use of soft dollars generated from Fund portfolio transactions; that such research assists ICON in providing quality to which it provides advisory services; and that the Board concluded that the arrangements are consistent with Fund brokerage practices and benefit the Funds and their shareholders.

96 Other Information

Based on these considerations, among others, the Board, including all of the Independent Trustees, concluded that the continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders, the services to be performed under the agreement were services required for the operation of the Funds, ICON had provided satisfactory advisory services to the Funds in the past, and the fees for the advisory services which ICON would perform and other benefits from the relationship with the Trust and consistent with fees paid by similar funds, are reasonable in light of the comparative data, and would be within the range of what would have been negotiated at arm’s length in light of the circumstances.

Supplemental Tax Information

For corporate shareholders, the following percentage of the total ordinary income dividends paid during the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction for the following Funds:

	Dividends
	Received
Fund	Deduction
ICON Bond Fund		0.64	%
ICON Equity Income Fund		94.97	%
ICON Long/Short Fund		78.57	%
ICON Risk-Managed Equity Fund		83.61	%

For the fiscal year ended September 30, 2009, the following Funds paid qualified dividend income:

Fund	Amount
ICON Bond Fund		0.64	%
ICON Equity Income Fund		78.85	%
ICON Long/Short Fund		61.64	%
ICON Risk-Managed Equity Fund		75.32	%

The Funds designate the following amounts as long-term capital gain distributions qualifying for the maximum 15% income tax rate for individuals:

Fund	Amount
ICON Bond Fund	$	27,084

Other Information 97

Portfolio Holdings

A list of each ICON Fund’s Top 10 holdings is available at www.iconfunds.com on or about 15 days following each 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 SEC 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 SEC’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.

98 Other Information

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ICON Funds Privacy Policy

In the course of doing business with the ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON Companies”) you provide personal and financial information. The ICON Companies respect your privacy. We collect non-public personal information about you on your applications or other forms and through your transactions with us. You may provide this information in writing, electronically, or by phone. The information may contain your name, address, phone number, social security number, account information, investment activity, and other information that you provide to us directly or through our service providers. This information permits us to service your accounts and to provide information to you upon request.

We may share some or all of this information with our affiliates, as well as third parties that assist us in maintaining your accounts, processing transactions on your accounts, or mailing information to you as may be permitted by law. Further, we may permit third party vendors to download this information as needed, in order to assist us or your Registered Representative/Financial Adviser in maintaining your account. Otherwise, our policies prohibit employees of the ICON Companies from sharing your personal and financial information except as permitted or required by law. Under no circumstances do we sell information about you to anyone.

We restrict access to your non-public personal information to those employees who have a need to know that information to service your accounts. We also maintain physical, electronic and procedural safeguards to protect your privacy. 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.

If you would like more information about our Privacy Policies, please call 1-800-764-0442.

ICON Funds Privacy Policy 101

For more information about the ICON Funds, contact us:
By Telephone	1-800-764-0442
By Mail	ICON Funds P.O. Box 55452 Boston, MA 02205-8165
In Person	ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111
On the Internet	www.iconfunds.com
By E-Mail	info@iconadvisers.com

2009 Annual Report
ICON International Funds
Investment Update

ICON Asia-Pacific Region Fund

ICON Europe Fund

ICON International Equity Fund

1-800-764-0442 ï www.iconfunds.com

AR-INTL-09 K04080

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

When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.

Visit ICON’s website at www.iconfunds.com to learn more and sign up.

You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.

1-800-764-0442  •  www.iconfunds.com

Table of Contents

About This Report (Unaudited)	2
Message from ICON Funds (Unaudited)	6
Management Overview (Unaudited) and Schedules of Investments
ICON Asia-Pacific Region Fund	10
ICON Europe Fund	20
ICON International Equity Fund	29
Financial Statements	40
Financial Highlights	48
Notes to Financial Statements	52
Report of Independent Registered Public Accounting Firm	67
Six Month Hypothetical Expense Example (Unaudited)	68
Board of Trustees and Fund Officers (Unaudited)	71
Other Information (Unaudited)	74

About This Report (unaudited)

Historical Returns

All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions, and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.

Portfolio Data

This Report reflects ICON’s views, opinions and portfolio holdings as of September 30, 2009, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of September 30, 2009 are included in each Fund’s Schedule of Investments.

While ICON’s quantitative investment methodology primarily considers company-specific factors beyond financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. 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 some foreign

2 About This Report

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 financial statements released to the market as part of our analysis.

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.

According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.

This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward looking statements, which are not statements of historical fact. Forward looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this report and other factors beyond the control of our investment team. Therefore, actual outcomes may differ materially from what is expressed in such forward looking statements.

About This Report 3

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.

Comparative Indexes

The comparative indexes discussed in this Report are meant to provide a basis for judging a Fund’s performance against specific securities indexes. Each index shown accounts for both change in the security price and reinvestment of dividends and distributions (except as noted), but does not reflect the costs of managing a mutual fund. The total return figures for the Morgan Stanley Capital International (“MSCI”) indexes assume change in security prices and the deduction of local taxes. The Funds’ portfolios may significantly differ in holdings and composition from the indexes. Individuals cannot invest directly in an index.

•   The unmanaged MSCI All Country Pacific Index comprises stocks traded in the developed and emerging markets of the Pacific Basin (Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand). The capitalization-weighted index attempts to capture at least 60% of investable capitalization in those markets subject to constraints governed by industry representation, maximum liquidity, maximum float, and minimum cross-ownership.

•   The unmanaged MSCI Europe Index comprises approximately 600 stocks traded in developed markets from 15 European countries. The capitalization-weighted index attempts to capture at least 60% of investable capitalization in those markets subject to constraints governed by industry representation, maximum liquidity, maximum float, and minimum cross-ownership.

•   The MSCI All Country World Index ex-United States (“ACWI ex-U.S.”) is a leading unmanaged benchmark of international stock performance. The capitalization-weighted index is representative of the performance of securities of companies located in developed and emerging markets outside of the United States.

Index returns and statistical data included in this Report are provided by Bloomberg and FactSet Research Systems.

4 About This Report

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 Web site for more information.

About This Report 5

Message From ICON Funds

Road to Recovery

At ICON we believe the bear market from late 2007 through March 2009 can be divided into three phases. The three distinct phases can be seen in the chart below, which reflects the S & P 1500 Index, a broad measure of the U.S. stock market, over the course of a roughly two year period.

Looking at this graph, one can see how the first phase lasted almost a year, beginning with a generally slow, steady decline following the Index’s peak in October 2007. The second phase was a sharp week-long crash following the bankruptcy of Lehman Brothers on September 15, 2008. And the third phase was driven by economic uncertainty as economists (professional and amateur) revised their forecasts for the recession outward and downward, unable to clearly see an end or bottom. As an example, Bloomberg surveys of over 80 economists in January and February 2009 show 3^rd quarter GDP forecasts being rapidly revised downward. By mid-March 2009, economists predicted 3^rd quarter GDP growth would be 0% on an annual basis. These downward revisions coincided with the stock market’s continued gradual decline that was the final leg of phase 3.

Source: Factset

6 Message From ICON Funds

By mid-September 2009, a survey of those same economists revealed a 3^rd quarter GDP forecast of 2.9% growth. That is a huge upward revision since March. If the upward revision proves accurate, it suggests economists and investors alike let their fear and anxiety get the better of them in late 2008 and early 2009. In other words, it seems (and we believe) the bleak initial outlook of 0% growth for 3^rd quarter 2009 was both unduly negative and likely way off the mark.

As seen in the graph, the stock market quickly recovered its losses from phase 3 in roughly six months between March and August 2009. The S & P 1500 Index gained 59.9% from March 9 through September 30. Annualized, it equates to a pace of 130.7%, putting this rally among the best by historical standards.

As the market rallied and recovered from phase 3 of the bear market, stock prices moved higher - but so has underlying value as measured by ICON. Over time we bring new earnings into our equation for each company we analyze. In so doing, we drop off old, stale earnings. Our normal process of bringing in 2009 earnings and 2010 estimates has generally added modestly to our calculation of the intrinsic value of most companies. A much bigger boost in intrinsic value has come from the rally in corporate bonds and the accompanying drop in yields. Lower yields equate to higher valuation readings under the ICON system. As corporate bond yields drop and earnings increase, value becomes a target that continually moves higher with prices struggling to play catch-up.

Now, what about recovering from phases 2 and 1 of the bear market? Based on ICON’s valuation readings we feel we can make a few encouraging observations. We believe stocks are currently priced about 10% below our estimate of intrinsic value. If corporate bond yields continue to drop to historical normal levels, and assuming normal earnings growth, we believe conditions are in place for fair market values to eventually exceed even those seen at their peak levels toward the end of 2007. To cut to the chase, we feel we could see a recovery from phases 1 and 2 over the next couple of years.

As for the earnings portion, consensus forecasts from I/B/E/S for S & P 500 index companies anticipate earnings recovery in 2010 and 2011. Although there is often a rapid rebound in earnings coming out of a recession, the I/B/E/S analysts surveyed appear cautious in their forecasts for this recovery. The analysts expect operating EPS for the S & P 500 companies to rise to $71.17 in 2010 (a 27.7% increase over the 2009 estimate of $55.72) and another 13.8% to $81 in 2011. This forecasted earnings growth will increase value (as calculated using ICON’s proprietary methodology) when

Message From ICON Funds 7

earnings are introduced into our valuation equation over the next year or two.

Our belief that corporate bond yields can keep dropping is based on a continuation of the unwinding from the Lehman Brothers bankruptcy last fall. When Lehman Brothers declared bankruptcy in September 2008, corporate bond yields and their spread above Treasury Bonds rose dramatically. Bond investors evidently feared and anticipated many defaults. With the economic and financial setting proving to be better than was initially expected last year, corporate bond yields have been dropping. Yields are far from being back to normal levels, however. Our expectation that corporate bond yields will continue to drop is based on more than just “hoping yields return to normal levels.” Rather, corporate bonds of various qualities and maturities have the valuation and relative strength readings under our system to suggest their moves can continue. In other words, the ICON bond model suggests the rally in corporate bonds is sustainable.

Thus, our case for valuation readings approaching levels not seen since late 2007 is threefold. First, stocks are still priced below our estimate of fair value. Second, we believe new earnings over the next two years will push values higher. Third, and finally, declining yields on corporate bonds should likewise raise value.

The path to recovery is nonetheless unpredictable. During phase 2, from September 30 through October 10, 2008, the S & P 1500 Index dropped 22.9% in eight trading days. Could the phase 2 recovery be a mirror image of the phase 2 collapse, with an equally dramatic upside? It’s possible, but unlikely in our opinion. Instead, a path of two steps forward and one step back is more likely. There remain a lot of jittery, skeptical investors who use advances as an opportunity to exit. To move higher, the market has to absorb or “take out” their shares. While valuations may justify price levels back to those seen at the peak in 2007, the path for stock prices may be a grind.

In conclusion, we see the path to recovery occurring over three distinct phases. As investors came to believe the depression they feared last winter would not materialize, we experienced a phase 3 recovery. We expect the phase 2 recovery will occur as investors realize that the bond default potential is greatly reduced with the start of an economic recovery: in other words, phase 2 might be seen as an unwinding of the Lehman Brothers fallout. We believe phase 1 recovery will occur as investors acknowledge the fact that corporate earnings are advancing - typical of an economic recovery.

So far, off the low last March, the leading industries have come from the Financials sector. Next in line are the cyclical economically sensitive

8 Message From ICON Funds

industries from the following sectors: Materials, Industrials, Consumer Discretionary and Information Technology. Lagging, but still participating, are the so called “recession proof” industries from sectors like Health Care, Utilities and Consumer Staples.

On the road to recovery, ICON will stick to its system of industry rotation as we work to capture industry themes and leadership. While our research team has adjusted to and learned from these unprecedented times, there is always room for improvement. We have emerged from the bear market as a better, more effective money manager and we look forward to serving you in the years ahead.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

Message From ICON Funds 9

Class S ICARX
Class I ICPIX
Class C ICPCX
Class Z ICPZX
Class A IPCAX

Management Overview
ICON Asia-Pacific Region Fund

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

A.  The ICON Asia-Pacific Region Fund returned 14.18% for Class S shares, 14.24% for Class I shares, 13.10% for Class C shares, and 14.78% for Class Z shares for the fiscal year ended September 30, 2009 outperforming its benchmark, the MSCI All Country Pacific Index which returned 12.49%. Class A shares of the Fund returned 14.11% (and 7.57% with maximum sales charge) during the same period. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  In the 12 months ended September 30, 2009, the Asia-Pacific region outperformed the broad U.S. market. Though the first half of the period was marked by severe volatility following the collapse of Lehman Brothers, the Fund performed well, both in absolute and relative terms, between the March 2009 global market low and the fiscal year end.

Guided by ICON’s value and relative strength readings, the Fund reduced exposure to the Information Technology, Materials, and Consumer Discretionary sectors, while increasing Industrials, Financials, and Health Care weightings. The primary drivers of positive relative performance were our holdings in the Financials, Industrials, and Telecommunication/Utilities sectors.

In terms of country-level weightings, the most notable increases were to Hong Kong, China, India, and South Korea. Weights were reduced in Japan, Australia, and Taiwan. The primary drivers of positive relative performance came from our underweighting in Japan and overweights in China, Hong Kong, and India.

As a multi-cap manager, we do not consider investments based on market capitalization. However, our valuations resulted in a shift over the period away from large-cap companies into mid-cap companies. These allocations were overweight the predominantly large-cap benchmark, and the overweighting of mid-cap stocks in particular added the most in terms of relative performance.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully

10 Management Overview

accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  From an industry perspective, the Fund’s holdings in areas expected to benefit more from an economic recovery added the most in terms of relative performance. Within the Financials space, for example, diversified banks and real estate development drove relative performance, while highways & railtracks, along with electrical components & equipment, added the most to Industrials’ outperformance. Apparel accessories & luxury goods was a highlight in the Fund’s performance relative to Consumer Discretionary.

Conversely, the Information Technology sector was the largest detractor to performance during the period. The primary contributors to this sector’s underperformance were holdings in electronic components and IT consulting.

From a country perspective, overweights in China and Hong Kong along with a significant underweight in Japan contributed positively to performance. The Fund’s underweight in lower-value Australia hindered relative performance.

Q.  What is your investment outlook for the Asia-Pacific equity market?

A.  Although the first half of the fiscal year was volatile, the sustained positive performance off the March 2009 lows in the Asia-Pacific region is encouraging. In this environment of loose monetary policy, low interest rates, and improving company outlooks, the region’s relative value continues to increase. So long as the global economy continues to improve, so too, we believe, will global equities in general and the Asia-Pacific region in particular.

At fiscal year-end, the sectors that look the most promising include Information Technology, Consumer Discretionary, Financials, and Healthcare. We ended the fiscal year underweight the more defensive Telecommunications & Utilities and Leisure & Consumer Staples sectors.

From a country perspective, Taiwan, Hong Kong, Korea, and China are the most attractive and warranted increased weightings under our methodology. As of fiscal year-end, we believe benchmark-heavy Australia is overvalued and we reduced our holdings in that region. While

Management Overview 11

Japan is our largest absolute weight by country, we remain significantly underweight relative to the benchmark as we watch for signs of improved relative performance.

We continue to do what we have always done by seeking out industries we believe are trading at a discount to fair value and showing relative strength in the markets. Using value as a guide in our systematic and non-emotional discipline, we see numerous opportunities in the Asia-Pacific market as fiscal year 2009 comes to a close. We have long said it is nearly impossible to accurately time bottoms and, further, that rallies do not offer invitations. Given this philosophy, and the valuations we see in the market at fiscal year-end, we remain heavily invested, ready to reallocate and adapt as market conditions dictate.

12 Management Overview

ICON Asia-Pacific Region Fund
Country Composition
as of September 30, 2009

Hong Kong	21.3%
Japan	20.8%
South Korea	15.9%
China	10.6%
Taiwan	8.4%
Singapore	5.5%
Thailand	4.1%
India	3.6%
Cayman Islands	2.0%
Australia	1.0%
Malaysia	0.8%
United States	0.5%
	94.5%

Percentages are based upon net assets excluding short-term investments and mutual funds.

ICON Asia-Pacific Region Fund
Sector Composition
as of September 30, 2009

Financial	18.0%
Information Technology	15.0%
Consumer Discretionary	14.7%
Industrials	12.6%
Materials	8.8%
Energy	8.1%
Leisure and Consumer Staples	6.4%
Telecommunication & Utilities	5.6%
Health Care	5.3%
	94.5%

Percentages are based upon net assets excluding short-term investments and mutual funds.

ICON Asia-Pacific Region Fund
Industry Composition
as of September 30, 2009

Diversified Banks	13.5%
Semiconductors	4.3%
Integrated Oil & Gas	3.6%
Apparel Accessories & Luxury Goods	3.4%
Construction & Farm Machinery & Heavy Trucks	3.3%
Electronic Manufacturing Services	3.2%
Pharmaceuticals	3.1%
Apparel Retail	3.0%
Electronic Components	3.0%
Steel	2.9%
Education Services	2.5%
Household Appliances	2.3%
Highways & Railtracks	2.2%
Packaged Foods & Meats	2.2%
IT Consulting & Other Services	2.1%
Fertilizers & Agricultural Chemicals	2.0%
Trading Companies & Distributors	1.9%
Construction & Engineering	1.8%
Consumer Finance	1.7%
Computer Hardware	1.6%
Internet Software & Services	1.6%
Property & Casualty Insurance	1.5%
Gas Utilities	1.5%
Air Freight & Logistics	1.4%
Leisure Products	1.4%
Specialty Chemicals	1.4%
Health Care Equipment	1.2%
Industrial Conglomerates	1.2%
Computer & Electronics Retail	1.1%
Oil & Gas Exploration & Production	1.1%
Footwear	1.0%
Diversified Chemicals	1.0%
Health Care Services	1.0%
Other Industries (each less than 1%)	14.5%
	94.5%

Percentages are based upon net assets excluding short-term investments and mutual funds.

Management Overview 13

ICON Asia-Pacific Region Fund
Average Annual Total Return
as of September 30, 2009

															Gross			Net
	Inception											Since			Expense			Expense
	Date		1 Year			5 Years			10 Years			Inception			Ratio*			Ratio*
ICON Asia-Pacific Region Fund - Class S		2/25/97		14.18	%		9.23	%		1.63	%		1.97	%		1.42	%		1.42	%
MSCI All Country Pacific Index				12.49	%		7.84	%		2.54	%		2.44	%		N/A			N/A
ICON Asia-Pacific Region Fund - Class I		1/25/08		14.24	%		N/A			N/A			-13.32	%		51.45	%		1.91	%
MSCI All Country Pacific Index				12.49	%		N/A			N/A			-8.82	%		N/A			N/A
ICON Asia-Pacific Region Fund - Class C		1/25/08		13.10	%		N/A			N/A			-14.05	%		23.58	%		2.64	%
MSCI All Country Pacific Index				12.49	%		N/A			N/A			-8.82	%		N/A			N/A
ICON Asia-Pacific Region Fund - Class Z		1/25/08		14.78	%		N/A			N/A			-12.91	%		77.18	%		1.37	%
MSCI All Country Pacific Index				12.49	%		N/A			N/A			-8.82	%		N/A			N/A
ICON Asia-Pacific Region Fund - Class A		5/31/06		14.11	%		N/A			N/A			-2.32	%		2.94	%		1.88	%
ICON Asia-Pacific Region Fund - Class A (including maximum sales charge of 5.75%)		5/31/06		7.57	%		N/A			N/A			-4.05	%		2.94	%		1.88	%
MSCI All Country Pacific Index				12.49	%		N/A			N/A			-0.38	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Adviser has agreed to limit certain expenses on Class I, Class C, Class Z and Class A shares; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future. Class Z shares are available only to institutional investors.

*  Please see the January 26, 2009 prospectus for details.

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

14 Management Overview

ICON Asia-Pacific Region Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 2/25/97 to a $10,000 investment made in an unmanaged securities index on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends, capital gain distributions and tax return of capital, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 15

ICON Asia-Pacific Region Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (94.5%)
	1,110,000	Bangkok Expressway Public Co., Ltd.	$	614,571
	618,000	Bank of Ayudhya Public Co., Ltd.		353,959
	1,647,000	Bank of China, Ltd. - Class H		864,038
	88,800	Bank of India		762,231
	74,100	Banpu Public Co., Ltd.		949,286
	100,000	Cafe De Coral Holdings, Ltd.		218,844
	20,950	Cheil Industries, Inc.		906,802
	73,000	Cheung Kong Holdings, Ltd.		922,922
	627,000	China Agri-Industries Holdings, Ltd.		584,158
	1,964,000	China Bluechemical, Ltd. - Class H		1,061,525
	961,000	China Communications Construction Co., Ltd. - Class H(a)		1,034,168
	1,701,000	China Construction Bank Corp. - Class H		1,353,095
	1,624,000	China Dongxiang Group Co.		1,080,182
	1,104,000	China Oilfield Services, Ltd.		1,022,659
	2,276,000	China Petroleum & Chemical Corp.		1,932,346
	1,101,000	China Railway Group, Ltd.†(a)		942,230
	202,000	China Resources Power Holdings Co., Ltd.		467,798
	611,000	China Steel Corp.		566,609
	468,000	China Yurun Food Group, Ltd.		1,007,536
	318,122	Chunghwa Telecom Co., Ltd.		574,349
	891,000	CNOOC, Ltd.		1,201,273
	374,800	Dah Sing Financial Group†		2,150,323
	141,000	DBS Group Holdings, Ltd.		1,323,988
	58,500	Dongkuk Steel Mill Co., Ltd.		1,350,461
	8,400	Educomp Solutions, Ltd.		815,719
	195,000	Esprit Holdings, Ltd.		1,306,654
	46,000	Flextronics International, Ltd.†*		343,160
	1,081,000	Fosun International		750,985
	143,000	FUJITSU, Ltd.		932,870
	1,326,000	Guangdong Investment, Ltd.		651,402
	20,000	Hana Financial Group, Inc.		686,137
	17,800	Hanwha Corp.		647,616
	40,000	Hisamitsu Pharmaceutical Co., Inc.		1,621,609
	329,150	Hon Hai Precision Industry Co., Ltd.		1,315,132
	264,000	Hong Leong Financial Group Bhd.		409,917
	356,000	Hopson Development Holdings, Ltd.		616,515
	36,000	Hoya Corp.		848,308

16 Schedule of Investments

Shares or Principal Amount			Value
	176,000	Hutchison Whampoa, Ltd.	$	1,265,770
	5,450	Hyundai Heavy Industries Co., Ltd.		829,358
	492,000	Industrial & Commercial Bank of China, Ltd. - Class H		1,109,986
	224,000	ITOCHU Corp.		1,477,246
	802	Jupiter Telecommunications Co., Ltd.		775,665
	309,000	Kingboard Chemical Holdings, Ltd.		1,169,213
	17,100	Korea Gas Corp.		772,363
	49,000	Korean Reinsurance Co.		491,805
	37,740	Largan Precision Co., Ltd.		493,502
	78,000	LG Fashion Corp.		1,759,340
	142,000	Li & Fung, Ltd.		568,945
	339,000	Li Ning Co., Ltd.(a)		1,039,794
	283,000	Marico, Ltd.		524,887
	52,104	MediaTek, Inc.		866,560
	9,360	Megastudy Co., Ltd.		1,917,722
	248,200	Meritz Fire & Marine Insurance Co., Ltd.†		1,677,511
	41,600	Mitsui & Co., Ltd.		541,294
	555,000	Mitsui Engineering & Shipbuilding Co., Ltd.		1,435,824
	375,000	MobileOne, Ltd.		470,853
	213,000	Nan Ya Printed Circuit Board Corp.		736,568
	11,000	Nitori Co., Ltd.		936,081
	41,400	Nomura Research Institute, Ltd.		983,566
	309,000	Novatek Microelectronics Corp., Ltd.		727,849
	4,755	OCI Co., Ltd.		1,062,317
	17,550	ORIX Corp.		1,066,118
	21,100	Otsuka Corp.		1,260,126
	104,000	Oversea-Chinese Banking Corp., Ltd.		577,051
	1,714,000	Petrochina Co., Ltd.		1,945,481
	21,430	Point, Inc.		1,414,809
	242,000	Ports Design, Ltd.(a)		603,436
	191,000	Primary Health Care, Ltd.		1,044,773
	1,650	Samsung Electronics Co., Ltd.		1,139,481
	28,500	Samsung Heavy Industries Co., Ltd.		616,886
	8,200	SANKYO Co., Ltd.		511,930
	13,700	Secom Co., Ltd.		688,325
	2,280,000	Shenzhen Expressway Co., Ltd.		1,115,775
	24,600	Shin-Etsu Chemical Co., Ltd.		1,509,419
	45,200	Shinhan Financial Group, Ltd.†		1,801,946
	74,000	Shionogi & Co., Ltd.		1,750,791
	1,804,000	Sichuan Expressway Co., Ltd.(a)		715,120
	101,200	Simplo Technology Co., Ltd.		573,283
	30,100	SINA Corp. - ADR†*(a)		1,142,596
	1,034,000	Singapore Post, Ltd.		677,948
	421,000	Singapore Technologies Engineering, Ltd.		819,619
	8,200	Sohu.com, Inc.†*(a)		563,996
	258,361	Taiwan Mobile Co., Ltd.		477,814

Schedule of Investments 17

Shares or Principal Amount			Value
	686,704	Taiwan Semiconductor Manufacturing Co., Ltd.	$	1,359,834
	104,500	Tanjong PLC		452,036
	1,698,000	Techtronic Industries Co., Ltd.		1,390,841
	23,200	Terumo Corp.		1,272,606
	1,194,000	Thai Union Frozen Products Public Co., Ltd.		920,420
	1,515,000	Thanachart Capital Public Co., Ltd.		786,523
	134,000	The Siam Cement Public Co., Ltd.		888,700
	96,000	The Sumitomo Trust & Banking Co., Ltd.		507,330
	173,159	Transcend Information, Inc.		617,518
	141,000	Union Bank of India		700,164
	340,000	United Phosphorus, Ltd.		1,166,925
	9,000	USS Co., Ltd.		535,409
	283,000	Venture Manufacturing, Ltd.		1,800,402
	719,000	Want Want China Holdings, Ltd.(a)		422,169
	140,000	Weichai Power Co., Ltd.		734,589
	162,000	Wing Hang Bank, Ltd.		1,588,427
	455,786	Wistron Corp.		846,181
	34,400	Woongjin Coway Co., Ltd.		1,103,105
	43,000	Woori Finance Holdings Co., Ltd.†*		582,265
	442,000	Xinao Gas Holdings, Ltd.(a)		876,984
	18,500	Yamada Denki Co., Ltd.	$	1,248,350
	54,000	Yamato Holdings Co., Ltd.		886,236
	18,000	Yamato Kogyo Co., Ltd.		504,324
	86,983	Yantai Changyu Pioneer Wine Co., Ltd.		631,490
	411,000	Yue Yuen Industrial Holdings, Ltd.		1,136,366
	214,000	Zhuzhou CSR Times Electric Co., Ltd. - Class H(a)		371,347
Total Common Stocks (Cost $87,448,043)				103,172,660
Short-Term Investments (5.2%)
	211,320	Brown Brothers Harriman Time Deposit - Hong Kong Dollar, 0.01%, 10/01/09*#		27,268
$	5,693,724	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09*#		5,693,724
Total Short-Term Investments (Cost $5,720,992)				5,720,992
Mutual Funds (3.7%)
	3,960,107	Invesco Aim Liquid Assets Portfolio, 0.28%*^		3,960,107
Total Mutual Funds (Cost $3,960,107)				3,960,107
Total Investments 103.4% (Cost $97,129,142)				112,853,759
Liabilities Less Other Assets (3.4)%				(3,703,907	)
Net Assets 100.0%			$	109,149,852

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

†	Non-income producing security.
^	Investments made with cash collateral received from securities on loan. The rates listed are as of September 30, 2009.

18 Schedule of Investments

#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
*	All securities were fair valued (Note 1) as of September 30, 2009 unless noted with a *. Total value of securities fair valued was $100,540,643.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

As of September 30, 2009, the Fund had the following forward currency contracts outstanding:

					Original						Unrealized
			Delivery		Contract			Market			Appreciation/
	Currency		Date		Value			Value			(Depreciation)
Contracts to Sell:
(240,000,000)		Taiwan Dollar		02/26/10	$	(7,382,344	)	$	(7,627,674	)	$	(245,330	)
Contracts to Buy:
240,000,000		Taiwan Dollar		02/26/10	$	7,640,879		$	7,627,674		$	(13,205	)

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

Schedule of Investments 19

Class S ICSEX
Class I ICUIX
Class C ICUCX
Class Z ICUZX
Class A IERAX

Management Overview
ICON Europe Fund

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

A.  The ICON Europe Fund, Class S returned -4.13% for the fiscal year ended September 30, 2009, underperforming the 2.33% return for the MSCI Europe Index. Class I shares returned -4.34%, Class C shares returned -5.04% and Class Z shares returned -3.89% for the fiscal year. Class A shares of the Fund returned -4.32% (and -9.81% with maximum sales charge) over the same period. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  Europe’s economic situation deteriorated relative to other major global regions during the fiscal year. Economic growth slowed, unemployment rates increased, and inflationary pressures peaked higher.

The period opened with the European region priced at 33% below our calculation of intrinsic value. This value was not recognized in the markets, however, as early movements in the underlying regional markets continued their prior trends sharply to the downside. The subprime loan problems and resulting credit crisis escalated to a state of global contagion with the European region squarely in the fray. Large losses were seen across all sectors during the first two quarters of the fiscal year with Financials and Materials faring worse than the broad market as risk aversion and fears of a worldwide depression swept across the globe. Corporate bond credit spreads widened dramatically and volatility increased to near record levels as investors sold anything they perceived as risky.

March 9, 2009 brought an interim bottom to the European equity markets as investors changed sentiment and bought those industries and stocks that were most beaten-down in the prior selloff. Large gains were seen in Financials and in economically sensitive sectors including Materials, Industrials, and Consumer Discretionary, as investors looked forward to a potential economic recovery. Central banks enacted quantitative easing within monetary policies in an effort to lower interest rates and spur lending. As equities recovered, so did corporate credit spreads. The narrowing of these spreads ultimately had a positive impact on our intrinsic valuations for the region’s underlying stocks. As the rally continued toward the end of the fiscal year, value moved in an upward

20 Management Overview

trend with stock prices, allowing for gains to continue without a corresponding overvaluation of equities under the ICON methodology. As such, we ended this period with stocks still trading at an 11% discount to our estimate of intrinsic value, representing the best bargains of all regions across the globe.

Foreign currency exchange rates oscillated in a fairly dramatic fashion over the period as well. The U.S. dollar strengthened relative to most of the major European currencies during the early part of the year as investors flocked to the perceived safety of dollar-denominated assets. The subsequent rally in equities led to a reversal of this trend, however, as risk aversion abated and money flowed back toward arguably riskier assets. This action ultimately bolstered strength for the underlying European currencies.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  Given the bifurcated tone of this year, the Fund’s composition and resulting performance differed from one half of the year to the next. Underweighting the benchmark-heavy Financials sector (specifically, the diversified banks industry) contributed to positive relative performance for the first part of the year as this sector suffered the worst of the losses between September 30, 2008 and March 9, 2009. Additionally, overweighting the packaged foods & meats industry proved beneficial to relative performance as these and similar defensive industries did not experience as dramatic losses as those seen in cyclical sectors.

Underweighting other defensive areas over this period detracted from performance. For example, the Fund’s positions in the pharmaceuticals and integrated telecommunication services industries were sources of underperformance as the benchmark held a larger weight than the Fund. Furthermore, the Fund’s overweighting in the Industrials sector hindered performance as this economically sensitive sector experienced large losses.

Conversely, as the rally ensued in March 2009, the Fund’s underweights in diversified banks, diversified capital markets, and other industries

Management Overview 21

within the Financials sector detracted from relative performance as those groups experienced the largest returns over the last months of the fiscal year. Underweights in defensive-related industries such as those in the Telecommunications & Utilities sector proved beneficial to the Fund’s performance, but this benefit could not offset larger detractors and the Fund’s performance lagged the benchmark during the ensuing rally.

Regarding country composition, an underweight in the United Kingdom helped performance, but the Fund’s underweight holdings in France and overweight holdings in Switzerland detracted from relative performance.

Q.  What is your investment outlook for the European equity market?

A.  Our analysis suggests there is considerable upside to the European region in spite of the dramatic rally in equity prices that began on March 9, 2009. We estimate that, on average, fair value for European equities is 13% higher than where prices are currently trading. According to our calculations, Europe has the best values when compared to all other regions we track globally. We believe the recovery-based market theme that emerged in 2009 remains in place, with sectors like Financials and Materials continuing to show relative strength throughout these dramatic market movements.

With value as our core investment tenet, we also look to those areas of the market that are trading at deep discounts to our estimation of intrinsic value for potential leaders. While not showing much relative strength, the defensive Health Care and Telecommunications & Utilities sectors show the best value under our calculations. Moreover, as of fiscal year-end, industries within the Financials sector show the best combination of value and relative strength.

We believe it is nearly impossible to accurately time market bottoms and we have long preached that rallies do not issue invitations. Using value as a guide in our disciplined, systematic and non-emotional approach to investing, we see opportunities amidst the turbulence and volatility. We continue to work methodically to identify the industries we believe are trading at a discount to fair value and show relative strength in the markets. Our valuations at the end of the fiscal year dictate that we remain nearly fully invested, but we will adjust accordingly as market conditions require.

22 Management Overview

ICON Europe Fund
Country Composition
as of September 30, 2009

United Kingdom	19.4%
Switzerland	16.8%
Germany	14.0%
France	11.0%
Spain	5.7%
Norway	3.8%
Netherlands	3.8%
Denmark	2.9%
Italy	2.3%
Belgium	2.2%
Sweden	2.2%
Turkey	1.8%
Bermuda	1.6%
Greece	1.5%
Austria	1.3%
Ireland	1.2%
Russia	1.1%
Finland	1.0%
Portugal	0.6%
	94.2%

Percentages are based upon net assets excluding short-term investments and mutual funds.

ICON Europe Fund
Sector Composition
as of September 30, 2009

Financial	26.6%
Energy	14.1%
Leisure and Consumer Staples	11.8%
Health Care	9.9%
Industrials	8.9%
Telecommunication & Utilities	8.2%
Materials	6.5%
Consumer Discretionary	4.5%
Information Technology	3.7%
	94.2%

Percentages are based upon net assets excluding short-term investments and mutual funds.

ICON Europe Fund
Industry Composition
as of September 30, 2009

Diversified Banks	11.1%
Integrated Oil & Gas	10.1%
Pharmaceuticals	7.4%
Multi-Line Insurance	6.4%
Integrated Telecommunication Services	5.1%
Industrial Conglomerates	4.3%
Apparel Accessories & Luxury Goods	3.7%
Life & Health Insurance	3.6%
Diversified Capital Markets	3.2%
Packaged Foods & Meats	2.9%
Oil & Gas Drilling	2.5%
Diversified Metals & Mining	2.2%
Brewers	2.1%
Food Retail	1.9%
Wireless Telecommunication Services	1.7%
Application Software	1.7%
Agricultural Products	1.5%
Asset Management & Custody Banks	1.5%
Tires & Rubber	1.4%
Distillers & Vintners	1.2%
Specialty Chemicals	1.1%
Home Improvement Retail	1.1%
Automobile Manufacturers	1.1%
Aerospace & Defense	1.1%
Other Industries (each less than 1%)	14.3%
	94.2%

Percentages are based upon net assets excluding short-term investments and mutual funds.

Management Overview 23

ICON Europe Fund
Average Annual Total Return
as of September 30, 2009

															Gross			Net
	Inception											Since			Expense			Expense
	Date		1 Year			5 Years			10 Years			Inception			Ratio*			Ratio*
ICON Europe Fund - Class S		2/20/97		-4.13	%		5.40	%		4.48	%		5.99	%		1.35	%		1.35	%
MSCI Europe Index				2.33	%		6.95	%		3.77	%		6.65	%		N/A			N/A
ICON Europe Fund - Class I		1/25/08		-4.34	%		N/A			N/A			-18.81	%		26.07	%		1.83	%
MSCI Europe Index				2.33	%		N/A			N/A			-12.27	%		N/A			N/A
ICON Europe Fund - Class C		1/25/08		-5.04	%		N/A			N/A			-19.41	%		51.24	%		2.58	%
MSCI Europe Index				2.33	%		N/A			N/A			-12.27	%		N/A			N/A
ICON Europe Fund - Class Z		1/25/08		-3.89	%		N/A			N/A			-18.39	%		92.86	%		1.32	%
MSCI Europe Index				2.33	%		N/A			N/A			-12.27	%		N/A			N/A
ICON Europe Fund - Class A		5/31/06		-4.32	%		N/A			N/A			-6.73	%		4.36	%		1.83	%
ICON Europe Fund - Class A
(including maximum sales charge of 5.75%)		5/31/06		-9.81	%		N/A			N/A			-8.37	%		4.36	%		1.83	%
MSCI Europe Index				2.33	%		N/A			N/A			-1.02	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Fund’s name and investment strategy changed effective January 29, 2004. The Fund’s past performance would have been different if the current strategy had been in effect. The Adviser has agreed to limit certain expenses on Class I, Class C, Class Z and Class A shares; without these limitations, returns would be lower. The limitation provisions may be terminated in the future. Class Z shares are available only to institutional investors.

*  Please see the January 26, 2009 prospectus for details.

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

24 Management Overview

ICON Europe Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class S shares on the Class’ inception date of 2/20/97 to a $10,000 investment made in an unmanaged securities index on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends, capital gain distributions and tax return of capital, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 25

ICON Europe Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (94.1%)
	25	A P Moller - Maersk A/S - Class B	$	173,121
	6,100	Adidas AG		323,740
	8,055	Allianz AG		1,013,388
	18,400	Anheuser-Busch Inbev NV		843,888
	158,300	Asya Katilim Bankasi AS†		333,152
	85,000	Aviva PLC		610,964
	32,300	AXA S.A.		876,696
	28,500	BAE Systems PLC		159,413
	48,800	Banca Popolare di Milano Scarl (BPM)		372,392
	32,400	Banco Bilbao Vizcaya Argentaria S.A.		577,132
	61,400	Banco Santander Central Hispano S.A.		991,784
	5,930	Bayer AG		412,414
	12,800	Bayerische Motoren Werke (BMW) AG		615,375
	7,800	BIM Birlesik Magazalar A.S.		319,173
	15,828	BNP Paribas		1,270,107
	36,000	Boliden AB		388,531
	203,000	BP PLC		1,798,038
	4,700	Carlsberg A/S - Class B		341,972
	7,200	Carrefour S.A.		327,749
	4,300	CNP Assurances		438,878
	20,800	Compagnie Financiere Richemont S.A.		588,998
	20,800	Credit Suisse Group		1,157,603
	8,300	Deutsche Bank AG		640,305
	12,500	Deutsche Postbank AG†		441,658
	44,600	Diageo PLC		686,068
	51,100	DnB NOR ASA†		595,217
	15,800	EFG International AG		285,959
	27,500	Experian PLC		232,182
	22,400	France Telecom S.A.		597,281
	17,972	Gerry Weber International AG		598,806
	14,900	Getinge AB - Class B		250,501
	41,400	GlaxoSmithKline PLC		816,153
	26,200	Grifols S.A.		500,176
	21,100	ING Groep N.V.†		378,874
	121,000	Intesa Sanpaolo†		536,812
	7,100	Julius Baer Holding AG		356,205
	15,800	Kerry Group PLC		452,360
	136,000	Koc Holding AS†		358,821
	17,700	Koninklijke (Royal) Philips Electronics N.V.		431,730
	37,540	Koninklijke Ahold N.V.		453,068
	18,000	Kontron AG		221,657
	3,400	Kuehne + Nagel International AG		296,234
	374,600	Legal & General Group PLC		528,234
	104,000	Logica PLC		216,954
	11,200	LUKOIL - ADR*		614,320
	41,800	Man Group PLC		221,954
	3,600	Mayr-Melnhof Karton AG		365,381
	120,100	Meggitt PLC		447,849
	5,900	Merck KGaA		585,557
	1,150	Muenchener Rueckversicherungs-Gesellschaft AG		183,726
	9,300	National Bank of Greece S.A.†		335,611

26 Schedule of Investments

Shares or Principal Amount			Value
	30,900	National Express Group PLC	$	236,769
	28,390	Nestle S.A.		1,212,339
	8,600	Nobel Biocare Holding AG		284,851
	16,000	Nokian Renkaat Oyj		373,684
	20,170	Novartis AG		1,013,448
	12,800	Novo Nordisk A/S - Class B		805,146
	17,900	Nutreco Holding N.V.		872,316
	437,000	Old Mutual PLC		700,260
	9,700	Omega Pharma S.A.		429,286
	773,800	Pirelli & C. S.p.A†		415,427
	45,600	Praktiker Bau- und Heimwerkermaerkte Holding AG		626,280
	62,000	Prosafe SE		320,482
	41,267	Prudential PLC		397,663
	23,900	Public Power Corp. S.A.†		533,166
	6,100	Roche Holding AG		986,587
	53,800	Royal Dutch Shell PLC - Class B		1,494,277
	19,700	SAP AG		962,916
	41,900	Seadrill, Ltd.†		877,543
	9,500	SEB S.A.		505,772
	24,000	Serco Group PLC		194,071
	14,600	Siemens AG		1,354,014
	480	Sika AG		649,000
	7,600	Sociedad General de Aguas de Barcelona S.A.		196,131
	10,294	Societe Generale		832,568
	230,000	Sonae SGPS S.A.		318,344
	28,000	StatoilHydro ASA		632,407
	34,500	Telefonica S.A.		954,419
	20,500	Telekom Austria AG		370,593
	31,800	Telenor ASA†		369,135
	95,700	TeliaSonera AB		629,820
	18,600	Temenos Group AG†(a)		437,382
	48,000	Tesco PLC		307,232
	63,900	The Carphone Warehouse Group PLC		196,133
	30,000	The Davis Service Group PLC		192,576
	2,600	The Swatch Group AG		614,165
	11,000	Tieto Oyj		219,402
	55,200	Tomra Systems ASA		258,287
	19,800	Total S.A.		1,176,791
	6,300	Transocean, Ltd.†*		538,839
	1,080	Vallourec S.A.		183,808
	27,400	Vedanta Resources PLC		833,791
	4,800	Vestas Wind Systems A/S†		349,931
	432,900	Vodafone Group PLC		972,335
	4,750	Zurich Financial Services AG		1,132,946
Total Common Stocks (Cost $45,812,982)				53,526,493
Rights (0.1%)
	15,828	BNP Paribas 40 EUR, 10/14/09*		34,276
Total Rights (Cost $0)				34,276
Short-Term Investments (8.5%)
$	4,858,164	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09*#		4,858,164
Total Short-Term Investments (Cost $4,858,164)				4,858,164
Mutual Funds (4.5%)
	2,518,833	Invesco Aim Liquid Assets Portfolio, 0.28%*^		2,518,833
Total Mutual Funds (Cost $2,518,833)				2,518,833
Total Investments 107.2% (Cost $53,189,979)				60,937,766
Liabilities Less Other Assets (7.2)%				(4,068,881	)
Net Assets 100.0%			$	56,868,885

Schedule of Investments 27

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

†	Non-income producing security.
^	Investments made with cash collateral received from securities on loan. The rates listed are as of September 30, 2009.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
*	All securities were fair valued (Note 1) as of September 30, 2009 unless noted with a *. Total value of securities fair valued was $52,373,334.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

As of September 30, 2009, the Fund had the following forward currency contracts outstanding:

Original

Unrealized

Delivery

Contract

Market

Appreciation/

Currency

Date

Value

Value

(Depreciation)

Contracts to Sell:

(6,100,000)

British Pound

3/01/10

$

(9,877,852

)

$

(9,743,707

)

$

134,145

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

28 Schedule of Investments

Class S ICESX
Class I IIQIX
Class C IIQCX
Class Z ICNEX
Class A IIQAX
Class Q ICEQX

Management Overview
ICON International Equity Fund

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

A.  For the fiscal year ended September 30, 2009, the ICON International Equity Fund returned 3.97% for Class S shares, 4.60% for Class I shares, 3.79% for Class C shares and 5.16% for Class Z shares underperforming the 6.45% return of the MSCI All Country World Index (ACWI) ex-U.S., the Fund’s benchmark. Class A shares of the Fund returned 4.65% (and -1.39% with maximum sales charge) and 4.97% for Class Q shares during the same period. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  International markets outperformed U.S. equities during fiscal year 2009. The period was bifurcated in nature, and was marked by the Fund’s broad declines among the major regions through March 9, 2009 (continuing 2008’s downward trend) followed by a strong reversal into a global recovery-based rally to the fiscal year end. The Asia-Pacific region, highlighted by China and India, performed relatively better than the European and Western Hemisphere regions. The last 12 months were characterized by dramatic shifts in sector leadership and market sentiment. The period’s volatility and rapid changes in leadership presented a challenge to our investment strategy, which focuses on identifying one to two year trends of industry leadership.

The most significant reallocation in the Fund during the period was a decreased weighting in Financials during the downturn through mid-year, followed by a reversal and reallocation to that same sector along with Information Technology and Consumer Discretionary as those areas showed the best opportunities for the ensuing recovery. In a similar manner, allocations to Europe were gradually reduced in favor of industries in the Asia-Pacific region, where we were guided by better combinations of value and relative strength according to our metrics. Furthermore, the economic situation in the Asia-Pacific region was healthier than that of Europe, which fostered a stronger environment and foundation to warrant the ensuing recovery.

As a multi-cap manager, we do not consider investments based on market capitalization. However, our valuations resulted in a concentration in mid- to small-cap companies during the period. These allocations were

Management Overview 29

overweight the predominantly large-cap benchmark, and the overweighting of small-cap stocks in particular benefited performance as large-cap stocks underperformed during this period.

Currency movements worldwide throughout the fiscal year had a slightly positive effect on returns. The U.S. dollar did experience a rebound in the first five months of this period, as worldwide risk aversion led to selling foreign currencies with a coincidental rise in demand for U.S. dollars. As fear abated, however, this trend reversed and ultimately benefited the Fund as foreign currencies recovered versus the U.S. dollar, thus benefitting shareholders.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  The Fund’s underweighting of the Financials sector proved to be beneficial as returns in this sector lagged behind the broad market in the wake of the global market downturn. Country selection within the diversified banks industry in particular was a positive note within this sector as Japan and the United Kingdom lagged their peers. Additionally, larger relative exposures in the Consumer Discretionary sector benefited returns as home improvement retailers and homebuilders, specifically those in Latin America, outpaced the benchmark.

Conversely, the European multi-line insurance industry was a major detractor, as this group suffered losses during the last 12 months. Further, the fertilizer & agricultural chemicals industry within the Materials sector and the IT consulting & other services industry within the Information Technology sector also hindered returns as stocks within these industries lagged the benchmark over this period.

Emerging markets outperformed over the entire period after strong participation in the recovery-based rally in the second half of the year. As such, the Fund’s positions in countries like China, Brazil, Mexico, and South Africa contributed positively to performance. Meanwhile, Germany, France, and Switzerland were the main detractors over this period.

30 Management Overview

Q.  What is your investment outlook for the international equity market?

A.  In spite the dramatic rally in equity prices since March 9, 2009, we still see opportunity worldwide, albeit less than in years past. The worldwide stock markets and representative companies are still feeling aftershocks from the financial crisis of 2008. Interest rates remain low, however, monetary policy is loose and accommodative, and corporate earnings are showing signs of improvement. We believe these are all positive signs for stocks going forward. As we close out fiscal year 2009, we estimate that, on average, fair value for international equities is 7% higher than where prices are currently trading. Europe, where equities are trading at a 13% upside to fair value, is showing the best bargains globally.

We believe the recovery-based market theme that emerged in 2009 remains in place, with the Financials, Consumer Discretionary, and Information Technology sectors showing the best combinations of value and relative strength amidst the current market environment. Our value-based calculations suggest that leadership could be imminent in the Health Care and Telecommunications & Utilities sectors, but our relative strength metrics have not yet confirmed that expectation.

While we do not target countries as a primary investment decision, it is a secondary factor we monitor. Switzerland and Germany remain the most attractive countries in the European region, according to our analysis. Within the Western Hemisphere, Brazil and Canada look attractive and Hong Kong currently leads in the Asia-Pacific region.

At ICON we are doing what we have always done by continuing to seek out industries trading at a discount to fair value and showing relative strength in the markets. By using value as a guide in our disciplined, systematic and non-emotional approach to investing, we see numerous opportunities amidst the recent turbulence and volatility. We believe it is nearly impossible to accurately time market bottoms and we believe rallies do not offer invitations. Therefore, given our current valuations, we remain almost fully invested. As market conditions dictate, we will adjust accordingly.

Management Overview 31

ICON International Equity Fund
Country Composition
as of September 30, 2009

Hong Kong	12.5%
Switzerland	9.9%
United Kingdom	9.8%
Germany	7.3%
France	6.3%
South Korea	6.3%
Canada	6.3%
Japan	4.8%
China	4.7%
Taiwan	4.2%
Spain	3.3%
Brazil	3.0%
Thailand	2.6%
India	2.5%
Norway	2.0%
Belgium	1.6%
Bermuda	1.5%
Singapore	1.4%
Denmark	1.0%
Mexico	0.9%
Italy	0.9%
Sweden	0.9%
Turkey	0.9%
Russia	0.9%
South Africa	0.5%
Finland	0.5%
Israel	0.4%
	96.9%

Percentages are based upon net assets excluding short-term investments and mutual funds.

ICON International Equity Fund
Sector Composition
as of September 30, 2009

Financial	25.6%
Consumer Discretionary	12.5%
Energy	12.0%
Information Technology	9.5%
Leisure and Consumer Staples	9.2%
Materials	8.3%
Health Care	8.2%
Industrials	7.6%
Telecommunication & Utilities	4.0%
	96.9%

Percentages are based upon net assets excluding short-term investments and mutual funds.

32 Management Overview

ICON International Equity Fund
Industry Composition
as of September 30, 2009

Diversified Banks	13.9%
Integrated Oil & Gas	8.4%
Pharmaceuticals	6.4%
Multi-Line Insurance	4.5%
Packaged Foods & Meats	4.2%
Life & Health Insurance	4.0%
Semiconductors	3.6%
Apparel Accessories & Luxury Goods	3.1%
Electronic Manufacturing Services	2.9%
Apparel Retail	2.6%
Steel	2.4%
Industrial Conglomerates	2.4%
Diversified Capital Markets	2.4%
Water Utilities	2.2%
Household Appliances	2.1%
Oil & Gas Drilling	1.9%
Homebuilding	1.8%
Diversified Chemicals	1.7%
Highways & Railtracks	1.7%
Diversified Metals & Mining	1.6%
Application Software	1.5%
Computer Hardware	1.4%
Integrated Telecommunication Services	1.4%
Communications Equipment	1.0%
Tires & Rubber	1.0%
Real Estate Development	1.0%
Restaurants	1.0%
Brewers	1.0%
Home Improvement Retail	1.0%
Other Industries (each less than 1%)	12.8%
	96.9%

Percentages are based upon net assets excluding short-term investments and mutual funds.

Management Overview 33

ICON International Equity Fund
Average Annual Total Return
as of September 30, 2009

															Gross			Net
	Inception											Since			Expense			Expense
	Date		1 Year			5 Years			10 Years			Inception			Ratio*			Ratio*
ICON International Equity Fund – Class S		1/25/08		3.97	%		N/A			N/A			-16.46	%		1.62	%		1.62	%
MSCI ACWI ex-U.S.				6.45	%		N/A			N/A			-10.50	%		N/A			N/A
ICON International Equity Fund – Class I		2/6/04		4.60	%		7.25	%		N/A			5.74	%		1.55	%		1.55	%
MSCI ACWI ex-U.S.				6.45	%		8.58	%		N/A			7.96	%		N/A			N/A
ICON International Equity Fund – Class C		2/19/04		3.79	%		5.96	%		N/A			4.03	%		2.44	%		2.44	%
MSCI ACWI ex-U.S.				6.45	%		8.58	%		N/A			7.45	%		N/A			N/A
ICON International Equity Fund – Class Z		2/18/97		5.16	%		7.68	%		5.29	%		6.58	%		1.27	%		1.27	%
MSCI ACWI ex-U.S.				6.45	%		8.58	%		4.46	%		5.70	%		N/A			N/A
ICON International Equity Fund – Class A		5/31/06		4.65	%		N/A			N/A			-3.99	%		1.73	%		1.73	%
ICON International Equity Fund – Class A (including maximum sales charge of 5.75%)		5/31/06		-1.39	%		N/A			N/A			-5.68	%		1.73	%		1.73	%
MSCI ACWI ex-U.S.				6.45	%		N/A			N/A			0.42	%		N/A			N/A
ICON International Equity Fund – Class Q		1/28/08		4.97	%		N/A			N/A			-16.58	%		1.31	%		1.31	%
MSCI ACWI ex-U.S.				6.45	%		N/A			N/A			-9.90	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The Fund’s name and investment strategy changed effective January 29, 2004. The Fund’s past performance would have been different if the current strategy had been in effect. The Adviser has agreed to limit certain Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future. Class Z shares are available only to grandfathered and institutional investors.

*  Please see the January 26, 2009 prospectus for details.

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

34 Management Overview

ICON International Equity Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund’s Class Z shares on the Class’ inception date of 2/18/97 to a $10,000 investment made in an unmanaged securities index on that date. Performance for the Fund’s other share classes will vary due to differences in charges and expenses. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends, capital gain distributions and tax return of capital, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 35

ICON International Equity Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (96.9%)
	12,000	Allianz AG	$	1,509,703
	28,700	Anheuser-Busch Inbev NV		1,316,282
	275,000	Asya Katilim Bankasi AS†		578,754
	162,300	Aviva PLC		1,166,582
	62,200	AXA S.A.		1,688,251
	67,600	Banca Popolare di Milano Scarl (BPM)		515,854
	59,800	Banco Bilbao Vizcaya Argentaria S.A.		1,065,200
	77,500	Banco Santander Central Hispano S.A.		1,251,844
	2,060,000	Bangkok Expressway Public Co., Ltd.		1,140,555
	1,788,000	Bank of China, Ltd. - Class H		938,008
	116,700	Bank of India		1,001,716
	21,700	Bank of Nova Scotia*		990,732
	7,900	Bayer AG		549,422
	42,218	Bidvest Group, Ltd.		669,294
	30,319	BNP Paribas		2,432,928
	272,500	BP PLC		2,413,622
	602,000	Cafe De Coral Holdings, Ltd.		1,317,442
	1,610,000	Charoen Pokphand Foods Public Co., Ltd.		382,679
	49,000	Cheung Kong Holdings, Ltd.		619,496
	401,000	China Agri-Industries Holdings, Ltd.		373,601
	702,000	China Construction Bank Corp. - Class H		558,420
	916,000	China Dongxiang Group Co.		609,265
	2,470,000	China Petroleum & Chemical Corp.		2,097,054
	1,354,000	China Railway Group, Ltd.†(a)		1,158,746
	674,000	China Yurun Food Group, Ltd.		1,451,024
	4,800	CNP Assurances		489,911
	1,225,095	Compal Electronics, Inc.		1,421,172
	450,000	Corporacion GEO S.A.B. de C.V. - Class B†*		1,223,787
	10,400	Credicorp, Ltd.*		808,704
	38,700	Credit Suisse Group		2,153,809
	320,800	Dah Sing Financial Group†		1,840,511
	13,100	Deutsche Bank AG		1,010,602
	11,900	Deutsche Postbank AG†		420,459
	79,100	Diageo PLC		1,216,771
	87,000	DnB NOR ASA†		1,013,383
	45,300	Dongkuk Steel Mill Co., Ltd.		1,045,742
	30,000	EFG International AG		542,959
	112,000	Empresa Brasileira de Aeronautica S.A.†*		644,950
	236,000	Esprit Holdings, Ltd.		1,581,387
	12,500	First Quantum Minerals, Ltd.*		817,451

36 Schedule of Investments

Shares or Principal Amount			Value
	1,234,000	Fosun International	$	857,277
	76,000	FUJITSU, Ltd.		495,791
	20,860	Gerry Weber International AG		695,031
	30,000	Getinge AB - Class B		504,363
	61,800	GlaxoSmithKline PLC		1,218,316
	47,400	Grifols S.A.		904,899
	5,822,000	Guangdong Investment, Ltd.		2,860,079
	500,500	Hon Hai Precision Industry Co., Ltd.		1,999,768
	159,000	Itausa-Investimentos Itau S.A.*		962,276
	77,000	JSW Steel, Ltd.		1,326,053
	11,400	Julius Baer Holding AG		571,935
	935	Jupiter Telecommunications Co., Ltd.		904,298
	231,200	Koc Holding AS†		609,996
	1,098,000	KWG Property Holding, Ltd.		706,685
	419,000	Legal & General Group PLC		590,843
	86,000	LG Fashion Corp.		1,939,785
	188,000	Li & Fung, Ltd.		753,251
	21,000	LUKOIL - ADR*		1,151,850
	58,000	Manulife Financial Corp.*		1,219,170
	286,000	Marico, Ltd.		530,451
	4,300	Megastudy Co., Ltd.		881,005
	157,100	Meggitt PLC		585,821
	10,400	Merck KGaA		1,032,168
	54,000	Mitsui & Co., Ltd.		702,641
	57,300	MRV Engenharia E Participacoes S.A.*		1,111,192
	36,870	Nestle S.A.		1,574,460
	26,800	Nokian Renkaat Oyj(a)		625,920
	34,440	Novartis AG		1,730,449
	20,200	Novo Nordisk A/S - Class B		1,270,621
	3,100	OBIC Co., Ltd.		523,244
	7,880	OCI Co., Ltd.		1,760,474
	800,000	Old Mutual PLC		1,281,941
	18,100	Omega Pharma S.A.		801,039
	64,000	Petroleo Brasiliero S.A.*		1,260,633
	1,318,400	Pirelli & C. S.p.A.†		707,804
	27,800	Point, Inc.		1,835,356
	28,700	Praktiker Bau- und Heimwerkermaerkte Holding AG		394,172
	69,180	Prudential PLC		666,642
	20,400	Research In Motion, Ltd.† *		1,379,440
	10,700	Roche Holding AG		1,730,570
	64,700	Rona, Inc.† *		906,670
	65,500	Royal Dutch Shell PLC - Class B		1,819,241
	1,522,000	Sa Sa International Holdings, Ltd.		661,558
	3,900	Samsung Electronics Co., Ltd.		2,693,320
	41,800	SAP AG		2,043,142
	58,000	Seadrill, Ltd.†		1,214,737
	20,800	SEB S.A.		1,107,375
	42,000	Shionogi & Co., Ltd.		993,692
	2,634,000	Sichuan Expressway Co., Ltd.		1,044,138
	21,000	Siemens AG		1,947,555
	850	Sika AG		1,149,271
	17,183	Societe Generale		1,389,743
	48,013	StatoilHydro ASA		1,084,419
	31,600	Sun Life Financial, Inc.*		990,452

Schedule of Investments 37

Shares or Principal Amount			Value
	679,839	Taiwan Semiconductor Manufacturing Co., Ltd.	$	1,346,239
	1,996,000	Techtronic Industries Co., Ltd.		1,634,935
	40,200	Telefonica S.A.		1,112,105
	104,300	TeliaSonera AB		686,418
	9,600	Teva Pharmaceutical Industries, Ltd. - ADR*		485,376
	1,100,000	Thai Union Frozen Products Public Co., Ltd.		847,958
	151,000	The Siam Cement Public Co., Ltd.		1,001,445
	3,320	The Swatch Group AG		784,242
	31,100	The Toronto-Dominion Bank*		2,012,028
	109,000	Tomra Systems ASA		510,023
	21,055	Total S.A.		1,251,380
	194,148	Transcend Information, Inc.		692,368
	15,200	Transocean, Ltd.†*		1,300,056
	94,000	Union Bank of India		466,776
	42,800	Vedanta Resources PLC		1,302,418
	278,000	Venture Manufacturing, Ltd.		1,768,593
	293,000	Vodafone Group PLC		658,106
	2,135,000	Want Want China Holdings, Ltd.		1,253,588
	12,800	Yamada Denki Co., Ltd.		863,724
Shares or Principal Amount			Value
	226,000	Zhuzhou CSR Times Electric Co., Ltd. - Class H(a)	$	392,171
	6,510	Zurich Financial Services AG		1,552,732
Total Common Stocks (Cost $106,181,701)				127,653,775
Rights (0.0%)
	30,319	BNP Paribas 40 EUR, 10/14/09*		65,657
Total Rights (Cost $0)				65,657
Short-Term Investments (5.1%)
	11,558	Brown Brothers Harriman Time Deposit - Canadian Dollar, 0.06%, 10/01/09*#		10,798
	59,880	Brown Brothers Harriman Time Deposit - Hong Kong Dollar, 0.01%, 10/01/09*#		7,727
$	6,641,324	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09*#		6,641,324
Total Short-Term Investments (Cost $6,659,849)				6,659,849
Mutual Funds (2.9%)
	3,760,805	Invesco Aim Liquid Assets Portfolio, 0.28%*^		3,760,805
Total Mutual Funds (Cost $3,760,805)				3,760,805
Total Investments 104.9% (Cost $116,602,355)				138,140,086
Liabilities Less Other Assets (4.9)%				(6,417,156	)
Net Assets 100.0%			$	131,722,930

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

†	Non-income producing security.
^	Investments made with cash collateral received from securities on loan. The rates listed are as of September 30, 2009.

38 Schedule of Investments

#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of September 30, 2009.
*	All securities were fair valued (Note 1) as of September 30, 2009 unless noted with a *. Total value of securities fair valued was $110,389,008.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

As of September 30, 2009, the Fund had the following forward currency contracts outstanding:

					Original						Unrealized
			Delivery		Contract			Market			Appreciation/
	Currency		Date		Value			Value			(Depreciation)
Contracts to Sell:
(153,000,000)		Taiwan Dollar		02/26/10	$	(4,706,244	)	$	(4,862,642	)	$	(156,398	)
(6,900,000)		British Pound		03/01/10		(11,173,308	)		(11,021,570	)		151,738
					$	(15,879,552	)	$	(15,884,212	)	$	(4,660	)
Contracts to Buy:
153,000,000		Taiwan Dollar		02/26/10	$	4,871,060		$	4,862,642		$	(8,418	)

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

Schedule of Investments 39

Statements of Assets and Liabilities
September 30, 2009

	ICON
	Asia-Pacific		ICON		ICON
	Region		Europe		International
	Fund		Fund		Equity Fund
Assets
Investments, at cost	$	97,129,142	$	53,189,979	$	116,602,355
Investments, at value †		112,853,759		60,937,766		138,140,086
Foreign currency, at value (a)		267,854		-		-
Unrealized appreciation on forward foreign currency exchange contracts		-		134,145		151,738
Receivables:
Fund shares sold		600,461		253,794		340,785
Investments sold		789,346		123,072		353,082
Dividends		268,261		49,862		195,277
Expense reimbursements by Adviser		15,433		15,046		51,502
Foreign tax reclaims		361		47,008		22,375
Other assets		71,844		50,334		69,039
Total Assets		114,867,319		61,611,027		139,323,884
Liabilities
Unrealized depreciation on forward foreign currency contracts		258,535		-		164,816
Payables:
Investments purchased		1,228,375		2,132,350		3,074,402
Payable for collateral received on securities loaned		3,960,107		2,518,833		3,760,805
Fund shares redeemed		44,274		28,258		305,660
Advisory fees		89,856		43,559		106,810
Accrued distribution fees		254		52		21,433
Fund accounting fees		625		327		757
Transfer agent fees		5,545		8,221		14,618
Administration fees		4,405		1,923		5,318
Trustee fees		1,487		726		1,771
Capital gains tax payable		110,000		-		118,000
Accrued expenses		14,004		7,893		26,564
Total Liabilities		5,717,467		4,742,142		7,600,954
Net Assets - all share classes	$	109,149,852	$	56,868,885	$	131,722,930
Net Assets - Class S	$	108,325,292	$	56,680,625	$	35,748,334
Net Assets - Class I	$	16,361	$	3,522	$	36,860,303
Net Assets - Class C	$	259,661	$	22,255	$	15,773,726
Net Assets - Class Z	$	5,659	$	3,554	$	29,437,141
Net Assets - Class A	$	542,879	$	158,929	$	5,213,607
Net Assets - Class Q	$	-	$	-	$	8,689,819

40 Financial Statements

	ICON
	Asia-Pacific			ICON			ICON
	Region			Europe			International
	Fund			Fund			Equity Fund
Net Assets Consist of
Paid-in capital	$	128,765,371		$	110,483,616		$	222,174,044
Accumulated undistributed net investment income/(loss)		1,484,422			314,871			1,725,539
Accumulated undistributed net realized gain/(loss) from investment and foreign currency transactions		(36,579,396	)		(61,806,660	)		(113,685,976	)
Unrealized appreciation/(depreciation) on investments and other assets and liabilities denominated in foreign currency		15,479,455			7,877,058			21,509,323
Net Assets	$	109,149,852		$	56,868,885		$	131,722,930
Shares outstanding (unlimited shares authorized, no par value)
Class S		10,176,425			4,614,330			3,172,449
Class I		1,534			287			3,359,663
Class C		24,638			1,831			1,516,125
Class Z		530			289			2,644,386
Class A		51,073			12,919			471,180
Class Q		-			-			781,843
Net asset value (offering and redemption price per share)
Class S	$	10.64		$	12.28		$	11.27
Class I	$	10.67		$	12.27		$	10.97
Class C	$	10.54		$	12.15		$	10.40
Class Z	$	10.68		$	12.30		$	11.13
Class A	$	10.63		$	12.30		$	11.07
Class Q	$	-		$	-		$	11.11
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	11.28		$	13.05		$	11.75
† Includes securities on loan of	$	3,733,690		$	432,679		$	1,220,660
(a) Foreign currency, at cost	$	262,774		$	-		$	-

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

Financial Statements 41

Statements of Operations
For the Year Ended September 30, 2009

	ICON
	Asia-Pacific			ICON			ICON
	Region			Europe			International
	Fund			Fund			Equity Fund
Investment Income
Interest	$	1,323		$	2,227		$	7,627
Dividends		1,559,079			1,541,370			2,855,795
Income from securities lending, net		108,791			73,995			191,373
Foreign taxes withheld		(110,364	)		(111,706	)		(239,136	)
Total Investment Income		1,558,829			1,505,886			2,815,659
Expenses
Advisory fees		612,025			486,496			1,126,145
Distribution fees:
Class I		22			15			110,613
Class C		652			150			143,751
Class A		1,007			419			10,960
Fund accounting fees		45,493			35,711			62,992
Transfer agent fees		99,509			94,153			163,765
Custody fees		61,017			54,060			91,647
Administration fees		30,399			24,121			55,898
Registration fees:
Class S		20,415			21,560			3,750
Class I		7,123			7,175			18,527
Class C		7,123			7,177			18,666
Class Z		788			788			-
Class A		11,333			10,450			11,100
Class Q		-			-			1,120
Insurance expense		11,531			11,346			23,177
Trustee fees and expenses		9,614			6,467			14,564
Interest expense		11,249			8,777			835
Other expenses		63,085			36,102			79,111
Total expenses before expense reimbursement and transfer agent earnings credit		992,385			804,967			1,936,621
Transfer agent earnings credit		(79	)		(92	)		(178	)
Expense reimbursement by Adviser due to expense limitation agreement		(43,152	)		(41,919	)		(58,925	)
Expenses voluntarily waived by Adviser		-			-			(33,354	)
Net Expenses		949,154			762,956			1,844,164
Net Investment Income/(Loss)		609,675			742,930			971,495
Net Realized and Unrealized Gain/(Loss) on Investments, Foreign Currency and Capital Gains Tax
Net realized gain/(loss) from investment transactions		(24,654,650	)		(39,112,789	)		(68,731,244	)
Net realized gain/(loss) from foreign currency transactions		1,812,560			(222,611	)		853,204
Net realized capital gains tax		(152,123	)		-			(136,679	)
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations		32,307,243			26,253,592			59,678,543
Net Realized and Unrealized Gain/(Loss) on Investments, Foreign Currency and Capital Gains Tax		9,313,030			(13,081,808	)		(8,336,176	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	9,922,705		$	(12,338,878	)	$	(7,364,681	)

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

42 Financial Statements

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Statements of Changes in Net Assets

	ICON Asia-Pacific Region Fund						ICON Europe Fund						ICON International Equity Fund
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008			2009			2008
Operations
Net investment income/(loss)	$	609,675		$	1,016,624		$	742,930		$	2,588,293		$	971,495		$	3,320,212
Net realized gain/(loss) from investment transactions		(24,654,650	)		(5,390,874	)		(39,112,789	)		(19,985,274	)		(68,731,244	)		(42,436,248	)
Net realized gain/(loss) from foreign currency transactions		1,812,560			(468,780	)		(222,611	)		(315,187	)		853,204			(927,844	)
Net realized capital gains tax		(152,123	)		-			-			-			(136,679	)		-
Change in net unrealized appreciation/(depreciation) on investments, foreign currency translations		32,307,243			(61,368,762	)		26,253,592			(39,200,115	)		59,678,543			(77,067,637	)
Net increase/(decrease) in net assets resulting from operations		9,922,705			(66,211,792	)		(12,338,878	)		(56,912,283	)		(7,364,681	)		(117,111,517	)
Dividends and Distributions to Shareholders
Net investment income
Class S		(766,237	)		(1,159,659	)		(1,818,492	)		(1,423,883	)		-			-
Class I		(87	)		-			(317	)		-			(1,476,602	)		(1,286,755	)
Class C		(282	)		-			(313	)		-			(116,245	)		(4,422	)
Class Z		(69	)		-			(91	)		-			(426,650	)		(312,185	)
Class A		(2,949	)		(7,875	)		(4,370	)		(2,786	)		(82,280	)		(62,758	)
Class Q		-			-			-			-			(204,736	)		-
Net realized gains
Class S		-			(21,792,618	)		-			(18,793,180	)		-			-
Class I		-			-			-			-			-			(19,127,601	)
Class C		-			-			-			-			-			(3,423,110	)
Class Z		-			-			-			-			-			(3,637,063	)
Class A		-			(177,023	)		-			(67,852	)		-			(931,990	)
Net decrease from dividends and distributions		(769,624	)		(23,137,175	)		(1,823,583	)		(20,287,701	)		(2,306,513	)		(28,785,884	)
Fund Share Transactions
Shares sold
Class S		68,526,114			53,849,697			14,191,781			73,628,287			37,481,231			2,400,225
Class I		8,014			14,400			5			22,500			10,161,189			97,739,179
Class C		328,363			65,721			5,500			20,157			1,225,128			14,385,146
Class Z		15			7,100			-			5,000			28,152,025			23,922,897
Class A		1,049,447			2,156,577			16,163			189,257			853,358			11,423,858
Class Q		-			-			-			-			707,343			25,433,899
Reinvested dividends and distributions
Class S		742,224			22,106,280			1,796,515			19,745,712			-			-
Class I		87			-			317			-			1,423,394			19,925,371
Class C		282			-			313			-			102,403			3,142,931
Class Z		69			-			91			-			423,014			3,880,524
Class A		2,549			156,269			3,787			58,430			71,623			919,493
Class Q		-			-			-			-			204,396			-

44 Financial Statements

Statements of Changes in Net Assets

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45

Statements of Changes in Net Assets (continued)

	ICON Asia-Pacific Region Fund						ICON Europe Fund						ICON International Equity Fund
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008			2009			2008
Shares repurchased
Class S		(39,519,959	)		(123,177,916	)		(29,533,643	)		(71,225,916	)		(14,393,575	)		(241,380	)
Class I		(3,089	)		-			(8,753	)		-			(63,795,984	)		(77,547,995	)
Class C		(124,771	)		(18,434	)		-			-			(6,471,332	)		(6,372,588	)
Class Z		(6	)		-			-			-			(15,356,217	)		(36,410,408	)
Class A		(992,203	)		(2,136,060	)		(165,717	)		(252,653	)		(2,271,884	)		(6,748,398	)
Class Q		-			-			-			-			(3,513,989	)		(7,583,868	)
Net increase/(decrease) from fund share transactions		30,017,136			(46,976,366	)		(13,693,641	)		22,190,774			(24,997,877	)		68,268,886
Total net increase/(decrease) in net assets		39,170,217			(136,325,333	)		(27,856,102	)		(55,009,210	)		(34,669,071	)		(77,628,515	)
Net Assets
Beginning of period		69,979,635			206,304,968			84,724,987			139,734,197			166,392,001			244,020,516
End of period	$	109,149,852		$	69,979,635		$	56,868,885		$	84,724,987		$	131,722,930		$	166,392,001
Transactions in Fund Shares
Shares sold
Class S		7,474,792			3,584,171			1,315,107			3,521,445			4,818,426			156,261
Class I		761			1,054			-			1,224			1,211,533			5,932,009
Class C		34,743			5,015			596			1,202			152,037			910,029
Class Z		-			520			-			279			3,459,568			1,499,033
Class A		135,002			138,278			1,625			9,019			98,082			673,802
Class Q		-			-			-			-			92,571			1,645,599
Reinvested dividends and distributions
Class S		105,388			1,502,859			191,242			984,824			-			-
Class I		12			-			34			-			191,841			1,204,832
Class C		40			-			33			-			14,484			200,187
Class Z		10			-			10			-			56,477			231,812
Class A		362			10,689			402			2,920			9,552			55,159
Class Q		-			-			-			-			27,289			-
Shares repurchased
Class S		(4,742,328	)		(8,661,436	)		(3,265,926	)		(3,918,107	)		(1,785,702	)		(16,536	)
Class I		(293	)		-			(970	)		-			(8,313,274	)		(5,346,734	)
Class C		(13,650	)		(1,510	)		-			-			(847,038	)		(446,685	)
Class Z		-			-			-			-			(2,120,422	)		(2,332,032	)
Class A		(128,235	)		(156,998	)		(17,256	)		(11,624	)		(285,661	)		(412,986	)
Class Q		-			-			-			-			(449,303	)		(534,313	)
Net increase/(decrease)		2,866,604			(3,577,358	)		(1,775,103	)		591,182			(3,669,540	)		3,419,437
Shares outstanding, beginning of period		7,387,596			10,964,954			6,404,760			5,813,578			15,615,186			12,195,749
Shares outstanding, end of period		10,254,200			7,387,596			4,629,657			6,404,760			11,945,646			15,615,186
Accumulated undistributed net investment income	$	1,484,422		$	(188,570	)	$	314,871		$	1,776,910		$	1,725,539		$	2,145,865

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

46 Financial Statements

Statements of Changes in Net Assets (continued)

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47

Financial Highlights

			Income from investment
			operations									Less dividends and
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Asia-Pacific Region Fund
Class S
Year Ended September 30, 2009	$	9.47	$	0.08		$	1.20		$	1.28		$	(0.11	)	$	-
Year Ended September 30, 2008		18.82		0.10			(6.99	)		(6.89	)		(0.12	)		(2.34	)
Year Ended September 30, 2007		13.19		0.15			5.51			5.66			(0.03	)		-
Year Ended September 30, 2006		11.25		0.02			1.93			1.95			(0.01	)		-
Year Ended September 30, 2005		8.17		0.03			3.08			3.11			(0.03	)		-
Class I
Year Ended September 30, 2009		9.45		0.06			1.24			1.30			(0.08	)		-
January 25, 2008 (inception) to September 30, 2008		13.73		0.10			(4.38	)		(4.28	)		-			-
Class C
Year Ended September 30, 2009		9.41		0.02			1.18			1.20			(0.07	)		-
January 25, 2008 (inception) to September 30, 2008		13.73		0.05			(4.37	)		(4.32	)		-			-
Class Z
Year Ended September 30, 2009		9.48		0.11			1.22			1.33			(0.13	)		-
January 25, 2008 (inception) to September 30, 2008		13.73		0.15			(4.40	)		(4.25	)		-			-
Class A
Year Ended September 30, 2009		9.38		0.05			1.25			1.30			(0.05	)		-
Year Ended September 30, 2008		18.72		0.03			(6.93	)		(6.90	)		(0.10	)		(2.34	)
Year Ended September 30, 2007		13.18		0.27			5.30			5.57			(0.03	)		-
May 31, 2006 (inception) to September 30, 2006		13.54		0.04			(0.40	)		(0.36	)		-			-
ICON Europe Fund
Class S
Year Ended September 30, 2009		13.23		0.15			(0.79	)		(0.64	)		(0.31	)		-
Year Ended September 30, 2008		24.04		0.36			(8.21	)		(7.85	)		(0.21	)		(2.75	)
Year Ended September 30, 2007		18.82		0.21			5.33			5.54			(0.05	)		(0.27	)
Year Ended September 30, 2006		15.68		0.20			3.80			4.00			-			(0.86	)
Year Ended September 30, 2005		12.03		0.07			3.58			3.65			-			-
Class I
Year Ended September 30, 2009		13.18		0.07			(0.71	)		(0.64	)		(0.26	)		-
January 25, 2008 (inception) to September 30, 2008		17.91		0.33			(5.06	)		(4.73	)		-			-
Class C
Year Ended September 30, 2009		13.12		0.07			(0.80	)		(0.73	)		(0.24	)		-
January 25, 2008 (inception) to September 30, 2008		17.91		0.07			(4.86	)		(4.79	)		-			-
Class Z
Year Ended September 30, 2009		13.24		0.19			(0.81	)		(0.62	)		(0.32	)		-
January 25, 2008 (inception) to September 30, 2008		17.91		0.36			(5.03	)		(4.67	)		-			-
Class A
Year Ended September 30, 2009		13.14		0.12			(0.75	)		(0.63	)		(0.21	)		-
Year Ended September 30, 2008		23.91		0.26			(8.17	)		(7.91	)		(0.11	)		(2.75	)
Year Ended September 30, 2007		18.79		0.15			5.28			5.43			(0.04	)		(0.27	)
May 31, 2006 (inception) to September 30, 2006		18.40		(0.02	)		0.41			0.39			-			-

48 Financial Highlights

																Ratio of net investment
										Ratio of expenses						income/(loss) to average
										to average net assets(d)						net assets(d)
													After						After
										Before			contractual			Before			contractual
										expense			expense			expense			expense
										limitation/			limitation/			limitation/			limitation/
distributions										recoupment			recoupment			recoupment			recoupment
Total			Net asset					Net assets,		and transfer			and transfer			and transfer			and transfer
dividends			value,					end of		agent			agent			agent			agent			Portfolio
and			end of		Total			period (in		earnings			earnings			earnings			earnings			turnover
distributions			period		return*			thousands)		credit			credit			credit			credit			rate(a)
$	(0.11	)	$	10.64		14.18	%	$	108,325		1.54	%		1.54	%		1.00	%		1.00	%		171.05	%
	(2.46	)		9.47		(41.26	)%		69,519		1.42	%		1.42	%		0.70	%		0.70	%		168.42	%
	(0.03	)		18.82		43.03	%		205,332		1.38	%		1.38	%		0.96	%		0.97	%		130.84	%
	(0.01	)		13.19		17.36	%		147,444		1.44	%		1.44	%		0.12	%		0.12	%		159.51	%
	(0.03	)		11.25		38.12	%		48,721		1.93	%		N/A			0.30	%		N/A			185.84	%
	(0.08	)		10.67		14.24	%		16		127.83	%		1.83	%(b)		(125.26	)%		0.74	%		171.05	%
	-			9.45		(31.17	)%		10		51.45	%		1.91	%(b)		(48.29	)%		1.25	%		168.42	%
	(0.07	)		10.54		13.10	%		260		19.80	%		2.55	%(b)		(17.06	)%		0.19	%		171.05	%
	-			9.41		(31.46	)%		33		23.58	%		2.64	%(b)		(20.28	)%		0.66	%		168.42	%
	(0.13	)		10.68		14.78	%		6		106.17	%		1.27	%(b)		(103.60	)%		1.30	%		171.05	%
	-			9.48		(30.95	)%		5		77.18	%		1.37	%(b)		(74.04	)%		1.77	%		168.42	%
	(0.05	)		10.63		14.11	%		543		5.89	%		1.82	%(b)		(3.41	)%		0.66	%		171.05	%
	(2.44	)		9.38		(41.53	)%		412		2.94	%		1.88	%(b)		(0.82	)%		0.24	%		168.42	%
	(0.03	)		18.72		42.38	%		973		3.26	%		1.85	%(b)		0.24	%		1.65	%		130.84	%
	-			13.18		(2.66	)%		24		25.78	%		1.81	%(b)		(23.09	)%		0.88	%		159.51	%
	(0.31	)		12.28		(4.13	)%		56,681		1.57	%		1.57	%		1.52	%		1.52	%		129.97	%
	(2.96	)		13.23		(36.83	)%		84,320		1.35	%		1.35	%		1.89	%		1.89	%		181.83	%
	(0.32	)		24.04		29.69	%		139,069		1.35	%		1.35	%		0.97	%		0.97	%		133.36	%
	(0.86	)		18.82		27.09	%		105,409		1.51	%		1.51	%		1.13	%		1.13	%		100.62	%
	-			15.68		30.34	%		23,243		1.85	%		N/A			0.51	%		N/A			153.55	%
	(0.26	)		12.27		(4.34	)%		4		182.13	%		1.82	%(b)		(179.63	)%		0.68	%		129.97	%
	-			13.18		(26.41	)%		16		26.07	%		1.83	%(b)		(21.42	)%		2.82	%		181.83	%
	(0.24	)		12.15		(5.04	)%		22		75.12	%		2.57	%(b)		(71.83	)%		0.72	%		129.97	%
	-			13.12		(26.74	)%		16		51.24	%		2.58	%(b)		(48.03	)%		0.63	%		181.83	%
	(0.32	)		12.30		(3.89	)%		4		160.63	%		1.29	%(b)		(157.36	)%		1.98	%		129.97	%
	-			13.24		(26.07	)%		4		92.86	%		1.32	%(b)		(88.52	)%		3.02	%		181.83	%
	(0.21	)		12.30		(4.32	)%		159		11.15	%		1.82	%(b)		(8.08	)%		1.25	%		129.97	%
	(2.86	)		13.14		(37.17	)%		370		4.36	%		1.83	%(b)		(1.18	)%		1.35	%		181.83	%
	(0.31	)		23.91		29.14	%		666		2.43	%		1.84	%(b)		0.09	%		0.69	%		133.36	%
	-			18.79		2.12	%		30		33.40	%		1.84	%(b)		(31.86	)%		(0.30	)%		100.62	%

Financial Highlights 49

Financial Highlights (continued)

			Income from investment
			operations									Less dividends and
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON International Equity Fund
Class S
Year Ended September 30, 2009	$	10.84	$	0.13		$	0.30		$	0.43		$	-		$	-
January 25, 2008 (inception) to September 30, 2008		15.25		0.20			(4.61	)		(4.41	)		-			-
Class I
Year Ended September 30, 2009		10.71		0.05			0.37			0.42			(0.16	)		-
Year Ended September 30, 2008		20.09		0.22			(7.48	)		(7.26	)		(0.13	)		(1.99	)
Year Ended September 30, 2007		14.94		0.18			5.63			5.81			-(c	)		(0.66	)
Year Ended September 30, 2006		12.91		0.09			2.57			2.66			(0.01	)		(0.62	)
Year Ended September 30, 2005		10.59		0.04			3.25			3.29			-			(0.97	)
Class C
Year Ended September 30, 2009		10.10		-(c	)		0.36			0.36			(0.06	)		-
Year Ended September 30, 2008		19.09		0.07			(7.07	)		(7.00	)		-(c	)		(1.99	)
Year Ended September 30, 2007		14.36		-(c	)		5.39			5.39			-			(0.66	)
Year Ended September 30, 2006		12.53		(0.03	)		2.48			2.45			-			(0.62	)
Year Ended September 30, 2005		10.55		(0.14	)		3.09			2.95			-			(0.97	)
Class Z
Year Ended September 30, 2009		10.87		0.11			0.35			0.46			(0.20	)		-
Year Ended September 30, 2008		20.34		0.22			(7.53	)		(7.31	)		(0.17	)		(1.99	)
Year Ended September 30, 2007		15.07		0.20			5.73			5.93			-			(0.66	)
Year Ended September 30, 2006		13.00		0.09			2.63			2.72			(0.03	)		(0.62	)
Year Ended September 30, 2005		10.60		0.06			3.31			3.37			-			(0.97	)
Class A
Year Ended September 30, 2009		10.78		0.06			0.37			0.43			(0.14	)		-
Year Ended September 30, 2008		20.24		0.18			(7.52	)		(7.34	)		(0.13	)		(1.99	)
Year Ended September 30, 2007		15.06		0.17			5.67			5.84			-			(0.66	)
May 31, 2006 (inception) to September 30, 2006		15.17		0.03			(0.14	)		(0.11	)		-			-
Class Q
Year Ended September 30, 2009		10.86		0.10			0.35			0.45			(0.20	)		-
January 28, 2008 (inception) to September 30, 2008		15.44		0.23			(4.81	)		(4.58	)		-			-

(x)	Calculated using the average share method.
*	The total return calculation is for the period indicated and excludes any sales charges.
(a)	Not annualized.
(b)	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 interest expense.
(c)	Amount less than $0.005.
(d)	Annualized for periods less than a year.
(e)	The ratio of expenses to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.29%, 1.73%, 2.52%, 1.25%, 1.76% and 1.37% for Class S, Class I, Class C, Class Z, Class A and Class Q, respectively.
(f)	The ratio of net investment income/(loss) to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.47%, 0.62%, (0.01%), 1.25%, 0.74% and 1.15% for Class S, Class I, Class C, Class Z, Class A and Class Q, respectively.

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

50 Financial Highlights

										Ratio of expenses						Ratio of net investment
										to average net						income/(loss) to average
										assets(d)						net assets(d)
										Before			After			Before			After
										contractual			contractual			contractual			contractual
										expense			expense			expense			expense
										limitation/			limitation/			limitation/			limitation/
distributions										recoupment			recoupment			recoupment			recoupment
Total			Net asset					Net assets,		and transfer			and transfer			and transfer			and transfer
dividends			value,					end of		agent			agent			agent			agent			Portfolio
and			end of		Total			period (in		earnings			earnings			earnings			earnings			turnover
distributions			period		return*			thousands)		credit			credit			credit			credit			rate(a)
$	-		$	11.27		3.97	%	$	35,748		1.34	%		1.34	%(b)(e)		1.42	%		1.42	%(f)		182.73	%
	-			10.84		(28.92	)%		1,515		1.62	%		1.62	%(b)		2.08	%		2.08	%		188.73	%
	(0.16	)		10.97		4.60	%		36,860		1.76	%		1.76	%(b)(e)		0.59	%		0.59	%(f)		182.73	%
	(2.12	)		10.71		(39.85	)%		110,029		1.55	%		1.55	%(b)		1.39	%		1.39	%		188.73	%
	(0.66	)		20.09		40.11	%		170,383		1.54	%		1.54	%(b)		1.02	%		1.03	%		132.30	%
	(0.63	)		14.94		21.20	%		76,454		1.71	%		1.71	%(b)		0.59	%		0.59	%		129.31	%
	(0.97	)		12.91		32.90	%		15,376		2.02	%		1.97	%		0.27	%		0.32	%		139.23	%
	(0.06	)		10.40		3.79	%		15,774		2.64	%		2.55	%(b)(e)		(0.13	)%		(0.04	)%(f)		182.73	%
	(1.99	)		10.10		(40.38	)%		22,194		2.44	%		2.44	%(b)		0.47	%		0.47	%		188.73	%
	(0.66	)		19.09		38.74	%		29,274		2.57	%		2.56	%(b)		(0.04	)%		(0.03	)%		132.30	%
	(0.62	)		14.36		20.09	%		13,899		2.76	%		2.54	%(b)		(0.39	)%		(0.18	)%		129.31	%
	(0.97	)		12.53		29.56	%		1,622		4.52	%		3.51	%		(2.23	)%		(1.22	)%		139.23	%
	(0.20	)		11.13		5.16	%		29,437		1.43	%		1.25	%(b)(e)		1.07	%		1.25	%(f)		182.73	%
	(2.16	)		10.87		(39.66	)%		13,580		1.27	%		1.27	%(b)		1.31	%		1.31	%		188.73	%
	(0.66	)		20.34		40.56	%		37,619		1.26	%		1.26	%(b)		1.16	%		1.16	%		132.30	%
	(0.65	)		15.07		21.54	%		28,295		1.41	%		1.40	%(b)		0.60	%		0.61	%		129.31	%
	(0.97	)		13.00		33.57	%		15,466		1.68	%		1.68	%		0.51	%		0.51	%		139.23	%
	(0.14	)		11.07		4.65	%		5,214		2.08	%		1.80	%(b)(e)		0.42	%		0.70	%(f)		182.73	%
	(2.12	)		10.78		(39.95	)%		7,001		1.73	%		1.73	%(b)		1.17	%		1.17	%		188.73	%
	(0.66	)		20.24		39.97	%		6,744		1.70	%		1.69	%(b)		0.98	%		0.99	%		132.30	%
	-			15.06		(0.73	)%		88		19.13	%		1.79	%(b)		(16.62	)%		0.72	%		129.31	%
	(0.20	)		11.11		4.97	%		8,690		1.41	%		1.40	%(b)(e)		1.11	%		1.12	%(f)		182.73	%
	-			10.86		(29.66	)%		12,072		1.31	%		1.31	%(b)		2.36	%		2.36	%		188.73	%

Financial Highlights 51

Notes to Financial Statements
September 30, 2009

1. Organization

The ICON Asia-Pacific Region Fund (“Asia-Pacific Region Fund”), ICON Europe Fund (“Europe 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. The Asia-Pacific Region Fund and the Europe Fund offer five classes of shares: Class S, Class I, Class C, Class Z and Class A. The International Equity Fund offers six classes of shares: Class S, Class I, Class C, Class Z, Class A, and Class Q. 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 14 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 Asia-Pacific Region Fund and the Europe Fund primarily invest in companies whose principal business activities fall within specific regions. The investment objective of each Fund is long-term capital appreciation.

The Funds may have elements of risk, including the risk of loss of principal. 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 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

52 Notes to Financial Statements

and issuers. 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 minimal.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Investment Valuation

The Funds’ securities and other assets are valued at the closing price at the close of the regular trading session of the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern time) each day the NYSE is open, except that (a) 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; and (b) foreign securities in the Funds traded in countries outside of the Western Hemisphere are fair valued daily based on procedures established by the Funds’ Board of Trustees (“Board”) to avoid stale prices and to take into account, among other things, any significant events occurring after the close of a foreign market in those regions.

The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets

Notes to Financial Statements 53

Notes to Financial Statements (continued)

are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.

Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with 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 securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.

Investments in other open-end investment companies are valued at net asset value.

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.

54 Notes to Financial Statements

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 certain foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on September 30, 2009:

	LEVEL 1		LEVEL 2
	Investments		Investments
	in Securities		in Securities
ICON Asia-Pacific Region Fund
Common Stock
Hong Kong	$	-	$	23,257,918
Japan		-		22,708,236
Korea		582,265		16,762,852
China		-		11,556,674
Taiwan		-		9,155,199
Singapore		343,160		5,669,861
Other Countries		1,706,592		11,429,903
Short-Term Investments		-		5,720,992
Mutual Funds		3,960,107		-
Forward Foreign Currency Contracts		-		(258,535	)
Total	$	6,592,124	$	106,003,100
ICON Europe Fund
Common Stock
United Kingdom	$	-	$	12,413,604
Switzerland		-		9,515,888
Germany		-		6,700,374
France		-		3,123,773
Other Countries		1,153,159		20,619,695
Short-Term Investments		—		4,858,164
Mutual Funds		2,518,833		-
Rights		34,276		-
Forward Foreign Currency Contracts		-		134,145
Total	$	3,706,268	$	57,365,643

Notes to Financial Statements 55

Notes to Financial Statements (continued)

	LEVEL 1		LEVEL 2
	Investments		Investments
	in Securities		in Securities
ICON International Equity Fund
Common Stock
Hong Kong	$	-	$	16,489,866
Switzerland		1,300,056		11,790,427
United Kingdom		-		12,920,303
Germany		-		9,602,254
France		-		8,359,588
Korea		-		8,320,326
Canada		8,315,943		-
Japan		-		6,318,746
China		-		6,218,770
Taiwan		-		5,459,547
Other Countries		7,648,768		24,909,181
Short-Term Investments		-		6,659,849
Mutual Funds		3,760,805		-
Rights		65,657		-
Forward Foreign Currency Contracts		-		(13,078	)
Total	$	21,091,229	$	117,035,779

There were no Level 3 securities held in any of the Funds at September 30, 2009.

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.

56 Notes to Financial Statements

Derivatives

Each Fund may use derivatives for various purposes. The Funds’ use of derivatives for the fiscal year ended September 30, 2009 was limited to forward foreign currency contracts. Following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:

Fair Values of Derivative Instruments as of September 30, 2009

	Asset Derivatives			Liability Derivatives
	Statement of			Statement of
	Assets and			Assets and
Derivatives not accounted for as	Liabilities	Fair		Liabilities	Fair
hedging instruments	Location	Value		Location	Value
Foreign exchange contracts
Foreign exchange risk
ICON Asia-Pacific Region Fund	Unrealized appreciation on forward foreign	$	-	Unrealized depreciation	$	258,535
ICON Europe Fund			134,145	on forward foreign		-
ICON International Equity Fund	currency contracts		151,738	currency contracts		164,816

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

	Location of Gain/(loss) on
Derivatives not accounted for as	Derivatives Recognized in
hedging instruments	Operations	Amount
Foreign exchange contracts
Foreign exchange risk
ICON Asia-Pacific Region Fund ICON Europe Fund	Net realized gain/(loss) from foreign currency transactions	$	1,893,074 -
ICON International Equity Fund			1,463,881

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Operations

	Location of Gain/(loss) on
Derivatives not accounted for as	Derivatives Recognized in
hedging instruments	Operations	Amount
Foreign exchange contracts
Foreign exchange risk	Change in unrealized net
ICON Asia-Pacific Region Fund	appreciation/(depreciation) on	$	(1,029,017)
ICON Europe Fund	investments and foreign		134,145
ICON International Equity Fund	currency translations		(691,216)

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the year ended September 30, 2009.

Notes to Financial Statements 57

Notes to Financial Statements (continued)

The Funds value derivatives at fair value, as described below, 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.

Forward Foreign Currency Contracts

The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting parties to exchange an amount of currency at some future time at an agreed upon rate. The Funds use forward foreign currency contracts to manage foreign currency exposure with respect to transactional hedging, positional hedging, cross hedging and proxy hedging.

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

These contracts are marked-to-market daily. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. At September 30, 2009, the Funds had outstanding forward foreign currency contracts that are listed on the Schedule of Investments.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.

All loans will be continuously secured by collateral which consists of cash. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Invesco Aim Liquid Assets Portfolio, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.

The cash collateral invested by the Lending Agent is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion

58 Notes to Financial Statements

of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

As of September 30, 2009, the following Funds had securities with the following values on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
ICON Asia-Pacific Region Fund	$	3,733,690	$	3,960,107
ICON Europe Fund		432,679		2,518,833
ICON International Equity Fund		1,220,660		3,760,805

The value of the collateral above could include collateral held for securities that were sold on or before September 30, 2009. It may also include collateral received from the pre-funding of loans.

Income Taxes

The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

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

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

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

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no

Notes to Financial Statements 59

Notes to Financial Statements (continued)

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.

In addition to the requirements of the United States of America’s Internal Revenue Code of 1986, the Funds may be subject to short-term capital gains tax in India on gains realized upon disposition of Indian securities held less than one year. The tax is computed on net realized gains; any realized losses in excess of gains may be carried forward for a period of up to eight years to offset future gains. Any net taxes payable must be remitted to the Indian government prior to repatriation of sales proceeds. The Funds that invest in Indian securities may accrue a deferred tax liability for net unrealized short-term gains in excess of available carryforwards on Indian securities. Any accrual will reduce a Fund’s NAV. As of September 30, 2009, the Asia-Pacific Region Fund and the International Equity Fund have recorded a payable of $110,000 and $118,000, respectively, as an estimate for potential future India capital gains taxes.

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 securities purchased are amortized over the life of the respective securities.

Investment Transactions

Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.

Allocation of Income and Expenses

Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds based upon relative net assets. In calculating the net asset value

60 Notes to Financial Statements

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.

3. Fees and Other Transactions with Affiliates

Investment Advisory Fees

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

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

Fund	Class S		Class I		Class C		Class Z		Class A		Class Q
ICON Asia-Pacific Region Fund		-		1.80%		2.55%		1.25%		1.80%		N/A
ICON Europe Fund		-		1.80%		2.55%		1.25%		1.80%		N/A
ICON International Equity Fund		1.80%		1.80%		2.55%		1.25%		1.80%		1.55%

The 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 the expenses were reimbursed or at the time these payments are proposed.

As of September 30, 2009 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2010		2011		2012
ICON Asia-Pacific Region Fund	$	3,131	$	21,793	$	43,152
ICON Europe Fund		2,624		22,551		41,919
ICON International Equity Fund		—		—		92,279

Accounting, Custody and Transfer Agent Fees

Citi Fund Services Ohio, Inc. (“Citi”) is the fund accounting agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of

Notes to Financial Statements 61

Notes to Financial Statements (continued)

net assets, 0.0175% on net assets over $1.75 billion and up to $5 billion, and 0.01% on net assets in excess of $5 billion.

Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. Effective July 1, 2009, for domestic custody services, the Trust pays BBH 0.0050% on the first $250 million of assets, 0.0040% on the second $250 million of assets and 0.0025% on domestic assets above $500 million, plus certain transaction charges. Prior to July 1, 2009, the Trust paid BBH 0.0065% on the first $50 million of assets and 0.0050% on domestic assets above $50 million. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.

Transfer agent earnings credits are credits received for interest which results from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the year ended September 30, 2009, the Funds received transfer agent earnings credits which are included on the Statement of Operations.

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 Funds’ 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. During the year ended September 30, 2009, the Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any damage, expense or 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 entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays Citi at an

62 Notes to Financial Statements

annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.

Distribution Fees

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class I and Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual distribution and service fee of 1.00% of average daily net assets. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.

Other Related Parties

Certain Officers and Directors of ICON 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 CCO’s salary is paid 100% by the Funds. For the year ended September 30, 2009, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

Some of the distribution amounts received by IDI, discussed in the Distribution Fees section above, have been used to offset various shareholder servicing costs incurred by ICON. For the year ended September 30, 2009, this amount was $10,099.

4. Borrowings

The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests. The maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in each Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings is charged at LIBOR plus 1.50%, which was 1.71% at September 30, 2009. The average interest rate charged for the year ended September 30, 2009, was 5.28% on a U.S. dollar basis.

	Average Borrowing
Fund	(10/1/08-9/30/09)
ICON Asia-Pacific Region Fund	$	520,441
ICON Europe Fund		141,800
ICON International Equity Fund		7,910

Notes to Financial Statements 63

Notes to Financial Statements (continued)

Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.

5. Purchases and Sales of Investment Securities

For the year ended September 30, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:

	Purchases of		Proceeds from Sales
	Securities		of Securities
ICON Asia-Pacific Region Fund	$	129,628,228	$	102,957,118
ICON Europe Fund		64,374,745		82,936,058
ICON International Equity Fund		195,815,481		219,639,564

6. Federal Income Tax

Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.

The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2009 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.

For the year ended September 30, 2009 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Asia-Pacific Region Fund	$	24,705,829		2017
ICON Europe Fund		28,735,751		2017
ICON International Equity Fund		65,091,860		2017

Future capital loss carryforward utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2009, the Funds did not utilize any available capital loss carryforwards.

64 Notes to Financial Statements

For the year ended September 30, 2009, the Funds will elect to defer post October losses of:

	Post October
Fund	Losses
ICON Asia-Pacific Region Fund	$	11,502,533
ICON Europe Fund		32,662,480
ICON International Equity Fund		47,822,977

The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2009, were as follows:

					Total
	Distributions Paid		Total Taxable		Distributions
Fund	From Ordinary Income		Distributions		Paid
ICON Asia-Pacific Region Fund	$	769,624	$	769,624	$	769,624
ICON Europe Fund		1,823,583		1,823,583		1,823,583
ICON International Equity Fund		2,306,513		2,306,513		2,306,513

The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2008, were as follows:

	Distributions paid from						Total
	Ordinary		Net Long-		Total Taxable		Distributions
Fund	Income		Term Gains		Distributions		Paid
ICON Asia-Pacific Region Fund	$	10,546,038	$	12,591,137	$	23,137,175	$	23,137,175
ICON Europe Fund		16,140,539		4,147,162		20,287,701		20,287,701
ICON International Equity Fund		17,249,628		11,536,256		28,785,884		28,785,884

As of September 30, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:

										Total
	Undistributed				Accumulated			Unrealized		Accumulated
	Ordinary		Accumulated		Capital and			Appreciation/		Earnings/
Fund	Income		Earnings		Other Losses			(Depreciation)**		(Deficit)
ICON Asia-Pacific Region Fund	$	1,504,221	$	1,504,221	$	(36,208,362	)	$	15,088,622	$	(19,615,519	)
ICON Europe Fund		492,926		492,926		(61,398,231	)		7,290,574		(53,614,731	)
ICON International Equity Fund		1,796,643		1,796,643		(112,914,837	)		20,667,080		(90,451,114	)

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

Notes to Financial Statements 65

Notes to Financial Statements (continued)

As of September 30, 2009, cost for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:

			Unrealized		Unrealized			Net Appreciation/
Fund	Cost		Appreciation		(Depreciation)			(Depreciation)
ICON Asia-Pacific Region Fund	$	97,519,975	$	17,973,976	$	(2,640,192	)	$	15,333,784
ICON Europe Fund		53,642,318		9,405,011		(2,109,563	)		7,295,448
ICON International Equity Fund		117,292,860		24,498,794		(3,651,568	)		20,847,226

7. Subsequent Events

Management has evaluated subsequent events through November 20, 2009, the date of this report.

Effective January 25, 2010, the expense limitation for the Class Z shares of the Funds will increase from 1.25% to 1.55%.

66 Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the ICON Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of ICON Asia-Pacific Region Fund, ICON Europe Fund, and ICON International Equity Fund (three of the portfolios constituting ICON Funds, hereafter referred to as the “Funds”) at September 30, 2009, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 20, 2009

Report of Accounting Firm 67

Six Month Hypothetical Expense Example
September 30, 2009 (unaudited)

Example

As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (4/1/09-9/30/09).

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 $10 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

68 Expense Example

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				Expenses Paid		Annualized
	Account Value		Ending Account		During Period		Expense Ratio
	4/1/09		Value 9/30/09		4/1/09-9/30/09*		4/1/09-9/30/09
ICON Asia-Pacific Region Fund
Class S
Actual Expenses	$	1,000.00	$	1,589.60	$	9.10		1.41	%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.97		7.09
Class I
Actual Expenses		1,000.00		1,587.80		11.68		1.81	%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.97		9.10
Class C
Actual Expenses		1,000.00		1,580.20		16.28		2.53	%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.38		12.69
Class Z
Actual Expenses		1,000.00		1,591.70		8.08		1.25	%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.77		6.29
Class A
Actual Expenses		1,000.00		1,586.60		11.54		1.79	%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.07		9.00
ICON Europe Fund
Class S
Actual Expenses		1,000.00		1,503.10		9.54		1.52	%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.38		7.69
Class I
Actual Expenses		1,000.00		1,501.20		11.29		1.80	%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.98		9.10
Class C
Actual Expenses		1,000.00		1,494.50		15.88		2.54	%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.27		12.81
Class Z
Actual Expenses		1,000.00		1,503.70		7.85		1.25	%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.73		6.33
Class A
Actual Expenses		1,000.00		1,500.00		11.28		1.80	%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.98		9.10

Expense Example 69

	Beginning				Expenses Paid		Annualized
	Account Value		Ending Account		During Period		Expense Ratio
	4/1/09		Value 9/30/09		4/1/09-9/30/09*		4/1/09-9/30/09
ICON International Equity Fund
Class S
Actual Expenses	$	1,000.00	$	1,571.80	$	8.06		1.25	%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.73		6.33
Class I
Actual Expenses		1,000.00		1,567.10		11.00		1.71	%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.43		8.64
Class C
Actual Expenses		1,000.00		1,561.60		15.86		2.47	%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.62		12.46
Class Z
Actual Expenses		1,000.00		1,569.80		7.99		1.24	%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.78		6.28
Class A
Actual Expenses		1,000.00		1,568.00		11.07		1.72	%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.38		8.69
Class Q
Actual Expenses		1,000.00		1,569.20		8.37		1.30	%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.48		6.58

*  Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

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

70 Expense Example

Board of Trustees and Fund Officers (unaudited)

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

Interested Trustee

Craig T. Callahan, 58, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as President (1998 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI, and is President of ICON Insurance Agency, Inc. (2004 to 2009). Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.

Independent Trustees

Glen F. Bergert, 59. Mr. Bergert has been a Trustee of the Funds since 1999. Mr. Bergert is President of Venture Capital Management LLC (1997 to present); General Partner of SOGNO Partners LP, a venture capital company (2001 to present); General Partner of Bergert Properties, LLP, a real estate holding company (1997 to present); and General Partner of Pyramid Real Estate Partnership, a real estate development company (1998 to present); General Partner of Chamois Partners, LP, a venture capital company (2004 to present); and was previously a General Partner with KPMG Peat Marwick, LLP (1979 to 1997). Mr. Bergert is also a Director of Herre Bros, Inc., a contracting company (1998 to present) and Delta Dental of California, an insurance company (2006 to present). Mr. Bergert was a Director of Delta Dental of Pennsylvania, an insurance company (1998 to 2009) and Delta Reinsurance Corporation (2000 to 2009).

John C. Pomeroy, Jr., 62. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was

Trustees and Officers 71

Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).

Gregory Kellam Scott, 60. Mr. Scott has been a Trustee of the Funds since November 2002. Mr. Scott currently is employed as a member of the Executive Staff of the President of Ivy Tech Community College, recently appointed as Assistant to the President for Diversity and Community Relations (April 2008 to present). Prior to his current employment, he served as Executive Director of the Indiana Civil Rights Commission (2005 to 2008) and is a member of the U.S. State Department’s Advisory Committee on the African Judiciary (2006 to present). Mr. Scott was Senior Vice President -Law, General Counsel and Secretary of GenCorp, Inc., a multinational technology-based manufacturing company (2002 to 2004); Vice President and General Counsel of Kaiser-Hill Company, LLC, a nuclear clean-up and environmental remediation company (2000 to 2002) and served as a Justice on the Colorado Supreme Court (1993 to 2000). From 1980 until 1993, he was a member of the faculty of the University Of Denver College Of Law.

R. Michael Sentel, 61. Mr. Sentel has been a Trustee of the Funds since their inception. Mr. Sentel is a Senior Attorney with the U.S. Department of Education (1996 to present). Mr. Sentel also provides legal representation as a sole practitioner with an emphasis on corporate and transactional law. He served as general counsel to numerous public companies and served on the board of directors of one of these clients. Mr. Sentel began his legal career with the U.S. Securities and Exchange Commission’s Division of Enforcement and served as a Branch Chief (1980 to 1981). Later he served as the Section Chief for the Professional Liability Section of the Federal Deposit Insurance Corp. with responsibility for the Rocky Mountain Region (1991 to 1994).

The Officers of the Funds are:

Craig T. Callahan, 58, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as President (1998 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI, and is President of ICON Insurance Agency, Inc. (2004 to 2009). Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of IM&R, the parent company of ICON Advisers and IDI.

Erik L. Jonson, 60. Mr. Jonson has been a Vice President and Principal Financial Officer/Treasurer of the Funds since their inception in 1996. Mr. Jonson is also Chief Financial Officer (1996 to present) and Executive

72 Trustees and Officers

Vice President (2004 to present) and was previously Vice President (1998 to 2004) and Secretary (2005 and 1998 to 2002) of ICON Advisers; Chief Financial Officer, Secretary and Director (1998 to present) of IM&R; and Executive Vice and Treasurer/Financial Principal (1996 to present) of IDI; and Executive Vice President and Treasurer of ICON Insurance Agency, Inc. (2004 to 2009).

Jessica Seidlitz, 31. Ms. Seidlitz serves as Assistant Treasurer of the Funds (2007 to present). She also serves as Mutual Fund Controller of ICON Advisers, Inc. (2005 to present). Previously, she was a Senior Associate/Associate at PricewaterhouseCoopers LLP, (2001 to 2004).

Donald Salcito, 56. Mr. Salcito serves as Vice President and Secretary of the Funds since November 15, 2006. Mr. Salcito is also Executive Vice President and General Counsel (September 2005 to present) of ICON Advisers; Director of IM&R (2005 to present); Executive Vice President, Secretary, General Counsel, for IDI (2005 to present); Chief Compliance Officer of IDI (2005 to 2007); Executive Vice President and Secretary of ICON Insurance Agency, Inc. (2005 to 2009). Previously he was a Partner in the law firm of Perkins Coie, LLP. (2000 to 2005).

Brian Harding, 30. Mr. Harding serves as Chief Compliance Officer of the Funds (2008 to present). Mr. Harding also serves as Anti-Money Laundering Officer of the Funds (2008 to present). Previously he was a Manager (2007 to 2008) and Senior Associate/Associate (2001 to 2007) at PricewaterhouseCoopers LLP.

Trustees and Officers 73

Other Information (unaudited)

Renewal of Investment Advisory Agreements

In determining to renew the investment advisory agreements between ICON Funds (the “Trust”) and ICON Advisers, Inc. (“ICON” or the “Adviser”) the Board requested, was provided with and reviewed data with respect to ICON, its personnel, and the services to be provided to each Fund by ICON under the Trust’s Investment Advisory Agreement dated October 9, 1996, as amended (related to the Sector, International and Core Equity Funds) and under the Trust’s Investment Advisory Agreement dated July 9, 2002 and effective October 1, 2002, as amended (related to the U.S. Diversified Funds - Bond, Risk-Managed Equity, Equity Income and Long/Short Funds) (collectively, the “Advisory Agreements”). The data included information concerning advisory, distribution and administrative services provided to the Funds by ICON and its related companies; information concerning other businesses of those companies; comparative data related to exchange traded funds versus the Sector Funds; and comparative data obtained from Lipper Analytical Services related to Fund performance and Fund expenses.

On August 10, 2009, the Board of Trustees, including all of the Trustees that are not “interested persons” of the Trust (the “Independent Trustees”), approved continuation of the Advisory Agreements with the Adviser for each Fund for an additional one-year term commencing October 1, 2009.

The Independent Trustees were represented by independent legal counsel throughout the process. Prior to acting on the matter, the Independent Trustees met separately as a group in private sessions with their independent legal counsel to review and discuss the foregoing information. Based on these discussions, independent legal counsel and/or the Lead Independent Trustee also contacted management to request additional information and to discuss responses to questions raised during the process. In addition, the Independent Trustees received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the agreement.

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to

74 Other Information

which the Adviser obtains research through “soft dollar” arrangements with the Funds’ brokerage, and the financial and non-financial resources available to provide services required under the Advisory Agreement.

During the Board of Trustees’ discussion, management personnel noted that the markets overall had performed poorly in 2008 and the beginning of 2009 and that the ICON Funds performed poorly as well. In this regard it was noted that late 2008 Board meetings the Adviser advised that it was concerned with the poor performance and began an internal analysis to determine the cause. Management advised that, in light of the analysis, it believes that the Adviser’s valuation equation was over valuing riskier stocks due to several factors - including, but not limited to, the extreme events of 2008, the industry wide undervaluing of risk, and the increase in the number of stocks in the Adviser’s investable universe; and that, in light of such, the Adviser made modifications to the risk valuation metrics of the valuation equation – namely that the Adviser modified the equation so that the valuation equation now takes into account an additional item of information on each individual company. The Trustees recalled that during the entire process, Management kept the Trustees informed, updating the Trustees on the status of the internal analysis and the changes to the valuation equation as the changes were being implemented. In addition, in response to Trustee questions, the Adviser advised that it has monitored Fund performance after implementation of the modification and found significant improvement; and that it believes this adjustment has improved the valuation equation and will benefit the Funds going forward. In reaching their conclusions, the Trustees noted that they have taken into consideration the poor overall market performance, the Funds’ performance, and the Adviser’s response, analysis and changes to the valuation equation.

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

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

B. That ICON has made significant expenditures in the past year and in prior years to ensure that it has the sophisticated systems and the highly trained personnel necessary for it to be able to continue to provide

Other Information 75

quality service to the Funds’ shareholders, including the dedication of substantial resources to ICON’s investment and trading departments;

C. That the Board is satisfied with the research, portfolio management, and trading services, among others, being provided by ICON to the Funds, and is charging fair, reasonable, and competitive fees; and

D. The risks assumed by ICON in providing investment advisory services to each Fund including the capital commitments which have been made in the past and which continue to be made by ICON to ensure the continuation of the highest quality of service to the Trust is made with the recognition that the Trust’s advisory relationship with ICON be terminated at any time and must be renewed on an annual basis.

In considering the reasonableness of the fee payable to the Adviser for managing each Fund, the Board reviewed, among other things, financial statements of the Adviser and an analysis of the profitability to the Adviser and its affiliates of their relationship with each Fund over various time periods, which analysis identified all revenues and other benefits received by the Adviser and its affiliates from managing each Fund, the costs associated with providing such services and the resulting profitability to the Adviser and its affiliates.

The Board considered the current and anticipated asset levels of each Fund and the willingness of the Adviser to waive fees and pay expenses of the Funds from time to time to limit the total expenses of the Funds. In this regard the Board discussed significantly reduced asset levels in each fund covered by the Advisory Agreements due to the tumultuous markets during the past year, to related poor Fund performance, and to redemptions. ICON’s ability to provide the services called for under the Advisory Agreements was assessed in light of current and projected asset levels. Fund expenses and expense ratios were also assessed in light of current and projected asset levels. The Board concluded that the Adviser has the resources necessary to provide the services called for under the Advisory Agreements; that profitability to the Adviser and its affiliates from their relationship with the Funds is not excessive; and that the Adviser is not realizing material benefits from economies of scale that would warrant adjustments to the fees for any Fund at this time. The Board of Trustees concluded that, in light of the nature, extent and quality of the services provided by the Adviser and the levels of profitability associated with providing these services, the fees charged by the Adviser under the Advisory Agreements to each Fund are reasonable.

In connection with assessing data bearing the fairness of fee arrangements, the Board used data from Lipper Analytical Services concerning funds of

76 Other Information

similar size and funds of larger size, as well as data concerning ICON’s other clients and noted:

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

B. that contractual advisory fees of the Sector Funds were higher than fees for similar funds; but that the Sector Funds’ expense ratios were competitive and consistent with those of similarly managed Funds;

C. that contractual advisory fees for the International Funds were above the average fees for similar funds; and that the Funds’ expense ratios were competitive in light of their size;

D. that ICON has contractually agreed to impose expense limitations on certain Funds at a cost to ICON;

E. that the advisory and other fees payable by the Funds to ICON are essentially fees which would be similar to those which would have resulted solely from “arm’s-length” bargaining, and may well be lower than fees arrived at solely from such arm’s-length negotiation;

F. that, the fees paid to ICON for managing other institutional accounts (such as pension plans) are not lower than the fees paid by similarly-managed funds; and to the extent such fees of those accounts are lower, the reasons why such accounts are less costly for ICON to manage; and

G. that ICON has contractually committed to breakpoint as in it fees so that economies of scale could be realized as a Fund grows in assets, for the benefit of Fund shareholders.

In connection with the direct and indirect benefits to ICON from serving as the Funds’ adviser, the Board discussed and noted:

A. that ICON benefits from serving directly or through affiliates as the principal underwriter and administrative agent for the Funds; that services provided by ICON and its affiliates to the Funds are satisfactory, and that profits derived from providing the services are competitive and reasonable; and

B. that ICON receives research assistance from the use of soft dollars generated from Fund portfolio transactions; that such research assists ICON in providing quality to which it provides advisory services; and that the Board concluded that the arrangements are consistent with Fund brokerage practices and benefit the Funds and their shareholders

Other Information 77

Based on these considerations, among others, the Board, including all of the Independent Trustees, concluded that the continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders, the services to be performed under the agreement were services required for the operation of the Funds, ICON had provided satisfactory advisory services to the Funds in the past, and the fees for the advisory services which ICON would perform and other benefits from the relationship with the Trust and consistent with fees paid by similar funds, are reasonable in light of the comparative data, and would be within the range of what would have been negotiated at arm’s length in light of the circumstances.

Supplemental Tax Information

For corporate shareholders, the following percentage of the total ordinary income dividends paid during the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction for the following Funds:

	Dividends
	Received
Fund	Deduction
ICON Asia-Pacific Region Fund		0.03	%
ICON International Equity Fund		0.21	%

For the fiscal year ended September 30, 2009, the following Funds paid qualified dividend income:

Fund	Amount
ICON Asia-Pacific Region Fund		23.31%
Icon Europe Fund		28.55%
ICON International Equity Fund		75.29%

The Funds had no long-term capital gain distributions qualifying for the maximum 15% income tax rate for individuals.

78 Other Information

Portfolio Holdings

A list of each ICON Fund’s Top 10 holdings is available at www.iconfunds.com on or about 15 days following each 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 SEC 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 SEC’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.

Other Information 79

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ICON Funds Privacy Policy

In the course of doing business with the ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON Companies”) you provide personal and financial information. The ICON Companies respect your privacy. We collect non-public personal information about you on your applications or other forms and through your transactions with us. You may provide this information in writing, electronically, or by phone. The information may contain your name, address, phone number, social security number, account information, investment activity, and other information that you provide to us directly or through our service providers. This information permits us to service your accounts and to provide information to you upon request.

We may share some or all of this information with our affiliates, as well as third parties that assist us in maintaining your accounts, processing transactions on your accounts, or mailing information to you as may be permitted by law. Further, we may permit third party vendors to download this information as needed, in order to assist us or your Registered Representative/Financial Adviser in maintaining your account. Otherwise, our policies prohibit employees of the ICON Companies from sharing your personal and financial information except as permitted or required by law. Under no circumstances do we sell information about you to anyone.

We restrict access to your non-public personal information to those employees who have a need to know that information to service your accounts. We also maintain physical, electronic and procedural safeguards to protect your privacy. 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.

If you would like more information about our Privacy Policies, please call 1-800-764-0442.

ICON Funds Privacy Policy 85

For more information about the ICON Funds, contact us:
By Telephone	1-800-764-0442
By Mail	ICON Funds P.O. Box 55452 Boston, MA 02205-8165
In Person	ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111
On the Internet	www.iconfunds.com
By E-Mail	info@iconadvisers.com

2009 Annual Report
ICON Sector Funds
Investment Update

ICON Consumer Discretionary Fund

ICON Energy Fund

ICON Financial Fund

ICON Healthcare Fund

ICON Industrials Fund

ICON Information Technology Fund

ICON Leisure and Consumer Staples Fund

ICON Materials Fund

ICON Telecommunication & Utilities Fund

1-800-764-0442 ïwww.iconfunds.com

AR-SECT-09 K04079

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

When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.

Visit ICON’s website at www.iconfunds.com to learn more and sign up.

You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.

1-800-764-0442  •  www.iconfunds.com

Table of Contents

About This Report (Unaudited)	2
Message from ICON Funds (Unaudited)	5
Management Overview (Unaudited) and Schedules of Investments
ICON Consumer Discretionary Fund	9
ICON Energy Fund	16
ICON Financial Fund	21
ICON Healthcare Fund	27
ICON Industrials Fund	33
ICON Information Technology Fund	39
ICON Leisure and Consumer Staples Fund	45
ICON Materials Fund	50
ICON Telecommunication & Utilities Fund	56
Financial Statements	62
Financial Highlights	72
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	91
Six Month Hypothetical Expense Example (Unaudited)	92
Board of Trustees and Fund Officers (Unaudited)	94
Other Information (Unaudited)	97

About This Report (unaudited)

Historical Returns

All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Fund results shown, unless otherwise indicated, are at net asset value.

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 views, opinions and portfolio holdings as of September 30, 2009, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of September 30, 2009 are included in each Fund’s Schedule of Investments.

According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.

2 About This Report

This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward looking statements, which are not statements of historical fact. Forward looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this Report and other factors beyond the control of our investment team. Therefore, actual outcomes may differ materially from what is expressed in such forward looking statements.

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, and the Technology sector has been among the most volatile in the market. 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 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.

About This Report 3

Comparative Indexes

The comparative indexes discussed in this Report are meant to provide a basis for judging the Funds’ performance against specific securities indexes. Each index shown accounts for both change in security price and reinvestment of dividends and distributions (except as noted), but does not reflect the costs of managing a mutual fund. The Funds’ portfolios may significantly differ in holdings and composition from the indexes. Individuals cannot invest directly in an index.

•   The unmanaged Standard & Poor’s (“S&P”) Composite 1500 Index (“S&P Composite 1500 Index”) is a broad-based capitalization-weighted index comprising 1,500 stocks of large-cap, mid-cap, and small-cap U.S. companies.

•   The capitalization-weighted S&P 1500 Sector and Industry Indexes are based on specific classifications determined by S&P.

•   The unmanaged NASDAQ Composite (“NASDAQ”) Index is a broad-based capitalization-weighted index of all NASDAQ National Market and Small-Cap stocks.

Index returns and statistical data included in this Report are provided by Bloomberg and FactSet Research Systems.

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 Web site for more information.

4 About This Report

Message From ICON Funds

Road to Recovery

At ICON we believe the bear market from late 2007 through March 2009 can be divided into three phases. The three distinct phases can be seen in the chart below, which reflects the S&P 1500 Index, a broad measure of the U.S. stock market, over the course of a roughly two year period.

Looking at this graph, one can see how the first phase lasted almost a year, beginning with a generally slow, steady decline following the Index’s peak in October 2007. The second phase was a sharp week-long crash following the bankruptcy of Lehman Brothers on September 15, 2008. And the third phase was driven by economic uncertainty as economists (professional and amateur) revised their forecasts for the recession outward and downward, unable to clearly see an end or bottom. As an example, Bloomberg surveys of over 80 economists in January and February 2009 show 3^rd quarter GDP forecasts being rapidly revised downward. By mid-March 2009, economists predicted 3^rd quarter GDP growth would be 0% on an annual basis. These downward revisions coincided with the stock market’s continued gradual decline that was the final leg of phase 3.

S & P 1500 Index

Source: Factset

By mid-September 2009, a survey of those same economists revealed a 3^rd quarter GDP forecast of 2.9% growth. That is a huge upward revision since March. If the upward revision proves accurate, it suggests economists and

Message From ICON Funds 5

investors alike let their fear and anxiety get the better of them in late 2008 and early 2009. In other words, it seems (and we believe) the bleak initial outlook of 0% growth for 3^rd quarter 2009 was both unduly negative and likely way off the mark.

As seen in the graph, the stock market quickly recovered its losses from phase 3 in roughly six months between March and August 2009. The S & P 1500 Index gained 59.9% from March 9 through September 30. Annualized, it equates to a pace of 130.7%, putting this rally among the best by historical standards.

As the market rallied and recovered from phase 3 of the bear market, stock prices moved higher - but so has underlying value as measured by ICON. Over time we bring new earnings into our equation for each company we analyze. In so doing, we drop off old, stale earnings. Our normal process of bringing in 2009 earnings and 2010 estimates has generally added modestly to our calculation of the intrinsic value of most companies. A much bigger boost in intrinsic value has come from the rally in corporate bonds and the accompanying drop in yields. Lower yields equate to higher valuation readings under the ICON system. As corporate bond yields drop and earnings increase, value becomes a target that continually moves higher with prices struggling to play catch-up.

Now, what about recovering from phases 2 and 1 of the bear market? Based on ICON’s valuation readings we feel we can make a few encouraging observations. We believe stocks are currently priced about 10% below our estimate of intrinsic value. If corporate bond yields continue to drop to historical normal levels, and assuming normal earnings growth, we believe conditions are in place for fair market values to eventually exceed even those seen at their peak levels toward the end of 2007. To cut to the chase, we feel we could see a recovery from phases 1 and 2 over the next couple of years.

As for the earnings portion, consensus forecasts from I/B/E/S for S & P 500 index companies anticipate earnings recovery in 2010 and 2011. Although there is often a rapid rebound in earnings coming out of a recession, the I/B/E/S analysts surveyed appear cautious in their forecasts for this recovery. The analysts expect operating EPS for the S & P 500 companies to rise to $71.17 in 2010 (a 27.7% increase over the 2009 estimate of $55.72) and another 13.8% to $81 in 2011. This forecasted earnings growth will increase value (as calculated using ICON’s proprietary methodology) when earnings are introduced into our valuation equation over the next year or two.

Our belief that corporate bond yields can keep dropping is based on a continuation of the unwinding from the Lehman Brothers bankruptcy last

6 Message From ICON Funds

fall. When Lehman Brothers declared bankruptcy in September 2008, corporate bond yields and their spread above Treasury Bonds rose dramatically. Bond investors evidently feared and anticipated many defaults. With the economic and financial setting proving to be better than was initially expected last year, corporate bond yields have been dropping. Yields are far from being back to normal levels, however. Our expectation that corporate bond yields will continue to drop is based on more than just “hoping yields return to normal levels.” Rather, corporate bonds of various qualities and maturities have the valuation and relative strength readings under our system to suggest their moves can continue. In other words, the ICON bond model suggests the rally in corporate bonds is sustainable.

Thus, our case for valuation readings approaching levels not seen since late 2007 is threefold. First, stocks are still priced below our estimate of fair value. Second, we believe new earnings over the next two years will push values higher. Third, and finally, declining yields on corporate bonds should likewise raise value.

The path to recovery is nonetheless unpredictable. During phase 2, from September 30 through October 10, 2008, the S & P 1500 Index dropped 22.9% in eight trading days. Could the phase 2 recovery be a mirror image of the phase 2 collapse, with an equally dramatic upside? It’s possible, but unlikely in our opinion. Instead, a path of two steps forward and one step back is more likely. There remain a lot of jittery, skeptical investors who use advances as an opportunity to exit. To move higher, the market has to absorb or “take out” their shares. While valuations may justify price levels back to those seen at the peak in 2007, the path for stock prices may be a grind.

In conclusion, we see the path to recovery occurring over three distinct phases. As investors came to believe the depression they feared last winter would not materialize, we experienced a phase 3 recovery. We expect the phase 2 recovery will occur as investors realize that the bond default potential is greatly reduced with the start of an economic recovery: in other words, phase 2 might be seen as an unwinding of the Lehman Brothers fallout. We believe phase 1 recovery will occur as investors acknowledge the fact that corporate earnings are advancing - typical of an economic recovery.

So far, off the low last March, the leading industries have come from the Financials sector. Next in line are the cyclical economically sensitive industries from the following sectors: Materials, Industrials, Consumer Discretionary and Information Technology. Lagging, but still participating, are the so called “recession proof” industries from sectors like Health Care, Utilities and Consumer Staples.

Message From ICON Funds 7

On the road to recovery, ICON will stick to its system of industry rotation as we work to capture industry themes and leadership. While our research team has adjusted to and learned from these unprecedented times, there is always room for improvement. We have emerged from the bear market as a better, more effective money manager and we look forward to serving you in the years ahead.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

8 Message From ICON Funds

Management Overview ICCCX

ICON Consumer Discretionary Fund

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

A.  The Fund underperformed its benchmark for the period. The Fund declined 5.01%, while the benchmark S&P 1500 Consumer Discretionary Index rose 0.83% and the S&P Composite 1500 Index declined 6.77%.

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

A.  Fiscal year 2009 was marked by the veritable meltdown of the U.S. financial system, the likes of which we have not seen since the Great Depression. This meltdown was spurred primarily by the collapse in the housing market. The fiscal year had the misfortune of beginning approximately two weeks after Lehman Brothers declared bankruptcy. The credit markets immediately froze and between October 3 and October 10, 2008, the S&P 500 Index fell 18.14%.

As the economy began its downward spiral, no sector was left unscathed and the Consumer Discretionary sector was especially hard hit. Each of the ten economic sectors tracked by Standard & Poor’s fell sharply during the initial market freefall between September 30 and November 20, 2008. The Consumer Discretionary sector was one of the worst performing sectors during this period. Its -42.72% return underperformed the S&P 500 Index, which fell 35.21% over the same time frame.

The economic downturn took a heavy toll on consumers. Housing foreclosures spiked, unemployment rose, access to credit fell dramatically and consumer sentiment plunged. To put this dramatic fall in consumer sentiment into tangible terms, one can look to the Conference Board Consumer Confidence Index, which, since 1968, has surveyed individuals about their optimism over the economy six months forward. This Index plummeted during the first five months of the fiscal period. At the beginning of the fiscal period the Index value was 61.4. By the end of February 2009, the survey value hit an all-time low of 25.3.

As we have seen at times in the past, just as consumer confidence looked like it was headed into the abyss, the market turned suddenly and sharply upward. Shortly after the Conference Board Consumer Confidence Index sank to its lowest level on record in February 2009, the market began a dramatic rally. Between the March 9, 2009 low and the end of the fiscal year, the S&P 500 Index rose 58.25%. Consumer Discretionary industries fared even better than the overall market, with the S&P 1500 Consumer Discretionary Index rising 75.66%. This sector was the fourth best

Management Overview 9

performer of the ten sectors tracked by Standard & Poor’s during this time period.

Consumer confidence rose during this half-year rally, as many came to believe that “The Great Recession” (as some pundits refer to it) appeared to be coming to an end. Historically, the market tends to bottom before a recession is technically over. As the market sank toward its March low, many analysts predicted U.S. Gross Domestic Product would rise in the third quarter of 2009. Equities suddenly rallied sharply in anticipation of a recovery.

Two factors in particular led to the underperformance of the Fund over this fiscal period. First, growth stocks outperformed value stocks. Standard & Poor’s has an index for both growth and value equities. Its S&P 500 Value Index fell 11.43% during fiscal year 2009, while its S&P 500 Growth Index declined only 2.62%. Since ICON follows a value-based investment methodology, the performance disparity between these investing styles dragged on the Fund.

Second, low quality stocks outperformed high quality stocks. At ICON we favor stocks we determine to be of high quality. We generally define high quality issues as those whose management teams have displayed the ability to run their companies in an efficient manner over a long period of time - for ten years when available. It is a quantitative process that assesses consistency in profitability and cost containment, as well as the strength of a company’s balance sheet. During fiscal year 2009, low quality stocks significantly outperformed high quality ones, producing a second performance hurdle for the Fund to overcome.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  At ICON we focus on industry selection based on value and relative strength. When we identify industries that have value and which seem to be leading the market higher, we naturally tilt our sector fund toward those industries. We track twenty-four separate and distinct industries within the Consumer Discretionary Fund. Over the past year, over- and

10 Management Overview

underweight industry positions had a significant impact on the Fund’s performance relative to its benchmark.

On the positive side, three industries in particular had a positive impact on Fund performance: automotive retail, department stores and home improvement retail. Combined, these three industries accounted for approximately 10.4% of positive relative performance versus the Fund’s sector-specific benchmark, the S&P 1500 Consumer Discretionary Index.

On the flipside, there were a number of industries that detracted from the Fund’s performance relative to the S&P 1500 Consumer Discretionary Index. The detracting industries included homebuilding, internet retail, apparel retail, computer & electronics retail, housewares & specialties, home furnishings and automobile manufacturing. Combined, these seven industries accounted for approximately 12.9% of negative relative performance versus the Fund’s benchmark.

Investment Outlook

Following the dramatic rally that transpired between March 9 and September 30, 2009, Consumer Discretionary issues closed the fiscal year trading on average at about fair value. Nevertheless, at fiscal year-end we saw upside potential within select Consumer Discretionary stocks. Therefore, while we believe the sector’s upside potential is somewhat limited given the data estimates that go into our model, opportunities for gains do exist, albeit on a selective basis. In our view, the key to garnering profits within the sector lies within discrete stock and industry selection.

Still, several factors could affect the sector’s potential. If earnings forecasts are ratcheted upward and corporate credit spreads continue to narrow (as they have been since they peaked just after Lehman Brothers’ collapse), then value within the Consumer Discretionary sector could grow. This scenario is a possibility in light of the economic turnaround evidently underway as fiscal year 2009 came to a close.

Management Overview 11

ICON Consumer Discretionary Fund
Industry Composition
as of September 30, 2009

Apparel Retail	18.1%
Footwear	11.6%
General Merchandise Stores	10.0%
Household Appliances	9.8%
Apparel Accessories & Luxury Goods	5.9%
Home Improvement Retail	4.2%
Automotive Retail	4.1%
Specialty Stores	3.8%
Department Stores	3.5%
Movies & Entertainment	3.2%
Homebuilding	2.8%
Advertising	2.3%
Personal Products	2.3%
Diversified Support Services	1.8%
Drug Retail	1.8%
Leisure Products	1.3%
Hotels Resorts & Cruise Lines	1.0%
Specialized Consumer Services	1.0%
	88.5%

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

ICON Consumer Discretionary Fund
Sector Composition
as of September 30, 2009

Consumer Discretionary	77.1%
Leisure and Consumer Staples	9.6%
Industrials	1.8%
	88.5%

ICON Consumer Discretionary Fund
Average Annual Total Return
as of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			7/9/97			Ratio*			Ratio*
ICON Consumer Discretionary Fund		-5.01	%		-2.85	%		1.29	%		0.97	%		1.38	%		1.38	%
S&P 1500 Consumer Discretionary Index		0.83	%		-1.19	%		-0.52	%		3.26	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		3.52	%		N/A			N/A

Past performance is not a guarantee of future results. The performance of the S&P 1500 Consumer Discretionary Index includes the reinvestment of dividends and capital gain distributions beginning on January 1, 2002. Additional information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

12 Management Overview

ICON Consumer Discretionary Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 7/9/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 13

ICON Consumer Discretionary Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (88.5%)
	13,900	America’s Car-Mart, Inc.†	$	332,905
	13,000	ATC Technology Corp.†		256,880
	4,300	Carnival Corp.		143,104
	4,400	Coach, Inc.		144,848
	4,200	Deckers Outdoor Corp.†		356,370
	8,200	Desarrolladora Homex S.A. de C.V. - ADR†(a)		309,796
	4,200	Dollar Tree, Inc.†		204,456
	5,500	Fossil, Inc.†		156,475
	7,100	Gildan Activewear, Inc. - Class A†(a)		140,012
	11,200	Guess?, Inc.		414,848
	7,800	H&R Block, Inc.		143,364
	10,700	Helen of Troy, Ltd.†		207,901
	7,400	Jos. A. Bank Clothiers, Inc.†		331,298
	5,800	Kohl’s Corp.†		330,890
	14,600	Lowe’s Cos., Inc.		305,724
	9,300	Macy’s, Inc.		170,097
	7,900	Monro Muffler Brake, Inc.		251,141
	13,620	Nike, Inc. - Class B(a)		881,214
	17,300	Nu Skin Enterprises, Inc. - Class A		320,569
	8,800	Omnicom Group, Inc.		325,072
	4,500	Polaris Industries, Inc.		183,510
	2,900	Ross Stores, Inc.		138,533
	15,100	Snap-on, Inc.		524,876
	7,650	Staples, Inc.(a)		177,633
	26,000	Target Corp.(a)		1,213,680
	16,200	The Dress Barn, Inc.†(a)		290,466
	10,900	The Home Depot, Inc.(a)		290,376
	4,400	The Ryland Group, Inc.(a)		92,708
	15,600	The Stanley Works		665,964
	9,400	The Walt Disney Co.		258,124
	6,700	Time Warner, Inc.		192,826
	32,200	TJX Cos., Inc.		1,196,230
	7,500	Tractor Supply Co.†		363,150
	6,500	Urban Outfitters, Inc.†		196,105
	5,400	V.F. Corp.		391,122
	6,900	Walgreen Co.(a)		258,543
	16,600	Wolverine World Wide, Inc.		412,344
Total Common Stocks (Cost $10,388,662)				12,573,154
Short-Term Investments (16.5%)
$	2,343,220	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#		2,343,220
Total Short-Term Investments (Cost $2,343,220)				2,343,220
Mutual Funds (24.2%)
	3,439,929	Invesco Aim Liquid Assets Portfolio, 0.28%^		3,439,929
Total Mutual Funds (Cost $3,439,929)				3,439,929
Total Investments 129.2% (Cost $16,171,811)				18,356,303
Liabilities Less Other Assets (29.2)%				(4,151,210	)
Net Assets 100.0%			$	14,205,093

14 Schedule of Investments

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
^	Investments made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

Schedule of Investments 15

ICENX

Management Overview
ICON Energy Fund

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

A.  For the fiscal year ended September 30, 2009, the ICON Energy Fund returned -1.73%, outperforming its sector-specific benchmark, the S&P 1500 Energy Index, which lost 14.43%, and its broad benchmark, the S&P Composite 1500 Index, which lost 6.77%.

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

A.  The Fund’s movements were greatly affected by widespread fear of an economic downturn. This fear dominated the broader markets for the first half of the fiscal year. The S&P 1500 Index, for example, reached new lows for the decade on March 9, 2009. As signs emerged that the economic downturn would not materialize into a worst-case scenario (and as signs emerged concurrently that the economy may have bottomed in March), the equity market staged an impressive rally. From March 9 to the end of the fiscal year, the S&P 1500 Index returned 59.91%.

The volatility we experienced in the equity market as a whole likewise played out with the price of crude oil (as it did last year). The spot price of WTI crude was $100.64 at the start of the fiscal year. By December 22, 2008, WTI crude had sold off almost 69% to reach a low of $31.41. The volatility in crude prices continued throughout fiscal year 2009, with prices rising 124.8% to end at $70.61 on September 30, 2009. Over the entire time period the price of oil declined 29.84%. We believe a weak dollar and OPEC production quotas (among several other factors) contributed to the market’s ability to maintain the high price of oil.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  Three industries in particular contributed positively to the Fund’s performance: oil & gas drilling, oil & gas equipment and services, and

16 Management Overview

coal & consumable fuels. Oil & gas drilling alone added approximately 7% to the Fund’s return, and the Fund’s position in this industry did much to help the Fund outperform its benchmark. Furthermore, while oil & gas drilling actually had a negative return on the benchmark, we were able to generate positive returns within the Fund’s industry holdings. Following our disciplined methodology, we were underweight the industry early in the fiscal year (before the industry lost over 50% of its value) and held a large overweight position in the second half of the fiscal year as the industry rallied.

The Fund’s holdings in integrated oil & gas and oil & gas storage & transportation industries detracted from Fund performance. Nonetheless, in spite of these two industries the Fund was able to perform well relative to both its sector-specific benchmark and the broader market as measured by the S&P 1500.

Q.  What is your investment outlook for the Energy sector?

A.  In spite of the strong rally in the last half of fiscal year 2009, we still see value within the Energy sector. According to our calculations, as of fiscal year-end the sector has an overall value-to-price ratio of 1.10, suggesting that fair value for Energy stocks as a whole is roughly 10% higher than where prices are currently trading. If corporate bond spreads continue to narrow, and analysts increase their forward-earning estimates, we believe there could be additional opportunities within the Energy sector.

ICON Energy Fund
Industry Composition
as of September 30, 2009

Integrated Oil & Gas	29.0%
Oil & Gas Drilling	19.7%
Oil & Gas Equipment & Services	14.2%
Oil & Gas Exploration & Production	12.5%
Coal & Consumable Fuels	4.9%
Oil & Gas Storage & Transportation	4.5%
Independent Power Producers & Energy Traders	3.9%
Industrial Conglomerates	3.4%
Railroads	3.1%
Gas Utilities	1.4%
	96.6%

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

ICON Energy Fund
Sector Composition
as of September 30, 2009

Energy	84.8%
Industrials	6.5%
Telecommunication & Utilities	5.3%
	96.6%

Management Overview 17

ICON Energy Fund
Average Annual Total Return
as of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			11/5/97			Ratio*			Ratio*
ICON Energy Fund		-1.73	%		12.64	%		18.41	%		13.21	%		1.16	%		1.16	%
S&P 1500 Energy Index		-14.43	%		10.18	%		9.50	%		8.43	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		3.16	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

ICON Energy Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 11/5/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

18 Management Overview

ICON Energy Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (96.6%)
	86,700	Alliance Resource Partners LP(a)	$	3,143,742
	63,100	Apache Corp.		5,794,473
	604,900	Atwood Oceanics, Inc.†(a)		21,334,823
	201,600	BP PLC - ADR		10,731,168
	31,800	BP Prudhoe Bay Royalty Trust(a)		2,373,870
	76,300	Burlington Northern Santa Fe Corp.		6,091,029
	440,300	Cameco Corp.(a)		12,240,340
	156,400	Canadian Natural Resources, Ltd.(a)		10,508,516
	343,500	Chesapeake Energy Corp.(a)		9,755,400
	208,300	China Petroleum and Chemical Corp. - ADR(a)		17,736,745
	357,400	Constellation Energy Group, Inc.		11,569,038
	145,900	CSX Corp.		6,107,374
	156,400	Diamond Offshore Drilling, Inc.(a)		14,939,328
	304,500	ENSCO International, Inc.		12,953,430
	445,800	Gazprom - ADR		10,538,712
	850,900	Global Industries, Ltd.†		8,083,550
	171,500	Golar LNG, Ltd.		1,896,790
	426,800	Halliburton Co.		11,574,816
	1,050,900	Helix Energy Solutions Group, Inc.†		15,742,482
	322,700	Hornbeck Offshore Services, Inc.†(a)		8,893,612
	189,200	LUKOIL - ADR		10,377,620
	205,700	Marathon Oil Corp.		6,561,830
	657,200	Mariner Energy, Inc.†		9,319,096
	425,200	Massey Energy Co.		11,858,828
	213,500	Matrix Service Co.†		2,320,745
	165,500	McDermott International, Inc.†		4,182,185
	268,200	Murphy Oil Corp.		15,440,274
	786,500	Nabors Industries, Ltd.†		16,437,850
	323,000	National Oilwell Varco, Inc.†		13,930,990
	235,900	Newfield Exploration Co.†		10,039,904
	320,300	Noble Corp.		12,158,588
	360,600	NRG Energy, Inc.†(a)		10,165,314
	479,700	Occidental Petroleum Corp.		37,608,480
	197,300	Oceaneering International, Inc.†		11,196,775

Schedule of Investments 19

Shares or Principal Amount			Value
	221,700	ONEOK, Inc.	$	8,118,654
	265,400	Overseas Shipholding Group, Inc.(a)		9,917,998
	151,800	PetroChina Co., Ltd. - ADR		17,267,250
	123,200	Petroleo Brasileiro S.A. - ADR		5,654,880
	538,900	Pride International, Inc. †(a)		16,404,116
	352,800	Repsol YPF S.A. - ADR(a)		9,582,048
	442,700	Rowan Cos., Inc.(a)		10,213,089
	375,600	San Juan Basin Royalty Trust(a)		6,783,336
	300,000	Sasol - ADR(a)		11,436,000
	1,071,200	Ship Finance International, Ltd.(a)		13,165,048
	161,300	Siemens AG - ADR(a)		14,994,448
	424,600	StatoilHydro ASA - ADR		9,570,484
	323,800	Tenaris S.A. - ADR(a)		11,533,756
	1,270,100	TETRA Technologies, Inc. †(a)		12,307,269
	69,700	Transocean, Ltd.†		5,961,441
	88,000	Union Pacific Corp.		5,134,800
Total Common Stocks (Cost $435,533,813)				541,652,334
Short-Term Investments (3.2%)
$	18,163,502	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#		18,163,502
Total Short-Term Investments (Cost $18,163,502)				18,163,502
Mutual Funds (22.7%)
	127,500,610	Invesco Aim Liquid Assets Portfolio, 0.28%^		127,500,610
Total Mutual Funds (Cost $127,500,610)				127,500,610
Total Investments 122.5% (Cost $581,197,925)				687,316,446
Liabilities Less Other Assets (22.5)%				(126,761,219	)
Net Assets 100.0%			$	560,555,227

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
^	Investment made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

20 Schedule of Investments

 ICFSX

Management Overview
ICON Financial Fund

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

A.  The ICON Financial Fund lost 26.80% for the fiscal year ended September 30, 2009, lagging its sector-specific benchmark, the S&P 1500 Financials Index, which lost 23.30%, in addition to its broad benchmark, the S&P Composite 1500 Index, which declined 6.77%. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  The Financials sector lagged the equity market as a whole as the financial crisis that began last year culminated in a widespread, broad market sell-off in March 2009. Asset write-downs eroded the capital structure of numerous commercial and investment banks, culminating with the collapse of 107 financial institutions - with 11 of these closures reported by the FDIC during September 2009.

The Federal Reserve continued its extraordinary steps to infuse liquidity and stimulate lending during fiscal year 2009. The target for the Federal Funds Rate was lowered from 2.00% to between 0% and 0.25% and the Troubled Asset Relief Program (“TARP”), begun in 2008 under the Bush administration, was handed off to Timothy Geithner under the Obama administration. As the year progressed and the markets improved, several banks began to repay TARP funds they had received earlier.

We believe the volatility experienced by the Fund was a reflection in part of the fear that dominated the broader markets for the first half of the fiscal year. As investors worried about the prospects of a crushing economic downturn, the broad S&P 1500 index reached new lows for the decade on March 9, 2009. Shortly thereafter, however, signs emerged that the economy may have bottomed without the U.S. experiencing the depression many feared and anticipated, and the equity markets rallied. From March 9 to the end of the fiscal year, the S&P 1500 index returned 59.91%. During the same period the ICON Financial Fund gained over 100%.

As is often the case, however, the companies and industries that led the rally off the March 9 low were the laggards prior to March 9, 2009. The Fund was underweight these industries (based on relative strength readings) and we were unable to reallocate quickly enough to capitalize fully on so sudden a rally. To be sure, within the first seven trading days of the rally off the March 9 low, the index was up 46.54% while the Fund

Management Overview 21

was up 28.52%. This seven-day period accounts almost entirely for the Fund’s underperformance relative to the S&P 1500 Financials Index for the fiscal year.

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

A.  The ICON Financial Fund was overweight the investment banking & brokerage industries. The Fund benefited from a 12% position in investment banking & brokerage industries versus the 9.5% stake in the S&P 1500 Financials Index. Companies like Goldman Sachs and Morgan Stanley both had notable, positive contributions to Fund performance.

Unfortunately, this favorable performance relative to the benchmark was offset by the Fund’s position in life & health insurance and other diversified financial services. Through the last quarter of 2008 and the first quarter of 2009 we continually looked for a market bottom based on our average market valuation. In accordance with our disciplined system, we rotated into the industries that performed well over those bottoms. Life & health insurance and other diversified financial services both performed well off new lows, but as the short-lived rallies at the end of 2008 faded, industry leadership faded as well. The results weighed on the performance of the fund.

In response to the market conditions of 2008, we took an in depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. Thus, after considerable thought and research, we modified our proprietary formula in the first quarter of 2009 in an effort to more accurately account for this risk. Moving forward with these new calculations, we feel we are now better equipped to handle all types of market conditions.

Q.  What is your investment outlook for the Financials sector?

A.  At fiscal year end we estimated the Financials sector’s value-to-price ratio to be 1.03, meaning prices within the sector are approximately 3% below our estimate of their intrinsic value. We nonetheless believe there are some great opportunities in specific industries within the sector. The life & health insurance industry, for example, has an overall value-to-price ratio of 1.35 and has been a strong leader off the March 9 low. Given the value we see within this industry, the Fund holds an approximately 17.5% position in life & health insurance, compared to the benchmark’s 6.5% weighting.

The Fund will continue to focus on the industries we believe have favorable value-to-price and relative strength ratios. In accordance with

22 Management Overview

our sell discipline, we will pare our positions in these industries if they do not meet our value and relative strength requirements. Having modified our valuation model in an effort to better account for company-specific risk, we hope to be able to navigate the waters of the Financials sector more effectively going forward.

ICON Financial Fund
Industry Composition
as of September 30, 2009

Other Diversified Financial Services	21.1%
Life & Health Insurance	17.7%
Diversified Banks	13.2%
Multi-Line Insurance	9.6%
Investment Banking & Brokerage	7.7%
Consumer Finance	6.4%
Diversified Capital Markets	6.4%
Asset Management & Custody Banks	5.2%
Property & Casualty Insurance	4.6%
Regional Banks	3.3%
Insurance Brokers	2.0%
Mortgage REITs	1.7%
Reinsurance	0.8%
	99.7%

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

ICON Financial Fund
Sector Composition
as of September 30, 2009

Financial	99.7%
	99.7%

ICON Financial Fund
Average Annual Total Return
as of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			7/1/97			Ratio*			Ratio*
ICON Financial Fund		-26.80	%		-8.33	%		2.78	%		2.56	%		1.22	%		1.22	%
S&P 1500 Financials Index		-23.30	%		-8.80	%		-0.72	%		1.33	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		3.67	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

Management Overview 23

ICON Financial Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 7/1/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

24 Management Overview

ICON Financial Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (99.7%)
	54,500	Aflac, Inc.	$	2,329,330
	103,400	Allianz SE - ADR		1,290,432
	179,694	American Capital, Ltd.		580,412
	39,000	American Financial Group, Inc.		994,500
	24,500	Ameriprise Financial, Inc.		890,085
	78,200	Annaly Capital Management, Inc. - REIT		1,418,548
	126,300	Apollo Investment Corp.		1,206,165
	60,600	Assured Guaranty, Ltd.		1,176,852
	36,600	Banco Bilbao Vizcaya Argentaria S.A. - ADR		652,944
	96,400	Banco Santander Central Hispano S.A. - ADR		1,556,860
	490,500	Bank of America Corp.		8,299,260
	36,700	BB&T Corp.		999,708
	115,500	BGC Partners, Inc. - Class A		494,340
	55,000	Cash America International, Inc.		1,658,800
	19,700	Credicorp, Ltd.		1,531,872
	35,000	Credit Suisse Group - ADR		1,947,750
	65,200	Delphi Financial Group, Inc. - Class A		1,475,476
	21,500	Deutsche Bank AG - ADR		1,650,555
	73,800	Dollar Financial Corp.†		1,182,276
	69,600	Fifth Third Bancorp		705,048
	122,100	Genworth Financial, Inc. - Class A		1,459,095
	66,800	Horace Mann Educators Corp.		933,196
	232,500	ING Groep N.V. - ADR†		4,145,475
	111,300	JPMorgan Chase & Co.		4,877,166
	43,200	Lincoln National Corp.		1,119,312
	34,300	Loews Corp.		1,174,775
	15,900	M&T Bank Corp.		990,888
	46,400	MetLife, Inc.		1,766,448
	190,400	National Financial Partners Corp.†		1,660,288
	92,800	Protective Life Corp.		1,987,776
	45,000	Prudential Financial, Inc.		2,245,950
	13,300	Reinsurance Group of America, Inc.		593,180
	138,600	SLM Corp.†		1,208,592
	29,200	StanCorp Financial Group, Inc.		1,178,804
	29,900	State Street Corp.		1,572,740
	41,400	Sun Life Financial, Inc.		1,293,336
	23,600	The Allstate Corp.		722,632
	31,400	The Goldman Sachs Group, Inc.		5,788,590
	76,300	The Hartford Financial Services Group, Inc.		2,021,950
	33,000	U.S. Bancorp		721,380
	88,600	UBS AG - ADR†		1,622,266
	53,400	Unum Group		1,144,896
	226,500	Wells Fargo & Co.		6,382,770
	49,600	World Acceptance Corp.†		1,250,416
	109,000	XL Capital, Ltd. - Class A		1,903,140
Total Common Stocks (Cost $59,705,948)				81,806,274

Schedule of Investments 25

Shares or Principal Amount			Value
Short-Term Investments (0.5%)
$	390,725	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#	$	390,725
Total Short-Term Investments (Cost $390,725)				390,725
Total Investments 100.2% (Cost $60,096,673)				82,196,999
Liabilities Less Other Assets (0.2)%				(129,712	)
Net Assets 100.0%			$	82,067,287

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

26 Schedule of Investments

ICHCX

Management Overview
ICON Healthcare Fund

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

A.  For the fiscal year ended September 30, 2009, the Fund’s sector-specific benchmark, the S&P 1500 Health Care Index, dropped 3.97%, and its broad benchmark, the S&P Composite 1500 Index, lost 6.77%. The ICON Healthcare Fund trailed both benchmarks, depreciating 8.90% during the same period.

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

A.  This fiscal year began where last fiscal year ended - with a market freefall brought on by factors that included a weakening global economy, credit fears, and the failure of several large financial institutions. The initial decline, however, was soon followed by one of the most rapid recoveries in recent decades.

As a traditionally defensive sector, Health Care was slightly less volatile than the broad market. The sector weathered the sharp declines of the first two quarters better than the broad market. Coming off the rally that followed the March 9 low, however, Health Care failed to keep pace with the surge of Financial, Technology, and Commodity-based securities. Consequently, from March 9, 2009 through the end of the fiscal year, the broad market outperformed the Health Care sector by 24.5%.

The sector was pulled into the spotlight this year as Congress moved forward on Health Care reform. Divisive issues, including the public insurance option, created a more volatile environment for industries like managed health care and health insurance providers. Most industries, however, fared much better and were relatively unaffected by the hype and fears coming out of Washington.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

Management Overview 27

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

A.  The ICON investment strategy directs us to weight industries based on our estimation of their value and relative strength. Our funds are tilted towards industries (and, ultimately, securities) that have outperformed the broad market over the previous six months, and which we identify as being priced below fair value.

The managed health care industry was the largest detractor to the Healthcare Fund and our position in this industry was a significant factor in the Fund’s underperforming its benchmark. Despite strong valuation numbers, the industry took a sharp plunge in the last weeks of the fiscal year as fear over Congressional reforms spooked investors. Our overweight position in the industry created a 3.39% decline in performance relative to the benchmark. Biotechnology and life sciences tools & services also produced returns lagging those of the benchmark. Together, these three industries accounted for an 8.08% lag off the S&P 1500 Health Care Composite Index.

On the positive side, pharmaceuticals, health care equipment, and health care facilities were the largest contributors to the Fund, together generating approximately 5.22% in positive returns relative to the sector benchmark. Industry mid-cap stocks in particular seemed to perform well during this turbulent market.

Q.  What is your investment outlook for the Healthcare sector?

A.  As fiscal year 2009 ends, ICON’s methodology suggests the Health Care sector leads all other sectors in terms of value. Our calculations indicate the Health Care sector continues to have significant upside, trading at a 21% discount to our measurement of intrinsic value. In addition, the sector continues to show leadership in the market, as reflected in its strong relative strength values.

The pharmaceuticals industry continues to show strong value potential and remains the Fund’s most heavily weighted industry. We believe health care distributors and health care services are also priced well below intrinsic value. The combination of value and strong relative performance within health care distributors and health care services make these attractive industries as we head into fiscal year 2010.

28 Management Overview

ICON Healthcare Fund
Industry Composition
as of September 30, 2009

Pharmaceuticals	47.2%
Health Care Services	15.4%
Health Care Distributors	12.9%
Life & Health Insurance	8.8%
Health Care Equipment	4.8%
Managed Health Care	4.7%
Life Sciences Tools & Services	3.6%
Industrial Gases	0.8%
	98.2%

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

ICON Healthcare Fund
Sector Composition
as of September 30, 2009

Health Care	86.6%
Financial	10.8%
Materials	0.8%
	98.2%

ICON Healthcare Fund
Average Annual Total Return
as of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			2/24/97			Ratio*			Ratio*
ICON Healthcare Fund		-8.90	%		1.71	%		8.12	%		7.63	%		1.25	%		1.25	%
S&P 1500 Health Care Index		-3.97	%		2.17	%		2.77	%		5.64	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		4.39	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

Management Overview 29

ICON Healthcare Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 2/24/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

30 Management Overview

ICON Healthcare Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (98.2%)
	51,300	Aetna, Inc.	$	1,427,679
	45,700	Aflac, Inc.		1,953,218
	70,900	Air Methods Corp.†		2,309,213
	11,200	Air Products & Chemicals, Inc.		868,896
	67,300	Allergan, Inc.		3,819,948
	148,000	Amerisource-Bergen Corp.		3,312,240
	25,300	Baxter International, Inc.		1,442,353
	25,600	Bayer AG - ADR(a)		1,781,760
	103,600	Bristol-Myers Squibb Co.		2,333,072
	60,400	Cardinal Health, Inc.		1,618,720
	77,000	Catalyst Health Solutions, Inc.†		2,244,550
	96,500	CIGNA Corp.		2,710,685
	15,400	Covance, Inc.†(a)		833,910
	49,000	Endo Pharmaceuticals Holdings, Inc.†		1,108,870
	45,000	Express Scripts, Inc.†		3,491,100
	33,800	Henry Schein, Inc.†(a)		1,855,958
	28,500	Humana, Inc.†		1,063,050
	64,600	Integra LifeSciences Holdings Corp.†(a)		2,206,090
	110,200	Inventiv Health, Inc.†		1,843,646
	186,500	Johnson & Johnson, Inc.		11,355,985
	36,200	Laboratory Corp. of America Holdings†(a)		2,378,340
	54,200	Lincoln National Corp.		1,404,322
	56,400	McKesson Corp.		3,358,620
	85,000	Medco Health Solutions, Inc.†		4,701,350
	135,200	Medicis Pharmaceutical Corp. - Class A		2,886,520
	45,400	Medtronic, Inc.		1,670,720
	187,500	Merck & Co., Inc.(a)		5,930,625
	72,900	MetLife, Inc.(a)		2,775,303
	118,600	Mylan Laboratories, Inc.†(a)		1,898,786
	24,200	Novartis AG - ADR		1,219,196
	174,100	Par Pharmaceutical Cos., Inc.†		3,744,891
	152,900	PAREXEL International Corp.†		2,077,911
	88,800	Patterson Cos., Inc.†		2,419,800
	51,700	Perrigo Co.		1,757,283
	494,700	Pfizer, Inc.(a)		8,187,285
	72,200	Prudential Financial, Inc.		3,603,502
	77,900	PSS World Medical, Inc.†(a)		1,700,557
	35,100	Sanofi-Aventis S.A. - ADR(a)		1,296,945
	25,100	Thermo Electron Corp.†		1,096,117

Schedule of Investments 31

Shares or Principal Amount			Value
	133,000	Watson Pharmaceutical, Inc.†(a)	$	4,873,120
Total Common Stocks (Cost $92,956,611)				108,562,136
Short-Term Investments (4.2%)
$	4,599,839	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#		4,599,839
Total Short-Term Investments (Cost $4,599,839)				4,599,839
Mutual Funds (27.9%)
	30,909,293	Invesco Aim Liquid Assets Portfolio, 0.28%^		30,909,293
Total Mutual Funds (Cost $30,909,293)				30,909,293
Total Investments 130.3% (Cost $128,465,743)				144,071,268
Liabilities Less Other Assets (30.3)%				(33,465,839	)
Net Assets 100.0%			$	110,605,429

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
^	Investment made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

32 Schedule of Investments

ICTRX

Management Overview
ICON Industrials Fund

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

A.  The ICON Industrials Fund lost 21.25% for the fiscal year ended September 30, 2009, while its sector-specific benchmark, the S&P 1500 Industrials Index, lost 12.12%, and the S&P Composite 1500 Index lost 6.77%. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  We utilize a two-part investment process that relies on aggregated company-specific valuations and relative strength measurements to aid in our industry rotation methodology. In response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1^st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

Going into calendar year 2009, we saw bargains in virtually every segment of the equity market, including the Industrials sector. The Fund was thus fully invested and heavily concentrated within a few industries that reflected strong combinations of value & relative strength according to our calculations. Unfortunately, fears about the economy and consumer demand disconnected equity prices from their fundamentals and the market continued its free-fall. The S&P 1500 Industrials Index lost more than 34% between December 31, 2008 and March 9, 2009. The Fund’s industry allocations, which initially looked so promising, underperformed the benchmark during this two month period.

The Industrials sector followed suit with the rest of the market and bottomed out on March 9, 2009. Between March 9 and September 30, however, the S&P 1500 Industrials Index rallied over 76% as the credit crisis began to abate & economic fears subsided. While the ICON Industrials Fund participated in this rally, producing a 70.6% return, the Fund lagged its benchmark by over 500 basis points.

At ICON we combine our value calculation with a relative strength component to help ensure we are investing in industries that are trading at a discount to fair value and performing well within the marketplace.

Management Overview 33

Over the long run, relative strength has been a critical part of our investment methodology. Nonetheless, accurately gauging relative strength is especially challenging during the market volatility we experienced in fiscal year 2009. The rally off the March 9 low was unusual in that stocks with very low relative strength readings proved to be market leaders during the upturn. The Industrials sector was a prime example of this, as the lowest quintile of relative strength readings returned over 134% while the highest quintile of relative strength readings produced only a 17% return from March 9 to September 30, 2009. This complete industry based theme reversal proved to be especially challenging for the ICON Industrials Fund.

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

A.  On an industry basis, only two industries within the S&P 1500 Industrials Index produced positive returns during fiscal year 2009: heavy electrical equipment and human resource & employment services. This created a challenge for the Fund as positive returns within the sector were scarce. Seven industries positively contributed to the Fund’s returns during fiscal year 2009: marine, aerospace & defense, commercial printing, industrial machinery, heavy electrical equipment, construction & engineering, and diversified support services.

In contrast, 19 industries produced negative returns within the S&P 1500 Industrials Index during fiscal year 2009. The Fund’s industry-based negative returns ranged from -1.88% in industrial machinery to a -46.98% return in the building products industry. This statistic reflects the overall breadth of the sell-off within the Industrials sector. The five industries that detracted most from performance in fiscal year 2009 were: airlines, railroads, air freight & logistics, building products, and trucking.

Q.  What is your investment outlook for the Industrials sector?

A.  At the close of the fiscal year, the Industrials sector was the fifth most undervalued of the nine sectors we track, with a value-to-price ratio of 1.09. Additionally, this valuation was very broad, as 15 of the 22 industries that we track within the Industrials sector were trading at a discount to our calculation of intrinsic value. We will continue to closely monitor valuations at the company level as the Industrials sector is heavily tied to the economic cycle. We believe a strengthening economy will help industrial-based companies produce positive future earnings growth. This, in turn, should provide the ICON Industrials Fund with opportunities in the year ahead.

34 Management Overview

ICON Industrials Fund
Industry Composition
as of September 30, 2009

Aerospace & Defense	25.9%
Industrial Conglomerates	23.2%
Railroads	13.8%
Industrial Machinery	10.9%
Airlines	6.7%
Marine	2.9%
Trading Companies & Distributors	2.9%
Construction & Farm Machinery & Heavy Trucks	2.5%
Construction & Engineering	2.0%
Electrical Components & Equipment	1.9%
Air Freight & Logistics	1.7%
Office Services & Supplies	1.7%
Diversified Commercial & Professional Services	1.5%
Heavy Electrical Equipment	0.8%
Diversified Support Services	0.6%
	99.0%

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

ICON Industrials Fund
Sector Composition
as of September 30, 2009

Industrials	99.0%
	99.0%

ICON Industrials Funds
Average Annual Total Return
as of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			5/9/97			Ratio*			Ratio*
ICON Industrials Fund		-21.25	%		0.59	%		1.36	%		2.10	%		1.25	%		1.25	%
S&P 1500 Industrials Index		-12.12	%		0.72	%		1.80	%		3.83	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		4.30	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

Management Overview 35

ICON Industrials Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 5/9/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

36 Management Overview

ICON Industrials Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (99.0%)
	40,000	3M Co.	$	2,952,000
	50,000	A-Power Energy Generation Systems, Ltd.†		538,500
	52,800	Alaska Air Group, Inc.†		1,414,512
	10,300	AMETEK, Inc.		359,573
	20,000	ATC Technology Corp.†		395,200
	70,000	BE Aerospace, Inc.†(a)		1,409,800
	30,000	Burlington Northern Santa Fe Corp.		2,394,900
	25,000	Caterpillar, Inc.(a)		1,283,250
	20,000	Cintas Corp.(a)		606,200
	14,200	Copart, Inc.†		471,582
	30,000	Crane Co.(a)		774,300
	55,000	CSX Corp.		2,302,300
	10,000	Cummins, Inc.		448,100
	15,000	Danaher Corp.		1,009,800
	30,000	Dover Corp.		1,162,800
	12,000	Eaton Corp.		679,080
	20,000	Foster Wheeler AG†		638,200
	15,000	GATX Corp.(a)		419,250
	20,000	General Dynamics Corp.		1,292,000
	600,000	General Electric Co.(a)		9,852,000
	20,000	Harsco Corp.(a)		708,200
	55,000	Honeywell International, Inc.		2,043,250
	10,000	Hubbell, Inc. - Class B		420,000
	30,000	Ingersoll-Rand PLC		920,100
	8,000	Jacobs Engineering Group, Inc.†		367,600
	35,000	Kirby Corp.†		1,288,700
	8,000	L-3 Communications Holdings, Inc.		642,560
	19,000	Lockheed Martin Corp.		1,483,520
	30,000	Middleby Corp.†		1,650,300
	150,000	Navios Maritime Holdings, Inc.		736,500
	50,000	Norfolk Southern Corp.		2,155,500
	10,000	Northrop Grumman Corp.(a)		517,500
	15,000	Parker Hannifin Corp.		777,600
	30,000	Pitney Bowes, Inc.(a)		745,500
	10,000	Precision Castparts Corp.		1,018,700
	25,000	Raytheon Co.		1,199,250
	110,000	Republic Airways Holdings, Inc.†		1,026,300
	25,000	Rockwell Collins, Inc.		1,270,000
	20,000	Siemens AG - ADR(a)		1,859,200
	80,000	SkyWest, Inc.		1,326,400
	100,000	Southwest Airlines Co.(a)		960,000
	21,800	Sykes Enterprises, Inc.†		453,876
	35,000	The Boeing Co.(a)		1,895,250
	20,000	Tutor Perini Corp.†		426,000
	50,000	Tyco International, Ltd.		1,724,000

Schedule of Investments 37

Shares or Principal Amount			Value
	50,000	Union Pacific Corp.	$	2,917,500
	15,000	United Parcel Service, Inc. - Class B(a)		847,050
	90,000	United Technologies Corp.		5,483,700
	25,000	UTi Worldwide, Inc.		362,000
	18,000	W.W. Grainger, Inc.		1,608,480
	24,100	Woodward Governor Co.		584,666
Total Common Stocks (Cost $67,899,430)				69,822,549
Short-Term Investments (0.4%)
$	307,279	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#	$	307,279
Total Short-Term Investments (Cost $307,279)				307,279
Mutual Funds (29.3%)
	20,636,150	Invesco Aim Liquid Assets Portfolio, 0.28%^		20,636,150
Total Mutual Funds (Cost $20,636,150)				20,636,150
Total Investments 128.7% (Cost $88,842,859)				90,765,978
Liabilities Less Other Assets (28.7)%				(20,230,734	)
Net Assets 100.0%			$	70,535,244

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
^	Investment made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

38 Schedule of Investments

ICTEX

Management Overview
ICON Information Technology Fund

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

A.  The Fund underperformed its benchmark for the fiscal year ended September 30, 2009. The Fund declined 0.89%, while its benchmarks, the S&P 1500 Information Technology Composite Index and the NASDAQ Composite Index, rose 8.56% and 2.55%, respectively. The Fund did, however, outperform the broad index, the S&P Composite 1500, which fell 6.77% for the fiscal year.

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

A.  The past year in the U.S. equity market was marked by two phases: the continuation of the market crash due to the recession and the subprime housing crisis, and the rapid recovery off the March 9, 2009 low. During the first half of the fiscal year, recession fears, the failure of several large financial institutions, and a troubled housing market fueled a massive sell-off in equities. Between October 1, 2008 and March 9, 2009, the S&P Composite 1500 Index fell 41.69%.

As the market rebounded in March, the Technology sector fully participated in the rally. The S&P 1500 Info Tech Index rose 70.53% off the market bottom through the end of the fiscal year, outperforming the broad market by over 10%. With the rapid, emotional sell-off of cyclical stocks in the early part of the year, the ICON valuation system was able to identify plenty of bargains. At the time of the market bottom, 15 out of the 16 industries we follow in the Information Technology sector showed value, and the sector as a whole was seen to be 38% undervalued. The Fund participated in the market recovery, slightly beating its sector benchmark during that period. By year end, however, the Fund fell just short of recovering the losses experienced in the first half of the year.

With the dramatic shift in the market, industry leadership had a higher turnover rate than usual. The internet software & services and semiconductors industries fared better than the rest of the technology index through the down-market of the first half of the year, while electronic manufacturing services & components as well as computer storage & peripherals led the sector through the rally. These sharp shifts in industry leadership contributed significantly to the Fund’s negative performance relative to its sector benchmark.

Management Overview 39

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  Large-cap names led the Fund in performance this year. Large computer hardware manufacturers, such as Apple and IBM, as well as other technology giants like Google and Oracle, all contributed at least 1% in total portfolio returns. The Fund’s overweight positions in these large-cap stocks produced excess returns of approximately 3% above the S&P 1500 Information Technology Composite Index.

On an Industry basis, three industries produced significant gains for the Fund relative to its sector-specific benchmark: computer hardware, electronic manufacturing services, and electronic components. Together they produced gains of approximately 11.20% over the benchmark.

The Fund’s performance relative to its benchmark was most negatively impacted by four industries: IT consulting & services, semiconductors, computer storage & peripherals, and communications equipment. The fund’s overweight position in these industries accounted for a 15.55% decrease in performance relative to the benchmark.

Q.  What is your investment outlook for the Information Technology Sector.

A.  As this volatile 12-month period in the U.S. equity market comes to a close, the fear and pessimism that dominated the earlier part of the year have receded and a strong rally is in effect. Even with the gains off the March 9 low to fiscal year-end reaching over 70% in the Info Tech sector, we continue to see value in the sector. Six out of the 16 industries we follow show value-to-price ratios of more than 1.10 with four of those having a six-month relative strength above that of the broad market.

As stock prices have appreciated toward fair value, we continue to monitor valuations at the company level. Although long-term growth rates may decrease and this rally may slow, we continue to believe Information Technology is an attractive sector for our investors with its diversity of businesses and strong growth potential.

40 Management Overview

ICON Information Technology Fund
Industry Composition
as of September 30, 2009

Computer Hardware	27.3%
Systems Software	18.3%
Data Processing & Outsourced Services	12.3%
Internet Software & Services	9.9%
Technology Distributors	8.0%
Communications Equipment	4.9%
Electronic Manufacturing Services	3.7%
IT Consulting & Other Services	3.3%
Computer Storage & Peripherals	2.2%
Application Software	1.7%
Electronic Components	1.1%
Office Electronics	1.1%
	93.8%

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

ICON Information Technology Fund
Sector Composition
as of September 30, 2009

Information Technology	93.8%
	93.8%

ICON Information Technology Fund
Average Annual Total Return
As of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			2/19/97			Ratio*			Ratio*
ICON Information Technology Fund		-0.89	%		-0.28	%		0.65	%		6.61	%		1.24	%		1.24	%
S&P 1500 Information Technology Index		8.56	%		3.94	%		-4.03	%		4.11	%		N/A			N/A
NASDAQ Composite Index		2.55	%		3.13	%		-1.96	%		4.13	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		4.36	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

Management Overview 41

ICON Information Technology Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 2/19/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

42 Management Overview

ICON Information Technology Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (93.8%)
	31,300	Accenture PLC	$	1,166,551
	47,600	Amdocs, Ltd.†		1,279,488
	33,900	Apple, Inc.†		6,284,043
	28,700	Arrow Electronics, Inc.†		807,905
	49,000	Avnet, Inc.†		1,272,530
	164,100	Brightpoint, Inc.†		1,435,875
	247,000	Cisco Systems, Inc.†		5,814,380
	39,400	Cognizant Technology Solutions Corp.†		1,523,204
	34,200	Computer Sciences Corp.†(a)		1,802,682
	94,000	Convergys Corp.†		934,360
	128,100	Dell, Inc.†		1,954,806
	55,300	Diebold, Inc.		1,821,029
	25,400	eBay, Inc.†		599,694
	41,700	Fidelity National Information Services, Inc.(a)		1,063,767
	68,000	Fiserv, Inc.†		3,277,600
	170,700	Flextronics International, Ltd.†		1,273,422
	18,000	Google, Inc. - Class A†		8,925,300
	205,300	Heartland Payment Systems, Inc.		2,978,903
	188,400	Hewlett-Packard Co.		8,894,364
	174,700	Insight Enterprises, Inc.†		2,133,087
	104,500	International Business Machines Corp.		12,499,245
	149,000	Jabil Circuit, Inc.		1,998,090
	5,100	Mastercard, Inc. - Class A(a)		1,030,965
	704,300	Microsoft Corp.		18,234,327
	39,600	Multi-Fineline Electronix, Inc.†		1,136,916
	83,800	NCR Corp.†		1,158,116
	171,400	Oracle Corp.		3,571,976
	43,700	Rogers Corp.†(a)		1,309,689
	40,400	SAP AG - ADR(a)		1,974,348
	33,000	Sohu.com, Inc.†(a)		2,269,740
	80,000	SYNNEX Corp.†(a)		2,438,400
	35,500	Tech Data Corp.†(a)		1,477,155
	104,700	TeleTech Holdings, Inc.†		1,786,182
	25,300	Visa, Inc. - Class A(a)		1,748,483
	71,800	Western Digital Corp.†(a)		2,622,854
	169,000	Xerox Corp.		1,308,060
Total Common Stocks (Cost $90,326,912)				111,807,536
Short-Term Investments (5.3%)
$	6,369,347	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#		6,369,347
Total Short-Term Investments (Cost $6,369,347)				6,369,347

Schedule of Investments 43

Shares or Principal Amount			Value
Mutual Funds (12.2%)
	14,595,757	Invesco Aim Liquid Assets Portfolio, 0.28%^	$	14,595,757
Total Mutual Funds (Cost $14,595,757)				14,595,757
Total Investments 111.3% (Cost $111,292,016)				132,772,640
Liabilities Less Other Assets (11.3)%				(13,523,045	)
Net Assets 100.0%			$	119,249,595

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
^	Investment made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

44 Schedule of Investments

 ICLEX

Management Overview
ICON Leisure And Consumer Staples Fund

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

A.  The ICON Leisure and Consumer Staples Fund lost 0.64% for the fiscal year ended September 30, 2009. The Fund thus underperformed one of its sector-specific benchmarks, the S&P 1500 Consumer Discretionary Index, which returned 0.83%, but outperformed its other sector specific benchmark, the S&P 1500 Consumer Staples Index, which lost 4.43%. Although neither index is an ideal comparison, together they provide a suitable reference for the Fund’s overall performance in its sectors.

The Fund outperformed its broad benchmark, the S&P Composite 1500 Index, which lost 6.77% over the same period. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  The market in 2009 can be divided into two segments: (i) the continuation of the market crash due to the recession and housing crisis; and (ii) the sharp rebound and recovery period through the second half of the year. Unprecedented market volatility made it difficult for the Fund to capitalize on ICON’s ability to identify themes. The VIX, an index which measures volatility as it relates to option pricing, entered the fiscal year near an all time high and continued to reach unprecedented levels through the first half of the year.

Throughout the market crash of the first half of the year, consumer staples industries, such as brewers, tobacco, and drug retail weathered the market better than those in the Consumer Discretionary sector. As soon as the market rebounded off the March low, however, leisure industries such as hotels resorts & cruise lines and casinos & gaming led the recovery. These sharp theme reversals had an adverse affect on Fund performance, as we had difficulty identifying clear and consistent leadership within this volatile environment.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving

Management Overview 45

forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  Five industries contributed significantly to the Fund: soft drinks, cable & satellite, publishing, hotels resorts & cruise lines, and movies & entertainment. Combined, they contributed approximately 13.22% to the Fund’s return. The ICON system was able to identify these industries as being significantly undervalued around the time of the market bottom, and overweight positions allowed the Fund to take advantage of their leadership through the rally.

The Fund’s largest detractors included tobacco, specialty stores, and casinos & gaming. Tobacco companies including Altria and Reynolds American failed to keep up with the rally off the market bottom, detracting from the performance relative to the index. Also detracting from the relative performance were some casino & gaming stocks, which were sold out of the Fund just before the market rebound based on our relative strength sell discipline.

Q.  What is your investment outlook for the Leisure and Consumer Staples sector?

A.  At fiscal year end, we measure the Leisure and Consumer Staples sector to be trading with a value-to-price ratio of 1.14, indicating significant upside potential. We continue to be fully invested in the market, but remain cognizant of the appreciation of the sector towards its fair value and potentially becoming overpriced.

The Fund will continue to focus on the industries we determine have favorable value-to-price and relative strength ratios. Heading into the new fiscal year the Fund has notable positions in personal products, movies & entertainment, and cable & satellite.

46 Management Overview

ICON Leisure and Consumer Staples Fund
Industry Composition
as of September 30, 2009

Movies & Entertainment	21.8%
Packaged Foods & Meats	18.1%
Personal Products	12.3%
Soft Drinks	8.4%
Tobacco	8.1%
Cable & Satellite	7.7%
Drug Retail	7.6%
Household Products	5.9%
Publishing	2.9%
Distillers & Vintners	2.3%
Hotels Resorts & Cruise Lines	2.3%
Brewers	1.5%
Agricultural Products	0.8%
	99.7%

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

ICON Leisure and Consumer Staples Fund
Sector Composition
as of September 30, 2009

Leisure and Consumer Staples	95.0%
Materials	2.4%
Consumer Discretionary	2.3%
	99.7%

ICON Leisure and Consumer Staples Fund
Average Annual Total Return
As of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			5/9/97			Ratio*			Ratio*
ICON Leisure and Consumer Staples Fund		-0.64	%		-0.05	%		5.16	%		6.74	%		1.46	%		1.46	%
S&P 1500 Consumer Discretionary Index		0.83	%		-1.19	%		-0.52	%		3.85	%		N/A			N/A
S&P 1500 Consumer Staples Index		-4.43	%		6.37	%		4.45	%		5.30	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		4.30	%		N/A			N/A

Past performance is not a guarantee of future results. The performance of the S&P 1500 Consumer Discretionary Index includes the reinvestment of dividends and capital gain distributions beginning on January 1, 2002. Additional information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

Management Overview 47

ICON Leisure and Consumer Staples Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 5/9/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

48 Management Overview

ICON Leisure And Consumer Staples Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (99.7%)
	14,500	Altria Group, Inc.	$	258,245
	30,000	Avon Products, Inc.(a)		1,018,800
	7,900	Campbell Soup Co.		257,698
	18,100	Carnival Corp.		602,368
	18,100	Central European Distribution Corp.†		592,956
	57,600	Coca-Cola Enterprises, Inc.(a)		1,233,216
	4,700	Colgate-Palmolive Co.		358,516
	69,000	Comcast Corp. - Class A		1,165,410
	11,900	ConAgra Foods, Inc.		257,992
	7,300	Corn Products International, Inc.(a)		208,196
	29,800	CVS Caremark Corp.		1,065,052
	13,600	DISH Network Corp. - Class A†		261,936
	6,400	Energizer Holdings, Inc.†		424,576
	19,400	Herbalife, Ltd.		635,156
	9,900	Hormel Foods Corp.(a)		351,648
	10,300	Kellogg Co.		507,069
	13,000	Kimberly-Clark Corp.		766,740
	35,200	Kraft Foods, Inc. - Class A		924,704
	2,800	Lorillard, Inc.		208,040
	5,700	Meredith Corp.		170,658
	7,800	Molson Coors Brewing Co. - Class B		379,704
	48,300	Nu Skin Enterprises, Inc. - Class A		894,999
	16,500	PepsiCo, Inc.		967,890
	22,400	Philip Morris International, Inc.		1,091,776
	28,100	Rentrak Corp.†		501,866
	46,200	Sara Lee Corp.(a)		514,668
	20,200	Smithfield Foods, Inc.†		278,760
	21,100	The DIRECTV Group, Inc.†(a)		581,938
	7,500	The Estee Lauder Cos., Inc. - Class A		278,100
	20,900	The Hain Celestial Group, Inc.†		400,653
	9,900	The J.M. Smucker Co.		524,799
	67,470	The Walt Disney Co.		1,852,726
	17,500	Thomson Reuters Corp.(a)		587,475
	22,875	Time Warner Cable, Inc.†		985,684
	42,766	Time Warner, Inc.(a)		1,230,805
	24,000	Unilever N.V.		692,640
	13,200	Universal Corp.(a)		552,024
	11,400	USANA Health Sciences, Inc.†(a)		388,854
	30,000	Viacom, Inc. - Class B†		841,200
	24,200	Walgreen Co.(a)		906,774
	18,600	World Wrestling Entertainment, Inc. - Class A		260,586
Total Common Stocks (Cost $23,758,272)				25,982,897
Mutual Funds (24.3%)
	6,338,888	Invesco Aim Liquid Assets Portfolio, 0.28%^		6,338,888
Total Mutual Funds (Cost $6,338,888)				6,338,888
Total Investments 124.0% (Cost $30,097,160)				32,321,785
Liabilities Less Other Assets (24.0)%				(6,248,044	)
Net Assets 100.0%			$	26,073,741

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

†	Non-income producing security.
^	Investment made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.

Schedule of Investments 49

ICBMX

Management Overview
ICON Materials Fund

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

A.  The ICON Materials Fund lost 7.87% for the fiscal year ended September 30, 2009, while its sector-specific benchmark, the S&P 1500 Materials Index, lost 3.48%, and the S&P Composite 1500 Index lost 6.77%. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  We utilize a two-part investment process that relies on aggregated company-specific valuations and relative strength measurements to aid in our industry rotation methodology. In response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully accounting for company-specific risk factors. In the 1^st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

Going into calendar year 2009, we saw bargains in virtually every segment of the equity market, including the Materials sector. Because we saw value in the sector, the Fund was fully invested and heavily concentrated within a few industries we believed reflected strong combinations of value and relative strength. Unfortunately, fears about the economy and consumer demand disconnected equity prices from their underlying fundamentals and the market continued its freefall, with the S&P 1500 Materials Index losing over 22% in little more than two months between December 31, 2008 and March 9, 2009. While the Fund’s holdings were distributed where we thought we saw the most value, the Fund nonetheless underperformed the benchmark during this time period.

The Materials sector, along with much of the rest of the market, bottomed out on March 9, 2009. Between March 9 and fiscal year-end, the S&P 1500 Materials Index rallied 79.1% as the credit crisis began to abate and economic fears subsided. While the ICON Materials Fund participated in this rally, producing a 75.8% return, the Fund lagged its sector-specific benchmark by over 300 basis points.

At ICON we combine our value calculation with a relative strength component in an effort to ensure we are investing in industries that are both trading at a discount to fair value and performing well within the

50 Management Overview

marketplace. Relative strength is a critical part of our investment methodology, but it can be problematic during times of extreme market volatility. The rally off the March 9 low has proven to be especially volatile and stocks that had low relative strength readings became market leaders during this rally. The Materials sector was a prime example of this inverse relative strength relationship, as the lowest quintile of relative strength readings returned over 245% while the highest quintile of relative strength readings produced only a 30.5% return from March 9 to September 30. This complete industry-based theme reversal proved to be especially challenging for the ICON Materials Fund.

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

A.  On an industry basis, only six of the 14 industries within the S&P 1500 Materials Index produced positive returns during fiscal year 2009. Additionally, returns were distributed across a wide range with the best performing industry, diversified metals & mining, producing a positive 20.1% return while the worst performing industry, aluminum, produced a negative 40.9% return. This created a very challenging environment for the ICON Materials Fund, as positive returns were hard to come by. Looking at the Materials Fund, the top five contributing industries during fiscal year 2009 were steel, diversified metals & mining, industrial gases, specialty chemicals, and paper products.

Eight industries produced negative returns within the S&P 1500 Materials Index during fiscal year 2009. Within the ICON Materials Fund, industry-based negative returns ranged from -4.7% in metal & glass containers to a -56.5% return in the trucking industry. This statistic reflects the strong sell-off during fiscal year 2009 within certain industries. The five industries that detracted most from performance in fiscal year 2009 are diversified chemicals, railroads, building products, metal & glass containers, and trucking.

Q.  What is your investment outlook for the Materials sector?

A.  At the close of the fiscal year, the Materials sector had a value to price ratio of 1.03. Under the ICON methodology, this calculation indicates we see approximately 3% more upside before prices come into line with intrinsic value. As one of the more cyclical-themed sectors within our fund family, Materials valuations are significantly tied to expectations of future economic growth. Should we continue to see improvements in the economy, we anticipate value becoming an upwardly moving target, with stock prices chasing value as analysts’ earnings expectations continue to increase. Consistent with our disciplined investment methodology, future allocations within the Materials Fund will be based on our ability to find industries with strong combinations of both value and relative strength.

Management Overview 51

ICON Materials Fund
Industry Composition
as of September 30, 2009

Specialty Chemicals	16.9%
Diversified Chemicals	15.6%
Industrial Gases	12.4%
Steel	11.1%
Fertilizers & Agricultural Chemicals	7.2%
Diversified Metals & Mining	6.7%
Paper Packaging	6.7%
Metal & Glass Containers	5.5%
Gold	4.8%
Railroads	4.5%
Commodity Chemicals	2.3%
Oil & Gas Drilling	1.6%
Marine	1.3%
	96.6%

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

ICON Materials Fund
Sector Composition
as of September 30, 2009

Materials	87.0%
Industrials	5.8%
Energy	3.8%
	96.6%

ICON Materials Fund
Average Annual Total Return
as of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			5/5/97			Ratio*			Ratio*
ICON Materials Fund		-7.87	%		7.72	%		6.27	%		2.74	%		1.26	%		1.26	%
S&P 1500 Materials Index		-3.48	%		4.92	%		5.90	%		5.29	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		4.25	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

52 Management Overview

ICON Materials Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 5/5/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 53

ICON Materials Fund
Schedule of Investments
SEPTEMBER 30, 2009

Shares or Principal Amount			Value
Common Stocks (96.6%)
	15,000	Agrium, Inc.(a)	$	746,850
	65,000	Air Products & Chemicals, Inc.		5,042,700
	30,000	Airgas, Inc.(a)		1,451,100
	60,000	Albemarle Corp.(a)		2,076,000
	16,000	Atwood Oceanics, Inc.†		564,320
	30,000	Ball Corp.		1,476,000
	30,000	Barrick Gold Corp. - ADR		1,137,000
	85,000	Bemis Co., Inc.		2,202,350
	30,000	Carpenter Technology Corp.		701,700
	20,000	CF Industries Holdings, Inc.		1,724,600
	50,000	Cliffs Natural Resources, Inc.		1,618,000
	35,000	Commercial Metals Co.		626,500
	40,000	CSX Corp.		1,674,400
	5,000	Diamond Offshore Drilling, Inc.(a)		477,600
	240,000	E.I. du Pont de Nemours and Co.		7,713,600
	65,000	Ecolab, Inc.		3,004,950
	35,000	FMC Corp.(a)		1,968,750
	75,000	Freeport-McMoRan Copper & Gold, Inc. - Class B		5,145,750
	50,000	Gerdau Ameristeel Corp.(a)		396,000
	25,000	International Flavors & Fragrances, Inc.		948,250
	15,000	Koppers Holdings, Inc.		444,750
	40,000	Lihir Gold, Ltd. - ADR†(a)		1,002,000
	60,000	Lubrizol Corp.(a)		4,287,600
	100,000	Methanex Corp.(a)		1,731,000
	50,000	Monsanto Co.		3,870,000
	25,000	Nalco Holding Co.		512,250
	250,000	Navios Maritime Holdings, Inc.		1,227,500
	55,000	Newmont Mining Corp.		2,421,100
	20,000	Norfolk Southern Corp.		862,200
	90,000	Nucor Corp.(a)		4,230,900
	50,000	Owens-Illinois, Inc.†		1,845,000
	75,000	Pactiv Corp.†		1,953,750
	5,000	Posco - ADR(a)		519,700
	15,000	PPG Industries, Inc.(a)		873,150
	65,000	Praxair, Inc.		5,309,850
	40,000	Reliance Steel & Aluminum Co.		1,702,400
	50,000	Rock-Tenn Co. - Class A		2,355,500
	100,000	RPM International, Inc.		1,849,000
	50,000	RTI International Metals, Inc.†		1,245,500
	45,000	Sigma-Aldrich Corp.		2,429,100
	65,000	Sonoco Products Co.(a)		1,790,100
	50,000	Steel Dynamics, Inc.		767,000
	10,000	Syngenta AG - ADR		459,500

54 Schedule of Investments

Shares or Principal Amount			Value
	164,700	The Dow Chemical Co.(a)	$	4,293,729
	35,000	The Valspar Corp.		962,850
	5,200	Transocean, Ltd.†		444,756
	30,000	Union Pacific Corp.		1,750,500
Total Common Stocks (Cost $78,476,576)				91,837,105
Short-Term Investments (2.3%)
$	2,226,720	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#		2,226,720
Total Short-Term Investments (Cost $2,226,720)				2,226,720
Mutual Funds (13.7%)
	12,916,067	Invesco Aim Liquid Assets Portfolio, 0.28%^		12,916,067
Total Mutual Funds (Cost $12,916,067)				12,916,067
Total Investments 112.6% (Cost $93,619,363)				106,979,892
Liabilities Less Other Assets (12.6)%				(11,952,114	)
Net Assets 100.0%			$	95,027,778

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
^	Investment made with cash collateral received from securities on loan. The rate listed is as of September 30, 2009.
(a)	All or a portion of the security was on loan as of September 30, 2009.
ADR	American Depositary Receipt

Schedule of Investments 55

ICTUX

Management Overview
ICON Telecommunication & Utilities Fund

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

A.  The ICON Telecommunication & Utilities Fund lost 4.39% for the fiscal year ended September 30, 2009, outperforming the 5.99% loss of the S&P 1500 Utilities Index and underperforming the 0.48% loss of the S&P 1500 Telecommunication Services Index. Although neither sector-specific benchmark is an ideal comparison, together they provide a suitable reference for the Fund’s overall performance in its sectors.

Additionally, the Fund outperformed its broad benchmark, the S&P Composite 1500 Index, which lost 6.77% over the same period. Total returns for other periods as of September 30, 2009 appear in the subsequent pages of this Fund’s Management Overview.

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

A.  The Fund’s allocation to the integrated telecommunication services industry was the primary factor in the Fund’s relative performance and exemplifies both the difficulties and opportunities in using two sector benchmarks. The Fund allocated more to this industry than any other with a 29.5% average weighting. This proved to be a good allocation of resources as the integrated telecommunication services industry turned in small but positive returns in a difficult environment for equities. The Fund’s holdings within this industry also outperformed the S&P Telecommunication Services Index’s integrated telecommunication services holdings. However the S&P 1500 Telecommunication Services Index held a 90.51% weighting in integrated telecommunication services and this fueled the Index’s outperformance over the Fund.

Conversely, the Fund’s allocation to integrated telecommunication services versus a 0% weighting in the S&P 1500 Utilities Index allowed the Fund to outperform the S&P 1500 Utilities Index in what proved to be a difficult year for utility stocks.

Although the Fund was unable to outperform both indices this fiscal year, its broad strategy has allowed it to perform well over longer periods of time and the Fund continues to outperform both indices on a since inception basis.

It is important to note that in response to the market conditions of 2008, we took an in-depth look at the strengths and weaknesses of the ICON methodology and determined our valuation process was not fully

56 Management Overview

accounting for company-specific risk factors. In the 1st quarter of 2009, and after considerable thought and research, we modified our proprietary formula in an effort to more accurately account for this risk. Moving forward, we feel we are now better equipped to handle all types of market conditions.

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

A.  In general, the Fund’s Utilities Sector allocations detracted from performance while allocations toward the Telecommunication Sector aided performance. Specifically, the Fund’s significant weighting toward the multi-utility and electric utility industries hampered performance. The Fund allocated just over 45% of its assets on average to these industries and both lost ground when utility demand declined as economic activity slowed. The Fund did receive positive contributions from its allocations to the water utilities and independent power producers & energy traders industries, but overall Utilities detracted from performance.

As described earlier, the Fund was aided by an average 29.5% weighting toward the integrated telecommunication services Industry. The industry was led by small gains from AT&T and Verizon, the Fund’s two largest holdings. The Fund’s allocation to the wireless telecommunication services industry also aided performance in a year in which the industry saw an overall -21.06% decline within the S&P 1500.

Q.  What is your investment outlook for the Telecommunication & Utilities sectors?

A.  In terms of valuation, both the Telecommunication and Utilities sectors look strong according to our methodology. Both sectors were dragged down with the equity market in the credit crunch of 2008 and have not participated fully in the rally that began March 9, 2009. This has left the combined sectors with a compelling 1.19 overall value to price ratio, but a weak .98 relative strength metric. The integrated telecommunication services industry continues to be a bright spot, showing both value and strength, as does the independent power producers & energy traders industry. Although we see compelling value in the electric, gas, multi and water utility industries, their lack of relative strength makes them unattractive at this time. It is not unusual for the defensive Utilities sector to languish during such strong equity rallies, but we do expect the sector’s value to be recognized in the future and we will allocate the Fund’s holdings toward those industries as their relative strength metrics improve.

Management Overview 57

ICON Telecommunication &
Utilities Fund
Industry Composition
as of September 30, 2009

Integrated Telecommunication Services	26.5%
Electric Utilities	24.0%
Multi-Utilities	18.8%
Wireless Telecommunication Services	12.0%
Independent Power Producers & Energy Traders	5.2%
Gas Utilities	4.3%
Water Utilities	3.1%
Industrial Conglomerates	2.9%
Cable & Satellite	1.5%
Electrical Components & Equipment	1.3%
	99.6%

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

ICON Telecommunication &
Utilities Fund
Sector Composition
as of September 30, 2009

Telecommunication & Utilities	94.0%
Industrials	4.1%
Leisure and Consumer Staples	1.5%
	99.6%

ICON Telecommunication & Utilities Fund
Average Annual Total Return
as of September 30, 2009

										Since			Gross			Net
										Inception			Expense			Expense
	1 Year			5 Years			10 Years			7/9/97			Ratio*			Ratio*
ICON Telecommunication & Utilities Fund		-4.39	%		5.71	%		3.13	%		6.79	%		1.35	%		1.35	%
S&P 1500 Telecommunications Services Index		-0.48	%		1.81	%		-6.60	%		0.50	%		N/A			N/A
S&P 1500 Utilities Index		-5.99	%		6.92	%		4.71	%		6.07	%		N/A			N/A
S&P Composite 1500 Index		-6.77	%		1.38	%		0.63	%		3.52	%		N/A			N/A

Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.

*  Please see the January 26, 2009 prospectus for details.

58 Management Overview

ICON Telecommunication & Utilities Fund
Value of a $10,000 Investment
through September 30, 2009

Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Fund on its inception date of 7/9/97 to a $10,000 investment made in unmanaged securities indexes on that date. The Fund’s performance in this chart and the performance table assumes the reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Management Overview 59

ICON Telecommunication & Utilities Fund
Schedule of Investments
September 30, 2009

Shares or Principal Amount			Value
Common Stocks (97.5%)
	7,000	AGL Resources, Inc.	$	246,890
	8,400	Allegheny Energy, Inc.		222,768
	20,000	Alliant Energy Corp.		557,000
	15,000	America Movil S.A.B. de C.V. - ADR		657,450
	6,000	Aqua America, Inc.		105,840
	100,600	AT&T, Inc.		2,717,206
	8,000	Atmos Energy Corp.		225,440
	12,500	Avista Corp.		252,750
	7,500	China Mobile, Ltd. - ADR		368,325
	20,000	Comcast Corp. - Class A		337,800
	10,000	Companhia de Saneamento Basico do Estado de Sao Paulo - ADR		379,300
	20,000	Constellation Energy Group, Inc.		647,400
	28,100	Dominion Resources, Inc. of Virginia		969,450
	8,400	DPL, Inc.		219,240
	16,500	Edison International		554,070
	37,000	El Paso Electric Co.†		653,790
	8,400	Entergy Corp.		670,824
	500	First Solar, Inc.†		76,430
	11,000	FPL Group, Inc.		607,530
	20,000	France Telecom S.A. - ADR		538,400
	8,000	IDACORP, Inc.		230,320
	8,400	Integrys Energy Group, Inc.		301,476
	10,000	Middlesex Water Co.		150,800
	10,000	NRG Energy, Inc.†		281,900
	25,000	NV Energy, Inc.		289,750
	30,000	Partner Communications Co., Ltd. - ADR		564,600
	11,300	Pepco Holdings, Inc.		168,144
	30,000	Portland General Electric Co.		591,600
	12,700	PPL Corp.		385,318
	37,900	Public Service Enterprise Group, Inc.		1,191,576
	4,900	Sempra Energy Corp.		244,069
	7,000	Siemens AG - ADR		650,720
	5,600	Southern Co.		177,352
	20,000	Southwest Gas Corp.		511,600
	12,500	Southwest Water Co.		61,500
	25,000	Syniverse Holdings, Inc.†		437,500
	10,000	Telefonica S.A. - ADR		829,100
	10,000	Telenor ASA - ADR†		350,100
	20,000	The Empire District Electric Co.		361,800
	12,500	TransAlta Corp.		256,500
	51,000	Verizon Communications, Inc.		1,543,770
	30,000	Vodafone Group PLC - ADR		675,000
	2,700	Wisconsin Energy Corp.		121,959
	30,900	Xcel Energy, Inc.		594,516
Total Common Stocks (Cost $22,150,155)				21,978,873

60 Schedule of Investments

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Corporate Bonds (2.1%)
$	200,000	Exelon Generation Co., LLC		5.35	%		1/15/14	$	211,554
	250,000	Exelon Generation Co., LLC		6.20	%		10/1/17		272,841
Total Corporate Bonds (Cost $435,852)									484,395
Short-Term Investments (1.8%)
	404,929	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.03%, 10/01/09#							404,929
Total Short-Term Investments (Cost $404,929)									404,929
Total Investments 101.4% (Cost $22,990,936)									22,868,197
Liabilities Less Other Assets (1.4)%									(321,548	)
Net Assets 100.0%								$	22,546,649

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

†	Non-income producing security.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is as of September 30, 2009.
ADR	American Depositary Receipt

Schedule of Investments 61

Statements of Assets and Liabilities
September 30, 2009

	ICON
	Consumer			ICON			ICON			ICON
	Discretionary			Energy			Financial			Healthcare
	Fund			Fund			Fund			Fund
Assets
Investments, at cost	$	16,171,811		$	581,197,925		$	60,096,673		$	128,465,743
Investments, at value†		18,356,303			687,316,446			82,196,999			144,071,268
Cash		-			-			-			-
Receivables:
Fund shares sold		15,007			2,691,636			62,520			224,957
Investments sold		-			18,136,662			1,011,166			4,026,206
Interest		2			14			-			4
Dividends		7,540			1,140,616			100,142			125,679
Other assets		22,610			130,448			36,780			43,118
Total Assets		18,401,462			709,415,822			83,407,607			148,491,232
Liabilities
Payables:
Due to custodian bank		-			-			-			-
Investments purchased		719,348			20,075,612			1,201,326			6,719,687
Payable for collateral received on securities loaned		3,439,929			127,500,610			-			30,909,293
Fund shares redeemed		6,125			734,256			58,213			102,092
Advisory fees		11,656			448,685			64,563			91,897
Fund accounting fees		82			3,207			472			643
Transfer agent fees		4,381			19,277			6,332			24,424
Administration fees		544			22,253			3,129			4,826
Trustee fees		193			7,480			1,073			1,521
Accrued expenses		14,111			49,215			5,212			31,420
Total Liabilities		4,196,369			148,860,595			1,340,320			37,885,803
Net Assets	$	14,205,093		$	560,555,227		$	82,067,287		$	110,605,429
Net Assets Consist of
Paid-in capital	$	37,495,916		$	587,897,551		$	180,556,800		$	126,392,319
Accumulated undistributed net investment income/(loss)		376,911			7,639,241			1,136,023			1,948,713
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions		(25,852,226	)		(141,100,086	)		(121,725,862	)		(33,341,128	)
Unrealized appreciation/(depreciation) on investments and foreign currency translations		2,184,492			106,118,521			22,100,326			15,605,525
Net Assets	$	14,205,093		$	560,555,227		$	82,067,287		$	110,605,429
Shares outstanding (unlimited shares authorized no par value)		2,080,303			33,131,012			13,755,353			8,996,124
Net asset value (offering and redemption price per share)	$	6.83		$	16.92		$	5.97		$	12.29
† Includes securities on loan of	$	3,387,442		$	123,606,970		$	-		$	29,918,548

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

62 Financial Statements

			ICON			ICON						ICON
ICON			Information			Leisure and			ICON			Telecommunication
Industrials			Technology			Consumer			Materials			& Utilities
Fund			Fund			Staples Fund			Fund			Fund
$	88,842,859		$	111,292,016		$	30,097,160		$	93,619,363		$	22,990,936
	90,765,978			132,772,640			32,321,785			106,979,892			22,868,197
	-			-			-			610,913			-
	89,856			296,046			9,904			391,269			15,376
	301,033			917,944			166,784			634,981			180,415
	-			5			-			2			10,018
	105,027			24,002			43,158			159,203			64,272
	34,124			42,442			20,770			36,007			25,034
	91,296,018			134,053,079			32,562,401			108,812,267			23,163,312
	-			-			57,467			-			-
	-			-			-			690,950			545,252
	20,636,150			14,595,757			6,338,888			12,916,067			-
	52,331			82,979			64,673			78,691			41,187
	57,861			96,448			21,184			77,023			18,800
	412			692			152			545			135
	8,202			10,335			3,030			6,537			6,888
	2,830			4,737			993			3,690			824
	960			1,599			351			1,277			311
	2,028			10,937			1,922			9,709			3,266
	20,760,774			14,803,484			6,488,660			13,784,489			616,663
$	70,535,244		$	119,249,595		$	26,073,741		$	95,027,778		$	22,546,649
$	117,756,020		$	171,749,729		$	34,602,932		$	124,218,529		$	34,608,834
	1,217,934			630,936			383,497			1,039,703			507,167
	(50,361,829	)		(74,611,694	)		(11,137,313	)		(43,590,983	)		(12,446,613	)
	1,923,119			21,480,624			2,224,625			13,360,529			(122,739	)
$	70,535,244		$	119,249,595		$	26,073,741		$	95,027,778		$	22,546,649
	11,048,506			15,302,047			3,563,599			10,640,210			3,980,145
$	6.38		$	7.79		$	7.32		$	8.93		$	5.66
$	19,932,986		$	14,212,270		$	6,156,154		$	12,232,808		$	-

Financial Statements 63

Statements of Operations
For the year ended September 30, 2009

	ICON
	Consumer			ICON			ICON			ICON
	Discretionary			Energy			Financial			Healthcare
	Fund			Fund			Fund			Fund
Investment Income
Interest	$	2,862		$	65,310		$	1,907		$	11,370
Dividends		501,906			10,349,593			2,021,005			2,439,831
Income from securities lending, net		77,249			755,008			-			157,075
Foreign taxes withheld		-			(12,807	)		-			-
Total Investment Income		582,017			11,157,104			2,022,912			2,608,276
Expenses
Advisory fees		330,093			4,242,379			650,060			1,240,439
Fund accounting fees		12,244			128,760			21,894			39,771
Transfer agent fees		90,803			314,139			104,022			189,084
Administration fees		16,350			210,969			32,202			61,547
Registration fees		28,299			46,403			35,333			37,102
Insurance expense		7,225			62,116			13,136			13,105
Trustee fees and expenses		5,275			53,478			8,906			17,536
Interest expense		3,264			-			2,327			433
Other expenses		43,624			199,105			51,172			94,538
Net Expenses		537,177			5,257,349			919,052			1,693,555
Net Investment Income/(Loss)		44,840			5,899,755			1,103,860			914,721
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investment transactions		(18,491,723	)		(139,817,254	)		(54,834,145	)		(33,178,074	)
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations		1,817,062			136,321,628			13,559,513			11,440,541
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions		(16,674,661	)		(3,495,626	)		(41,274,632	)		(21,737,533	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(16,629,821	)	$	2,404,129		$	(40,170,772	)	$	(20,822,812	)

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

64 Financial Statements

			ICON			ICON						ICON
ICON			Information			Leisure and			ICON			Telecommunication
Industrials			Technology			Consumer			Materials			& Utilities
Fund			Fund			Staples Fund			Fund			Fund
$	2,957		$	5,872		$	440		$	8,461		$	17,482
	1,818,562			1,098,675			521,305			2,142,258			1,044,995
	165,712			142,715			61,566			88,278			-
	(3,315	)		-			(2,914	)		-			(818	)
	1,983,916			1,247,262			580,397			2,238,997			1,061,659
	717,978			968,342			252,837			772,334			241,156
	24,082			31,585			9,646			25,682			9,396
	104,925			133,757			68,095			123,203			72,696
	35,603			48,047			12,542			38,332			11,973
	31,850			36,377			21,082			29,581			28,787
	13,196			16,326			3,569			16,218			7,378
	9,497			14,257			3,818			11,310			4,237
	309			17,854			1,097			1,093			-
	47,939			68,395			26,544			64,799			34,010
	985,379			1,334,940			399,230			1,082,552			409,633
	998,537			(87,678	)		181,167			1,156,445			652,026
	(46,466,509	)		(38,132,970	)		(8,327,546	)		(32,865,783	)		(4,189,899	)
	14,292,207			26,383,720			4,148,032			20,299,376			1,530,224
	(32,174,302	)		(11,749,250	)		(4,179,514	)		(12,566,407	)		(2,659,675	)
$	(31,175,765	)	$	(11,836,928	)	$	(3,998,347	)	$	(11,409,962	)	$	(2,007,649	)

Financial Statements 65

Statements of Changes in Net Assets

	ICON Consumer Discretionary Fund
	Year Ended			Year Ended
	September 30,			September 30,
	2009			2008
Operations
Net investment income/(loss)	$	44,840		$	(30,197	)
Net realized gain/(loss) from investment transactions		(18,491,723	)		(5,264,324	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		1,817,062			(8,052,981	)
Net increase/(decrease) in net assets resulting from operations		(16,629,821	)		(13,347,502	)
Dividends and Distributions to Shareholders
Net investment income		-			-
Net realized gains		-			(5,715,433	)
Net decrease from dividends and distributions		-			(5,715,433	)
Fund Share Transactions
Shares sold		13,580,754			94,454,604
Reinvested dividends and distributions		-			5,647,506
Shares repurchased		(54,987,695	)		(103,274,555	)
Net increase/(decrease) from fund share transactions		(41,406,941	)		(3,172,445	)
Total net increase/(decrease) in net assets		(58,036,762	)		(22,235,380	)
Net Assets
Beginning of period		72,241,855			94,477,235
End of period	$	14,205,093		$	72,241,855
Transactions in Fund Shares
Shares Sold		2,740,834			11,901,384
Reinvested dividends and distributions		-			657,451
Shares repurchased		(10,713,665	)		(9,890,815	)
Net increase/(decrease)		(7,972,831	)		2,668,020
Shares outstanding, beginning of period		10,053,134			7,385,114
Shares outstanding, end of period		2,080,303			10,053,134
Accumulated undistributed net investment income	$	376,911		$	328,935

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

66 Financial Statements

ICON Energy Fund						ICON Financial Fund						ICON Healthcare Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
2009			2008			2009			2008			2009			2008
$	5,899,755		$	4,059,340		$	1,103,860		$	3,585,734		$	914,721		$	(359,048	)
	(139,817,254	)		219,828,225			(54,834,145	)		(66,546,769	)		(33,178,074	)		6,635,806
	136,321,628			(313,719,016	)		13,559,513			(10,271,581	)		11,440,541			(75,394,705	)
	2,404,129			(89,831,451	)		(40,170,772	)		(73,232,616	)		(20,822,812	)		(69,117,947	)
	(1,993,032	)		(2,043,462	)		(3,381,427	)		(1,809,844	)		-			-
	(134,183,715	)		(177,660,859	)		-			(19,270,780	)		-			(35,443,355	)
	(136,176,747	)		(179,704,321	)		(3,381,427	)		(21,080,624	)		-			(35,443,355	)
	258,382,655			106,327,332			39,972,857			164,671,288			53,163,928			132,311,153
	131,269,217			172,298,136			3,316,850			20,824,424			-			33,320,610
	(187,961,116	)		(332,527,571	)		(45,844,802	)		(163,096,823	)		(81,818,503	)		(374,274,158	)
	201,690,756			(53,902,103	)		(2,555,095	)		22,398,889			(28,654,575	)		(208,642,395	)
	67,918,138			(323,437,875	)		(46,107,294	)		(71,914,351	)		(49,477,387	)		(313,203,697	)
	492,637,089			816,074,964			128,174,581			200,088,932			160,082,816			473,286,513
$	560,555,227		$	492,637,089		$	82,067,287		$	128,174,581		$	110,605,429		$	160,082,816
	17,627,648			3,170,690			8,206,569			15,099,515			4,715,316			8,446,706
	9,452,879			5,426,713			665,988			1,728,168			-			2,093,003
	(12,157,086	)		(10,071,174	)		(10,111,073	)		(15,827,527	)		(7,587,615	)		(25,442,656	)
	14,923,441			(1,473,771	)		(1,238,516	)		1,000,156			(2,872,299	)		(14,902,947	)
	18,207,571			19,681,342			14,993,869			13,993,713			11,868,423			26,771,370
	33,131,012			18,207,571			13,755,353			14,993,869			8,996,124			11,868,423
$	7,639,241		$	3,732,521		$	1,136,023		$	3,549,040		$	1,948,713		$	1,033,992

Financial Statements 67

Statements of Changes in Net Assets (continued)

	ICON Industrials Fund
	Year Ended			Year Ended
	September 30,			September 30,
	2009			2008
Operations
Net investment income/(loss)	$	998,537		$	774,383
Net realized gain/(loss) from investment transactions		(46,466,509	)		(3,917,940	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		14,292,207			(37,141,255	)
Net increase/(decrease) in net assets resulting from operations		(31,175,765	)		(40,284,812	)
Dividends and Distributions to Shareholders
Net investment income		(571,232	)		(125,130	)
Net realized gains		-			(5,678,288	)
Net decrease from dividends and distributions		(571,232	)		(5,803,418	)
Fund Share Transactions
Shares sold		12,347,790			134,429,676
Reinvested dividends and distributions		567,022			5,764,952
Shares repurchased		(35,918,904	)		(124,558,586	)
Net increase/(decrease) from fund share transactions		(23,004,092	)		15,636,042
Total net increase/(decrease) in net assets		(54,751,089	)		(30,452,188	)
Net Assets
Beginning of period		125,286,333			155,738,521
End of period	$	70,535,244		$	125,286,333
Transactions in Fund Shares
Shares Sold		2,275,832			13,326,003
Reinvested dividends and distributions		102,149			571,353
Shares repurchased		(6,690,467	)		(13,003,410	)
Net increase/(decrease)		(4,312,486	)		893,946
Shares outstanding, beginning of period		15,360,992			14,467,046
Shares outstanding, end of period		11,048,506			15,360,992
Accumulated undistributed net investment income	$	1,217,934		$	781,811

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

68 Financial Statements

						ICON Leisure and Consumer
ICON Information Technology Fund						Staples Fund						ICON Materials Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
2009			2008			2009			2008			2009			2008
$	(87,678	)	$	(794,082	)	$	181,167		$	130,261		$	1,156,445		$	857,993
	(38,132,970	)		(7,056,250	)		(8,327,546	)		(2,758,715	)		(32,865,783	)		(9,284,326	)
	26,383,720			(66,323,367	)		4,148,032			(6,521,918	)		20,299,376			(34,719,071	)
	(11,836,928	)		(74,173,699	)		(3,998,347	)		(9,150,372	)		(11,409,962	)		(43,145,404	)
	-			-			-			(530,094	)		(860,270	)		(495,395	)
	-			-			(9,922	)		(6,370,211	)		-			(20,315,377	)
	-			-			(9,922	)		(6,900,305	)		(860,270	)		(20,810,772	)
	38,997,763			139,642,245			3,515,872			35,257,565			27,207,600			117,897,877
	-			-			9,724			6,759,578			799,139			19,305,814
	(86,361,728	)		(153,982,840	)		(15,582,817	)		(15,398,164	)		(39,231,148	)		(86,045,802	)
	(47,363,965	)		(14,340,595	)		(12,057,221	)		26,618,979			(11,224,409	)		51,157,889
	(59,200,893	)		(88,514,294	)		(16,065,490	)		10,568,302			(23,494,641	)		(12,798,287	)
	178,450,488			266,964,782			42,139,231			31,570,929			118,522,419			131,320,706
$	119,249,595		$	178,450,488		$	26,073,741		$	42,139,231		$	95,027,778		$	118,522,419
	6,873,275			14,365,857			590,330			3,776,876			3,904,527			8,803,416
	-			-			1,818			765,524			119,632			1,551,914
	(14,283,008	)		(15,874,267	)		(2,747,313	)		(1,797,011	)		(5,464,404	)		(6,809,964	)
	(7,409,733	)		(1,508,410	)		(2,155,165	)		2,745,389			(1,440,245	)		3,545,366
	22,711,780			24,220,190			5,718,764			2,973,375			12,080,455			8,535,089
	15,302,047			22,711,780			3,563,599			5,718,764			10,640,210			12,080,455
$	630,936		$	718,614		$	383,497		$	200,402		$	1,039,703		$	743,528

Financial Statements 69

Statements of Changes in Net Assets (continued)

	ICON Telecommunication &
	Utilities Fund
	Year Ended			Year Ended
	September 30,			September 30,
	2009			2008
Operations
Net investment income/(loss)	$	652,026		$	1,795,668
Net realized gain/(loss) from investment transactions		(4,189,899	)		(7,495,950	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		1,530,224			(18,700,947	)
Net increase/(decrease) in net assets resulting from operations		(2,007,649	)		(24,401,229	)
Dividends and Distributions to Shareholders
Net investment income		(1,742,486	)		(1,083,543	)
Net realized gains		-			(15,519,409	)
Net decrease from dividends and distributions		(1,742,486	)		(16,602,952	)
Fund Share Transactions
Shares sold		8,474,316			105,784,266
Reinvested dividends and distributions		1,682,883			15,458,710
Shares repurchased		(14,195,858	)		(159,411,942	)
Net increase/(decrease) from fund share transactions		(4,038,659	)		(38,168,966	)
Total net increase/(decrease) in net assets		(7,788,794	)		(79,173,147	)
Net Assets
Beginning of period		30,335,443			109,508,590
End of period	$	22,546,649		$	30,335,443
Transactions in Fund Shares
Shares Sold		1,578,252			12,220,438
Reinvested dividends and distributions		315,147			1,860,254
Shares repurchased		(2,695,138	)		(21,208,177	)
Net increase/(decrease)		(801,739	)		(7,127,485	)
Shares outstanding, beginning of period		4,781,884			11,909,369
Shares outstanding, end of period		3,980,145			4,781,884
Accumulated undistributed net investment income	$	507,167		$	1,597,627

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

70 Financial Statements

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Financial Highlights

			Income from investment operations									Less dividends and distributions																			Ratio of
	Net asset		Net			Net realized						Dividends			Distributions											Net assets,		Ratio of			net investment
	value,		investment			and unrealized			Total from			from net			from net			Total			Net asset					end of		expenses to			income/(loss)			Portfolio
	beginning		income/			gains/ (losses)			investment			investment			realized			dividends and			value, end		Total			period (in		average			to average			turnover
	of period		(loss)(x)			on investments			operations			income			gains			distributions			of period		return			thousands)		net assets			net assets			rate
ICON Consumer Discretionary Fund
Year Ended September 30, 2009	$	7.19	$	0.01		$	(0.37	)	$	(0.36	)	$	-		$	-		$	-		$	6.83		(5.01	)%	$	14,205		1.63	%		0.14	%		200.23	%
Year Ended September 30, 2008		12.79		-	(b)		(2.61	)		(2.61	)		-			(2.99	)		(2.99	)		7.19		(24.21	)%		72,242		1.38	%		(0.04	)%		218.32	%
Year Ended September 30, 2007		12.11		(0.04	)		0.72			0.68			-			-			-			12.79		5.62	%		94,477		1.30	%		(0.31	)%		144.89	%
Year Ended September 30, 2006		13.61		(0.06	)		0.79			0.73			-			(2.23	)		(2.23	)		12.11		6.20	%		110,792		1.32	%		(0.46	)%		173.83	%
Year Ended September 30, 2005		12.70		(0.08	)		0.99			0.91			-			-			-			13.61		7.17	%		169,422		1.25	%		(0.57	)%		157.94	%
ICON Energy Fund
Year Ended September 30, 2009		27.06		0.21			(2.41	)		(2.20	)		(0.12	)		(7.82	)		(7.94	)		16.92		(1.73	)%		560,555		1.24	%		1.39	%		186.47	%
Year Ended September 30, 2008		41.46		0.20			(4.82	)		(4.62	)		(0.11	)		(9.67	)		(9.78	)		27.06		(14.62	)%		492,637		1.16	%		0.59	%		119.87	%
Year Ended September 30, 2007		31.88		0.08			12.86			12.94			-			(3.36	)		(3.36	)		41.46		43.64	%		816,075		1.17	%(a)		0.24	%(a)		54.75	%
Year Ended September 30, 2006		33.76		(0.06	)		(0.89	)		(0.95	)		(0.08	)		(0.85	)		(0.93	)		31.88		(2.81	)%		788,366		1.17	%		(0.16	)%		22.86	%
Year Ended September 30, 2005		21.81		0.10			11.85			11.95			-			-			-			33.76		54.79	%		1,008,958		1.21	%		0.37	%		27.51	%
ICON Financial Fund
Year Ended September 30, 2009		8.55		0.09			(2.43	)		(2.34	)		(0.24	)		-			(0.24	)		5.97		(26.80	)%		82,067		1.42	%		1.70	%		194.00	%
Year Ended September 30, 2008		14.30		0.21			(4.29	)		(4.08	)		(0.14	)		(1.53	)		(1.67	)		8.55		(31.93	)%		128,175		1.22	%		1.94	%		220.83	%
Year Ended September 30, 2007		14.47		0.13			0.45			0.58			(0.15	)		(0.60	)		(0.75	)		14.30		3.84	%		200,089		1.21	%		0.86	%		93.04	%
Year Ended September 30, 2006		13.43		0.15			1.84			1.99			(0.09	)		(0.86	)		(0.95	)		14.47		15.53	%		368,614		1.20	%		1.10	%		153.47	%
Year Ended September 30, 2005		13.36		0.13			0.99			1.12			(0.03	)		(1.02	)		(1.05	)		13.43		8.29	%		210,883		1.26	%		1.00	%		170.75	%
ICON Healthcare Fund
Year Ended September 30, 2009		13.49		0.08			(1.28	)		(1.20	)		-			-			-			12.29		(8.90	)%		110,605		1.37	%		0.74	%		105.75	%
Year Ended September 30, 2008		17.68		(0.02	)		(2.65	)		(2.67	)		-			(1.52	)		(1.52	)		13.49		(16.43	)%		160,083		1.25	%		(0.12	)%		61.44	%
Year Ended September 30, 2007		17.95		-	(b)		1.19			1.19			-			(1.46	)		(1.46	)		17.68		7.17	%		473,287		1.20	%(a)		0.01	%(a)		24.56	%
Year Ended September 30, 2006		17.94		(0.10	)		0.38			0.28			-			(0.27	)		(0.27	)		17.95		1.56	%		646,202		1.19	%		(0.55	)%		61.37	%
Year Ended September 30, 2005		13.70		(0.14	)		4.42			4.28			-			(0.04	)		(0.04	)		17.94		31.39	%		682,759		1.22	%		(0.82	)%		47.88	%
ICON Industrials Fund
Year Ended September 30, 2009		8.16		0.08			(1.82	)		(1.74	)		(0.04	)		-			(0.04	)		6.38		(21.25	)%		70,535		1.37	%		1.39	%		96.24	%
Year Ended September 30, 2008		10.77		0.05			(2.32	)		(2.27	)		(0.01	)		(0.33	)		(0.34	)		8.16		(21.72	)%		125,286		1.25	%		0.55	%		143.40	%
Year Ended September 30, 2007		13.22		0.02			2.63			2.65			-	(b)		(5.10	)		(5.10	)		10.77		28.73	%		155,739		1.27	%(a)		0.16	%(a)		125.44	%
Year Ended September 30, 2006		12.70		(0.04	)		0.97			0.93			-			(0.41	)		(0.41	)		13.22		7.49	%		106,015		1.24	%		(0.30	)%		89.38	%
Year Ended September 30, 2005		10.52		(0.04	)		2.22			2.18			-			-			-			12.70		20.72	%		216,636		1.24	%		(0.34	)%		67.25	%
ICON Information Technology Fund
Year Ended September 30, 2009		7.86		(0.01	)		(0.06	)		(0.07	)		-			-			-			7.79		(0.89	)%		119,250		1.38	%		(0.09	)%		89.87	%
Year Ended September 30, 2008		11.02		(0.04	)		(3.12	)		(3.16	)		-			-			-			7.86		(28.68	)%		178,450		1.24	%		(0.41	)%		171.22	%
Year Ended September 30, 2007		8.72		(0.05	)		2.35			2.30			-			-			-			11.02		26.38	%		266,965		1.23	%		(0.49	)%		78.66	%
Year Ended September 30, 2006		8.70		(0.05	)		0.07			0.02			-			-			-			8.72		0.23	%		241,988		1.25	%		(0.61	)%		155.39	%
Year Ended September 30, 2005		7.90		(0.08	)		0.88			0.80			-			-			-			8.70		10.13	%		220,073		1.29	%		(0.91	)%		152.16	%

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

72 Financial Highlights

Financial Highlights

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Financial Highlights (continued)

			Income from investment operations									Less dividends and distributions																			Ratio of
	Net asset		Net			Net realized						Dividends			Distributions											Net assets,		Ratio of			net investment
	value,		investment			and unrealized			Total from			from net			from net			Total			Net asset					end of		expenses to			income/(loss)			Portfolio
	beginning		income/			gains/(losses) on			investment			investment			realized			dividends and			value, end		Total			period (in		average			to average			turnover
	of period		(loss)(x)			investments			operations			income			gains			distributions			of period		return			thousands)		net assets			net assets			rate
ICON Leisure and Consumer Staples Fund
Year Ended September 30, 2009	$	7.37	$	0.04		$	(0.09	)	$	(0.05	)	$	-		$	-	(b)	$	-	(b)	$	7.32		(0.64	)%	$	26,074		1.58	%		0.72	%		134.29	%
Year Ended September 30, 2008		10.62		0.03			(1.60	)		(1.57	)		(0.13	)		(1.55	)		(1.68	)		7.37		(17.40	)%		42,139		1.46	%		0.31	%		132.40	%
Year Ended September 30, 2007		9.21		0.10			1.33			1.43			(0.02	)		-	(b)		(0.02	)		10.62		15.61	%		31,571		1.41	%		1.02	%		150.72	%
Year Ended September 30, 2006		11.96		(0.07	)		(0.01	)		(0.08	)		-			(2.67	)		(2.67	)		9.21		0.11	%		68,136		1.54	%		(0.70	)%		215.75	%
Year Ended September 30, 2005		14.51		(0.06	)		0.94			0.88			-			(3.43	)		(3.43	)		11.96		5.01	%		47,410		1.30	%		(0.45	)%		271.72	%
ICON Materials Fund
Year Ended September 30, 2009		9.81		0.11			(0.91	)		(0.80	)		(0.08	)		-			(0.08	)		8.93		(7.87	)%		95,028		1.40	%		1.50	%		134.88	%
Year Ended September 30, 2008		15.39		0.08			(3.23	)		(3.15	)		(0.06	)		(2.37	)		(2.43	)		9.81		(23.79	)%		118,522		1.26	%		0.60	%		111.26	%
Year Ended September 30, 2007		11.67		0.08			5.10			5.18			(0.15	)		(1.31	)		(1.46	)		15.39		48.63	%		131,321		1.33	%		0.59	%		109.10	%
Year Ended September 30, 2006		11.30		0.09			1.09			1.18			(0.02	)		(0.79	)		(0.81	)		11.67		11.17	%		135,097		1.30	%		0.74	%		176.89	%
Year Ended September 30, 2005		9.05		0.03			2.23			2.26			(0.01	)		-			(0.01	)		11.30		25.04	%		99,569		1.31	%		0.33	%		128.01	%
ICON Telecommunication & Utilities Fund
Year Ended September 30, 2009		6.34		0.14			(0.44	)		(0.30	)		(0.38	)		-			(0.38	)		5.66		(4.39	)%		22,547		1.70	%		2.70	%		90.27	%
Year Ended September 30, 2008		9.20		0.14			(2.03	)		(1.89	)		(0.06	)		(0.91	)		(0.97	)		6.34		(23.01	)%		30,335		1.35	%		1.74	%		102.65	%
Year Ended September 30, 2007		7.66		0.10			2.18			2.28			(0.11	)		(0.63	)		(0.74	)		9.20		31.60	%		109,509		1.33	%		1.20	%		154.99	%
Year Ended September 30, 2006		8.28		0.13			0.37			0.50			(0.18	)		(0.94	)		(1.12	)		7.66		7.56	%		119,762		1.38	%		1.71	%		209.50	%
Year Ended September 30, 2005		6.61		0.14			1.61			1.75			(0.08	)		-			(0.08	)		8.28		26.70	%		120,651		1.26	%		1.88	%		112.91	%

(x)	Calculated using the average share method.
(a)	Ratios include transfer agent earnings credits received. These earnings credits reduced the net expense ratio and increased the net income ratio by 0.01%.
(b)	Amount less than $0.005.

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

74 Financial Highlights

Financial Highlights (continued)

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75

Notes to Financial Statements
September 30, 2009

1. Organization

The ICON Consumer Discretionary Fund, ICON Energy Fund, ICON Financial Fund, ICON Healthcare Fund, ICON Industrials Fund, ICON Information Technology Fund, ICON Leisure and Consumer Staples Fund, ICON Materials Fund, and ICON Telecommunication & 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 investment management company. There are eight other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

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

The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment in a non-diversified sector fund may involve greater risk and volatility than a more diversified fund. 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.

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 minimal.

76 Notes to Financial Statements

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Investment Valuation

The Funds’ securities and other assets are valued at the closing price at the close of the regular trading session of the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern 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.

The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.

Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with 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 securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

Notes to Financial Statements 77

Notes to Financial Statements (continued)

The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.

Investments in other open-end investment companies are valued at net asset value.

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 certain foreign markets generally are 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

78 Notes to Financial Statements

described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on September 30, 2009:

	Level 1		Level 2
	Investments		Investments
Fund Name	in Securities		in Securities
ICON Consumer Discretionary Fund
Common Stock	$	12,573,154	$	-
Mutual Funds		3,439,929		-
Short-Term Investments		-		2,343,220
Total	$	16,013,083	$	2,343,220
ICON Energy Fund
Common Stock	$	541,652,334	$	-
Mutual Funds		127,500,610		-
Short-Term Investments		-		18,163,502
Total	$	669,152,944	$	18,163,502
ICON Financial Fund
Common Stock	$	81,806,274	$	-
Short-Term Investments		-		390,725
Total	$	81,806,274	$	390,725
ICON Healthcare Fund
Common Stock	$	108,562,136	$	-
Mutual Funds		30,909,293		-
Short-Term Investments		-		4,599,839
Total	$	139,471,429	$	4,599,839
ICON Industrials Fund
Common Stock	$	69,822,549	$	-
Mutual Funds		20,636,150		-
Short-Term Investments		-		307,279
Total	$	90,458,699	$	307,279
ICON Information Technology Fund
Common Stock	$	111,807,536	$	-
Mutual Funds		14,595,757		-
Short-Term Investments		-		6,369,347
Total	$	126,403,293	$	6,369,347
ICON Leisure and Consumer Staples Fund
Common Stock	$	25,982,897	$	-
Mutual Funds		6,338,888		-
Total	$	32,321,785	$	-

Notes to Financial Statements 79

Notes to Financial Statements (continued)

	Level 1		Level 2
	Investments		Investments
	in Securities		in Securities
ICON Materials Fund
Common Stock	$	91,837,105	$	-
Mutual Funds		12,916,067		-
Short-Term Investments		-		2,226,720
Total	$	104,753,172	$	2,226,720
ICON Telecommunication & Utilities Fund
Common Stock	$	21,978,873	$	-
Corporate Bonds		-		484,395
Short-Term Investments		-		404,929
Total	$	21,978,873	$	889,324

There were no Level 3 securities held in any of the Funds at September 30, 2009.

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.

Derivatives

Each Fund may use derivatives for various purposes. The Funds’ use of derivatives for the fiscal year ended September 30, 2009 was limited to

80 Notes to Financial Statements

purchased options. Following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

	Location of Gain/(loss) on
Derivatives not accounted for as	Derivatives Recognized In
hedging instruments	Operations	Amount
Option contracts
Equity risk
ICON Energy Fund	Net realized gain/(loss) from	$	650,635
ICON Financial Fund	investment transactions		(104,479	)
ICON Materials Fund			(162,668	)

The Funds held no derivatives as of September 30, 2009, however the table above is indicative of the type and volume of derivative activity within the Funds during the year.

The Funds value derivatives at fair value, as described below, 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.

Options Transactions

Each Fund 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 and to provide market exposure while trying to reduce transaction costs.

Option contracts involve market risk and can be highly volatile. Should prices of securities or securities indexes move in an unexpected manner, the Funds may not achieve the desired benefits and may realize losses and thus be in a worse position than if such strategies had not been utilized.

When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the

Notes to Financial Statements 81

Notes to Financial Statements (continued)

exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains, lack of liquidity for the option and lack of liquidity for the security or securities index.

Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing 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 option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index. Written and purchased options are non-income producing securities.

As of September 30, 2009, no Funds engaged in any written options transactions. As previously disclosed, the Energy Fund, Financial Fund and Materials Fund engaged in purchased put options during the year. No option contracts were open at September 30, 2009.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.

All loans will be continuously secured by collateral which consists of cash. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Invesco Aim Liquid Assets Portfolio, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.

82 Notes to Financial Statements

The cash collateral invested by the Lending Agent is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

As of September 30, 2009, the following Funds had securities with the following values on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
ICON Consumer Discretionary Fund	$	3,387,442	$	3,439,929
ICON Energy Fund		123,606,970		127,500,610
ICON Healthcare Fund		29,918,548		30,909,293
ICON Industrials Fund		19,932,986		20,636,150
ICON Information Technology Fund		14,212,270		14,595,757
ICON Leisure and Consumer Staples Fund		6,156,154		6,338,888
ICON Materials Fund		12,232,808		12,916,067

The value of the collateral above could include collateral held for securities that were sold on or before September 30, 2009. It may also include collateral received from the prefunding of loans.

Income Taxes

The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

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

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

Notes to Financial Statements 83

Notes to Financial Statements (continued)

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 four 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.

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 securities purchased are amortized over the life of the respective securities.

Investment Transactions

Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.

Allocation of Expenses

Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned among all Funds in the Trust based upon relative net assets.

3. Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. Each Fund is obligated to pay ICON Advisers management fees 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.

84 Notes to Financial Statements

Accounting, Custody and Transfer Agent Fees

Citi Fund Services Ohio, Inc. (“Citi”) is the fund accounting agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of net assets, 0.0175% on net assets over $1.75 billion and up to $5 billion, and 0.01% on net assets in excess of $5 billion.

Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. Effective July 1, 2009, for domestic custody services, the Trust pays BBH 0.0050% on the first $250 million of assets, 0.0040% on the second $250 million of assets and 0.0025% on domestic assets above $500 million, plus certain transaction charges. Prior to July 1, 2009, the Trust paid BBH 0.0065% on the first $50 million of assets and 0.0050% on domestic assets above $50 million. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.

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 Funds’ 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. During the year ended September 30, 2009, the Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.

ICON Advisers has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.

Notes to Financial Statements 85

Notes to Financial Statements (continued)

Other Related Parties

Certain Officers and Directors of ICON 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 CCO’s salary is paid 100% by the Funds. For the year ended September 30, 2009, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

4. Borrowings

The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests. The maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in each Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings is charged at LIBOR plus 1.50%, which was 1.71% at September 30, 2009. The average interest rate charged for the year ended September 30, 2009, was 2.62%.

	Average Borrowing
Fund	(10/1/08-9/30/09)
ICON Consumer Discretionary Fund	$	2,601,876
ICON Financial Fund		1,465,875
ICON Healthcare Fund		1,971,498
ICON Industrials Fund		568,457
ICON Information Technology Fund		1,915,740
ICON Leisure and Consumer Staples Fund**		283,180
ICON Materials Fund		404,563

**  Fund had outstanding borrowings as of September 30, 2009.

Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.

86 Notes to Financial Statements

5. Purchases and Sales of Investment Securities

For the year ended September 30, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:

	Purchases of		Proceeds from Sales
	Securities		of Securities
ICON Consumer Discretionary Fund	$	61,881,354	$	103,516,236
ICON Energy Fund		871,451,928		771,733,822
ICON Financial Fund		132,427,097		134,592,720
ICON Healthcare Fund		127,640,626		148,796,789
ICON Industrials Fund		70,301,116		91,391,852
ICON Information Technology Fund		89,847,050		134,005,151
ICON Leisure and Consumer Staples Fund		34,305,464		45,518,745
ICON Materials Fund		104,140,312		111,077,855
ICON Telecommunication & Utilities Fund		20,210,918		23,681,280

6. Federal Income Tax

Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.

The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2009 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.

For the year ended September 30, 2009 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Consumer Discretionary Fund	$	15,163,406		2017
ICON Energy Fund		63,688,945		2017
ICON Financial Fund		1,846,560		2016
		61,494,166		2017
ICON Healthcare Fund		2,434,522		2017
ICON Industrials Fund		694,762		2016
		15,694,559		2017

Notes to Financial Statements 87

Notes to Financial Statements (continued)

Fund	Amounts		Expires
ICON Information Technology Fund	$	29,035,041		2011
		21,080		2016
		22,796,772		2017
ICON Leisure and Consumer Staples Fund		7,763,830		2017
ICON Materials Fund		26,752,256		2017
ICON Telecommunication & Utilities Fund		8,194,590		2017

Future capital loss carryover utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2009 the Funds did not utilize any available capital loss carryforwards.

For the year ended September 30, 2009, the Funds will elect to defer post October losses of:

	Post October
Fund	Losses
ICON Consumer Discretionary Fund	$	10,544,975
ICON Energy Fund		75,821,265
ICON Financial Fund		57,808,105
ICON Healthcare Fund		30,750,270
ICON Industrials Fund		33,600,455
ICON Information Technology Fund		22,297,733
ICON Leisure and Consumer Staples Fund		3,325,869
ICON Materials Fund		16,834,456
ICON Telecommunication & Utilities Fund		4,002,222

The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2009, were as follows:

	Distributions Paid From						Total
	Ordinary		Net Long-		Total Taxable		Distributions
Fund	Income		Term Gains		Distributions		Paid
ICON Energy Fund	$	9,294,719	$	126,882,028	$	136,176,747	$	136,176,747
ICON Financial Fund		3,381,427		-		3,381,427		3,381,427
ICON Industrials Fund		571,232		-		571,232		571,232
ICON Leisure and Consumer Staples Fund		-		9,922		9,922		9,922
ICON Materials Fund		860,270		-		860,270		860,270
ICON Telecommunication & Utilities Fund		1,742,486		-		1,742,486		1,742,486

88 Notes to Financial Statements

The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2008, were as follows:

	Distributions Paid From						Total
	Ordinary		Net Long-		Total Taxable		Distributions
Fund	Income		Term Gains		Distributions		Paid
ICON Consumer Discretionary Fund	$	-	$	5,715,433	$	5,715,433	$	5,715,433
ICON Energy Fund		6,480,116		173,224,205		179,704,321		179,704,321
ICON Financial Fund		6,509,842		14,570,782		21,080,624		21,080,624
ICON Healthcare Fund		-		35,443,355		35,443,355		35,443,355
ICON Industrials Fund		1,529,774		4,273,644		5,803,419		5,803,418
ICON Leisure and Consumer Staples Fund		6,697,320		202,985		6,900,305		6,900,305
ICON Materials Fund		17,631,775		3,178,997		20,810,772		20,810,772
ICON Telecommunication & Utilities Fund		16,542,405		60,547		16,602,952		16,602,952

As of September 30, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:

											Total
	Undistributed				Accumulated			Unrealized			Accumulated
	Ordinary		Accumulated		Capital and			Appreciation/			Earnings/
Fund	Income		Earnings		Other Losses			(Depreciation)*			(Deficit)
ICON Consumer Discretionary Fund	$	376,911	$	376,911	$	(25,708,381	)	$	2,040,647		$	(23,290,823	)
ICON Energy Fund		7,190,242		7,190,242		(139,510,210	)		104,977,644			(27,342,324	)
ICON Financial Fund		1,136,023		1,136,023		(121,148,831	)		21,523,295			(98,489,513	)
ICON Healthcare Fund		1,948,712		1,948,712		(33,184,792	)		15,449,190			(15,786,890	)
ICON Industrials Fund		1,217,934		1,217,934		(49,989,776	)		1,551,066			(47,220,776	)
ICON Information Technology Fund		630,936		630,936		(74,150,626	)		21,019,556			(52,500,134	)
ICON Leisure and Consumer Staples Fund		383,497		383,497		(11,089,699	)		2,177,011			(8,529,191	)
ICON Materials Fund		1,039,703		1,039,703		(43,586,712	)		13,356,258			(29,190,751	)
ICON Telecommunication & Utilities Fund		507,167		507,167		(12,196,812	)		(372,540	)		(12,062,185	)

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

Notes to Financial Statements 89

Notes to Financial Statements (continued)

As of September 30, 2009, cost for federal income tax purposes and the amount of net unrealized appreciation/ (depreciation) were as follows:

								Net
			Unrealized		Unrealized			Appreciation/
Fund	Cost		Appreciation		(Depreciation)			(Depreciation)
ICON Consumer Discretionary Fund	$	16,315,656	$	2,236,599	$	(195,952	)	$	2,040,647
ICON Energy Fund		582,338,802		107,914,197		(2,936,553	)		104,977,644
ICON Financial Fund		60,673,704		21,690,307		(167,012	)		21,523,295
ICON Healthcare Fund		128,622,078		18,101,992		(2,652,802	)		15,449,190
ICON Industrials Fund		89,214,912		8,953,266		(7,402,200	)		1,551,066
ICON Information Technology Fund		111,753,084		21,973,119		(953,563	)		21,019,556
ICON Leisure and Consumer Staples Fund		30,144,774		2,985,602		(808,591	)		2,177,011
ICON Materials Fund		93,623,634		15,370,964		(2,014,706	)		13,356,258
ICON Telecommunication & Utilities Fund		23,240,737		1,800,269		(2,172,809	)		(372,540	)

7. Subsequent Events

Management has evaluated subsequent events through November 20, 2009, the date of this report.

90 Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the ICON Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of ICON Consumer Discretionary Fund, ICON Energy Fund, ICON Financial Fund, ICON Healthcare Fund, ICON Industrials Fund, ICON Information Technology Fund, ICON Leisure and Consumer Staples Fund, ICON Materials Fund, and ICON Telecommunication & Utilities Fund (nine of the portfolios constituting ICON Funds, hereafter referred to as the “Funds”) at September 30, 2009, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 20, 2009

Report of Accounting Firm 91

Six Month Hypothetical Expense Example
September 30, 2009 (unaudited)

Example

As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (4/1/09-9/30/09).

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, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $10 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

92 Expense Example

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		Ending		Expenses Paid		Annualized
	Account		Account		During Period		Expense Ratio
	Value 4/1/09		Value 9/30/09		4/1/09-9/30/09*		4/1/09-9/30/09
ICON Consumer Discretionary Fund
Actual Expenses	$	1,000.00	$	1,408.20	$	12.13		2.01%
Hypothetical Example (5% return before expenses)		1,000.00		1,014.92		10.15
ICON Energy Fund
Actual Expenses		1,000.00		1,360.10		7.28		1.23%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.83		6.22
ICON Financial Fund
Actual Expenses		1,000.00		1,592.00		8.90		1.37%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.13		6.93
ICON Healthcare Fund
Actual Expenses		1,000.00		1,226.50		7.98		1.43%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.83		7.23
ICON Industrials Fund
Actual Expenses		1,000.00		1,424.10		8.33		1.37%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.13		6.93
ICON Information Technology Fund
Actual Expenses		1,000.00		1,458.80		8.14		1.32%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.38		6.68
ICON Leisure and Consumer Staples Fund
Actual Expenses		1,000.00		1,443.80		9.31		1.52%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.38		7.69
ICON Materials Fund
Actual Expenses		1,000.00		1,473.60		8.50		1.37%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.13		6.93
ICON Telecommunication & Utilities Fund
Actual Expenses		1,000.00		1,141.10		9.07		1.69%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.53		8.54

*  Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

Expense Example 93

Board of Trustees and Fund Officers (unaudited)

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

Interested Trustee

Craig T. Callahan, 58, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as President (1998 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of ICON Distributors, Inc. (“IDI”), the Funds’ Distributor, and is President of ICON Insurance Agency, Inc. (2004 to 2009). Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.

Independent Trustees

Glen F. Bergert, 59. Mr. Bergert has been a Trustee of the Funds since 1999. Mr. Bergert is President of Venture Capital Management LLC (1997 to present); General Partner of SOGNO Partners LP, a venture capital company (2001 to present); General Partner of Bergert Properties, LLP, a real estate holding company (1997 to present); and General Partner of Pyramid Real Estate Partnership, a real estate development company (1998 to present); General Partner of Chamois Partners, LP, a venture capital company (2004 to present); and was previously a General Partner with KPMG Peat Marwick, LLP (1979 to 1997). Mr. Bergert is also a Director of Herre Bros, Inc., a contracting company (1998 to present) and Delta Dental of California, an insurance company (2006 to present). Mr. Bergert was a Director of Delta Dental of Pennsylvania, an insurance company (1998 to 2009) and Delta Reinsurance Corporation (2000 to 2009).

John C. Pomeroy, Jr., 62. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was

94 Trustees and Officers

Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).

Gregory Kellam Scott, 60. Mr. Scott has been a Trustee of the Funds since November 2002. Mr. Scott currently is employed as a member of the Executive Staff of the President of Ivy Tech Community College, recently appointed as Assistant to the President for Diversity and Community Relations (April 2008 to present). Prior to his current employment, he served as Executive Director of the Indiana Civil Rights Commission (2005 to 2008) and is a member of the U.S. State Department’s Advisory Committee on the African Judiciary (2006 to present). Mr. Scott was Senior Vice President -Law, General Counsel and Secretary of GenCorp, Inc., a multinational technology-based manufacturing company (2002 to 2004); Vice President and General Counsel of Kaiser-Hill Company, LLC, a nuclear clean-up and environmental remediation company (2000 to 2002) and served as a Justice on the Colorado Supreme Court (1993 to 2000). From 1980 until 1993, he was a member of the faculty of the University Of Denver College Of Law.

R. Michael Sentel, 61. Mr. Sentel has been a Trustee of the Funds since their inception. Mr. Sentel is a Senior Attorney with the U.S. Department of Education (1996 to present). Mr. Sentel also provides legal representation as a sole practitioner with an emphasis on corporate and transactional law. He served as general counsel to numerous public companies and served on the board of directors of one of these clients. Mr. Sentel began his legal career with the U.S. Securities and Exchange Commission’s Division of Enforcement and served as a Branch Chief (1980 to 1981). Later he served as the Section Chief for the Professional Liability Section of the Federal Deposit Insurance Corp. with responsibility for the Rocky Mountain Region (1991 to 1994).

The Officers of the Funds are:

Craig T. Callahan, 58, Chairman of the Board. Dr. Callahan has been a Trustee of the Funds since their inception. Dr. Callahan also serves as President (1998 to present) and Chairman of the Investment Committee (2005 to present) and served as the Chief Investment Officer (1991 to 2004) of ICON Advisers. Dr. Callahan is also Executive Vice President (2005 to present); Director (1991 to present); and was previously President (1998 to 2005) and Chief Compliance Officer (2005) of IDI, and is President of ICON Insurance Agency, Inc. (2004 to 2009). Dr. Callahan also serves as the President (1998 to present) and Chairman of the Board of Directors (1994 to present) of IM&R, the parent company of ICON Advisers and IDI.

Erik L. Jonson, 60. Mr. Jonson has been a Vice President and Principal Financial Officer/Treasurer of the Funds since their inception in 1996.

Trustees and Officers 95

Mr. Jonson is also Chief Financial Officer (1996 to present) and Executive Vice President (2004 to present) and was previously Vice President (1998 to 2004) and Secretary (2005 and 1998 to 2002) of ICON Advisers; Chief Financial Officer, Secretary and Director (1998 to present) of IM&R; and Executive Vice and Treasurer/Financial Principal (1996 to present) of IDI; and Executive Vice President and Treasurer of ICON Insurance Agency, Inc. (2004 to 2009).

Jessica Seidlitz, 31. Ms. Seidlitz serves as Assistant Treasurer of the Funds (2007 to present). She also serves as Mutual Fund Controller of ICON Advisers, Inc. (2005 to present). Previously, she was a Senior Associate/Associate at PricewaterhouseCoopers LLP, (2001 to 2004).

Donald Salcito, 56. Mr. Salcito serves as Vice President and Secretary of the Funds since November 15, 2006. Mr. Salcito is also Executive Vice President and General Counsel (September 2005 to present) of ICON Advisers; Director of IM&R (2005 to present); Executive Vice President, Secretary, General Counsel, for IDI (2005 to present); Chief Compliance Officer of IDI (2005 to 2007); Executive Vice President and Secretary of ICON Insurance Agency, Inc. (2005 to 2009). Previously he was a Partner in the law firm of Perkins Coie, LLP. (2000 to 2005).

Brian Harding, 30. Mr. Harding serves as Chief Compliance Officer of the Funds (2008 to present). Mr. Harding also serves as Anti-Money Laundering Officer of the Funds (2008 to present). Previously he was a Manager (2007 to 2008) and Senior Associate/Associate (2001 to 2007) at PricewaterhouseCoopers LLP.

96 Trustees and Officers

Other Information (unaudited)

Renewal of Investment Advisory Agreements

In determining to renew the investment advisory agreements between ICON Funds (the “Trust”) and ICON Advisers, Inc. (“ICON” or the “Adviser”) the Board requested, was provided with and reviewed data with respect to ICON, its personnel, and the services to be provided to each Fund by ICON under the Trust’s Investment Advisory Agreement dated October 9, 1996, as amended (related to the Sector, International and Core Equity Funds) and under the Trust’s Investment Advisory Agreement dated July 9, 2002 and effective October 1, 2002, as amended (related to the U.S. Diversified Funds - Bond, Risk-Managed Equity, Equity Income and Long/Short Funds) (collectively, the “Advisory Agreements”). The data included information concerning advisory, distribution and administrative services provided to the Funds by ICON and its related companies; information concerning other businesses of those companies; comparative data related to exchange traded funds versus the Sector Funds; and comparative data obtained from Lipper Analytical Services related to Fund performance and Fund expenses.

On August 10, 2009, the Board of Trustees, including all of the Trustees that are not “interested persons” of the Trust (the “Independent Trustees”), approved continuation of the Advisory Agreements with the Adviser for each Fund for an additional one-year term commencing October 1, 2009.

The Independent Trustees were represented by independent legal counsel throughout the process. Prior to acting on the matter, the Independent Trustees met separately as a group in private sessions with their independent legal counsel to review and discuss the foregoing information. Based on these discussions, independent legal counsel and/or the Lead Independent Trustee also contacted management to request additional information and to discuss responses to questions raised during the process. In addition, the Independent Trustees received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the agreement.

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to

Other Information 97

which the Adviser obtains research through “soft dollar” arrangements with the Funds’ brokerage, and the financial and non-financial resources available to provide services required under the Advisory Agreement.

During the Board of Trustees’ discussion, management personnel noted that the markets overall had performed poorly in 2008 and the beginning of 2009 and that the ICON Funds performed poorly as well. In this regard it was noted that late 2008 Board meetings the Adviser advised that it was concerned with the poor performance and began an internal analysis to determine the cause. Management advised that, in light of the analysis, it believes that the Adviser’s valuation equation was over valuing riskier stocks due to several factors - including, but not limited to, the extreme events of 2008, the industry wide undervaluing of risk, and the increase in the number of stocks in the Adviser’s investable universe; and that, in light of such, the Adviser made modifications to the risk valuation metrics of the valuation equation - namely that the Adviser modified the equation so that the valuation equation now takes into account an additional item of information on each individual company. The Trustees recalled that during the entire process, Management kept the Trustees informed, updating the Trustees on the status of the internal analysis and the changes to the valuation equation as the changes were being implemented. In addition, in response to Trustee questions, the Adviser advised that it has monitored Fund performance after implementation of the modification and found significant improvement; and that it believes this adjustment has improved the valuation equation and will benefit the Funds going forward. In reaching their conclusions, the Trustees noted that they have taken into consideration the poor overall market performance, the Funds’ performance, and the Adviser’s response, analysis and changes to the valuation equation.

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

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

B. That ICON has made significant expenditures in the past year and in prior years to ensure that it has the sophisticated systems and the highly trained personnel necessary for it to be able to continue to provide

98 Other Information

quality service to the Funds’ shareholders, including the dedication of substantial resources to ICON’s investment and trading departments;

C. That the Board is satisfied with the research, portfolio management, and trading services, among others, being provided by ICON to the Funds, and is charging fair, reasonable, and competitive fees; and

D. The risks assumed by ICON in providing investment advisory services to each Fund including the capital commitments which have been made in the past and which continue to be made by ICON to ensure the continuation of the highest quality of service to the Trust is made with the recognition that the Trust’s advisory relationship with ICON be terminated at any time and must be renewed on an annual basis.

In considering the reasonableness of the fee payable to the Adviser for managing each Fund, the Board reviewed, among other things, financial statements of the Adviser and an analysis of the profitability to the Adviser and its affiliates of their relationship with each Fund over various time periods, which analysis identified all revenues and other benefits received by the Adviser and its affiliates from managing each Fund, the costs associated with providing such services and the resulting profitability to the Adviser and its affiliates.

The Board considered the current and anticipated asset levels of each Fund and the willingness of the Adviser to waive fees and pay expenses of the Funds from time to time to limit the total expenses of the Funds. In this regard the Board discussed significantly reduced asset levels in each fund covered by the Advisory Agreements due to the tumultuous markets during the past year, to related poor Fund performance, and to redemptions. ICON’s ability to provide the services called for under the Advisory Agreements was assessed in light of current and projected asset levels. Fund expenses and expense ratios were also assessed in light of current and projected asset levels. The Board concluded that the Adviser has the resources necessary to provide the services called for under the Advisory Agreements; that profitability to the Adviser and its affiliates from their relationship with the Funds is not excessive; and that the Adviser is not realizing material benefits from economies of scale that would warrant adjustments to the fees for any Fund at this time. The Board of Trustees concluded that, in light of the nature, extent and quality of the services provided by the Adviser and the levels of profitability associated with providing these services, the fees charged by the Adviser under the Advisory Agreements to each Fund are reasonable.

In connection with assessing data bearing the fairness of fee arrangements, the Board used data from Lipper Analytical Services concerning funds of

Other Information 99

similar size and funds of larger size, as well as data concerning ICON’s other clients and noted:

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

B. that contractual advisory fees of the Sector Funds were higher than fees for similar funds; but that the Sector Funds’ expense ratios were competitive and consistent with those of similarly managed Funds;

C. that contractual advisory fees for the International Funds were above the average fees for similar funds; and that the Funds’ expense ratios were competitive in light of their size;

D. that ICON has contractually agreed to impose expense limitations on certain Funds at a cost to ICON;

E. that the advisory and other fees payable by the Funds to ICON are essentially fees which would be similar to those which would have resulted solely from “arm’s-length” bargaining, and may well be lower than fees arrived at solely from such arm’s-length negotiation;

F. that, the fees paid to ICON for managing other institutional accounts (such as pension plans) are not lower than the fees paid by similarly-managed funds; and to the extent such fees of those accounts are lower, the reasons why such accounts are less costly for ICON to manage; and

G. that ICON has contractually commited to breakpointas in it fees so that economies of scale could be realized as a Fund grows in assets, for the benefit of Fund shareholders.

In connection with the direct and indirect benefits to ICON from serving as the Funds’ adviser, the Board discussed and noted:

A. that ICON benefits from serving directly or through affiliates as the principal underwriter and administrative agent for the Funds; that services provided by ICON and its affiliates to the Funds are satisfactory, and that profits derived from providing the services are competitive and reasonable; and

B. that ICON receives research assistance from the use of soft dollars generated from Fund portfolio transactions; that such research assists ICON in providing quality to which it provides advisory services; and that the Board concluded that the arrangements are consistent with Fund brokerage practices and benefit the Funds and their shareholders

100 Other Information

Based on these considerations, among others, the Board, including all of the Independent Trustees, concluded that the continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders, the services to be performed under the agreement were services required for the operation of the Funds, ICON had provided satisfactory advisory services to the Funds in the past, and the fees for the advisory services which ICON would perform and other benefits from the relationship with the Trust and consistent with fees paid by similar funds, are reasonable in light of the comparative data, and would be within the range of what would have been negotiated at arm’s length in light of the circumstances.

Supplemental Tax Information

For corporate shareholders, the following percentage of the total ordinary income dividends paid during the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction for the following Funds:

	Dividends
	Received
Fund	Deduction
ICON Energy Fund		55.68	%
ICON Financial Fund		100.00	%
ICON Industrials Fund		87.64	%
ICON Materials Fund		88.95	%
ICON Telecommunication & Utilities Fund		100.00	%

For the fiscal year ended September 30, 2009, the following Funds paid qualified dividend income:

Fund	Amount
ICON Energy Fund		53.04	%
ICON Financial Fund		100.00	%
ICON Industrials Fund		85.62	%
ICON Materials Fund		89.90	%
ICON Telecommunication & Utilities Fund		100.00	%

The Funds designate the following amounts, or the maximum amount needed, as long-term capital gain distributions qualifying for the maximum 15% income tax rate for individuals:

Fund	Amount
ICON Energy Fund	$	126,882,028
ICON Leisure and Consumer Staples Fund		9,922

Other Information 101

Portfolio Holdings

A list of each ICON Fund’s Top 10 holdings is available at www.iconfunds.com on or about 15 days following each 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 SEC 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 SEC’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.

102 Other Information

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ICON Funds Privacy Policy

In the course of doing business with the ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON Companies”) you provide personal and financial information. The ICON Companies respect your privacy. We collect non-public personal information about you on your applications or other forms and through your transactions with us. You may provide this information in writing, electronically, or by phone. The information may contain your name, address, phone number, social security number, account information, investment activity, and other information that you provide to us directly or through our service providers. This information permits us to service your accounts and to provide information to you upon request.

We may share some or all of this information with our affiliates, as well as third parties that assist us in maintaining your accounts, processing transactions on your accounts, or mailing information to you as may be permitted by law. Further, we may permit third party vendors to download this information as needed, in order to assist us or your Registered Representative/Financial Adviser in maintaining your account. Otherwise, our policies prohibit employees of the ICON Companies from sharing your personal and financial information except as permitted or required by law. Under no circumstances do we sell information about you to anyone.

We restrict access to your non-public personal information to those employees who have a need to know that information to service your accounts. We also maintain physical, electronic and procedural safeguards to protect your privacy. 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.

If you would like more information about our Privacy Policies, please call 1-800-764-0442.

109 ICON Funds Privacy Policy

For more information about the ICON Funds, contact us:
By Telephone	1-800-764-0442
By Mail	ICON Funds P.O. Box 55452 Boston, MA 02205-8165
In Person	ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111
On the Internet	www.iconfunds.com
By E-Mail	info@iconadvisers.com

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial experts are Glen F. Bergert, Gregory Kellam Scott and R. Michael Sentel, who are “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Fiscal year ended 9/30/09

		Registrant		Covered Entities 1
(a)	Audit Fees 2	$	310,400		N/A
(b)	Non-Audit Fees	$	101,700	$	12,500
(c)	Tax Fees 3
	All Other Fees 4		10,700		N/A
(d)	Total Non-Audit Fees	$	112,400	$	12,500

Fiscal year ended 9/30/08

		Registrant		Covered Entities 1
(a)	Audit Fees 2	$	365,650		N/A
(b)	Non-Audit Fees	$	113,650	$	45,000
(c)	Tax Fees 3
	All Other Fees 4		N/A		N/A
(d)	Total Non-Audit Fees	$	113,650	$	45,000

1.	Covered Entities include ICON Advisers, Inc. (“ICON Advisers”), investment adviser and administrator to the Registrant, as well as ICON Advisers’ affiliated entities.
2.	“Audit Fees” represents fees for performing an audit of the Registrant’s annual financial statements or services that are normally provided by the independent accountants in connection with statutory and regulatory filings.
3.	“Tax Fees” represent fees for tax return preparation, excise distribution calculations, quarterly tax compliance reviews, and tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns. ICON Advisers pays $1,000 under its Administration Agreement with the Registrant.
4.	“All Other Fees” paid by the Registrant in fiscal year 2009 were related to multi-class issues.

     (e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

          (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

     (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

     (g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

     (h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

(a)

If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b)

If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

Item 6. Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable — Only effective for annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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

Date December 2, 2009

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

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

Date December 2, 2009

By (Signature and Title)*	/s/ Erik L. Jonson
	Erik L. Jonson,
	Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

Date December 2, 2009

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

EX-99.CODEETH

ICON FUNDS

CODE OF ETHICS

FOR
PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

I. Covered Officers/Purpose of Code

ICON Funds, a Massachusetts business trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). This Code of Ethics (“Code”) for the Trust and its series funds (collectively, the “Funds” and each a “Fund”) applies to the Trust’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers” each of whom are set forth in Exhibit A) for the purpose of promoting:

• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by or on behalf of the Funds;

• Compliance with applicable laws and governmental rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and are already subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons”. Compliance programs and procedures of the Trust and the Trust’s investment adviser, transfer agent, fund accounting service provider, administrative service provider, and principal underwriter (each a “Service Provider”) are designed to prevent, or identify and correct, violations of these provisions.

This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and a Service Provider. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether formally for the Trust or for a Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on a Service Provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and a Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of the Covered Officer should not be placed improperly before the interests of the Trust.

Each Covered Officer must:

• Not use his personal influence or personal relationships to improperly influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

• Not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and

• Not use material non-public knowledge of portfolio transactions made or contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Certain material conflict of interest situations require written pre-approval from the Trust’s Audit Committee or its designated representative. Examples of material conflict of interest situations requiring pre-approval include:

• Service as a director on the board of any public company;

• The receipt of any non-nominal gifts;

• The receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• Any ownership interest in, or any consulting or employment relationship with, any of the Trust’s Service Providers or any affiliated person thereof; and

2

• A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

The Trust’s Independent Trustees will be provided a list of any such written pre-approvals in connection with the next regularly scheduled Board meeting.

III. Disclosure and Compliance

• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Trust, including to the Trust’s Board of Trustees (“Board”) and auditors, and to governmental regulators and self-regulatory organizations;

• Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers of the Trust and officers and employees of the Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by or on behalf of the Funds; and

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read and understands the Code;

• Annually thereafter affirm to the Board that he has complied with the requirements of the Code;

• Not retaliate against any other Covered Officer, other officer of the Trust, any employee of a Service Provider or any of their affiliated persons for reports of potential violations that are made in good faith; and

• Notify the Trust’s Audit Committee or its designated representative promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Trust’s Audit Committee, directly or through its designated representative, is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers of any provision of this Code will be considered by the Independent Trustees.

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The Trust will follow the following procedures in investigating and enforcing this Code:

• The Trust’s Audit Committee will take all appropriate action to investigate any reported potential violations;

• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action;

• Any matter that the Audit Committee believes is a violation will be reported to the Independent Trustees;

• If the Independent Trustees concur that a violation has occurred, they will inform the Covered Officer and consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer;

• The Independent Trustees will be responsible for granting waivers, as appropriate; and

• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, a Service Provider, or other service providers govern or purport to govern the behavior or activities of Covered Officers, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics under Rule 17j-1 under the Investment Company Act is a separate requirement applying to the Covered Officers and others, and is not part of this Code.

VI. Amendments

Except as to Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, officers of the Trust, Trust counsel and counsel for a Service Provider.

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VIII. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Date: August 12, 2003

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EXHIBIT A

Persons Covered by this Code of Ethics

Craig T. Callahan, Principal Executive Officer of ICON Funds

Erik L. Jonson, Principal Financial Officer of ICON Funds

Date: August 12, 2003

6

ACKNOWLEDGEMENT OF RECEIPT
OF CODE OF ETHICS
FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS
AND CERTIFICATION

I acknowledge receipt of the Code of Ethics for Principal and Executive and Senior Financial Officers (“Code”), as adopted August 12, 2003 and hereby certify that I have complied with the terms of the Code.

Date	Signature
	Print Name

7

EX-99.CERT

CERTIFICATIONS

I, Craig T. Callahan, certify that:

1.	I have reviewed this report on Form N-CSR of ICON Funds (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

December 2, 2009	/s/ Craig T. Callahan
Date	Craig T. Callahan
	President and Chief Executive Officer (Principal Executive Officer)

CERTIFICATIONS

I, Erik L. Jonson, certify that:

1.	I have reviewed this report on Form N-CSR of ICON Funds (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

December 2, 2009	/s/ Erik L. Jonson
Date	Erik L. Jonson
	Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

EX-99.906CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2009 of ICON Funds (the “Registrant”).

I, Craig T. Callahan, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1.	the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and
2.	the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

December 2, 2009
Date

/s/ Craig T. Callahan  

Craig T. Callahan 

President and Chief Executive Officer
(Principal Executive Officer) 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2009 of ICON Funds (the “Registrant”).

I, Erik L. Jonson, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1.	the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and
2.	the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

December 2, 2009
Date

/s/ Erik L. Jonson  

Erik L. Jonson 

Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer and Principal Accounting
Officer) 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.