-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MHHmhXnYoyuxAtQ5xXJan5cX0/2E3cxcKK0bl3SpB5eLo5DWQberRsYKd1E4W2Eb y47JZqyTdoq45fph0RZyvA== 0000950134-08-021851.txt : 20081209 0000950134-08-021851.hdr.sgml : 20081209 20081209140150 ACCESSION NUMBER: 0000950134-08-021851 CONFORMED SUBMISSION TYPE: N-CSR/A PUBLIC DOCUMENT COUNT: 30 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081209 DATE AS OF CHANGE: 20081209 EFFECTIVENESS DATE: 20081209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ICON FUNDS CENTRAL INDEX KEY: 0001025770 IRS NUMBER: 752676133 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSR/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-07883 FILM NUMBER: 081237828 BUSINESS ADDRESS: STREET 1: 5299 DTC BOULEVARD STREET 2: SUITE 1200 CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 BUSINESS PHONE: 3037901600 MAIL ADDRESS: STREET 1: 5299 DTC BOULEVARD STREET 2: SUITE 1200 CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 0001025770 S000005056 ICON International Equity Fund C000013829 Class I IIQIX C000013830 Class C IIQCX C000013831 Class Z ICNEX C000033807 Class A IIQAX C000033808 Class S C000060552 Class Q 0001025770 S000005057 ICON Core Equity Fund C000013832 Class I ICNIX C000013833 Class C ICNCX C000013834 Class Z ICNZX C000033809 Class A ICNAX 0001025770 S000005058 ICON Bond Fund C000013835 Class I IOBIX C000013836 Class C IOBCX C000013837 Class Z IOBZX 0001025770 S000005059 ICON Income Opportunity Fund C000013838 Class I IOCIX C000013839 Class C IOCCX C000013840 Class Z IOCZX C000033810 Class A IOCAX 0001025770 S000005060 ICON Equity Income Fund C000013841 Class I IOEIX C000013842 Class C IOECX C000013843 Class Z IOEZX C000033811 Class A IEQAX 0001025770 S000005061 ICON Long/Short Fund C000013844 Class I IOLIX C000013845 Class C IOLCX C000013846 Class Z IOLZX C000033812 Class A ISTAX 0001025770 S000008828 ICON Consumer Discretionary Fund C000024049 ICON Consumer Discretionary Fund ICCCX 0001025770 S000008829 ICON Asia-Pacific Region Fund C000024050 Class S ICARX C000033813 Class A IPCAX C000058486 Class C C000058487 Class I C000060553 Class Z 0001025770 S000008830 ICON Europe Fund C000024051 Class S ICSEX C000033814 Class A IERAX C000058488 Class C C000058489 Class I C000060554 Class Z 0001025770 S000008831 ICON Energy Fund C000024052 ICON Energy Fund ICENX 0001025770 S000008832 ICON Financial Fund C000024053 ICON Financial Fund ICFSX 0001025770 S000008833 ICON Healthcare Fund C000024054 ICON Healthcare Fund ICHCX 0001025770 S000008834 ICON Industrials Fund C000024055 ICON Industrials Fund ICTRX 0001025770 S000008835 ICON Information Technology Fund C000024056 ICON Information Technology Fund ICTEX 0001025770 S000008836 ICON Leisure and Consumer Staples Fund C000024057 ICON Leisure and Consumer Staples Fund ICLEX 0001025770 S000008837 ICON Materials Fund C000024058 ICON Materials Fund ICBMX 0001025770 S000008838 ICON Telecommunication & Utilities Fund C000024059 ICON Telecommunication & Utilities Fund ICTUX N-CSR/A 1 d65488nvcsrza.htm AMENDMENT TO FORM N-CSR nvcsrza
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
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, 2008
Date of reporting period: September 30, 2008
EXPLANATORY NOTE:
     The Registrant is filing this amendment to its Form N-CSR for the period ended September 30, 2008, originally filed with the Securities and Exchange Commission on December 5, 2008, (Accession Number 0001193125-08-205732) to amend Item 4, “Principal Accountant Fees and Services”. The purpose of the amendment is to solely include additional information pertaining to Item 4 as required because this information was inadvertently excluded in the Form N-CSR filing. The description for Item 12(a)1 is modified to accurately reflect the attachments associated with the filing. Other than the aforementioned additions, this Form N-CSR/A does not reflect events occurring after the filing of the original Form N-CSR, or modify or update the disclosures therein.
     Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
     A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 
Item 1. Reports to Stockholders.
          Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

 

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(CUBE WITH ARROWS)
 
2008 Annual Report
ICON U.S. Diversified Funds
Investment Update
 
ICON Bond Fund
ICON Core Equity Fund
ICON Equity Income Fund
ICON Income Opportunity Fund
ICON Long/Short Fund
 
(ICON FUNDS LOGO)
 
1-800-764-0442 ï www.iconfunds.com

AR-DIV-D, K95866

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Management Overviews (Unaudited) and Schedules of Investments
       
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 EX-99.CODE ETH
 EX-99.CERT
 EX-99.906CERT

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About This Report
 
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, 2008, 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, 2008 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 foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and
 
 
 
2 About This Report

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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 outcome 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
 
 
 
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volatility than a more diversified 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 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 Lehman Brothers (“LB”) 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.
 
•   The Chicago Board Options Exchange Volatility Index (“VIX”) is an up-to-the-minute market estimate of expected volatility that is calculated by using real-time S&P 500 Index option bid/ask quotes. VIX uses nearby and second nearby options with at least 8 days left to expiration and then weights them to yield a constant, 30-day measure of the expected volatility of the S&P 500 Index.
 
Index returns and statistical data included in this Report are provided by Bloomberg, FactSet Research Systems, and Lehman Brothers.
 
 
 
4 About This Report

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Message From ICON Funds
 
Dear ICON Shareholder:
 
Because of the discipline inherent in the ICON system, I never expected to write a letter to shareholders explaining the type of negative returns we and much of our industry have posted over the last fiscal year. Using our valuation methodology, we buy stocks we believe are on sale and we do not chase what we think are over-priced, hot trends. We screen for quality, favoring well-managed companies with healthy cash positions and lower than average debt levels. We do not underwrite or insure mortgage-backed securities. Although we have owned government agency bonds, ICON resisted the subprime mortgage-backed securities frenzy. We attempt to distance ourselves from Wall Street as we do not take any brokerage “buy, sell or hold” recommendations and we have not purchased IPOs. September 2008 was a particularly harsh month for financial stocks. In response to questions from financial advisers, we wrote the following regarding our Core Equity and Financials sector fund: “it is noteworthy that neither fund owned the following stocks as of 8/31/08; Fannie Mae, Freddie Mac, Merrill Lynch, Lehman Brothers, Washington Mutual or AIG.” We sold another headliner, Bear Stearns, in early July 2007 in the $139 per share range. Although ICON’s disciplined, value-based methodology allowed us to stay clear of these and similar problematic securities, our portfolios were dragged down by the recent financial crisis nevertheless.
 
We have analyzed past market peaks in an effort to identify indicators that forecast a subsequent bear market. The only recurring behavior we have identified involves valuation; that is, we discovered that stocks are priced much higher than our estimation of their intrinsic value at a typical peak. For example, stocks were significantly overpriced according to our system prior to the crash of October 1987. More recently, prices of technology and telecommunication issues were way above our estimate of intrinsic value just before their severe decline in 2000. Based on our estimation of intrinsic value, however, stocks were not overpriced in late 2007. Therefore, we had no indication of a potential severe market drop. The market behaved like quick sand, with stocks dropping in reaction to news events, even though they were not overpriced under our methodology. We take little solace in the fact that we were not alone, and that few advisers could have anticipated the panic selling that dragged the market lower as fiscal year 2008 came to a close. The damage was so widespread that investors had no place to hide in September, except in cash, which was also subject to its own risks and limitations.
 
If you have followed the behavior of the ICON system over the last two decades you have noticed a pattern. When stock prices dropped quickly and
 
 
 
Message From ICON Funds 5

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were significantly below our estimate of intrinsic value, we held and even rotated into attractive industries in an effort to capture the emerging leadership. With each sudden market decline, we stated that the price drop was created by investors overreacting, and, further that we expected prices to move higher and catch up to value. For two decades our decision to remain invested in anticipation of price catching up to value has been effective and critical to our success. As we entered the fiscal year, we saw no reason to change our strategy or behavior.
 
In late 2007, stock prices dropped in reaction to the initial problems regarding the subprime mortgage situation. We checked all inputs to our valuation equation, such as earnings estimates and risk, and they were steady. With stocks priced below our estimate of intrinsic value, we believed investors (and, accordingly, the market) had over-reacted. In response to further developments, stock prices dropped again in January and yet again in March. With each drop, stocks continued to look cheap and inputs to our valuation equation remained steady. Each dip this fiscal year looked like an overreaction to the data available at the time, just like the sudden dips we’d seen on several occasions over the last two decades. We stuck to our system in what proved to be an unprecedented setting.
 
The dictates of the ICON system are pretty simple. First, when stocks are cheap, the ICON system focuses on value - not news events - and directs us to remain invested. Second, when stocks are expensive, the system favors cash. Third, the system attempts to capture industry leadership that typically lasts one to two years. By sticking rigidly to its discipline, we believe the ICON system can handle most market situations through time. We believe also that the events of the last twelve months have been extraordinary - rare, unusual, and even unlikely to reoccur. The ICON system depends in no small part on the integrity of the market. While several parties share blame for this most recent economic crisis, the evident failure of many companies to properly disclose their financial condition caught ICON and most other investment professionals off-guard. Obviously, the ICON system did not handle the last 12-months well. Frankly, few systems did.
 
Current Situation and Outlook
 
The monetarist theory of economics believes that when the money supply grows it will stimulate the economy with about a six to nine month lag. When the money supply contracts, the monetarist theory believes that contraction will slow the economy by a similar lag. One way to measure the money supply is M1, which is defined to be currency plus demand deposits (checking accounts). When a bank makes a loan, a demand deposit is created, which, by definition, creates money. In August 2007 the Federal Reserve (“FED”) eased monetary policy and injected reserves into the
 
 
 
6 Message From ICON Funds

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banking system. Such easing normally promotes banks to make loans which, in turn, creates M1 and stimulates the economy. Despite the continued monetary easing through late 2007 and early 2008, banks did not increase their lending, partly through caution but mostly because the illiquid mortgage-backed securities they held hurt their capital ratios.
 
The primary goal of the Troubled Asset Relief Program or “TARP” package is for the U.S. Treasury to buy those mortgage-backed securities. The banks will record a loss on the securities, as they should, but will immediately have cash and greatly improved capital ratios, which means they can make loans again. Through loans, M1 can grow and stimulate the economy. In separate actions, the FED announced that it will pump an additional $630 billion into the global financial system through what it calls currency swaps with foreign central banks. The FED also announced its intent to buy commercial paper in the short-term money market. Finally, the U.S. Treasury Department announced it will buy stock in banks to help their capital ratios.
 
Over the 19 week period from late May through early October, M1 grew 11.6%. That is not annualized. It is 11.6% in 19 weeks. That is a sensational pace and is evidence banks are lending. If the lending continues and M1 continues to grow, we believe it will stimulate the economy. Typical timing would suggest that the economy might hit a bottom winter or spring 2009.
 
The market place seems unable to understand monetary stimulation and policy, as distinguished from fiscal policy. Fiscal policy is more obvious as it targets a specific income level, segment of the economy or industry. People can understand it. A monetary stimulus, on the other hand, is vague, broad, intangible, but, in the view of monetarists, very powerful. A monetary stimulus is just slow. It may be a few months before a monetary stimulus takes effect and it works behind the scenes, so to speak.
 
We believe the monetary stimulus is underway and will result in an economic recovery in 2009. We also see many of the behaviors and data typical of market bottoms falling in place. After coming through the extraordinary events of the last 12-months, investors and money managers have to do an assessment. They have to decide if they should make adjustments and changes or whether the events of the last fiscal year were anomalous and unlikely to be repeated. While investors should consult with their financial advisers regarding their unique needs and goals, generally speaking I would encourage most investors to not make major adjustments. Too many times I have seen investors set investment policy by looking in the rear view mirror, especially regarding their allocation to equities. It is usually not productive to make major changes in response to extraordinary events like those of the past 12-months.
 
 
 
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We expect that the financial system will emerge stronger and better than before. This was not the first unanticipated problem to hit our financial and banking system; nor will it be the last. The same problems generally do not recur, although new ones arise from time to time. We fix an existing problem and move on. And that’s exactly what the financial and banking system is doing in response to this most recent crisis.
 
At ICON we remain convinced that our calculation of intrinsic value is valid and that valuation, in combination with industry relative strength readings, can identify industry leadership for one to two year moves. We expect that investors will continue to demonstrate the kind of overreaction to events we have recognized and avoided in the past. We will try to capitalize on that overreaction by allowing our valuation methodology to guide our buying and selling. We take the same advice we pass on to our investors: we do not believe in making major changes to our investment game-plan by looking at a bad situation in the rear view mirror. We believe our system is well designed to handle most events. Changing the system in order to handle an extreme retroactive event would hinder our ability to address most everyday situations. And while the events of the last 12-months have been nothing shy of extraordinary, we believe much of the carnage has run its course. It is difficult to predict market bottoms, but as we say at ICON, rallies do not issue invitations. Therefore, we encourage you to ride out whatever remains of the storm with us and remain invested in order to participate in any ensuing rally.
 
Yours truly,
 
-s- Craig T. Callahan
Craig T. Callahan, DBA
Chairman of the Board of Trustees and President of the Adviser
 
 
 
8 Message From ICON Funds

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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, 2008, the Lehman Brothers U.S. Universal Index gained 2.32%, outperforming the ICON Bond Fund, which returned -1.48% for Class I shares, -2.16% for Class C shares, and -1.43% for Class Z shares over the same period. Total returns for other periods as of September 30, 2008 appear in the subsequent pages of this Fund’s Management Overview.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  Heightened and very real bankruptcy fears dominated the bond market this fiscal year. Credit spreads widened from the outset of the year and continued to widen further as investors witnessed the downfall of Indy Mac, Bear Stearns, Lehman Brothers, Fannie Mae, Freddie Mac, AIG, and Washington Mutual. As credit spreads widened, recession fears grew, inflation concerns subsided, and the Federal Reserve stepped up their rate cuts, long term US Treasuries turned in one of their best years in some time as the On-The-Run US 10 year Treasury yield fell from its 52 week high of 4.683% on October 12, 2007 to 3.825% on September 30, 2008.
 
This environment proved somewhat difficult for ICON’s quantitative bond model as widening credit spreads led to an abundance of value in corporate bonds, but little relative strength. At the same time, government bonds had plenty of relative strength, but showed little value. An underweight position in longer dated US Treasuries detracted from the Fund’s relative performance.
 
Short term corporate bonds, especially in the Financial sector, were an exception to this quandary as they showed value with wide spreads, but also maintained strength as they appreciated toward par. Given their quality credit ratings it seemed that the bankruptcy risk baked into their spreads had been overdone. Unfortunately this was not the case and some positions discussed in more detail below hindered relative performance.
 
Q.  How did the Fund’s composition affect performance?
 
A.  As discussed above, the Fund’s composition, which was light in US treasuries and heavy in short term financial corporate bonds, hindered performance. For a good part of the year this strategy worked well, as bonds of highly rated financial companies appreciated toward their par maturity levels.
 
 
 
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The Fund gave up its positive gains in September 2008, however, when small positions in Washington Mutual, AIG, and Wachovia fell precipitously as the government arranged takeovers. Other financial and non-financial corporate bond holdings fell sharply as well as bankruptcy fears and the need for liquidity pushed yields higher.
 
Q.  What is your investment outlook for the bond market?
 
A.  Credit spreads continued to widen through September 2008 and are currently at levels not seen since the lows of the tech bubble crash. Although these spreads brought considerable value to some very highly rated corporate bonds, it has also weakened their relative strength readings. At the same time, the flight to safety has raised Treasury prices beyond their fair value while giving them considerable strength. Agency bonds seem to be somewhere in between as their spreads have narrowed after the government takeover, but are still wide enough to offer enticing value. As panic subsides from the market and bid-ask spreads narrow, we will look to reduce our corporate exposure and increase our Agency bond holdings.
 
ICON Bond Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                                      Gross
 		      Net
 		 
      Inception
 		                      Since
 		      Expense
 		      Expense
 		 
      Date       1 Year       5 Years       Inception       Ratio*       Ratio*  
ICON Bond Fund - Class I
      9/30/02           -1.48 %         2.47 %         3.40 %         1.09 %         1.00 %  
 
 
Lehman Brothers U.S. Universal Index
                  2.32 %         3.90 %         4.43 %         N/A           N/A    
 
 
ICON Bond Fund - Class C
      10/21/02           -2.16 %         1.87 %         3.21 %         3.15 %         1.60 %  
 
 
Lehman Brothers U.S. Universal Index
                  2.32 %         3.90 %         4.81 %         N/A           N/A    
 
 
ICON Bond Fund - Class Z
      5/6/04           -1.43 %         N/A           2.76 %         31.60 %         0.75 %  
 
 
Lehman Brothers U.S. Universal Index
                  2.32 %         N/A           4.41 %         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 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
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ICON Bond Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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.
 
ICON Bond Fund
Credit Quality Diversification
September 30, 2008
 
             
 
Aaa
      13.2 %
 
Aa1
      3.7 %
 
Aa2
      6.0 %
 
Aa3
      18.8 %
 
A1
      7.1 %
 
A2
      10.8 %
 
A3
      7.3 %
 
Baa1
      6.7 %
 
Baa2
      4.5 %
 
Baa3
      5.0 %
 
Ba2
      1.4 %
 
Ba3
      2.8 %
 
B1
      4.1 %
 
B2
      4.1 %
 
Not Rated
      0.1 %
 
Percentages are based upon total investments less short-term investments.
 
Ratings based on Moody’s.
 
 
 
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ICON Bond Fund
Schedule of Investments
September 30, 2008
 
                                 
    Interest
 		  Maturity
 		   
Shares or Principal Amount   Rate   Date   Value
 
 
Corporate Bonds (85.1%)
$ 220,000     Ace INA Holdings, Inc.      8.88 %     08/15/29     $ 241,484  
  2,000,000     Alabama Power Co.(a)     3.00 %     08/25/09       1,994,116  
  1,000,000     Allied Waste North America     6.50 %     11/15/10       977,500  
  275,000     Allied Waste North America     5.75 %     02/15/11       263,313  
  2,150,000     American Express Centurion Bank(a)     2.66 %     12/17/09       2,027,663  
  1,800,000     American Express Credit Co.(a)     3.55 %     02/24/12       1,521,232  
  750,000     American General Finance Corp.      5.38 %     10/01/12       409,931  
  500,000     AutoZone, Inc.      5.50 %     11/15/15       467,119  
  1,500,000     Bank of America Corp.      6.25 %     04/15/12       1,455,436  
  1,000,000     Bank of America Corp.      4.88 %     09/15/12       924,060  
  950,000     Bank of America Corp.(a)     3.12 %     06/15/17       850,714  
  1,000,000     BB&T Corp.      6.50 %     08/01/11       975,374  
  1,000,000     Berkshire Hathaway Finance Corp.      4.20 %     12/15/10       1,015,636  
  750,000     Capital One Bank USA NA     4.25 %     12/01/08       743,608  
  1,000,000     Case New Holland, Inc.      6.00 %     06/01/09       972,500  
  1,000,000     Caterpillar Financial Services Corp.(a)     2.84 %     10/09/09       995,366  
  150,000     Centex Corp.      4.55 %     11/01/10       132,750  
  1,127,000     Chartered Semiconductor - YD     5.75 %     08/03/10       1,053,067  
  450,000     Cincinnati Financial Corp.      6.90 %     05/15/28       388,807  
  500,000     CIT Group, Inc.(a)     2.93 %     06/08/09       427,538  
  750,000     CIT Group, Inc.      4.75 %     12/15/10       488,436  
  355,000     CIT Group, Inc.      7.75 %     04/02/12       194,973  
  1,000,000     Citigroup, Inc.(a)     2.96 %     05/18/10       922,872  
  1,000,000     Citigroup, Inc.      6.00 %     02/21/12       924,186  
  410,000     CNA Financial Corp.      6.60 %     12/15/08       409,655  
  1,750,000     Comcast Cable Communications Holdings     8.38 %     03/15/13       1,835,382  
  400,000     Comcast Cable Communications Holdings     8.88 %     05/01/17       421,254  
  550,000     Comerica Bank     7.13 %     12/01/13       495,118  
  114,000     Cox Communications, Inc.      7.63 %     06/15/25       113,079  
  1,000,000     Credit Suisse USA, Inc.(a)     2.57 %     06/05/09       995,105  
  1,000,000     Credit Suisse USA, Inc.(a)     3.00 %     03/02/11       974,329  
  1,000,000     Credit Suisse USA, Inc.      6.13 %     11/15/11       983,926  
  500,000     Daimler Finance NA     8.00 %     06/15/10       522,848  
  1,000,000     Daimler Finance NA     7.75 %     01/18/11       1,036,600  
  2,500,000     Daimler Finance NA     6.50 %     11/15/13       2,439,705  
 
 
 
12 Schedule of Investments

Table of Contents

                                 
    Interest
 		  Maturity
 		   
Shares or Principal Amount   Rate   Date   Value
 
 
$ 500,000     Deutsche Telekom International Finance - YD     8.00 %     06/15/10     $ 519,040  
  260,000     Dillard’s, Inc.      9.50 %     09/01/09       260,325  
  232,000     Dillard’s, Inc.      9.13 %     08/01/11       222,720  
  450,000     E.I. Du Pont de Nemours & Co.      5.00 %     07/15/13       443,219  
  950,000     El Paso Corp.      6.75 %     05/15/09       941,812  
  750,000     Embratel - YD     11.00 %     12/15/08       750,937  
  500,000     Farmers Insurance Capital Notes(b)     7.20 %     07/15/48       385,633  
  6,000     First American Financial Corp.      7.55 %     04/01/28       6,155  
  3,000,000     Ford Motor Credit Co.      5.63 %     10/01/08       2,999,351  
  700,000     General Electric Capital Corp.(a)     2.86 %     03/16/09       696,751  
  1,000,000     General Electric Capital Corp.(a)     2.85 %     03/12/10       986,612  
  1,950,000     General Electric Capital Corp.(a)     3.25 %     02/01/11       1,929,115  
  500,000     General Electric Capital Corp.      5.45 %     01/15/13       467,124  
  1,000,000     General Electric Capital Corp.(a)     2.95 %     05/08/13       924,901  
  250,000     Goldman Sachs Group, Inc.      7.35 %     10/01/09       242,397  
  1,500,000     Goldman Sachs Group, Inc.      4.50 %     06/15/10       1,392,418  
  1,000,000     Goldman Sachs Group, Inc.      5.00 %     01/15/11       901,935  
  1,250,000     Goldman Sachs Group, Inc.      6.88 %     01/15/11       1,194,896  
  1,000,000     Goldman Sachs Group, Inc.      6.60 %     01/15/12       932,188  
  1,000,000     Goldman Sachs Group, Inc.      5.70 %     09/01/12       861,396  
  2,000,000     Honeywell International, Inc.(a)     2.85 %     07/27/09       1,991,042  
  670,000     Household Finance Corp.      5.88 %     02/01/09       663,118  
  500,000     Household Finance Corp.      7.00 %     05/15/12       485,901  
  1,900,000     Household Finance Corp.(a)     7.80 %     11/10/13       1,780,034  
  2,000,000     HSBC Finance Corp.      5.00 %     06/30/15       1,785,330  
  950,000     IBM Corp.      8.38 %     11/01/19       1,100,474  
  1,000,000     IBM International Group Capital(a)     3.13 %     07/29/09       982,514  
  500,000     International Lease Finance Corp.      6.38 %     03/15/09       461,102  
  294,000     International Lease Finance Corp.      4.88 %     09/01/10       212,636  
  450,000     John Hancock(b)     7.38 %     02/15/24       481,144  
  2,000,000     JP Morgan Chase & Co.(a)     2.54 %     05/07/10       1,977,914  
  2,000,000     JP Morgan Chase & Co.      6.75 %     02/01/11       2,006,694  
  1,350,000     JP Morgan Chase & Co.      6.63 %     03/15/12       1,326,789  
  1,000,000     Kansas City Southern     7.50 %     06/15/09       1,000,000  
  500,000     Kraft Foods, Inc.      6.25 %     06/01/12       502,618  
  1,000,000     Massey Energy Co.      6.63 %     11/15/10       1,000,000  
  1,100,000     Merrill Lynch & Co.(a)     7.07 %     05/05/14       937,552  
  500,000     Morgan Stanley     3.88 %     01/15/09       460,009  
  2,900,000     Morgan Stanley(a)     3.07 %     01/15/10       2,177,474  
  250,000     Morgan Stanley     4.25 %     05/15/10       203,144  
  500,000     Morgan Stanley     4.75 %     04/01/14       265,048  
 
 
 
Schedule of Investments 13

Table of Contents

                                 
    Interest
 		  Maturity
 		   
Shares or Principal Amount   Rate   Date   Value
 
 
$ 400,000     New Jersey Bell Telephone     7.85 %     11/15/29     $ 360,320  
  122,000     NLV Financial Corp.(b)     6.50 %     03/15/35       104,478  
  2,000,000     Oracle Corp.(a)     2.86 %     05/14/10       1,988,856  
  500,000     Prudential Financial, Inc.      4.75 %     06/13/15       445,017  
  500,000     R.R. Donnelley & Sons Co.      4.95 %     04/01/14       443,229  
  750,000     Rent-A-Center, Inc.(c)     7.50 %     05/01/10       733,125  
  1,000,000     Reynolds American, Inc.      6.50 %     07/15/10       1,039,722  
  1,000,000     Roadway Corp.      8.25 %     12/01/08       990,000  
  500,000     Ryder System, Inc.      5.85 %     03/01/14       487,110  
  382,000     Sears Roebuck Acceptance Corp.      6.25 %     05/01/09       375,595  
  213,000     Semco Energy, Inc.      6.40 %     11/25/08       213,510  
  1,000,000     SLM Corp.      4.20 %     09/15/09       881,726  
  1,000,000     Smithfield Foods, Inc.      8.00 %     10/15/09       970,000  
  700,000     Standard Pacific Corp.      6.50 %     10/01/08       699,943  
  350,000     Telefonica de Argentina - YD     9.13 %     11/07/10       343,875  
  500,000     Tennessee Gas Pipeline     7.00 %     10/15/28       428,476  
  2,000,000     The Home Depot, Inc.      5.20 %     03/01/11       1,948,272  
  2,000,000     The Home Depot, Inc.      5.25 %     12/16/13       1,841,748  
  500,000     Tyco International, Ltd. - YD     6.13 %     11/01/08       500,445  
  155,000     Union Carbide Corp.      6.70 %     04/01/09       155,162  
  1,000,000     Verizon Communications, Inc.      6.88 %     06/15/12       1,017,730  
  410,000     Verizon Communications, Inc.      8.30 %     08/01/31       393,846  
  2,000,000     Wachovia Corp.(a)     2.99 %     08/01/13       1,511,652  
  1,000,000     Walt Disney Co.(a)     2.86 %     07/16/10       996,690  
                                 
Total Corporate Bonds
(Cost $94,729,474) 		    88,324,671  
U.S. Government And U.S. Government Agency Bonds (9.2%)
  1,000,000     Fannie Mae     5.25 %     08/01/12       1,011,560  
  825,000     Fannie Mae     5.13 %     01/02/14       821,560  
  500,000     Fannie Mae     5.00 %     04/17/15       498,011  
  1,000,000     Fannie Mae     5.00 %     07/09/18       979,107  
  1,000,000     Federal Home Loan Bank     4.00 %     02/12/10       1,009,588  
  750,000     Federal Home Loan Bank     5.50 %     02/14/20       740,632  
  200,000     Freddie Mac     5.13 %     10/15/08       200,190  
  370,000     Freddie Mac     5.00 %     10/29/13       370,098  
  457,000     Freddie Mac     5.00 %     09/15/14       456,949  
  1,500,000     Freddie Mac     5.16 %     02/27/15       1,504,077  
  400,000     Freddie Mac     5.00 %     12/15/15       397,106  
  550,000     Freddie Mac     5.00 %     09/09/16       543,294  
  975,000     Freddie Mac     5.25 %     07/27/17       966,985  
                                 
Total U.S. Government And U.S. Government Agency Bonds
(Cost $9,447,085) 		    9,499,157  
 
 
 
14 Schedule of Investments

Table of Contents

                                 
    Interest
 		  Maturity
 		   
Shares or Principal Amount   Rate   Date   Value
 
 
Foreign Government Bonds (1.3%)
$ 750,000     Federal Republic of Brazil - YD     14.50 %     10/15/09     $ 838,125  
  500,000     Republic of South Africa - YD     6.50 %     06/02/14       490,000  
                                 
         
Total Foreign Government Bonds
(Cost $1,328,755)
    1,328,125  
Other Securities (0.7%)
  767,228     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%                     767,228  
                                 
Total Other Securities
(Cost $767,228) 		    767,228  
Total Investments 96.3%
(Cost $106,272,542) 		    99,919,181  
Other Assets Less Liabilities 3.7%     3,798,827  
         
Net Assets 100.0%
  $ 103,718,008  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Variable for Floating Rate Security. Rate disclosed is as of September 30, 2008.
 
(b) Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed as restricted for resale. These securities are considered to be illiquid. The aggregate value of these securities at September 30, 2008 was $971,255, which represented 0.94% of the Fund’s Net Assets.
 
(c) All or a portion of the security was on loan as of September 30, 2008.
 
YD Yankee Dollar Bond
 
 
 
Schedule of Investments 15

Table of Contents

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, 2008, the Fund’s benchmark, the S&P Composite 1500 Index, lost 21.27%, compared to the ICON Core Equity Fund’s return of -25.99% for Class I shares, -26.61% for Class C shares, and -26.11% for Class Z shares. Class A shares of the Fund have returned -26.76% (and -30.99% with maximum sales charge). Total returns for other periods as of September 30, 2008 appear in the subsequent pages of this Fund’s Management Overview.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  During the fiscal year, investors were presumably influenced by many concerns. Over the 12-month period, crude oil futures rose approximately 23% (peaking on July 3, 2008 at a price of $149.29 per barrel), the subprime mortgage crisis created the need for significant write-downs and led to the collapse of some prominent financial firms, market volatility, as measured by the VIX Index, reached record levels in late September, and fears of inflationary pressure pushed gold to over $1,000 per troy ounce before closing the year up over 17%.
 
The Federal Reserve responded by cutting the discount window 300 basis points (3.00%) and cutting the federal funds rate 275 basis points (2.75%) in order to combat liquidity problems. Despite these moves by the Federal Reserve, liquidity remained a significant problem during the last half of the year, resulting in significant declines within equity markets around the world.
 
Extreme uncertainty and worry led to high volatility and sudden sector-based theme changes. This type of environment creates a significant problem for our valued-based investing style here at ICON. In order to better explain the Fund’s response to this uncertainty, we believe the fiscal year can be viewed in five distinct time periods - three strong down markets and two sharp increases - which reflect both the volatility and the absence of sustained sector leadership during the period.
 
We define the three strong down markets as September 30, 2007 to March 10, 2008; May 19, 2008 to July 15, 2008; and August 11, 2008 to September 30, 2008. These three periods accounted for over a 40% decline in the value of the S&P Composite 1500 Index. The sectors leading the decline during the first two periods include Financials, Consumer Discretionary, Telecommunication & Utilities, and Industrials.
 
 
 
16 Management Overview

Table of Contents

The last down market, from August 11, 2008 through September 30, 2008, featured a large decline in Materials, Information Technology, and Industrials.
 
The two recovery periods, which we define as March 10, 2008 to May 19, 2008 and July 15, 2008 to August 11, 2008, accounted for a 20% increase in the value of the S&P Composite 1500 Index. The best-performing sectors during the first increase were the Materials, Energy, and Telecommunication & Utilities sectors, which indicated a continuation of the old theme from the last five years. The second increase was characterized by completely different leadership with Financials, Consumer Discretionary, and Industrials sectors leading the way.
 
This sector-specific volatility created a challenging environment that required continual adjustments to the Fund and exposure to all nine economic sectors using selective industry allocation.
 
Q.  How did the Fund’s composition affect performance?
 
A.  As shown above, the ICON Core Equity Fund faced a very challenging environment in fiscal year 2008. All nine sectors produced negative returns during the time period, with the Financials, Information Technology, Energy, and Industrials sectors detracting most from absolute performance. Overweight industry positions and under-performance within these sectors created strong negative returns during the last 12-months.
 
On an industry level, looking at the S&P Composite 1500 Index, only 13 of the 154 industries produced positive returns during this time period. Railroads, health care services, apparel retail, electrical components & equipment, and home furnishing retail industries contributed positively to Fund returns. These industries were significantly overweight relative to the benchmark, helping performance.
 
In contrast, investment banking & brokerage, managed health care, mortgage REITs, oil & gas equipment & services, and construction & farm machinery & heavy trucks detracted the most from absolute performance. The combination of the Fund’s being overweight these industries relative to the benchmark and the industries’ underperformance detracted from Fund performance.
 
Q.  What is your investment outlook for the equity market?
 
A.  As fiscal year 2008 ended, the market was experiencing an unprecedented period of fear and volatility. The VIX Index reached new highs, many commodities continued to decline in value, and a significant flight
 
 
 
Management Overview 17

Table of Contents

to treasury securities indicates how fearful the market had become of most risk-bearing assets. That being said, the Federal Reserve, with help from the Federal Government, has taken a number of aggressive steps designed to create liquidity within the financial markets in order to decrease this market-based fear. While these are unprecedented times, ICON continues to follow a non-emotional view of current conditions. We are confident our systematic, valued-based industry rotation investing methodology will serve us well in the long run.
 
Going into the end of fiscal year 2008, we had a value-to-price ratio of 1.34 for the domestic equity markets, indicating we see domestic stocks trading at an approximately 34% discount to our estimation of intrinsic value. On a sector basis, the most attractive areas within the market are the Financials, Consumer Discretionary, Industrials, Health Care, and Leisure and Consumer Staples sectors. Moving forward we will be looking for industries within these sectors that are reflecting strong combinations of both value and relative strength.
 
 
 
18 Management Overview

Table of Contents

ICON Core Equity Fund
Sector Composition
as of September 30, 2008
 
         
Financial
    20.1%  
Industrials
    18.2%  
Information Technology
    17.0%  
Consumer Discretionary
    12.5%  
Health Care
    9.5%  
Leisure and Consumer Staples
    8.5%  
Energy
    6.5%  
Telecommunications & Utilities
    4.0%  
Materials
    1.0%  
 
Percentages are based upon net assets.
 
ICON Core Equity Fund
Industry Composition
as of September 30, 2008
 
         
Other Diversified Financial Services
    5.9%  
Railroads
    4.2%  
Apparel Retail
    4.0%  
Pharmaceuticals
    3.8%  
Building Products
    3.7%  
Packaged Foods & Meats
    3.6%  
Regional Banks
    3.6%  
Integrated Oil & Gas
    3.5%  
Trading Companies & Distributors
    3.4%  
Communications Equipment
    3.1%  
Computer Hardware
    3.0%  
Consumer Finance
    3.0%  
Technology Distributors
    2.9%  
Managed Health Care
    2.8%  
Data Processing & Outsourced Services
    2.4%  
Apparel Accessories & Luxury Goods
    2.3%  
IT Consulting & Other Services
    2.3%  
Trucking
    2.3%  
Semiconductors
    2.2%  
Asset Management & Custody Banks
    2.2%  
Office Services & Supplies
    2.0%  
Health Care Distributors
    1.9%  
Life & Health Insurance
    1.9%  
Diversified Banks
    1.8%  
Restaurants
    1.8%  
Integrated Telecommunication Services
    1.7%  
Household Products
    1.6%  
Electric Utilities
    1.6%  
Oil & Gas Drilling
    1.3%  
Air Freight & Logistics
    1.3%  
Homebuilding
    1.3%  
Systems Software
    1.1%  
Thrifts & Mortgage Finance
    1.1%  
Motorcycle Manufacturers
    1.0%  
Automotive Retail
    1.0%  
Specialty Chemicals
    1.0%  
Health Care Services
    1.0%  
Cable & Satellite
    1.0%  
Housewares & Specialties
    1.0%  
Oil & Gas Refining & Marketing
    0.9%  
Oil & Gas Equipment & Services
    0.8%  
Electrical Components & Equipment
    0.7%  
Multi-Utilities
    0.7%  
Household Appliances
    0.7%  
Airlines
    0.6%  
Home Furnishing Retail
    0.6%  
Investment Banking & Brokerage
    0.6%  
Home Improvement Retail
    0.6%  
Drug Retail
    0.5%  
 
Percentages are based upon net assets.
 
 
 
 
Management Overview 19

Table of Contents

ICON Core Equity Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                                      Gross
 		      Net
 		 
      Inception
 		                      Since
 		      Expense
 		      Expense
 		 
      Date       1 Year       5 Years       Inception       Ratio*       Ratio*  
ICON Core Equity Fund - Class I
      10/12/00           -25.99 %         4.24 %         4.31 %         1.24 %         1.24 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         5.65 %         0.86 %         N/A           N/A    
 
 
ICON Core Equity Fund - Class C
      11/28/00           -26.61 %         3.43 %         2.79 %         2.02 %         2.02 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         5.65 %         0.71 %         N/A           N/A    
 
 
ICON Core Equity Fund - Class Z
      5/6/04           -26.11 %         N/A           2.90 %         1.18 %         1.18 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         N/A           3.44 %         N/A           N/A    
 
 
ICON Core Equity Fund - Class A
      5/31/06           -26.76 %         N/A           -8.48 %         1.66 %         1.66 %  
 
 
ICON Core Equity Fund - Class A (including maximum sales charge of 5.75%)
      5/31/06           -30.99 %         N/A           -10.76 %         1.66 %         1.66 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         N/A           -1.58 %         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 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 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
20 Management Overview

Table of Contents

ICON Core Equity Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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.
 
 
 
Management Overview 21

Table of Contents

 
ICON Core Equity Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (97.3%)
  39,000     Accenture, Ltd. - Class A   $ 1,482,000  
  17,600     Advance Auto Parts, Inc.      698,016  
  52,800     Aetna, Inc.      1,906,608  
  33,600     AmerisourceBergen Corp.      1,265,040  
  24,000     AMETEK, Inc.      978,480  
  34,400     Anixter International, Inc.(a)(b)     2,047,144  
  64,100     Apogee Enterprises, Inc.      963,423  
  23,200     Arkansas Best Corp.(b)     781,608  
  68,400     Astoria Financial Corp.      1,417,932  
  60,400     AT&T, Inc.      1,686,368  
  34,500     Automatic Data Processing, Inc.      1,474,875  
  5,400     AutoZone, Inc.(a)     666,036  
  78,100     Avnet, Inc.(a)     1,923,603  
  116,800     Bank of America Corp.      4,088,000  
  44,800     Bank of New York Mellon Corp.      1,459,584  
  17,700     BB&T Corp.(b)     669,060  
  104,600     Bristol-Myers Squibb Co.(b)     2,180,910  
  23,000     Burlington Northern Santa Fe Corp.      2,125,890  
  28,400     Cameron International Corp.(a)(b)     1,094,536  
  17,500     Capital One Financial Corp.(b)     892,500  
  24,000     CBRL Group, Inc.      631,200  
  26,000     Chevron Corp.      2,144,480  
  54,900     CIGNA Corp.      1,865,502  
  94,600     Cisco Systems, Inc.(a)     2,134,176  
  43,800     Coach, Inc.(a)     1,096,752  
  70,000     Cognizant Technology Solutions Corp.(a)     1,598,100  
  121,000     Collective Brands, Inc.(a)(b)     2,215,510  
  218,800     Colonial Bancgroup, Inc.(b)     1,719,768  
  66,600     Comcast Corp. - Class A     1,307,358  
  45,100     Computer Sciences Corp.(a)     1,809,863  
  66,000     ConAgra Foods, Inc.      1,284,360  
  24,100     CSX Corp.      1,315,137  
  18,500     CVS Caremark Corp.(b)     622,710  
  59,400     D.R. Horton, Inc.      773,388  
  62,400     Darden Restaurants, Inc.      1,786,512  
  7,200     Diamond Offshore Drilling, Inc.      742,032  
  81,400     Discover Financial Services(b)     1,124,948  
  89,000     DPL, Inc.(b)     2,207,200  
  27,500     Energizer Holdings, Inc.(a)     2,215,125  
  52,200     Federated Investors, Inc.      1,504,926  
  107,300     Foot Locker, Inc.      1,733,968  
  44,300     Guess, Inc.      1,541,197  
  36,800     Harley-Davidson, Inc.(b)     1,372,640  
  22,000     Hewlett-Packard Co.      1,017,280  
  41,500     Hormel Foods Corp.      1,505,620  
  94,600     Intel Corp.      1,771,858  
  25,900     International Business Machines Corp.      3,029,264  
  55,600     Jarden Corp.(a)(b)     1,303,820  
  85,100     JPMorgan Chase & Co.      3,974,170  
  86,100     Knoll, Inc.      1,301,832  
  13,000     Lubrizol Corp.      560,820  
 
 
 
22 Schedule of Investments

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  32,000     Manulife Financial Corp.(b)   $ 1,174,080  
  121,300     Masco Corp.(b)     2,176,122  
  24,500     McKesson Corp.      1,318,345  
  29,100     MedcoHealth Solutions, Inc.(a)     1,309,500  
  23,900     MetLife, Inc.(b)     1,338,400  
  48,600     Microsemi Corp.(a)     1,238,328  
  39,300     MSC Industrial Direct Co., Inc. - Class A(b)     1,810,551  
  21,300     Murphy Oil Corp.      1,366,182  
  60,400     NCI Building Systems, Inc.(a)(b)     1,917,700  
  47,675     Nestle S.A. - ADR(b)     2,049,438  
  16,400     Occidental Petroleum Corp.      1,155,380  
  73,800     Oracle Corp.(a)     1,498,878  
  109,800     Pacer International, Inc.(b)     1,808,406  
  157,800     Pfizer, Inc.      2,909,832  
  40,500     Pitney Bowes, Inc.      1,347,030  
  85,500     Polycom, Inc.(a)     1,977,615  
  37,600     Rent-A-Center, Inc.(a)     837,728  
  23,600     Ryder System, Inc.      1,463,200  
  54,000     SkyWest, Inc.      862,920  
  35,100     Sunoco, Inc.(b)     1,248,858  
  8,700     Telefonica S.A. - ADR     621,963  
  32,200     The Charles Schwab Corp.(b)     837,200  
  29,400     The Home Depot, Inc.      761,166  
  23,300     The Stanley Works(b)     972,542  
  34,100     The Valspar Corp.      760,089  
  35,700     Toll Brothers, Inc.(a)(b)     900,711  
  10,100     Transocean, Inc.(a)     1,109,384  
  24,800     U.S. Bancorp     893,296  
  30,500     Union Pacific Corp.(b)     2,170,380  
  26,100     V.F. Corp.      2,017,791  
  33,200     Watsco, Inc.(b)     1,669,296  
  69,000     Webster Financial Corp.      1,742,250  
  38,200     Wells Fargo & Co.(b)     1,433,646  
  38,900     WESCO International, Inc.(a)     1,251,802  
  54,600     World Acceptance Corp.(a)(b)     1,965,600  
  48,800     Xcel Energy, Inc.      975,512  
  66,300     YRC Worldwide, Inc.(a)(b)     792,948  
  17,700     Zions Bancorp(b)     684,990  
                 
Total Common Stocks (Cost $136,257,549)
    131,382,188  
 
Short-Term Investments (3.9%)
  $5,301,547     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     5,301,547  
                 
Total Short-Term Investments (Cost $5,301,547)     5,301,547  
 
Other Securities (28.9%)
  39,009,165     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%     39,009,165  
                 
Total Other Securities (Cost $39,009,165)     39,009,165  
Total Investments 130.1% (Cost $180,568,261)
    175,692,900  
Liabilities Less Other Assets (30.1%)
    (40,623,309 )
         
Net Assets 100.0%   $ 135,069,591  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt
 
 
 
Schedule of Investments 23

Table of Contents

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.  For the fiscal year ended September 30, 2008, the Fund’s benchmark, the S&P Composite 1500 Index, lost 21.27%, while the ICON Equity Income Fund returned -17.76% for Class I shares, -18.60% for Class C shares, and -17.81% for Class Z shares. Class A shares of the Fund returned -17.98% (and -22.70% with maximum sales charge) during the same period. Total returns for other periods as of September 30, 2008 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 was dominated this fiscal year by the subprime mortgage meltdown and the financial crisis that followed. In response, the Federal Reserve and the Treasury have taken extraordinary steps to infuse liquidity and stimulate lending in the financial system. The federal funds rate target was lowered to 2.00% from 4.75% over the last year, the discount window rate was lowered from 5.25% to 2.25%, borrowing facilities were opened to investment banks and buy-outs were negotiated with the government’s assistance.
 
At the close of this fiscal year the Bush Administration, in conjunction with Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, proposed a $700 billion market stabilization bill. The stock market, as measured by the S&P 1500, fell 8.55% after Congress failed to pass the bill. Other market indices suffered similar dramatic declines.
 
Additionally, unprecedented market volatility made it difficult for the Fund to capitalize on ICON’s ability to identify themes. The VIX Index measures volatility as it relates to option pricing. That Index increased from 18 at the end of September 2007 to 39.39 at the end of September 2008.
 
Q.  How did the Fund’s composition affect performance?
 
A.  The Fund’s bond holdings contributed positively to performance. The Fund’s equity holdings contributed a net loss of approximately 19%. While the equity holdings alone outperformed the benchmark of -21.27%, the bonds’ positive contribution offset more than 1% of the Fund’s loss. The positive contribution was due in part to the government’s taking over Freddie Mac and Fannie Mae. Although the U.S. government implicitly backed Freddie Mac and Fannie Mae bonds, that backing became explicit
 
 
 
24 Management Overview

Table of Contents

after the takeover. The government’s action makes these bonds essentially equivalent to US treasuries in terms of default risk.
 
The Fund’s equity holdings outperformed the benchmark largely because of the Fund’s stock selection and underweight position in the Health Care and Information Technology sectors. The Fund’s exposure to the Health Care sector contributed approximately -0.2% to the Fund’s return. That compares to a benchmark contribution of around -1.4% for the Index. Similarly, Information Technology contributed about 2.7% in losses to the Fund, where the benchmark, in contrast, realized about a 4% loss for the Index due to this sector.
 
The gains in Health Care and Information Technology were partially offset by the Fund’s being overweight the Consumer Discretionary sector. The Fund held, on average, approximately 9% within the Consumer Discretionary sector versus a 5% average position in the benchmark. This sector led to around a 2% loss in Fund performance while the benchmark’s performance declined only about 1% from this sector. The Fund’s exposure to Telecommunication and Utilities had a similar effect on Fund performance.
 
Q.  What is your investment outlook for the market?
 
A.  As the fiscal year ends, we measure the broad equity market to be trading with a value to price ratio of 1.34, indicating upside potential.
 
The Federal Reserve and the US Treasury have taken unprecedented action in addressing the liquidly issue that is dominating the current market. We believe these measures will, in time, help free up balance sheets, restore lending activity and ultimately encourage economic growth.
 
The steepening yield curve and high spreads between corporate and government bonds are presenting attractive risk/return scenarios for longer corporate bonds. These bonds are not yet attractive to us from a relative strength standpoint, however. If the yield curve flattens and the spread between corporate bonds and treasuries tightens, corporate bonds could present attractive opportunities for investors.
 
 
 
Management Overview 25

Table of Contents

 
ICON Equity Income Fund
Sector Composition
as of September 30, 2008
 
         
Financial
    19.9%  
Consumer Discretionary
    11.8%  
Industrials
    10.1%  
Leisure and Consumer Staples
    9.4%  
Information Technology
    8.2%  
Telecommunications & Utilities
    7.9%  
Health Care
    7.6%  
Energy
    6.1%  
Materials
    4.0%  
 
Percentages are based upon common stock positions as a percentage of net assets.
 
ICON Equity Income Fund
Industry Composition
as of September 30, 2008
 
         
Other Diversified Financial Services
    6.0%  
Pharmaceuticals
    4.5%  
Regional Banks
    4.2%  
Diversified Banks
    3.4%  
Trading Companies & Distributors
    2.8%  
Computer Hardware
    2.6%  
Electric Utilities
    2.6%  
Semiconductors
    2.5%  
Apparel Retail
    2.4%  
Multi-Utilities
    2.3%  
Integrated Telecommunication Services
    2.3%  
Oil & Gas Exploration & Production
    2.2%  
Integrated Oil & Gas
    2.0%  
Railroads
    1.9%  
Packaged Foods & Meats
    1.9%  
Paper Packaging
    1.8%  
Home Furnishings
    1.6%  
Leisure Products
    1.6%  
Data Processing & Outsourced Services
    1.6%  
Mortgage REITS
    1.6%  
Household Products
    1.5%  
Property & Casualty Insurance
    1.5%  
Homebuilding
    1.5%  
Diversified Chemicals
    1.4%  
Tobacco
    1.4%  
Thrifts & Mortgage Finance
    1.3%  
Oil & Gas Storage & Transportation
    1.3%  
Apparel Accessories & Luxury Goods
    1.2%  
Industrial Conglomerates
    1.2%  
Consumer Finance
    1.1%  
Health Care Equipment
    1.1%  
Health Care Distributors
    1.1%  
Trucking
    1.0%  
Building Products
    0.9%  
Health Care Supplies
    0.9%  
Motorcycle Manufacturers
    0.9%  
Food Distributors
    0.9%  
Restaurants
    0.8%  
Office Services & Supplies
    0.8%  
Metal & Glass Containers
    0.8%  
Insurance Brokers
    0.8%  
Air Freight & Logistics
    0.8%  
Homefurnishing Retail
    0.8%  
Automotive Retail
    0.8%  
Office Electronics
    0.8%  
Industrial Machinery
    0.7%  
Distributors
    0.7%  
Specialized Consumer Services
    0.7%  
Communications Equipment
    0.7%  
Wireless Telecommunication Services
    0.7%  
Soft Drinks
    0.7%  
Home Improvement Retail
    0.6%  
Household Appliances
    0.6%  
Oil & Gas Refining & Marketing
    0.6%  
Publishing
    0.6%  
 
Percentages are based upon common stock positions as a percentage of net assets.
 
 
 
 
26 Management Overview

Table of Contents

ICON Equity Income Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                                      Gross
 		      Net
 		 
      Inception
 		                      Since
 		      Expense
 		      Expense
 		 
      Date       1 Year       5 Years       Inception       Ratio*       Ratio*  
ICON Equity Income Fund - Class I
      9/30/02           -17.76 %         6.29 %         9.18 %         1.22 %         1.22 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         5.65 %         8.61 %         N/A           N/A    
 
 
ICON Equity Income Fund - Class C
      11/8/02           -18.60 %         5.28 %         7.23 %         2.33 %         2.21 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         5.65 %         6.98 %         N/A           N/A    
 
 
ICON Equity Income Fund - Class Z
      5/10/04           -17.81 %         N/A           4.79 %         11.08 %         1.21 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         N/A           4.07 %         N/A           N/A    
 
 
ICON Equity Income Fund - Class A
      5/31/06           -17.98 %         N/A           -1.45 %         3.77 %         1.45 %  
 
 
ICON Equity Income Fund - Class A (including maximum sales charge of 5.75%)
      5/31/06           -22.70 %         N/A           -3.93 %         3.77 %         1.45 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         N/A           -1.58 %         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 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
Management Overview 27

Table of Contents

 
ICON Equity Income Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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.
 
 
 
28 Management Overview

Table of Contents

ICON Equity Income Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (85.0%)
  8,700     3M Co.    $ 594,297  
  12,700     Abbott Laboratories     731,266  
  10,600     ACE Ltd.      573,778  
  76,600     Aircastle, Ltd.      759,106  
  5,900     Alcon, Inc.      952,909  
  43,500     Altria Group, Inc.      863,040  
  43,500     Annaly Capital Management, Inc. - REIT     585,075  
  92,700     Anthracite Capital, Inc. - REIT     496,872  
  82,900     Anworth Mortgage Asset Corp. - REIT     490,768  
  30,000     Arkansas Best Corp.      1,010,700  
  32,800     Arthur J. Gallagher & Co.      841,648  
  69,800     Asbury Automotive Group, Inc.      804,096  
  36,000     Astoria Financial Corp.      746,280  
  18,300     AstraZeneca PLC - ADR     803,004  
  24,900     AT&T, Inc.      695,208  
  24,500     Automatic Data Processing, Inc.      1,047,375  
  83,000     Bank of America Corp.      2,905,000  
  33,700     Barclays PLC - ADR     832,390  
  17,000     Baxter International, Inc.      1,115,710  
  19,800     BB&T Corp.      748,440  
  34,200     Bemis Co., Inc.      893,304  
  12,000     BP Prudhoe Bay Royalty Trust     1,115,640  
  45,100     Bristol-Myers Squibb Co.      940,335  
  10,000     Burlington Northern Santa Fe Corp.      924,300  
  20,900     Canon, Inc. - ADR     788,975  
  22,600     Capital One Financial Corp.      1,152,600  
  33,400     CBRL Group, Inc.      878,420  
  42,600     CenterPoint Energy, Inc.      620,682  
  14,400     Chevron Corp.      1,187,712  
  25,090     Chunghwa Telecom Co., Ltd. - ADR     593,881  
  43,900     Citigroup, Inc.      900,389  
  12,700     ConocoPhillips     930,275  
  13,900     Consolidated Edison Company of New York, Inc.      597,144  
  15,900     Dominion Resources, Inc. of Virginia     680,202  
  29,400     Dow Chemical Co.      934,332  
  24,400     Embarq Corp.      989,420  
  34,000     Ethan Allen Interiors, Inc.      952,680  
  68,600     Foot Locker, Inc.      1,108,576  
  19,900     FPL Group, Inc.      1,000,970  
  21,000     GATX Corp.      830,970  
  23,900     General Electric Co.      609,450  
  36,100     General Maritime Corp.      703,228  
  19,000     Genuine Parts Co.      763,990  
  13,000     Greif, Inc. - Class A     853,060  
  19,800     H.J. Heinz Co.      988,218  
  23,700     Harley-Davidson, Inc.      884,010  
  15,800     Harris Corp.      729,960  
  70,300     Haverty Furniture Cos., Inc.      804,232  
  22,700     Heartland Payment Systems, Inc.      580,212  
  97,100     Huntington Bancshares, Inc.      775,829  
  91,300     Intel Corp.      1,710,049  
  23,100     International Business Machines Corp.      2,701,776  
  48,400     Jackson Hewitt Tax Service, Inc.      742,456  
  16,200     Johnson & Johnson, Inc.      1,122,336  
 
 
 
Schedule of Investments 29

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  21,600     Jones Apparel Group, Inc.    $ 399,816  
  56,400     JPMorgan Chase & Co.      2,633,880  
  34,700     KB Home     682,896  
  14,900     Kimberly-Clark Corp.      966,116  
  57,600     Knoll, Inc.      870,912  
  27,600     Kraft Foods, Inc. - Class A     903,900  
  35,300     Leggett & Platt, Inc.      769,187  
  54,900     Lennar Corp. - Class A     833,931  
  33,900     Limited Brands, Inc.      587,148  
  53,300     Masco Corp.      956,202  
  36,900     Mattel, Inc.      665,676  
  21,200     Meredith Corp.      594,660  
  39,700     New York Community Bancorp, Inc.      666,563  
  59,500     NN, Inc.      764,575  
  20,500     Nordic American Tanker Shipping, Ltd.      657,230  
  23,000     Owens & Minor, Inc.      1,115,500  
  38,500     Partner Communications Co., Ltd. - ADR     709,170  
  9,600     PepsiCo, Inc.      684,192  
  57,100     Pfizer, Inc.      1,052,924  
  16,000     PNC Financial Services Group, Inc.      1,195,200  
  21,700     Polaris Industries, Inc.      987,133  
  9,100     PPG Industries, Inc.      530,712  
  8,900     Procter & Gamble Co.      620,241  
  12,000     Progress Energy, Inc.      517,560  
  13,800     Reynolds American, Inc.      670,956  
  29,400     San Juan Basin Royalty Trust     1,118,082  
  30,300     Sonoco Products Co.      899,304  
  52,200     Sterling Bancorp     754,812  
  17,100     Sunoco, Inc.      608,418  
  28,500     Sysco Corp.      878,655  
  88,644     Taiwan Semiconductor Manufacturing Co., Ltd. - ADR     830,594  
  25,700     The Home Depot, Inc.      665,373  
  14,900     The Stanley Works     621,926  
  59,000     TheTalbots, Inc.      772,900  
  30,600     U.S. Bancorp     1,102,212  
  18,700     UIL Holdings Corp.      641,971  
  15,100     Union Pacific Corp.      1,074,516  
  18,200     UniSource Energy Corp.      531,258  
  12,800     United Parcel Service, Inc. - Class B     804,992  
  11,200     V.F. Corp.      865,872  
  26,500     Watsco, Inc.      1,332,420  
  34,700     Webster Financial Corp.      876,175  
  36,900     Wells Fargo & Co.      1,384,857  
  22,200     Xcel Energy, Inc.      443,778  
  26,000     Zenith National Insurance Corp.      952,640  
                 
Total Common Stocks (Cost $87,218,214)     87,783,610  
                                 
          Interest
 		    Maturity
 		       
Shares or Principal Amount   Rate     Date     Value  
   
 
Corporate Bonds (3.7%)
$ 500,000     Comcast Cable Communications Holdings     8.38 %     03/15/13     $ 524,395  
  1,000,000     Daimler Finance NA     6.50 %     11/15/13       975,882  
  500,000     Ford Motor Credit Co. LLC     5.80 %     01/12/09       474,737  
  750,000     General Electric Capital Corp. - Series A     6.00 %     06/15/12       723,880  
  1,288,000     Household Finance Corp.      4.75 %     07/15/13       1,158,793  
                                 
Total Corporate Bonds        
(Cost $4,144,441)
            3,857,687  
 
 
 
30 Schedule of Investments

Table of Contents

                                 
          Interest
 		    Maturity
 		       
Shares or Principal Amount   Rate     Date     Value  
   
 
Convertible Corporate Bonds (1.4%)
                       
$ 500,000     LSI Corp.      4.00 %     05/15/10     $ 473,125  
  600,000     Molina Healthcare, Inc. - Series H     3.75 %     10/01/14       556,500  
  500,000     Xilinx, Inc.      3.13 %     03/15/37       415,000  
                                 
Total Convertible Corporate Bonds        
(Cost $1,554,996)
            1,444,625  
Sovereign Agency (0.6%)
  500,000     Financing Corp.      9.40 %     02/08/18       667,431  
                                 
Total Sovereign Agency
(Cost $669,504)
    667,431  
U.S. Government And U.S. Government Agency Bonds (6.6%)
  750,000     Fannie Mae     6.63 %     09/15/09       773,145  
  650,000     Fannie Mae     8.10 %     08/12/19       828,035  
  1,323,000     Freddie Mac     5.16 %     02/27/15       1,326,596  
  1,750,000     Freddie Mac     5.00 %     01/16/09       1,759,602  
  2,000,000     Freddie Mac     5.50 %     07/18/16       2,116,200  
                                 
Total U.S. Government And U.S. Government Agency Bonds        
(Cost $6,824,756)
            6,803,578  
 
                 
Underlying Security/
 		       
Expiration Date/
 		       
Exercise Price   Contracts*   Value
 
 
Call Options Purchased (0.3%)
Aetna, Inc.,
               
Expiration January 2009, Exercise price $45.00
    222     $ 26,085  
Avnet, Inc.,
               
Expiration February 2009, Exercise price $30.00
    330       40,425  
Rent-A-Center,
               
Expiration January 2009, Exercise price $22.50
    333       93,240  
World Acceptance Corp.,
               
Expiration January 2009, Exercise price $35.00
    286       168,740  
                 
Total Call Options Purchased
(Cost $465,153) 		    328,490  
 
             
Shares or Principal Amount   Value  
   
Short-Term Investments (0.2%)
176,827
  Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#   $ 176,827  
             
Total Short-Term Investments
(Cost $176,827) 		    176,827  
Total Investments 97.8%
(Cost $101,053,891) 		    101,062,248  
Other Assets Less Liabilities 2.2%
    2,261,334  
         
Net Assets 100.0%
  $ 103,323,582  
         
 
The accompanying notes are an integral part of the financial statements.
 
* All options have 100 shares per contract.
# 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, 2008.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
 
 
 
Schedule of Investments 31

Table of Contents

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

 
Management Overview
ICON Income Opportunity 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 10.04%, while the benchmark S&P Composite 1500 Index fell 21.27%. The Class C shares declined 10.85%, the Class Z shares declined 9.99% and the Class A shares of the Fund returned -10.18% (and -15.33% with maximum sales charge). Total returns for other periods as of September 30, 2008 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.  This volatile period in the U.S. equity market was marked by two factors: the subprime lending disaster and the related meltdown in housing prices. These two factors eviscerated earnings on homebuilding and sent financial related equities into a freefall. Investor concern and uncertainty over these events rippled across the entire U.S. equity market and all economic sectors fell over the period.
 
As we entered the fiscal year, our quantitative, value-based model indicated that on average equities were trading at a discount to their fair or intrinsic value. By our calculations, the year began with equities priced at about a 12% discount to fair value. Nevertheless, stocks sold off broadly as the deep-seated fears related to subprime lending problems and the deterioration in the housing market depressed U.S. equity prices. Investors fled the Financials sector, causing about a 37% drop in the S&P 1500 Financials Index. Retail related stocks were also hit hard, as concerns about a possible recession evidently weighed heavily on investors’ minds. The S&P 1500 Consumer Index fell about 23% over the period.
 
Despite the broad decline in the U.S. equity market, the ICON Income Opportunity Fund was able to outperform its broad based benchmark. The Fund eliminated just over 11% of the fall in the benchmark. The Fund was, in addition, significantly less volatile than the S&P 1500 Composite Index, having a beta just above 0.65 for the fiscal year.
 
Finally, in assessing the overall performance of the Fund for the period, it is important to review the change in the VIX Index. Generally speaking, the VIX Index is a measure of what option market makers believe the future volatility of
 
 
 
32 Management Overview

Table of Contents

the stock market (specifically, the S&P 500) will be. This Index has a significant influence of the performance of the Fund because the higher the value of the VIX Index, the more that option market makers are willing to pay for the calls that the Fund sells to hedge the underlying equities held.
 
The VIX began the period with a value of 18.00. The Index then rose above the 18.00 level and averaged 22.86 from the beginning of the period through August 22nd. Then, from August 22nd until the end of the period, the VIX rocketed higher. At the end of the fiscal year, the VIX value stood at 39.39. To provide some long-term context to the values stated above, the average value of the VIX over the past fifteen years was 19.29. The important take away from these VIX values is that due to the overall high value of the Index relative to the long-term historical average, call options could generally be sold for higher premiums than in the past. This transgression of the VIX value was therefore beneficial to the overall performance of the Fund for the period.
 
Q.  How did the Fund’s Composition affect performance?
 
A.  Top performing sectors in the Fund relative to its broad based S&P 1500 Composite Index for the period were Consumer Discretionary, Materials, and Industrials. Combined, these three sectors contributed a positive total of 1.15% to the Fund and helped counter some of the negative impact on performance from stocks held in the seven remaining sectors. Two sectors that had a particularly negative impact on the Fund relative to its broad based benchmark were Leisure and Consumer Staples and Health Care. These sectors detracted 3.23% from the Fund’s total performance relative to its benchmark.
 
At the industry level, the three top contributing industries to Fund performance relative to its S&P 1500 Composite benchmark were thrifts & mortgage finance, railroads, and multi-line insurance. These three industries had a positive total effect of 2.35% on the Fund. On the flipside, four industries in particular had a negative total effect on Fund performance. Those industries were mortgage REITs, investment banking & brokerage, construction & farm machinery & heavy trucks, and oil & gas exploration & production. Combined these four industries had a total negative effect of 3.07% to the Fund.
 
Overall, while the Fund’s underlying equities fell with the broader market, the strategy of writing at-the-money S&P 500 Index Call options and buying out-of-the-money S&P 500 Index put options offset a significant portion of the negative impact on performance. This past period was a prime example of how using option hedging in a falling
 
 
 
Management Overview 33

Table of Contents

market can help preserve investor capital. At the same time, the Fund’s hedging efforts helped dampen some of the market’s volatility during the fiscal year.
 
Q.  What is the investment outlook for the equity market?
 
A.  Stocks ended the period trading at about a 34 percent discount to our calculation of their intrinsic value. We therefore believe that while this bear market has gone on for almost a year now, the end may be in sight. Assuming we enter a bull market in the future, the use of options in the ICON Income Opportunity Fund may dampen a portion of the potential upside. If stocks slide despite the upside potential we currently see, however, the Fund will continue to implement its investment strategy in an effort to outperform a falling market while decreasing volatility relative to its benchmark.
 
The VIX Index ended the fiscal year at historically high levels. As stated above, the higher the VIX, the more that option market makers are willing to pay for the call options we periodically sell against our long equity holdings. Of course, we cannot predict what will happen to the value of the VIX Index, but high volatility in the future could prove beneficial to the Fund.
 
 
 
34 Management Overview

Table of Contents

ICON Income Opportunity Fund
Sector Composition
as of September 30, 2008
 
         
Financial
    18.3%  
Industrials
    14.4%  
Leisure and Consumer Staples
    13.8%  
Information Technology
    12.4%  
Consumer Discretionary
    12.2%  
Health Care
    11.2%  
Energy
    8.7%  
Telecommunications & Utilities
    4.5%  
Materials
    3.5%  
 
Percentages are based upon net assets.
 
ICON Income Opportunity Fund
Industry Composition
as of September 30, 2008
 
         
Other Diversified Financial Services
    5.5%  
Integrated Oil & Gas
    4.0%  
Regional Banks
    3.7%  
Railroads
    3.5%  
Household Products
    3.1%  
Pharmaceuticals
    2.8%  
Semiconductors
    2.8%  
Data Processing & Outsourced Services
    2.7%  
Apparel Retail
    2.6%  
Health Care Services
    2.4%  
Consumer Finance
    2.4%  
Managed Health Care
    2.4%  
Electric Utilities
    2.1%  
Oil & Gas Exploration & Production
    2.0%  
Life & Health Insurance
    1.8%  
Health Care Distributors
    1.8%  
Technology Distributors
    1.7%  
Oil & Gas Refining & Marketing
    1.7%  
Restaurants
    1.7%  
Automotive Retail
    1.6%  
Computer Hardware
    1.6%  
Diversified Banks
    1.6%  
Integrated Telecommunication Services
    1.6%  
Building Products
    1.5%  
Trading Companies & Distributors
    1.5%  
Aerospace & Defense
    1.5%  
Office Services & Supplies
    1.4%  
Hypermarkets & Super Centers
    1.3%  
Hotels Resorts & Cruise Lines
    1.2%  
Systems Software
    1.2%  
Household Appliances
    1.2%  
Apparel Accessories & Luxury Goods
    1.2%  
Property & Casualty Insurance
    1.2%  
Trucking
    1.2%  
Food Distributors
    1.2%  
Cable & Satellite
    1.1%  
Tobacco
    1.1%  
Specialty Chemicals
    1.1%  
Health Care Equipment
    1.1%  
Reinsurance
    1.1%  
Specialty Stores
    1.0%  
Thrifts & Mortgage Finance
    1.0%  
Air Freight & Logistics
    1.0%  
Oil & Gas Storage & Transportation
    1.0%  
Homebuilding
    0.9%  
IT Consulting & Other Services
    0.9%  
Leisure Products
    0.9%  
Electrical Components & Equipment
    0.9%  
Home Furnishings
    0.9%  
Communications Equipment
    0.8%  
Multi-Utilities
    0.8%  
 
 
 
Management Overview 35

Table of Contents

 
ICON Income Opportunity Fund
Industry Composition (continued)
as of September 30, 2008
 
         
Drug Retail
    0.7%  
Housewares & Specialties
    0.7%  
Soft Drinks
    0.7%  
Paper Packaging
    0.7%  
Home Furnishing Retail
    0.7%  
Home Improvement Retail
    0.7%  
Diversified Chemicals
    0.6%  
Metal & Glass Containers
    0.6%  
Industrial Machinery
    0.6%  
Commodity Chemicals
    0.5%  
Diversified Support Services
    0.5%  
Biotechnology
    0.5%  
Movies & Entertainment
    0.4%  
Electronic Equipment Manufacturers
    0.4%  
Construction & Farm Machinery & Heavy Trucks
    0.4%  
Airlines
    0.4%  
Packaged Foods & Meats
    0.4%  
Department Stores
    0.4%  
Electronic Components
    0.3%  
Auto Parts & Equipment
    0.3%  
Health Care Supplies
    0.2%  
 
Percentages are based upon net assets.
 
ICON Income Opportunity Fund
Average Annual Total Return
as of September 30, 2008
 
                                                             
                                      Gross
 		      Net
 		 
      Inception
 		                      Since
 		      Expense
 		      Expense
 		 
      Date       1 Year       5 Years       Inception       Ratio*       Ratio*  
ICON Income Opportunity Fund - Class I
      9/30/02         -10.04 %       4.15 %       7.22 %       1.50 %       1.50 %
 
 
S&P Composite 1500 Index
                -21.27 %       5.65 %       8.61 %       N/A         N/A  
 
 
ICON Income Opportunity Fund - Class C
      11/21/02         -10.85 %       3.32 %       5.24 %       2.76 %       2.25 %
 
 
S&P Composite 1500 Index
                -21.27 %       5.65 %       6.78 %       N/A         N/A  
 
 
ICON Income Opportunity Fund - Class Z
      5/6/04         -9.99 %       N/A         3.35 %       17.99 %       1.25 %
 
 
S&P Composite 1500 Index
                -21.27 %       N/A         3.44 %       N/A         N/A  
 
 
ICON Income Opportunity Fund - Class A
      5/31/06         -10.18 %       N/A         0.67 %       7.12 %       1.49 %
 
 
ICON Income Opportunity Fund - Class A
(including maximum sales charge of 5.75%)
      5/31/06         -15.33 %       N/A         -1.86 %       7.12 %       1.49 %
 
 
S&P Composite 1500 Index
                -21.27 %       N/A         -1.58 %       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 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
36 Management Overview

Table of Contents

ICON Income Opportunity Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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 37

Table of Contents

ICON Income Opportunity Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (99.0%)
  17,100     Abbott Laboratories   $ 984,618  
  21,800     Accenture, Ltd. - Class Ax     828,400  
  8,600     ACE Ltd.      465,518  
  10,300     Acuity Brands, Inc.      430,128  
  33,100     Aetna, Inc.x     1,195,241  
  9,000     Allergan, Inc.      463,500  
  24,900     Altera Corp.(b)     514,932  
  33,000     Altria Group, Inc.      654,720  
  24,600     AmerisourceBergen Corp.      926,190  
  13,100     Anixter International, Inc.(a)x     779,581  
  47,300     Apogee Enterprises, Inc.      710,919  
  14,900     Astoria Financial Corp.      308,877  
  11,300     AT&T, Inc.      315,496  
  7,400     AutoZone, Inc.(a)x     912,716  
  18,700     Avnet, Inc.(a)x     460,581  
  70,400     Bank of America Corp.x     2,464,000  
  17,700     Barnes & Noble, Inc.      461,616  
  14,200     Baxter International, Inc.x     931,946  
  33,300     BB&T Corp.(b)     1,258,740  
  11,800     Bemis Co., Inc.      308,216  
  9,200     BP Prudhoe Bay Royalty Trust     855,324  
  43,900     Brown Shoe Co., Inc.x     719,082  
  13,300     Capital One Financial Corp.(b)     678,300  
  17,600     Cash America International, Inc.(b)     634,304  
  5,800     Caterpillar, Inc.      345,680  
  13,200     CEC Entertainment, Inc.(a)     438,240  
  11,700     Chevron Corp.      965,016  
  25,300     CIGNA Corp.x     859,694  
  50,900     Comcast Corp. - Class A     999,167  
  18,800     Computer Sciences Corp.(a)x     754,444  
  12,000     ConocoPhillipsx     879,000  
  23,700     CSX Corp.x     1,293,309  
  18,100     Cubist Pharmaceuticals, Inc.(a)     402,363  
  19,200     CVS Caremark Corp.(b)     646,272  
  21,600     D.R. Horton, Inc.      281,232  
  14,200     Darden Restaurants, Inc.      406,546  
  7,600     Delphi Financial Group, Inc. - Class A(b)     213,104  
  24,500     DPL, Inc.(b)     607,600  
  6,800     Embarq Corp.      275,740  
  8,900     Energizer Holdings, Inc.(a)(b)     716,895  
  27,300     Ethan Allen Interiors, Inc.x     764,946  
  18,300     Express Scripts, Inc.(a)(b)     1,350,906  
  12,400     Exxon Mobil Corp.      962,984  
  11,500     First Midwest Bancorp, Inc.(b)     278,760  
  14,000     Fiserv, Inc.(a)     662,480  
  42,200     Foot Locker, Inc.x     681,952  
  25,000     General Maritime Corp.(b)     487,000  
  8,200     Greif, Inc. - Class Ax     538,084  
  12,300     Guess, Inc.      427,917  
  15,900     Harris Corp.x     734,580  
  18,100     Heartland Payment Systems, Inc.(b)     462,636  
  19,800     Helen of Troy, Ltd.(a)     450,846  
  28,700     HNI Corp.(b)     727,258  
  9,500     Hormel Foods Corp.      344,660  
  10,700     Hubbell, Inc. - Class B     375,035  
  16,400     Ingersoll Rand Co., Ltd. - Class A(b)     511,188  
 
 
 
38 Schedule of Investments

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  20,100     Insight Enterprises, Inc.(a)   $ 269,541  
  39,800     Intel Corp.x     745,454  
  12,300     International Business Machines Corp.x     1,438,608  
  7,200     Inverness Medical Innovation, Inc.(a)     216,000  
  29,900     Jack in the Box, Inc.(a)     630,890  
  27,400     Jarden Corp.(a)(b)x     642,530  
  4,600     Johnson & Johnson, Inc.      318,688  
  7,500     Johnson Controls, Inc.(b)     227,475  
  51,500     JPMorgan Chase & Co.x     2,405,050  
  14,000     KB Home(b)     275,520  
  14,000     Kimberly-Clark Corp.      907,760  
  14,100     Knightsbridge Tankers, Ltd.(b)     373,227  
  34,500     Knoll, Inc.      521,640  
  6,800     Kohl’s Corp.(a)     313,344  
  19,200     Lennox International, Inc.      638,784  
  5,200     Lockheed Martin Corp.x     570,284  
  10,000     Lubrizol Corp.      431,400  
  7,300     M&T Bank Corp.(b)     651,525  
  24,500     Macrovision Solutions Corp.(a)     376,810  
  16,900     Marathon Oil Corp.      673,803  
  24,800     Marriott International, Inc. - Class A     647,032  
  9,200     MetLife, Inc.(b)     515,200  
  22,400     Microsemi Corp.(a)(b)     570,752  
  26,800     Microsoft Corp.(b)     715,292  
  21,000     Mobile Mini, Inc.(a)(b)     405,930  
  15,200     MSC Industrial Direct Co., Inc. - Class A(b)x     700,264  
  11,700     National Instruments Corp.      351,585  
  14,100     Novartis AG - ADR     745,044  
  21,000     O’Reilly Automotive, Inc.(a)(b)     562,170  
  52,800     Pacer International, Inc.x     869,616  
  6,500     PartnerRe, Ltd.      434,265  
  14,400     PepsiAmericas, Inc.      298,368  
  4,600     PepsiCo, Inc.      327,842  
  18,200     Polaris Industries, Inc.(b)     827,918  
  9,700     PPG Industries, Inc.      565,704  
  15,800     Procter & Gamble Co.x     1,101,102  
  14,300     Progress Energy, Inc.      616,759  
  12,200     Prudential Financial, Inc.(b)x     878,400  
  33,700     PSS World Medical, Inc.(a)     657,150  
  14,900     Quest Diagnostics, Inc.      769,883  
  9,300     RenaissanceRe Holdings, Ltd.      483,600  
  27,300     Rent-A-Center, Inc.(a)(b)     608,244  
  7,000     Reynolds American, Inc.      340,340  
  7,200     Rogers Corp.(a)     266,256  
  16,800     Ryder System, Inc.      1,041,600  
  23,100     San Juan Basin Royalty Trust(b)     878,493  
  21,600     SkyWest, Inc.(b)     345,168  
  10,200     Sonoco Products Co.      302,736  
  45,300     Spartech Corp.x     448,470  
  20,200     Staples, Inc.      454,500  
  29,700     Sunoco, Inc.(b)     1,056,726  
  32,900     Sysco Corp.      1,014,307  
  11,700     Telefonos de Mexico S.A.B. de C.V. - ADR(b)     301,275  
  11,700     Telmex Internacional S.A.B. de C.V. - ADR     152,100  
  28,800     The Empire District Electric Co.      614,880  
  13,400     The Hanover Insurance Group, Inc.      609,968  
  22,900     The Home Depot, Inc.      592,881  
  25,100     The Valspar Corp.      559,479  
  28,800     Time Warner, Inc.(b)     377,568  
  15,700     TJX Cos., Inc.x     479,164  
  11,500     Toll Brothers, Inc.(a)     290,145  
  25,200     Union Pacific Corp.(b)x     1,793,232  
  11,300     United Technologies Corp.      678,678  
  14,000     V.F. Corp.x     1,082,340  
 
 
 
Schedule of Investments 39

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  10,300     Verizon Communications, Inc.    $ 330,527  
  6,800     Visa, Inc. - Class A     417,452  
  18,400     Wal-Mart Stores, Inc.x     1,101,976  
  30,600     Washington Federal, Inc.      564,570  
  14,700     Webster Financial Corp.x     371,175  
  37,800     Wells Fargo & Co.(b)x     1,418,634  
  19,200     WESCO International, Inc.(a)x     617,856  
  8,000     Whirlpool Corp.(b)x     634,320  
  22,000     World Acceptance Corp.(a)(b)     792,000  
  19,600     World Fuel Services Corp.      451,388  
  30,000     Wyndham Worldwide Corp.      471,300  
  34,500     Xcel Energy, Inc.      689,655  
  21,900     Xilinx, Inc.(b)     513,555  
  20,000     Zions Bancorp(b)     774,000  
                 
Total Common Stocks (Cost $89,481,718)     87,217,646  
 
                         
Underlying
           
Securities Index/
 		           
Expiration Date/
 		           
Exercise Price   Contracts*     Value  
   
 
Put Options Purchased (1.8%)
       
S&P 500 Index Expiration November 2008, Exercise price $1,145
    306     $ 1,559,070  
                 
Total Put Options Purchased
(Cost $1,583,045)
    1,559,070  
 
                         
Other Securities (20.4%)
       
  18,003,885     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%             18,003,885  
                         
Total Other Securities
(Cost $18,003,885)
    18,003,885  
Total Investments 121.2%
(Cost $109,068,648)
    106,780,601  
Liabilities Less Other Assets (21.2%)
    (18,689,822 )
         
Net Assets 100.0%
  $ 88,090,779  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
x All or a portion of security is pledged as collateral for written call options.
 
* All options have 100 shares per contract.
 
ADR American Depositary Receipt
 
 
 
40 Schedule of Investments

Table of Contents

Schedule of Written Call Options
September 30, 2008
 
                 
Underlying
           
Security Index/
 		           
Expiration Date/
 		           
Exercise Price   Contracts*     Value  
   
 
S&P 500 Index,
               
Expiration November 2008,
Exercise price $1,165
    760     $ 4,601,800  
                 
Total Options Written
(Premiums received $4,557,454)
  $ 4,601,800  
         
 
The accompanying notes are an integral part of the financial statements.
 
*  All written options have 100 shares per contract.
 
 
 
 41

Table of Contents

Class I IOLIX
Class C IOLCX
Class Z IOLZX
Class A ISTAX

 
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 21.27% for the fiscal year ended September 30, 2008. In comparison, the ICON Long/Short Fund returned -25.43% for Class I shares, -26.09% for Class C shares, -25.45% for Class Z shares and -25.61% for Class A shares (-29.88% with maximum sales charge). Total returns for other periods as of September 30, 2008 appear in the subsequent pages of this Fund’s Management Overview.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  Mounting recession, subprime, and liquidity fears gripped the world equity markets this year. Volatility as measured by the VIX index averaged 23.45% for the fiscal year - well above the 14.37% it has averaged over the previous four fiscal years. This heightened volatility was marked by quick theme changes with recession proof sell-offs quickly followed by cyclical rallies. Themes that we expected to last from six months to two years instead fizzled in a matter of days and were replaced by new themes. This left the ICON system buying into a recession proof theme just as a cyclical theme emerged and rotating into the cyclical theme just as the recession-proof theme reemerged.
 
With broad value across all sectors and most industries for much of the year, our system had difficulty finding what we thought were viable short candidates - that is, industries which lacked both value and relative strength. In a downward market environment, the Fund’s lack of short exposure detracted from performance relative to the Fund’s long/short peers. Given this underperformance in a down market, we modified our focus to short based on the overall market to price ratio. Although this modification led to an increase in our short exposure, the Fund failed to outperform some of its peers as the broader market continued to decline in spite of some attractive overall market value to price ratios.
 
Over the course of the year, an overweight position in the Industrials sector detracted from relative performance as the S&P 1500 Industrials sector fell 23.36% on recession fears. An underweight position in the Consumer Staples sector and an overweight position in the Consumer Discretionary sector also hindered relative performance as Staples outperformed Discretionary stocks while recession fears grew. Both short positions and cash proceeds from short positions aided the Fund’s
 
 
 
42 Management Overview

Table of Contents

relative performance and the Fund increased its short exposure throughout the year.
 
Q.  How did the Fund’s composition affect performance?
 
A.  Several industry positions detracted from and aided the Fund’s performance. On the downside, an overweight position in the marine industry detracted the most from the Fund’s performance as the industry faced some serious headwinds from recessionary pressures. A significant average weight of around 2.6% in the managed health care industry also hurt performance as the industry fell well short of earnings expectations. Finally, a small weighting in mortgage REITs also detracted from performance as the industry continued to feel the effects of growing housing concerns.
 
On the positive side, an approximate 4% average position in railroads aided performance as the industry’s shares rose despite recession fears. An overweight position in health care services also paid dividends as our holdings in this industry significantly outperformed the holdings within the index.
 
Q.  What is your investment outlook for the equity market?
 
A.  Equity markets across the world are being punished as fear has been replaced with panic. We believe that this global sell-off has led to an opportunity where equities across all sectors are extremely undervalued. With volatility levels reaching their all time highs, we believe there is a bottom in sight. We see the broader market at a 1.34 value to price ratio and have positioned the portfolio in the expectation that stocks will rise toward this fair fundamental value.
 
 
 
Management Overview 43

Table of Contents

ICON Long/Short Fund
Sector Composition
as of September 30, 2008
 
         
Industrials
    20.7%  
Information Technology
    20.3%  
Financial
    20.0%  
Leisure and Consumer Staples
    10.3%  
Consumer Discretionary
    9.6%  
Health Care
    9.3%  
Energy
    5.8%  
Telecommunications & Utilities
    3.2%  
Materials
    1.2%  
 
Percentages are based upon long positions as a percentage of net assets.
 
ICON Long/Short Fund
Industry Composition
as of September 30, 2008
 
         
Other Diversified Financial Services
    5.9%  
Railroads
    4.4%  
IT Consulting & Other Services
    4.2%  
Data Processing & Outsourced Services
    4.0%  
Computer Hardware
    3.9%  
Pharmaceuticals
    3.6%  
Integrated Oil & Gas
    3.4%  
Industrial Conglomerates
    3.0%  
Consumer Finance
    2.8%  
Integrated Telecommunication Services
    2.8%  
Life & Health Insurance
    2.8%  
Broadcasting & Cable TV
    2.4%  
Diversified Banks
    2.3%  
Soft Drinks
    2.3%  
Trading Companies & Distributors
    2.3%  
Semiconductors
    2.2%  
Industrial Machinery
    2.1%  
General Merchandise Stores
    1.9%  
Footwear
    1.9%  
Trucking
    1.7%  
Health Care Distributors
    1.6%  
Food Distributors
    1.6%  
Apparel Retail
    1.6%  
Regional Banks
    1.5%  
Managed Health Care
    1.5%  
Air Freight & Logistics
    1.4%  
Restaurants
    1.4%  
Oil & Gas Equipment & Services
    1.4%  
Household Products
    1.3%  
Movies & Entertainment
    1.3%  
Communications Equipment
    1.3%  
Property & Casualty Insurance
    1.3%  
Systems Software
    1.3%  
Home Entertainment Software
    1.3%  
Home Furnishing Retail
    1.2%  
Apparel Accessories & Luxury Goods
    1.2%  
Commercial Printing
    1.2%  
Health Care Services
    1.1%  
Homebuilding
    1.1%  
Electrical Components & Equipment
    1.0%  
Multi-Line Insurance
    0.9%  
Technology Distributors
    0.9%  
Building Products
    0.9%  
Mortgage REITS
    0.9%  
Paper Packaging
    0.8%  
Construction & Farm Machinery & Heavy Trucks
    0.8%  
Investment Banking & Brokerage
    0.8%  
Office Services & Supplies
    0.8%  
Oil & Gas Drilling
    0.8%  
Aerospace & Defense
    0.7%  
Housewares & Specialties
    0.7%  
Health Care Equipment
    0.6%  
 
 
 
44 Management Overview

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ICON Long/Short Fund
Industry Composition (continued)
as of September 30, 2008
 
         
Health Care Technology
    0.5%  
Office Electronics
    0.4%  
Wireless Telecommunication Services
    0.4%  
Electronic Equipment Manufacturers
    0.4%  
Life Sciences Tools & Services
    0.4%  
Reinsurance
    0.4%  
Fertilizers & Agricultural Chemicals
    0.4%  
Airlines
    0.4%  
Electronic Manufacturing Services
    0.4%  
Specialized Finance
    0.4%  
Oil & Gas Storage & Transportation
    0.2%  
 
Percentages are based upon long positions as a percentage of net assets.
 
ICON Long/Short Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                                      Gross
      Net
 		 
      Inception
 		                      Since
 		      Expense
 		      Expense
 		 
      Date       1 Year       5 Years       Inception       Ratio*       Ratio*  
ICON Long/Short Fund - Class I
      9/30/02           -25.43 %         5.15 %         7.49 %         1.46 %         1.46 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         5.65 %         8.61 %         N/A           N/A    
 
 
ICON Long/Short Fund - Class C
      10/17/02           -26.09 %         4.29 %         5.64 %         2.33 %         2.32 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         5.65 %         7.81 %         N/A           N/A    
 
 
ICON Long/Short Fund - Class Z
      5/6/04           -25.45 %         N/A           2.04 %         1.25 %         1.25 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         N/A           3.44 %         N/A           N/A    
 
 
ICON Long/Short Fund - Class A
      5/31/06           -25.61 %         N/A           -7.27 %         1.68 %         1.67 %  
 
 
ICON Long/Short Fund - Class A
(including maximum sales charge of 5.75%)
      5/31/06           -29.88 %         N/A           -9.60 %         1.68 %         1.67 %  
 
 
S&P Composite 1500 Index
                  -21.27 %         N/A           -1.58 %         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 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
Management Overview 45

Table of Contents

ICON Long/Short Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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.
 
 
 
46 Management Overview

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ICON Long/Short Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (100.4%)
  25,000     Abbott Laboratories   $ 1,439,500  
  90,000     Accenture, Ltd. - Class Ax     3,420,000  
  30,000     Aetna, Inc.x     1,083,300  
  15,000     Aflac, Inc.      881,250  
  12,000     America Movil S.A.B. de C.V. - ADR     556,320  
  142,600     Anthracite Capital, Inc. - REIT(b)     764,336  
  33,400     Arbor Realty Trust, Inc. - REIT(b)     334,000  
  75,000     AT&T, Inc.      2,094,000  
  8,700     Atwood Oceanics, Inc.(a)     316,680  
  47,000     Avnet, Inc.(a)x     1,157,610  
  100,000     Bank of America Corp.x     3,500,000  
  8,500     BB&T Corp.      321,300  
  40,000     Bristol-Myers Squibb Co.(b)     834,000  
  12,500     Bristow Group, Inc.(a)(b)     423,000  
  23,200     Burlington Northern Santa Fe Corp.x     2,144,376  
  15,000     Canon, Inc. - ADR     566,250  
  40,000     Cash America International, Inc.(b)x     1,441,600  
  10,000     Caterpillar, Inc.      596,000  
  30,000     CBRL Group, Inc.(b)     789,000  
  15,000     Cerner Corp.(a)(b)     669,600  
  40,000     China Security & Surveillance Technology, Inc.(a)(b)     555,200  
  75,000     Citigroup, Inc.      1,538,250  
  80,000     Cognizant Technology Solutions Corp.(a)x     1,826,400  
  70,000     Computer Sciences Corp.(a)x     2,809,100  
  10,000     Credicorp, Ltd.      599,800  
  10,000     Cummins, Inc.      437,200  
  35,000     Darden Restaurants, Inc.      1,002,050  
  30,000     Desarrolladora Homex S.A. de C.V. - ADR(a)(b)     1,326,600  
  2,500     Diamond Offshore Drilling, Inc.      257,650  
  10,000     Energizer Holdings, Inc.(a)(b)     805,500  
  45,000     Exxon Mobil Corp.      3,494,700  
  49,000     Fiserv, Inc.(a)x     2,318,680  
  13,000     FMC Technologies, Inc.(a)     605,150  
  150,000     General Electric Co.      3,825,000  
  50,000     Grupo Televisa S.A. - ADR     1,093,500  
  35,000     Harris Corp.x     1,617,000  
  23,900     Henry Schein, Inc.(a)(b)     1,286,776  
  35,000     Hewlett-Packard Co.      1,618,400  
  25,000     Hubbell, Inc. - Class B     876,250  
  100,000     Huntington Bancshares, Inc.      799,000  
  150,000     Intel Corp.x     2,809,500  
  27,500     International Business Machines Corp.x     3,216,400  
  50,000     Jabil Circuit, Inc.      477,000  
  35,000     Jarden Corp.(a)x     820,750  
  50,000     JPMorgan Chase & Co.      2,335,000  
  30,000     Loews Corp.      1,184,700  
  8,000     Marathon Oil Corp.      318,960  
  15,000     McKesson Corp.      807,150  
  31,700     MedcoHealth Solutions, Inc.(a)x     1,426,500  
  15,000     Medtronic, Inc.      751,500  
 
 
 
Schedule of Investments 47

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  30,000     Merck & Co., Inc.    $ 946,800  
  15,000     MetLife, Inc.(b)     840,000  
  60,000     Microsoft Corp.      1,601,400  
  5,000     Monsanto Co.      494,900  
  20,000     Moog, Inc. - Class A(a)     857,600  
  26,300     MSC Industrial Direct Co., Inc. - Class A(b)     1,211,641  
  5,000     Murphy Oil Corp.      320,700  
  15,000     Nasdaq Stock Market, Inc.(a)     458,550  
  35,000     NCI Building Systems, Inc.(a)(b)     1,111,250  
  23,600     Nike, Inc. - Class B     1,578,840  
  110,000     Pacer International, Inc.(b)x     1,811,700  
  27,500     Parker Hannifin Corp.      1,457,500  
  50,000     PepsiAmericas, Inc.      1,036,000  
  65,000     Pfizer, Inc.x     1,198,600  
  30,000     Pitney Bowes, Inc.      997,800  
  25,000     Prudential Financial, Inc.(b)x     1,800,000  
  60,000     R.R. Donnelley & Sons Co.      1,471,800  
  10,000     Reinsurance Group of America, Inc. - Class A(b)     540,000  
  70,000     Rent-A-Center, Inc.(a)     1,559,600  
  35,000     Ryder System, Inc.      2,170,000  
  30,000     SkyWest, Inc.      479,400  
  40,000     Solarfun Power Holdings Co., Ltd. - ADR(a)(b)     421,200  
  35,000     Sonoco Products Co.      1,038,800  
  65,000     Sysco Corp.x     2,003,950  
  48,700     Target Corp.x     2,388,735  
  20,000     Teekay LNG Partners L.P.      314,000  
  35,000     The Allstate Corp.      1,614,200  
  15,000     The Clorox Co.(b)     940,350  
  35,000     The Coca-Cola Co.      1,850,800  
  70,000     The DIRECTV Group, Inc.(a)x     1,831,900  
  8,000     The Goldman Sachs Group, Inc.      1,024,000  
  55,000     The Walt Disney Co.x     1,687,950  
  95,000     The9, Ltd. - ADR(a)(b)     1,595,050  
  10,000     Thermo Fisher Scientific, Inc.(a)(b)     550,000  
  65,000     TJX Cos., Inc.x     1,983,800  
  3,250     Transocean, Inc.(a)     356,980  
  30,500     U.S. Bancorp(b)     1,098,610  
  47,000     Union Pacific Corp.(b)x     3,344,520  
  19,900     V.F. Corp.x     1,538,469  
  45,000     Verizon Communications, Inc.x     1,444,050  
  43,000     Watts Water Technologies, Inc. - Class A(b)     1,176,050  
  28,700     Weatherford International, Ltd.(a)     721,518  
  15,000     WellPoint, Inc.(a)     701,550  
  31,750     Wells Fargo & Co.x     1,191,578  
  50,000     WESCO International, Inc.(a)     1,609,000  
  30,000     Wolverine World Wide, Inc.      794,100  
  60,000     World Acceptance Corp.(a)(b)x     2,160,000  
  20,000     Zions Bancorp     774,000  
                 
Total Common Stocks (Cost $134,157,168)
    126,271,029  
 
 
 
48 Schedule of Investments

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Shares or Principal Amount   Value  
   
 
         
Other Securities (14.4%)        
  18,113,649     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%   $ 18,113,649  
                 
Total Other Securities (Cost $18,113,649)     18,113,649  
Total Investments 114.8% (Cost $152,270,817)     144,384,678  
Liabilities Less Other Assets (14.8%)     (18,594,567 )
         
Net Assets 100.0%   $ 125,790,111  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
x All or a portion of the security is pledged as collateral for securities sold short.
 
ADR American Depositary Receipt
 
REIT Real Estate Investment Trust
 
 
 
Schedule of Investments 49

Table of Contents

Schedule of Securities Sold Short
September 30, 2008
 
                 
Shares     Short Security   Value  
   
 
                 
  5,000     Acadia Realty Trust   $ 126,400  
  5,000     Agnico-Eagle Mines, Ltd.      275,350  
  15,000     Alexandria Real Estate Equities, Inc.      1,696,200  
  22,500     AMB Property Corp.      1,019,250  
  10,000     BioMed Realty Trust, Inc.      264,500  
  5,000     BRE Properties, Inc.      245,000  
  15,000     Brookfield Asset Management, Inc. - Class A     411,600  
  30,000     Brookfield Properties Corp.      475,200  
  35,000     Coinstar, Inc.(a)     1,120,000  
  5,000     Corporate Office Properties Trust     201,750  
  10,000     Equity Residential     444,100  
  7,500     Forest City Enterprises, Inc. - Class A     230,025  
  5,000     Goldcorp, Inc.      158,150  
  15,000     iShares Russell 3000 Index Fund     1,031,850  
  8,000     iShares S&P Midcap 400 Index Fund     578,880  
  35,000     iShares S&P Smallcap 600 Index Fund     2,082,850  
  10,000     Kimco Realty Corp.      369,400  
  15,000     Kinross Gold Corp.      241,800  
  15,000     Laclede Group, Inc.      727,350  
  5,000     Lihir Gold, Ltd. - ADR(a)     104,500  
  12,500     Mid-America Apartment Communities, Inc.      614,250  
  7,500     Parkway Properties, Inc.      283,950  
  25,000     Phase Forward, Inc.(a)     522,750  
  20,000     Pinnacle Entertainment, Inc.(a)     151,200  
  4,000     ProLogis     165,080  
  4,000     PS Business Parks, Inc.      230,400  
  3,000     Regency Centers Corp.      200,070  
  5,000     Sears Holdings Corp.(a)     467,500  
  2,000     Simon Property Group, Inc.      194,000  
  2,000     SL Green Realty Corp.      129,600  
  28,500     SPDR Trust - Series 1     3,306,570  
  22,500     St. Joe Corp.(a)     879,525  
  20,000     Vital Images, Inc.(a)     300,000  
  3,000     Vornado Realty Trust     272,850  
  10,000     Weyerhaeuser Co.      605,800  
                 
Total Securities Sold Short (Proceeds $21,185,914)   $ 20,127,700  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
ADR American Depositary Receipt
 
 
 
50 Schedule of Securities Sold Short

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Statements of Assets and Liabilities
September 30, 2008
 
                                         
                      ICON
 		       
    ICON
 		    ICON
 		    ICON
 		    Income
 		    ICON
 		 
    Bond
 		    Core Equity
 		    Equity Income
 		    Opportunity
 		    Long/Short
 		 
    Fund     Fund     Fund     Fund     Fund  
Assets
                                       
Investments, at cost
  $ 106,272,542     $ 180,568,261     $ 101,053,891     $ 109,068,648     $ 152,270,817  
                                         
Investments, at value†
    99,919,181       175,692,900       101,062,248       106,780,601       144,384,678  
Cash
    137,402       -       -       5,461,604       -  
Deposits for short sales
    -       -       -       -       22,706,194  
Receivables:
                                       
Fund shares sold
    3,244,251       175,052       1,485,757       1,252,857       72,898  
Investments sold
    197,500       4,742,628       2,121,806       6,940,071       7,251,114  
Interest
    1,346,408       48,702       142,008       24,927       27,352  
Dividends
    -       104,441       258,765       70,258       207,506  
Expense reimbursements by Adviser
    3,833       -       1,259       1,160       -  
Expense reimbursements by Sub-Administrator
    -       -       46,846       -       -  
Other assets
    46,664       53,523       51,608       53,700       69,501  
                                         
Total Assets
    104,895,239       180,817,246       105,170,297       120,585,178       174,719,243  
                                         
Liabilities
                                       
Options written, at value (premiums received of $4,557,454)
    -       -       -       4,601,800       -  
Securities sold short, at value (proceeds of $21,185,914)
    -       -       -       -       20,127,700  
Payable for income on short positions
    -       -       -       -       59,090  
Payables:
                                       
Due to custodian bank
    -       -       -       -       1,650,181  
Interest
    72       -       174       320       5,663  
Investments bought
    -       6,174,025       1,448,254       9,565,003       7,207,975  
Payable for collateral received on securities loaned
    767,228       39,009,165       -       18,003,885       18,113,649  
Fund shares redeemed
    287,020       346,005       182,249       193,571       1,548,378  
Distributions due to shareholders
    3,853       -       27,567       4,265       -  
Advisory fees and fee waiver recoupment
    51,845       89,647       66,277       57,137       98,243  
Accrued distribution fees
    22,997       66,156       24,930       21,624       46,850  
Fund accounting fees
    239       425       303       275       89  
Transfer agent fees
    4,650       12,246       4,820       3,408       10,531  
Administration fees
    4,058       5,746       4,226       3,588       5,302  
Trustee fees
    2,361       3,256       2,410       2,074       3,138  
Accrued legal expenses for tax matter (Note 6)
    -       -       46,846       -       -  
Accrued expenses
    32,908       40,984       38,659       37,449       52,343  
                                         
Total Liabilities
    1,177,231       45,747,655       1,846,715       32,494,399       48,929,132  
                                         
Net Assets - all share classes
  $ 103,718,008     $ 135,069,591     $ 103,323,582     $ 88,090,779     $ 125,790,111  
                                         
 
 
 
52 Financial Statements

Table of Contents

 

 
                                         
                      ICON
 		       
    ICON
 		    ICON
 		    ICON
 		    Income
 		    ICON
 		 
    Bond
 		    Core Equity
 		    Equity Income
 		    Opportunity
 		    Long/Short
 		 
    Fund     Fund     Fund     Fund     Fund  
Net Assets - Class I
  $ 100,985,145     $ 76,606,060     $ 98,500,888     $ 82,599,051     $ 93,243,360  
                                         
Net Assets - Class C
  $ 2,725,018     $ 55,363,795     $ 4,461,204     $ 4,206,754     $ 27,147,675  
                                         
Net Assets - Class Z
  $ 7,845     $ 1,221,510     $ 80,721     $ 422,415     $ 539,735  
                                         
Net Assets - Class A
  $ -     $ 1,878,226     $ 280,769     $ 862,559     $ 4,859,341  
                                         
Net Assets Consist of
                                       
Paid-in capital
  $ 111,312,656     $ 153,991,381     $ 113,322,996     $ 98,510,212     $ 163,107,436  
Accumulated undistributed net investment income/(loss)
    (297,908 )     702,010       10,408       (9,707 )     1,164,664  
Accumulated undistributed net realized gain/(loss) from investment , Written Options and Securities Sold Short transactions
    (943,379 )     (14,748,439 )     (10,018,179 )     (8,077,333 )     (31,654,064 )
Unrealized net appreciation/(depreciation) on investments, written options and securities sold short
    (6,353,361 )     (4,875,361 )     8,357       (2,332,393 )     (6,827,925 )
                                         
Net Assets
  $ 103,718,008     $ 135,069,591     $ 103,323,582     $ 88,090,779     $ 125,790,111  
                                         
Shares outstanding (unlimited shares authorized, no par value)
                                       
Class I
    10,698,839       6,818,114       8,301,700       7,324,144       6,778,855  
Class C
    288,107       5,293,412       380,263       392,499       2,066,923  
Class Z
    833       108,658       6,817       36,856       39,085  
Class A
    -       171,927       23,795       76,674       355,085  
Net asset value (offering and redemption price per share)
                                       
Class I
  $ 9.44     $ 11.24     $ 11.87     $ 11.28     $ 13.76  
Class C
  $ 9.46     $ 10.46     $ 11.73     $ 10.72     $ 13.13  
Class Z
  $ 9.42     $ 11.24     $ 11.84     $ 11.46     $ 13.81  
Class A
  $ -     $ 10.92     $ 11.80     $ 11.25     $ 13.69  
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share
  $ -     $ 11.59     $ 12.52     $ 11.94     $ 14.53  
 
†  Includes securities on loan of $725,305, $39,582,180, $0, $18,389,492, and $18,414,932.
 
The accompanying notes are an integral part of the financial statements.
 
 
 
Financial Statements 53

Table of Contents

Statements of Operations
For the year ended September 30, 2008
 
                 
    ICON
 		    ICON
 		 
    Bond
 		    Core Equity
 		 
    Fund     Fund  
Investment Income
               
Interest
  $ 6,118,641     $ 34,222  
Dividends
    -       2,629,952  
Income from securities lending, net
    13,189       347,233  
Foreign taxes withheld
    -       (4,663 )
                 
Total Investment Income
    6,131,830       3,006,744  
                 
Expenses
               
Advisory fees
    716,307       1,158,005  
Distribution fees:
               
Class I
    292,553       190,488  
Class C
    20,064       752,566  
Class A
    -       4,045  
Fund accounting fees
    38,885       41,372  
Transfer agent fees
    78,236       178,763  
Administration fees
    56,078       72,476  
Registration fees:
               
Class I
    21,617       12,682  
Class C
    11,729       12,356  
Class A
    -       7,687  
Insurance expense
    9,235       13,015  
Trustee fees and expenses
    9,748       12,035  
Interest expense
    1,816       4,002  
Other expenses
    64,481       97,873  
Dividends on short positions
    -       -  
Recoupment of previously reimbursed expenses
    -       -  
Legal expenses related to tax matter (Note 6)
    -       -  
                 
Total expenses before expense reimbursement and transfer agent earnings credit
    1,320,749       2,557,365  
Transfer agent earnings credit
    (2,500 )     (3,269 )
Expense reimbursement by Adviser due to expense limitation agreement
    (109,034 )     -  
Expense reimbursement of legal expenses by the Sub-Administrator
    -       -  
                 
Net Expenses
    1,209,215       2,554,096  
                 
Net Investment Income/(Loss)
    4,922,615       452,648  
                 
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options and Securities Sold Short
               
Net realized gain/(loss) from investment transactions
    669,257       (14,748,439 )
Net realized gain/(loss) from written options transactions
    -       -  
Net realized gain/(loss) from securities sold short
    -       -  
Change in unrealized net appreciation/(depreciation) on investments
    (6,778,176 )     (31,524,489 )
Change in unrealized net appreciation/(depreciation) on written options and securities sold short
    -       -  
                 
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options and Securities Sold Short
    (6,108,919 )     (46,272,928 )
                 
Net Increase/(Decrease) in Net Assets Resulting From Operations
  $ (1,186,304 )   $ (45,820,280 )
                 
 
The accompanying notes are an integral part of the financial statements.
 
 
 
54 Financial Statements

Table of Contents

 
                     
      ICON
 		       
ICON
 		    Income
 		    ICON
 		 
Equity Income
 		    Opportunity
 		    Long/Short
 		 
Fund     Fund     Fund  
                     
$ 674,481     $ 22,766     $ 94,830  
  3,698,138       1,708,597       4,587,651  
  -       156,799       524,277  
  (2,205 )     (1,403 )     (30 )
                     
  4,370,414       1,886,759       5,206,728  
                     
                     
  883,648       634,541       1,966,513  
                     
  281,206       201,680       465,768  
  49,722       32,569       383,725  
  775       1,278       15,430  
  33,367       24,925       60,388  
  91,121       64,709       131,114  
  55,337       39,784       108,459  
                     
  14,414       16,225       31,514  
  10,507       10,700       13,896  
  7,661       7,938       8,264  
  9,150       5,727       20,054  
  9,712       7,905       15,317  
  792       6,607       20,827  
  77,202       71,091       139,108  
  -       -       355,922  
  -       4,695       -  
  235,145       -       -  
                     
                     
  1,759,759       1,130,374       3,736,299  
  (2,459 )     (1,707 )     (5,089 )
                     
  (25,282 )     -       (4,480 )
                     
  (235,145 )     -       -  
                     
  1,496,873       1,128,667       3,726,730  
                     
  2,873,541       758,092       1,479,998  
                     
                     
                     
  (9,999,212 )     (11,255,239 )     (30,396,997 )
  -       13,154,349       -  
  -       -       3,900,077  
  (15,900,667 )     (11,467,881 )     (37,595,003 )
                     
                     
  -       (840,955 )     183,889  
                     
                     
  (25,899,879 )     (10,409,726 )     (63,908,034 )
                     
                     
$ (23,026,338 )   $ (9,651,634 )   $ (62,428,036 )
                     
 
 
 
Financial Statements 55

Table of Contents

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,
 		 
    2008     2007     2008     2007  
 
Operations
                               
Net investment income/(loss)
  $ 4,922,615     $ 4,602,241     $ 452,648     $ (534,514 )
Net realized gain/(loss) from investment transactions and written options
    669,257       (158,250 )     (14,748,439 )     19,681,940  
Change in net unrealized appreciation/(depreciation) on investments
    (6,778,176 )     756,222       (31,524,489 )     11,709,068  
                                 
Net increase/(decrease) in net assets resulting from operations
    (1,186,304 )     5,200,213       (45,820,280 )     30,856,494  
                                 
Dividends and Distributions to Shareholders
                               
Net investment income
                               
Class I
    (5,247,750 )     (4,626,599 )     -       -  
Class C
    (88,949 )     (46,277 )     -       -  
Class Z
    (142 )     (527 )     -       -  
Class A
    -       -       -       -  
Net realized gains
                               
Class I
    -       -       (7,187,602 )     (7,580,907 )
Class C
    -       -       (7,656,597 )     (7,230,668 )
Class Z
    -       -       (109,019 )     (94,989 )
Class A
    -       -       (124,615 )     (36,638 )
                                 
Net decrease from dividends and distributions
    (5,336,841 )     (4,673,403 )     (15,077,833 )     (14,943,202 )
                                 
Fund Share Transactions
                               
Shares sold
                               
Class I
    52,872,632       68,988,664       40,848,727       23,824,919  
Class C
    2,345,458       917,781       5,417,694       8,551,109  
Class Z
    10,634       48,144       375,126       133,685  
Class A
    -       -       1,883,178       1,422,196  
Reinvested dividends and distributions
                               
Class I
    5,171,793       4,481,263       6,810,276       6,749,960  
Class C
    86,070       44,325       7,380,164       6,925,661  
Class Z
    142       525       107,124       92,041  
Class A
    -       -       112,656       32,501  
Shares repurchased
                               
Class I
    (73,834,034 )     (41,215,819 )     (28,889,006 )     (55,610,067 )
Class C
    (1,002,203 )     (441,608 )     (20,488,331 )     (26,377,163 )
Class Z
    (13,684 )     (41,463 )     (68,187 )     (299,637 )
Class A
    -       -       (827,329 )     (279,650 )
                                 
Net increase/(decrease) from fund share transactions
    (14,363,192 )     32,781,812       12,662,092       (34,834,445 )
                                 
Total net increase/(decrease) in net assets
    (20,886,337 )     33,308,622       (48,236,021 )     (18,921,153 )
Net Assets
                               
Beginning of period
    124,604,345       91,295,723       183,305,612       202,226,765  
                                 
End of period
  $ 103,718,008     $ 124,604,345     $ 135,069,591     $ 183,305,612  
                                 
 
 
 
56 Financial Statements

Table of Contents

 
 
                                             
ICON Equity Income Fund     ICON Income Opportunity Fund     ICON Long/Short 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,
 		 
2008     2007     2008     2007     2008     2007  
 
                                             
$ 2,873,541     $ 2,521,140     $ 758,092     $ (91,815 )   $ 1,479,998     $ 655,127  
                                             
                                             
  (9,999,212 )     15,603,497       1,899,110       2,785,990       (26,496,920 )     7,336,230  
 

(15,900,667 		)     4,578,186       (12,308,836 )     5,052,554       (37,411,114 )     24,000,849  
                                             
                                             
  (23,026,338 )     22,702,823       (9,651,634 )     7,746,729       (62,428,036 )     31,992,206  
                                             
                                             
                                             
                                             
  (2,634,085 )     (2,854,133 )     (730,001 )     (46,145 )     (399,948 )     (394,093 )
  (74,308 )     (70,223 )     (17,592 )     -       -       -  
  (1,668 )     (787 )     (1,990 )     -       -       (13,175 )
  (6,596 )     (3,730 )     (4,914 )     (41 )     (7,652 )     (7,001 )
                                             
  (12,299,870 )     (5,844,508 )     (3,156,831 )     (10,443,229 )     (9,426,798 )     (4,519,604 )
  (509,032 )     (206,407 )     (103,778 )     (411,998 )     (1,802,594 )     (791,906 )
  (4,033 )     (971 )     (2,015 )     (3,627 )     (8,704 )     (82,900 )
  (33,610 )     (2,660 )     (13,118 )     (5,517 )     (264,846 )     (47,236 )
                                             
                                             
  (15,563,202 )     (8,983,419 )     (4,030,239 )     (10,910,557 )     (11,910,542 )     (5,855,915 )
                                             
                                             
                                             
  32,408,389       20,775,427       44,002,873       32,396,237       71,979,977       124,049,120  
  1,321,434       879,642       2,960,233       350,569       7,910,378       18,629,284  
  55,480       21,895       446,647       29,639       504,312       287,714  
  186,596       289,568       687,944       269,504       3,456,617       6,279,254  
                                             
                                             
  14,280,781       8,210,633       3,844,378       10,266,374       9,338,356       4,670,355  
  550,445       256,742       119,074       379,286       1,686,440       745,754  
  5,700       1,757       4,005       3,627       8,484       96,075  
  40,115       6,277       17,075       5,556       218,920       43,032  
                                             
  (35,964,387 )     (51,367,295 )     (29,452,929 )     (22,746,946 )     (167,590,194 )     (80,032,782 )
  (1,164,749 )     (1,040,584 )     (604,737 )     (1,156,174 )     (13,749,105 )     (5,843,771 )
  (1,352 )     (11,598 )     (26,662 )     (89 )     (271,710 )     (3,639,251 )
  (166,362 )     (12,552 )     (42,105 )     (84 )     (3,220,063 )     (977,888 )
                                             
 
11,552,090 		      (21,990,088 )     21,955,796       19,797,499       (89,727,588 )     64,306,896  
                                             
                                             
  (27,037,450 )     (8,270,684 )     8,273,923       16,633,671       (164,066,166 )     90,443,187  
                                             
  130,361,032       138,631,716       79,816,856       63,183,185       289,856,277       199,413,090  
                                             
$ 103,323,582     $ 130,361,032     $ 88,090,779     $ 79,816,856     $ 125,790,111     $ 289,856,277  
                                             
 
 
 
Financial Statements 57

Table of Contents

 
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,
 		 
    2008     2007     2008     2007  
 
Transactions in Fund Shares 
                               
Shares sold
                               
Class I
    5,266,742       6,930,357       3,159,841       1,521,324  
Class C
    230,968       91,548       415,353       576,959  
Class Z
    1,071       4,870       26,683       8,541  
Class A
    -       -       141,172       92,820  
Reinvested dividends and distributions
                               
Class I
    514,757       448,497       459,223       447,314  
Class C
    8,598       4,422       531,329       483,635  
Class Z
    14       53       7,238       6,091  
Class A
    -       -       7,775       2,184  
Shares repurchased
                               
Class I
    (7,363,485 )     (4,131,816 )     (2,118,855 )     (3,549,165 )
Class C
    (99,871 )     (44,117 )     (1,552,228 )     (1,762,394 )
Class Z
    (1,359 )     (4,178 )     (4,689 )     (19,996 )
Class A
    -       -       (62,207 )     (18,320 )
                                 
Net increase/(decrease)
    (1,442,565 )     3,299,636       1,010,635       (2,211,007 )
                                 
Shares outstanding, beginning of period
    12,430,344       9,130,708       11,381,476       13,592,483  
                                 
Shares outstanding, end of period
    10,987,779       12,430,344       12,392,111       11,381,476  
                                 
Purchase and Sales of Investment Securities
(excluding short-term securities and written options)
Purchases of securities (including short sale transactions)
  $ 56,663,792     $ 21,614,156     $ 267,302,362     $ 228,139,282  
Proceeds from sales of securities (including short sale transactions)
    18,607,395       25,763,927       272,214,554       275,726,296  
Purchases of long-term U.S. government securities
    23,532,812       43,613,130       -       -  
Proceeds from sales of long-term U.S. government securities
    72,648,246       5,421,100       -       -  
Accumulated undistributed net investment income/(loss)
  $ (297,908 )   $ (33,477 )   $ 702,010     $ -  
                                 
 
The accompanying notes are an integral part of the financial statements.
 
 
 
58 Financial Statements

Table of Contents

 
 
                                             
ICON Equity Income Fund     ICON Income Opportunity Fund     ICON Long/Short 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,
 		 
2008     2007     2008     2007     2008     2007  
 
                                             
                                             
  2,409,932       1,331,983       3,538,611       2,383,848       4,122,378       6,741,937  
  99,285       56,569       251,905       26,619       476,043       1,050,920  
  4,082       1,408       35,779       2,101       30,543       15,636  
  13,938       18,766       56,323       20,879       205,076       340,691  
                                             
 
1,018,360 		      536,569       306,393       776,387       528,188       266,877  
  39,498       16,958       9,910       29,724       99,261       43,971  
  416       114       325       274       478       5,462  
  2,873       405       1,372       424       12,424       2,463  
                                             
  (2,691,935 )     (3,260,624 )     (2,379,180 )     (1,672,257 )     (10,278,275 )     (4,408,590 )
  (84,944 )     (67,244 )     (50,918 )     (87,051 )     (880,400 )     (328,475 )
  (101 )     (734 )     (1,992 )     (7 )     (15,100 )     (189,213 )
  (12,649 )     (794 )     (3,410 )     (6 )     (199,994 )     (53,377 )
                                             
  798,755       (1,366,624 )     1,765,118       1,480,935       (5,899,378 )     3,488,302  
                                             
 
7,913,820 		      9,280,444       6,065,055       4,584,120       15,139,326       11,651,024  
                                             
 
8,712,575 		      7,913,820       7,830,173       6,065,055       9,239,948       15,139,326  
                                             
                                             
                                             
                                             
                                             
$ 148,316,806     $ 154,997,733     $ 187,288,186     $ 109,635,674     $ 376,092,000     $ 324,247,248  
 

147,489,456 		      192,524,496       156,047,068       104,042,037       465,387,277       246,986,193  
 
3,975,018 		      7,570,798       -       -       -       -  
 

5,660,610 		      750,000       -       -       -       -  

$ 		10,408     $ (146,553 )   $ (9,707 )   $ -     $ 1,164,664     $ 338,387  
                                             
 
 
 
Financial Statements 59

Table of Contents

 
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 Bond Fund
                                               
Class I
                                               
Year Ended September 30, 2008
  $ 10.02     $ 0.42     $ (0.55 )   $ (0.13 )   $ (0.45 )   $ -  
Year Ended September 30, 2007
    10.00       0.44       0.03       0.47       (0.45 )     -  
Year Ended September 30, 2006
    10.16       0.42       (0.15 )     0.27       (0.42 )     (0.01 )
Year Ended September 30, 2005
    10.52       0.40       (0.29 )     0.11       (0.41 )     (0.06 )
Year Ended September 30, 2004
    10.41       0.45       0.10       0.55       (0.44 )     -  
Class C
                                               
Year Ended September 30, 2008
    10.05       0.35       (0.55 )     (0.20 )     (0.39 )     -  
Year Ended September 30, 2007
    10.02       0.38       0.04       0.42       (0.39 )     -  
Year Ended September 30, 2006
    10.18       0.36       (0.15 )     0.21       (0.36 )     (0.01 )
Year Ended September 30, 2005
    10.54       0.33       (0.28 )     0.05       (0.35 )     (0.06 )
Year Ended September 30, 2004
    10.42       0.38       0.12       0.50       (0.38 )     -  
Class Z
                                               
Year Ended September 30, 2008
    10.02       0.44       (0.57 )     (0.13 )     (0.47 )     -  
Year Ended September 30, 2007
    10.00       0.46       0.03       0.49       (0.47 )     -  
Year Ended September 30, 2006
    10.15       0.45       (0.15 )     0.30       (0.44 )     (0.01 )
Year Ended September 30, 2005
    10.51       0.42       (0.28 )     0.14       (0.44 )     (0.06 )
May 6, 2004 (inception) to September 30, 2004
    10.26       0.46       (0.02 )     0.44       (0.19 )     -  
ICON Core Equity Fund
                                               
Class I
                                               
Year Ended September 30, 2008
    16.59       0.09       (4.07 )     (3.98 )     -       (1.37 )
Year Ended September 30, 2007
    15.22       0.02       2.46       2.48       -       (1.11 )
Year Ended September 30, 2006
    15.14       (0.02 )     0.67       0.65       -       (0.57 )
Year Ended September 30, 2005
    12.78       (0.05 )     2.41       2.36       -       -  
Year Ended September 30, 2004
    11.12       (0.07 )     1.73       1.66       -       -  
Class C
                                               
Year Ended September 30, 2008
    15.66       (0.01 )     (3.82 )     (3.83 )     -       (1.37 )
Year Ended September 30, 2007
    14.52       (0.10 )     2.35       2.25       -       (1.11 )
Year Ended September 30, 2006
    14.58       (0.14 )     0.65       0.51       -       (0.57 )
Year Ended September 30, 2005
    12.41       (0.15 )     2.32       2.17       -       -  
Year Ended September 30, 2004
    10.88       (0.16 )     1.69       1.53       -       -  
Class Z
                                               
Year Ended September 30, 2008
    16.62       0.09       (4.10 )     (4.01 )     -       (1.37 )
Year Ended September 30, 2007
    15.23       0.03       2.47       2.50       -       (1.11 )
Year Ended September 30, 2006
    15.12       0.02       0.66       0.68       -       (0.57 )
Year Ended September 30, 2005
    12.79       (0.14 )     2.47       2.33       -       -  
May 6, 2004 (inception) to September 30, 2004
    12.07       (0.03 )     0.75       0.72       -       -  
Class A
                                               
Year Ended September 30, 2008
    16.32       (0.01 )     (4.02 )     (4.03 )     -       (1.37 )
Year Ended September 30, 2007
    15.09       (0.06 )     2.40       2.34       -       (1.11 )
May 31, 2006 (inception) to September 30, 2006
    15.80       (0.27 )     (0.44 )     (0.71 )     -       -  
 
The accompanying notes are an integral part of the financial statements.
 
 
 
60 Financial Highlights

Table of Contents

 
 
                                                                     
                        Ratio of expenses to
    Ratio of net investment
 		       
                        average net assets(a)     income to average net assets(a)        
                        Before
 		    After
 		    Before
 		    After
 		       
                        expense
 		    expense
 		    expense
 		    expense
 		       
                        limitation/
 		    limitation/
 		    limitation/
 		    limitation/
 		       
distributions                       recoupment
 		    recoupment
 		    recoupment
 		    recoupment
 		       
Total
 		                Net assets,
 		    and transfer
 		    and transfer
 		    and transfer
 		    and transfer
 		       
dividends
 		    Net asset
 		          end of
 		    agent
 		    agent
 		    agent
 		    agent
 		    Portfolio
 		 
and
 		    value, end
 		    Total
 		    period (in
 		    earnings
 		    earnings
 		    earnings
 		    earnings
 		    turnover
 		 
distributions     of period     return*     thousands)     credit     credit     credit     credit     rate(b)  
 
                                                                     
                                                                     
$ (0.45 )   $ 9.44       (1.48 )%   $ 100,985       1.08%       1.00 %(c)     4.06 %     4.14 %     73.47 %
  (0.45 )     10.02       4.80 %     123,102       1.09%       1.00 %(c)     4.34 %     4.42 %     34.40 %
  (0.43 )     10.00       2.72 %     90,324       1.11%       1.01 %(c)     4.14 %     4.24 %     66.82 %
  (0.47 )     10.16       1.05 %     82,415       1.18%       1.10 %     3.72 %     3.80 %     76.28 %
  (0.44 )     10.52       5.41 %     61,502       1.29%       1.30 %     4.28 %     4.27 %     37.98 %
                                                                     
  (0.39 )     9.46       (2.16 )%     2,725       2.42%       1.60 %(c)     2.71 %     3.53 %     73.47 %
  (0.39 )     10.05       4.27 %     1,491       3.15%       1.60 %(c)     2.28 %     3.82 %     34.40 %
  (0.37 )     10.02       2.09 %     968       3.08%       1.61 %(c)     2.17 %     3.64 %     66.82 %
  (0.41 )     10.18       0.47 %     988       3.42%       1.69 %     1.46 %     3.19 %     76.28 %
  (0.38 )     10.54       4.83 %     371       6.84%       1.90 %     3.63 %     8.57 %     37.98 %
                                                                     
  (0.47 )     9.42       (1.43 )%     8       186.00%       0.75 %(c)     (180.79 )%     4.46 %     73.47 %
  (0.47 )     10.02       5.02 %     11       31.60%       0.75 %(c)     (26.18 )%     4.67 %     34.40 %
  (0.45 )     10.00       3.06 %     4       25.40%       0.76 %(c)     (20.18 )%     4.47 %     66.82 %
  (0.50 )     10.15       1.30 %     5       74.28%       0.84 %     (69.41 )%     4.03 %     76.28 %
                                                                     
  (0.19 )     10.51       4.33 %     1       0.86%       0.86 %     4.60 %     4.60 %     37.98 %
                                                                     
                                                                     
  (1.37 )     11.24       (25.99 )%     76,606       1.27%       1.27 %     0.67 %     0.67 %     173.81 %
  (1.11 )     16.59       17.05 %     88,246       1.24%       1.23 %     0.12 %     0.13 %     116.81 %
  (0.57 )     15.22       4.35 %     104,966       1.23%       1.23 %     (0.13 )%     (0.13 )%     148.67 %
  -       15.14       18.47 %     93,780       1.27%       N/A       (0.33 )%     N/A       136.82 %
  -       12.78       14.93 %     47,273       1.33%       N/A       (0.59 )%     N/A       116.26 %
                                                                     
  (1.37 )     10.46       (26.61 )%     55,364       2.05%       2.05 %     (0.09 )%     (0.09 )%     173.81 %
  (1.11 )     15.66       16.25 %     92,350       2.02%       2.02 %     (0.68 )%     (0.67 )%     116.81 %
  (0.57 )     14.52       3.54 %     95,842       2.03%       2.02 %     (0.91 )%     (0.91 )%     148.67 %
  -       14.58       17.49 %     78,145       2.04%       N/A       (1.10 )%     N/A       136.82 %
  -       12.41       14.06 %     53,101       2.08%       N/A       (1.34 )%     N/A       116.26 %
                                                                     
  (1.37 )     11.24       (26.11 )%     1,222       1.34%       1.34 %     0.65 %     0.65 %     173.81 %
  (1.11 )     16.62       17.18 %     1,320       1.18%       1.18 %     0.17 %     0.17 %     116.81 %
  (0.57 )     15.23       4.57 %     1,291       0.99%       0.98 %     0.12 %     0.12 %     148.67 %
  -       15.12       18.22 %     1,165       1.76%       N/A       (0.94 )%     N/A       136.82 %
                                                                     
  -       12.79       5.97 %     36       1.12%       N/A       (0.28 )%     N/A       116.26 %
                                                                     
  (1.37 )     10.92       (26.76 )%     1,878       2.09%       2.09 %     (0.08 )%     (0.08 )%     173.81 %
  (1.11 )     16.32       16.25 %     1,390       1.66%       1.65 %     (0.42 )%     (0.41 )%     116.81 %
                                                                     
  -       15.09       (4.49 )%     128       7.44%       7.43 %     (5.45 )%     (5.44 )%     148.67 %
 
 
 
Financial Highlights 61

Table of Contents

 
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 Equity Income Fund
                                               
Class I
                                               
Year Ended September 30, 2008
    16.48       0.34       (3.00 )     (2.66 )     (0.31 )     (1.64 )
Year Ended September 30, 2007
    14.94       0.29       2.26       2.55       (0.34 )     (0.67 )
Year Ended September 30, 2006
    15.79       0.30       0.29       0.59       (0.35 )     (1.09 )
Year Ended September 30, 2005
    14.33       0.27       1.54       1.81       (0.27 )     (0.08 )
Year Ended September 30, 2004
    12.22       0.31       2.09       2.40       (0.29 )     -  
Class C
                                               
Year Ended September 30, 2008
    16.33       0.21       (2.97 )     (2.76 )     (0.20 )     (1.64 )
Year Ended September 30, 2007
    14.85       0.14       2.23       2.37       (0.22 )     (0.67 )
Year Ended September 30, 2006
    15.71       0.15       0.29       0.44       (0.21 )     (1.09 )
Year Ended September 30, 2005
    14.27       0.13       1.54       1.67       (0.15 )     (0.08 )
Year Ended September 30, 2004
    12.21       0.20       2.06       2.26       (0.20 )     -  
Class Z
                                               
Year Ended September 30, 2008
    16.46       0.38       (3.04 )     (2.66 )     (0.32 )     (1.64 )
Year Ended September 30, 2007
    14.94       0.30       2.26       2.56       (0.37 )     (0.67 )
Year Ended September 30, 2006
    15.79       0.30       0.29       0.59       (0.35 )     (1.09 )
Year Ended September 30, 2005
    14.33       0.28       1.55       1.83       (0.29 )     (0.08 )
May 10, 2004 (inception) to September 30, 2004
    13.43       0.39       0.70       1.09       (0.19 )     -  
Class A
                                               
Year Ended September 30, 2008
    16.40       0.31       (2.99 )     (2.68 )     (0.28 )     (1.64 )
Year Ended September 30, 2007
    14.92       0.27       2.22       2.49       (0.34 )     (0.67 )
May 31, 2006 (inception) to September 30, 2006
    15.04       0.08       (0.01 )     0.07       (0.19 )     -  
ICON Income Opportunity Fund
                                               
Class I
                                               
Year Ended September 30, 2008
    13.18       0.12       (1.39 )     (1.27 )     (0.10 )     (0.53 )
Year Ended September 30, 2007
    13.80       (0.02 )     1.64       1.62       (0.01 )     (2.23 )
Year Ended September 30, 2006
    13.88       (0.01 )     0.05       0.04       -       (0.12 )
Year Ended September 30, 2005
    13.25       (0.06 )     1.26       1.20       -       (0.57 )
Year Ended September 30, 2004
    12.40       (0.07 )     1.36       1.29       -       (0.44 )
Class C
                                               
Year Ended September 30, 2008
    12.61       0.01       (1.32 )     (1.31 )     (0.05 )     (0.53 )
Year Ended September 30, 2007
    13.39       (0.11 )     1.56       1.45       -       (2.23 )
Year Ended September 30, 2006
    13.56       (0.11 )     0.06       (0.05 )     -       (0.12 )
Year Ended September 30, 2005
    13.06       (0.16 )     1.23       1.07       -       (0.57 )
Year Ended September 30, 2004
    12.32       (0.16 )     1.34       1.18       -       (0.44 )
Class Z
                                               
Year Ended September 30, 2008
    13.37       0.15       (1.43 )     (1.28 )     (0.10 )     (0.53 )
Year Ended September 30, 2007
    13.94       0.01       1.65       1.66       -       (2.23 )
Year Ended September 30, 2006
    13.94       0.02       0.10       0.12       -       (0.12 )
Year Ended September 30, 2005
    13.29       (0.03 )     1.25       1.22       -       (0.57 )
May 6, 2004 (inception) to September 30, 2004
    12.86       (0.01 )     0.44       0.43       -       -  
 
The accompanying notes are an integral part of the financial statements.
 
 
 
62 Financial Highlights

Table of Contents

 
 
                                                                     
                              Ratio of net investment
 		       
                        Ratio of expenses to average net assets(a)     income to average net assets(a)        
                        Before
 		    After
 		    Before
 		    After
 		       
                        expense
 		    expense
 		    expense
 		    expense
 		       
                        limitation/
 		    limitation/
 		    limitation/
 		    limitation/
 		       
distributions                       recoupment
 		    recoupment
 		    recoupment
 		    recoupment
 		       
Total
 		                Net assets,
 		    and transfer
 		    and transfer
 		    and transfer
 		    and transfer
 		       
dividends
 		    Net asset
 		          end of
 		    agent
 		    agent
 		    agent
 		    agent
 		    Portfolio
 		 
and
 		    value, end
 		    Total
 		    period (in
 		    earnings
 		    earnings
 		    earnings
 		    earnings
 		    turnover
 		 
distributions     of period     return*     thousands)     credit     credit     credit     credit     rate(b)  
 
                                                                     
                                                                     
  (1.95 )     11.87       (17.76 )%     98,501       1.23 %(g)     1.23 %(c)     2.48 %     2.48 %     132.93 %
  (1.01 )     16.48       17.67 %     124,668       1.23 %(h)     1.22 %(c)     1.86 %     1.86 %     121.30 %
  (1.44 )     14.94       4.02 %     133,835       1.23 %     1.23 %(c)     1.96 %     1.96 %     162.84 %
  (0.35 )     15.79       12.71 %     129,681       1.27 %     1.27 %     1.79 %     1.79 %     143.82 %
  (0.29 )     14.33       19.69 %     117,552       1.35 %     1.37 %     2.25 %     2.23 %     51.84 %
                                                                     
  (1.84 )     11.73       (18.60 )%     4,461       2.34 %(g)     2.20 %(c)     1.40 %     1.54 %     132.93 %
  (0.89 )     16.33       16.45 %     5,331       2.33 %(h)     2.21 %(c)     0.75 %     0.87 %     121.30 %
  (1.30 )     14.85       3.03 %     4,753       2.29 %     2.20 %(c)     0.91 %     1.00 %     162.84 %
  (0.23 )     15.71       11.71 %     3,861       2.53 %     2.20 %     0.53 %     0.86 %     143.82 %
  (0.20 )     14.27       18.56 %     1,885       3.47 %     2.20 %     0.12 %     1.40 %     51.84 %
                                                                     
  (1.96 )     11.84       (17.81 )%     81       11.18 %(g)     1.20 %(c)     (7.14 )%     2.84 %     132.93 %
  (1.04 )     16.46       17.74 %     40       11.08 %(h)     1.21 %(c)     (7.96 )%     1.92 %     121.30 %
  (1.44 )     14.94       4.04 %     24       4.36 %     1.20 %(c)     (1.20 )%     1.96 %     162.84 %
  (0.37 )     15.79       12.89 %     23       9.37 %     1.20 %     (6.31 )%     1.86 %     143.82 %
                                                                     
  (0.19 )     14.33       8.12 %     14       1.11 %     0.97 %(d)     2.62 %     2.76 %     51.84 %
                                                                     
  (1.92 )     11.80       (17.98 )%     281       5.40 %(g)     1.44 %(c)     (1.67 )%     2.29 %     132.93 %
  (1.01 )     16.40       17.29 %     322       3.77 %(h)     1.45 %(c)     (0.60 )%     1.73 %     121.30 %
                                                                     
  (0.19 )     14.92       0.46 %     19       38.36 %     1.44 %(c)     (35.18 )%     1.74 %     162.84 %
                                                                     
                                                                     
  (0.63 )     11.28       (10.04 )%     82,599       1.30 %     1.30 %(c)     0.93 %     0.93 %     184.47 %
  (2.24 )     13.18       12.51 %     77,195       1.50 %     1.50 %(c)     (0.11 )%     (0.11 )%     150.42 %
  (0.12 )     13.80       0.30 %     60,321       1.47 %     1.47 %(c)     (0.04 )%     (0.04 )%     159.55 %
  (0.57 )     13.88       9.21 %     54,347       1.54 %     1.45 %     (0.57 )%     (0.48 )%     159.35 %
  (0.44 )     13.25       10.53 %     42,962       1.60 %     1.45 %     (0.67 )%     (0.52 )%     167.57 %
                                                                     
  (0.58 )     10.72       (10.85 )%     4,207       2.52 %     2.21 %(c)     (0.24 )%     0.07 %     184.47 %
  (2.23 )     12.61       11.53 %     2,291       2.76 %     2.25 %(c)     (1.34 )%     (0.83 )%     150.42 %
  (0.12 )     13.39       (0.36 )%     2,842       2.61 %     2.23 %(c)     (1.23 )%     (0.85 )%     159.55 %
  (0.57 )     13.56       8.31 %     3,652       2.80 %     2.20 %     (1.80 )%     (1.20 )%     159.35 %
  (0.44 )     13.06       9.69 %     1,964       3.89 %     2.20 %     (2.93 )%     (1.23 )%     167.57 %
                                                                     
  (0.63 )     11.46       (9.99 )%     422       4.39 %     1.21 %(c)     (1.98 )%     1.20 %     184.47 %
  (2.23 )     13.37       12.67 %     37       17.99 %     1.25 %(c)     (16.64 )%     0.10 %     150.42 %
  (0.12 )     13.94       0.88 %     5       3.52 %     1.22 %(c)     (2.14 )%     0.15 %     159.55 %
  (0.57 )     13.94       9.42 %     3       53.94 %     1.20 %     (52.97 )%     (0.23 )%     159.35 %
                                                                     
  -       13.29       3.34 %     3       1.12 %     1.12 %     (0.11 )%     (0.11 )%     167.57 %
 
 
 
Financial Highlights 63

Table of Contents

 
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  
 
Class A
                                               
Year Ended September 30, 2008
    13.15       0.10       (1.38 )     (1.28 )     (0.09 )     (0.53 )
Year Ended September 30, 2007
    13.80       (0.03 )     1.65       1.62       (0.04 )     (2.23 )
May 31, 2006 (inception) to September 30, 2006
    13.73       0.03       0.04       0.07       -       -  
ICON Long/Short Fund(e)
                                               
Class I
                                               
Year Ended September 30, 2008
    19.26       0.13       (4.86 )     (4.73 )     (0.03 )     (0.74 )
Year Ended September 30, 2007
    17.19       0.07       2.47       2.54       (0.04 )     (0.43 )
Year Ended September 30, 2006
    15.99       0.03       1.17       1.20       -       -  
Year Ended September 30, 2005
    13.92       (0.08 )     2.65       2.57       -       (0.50 )
Year Ended September 30, 2004
    12.00       (0.08 )     2.16       2.08       -       (0.16 )
Class C
                                               
Year Ended September 30, 2008
    18.54       -       (4.67 )     (4.67 )     -       (0.74 )
Year Ended September 30, 2007
    16.67       (0.08 )     2.38       2.30       -       (0.43 )
Year Ended September 30, 2006
    15.63       (0.13 )     1.17       1.04       -       -  
Year Ended September 30, 2005
    13.73       (0.19 )     2.59       2.40       -       (0.50 )
Year Ended September 30, 2004
    11.92       (0.18 )     2.15       1.97       -       (0.16 )
Class Z
                                               
Year Ended September 30, 2008
    19.30       0.18       (4.93 )     (4.75 )     -       (0.74 )
Year Ended September 30, 2007
    17.29       0.10       2.41       2.51       (0.07 )     (0.43 )
Year Ended September 30, 2006
    16.05       0.11       1.13       1.24       -       -  
Year Ended September 30, 2005
    13.94       (0.05 )     2.66       2.61       -       (0.50 )
May 6, 2004 (inception) to September 30, 2004
    13.99       (0.04 )     (0.01 )     (0.05 )     -       -  
Class A
                                               
Year Ended September 30, 2008
    19.20       0.10       (4.85 )     (4.75 )     (0.02 )     (0.74 )
Year Ended September 30, 2007
    17.18       0.05       2.46       2.51       (0.06 )     (0.43 )
May 31, 2006 (inception) to September 30, 2006
    17.52       0.05       (0.39 )     (0.34 )     -       -  
 
(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)  The limitation on expenses for Class Z shares occurred when the Adviser reimbursed the Fund for excise and income taxes incurred during the period. These expenses were extraordinary expenses not subject to the contractual expense limitation discussed in Note 3.
(e)  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, 1.30% for Class Z and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the dividends on short positions.
(f)  Prior disclosures were reclassified to be consistent with current presentation.
(g)  The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including legal expenses related to a tax matter were 1.43%, 2.54%, 11.38% and 5.60% for Class I, C, Z and A, respectively. See Note 6.
(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.
 
 
 
64 Financial Highlights

Table of Contents

 
 
                                                                     
                              Ratio of net investment
 		       
                        Ratio of expenses to average net assets(a)     income to average net assets(a)        
                        Before
 		    After
 		    Before
 		    After
 		       
                        expense
 		    expense
 		    expense
 		    expense
 		       
                        limitation/
 		    limitation/
 		    limitation/
 		    limitation/
 		       
distributions                       recoupment
 		    recoupment
 		    recoupment
 		    recoupment
 		       
Total
 		                Net assets,
 		    and transfer
 		    and transfer
 		    and transfer
 		    and transfer
 		       
dividends
 		    Net asset
 		          end of
 		    agent
 		    agent
 		    agent
 		    agent
 		    Portfolio
 		 
and
 		    value, end
 		    Total
 		    period (in
 		    earnings
 		    earnings
 		    earnings
 		    earnings
 		    turnover
 		 
distributions     of period     return*     thousands)     credit     credit     credit     credit     rate(b)  
 
                                                                     
  (0.62 )     11.25       (10.18 )%     863       3.75 %     1.46 %(c)     (1.44 )%     0.85 %     184.47 %
  (2.27 )     13.15       12.51 %     294       7.12 %     1.49 %(c)     (5.85 )%     (0.22 )%     150.42 %
                                                                     
  -       13.80       0.51 %     15       42.18 %     1.47 %(c)     (40.01 )%     0.69 %     159.55 %
                                                                     
                                                                     
  (0.77 )     13.76       (25.43 )%     93,243       1.47 %     1.47 %(c)     0.78 %     0.78 %     174.59 %
  (0.47 )     19.26       15.05 %     238,943       1.46 %     1.46 %(c)     0.39 %     0.39 %     105.00 %
  -       17.19       7.50 %     168,522       1.45 %(f)     1.45 %(c)     0.18 %(f)     0.18 %     94.62 %
  (0.50 )     15.99       18.69 %     53,158       1.58 %     1.58 %     (0.53 )%     (0.53 )%     112.06 %
  (0.16 )     13.92       17.42 %     24,480       2.15 %     1.74 %     (1.03 )%     (0.62 )%     148.32 %
                                                                     
  (0.74 )     13.13       (26.09 )%     27,148       2.31 %     2.31 %(c)     (0.01 )%     (0.01 )%     174.59 %
  (0.43 )     18.54       14.05 %     43,986       2.33 %     2.32 %(c)     (0.48 )%     (0.47 )%     105.00 %
  -       16.67       6.65 %     26,763       2.30 %(f)     2.30 %(c)     (0.78 )%(f)     (0.78 )%     94.62 %
  (0.50 )     15.63       17.68 %     13,925       2.37 %     2.32 %     (1.35 )%     (1.31 )%     112.06 %
  (0.16 )     13.73       16.61 %     3,716       3.70 %     2.49 %     (2.57 )%     (1.35 )%     148.32 %
                                                                     
  (0.74 )     13.81       (25.45 )%     540       2.37 %     1.44 %(c)     0.16 %     1.09 %     174.59 %
  (0.50 )     19.30       14.81 %     447       1.25 %     1.25 %(c)     0.55 %     0.55 %     105.00 %
  -       17.29       7.73 %     3,306       1.17 %(f)     1.17 %(c)     0.61 %(f)     0.61 %     94.62 %
  (0.50 )     16.05       18.96 %     140       3.07 %     1.33 %     (2.07 )%     (0.33 )%     112.06 %
                                                                     
  -       13.94       (0.36 )%     32       1.98 %     1.76 %     (0.50 )%     (0.28 )%     148.32 %
                                                                     
  (0.76 )     13.69       (25.61 )%     4,859       1.72 %     1.72 %(c)     0.63 %     0.63 %     174.59 %
  (0.49 )     19.20       14.94 %     6,481       1.68 %     1.67 %(c)     0.27 %     0.26 %     105.00 %
                                                                     
  -       17.18       (1.94 )%     821       2.51 %     1.54 %(c)     (0.01 )%     0.96 %     94.62 %
 
 
 
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1. Organization
 
The ICON Bond Fund (“Bond Fund”), ICON Core Equity Fund (“Core Equity Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Income Opportunity Fund (“Income Opportunity Fund”) and ICON Long/Short Fund (“Long/Short 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 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 Income Opportunity Fund is modest capital appreciation and to maximize realized gains. The investment objective of the Long/Short Fund is 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. 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 Income Opportunity 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. The Long/Short Fund engages in short selling; there are risks associated with selling short, including the risk that
 
 
 
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the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. 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, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers.
 
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, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern time)
 
 
 
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Notes to Financial Statements (continued)
 
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. Options on securities indexes are generally valued at 4:15 p.m. Eastern time each day the NYSE is open.
 
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 a matrix 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.
 
 
 
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New Accounting Pronouncements
 
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS 157 applies to fair value measurements already required or permitted by existing standards. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management does not believe the adoption of SFAS 157 will impact the financial statement amounts; however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. Management intends to adopt SFAS 157 during the fiscal year ending September 30, 2009, as required.
 
In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows. Management intends to adopt SFAS 161 during the fiscal year ending September 30, 2009.
 
Repurchase Agreements
 
Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to purchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the year ended September 30, 2008.
 
 
 
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Notes to Financial Statements (continued)
 
Foreign Currency Translation
 
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
 
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
 
Forward Foreign Currency Contracts
 
The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting parties to exchange an amount of currency at some future time at an agreed upon rate.
 
These contracts are marked-to-market daily. The related appreciation or depreciation of the contract is presented on the Statement of Assets and Liabilities. 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. The Funds did not enter into any forward foreign currency contracts during the year ended September 30, 2008.
 
Futures Contracts
 
The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent
 
 
 
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payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the year ended September 30, 2008.
 
Options Transactions
 
The Income Opportunity Fund writes (sells) call options as part of its normal investment activities. Each Fund may write (sell) put and call options on individual securities and on securities indexes.
 
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. Such liability is subject to off balance sheet risks to the extent of any future increases in market value of the written options. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option.
 
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
 
 
 
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Notes to Financial Statements (continued)
 
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.
 
The Income Opportunity Fund’s written options are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. Such collateral for the Fund is restricted from use. The cash collateral or 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.
 
As of September 30, 2008, the Equity Income Fund and the Income Opportunity Fund engaged in options transactions which are included on each Fund’s Schedule of Investments.
 
Short Sales
 
The Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. 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 Fund is restricted from use. The cash collateral that is restricted from use is included on the Statement of Assets and Liabilities as “Deposits for short sales.” The securities pledged as collateral that are restricted from use are included on the Schedule of Investments. Dividends received on short sales are treated as an expense on the Statement of Operations. Liabilities for securities sold short are 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, 2008, 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.
 
 
 
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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 Securities Lending Investment Fund of Brown Brothers Harriman Trust, 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, 2008, the following Funds had securities with the following values on loans:
 
                 
    Value of
 		    Value of
 		 
Fund   Loaned Securities     Collateral  
   
 
ICON Bond Fund
  $ 725,305     $ 767,228  
ICON Core Equity Fund
    39,582,180       39,009,165  
ICON Income Opportunity Fund
    18,389,492       18,003,885  
ICON Long/Short Fund
    18,414,932       18,113,649  
 
The value of the collateral above could include collateral held for securities that were sold on or before September 30, 2008.
 
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.
 
 
 
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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 Income Opportunity Fund 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.
 
The Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds did not record any liabilities for unrecognized tax benefits in connection with the adoption of FIN 48. At September 30, 2008, the Funds have recorded no liabilities for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
 
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 fiscal years from 2005-2007, 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 market 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.
 
 
 
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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 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”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily nets assets of the Bond Fund, 0.75% of average daily net assets of the Core Equity, Equity Income and Income Opportunity Funds, and 0.85% of average daily net assets of the Long/Short Fund.
 
ICON 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 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 Income Opportunity Fund
    1.45%       2.20%       1.20%       1.45 %
ICON Long/Short Fund
    1.55%       2.30%       1.25%       1.55 %
 
The Funds’ expense limitation will continue in effect until at least January 31, 2019.
 
 
 
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Notes to Financial Statements (continued)
 
To the extent ICON 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, 2008 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:
 
                         
Fund   2009     2010     2011  
   
ICON Bond Fund
  $ 102,270     $ 101,907     $ 110,767  
ICON Equity Income Fund
    6,068       13,070       25,398  
ICON Income Opportunity Fund
    14,230       20,262       27,551  
ICON Long/Short Fund
    -       -       4,673  
 
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. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. 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, 2008, 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 pursuant to which ICON oversees the administration of the Trust’s business
 
 
 
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and affairs. This agreement provides for an annual fee of 0.05% on the Trust’s first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the year ended September 30, 2008, the Funds’ payment for administrative services to ICON is included on the Statement of Operations. The administrative services agreement provides that ICON 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 in the performance of its duties.
 
ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON 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. Under the 12b-1 Plan, Bond Fund Class C shareholders pay an annual 12b-1 and service fee of 0.85% of average daily net assets and Class I shareholders pay an annual 12b-1 fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual 12b-1 and service fee of 1.00% of average daily net assets for Class C shares and an annual 12b-1 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.
 
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 90% by the Funds and 10% by the Adviser. For the year ended September 30, 2008, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations. Subsequent to September 30, 2008, the CCO’s salary will be paid 100% by the Funds.
 
 
 
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Notes to Financial Statements (continued)
 
Some of the 12b-1 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, 2008, this amount was $175,621.
 
4. Line of Credit
 
The Funds have entered into Lines of Credit agreements with BBH and the prime broker. 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. Effective January 30, 2008, interest on domestic borrowings with BBH is charged at LIBOR plus 1.50%, which was 5.43% at September 30, 2008. Prior to January 30, 2008, interest on domestic borrowings was charged at LIBOR plus 2.00%. Interest on domestic borrowings with the prime broker is charged at the Fed Funds rate plus 50 basis points, which was 2.50% at September 30, 2008. The average interest rate charged for the year ended September 30, 2008, was 4.03%.
 
         
    Average Borrowing
 		 
Fund   (10/1/07-9/30/08)  
   
ICON Bond Fund
  $ 1,065,826  
ICON Core Equity Fund
    563,604  
ICON Equity Income Fund
    224,327  
ICON Income Opportunity Fund
    743,688  
ICON Long/Short Fund**
    992,214  
 
**Fund had outstanding borrowings as of September 30, 2008.
 
Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.
 
5. Options Contracts Written
 
The number of option contracts written and the premiums received by the Income Opportunity Fund during the year ended September 30, 2008, were as follows:
 
                 
    Number of
 		    Premiums
 		 
    Contracts     Received  
   
Options outstanding, beginning of year
    527     $ 2,000,804  
Options written during year
    28,189       109,859,216  
Options expired during year
    -       -  
Options closed during year
    (27,956 )     (107,302,566 )
Options exercised during year
    -       -  
                 
Options outstanding, end of year
    760     $ 4,557,454  
                 
 
 
 
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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 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, 2008 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions. During the year ended September 30, 2008 the ICON Bond Fund utilized capital loss carryforwards in the amount of $1,011,657.
 
For the year ended September 30, 2008 the following Funds had capital loss carryforwards:
 
                 
Fund   Amounts     Expires  
   
ICON Bond Fund
  $ 442,729       2015  
ICON Core Equity Fund
    1,364,078       2016  
ICON Equity Income Fund
    77,639       2016  
ICON Income Opportunity Fund
    260,291       2016  
 
For the year ended September 30, 2008 the Funds will elect to defer post October losses:
 
         
    Post
 		 
    October
 		 
Fund   Losses  
   
ICON Bond Fund
  $ 500,650  
ICON Core Equity Fund
    12,826,769  
ICON Equity Income Fund
    8,840,408  
ICON Income Opportunity Fund
    5,979,260  
ICON Long/Short Fund
    31,450,976  
 
 
 
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Notes to Financial Statements (continued)
 
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 Income Opportunity Fund
    3,751,879       -       3,751,879       3,751,879  
ICON Long/Short Fund
    5,569,851       6,340,691       11,910,542       11,910,542  
 
The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2007, were as follows:
 
                                 
    Distributions paid from           Total
 		 
    Ordinary
 		    Net Long-
 		    Total Taxable
 		    Distributions
 		 
Fund   Income     Term Gains     Distributions     Paid  
   
ICON Bond Fund
  $ 4,558,618     $ -     $ 4,558,618     $ 4,558,618  
ICON Core Equity Fund
    282,034       14,661,168       14,943,202       14,943,202  
ICON Equity Income Fund
    3,096,011       6,054,545       9,150,556       9,150,556  
ICON Income Opportunity Fund
    10,910,557       -       10,910,557       10,910,557  
ICON Long/Short Fund
    414,269       5,441,646       5,855,915       5,855,915  
 
As of September 30, 2008, 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
  $ -     $        -     $ -     $ (355,126 )   $ (943,379 )   $ (6,353,361 )   $ (7,651,866 )
ICON Core Equity Fund
    -       -       -       -       (14,190,847 )     (5,432,953 )     (19,623,800 )
ICON Equity Income Fund
    948,243       -       948,243       (991,249 )     (8,918,047 )     (1,038,361 )     (9,999,414 )
ICON Income Opportunity Fund
    -       -       -       (278,360 )     (6,239,551 )     (4,149,788 )     (10,667,699 )
ICON Long/Short Fund
    239,054       -       239,054       -       (31,450,976 )     (7,031,013 )     (38,242,935 )
 
 
* 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.
 
** Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and recognition of tax unrealized appreciation/ (depreciation) of passive foreign investment companies.
 
 
 
80 Notes to Financial Statements

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As of September 30, 2008, book cost for financial reporting purposes is substantially the same for federal income tax purposes and differs from fair value by net unrealized appreciation/(depreciation) of securities as follows:
 
                                 
          Unrealized
 		    Unrealized
 		    Net Appreciation/
 		 
Fund   Cost     Appreciation     (Depreciation)     (Depreciation)  
   
ICON Bond Fund
  $ 106,272,542     $ 115,233     $ (6,468,594 )   $ (6,353,361 )
ICON Core Equity Fund
    181,125,853       6,685,754       (12,118,707 )     (5,432,953 )
ICON Equity Income Fund
    102,100,609       4,843,031       (5,881,392 )     (1,038,361 )
ICON Income Opportunity Fund
    110,886,043       3,811,100       (7,916,542 )     (4,105,442 )
ICON Long/Short Fund
    152,473,908       5,903,082       (13,992,312 )     (8,089,230 )
 
The Equity Income Fund incurred $235,145 in legal expenses as a result of consultations on a tax matter that will be fully reimbursed by Citi, the sub-administrator. The remaining legal expenses payable and offsetting indemnification receivable have been included on the Statement of Assets and Liabilities. The related legal expenses and the offsetting reimbursement have been included on the Statement of Operations.
 
 
 
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Report of Independent Registered Public
Accounting Firm
 
To the Board of Trustees and Shareholders of the ICON Diversified Funds:
 
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, short securities 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 Income Opportunity Fund and ICON Long/Short Fund (five of the portfolios constituting ICON Funds, hereafter referred to as the “Funds”) at September 30, 2008, 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, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
 
-s- PricewaterhouseCoopers LLP
 
Denver, Colorado
November 19, 2008
 
 
 
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Six Month Hypothetical Expense Example
September 30, 2008 (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 period and held for the six-month period (4/1/08-9/30/08).
 
Actual Expenses
 
The first set of lines 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 set of lines in the table for each Fund provide 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
 
 
 
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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
 		    Ending
 		    Expenses Paid
 		    Annualized
 		 
    Account Value
 		    Account Value
 		    During Period
 		    Expense Ratio
 		 
    4/1/08     9/30/08     4/1/08-9/30/08*     4/1/08-9/30/08  
   
ICON Bond Fund
                               
Class I
                               
Actual Expenses
  $ 1,000.00     $ 950.40     $ 4.88       1.00%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,020.00       5.05          
Class C
                               
Actual Expenses
    1,000.00       947.70       7.79       1.60%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,017.00       8.07          
Class Z
                               
Actual Expenses
    1,000.00       952.10       3.61       0.74%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,021.30       3.74          
ICON Core Equity Fund
                               
Class I
                               
Actual Expenses
    1,000.00       852.80       5.70       1.23%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.85       6.21          
Class C
                               
Actual Expenses
    1,000.00       849.70       9.20       1.99%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,015.05       10.02          
Class Z
                               
Actual Expenses
    1,000.00       854.10       4.13       0.89%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,020.55       4.50          
Class A
                               
Actual Expenses
    1,000.00       849.10       8.18       1.77%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,016.15       8.92          
 
 
 
84 Expense Example

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    Beginning
 		    Ending
 		    Expenses Paid
 		    Annualized
 		 
    Account Value
    Account Value
 		    During Period
 		    Expense Ratio
 		 
    4/1/08     9/30/08     4/1/08-9/30/08*     4/1/08-9/30/08  
   
ICON Equity Income Fund
                               
Class I
                               
Actual Expenses
  $ 1,000.00     $ 929.40     $ 5.74       1.19%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,019.05       6.01          
Class C
                               
Actual Expenses
    1,000.00       924.40       10.58       2.20%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,014.00       11.08          
Class Z
                               
Actual Expenses
    1,000.00       928.70       5.79       1.20%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,019.00       6.06          
Class A
                               
Actual Expenses
    1,000.00       927.80       6.84       1.42%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,017.90       7.16          
ICON Income Opportunity Fund
                               
Class I
                               
Actual Expenses
    1,000.00       942.70       5.68       1.17%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,019.15       5.91          
Class C
                               
Actual Expenses
    1,000.00       937.90       10.71       2.21%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,013.95       11.13          
Class Z
                               
Actual Expenses
    1,000.00       941.90       5.87       1.21%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.95       6.11          
Class A
                               
Actual Expenses
    1,000.00       941.30       7.04       1.45%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,017.75       7.31          
ICON Long/Short Fund
                               
Class I
                               
Actual Expenses
    1,000.00       863.20       6.94       1.49%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,017.55       7.52          
Class C
                               
Actual Expenses
    1,000.00       858.70       10.73       2.31%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,013.45       11.63          
 
 
 
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Table of Contents

                                 
    Beginning
 		    Ending
 		    Expenses Paid
 		    Annualized
 		 
    Account Value
    Account Value
 		    During Period
 		    Expense Ratio
 		 
    4/1/08     9/30/08     4/1/08-9/30/08*     4/1/08-9/30/08  
   
Class Z
                               
Actual Expenses
  $ 1,000.00     $ 863.10     $ 6.80       1.46%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,017.70       7.36          
Class A
                               
Actual Expenses
    1,000.00       862.10       8.05       1.73%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,016.35       8.72          
 
* Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/366 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.
 
 
 
86 Expense Example

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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, 57. 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 served as the Chief Investment Officer (1991 to 2005) of ICON Advisers, Inc. (“ICON Advisers”), the Funds’ Investment Adviser. Dr. Callahan is also President (1998 to 2005); Director (1991 to present); and was previously Vice President (1991 to 1998) of ICON Distributors, Inc. (“IDI”), the Funds’ Distributor, and is President and Director of ICON Insurance Agency, Inc. (2004 to present). Dr. Callahan also serves as the President (1998 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.
 
Independent Trustees
 
Glen F. Bergert, 58. 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); Delta Dental of Pennsylvania, an insurance company (1998 to 2002 and 2003 to present); Delta Dental of California, an insurance company (2006 to present); and Delta Reinsurance Corporation (2000 to 2002 and 2003 to present).
 
John C. Pomeroy, Jr., 61. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).
 
 
 
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Gregory Kellam Scott, 60. Mr. Scott has been a Trustee of the Funds since November 2002. Mr. Scott currently is employed as Assistant to the President for Diversity and Community Relations of Ivy Tech Community College (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). He 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, 60. 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, 57. Dr. Callahan has been President of the Funds since their inception in 1996. Dr. Callahan also serves as ICON Advisers’ President (1998 to present) and served as the Chief Investment Officer (1991 to 2005). Dr. Callahan is also President (1998 to 2005), Director (1991 to present) and was previously Vice President (1991 to 1998) of IDI, and is President and Director of ICON Insurance Agency, Inc. (2004 to present). Dr. Callahan is also the President (1998 to present) of IM&R.
 
Erik L. Jonson, 58. 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) of ICON Advisers; Chief Financial Officer, Secretary and Director (1996 to present) of IM&R; and Executive Vice President (2004 to present) and Treasurer (2002 to present) and was previously Secretary/Treasurer, (1998 to 2002) and Vice President, (2002 to 2004) of IDI; and Executive Vice President and Treasurer of ICON Insurance Agency, Inc. (2004 to present).
 
 
 
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Jessica Seidlitz, 30. 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, 55. 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, Inc.; Director of ICON Management & Research (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 present). Previously he was a Partner in the law firm of Perkins Coie, LLP. (2000 to 2005).
 
Carrie M. Schoffman, 35. Ms. Schoffman served as Assistant Vice President and Chief Compliance Officer of the Funds (2004 to September 21, 2008). She serves as Vice President and Chief Compliance Officer of ICON Advisers, Inc. (2004 to present) and Chief Operating Officer (2008 to present). Previously she was a staff accountant with the U.S. Securities and Exchange Commission (2003 to 2004). She also was a Manager (2001 to 2003) and Senior Associate/Associate (1996 to 2001) at PricewaterhouseCoopers LLP.
 
Brian Harding, 29. Mr. Harding serves as Chief Compliance Officer of the Funds (September 22, 2008 to present). Previously he was a Manager (2007 to 2008) and Senior Associate/Associate (2001 to 2007) at PricewaterhouseCoopers LLP.
 
Stephen Abrams, 45. Mr. Abrams serves as Anti-Money Laundering Officer of the Funds (2005 to present). Mr. Abrams is also Vice President and Associate General Counsel of ICON Advisers, Inc. (2005 to present). Mr. Abrams also serves as the Chief Compliance Officer of IDI (2007 to present). Previously he was a Partner (2004 to 2005) and Associate (2000 to 2004) at Perkins Coie, LLP.
 
 
 
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Other Information (unaudited)
 
Renewal of Investment Advisory Agreements
 
In determining to renew the investment advisory agreements between the 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, Income Opportunity, 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 other funds versus the Sector Funds; and comparative data obtained from Lipper Analytical Services related to Fund performance and Fund expenses.
 
On August 11, 2008, the Board of Trustees, including the four 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, 2008.
 
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 agreements.
 
In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to which the Adviser obtains research through “soft dollar” arrangements with
 
 
 
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the Funds’ brokerage, and the financial and non-financial resources available to provide services required under the Advisory Agreement.
 
The Board of Trustees noted that the market value of domestic and international securities have dropped dramatically during the past year as a result of numerous crises in the financial, credit and commodities markets. The Board also noted that the performance of essentially all Funds has been negative, declining along with the markets in general. In light of such, the Board considered ICON’s investment methodology and whether the ICON’s methodology or system is appropriate. It was noted that ICON’s investment approach is not designed to fit into a box defined by “value,” “growth,” and “large, mid or small cap” stock categories. On the other hand, it was noted that the approach is most similar to “value investing.” In this regard it was noted that performance of value investing in general has been negative and that ICON’s performance is in line with the group. Performance in the current period was compared to prior periods where the Funds confronted significant market declines and volatility - including an assessment of financial, geopolitical and psychological reasons for the market behavior; and it was compared to periods when those factors were not prevalent. After consideration of this information the Board concluded that ICON’s investment methodology or system is appropriate for the Funds in the long-term. In light of such, the Board asked and ICON confirmed that it does not change its system in response to current issues and that it will follow its stated investment style, using a disciplined approach to managing the Funds’ portfolios.
 
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 the performance record of each Fund 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 quality service to the Funds’ shareholders, including the dedication of substantial resources to ICON’s investment and trading departments;
 
 
 
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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 can 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. It was noted that most of the Funds have had net redemptions and that aggregate assets covered by the Advisory Agreements have declined significantly. 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
 
 
 
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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 in most instances lower than 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 are that such accounts are less costly for ICON to manage; and
 
G. That ICON has contractually committed to breakpoints in its 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.
 
 
 
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Based on these considerations, among others, the Board, including all of the Independent Trustees, concluded that the continuation of the Advisory Agreements was in the best interests of each Fund and its shareholders, the services to be performed under the agreements 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, 2008, qualifies for the corporate dividends received deduction for the following Funds:
 
         
    Dividends
 		 
    Received
 		 
Fund   Deduction  
   
ICON Core Equity Fund
    23.10 %
ICON Equity Income Fund
    45.42 %
ICON Income Opportunity Fund
    17.91 %
ICON Long/Short Fund
    66.03 %
 
For the fiscal year ended September 30, 2008, the following Funds paid qualified dividend income:
 
         
Fund   Amount  
   
ICON Core Equity Fund
    26.54 %
ICON Equity Income Fund
    49.50 %
ICON Income Opportunity Fund
    19.16 %
ICON Long/Short Fund
    89.78 %
 
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 Core Equity Fund
  $ 6,683,893  
ICON Equity Income Fund
    6,462,123  
ICON Long/Short Fund
    6,362,889  
 
 
 
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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.
 
 
 
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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
 
 
(ICON FUNDS LOGO)

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(GLOBE GRAPHIC)
 
 
2008 Annual Report
ICON International Funds
Investment Update
 
ICON Asia-Pacific Region Fund
ICON Europe Fund
ICON International Equity Fund
 
(ICON FUNDS LOGO)
 
1-800-764-0442 ï www.iconfunds.com

AR-INTL-D, K95865

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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, 2008, 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, 2008 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 foreign
 
 
 
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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 outcome may differ materially from what is expressed in such forward looking statements.
 
 
 
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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.
 
 
 
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Message From ICON Funds
 
Dear ICON Shareholder:
 
Because of the discipline inherent in the ICON system, I never expected to write a letter to shareholders explaining the type of negative returns we and much of our industry have posted over the last fiscal year. Using our valuation methodology, we buy stocks we believe are on sale and we do not chase what we think are over-priced, hot trends. We screen for quality, favoring well-managed companies with healthy cash positions and lower than average debt levels. We do not underwrite or insure mortgage-backed securities. Although we have owned government agency bonds, ICON resisted the subprime mortgage-backed securities frenzy. We attempt to distance ourselves from Wall Street as we do not take any brokerage “buy, sell or hold” recommendations and we have not purchased IPOs. September 2008 was a particularly harsh month for financial stocks. In response to questions from financial advisers, we wrote the following regarding our Core Equity and Financials sector fund: “it is noteworthy that neither fund owned the following stocks as of 8/31/08; Fannie Mae, Freddie Mac, Merrill Lynch, Lehman Brothers, Washington Mutual or AIG.” We sold another headliner, Bear Stearns, in early July 2007 in the $139 per share range. Although ICON’s disciplined, value-based methodology allowed us to stay clear of these and similar problematic securities, our portfolios were dragged down by the recent financial crisis nevertheless.
 
We have analyzed past market peaks in an effort to identify indicators that forecast a subsequent bear market. The only recurring behavior we have identified involves valuation; that is, we discovered that stocks are priced much higher than our estimation of their intrinsic value at a typical peak. For example, stocks were significantly overpriced according to our system prior to the crash of October 1987. More recently, prices of technology and telecommunication issues were way above our estimate of intrinsic value just before their severe decline in 2000. Based on our estimation of intrinsic value, however, stocks were not overpriced in late 2007. Therefore, we had no indication of a potential severe market drop. The market behaved like quick sand, with stocks dropping in reaction to news events, even though they were not overpriced under our methodology. We take little solace in the fact that we were not alone, and that few advisers could have anticipated the panic selling that dragged the market lower as fiscal year 2008 came to a close. The damage was so widespread that investors had no place to hide in September, except in cash, which was also subject to its own risks and limitations.
 
If you have followed the behavior of the ICON system over the last two decades you have noticed a pattern. When stock prices dropped quickly and
 
 
 
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were significantly below our estimate of intrinsic value, we held and even rotated into attractive industries in an effort to capture the emerging leadership. With each sudden market decline, we stated that the price drop was created by investors overreacting, and, further that we expected prices to move higher and catch up to value. For two decades our decision to remain invested in anticipation of price catching up to value has been effective and critical to our success. As we entered the fiscal year, we saw no reason to change our strategy or behavior.
 
In late 2007, stock prices dropped in reaction to the initial problems regarding the subprime mortgage situation. We checked all inputs to our valuation equation, such as earnings estimates and risk, and they were steady. With stocks priced below our estimate of intrinsic value, we believed investors (and, accordingly, the market) had over-reacted. In response to further developments, stock prices dropped again in January and yet again in March. With each drop, stocks continued to look cheap and inputs to our valuation equation remained steady. Each dip this fiscal year looked like an overreaction to the data available at the time, just like the sudden dips we’d seen on several occasions over the last two decades. We stuck to our system in what proved to be an unprecedented setting.
 
The dictates of the ICON system are pretty simple. First, when stocks are cheap, the ICON system focuses on value - not news events - and directs us to remain invested. Second, when stocks are expensive, the system favors cash. Third, the system attempts to capture industry leadership that typically lasts one to two years. By sticking rigidly to its discipline, we believe the ICON system can handle most market situations through time. We believe also that the events of the last twelve months have been extraordinary - rare, unusual, and even unlikely to reoccur. The ICON system depends in no small part on the integrity of the market. While several parties share blame for this most recent economic crisis, the evident failure of many companies to properly disclose their financial condition caught ICON and most other investment professionals off-guard. Obviously, the ICON system did not handle the last 12-months well. Frankly, few systems did.
 
Current Situation and Outlook
 
The monetarist theory of economics believes that when the money supply grows it will stimulate the economy with about a six to nine month lag. When the money supply contracts, the monetarist theory believes that contraction will slow the economy by a similar lag. One way to measure the money supply is M1, which is defined to be currency plus demand deposits (checking accounts). When a bank makes a loan, a demand deposit is created, which, by definition, creates money. In August 2007 the Federal Reserve (“FED”) eased monetary policy and injected reserves into the
 
 
 
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banking system. Such easing normally promotes banks to make loans which, in turn, creates M1 and stimulates the economy. Despite the continued monetary easing through late 2007 and early 2008, banks did not increase their lending, partly through caution but mostly because the illiquid mortgage-backed securities they held hurt their capital ratios.
 
The primary goal of the Troubled Asset Relief Program or “TARP” package is for the U.S. Treasury to buy those mortgage-backed securities. The banks will record a loss on the securities, as they should, but will immediately have cash and greatly improved capital ratios, which means they can make loans again. Through loans, M1 can grow and stimulate the economy. In separate actions, the FED announced that it will pump an additional $630 billion into the global financial system through what it calls currency swaps with foreign central banks. The FED also announced its intent to buy commercial paper in the short-term money market. Finally, the U.S. Treasury Department announced it will buy stock in banks to help their capital ratios.
 
Over the 19 week period from late May through early October, M1 grew 11.6%. That is not annualized. It is 11.6% in 19 weeks. That is a sensational pace and is evidence banks are lending. If the lending continues and M1 continues to grow, we believe it will stimulate the economy. Typical timing would suggest that the economy might hit a bottom winter or spring 2009.
 
The market place seems unable to understand monetary stimulation and policy, as distinguished from fiscal policy. Fiscal policy is more obvious as it targets a specific income level, segment of the economy or industry. People can understand it. A monetary stimulus, on the other hand, is vague, broad, intangible, but, in the view of monetarists, very powerful. A monetary stimulus is just slow. It may be a few months before a monetary stimulus takes effect and it works behind the scenes, so to speak.
 
We believe the monetary stimulus is underway and will result in an economic recovery in 2009. We also see many of the behaviors and data typical of market bottoms falling in place. After coming through the extraordinary events of the last 12-months, investors and money managers have to do an assessment. They have to decide if they should make adjustments and changes or whether the events of the last fiscal year were anomalous and unlikely to be repeated. While investors should consult with their financial advisers regarding their unique needs and goals, generally speaking I would encourage most investors to not make major adjustments. Too many times I have seen investors set investment policy by looking in the rear view mirror, especially regarding their allocation to equities. It is usually not productive to make major changes in response to extraordinary events like those of the past 12-months.
 
 
 
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We expect that the financial system will emerge stronger and better than before. This was not the first unanticipated problem to hit our financial and banking system; nor will it be the last. The same problems generally do not recur, although new ones arise from time to time. We fix an existing problem and move on. And that’s exactly what the financial and banking system is doing in response to this most recent crisis.
 
At ICON we remain convinced that our calculation of intrinsic value is valid and that valuation, in combination with industry relative strength readings, can identify industry leadership for one to two year moves. We expect that investors will continue to demonstrate the kind of overreaction to events we have recognized and avoided in the past. We will try to capitalize on that overreaction by allowing our valuation methodology to guide our buying and selling. We take the same advice we pass on to our investors: we do not believe in making major changes to our investment game-plan by looking at a bad situation in the rear view mirror. We believe our system is well designed to handle most events. Changing the system in order to handle an extreme retroactive event would hinder our ability to address most everyday situations. And while the events of the last 12-months have been nothing shy of extraordinary, we believe much of the carnage has run its course. It is difficult to predict market bottoms, but as we say at ICON, rallies do not issue invitations. Therefore, we encourage you to ride out whatever remains of the storm with us and remain invested in order to participate in any ensuing rally.
 
Yours truly,
 
-s- Craig T. Callahan
Craig T. Callahan, DBA
Chairman of the Board of Trustees and President of the Adviser
 
 
 
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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, Class S returned -41.26% for the fiscal year ended September 30, 2008, underperforming its benchmark, the MSCI All Country Pacific Index, which returned -32.39%. Class A shares of the Fund returned -41.53% (and -44.88% with maximum sales charge) during the same period. Since their inception dates, Class I, Class C and Class Z returned -31.17%, -31.46% and -30.95%, respectively. Total returns for other periods as of September 30, 2008 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, 2008, the Asia-Pacific region underperformed the broad U.S. market. The region experienced its peak in late October 2007 and has since fallen off precipitously primarily due to the global credit crisis that began just prior to the summer of 2007. The last 12-months have been marked by short periods of sector leadership with sudden and dramatic shifts to new areas of leadership. Our investment strategy focuses on identifying one to two year trends of industry leadership. The period’s volatility and rapid changes in leadership proved challenging to our system.
 
Guided by ICON’s value and relative strength readings, the Fund shifted away from Singapore and Malaysia, as the Industrials and Financials sectors saw declines. We increased the Fund’s exposure to Japan and Australia as we identified Consumer Discretionary industries as attractive opportunities.
 
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 12-month period. These allocations were overweight the predominantly large-cap benchmark, and the overweighting of small-cap stocks in particular hindered performance as they were the worst performing group over this period.
 
Q.  How did the Fund’s composition affect performance?
 
A.  From an industry perspective, Fund holdings that were concentrated in the defensive, non-cyclical part of the market, including an overweight in the integrated telecommunications services and health care distributors industries, contributed positively to relative performance. Additionally, overweights in the Consumer Discretionary industries home furnishing retail and housewares & specialties contributed positively. Underweights in the diversified real estate activities and steel industries also aided relative performance.
 
 
 
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The US Dollar deteriorated in value relative to many of the region’s currencies, such as the Japanese Yen and Singapore Dollar, during the fiscal year before rebounding in late spring 2008. The Fund employed currency hedges to combat adverse currency moves, which contributed positively to the Fund’s performance.
 
Conversely, the Industrials sector was the largest detractor to performance during the period. The primary contributors to this sector’s underperformance were overweights in the marine and construction & farm machinery & heavy trucks industries.
 
From the country perspective, overweights in Thailand and Malaysia contributed positively to performance. The Fund’s overweight in Hong Kong and underweight in the outperforming country of Japan hindered relative performance.
 
Q.  What is your investment outlook for the Asia-Pacific equity market?
 
A.  Although the period was extremely volatile and the region underperformed, the Asia-Pacific region remains attractive. According to our calculations, we estimate that stocks in the region are trading with a 27% upside to fair value as of fiscal year end. We believe the defensive market theme that emerged in 2008 remains in place with sectors like Health Care and Leisure and Consumer Staples showing relative strength amidst the market turbulence.
 
With value as our core investment tenet, we also look to areas of the market that are trading at deep discounts for possible future leadership. While not showing much relative strength under our methodology, Energy and Materials are the two sectors showing the best value. Additionally, certain industries in the Information Technology and Consumer Discretionary sectors show potential upside.
 
From a country perspective, Japan, South Korea, and Australia are the most attractive and have warranted increased weightings. Most countries in the region, especially Hong Kong, China, and Taiwan, show significant value but lack the relative strength to warrant increased exposure at this time.
 
As 2008 comes to a close, we are doing what we have always done by continuing to seek out industries that trade at a discount to our estimation of fair value and show relative strength. By using value as a guide in our systematic and non-emotional discipline, we see numerous opportunities amidst the turbulence and volatility. We believe that it is nearly impossible to accurately time bottoms and that rallies do not offer invitations. With favorable valuations we remain fully invested and we will make adjustments as market conditions dictate.
 
 
 
10 Management Overview

Table of Contents

 
ICON Asia–Pacific Region Fund
Country Composition
as of September 30, 2008
 
         
Japan
    35.6%  
Hong Kong
    13.3%  
South Korea
    12.9%  
Taiwan
    11.0%  
Australia
    5.7%  
China
    4.1%  
Singapore
    3.7%  
Cayman Islands
    3.3%  
Thailand
    2.5%  
Indonesia
    1.9%  
Bermuda
    1.4%  
Malaysia
    1.1%  
United States of America
    0.4%  
 
Percentages are based upon net assets.
 
ICON Asia–Pacific Region Fund
Sector Diversification
as of September 30, 2008
 
         
Information Technology
    22.6%  
Consumer Discretionary
    21.0%  
Financial
    14.7%  
Materials
    12.6%  
Leisure and Consumer Staples
    7.6%  
Industrials
    5.8%  
Energy
    5.6%  
Telecommunications & Utilities
    4.4%  
Health Care
    2.6%  
 
Percentages are based upon net assets.
 
ICON Asia–Pacific Region Fund
Industry Composition
as of September 30, 2008
 
         
Diversified Banks
    13.4%  
Automobile Manufacturers
    9.2%  
Computer Hardware
    4.9%  
Wireless Telecommunication Services
    4.4%  
Diversified Chemicals
    3.7%  
Semiconductors
    3.4%  
Home Entertainment Software
    3.2%  
Coal & Consumable Fuels
    3.2%  
Trading Companies & Distributors
    3.0%  
Agricultural Products
    2.7%  
Electronic Manufacturing Services
    2.5%  
Computer & Electronics Retail
    2.4%  
Diversified Metals & Mining
    2.3%  
IT Consulting & Other Services
    2.0%  
Apparel Accessories & Luxury Goods
    2.0%  
Fertilizers & Agricultural Chemicals
    1.8%  
Oil & Gas Equipment & Services
    1.7%  
Specialty Chemicals
    1.7%  
Application Software
    1.6%  
Internet Software & Services
    1.5%  
Packaged Foods & Meats
    1.5%  
Specialty Stores
    1.5%  
Steel
    1.4%  
Drug Retail
    1.3%  
Property & Casualty Insurance
    1.3%  
Home Furnishing Retail
    1.3%  
Commodity Chemicals
    1.2%  
Tires & Rubber
    1.2%  
Health Care Supplies
    1.2%  
Computer Storage & Peripherals
    1.2%  
Photographic Products
    1.2%  
Construction & Farm Machinery & Heavy Trucks
    1.1%  
Education Services
    1.0%  
Electronic Equipment Manufacturers
    1.0%  
General Merchandise Stores
    0.9%  
Leisure Products
    0.9%  
Pharmaceuticals
    0.8%  
Integrated Oil & Gas
    0.7%  
Apparel Retail
    0.7%  
Electronic Components
    0.7%  
Electrical Components & Equipment
    0.6%  
Office Electronics
    0.6%  
Research & Consulting Services
    0.6%  
Health Care Services
    0.6%  
Footwear
    0.5%  
Trucking
    0.5%  
Paper Products
    0.5%  
Home Improvement Retail
    0.3%  
 
Percentages are based upon net assets.
 
 
 
Management Overview 11

Table of Contents

 
ICON Asia–Pacific Region Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                                 
                                            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           -41.26 %         7.92 %         6.28 %         0.98 %       1.38 %       1.38 %  
 
 
MSCI All Country Pacific Index
                  -32.39 %         8.35 %         7.08 %         1.62 %       N/A         N/A    
 
 
ICON Asia-Pacific Region Fund - Class I
      1/25/08           N/A           N/A           N/A           -31.17 %       1.63 %       1.63 %  
 
 
MSCI All Country Pacific Index
                  N/A           N/A           N/A           -23.88 %       N/A         N/A    
 
 
ICON Asia-Pacific Region Fund - Class C
      1/25/08           N/A           N/A           N/A           -31.46 %       2.38 %       2.38 %  
 
 
MSCI All Country Pacific Index
                  N/A           N/A           N/A           -23.88 %       N/A         N/A    
 
 
ICON Asia-Pacific Region Fund - Class Z
      1/25/08           N/A           N/A           N/A           -30.95 %       1.38 %       1.25 %  
 
 
MSCI All Country Pacific Index
                  N/A           N/A           N/A           -23.88 %       N/A         N/A    
 
 
ICON Asia-Pacific Region Fund - Class A
      5/31/06           -41.53 %         N/A           N/A           -8.61 %       3.26 %       1.85 %  
 
 
ICON Asia-Pacific Region Fund - Class A (including maximum sales charge of 5.75%)
      5/31/06           -44.88 %         N/A           N/A           -10.91 %       3.26 %       1.85 %  
 
 
MSCI All Country Pacific Index
                  -32.39 %         N/A           N/A           -5.44 %       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 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
12 Management Overview

Table of Contents

ICON Asia–Pacific Region Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Funds’ 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 13

Table of Contents

ICON Asia-Pacific Region Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (96.9%)
  804,895     Acer, Inc.    $ 1,370,925  
  107,000     Asahi Kasei Corp.      450,257  
  1,800     Baidu.com, Inc. - ADR(a)*     446,814  
  389,800     Bangkok Bank Public Co., Ltd.      1,192,116  
  4,550,000     Bank of China, Ltd. - Class H(b)     1,763,299  
  46,000     BHP Billiton, Ltd.      1,189,675  
  31,700     Cheil Industries, Inc.      1,392,704  
  2,162,000     China Agri-Industries Holdings, Ltd.(a)     1,132,999  
  1,135,000     China CITIC Bank Corp., Ltd. - Class H(b)     510,277  
  349,000     China Coal Energy Co. - Class H     368,974  
  3,018,000     China Construction Bank Corp. - Class H(b)     2,013,875  
  122,000     China Mobile, Ltd.      1,222,196  
  608,000     China Petroleum & Chemical Corp.      479,869  
  355,000     China Yurun Food Group, Ltd.(b)     462,928  
  2,363,000     CSE Global, Ltd.      1,414,485  
  14,100     Daewoo Shipbuilding & Marine Engineering Co., Ltd.      355,961  
  23,000     Daiichi Sankyo Co., Ltd.      592,712  
  822,000     Daphne International Holdings, Ltd.      363,383  
  6,530     DC Chemical Co., Ltd.(b)     1,795,626  
  165,000     Denki Kagaku Kogyo Kabushiki Kaisha     434,143  
  36,700     Don Quijote Co., Ltd.(b)     656,505  
  17,500     Dongkuk Steel Mill Co., Ltd.      540,507  
  43,400     Energy Resources of Australia, Ltd.(b)     590,264  
  2,282,000     Global Bio-Chem Technology Group Co., Ltd.      738,120  
  62,100     Hankook Tire Co., Ltd.      871,464  
  99,000     High Tech Computer Corp.      1,537,083  
  28,000     Hitachi Transport System, Ltd.      353,194  
  481,410     Hon Hai Precision Industry Co., Ltd.      1,724,800  
  61,200     Honda Motor Co., Ltd.      1,856,627  
  19,700     Hyundai Motor Co., Ltd.(b)     1,232,967  
  70,000     Incitec Pivot, Ltd.*     294,197  
  276,000     Indo Tambangraya Megah PT     636,465  
  1,964,000     Industrial & Commercial Bank of China, Ltd. - Class H(b)     1,187,071  
  37,700     JB Hi-Fi, Ltd.(b)     372,738  
  13,100     JFE Holdings, Inc.      406,369  
  90     KDDI Corp.      509,892  
  133,000     Kingboard Chemical Holdings, Ltd.      454,141  
  2,008,100     KNM Group Bhd.     744,563  
  27,700     Kobayashi Pharmaceutical Co., Ltd.      846,517  
 
 
 
14 Schedule of Investments

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  7,600     Komeri Co., Ltd.    $ 215,480  
  399,000     KS Energy Services, Ltd.(b)     415,612  
  78,540     Largan Precision Co., Ltd.      824,085  
  9,400     LDK Solar Co., Ltd. - ADR(a)(b)*     282,188  
  339,000     Li Ning Co., Ltd.(b)     594,741  
  33,860     LIG Insurance Co., Ltd.*      681,802  
  48,300     Matsumotokiyoshi Holdings Co., Ltd.      924,413  
  15,400     Meitec Corp.      412,564  
  34,100     Meritz Fire & Marine Insurance Co., Ltd.      240,769  
  58,700     Mitsubishi Corp.      1,224,663  
  55,000     Mitsubishi UFJ Financial Group, Inc.      479,681  
  68,450     Mitsui & Co., Ltd.      849,880  
  17,400     National Australia Bank, Ltd.      351,064  
  112,000     NEC Corp.      478,769  
  2,500     Nintendo Co., Ltd.      1,060,584  
  86,000     Nissan Chemical Industries, Ltd.      789,809  
  15,500     Nitori Co., Ltd.      921,053  
  327     NTT DoCoMo, Inc.      523,502  
  236,000     PaperlinX, Ltd.*     326,271  
  11,900     Point, Inc.(b)     455,666  
  95,000     Primary Health Care, Ltd.      395,803  
  683,000     PT Tambang Batubara Bukit Asam Tbk     669,831  
  1,449,000     Raffles Education Corp., Ltd.      730,356  
  30,000     Ricoh Co., Ltd.      421,888  
  6,700     Rio Tinto, Ltd.      451,319  
  3,458,000     Sa Sa International Holdings, Ltd.      1,030,306  
  3,300     Samsung Electronics Co., Ltd.      1,512,426  
  15,700     Samsung Heavy Industries Co., Ltd.(b)     418,103  
  89,000     Shimadzu Corp.      721,293  
  14,600     Shin-Etsu Chemical Co., Ltd.      694,338  
  251,900     Simplo Technology Co., Ltd.      830,476  
  17,900     SINA Corp.(a)*     630,080  
  1,904,000     Sinofert Holdings, Ltd.      959,859  
  20,000     Square Enix Co., Ltd.      584,987  
  108,000     Sumitomo Bakelite Co., Ltd.      461,942  
  244     Sumitomo Mitsui Financial Group, Inc.      1,530,014  
  561,361     Taiwan Mobile Co., Ltd.      900,069  
  320,900     Taiwan Semiconductor Manufacturing Co., Ltd.      538,327  
  1,016,000     Thai Union Frozen Products Public Co., Ltd.      591,742  
  56,000     The Sumitomo Trust & Banking Co., Ltd.      373,150  
  38,200     The9, Ltd. - ADR(a)(b)*     641,378  
  77,200     Toyota Motor Corp.      3,300,959  
  1,287     Works Applications Co., Ltd.      1,101,177  
  17,800     Yamada Denki Co., Ltd.      1,349,410  
  607,000     Zhuzhou CSR Times Electric Co., Ltd. - Class H     432,299  
                 
Total Common Stocks
(Cost $85,441,725) 		    67,830,830  
 
 
 
Schedule of Investments 15

Table of Contents

                 
Shares or Principal Amount   Value
 
 
Short-Term Investments (0.0%)
$ 537     Brown Brothers Harriman Time Deposit - Australian Dollar, 4.54%, 10/01/08# *   $ 537  
                 
Total Short-Term Investments
(Cost $537) 		    537  
Other Securities (15.0%)
  10,509,338     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%*     10,509,338  
                 
Total Other Securities (Cost $10,509,338)     10,509,338  
Total Investments 111.9% (Cost $95,951,600)     78,340,705  
Liabilities Less Other Assets (11.9%)     (8,361,070 )
         
Net Assets 100.0%   $ 69,979,635  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
* All securities were fair valued (Note 2) as of September 30, 2008 unless noted with a *. Total value of securities fair valued was $64,528,100.
 
# 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, 2008.
 
ADR American Depositary Receipt
 
 
 
16 Schedule of Investments

Table of Contents

ICON Asia-Pacific Region Fund
 
As of September 30, 2008, the Fund had the following forward currency contracts outstanding:
 
                                     
                        Unrealized
 		 
        Delivery
 		  Contract
 		    Market
 		    Appreciation/
 		 
    Currency   Date   Value     Value     (Depreciation)  
   
 
Contracts to Sell:
                                   
(10,500,000,000)
  Korean Won     04/02/09     $ (8,649,094 )   $ (8,839,709 )   $ (190,615 )
(8,700,000)
  Malaysian Ringgit     01/30/09       (2,667,893 )     (2,555,273 )     112,620  
(8,600,000)
  Singapore Dollar     01/30/09       (6,314,707 )     (6,025,346 )     289,361  
(396,000,000)
  Taiwan Dollar     01/30/09       (12,963,205 )     (12,330,378 )     632,827  
                                 
                $ (30,594,899 )   $ (29,750,706 )   $ 844,193  
                                 
Contracts to Buy:
                                   
3,700,000
  Malaysian Ringgit     01/30/09     $ 1,113,117     $ 1,086,726     $ (26,391 )
5,000,000
  Malaysian Ringgit     01/30/09       1,468,860       1,468,548       (312 )
1,200,000
  Singapore Dollar     01/30/09       858,615       840,746       (17,869 )
26,000,000
  Taiwan Dollar     01/30/09       838,709       809,570       (29,139 )
                                 
                $ 4,279,301     $ 4,205,590     $ (73,711 )
                                 
 
The accompanying notes are an integral part of the financial statements.
 
 
 
Schedule of Investments 17

Table of Contents

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 -36.83% for the fiscal year ended September 30, 2008, underperforming the -30.50% return for the MSCI Europe Index. Class A shares of the Fund returned -37.17% (and -40.79% with maximum sales charge) over the same period. Since their inception dates, Class I, Class C and Class Z returned -26.41%, -26.74% and -26.07%, respectively. Total returns for other periods as of September 30, 2008 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 fiscal year opened with the European region priced at 16% below our calculation of intrinsic value. Early gains over the year were short-lived, as the global markets entered a highly turbulent and volatile environment. The subprime loan problems soon evolved into a broad financial credit crisis and its global effects were felt across the region. The Financials and Consumer Discretionary sectors suffered the largest losses, as investors expressed concern about the strength of the banking system and its resulting effect on consumers and their spending habits. Amidst record high crude oil and gold prices, the commodities markets and the related economic sectors of Energy and Materials showed relative strength up to July 2008. These sectors subsequently suffered sharp losses, however, as concerns about slowing global growth and decreased future demand crept into view.
 
Unsurprisingly, investors sought out the perceived safety of sectors that are viewed as historically defensive and less sensitive to economic cycles such as Health Care, Consumer Staples, and Utilities. While these groups fared better during this environment, they still posted losses on an absolute basis as the resulting bear market left participants with no place to hide. Amidst the market turmoil, the European Central Bank raised interest rates to combat rising inflation and the resulting corporate interest rates (used to calculate intrinsic value for our universe of stocks) remained at three year highs. Despite the higher interest rates, governments moved to enact legislation designed to increase liquidity and central bank lending as global commercial banks tightened their lending practices. We ended fiscal year 2008 with stock prices in the
 
 
 
18 Management Overview

Table of Contents

European region showing on average a 50% upside to our estimate of intrinsic value, representing the best bargains across the globe.
 
Foreign Currency exchange rates oscillated dramatically over the last 12-months as well. The U.S. dollar weakened relative to most of the major European currencies during the early part of the year. The dollar reversed its anemic course late in the fiscal year, however, as investors flocked back to what some evidently perceived to be a safer currency amidst the global financial turmoil. This U.S. dollar rebound from July 2008 through the end of fiscal year 2008 hindered Fund returns and compounded the stock price declines experienced over this period.
 
Q.  How did the Fund’s composition affect performance?
 
A.  From an industry perspective, holdings that were concentrated in the defensive, non-cyclical part of the market contributed positively to relative performance. In the Health Care sector, life sciences tools & services contributed positively to relative performance. Similarly, in the Leisure and Consumer Staples sector, the food retail industry aided performance.
 
Fund returns also benefited from minimizing larger benchmark industry laggards. Underweights in the Information Technology sector’s communications equipment industry benefited the Fund’s returns. Likewise, the reduced exposure to the diversified capital markets industry within the Financials sector proved beneficial as well.
 
Conversely, the Fund’s exposure to the Materials sector detracted from performance. Specifically, the diversified metals & mining, fertilizers & agricultural chemicals, and construction materials industries hurt performance. Fund returns were also hurt by an underweighting of the integrated oil & gas and pharmaceuticals industries, which performed better than the benchmark.
 
Regarding country composition, an overweight in Switzerland helped performance, but the Fund’s overweight holdings in Germany and underweight holdings in the United Kingdom detracted from relative performance.
 
Q.  What is your investment outlook for the European equity market?
 
A.  Our analysis suggests that the fear and volatility that has gripped the global financial markets has created equity bargains for the European regions. As fiscal year 2008 ended, we estimated that fair value for European equities was 50% higher, on average, than where prices were currently trading. Under our methodology, this region has the best values relative to all other regions we track globally. Accordingly, we
 
 
 
Management Overview 19

Table of Contents

remain optimistic and we see potential for considerable upside at these levels. We believe the defensive market theme that emerged in 2008 remains in place with sectors like Health Care and Leisure and Consumer Staples showing relative strength amidst the market turbulence.
 
With value as our core investment tenet, we also look to areas of the market that are trading at deep discounts for possible future leadership. While not showing much relative strength, the Energy and Materials sectors show the best value under our methodology. Additionally, the Financials sector is another area with industries that show some attractive upside at these current levels.
 
As our fiscal year comes to an end, we are doing what we have always done by continuing to seek out industries that trade at a discount to our estimation of fair value and show relative strength. By using value as a guide in our systematic and non-emotional discipline, we see numerous opportunities amidst the turbulence and volatility. We believe that it is nearly impossible to accurately time bottoms and that rallies do not offer invitations. With favorable valuations we remain fully invested and we will make adjustments as market conditions dictate.
 
 
ICON Europe Fund
Country Composition
as of September 30, 2008
 
         
Germany
    22.4%  
United Kingdom
    21.6%  
Switzerland
    19.0%  
France
    12.1%  
Netherlands
    7.4%  
Spain
    5.1%  
Sweden
    3.7%  
Turkey
    2.7%  
Italy
    1.9%  
Denmark
    1.6%  
Norway
    0.8%  
Greece
    0.7%  
Bermuda
    0.5%  
Ireland
    0.5%  
Austria
    0.4%  
 
Percentages are based upon net assets.
 
ICON Europe Fund
Sector Diversification
as of September 30, 2008
 
         
Financial
    27.6%  
Leisure and Consumer Staples
    17.3%  
Energy
    14.4%  
Health Care
    12.5%  
Industrials
    9.4%  
Materials
    6.5%  
Consumer Discretionary
    5.6%  
Information Technology
    5.3%  
Telecommunications & Utilities
    1.8%  
 
Percentages are based upon net assets.
 
 
 
20 Management Overview

Table of Contents

ICON Europe Fund
Industry Composition
as of September 30, 2008
 
         
Diversified Banks
    13.4%  
Integrated Oil & Gas
    11.5%  
Multi-Line Insurance
    7.8%  
Packaged Foods & Meats
    5.3%  
Food Retail
    4.9%  
Apparel Accessories & Luxury Goods
    4.6%  
Pharmaceuticals
    4.4%  
Specialty Chemicals
    2.9%  
Distillers & Vintners
    2.8%  
Health Care Equipment
    2.7%  
Industrial Conglomerates
    2.7%  
Fertilizers & Agricultural Chemicals
    2.5%  
Heavy Electrical Equipment
    2.4%  
Oil & Gas Equipment & Services
    2.4%  
Diversified Capital Markets
    2.3%  
Diversified Metals & Mining
    2.3%  
Application Software
    2.2%  
Electrical Components & Equipment
    2.2%  
Reinsurance
    2.1%  
Systems Software
    2.1%  
Agricultural Products
    1.7%  
Health Care Distributors
    1.2%  
Other Diversified Financial Services
    1.2%  
Biotechnology
    1.2%  
Publishing
    1.1%  
Apparel Retail
    1.0%  
Communications Equipment
    1.0%  
Integrated Telecommunication Services
    0.9%  
Metal & Glass Containers
    0.9%  
Security & Alarm Services
    0.9%  
Personal Products
    0.9%  
Alternative Carriers
    0.9%  
Life & Health Insurance
    0.8%  
Human Resource & Employment Services
    0.7%  
Household Products
    0.6%  
Research & Consulting Services
    0.5%  
Oil & Gas Drilling
    0.5%  
Life Sciences Tools & Services
    0.5%  
Steel
    0.4%  
 
Percentages are based upon net assets.
 
 
 
 
Management Overview 21

Table of Contents

ICON Europe Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                                     
                                              Gross
 		      Net
 		 
      Inception
 		                              Since
 		      Expense
 		      Expense
 		 
      Date       1 Year       5 Years       10 Years       Inception       Ratio*       Ratio*  
 
 
ICON Europe Fund - Class S
      2/20/97           -36.83 %         10.66 %         5.58 %         6.91 %         1.35 %         1.35 %  
 
 
MSCI Europe Index
                  -30.50 %         11.50 %         5.22 %         7.03 %         N/A           N/A    
 
 
ICON Europe Fund - Class I
      1/25/08           N/A           N/A           N/A           -26.41 %         1.60 %         1.60 %  
 
 
MSCI Europe Index
                  N/A           N/A           N/A           -21.56 %         N/A           N/A    
 
 
ICON Europe Fund - Class C
      1/25/08           N/A           N/A           N/A           -26.74 %         2.35 %         2.35 %  
 
 
MSCI Europe Index
                  N/A           N/A           N/A           -21.56 %         N/A           N/A    
 
 
ICON Europe Fund - Class Z
      1/25/08           N/A           N/A           N/A           -26.07 %         1.35 %         1.25 %  
 
 
MSCI Europe Index
                  N/A           N/A           N/A           -21.56 %         N/A           N/A    
 
 
ICON Europe Fund - Class A
      5/31/06           -37.17 %         N/A           N/A           -7.74 %         2.43 %         1.84 %  
 
 
ICON Europe Fund - Class A (including maximum sales charge of 5.75%)
      5/31/06           -40.79 %         N/A           N/A           -10.04 %         2.43 %         1.84 %  
 
 
MSCI Europe Index
                  -30.50 %         N/A           N/A           -2.43 %         N/A           N/A    
 
 
 
Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section. The 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 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
22 Management Overview

Table of Contents

ICON Europe Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
Past performance is not a guarantee of future results. The above graph compares a $10,000 investment made in the Funds’ Class S shares on the Class’ inception date of 2/20/97 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 23

Table of Contents

ICON Europe Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (100.4%)
  7,700     Actelion, Ltd.(a)   $ 396,876  
  12,800     Adecco S.A.     556,200  
  37,400     Adidas AG     2,001,322  
  12,775     Allianz AG(b)     1,759,910  
  8,400     Alstom     637,547  
  18,800     Anglo American PLC     634,964  
  6,300     ArcelorMittal - Class A(b)     318,833  
  10,650     Aryzta AG(a)*     415,249  
  147,600     Aviva PLC     1,283,670  
  67,000     AXA     2,192,888  
  141,100     Banco Santander Central Hispano S.A.     2,115,395  
  47,900     BG Group PLC     868,589  
  26,200     BHP Billiton PLC     593,452  
  41,500     BIM Birlesik Magazalar A.S.     1,287,858  
  27,050     BNP Paribas     2,581,755  
  280,800     BP PLC     2,338,241  
  248,700     Cable & Wireless PLC     738,444  
  11,350     Celesio AG     494,788  
  4,500     Christian Dior S.A.     341,241  
  43,800     Commerzbank AG     674,783  
  19,600     Credit Suisse Group     915,603  
  49,800     Daily Mail & General Trust PLC - Class A     287,355  
  4,900     Deutsche Bank AG     355,752  
  73,300     Diageo PLC     1,250,275  
  258,000     Dogan Sirketler Grubu Holdings A.S.(a)     299,103  
  15,700     Draegerwerk AG & Co. KGaA     849,700  
  37,500     Eni S.p.A.(b)     993,835  
  4,600     Fresenius SE     337,559  
  14,100     Fugro N.V.     832,520  
  1,530     Galenica AG     547,274  
  66,300     Gerry Weber International AG     1,505,798  
  53,900     Getinge AB - Class B(b)     1,111,349  
  13,200     GFK AG     404,693  
  24,100     Grifols S.A.     615,700  
  14,000     Henkel AG & KGaA     511,579  
  21,100     Hennes & Mauritz AB - Class B(b)     864,256  
  209,000     HSBC Holdings PLC     3,380,759  
  48,600     ING Groep N.V.     1,041,727  
  17,530     K+S AG     1,248,019  
  104,840     Koninklijke Ahold N.V.     1,210,909  
  8,000     Koninklijke DSM N.V.     378,343  
  11,500     Leoni AG     350,257  
  17,200     Lonza Group AG     2,158,681  
  9,300     Merck KGaA     991,640  
  9,500     Muenchener Rueckversicherungs-Gesellschaft AG     1,437,407  
  14,560     National Bank of Greece S.A.     589,953  
  104,050     Nestle S.A.     4,497,985  
  27,700     Novartis AG     1,458,782  
  21,900     Nutreco Holding N.V.     1,030,743  
  16,000     Oriflame Cosmetics S.A.     741,471  
  12,700     Pernod Ricard S.A.     1,118,596  
  45,900     Petrofac, Ltd.     479,537  
  21,700     Prosegur Compania de Seguridad S.A.     754,699  
  77,800     Prudential PLC     709,275  
  20,400     QIAGEN N.V.(a)     401,912  
  5,000     Raiffeisen International Bank Holding AG(b)     361,079  
  23,300     Reed Elsevier N.V.     345,606  
  110,410     Rexam PLC     784,334  
  11,710     Rio Tinto PLC     734,803  
 
 
 
24 Schedule of Investments

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  8,030     Roche Holding AG   $ 1,257,367  
  89,600     Royal Dutch Shell PLC - Class B     2,516,747  
  21,500     Saipem S.p.A.     643,210  
  35,500     SAP AG     1,888,915  
  19,400     Seadrill, Ltd.     402,114  
  21,130     Siemens AG     1,987,145  
  11,800     Societe Generale     1,059,838  
  11,800     Software AG     676,032  
  34,700     Solarworld AG     1,512,985  
  26,800     StatoilHydro ASA     637,145  
  6,700     Swiss Re     371,986  
  3,970     Syngenta AG     837,433  
  48,000     Telefonaktiebolaget LM Ericsson - Class B     456,004  
  33,900     Telefonica S.A.     805,944  
  57,505     Temenos Group AG(a)(b)     1,096,532  
  247,900     Tesco PLC     1,723,888  
  22,000     TKH Group N.V.     408,000  
  38,000     Total S.A.     2,308,167  
  101,000     Turkiye Is Bankasi - Class C     419,029  
  170,000     Turkiye Vakiflar Bankasi T.A.O. - Class D     278,283  
  42,000     UBS AG(a)     718,074  
  15,200     Vestas Wind Systems A/S(a)     1,326,956  
  16,100     Wolters Kluwer N.V.     326,271  
  4,750     Zurich Financial Services AG     1,315,724  
                 
Total Common Stocks (Cost $103,487,092)     85,094,662  
Short-Term Investments (0.0%)
       
$ 18     Brown Brothers Harriman Time Deposit - British Pound, 3.92%, 10/01/08#*     18  
  540     Brown Brothers Harriman Time Deposit - Euro, 3.10%, 10/01/08#*     540  
  9     Brown Brothers Harriman Time Deposit - Norwegian Kroner, 4.81%, 10/01/08#*     9  
  4     Brown Brothers Harriman Time Deposit - Swedish Krona, 4.14%, 10/01/08#*     4  
  36     Brown Brothers Harriman Time Deposit - Swiss Frank, 1.51%, 10/01/08#*     36  
                 
         
Total Short-Term Investments (Cost $607)     607  
Other Securities (5.6%)
  4,730,083     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%*     4,730,083  
                 
Total Other Securities
(Cost $4,730,083) 		    4,730,083  
Total Investments 106.0%
(Cost $108,217,782) 		    89,825,352  
Liabilities Less Other Assets (6.0%)     (5,100,365 )
         
Net Assets 100.0%   $ 84,724,987  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
* All securities were fair valued (Note 2) as of September 30, 2008 unless noted with a *. Total value of securities fair valued was $84,679,413.
 
 
 
Schedule of Investments 25

Table of Contents

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

 
 
Q.  How did the Fund perform relative to its benchmark?
 
A.  For the fiscal year ended September 30, 2008, the ICON International Equity Fund returned -39.85% for Class I shares, -40.38% for Class C shares and -39.66% for Class Z shares, underperforming the -29.98% return of the MSCI All Country World Index (ACWI) ex-U.S., the Fund’s benchmark. Class A shares of the Fund returned -39.95% (and -43.39% with maximum sales charge) during the same period. Since their inception dates, Class S and Class Q returned -28.92% and -29.66%, respectively. Total returns for other periods as of September 30, 2008 appear in the subsequent pages of this Fund’s Management Overview.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  During the period, international markets underperformed U.S. equities. The Fund saw broad declines among the major regions, but the Western Hemisphere region, highlighted by Canada, Brazil, and Mexico, performed relatively better than the Asia-Pacific and European regions. The last 12-months have been marked by short periods of sector leadership with sudden and dramatic shifts to new areas of leadership. Our investment strategy focuses on identifying one to two year trends of industry leadership. The period’s volatility and rapid changes in leadership proved challenging to our system.
 
The most significant reallocation in the Fund during the period was an increased weighting in Europe and a decreased position in Asia-Pacific. Driven by falling valuations in the Asia-Pacific region and declines in Industrials and other cyclical stocks during this defensive-themed period, the Fund was gradually pulled toward the Europe region. Relative strength also led to slight increases to Western Hemisphere exposure.
 
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 this 12-month period. These allocations were overweight the predominantly large-cap benchmark, and the overweighting of small-cap stocks in particular hindered performance as large-cap stocks outperformed during this period.
 
Currency movements worldwide throughout the fiscal year had a negative effect on returns. The U.S. dollar experienced a rebound in the last months of the fiscal year, and the Fund was able to benefit from
 
 
 
26 Management Overview

Table of Contents

currency hedging activities on the Taiwan Dollar, Singapore Dollar, and Malaysian Ringgit.
 
Q.  How did the Fund’s composition affect performance?
 
A.  The Fund’s overweighting of Asia-Pacific Industrials and Information Technology sectors proved to be detrimental as these areas saw sharp declines in the wake of the global market downturn. From a country perspective, overweights in Switzerland and underweights in Australia helped relative returns. In contrast, overweights in China, South Korea, and Hong Kong were a drag on performance as those markets suffered more over this time period.
 
From a sector perspective, the Fund’s active underweighting in the Financials sector proved effective as this group’s declines outpaced those of the benchmark. Overweighting the multi-line insurance industry and underweighting the diversified capital markets and diversified real estate activities industries helped relative performance.
 
Conversely, the prior year’s standout leaders in the Industrials sector, marine shipping and shipbuilding stocks, were large detractors as those groups underperformed over the last 12-months. Further, underweightings in the Energy sector also hindered Fund returns as Energy stocks and industries held up better than the benchmark over this period of declines.
 
Q.  What is your investment outlook for the international equity market?
 
A.  With our analysis showing continued parity in value across the major international regions during the past fiscal year, we still see opportunity worldwide, albeit less than in years past. Our analysis suggests that the fear and volatility that has gripped the global financial markets has created bargains in international equities. We estimate that at fiscal year end fair value for international equities is 36% higher on average than where prices are trading.
 
We believe the defensive market theme that emerged in 2008 remains in place, with sectors like Health Care and Leisure and Consumer Staples showing relative strength amidst the market turbulence. Our calculations suggest that leadership could be imminent in the Information Technology, Materials, and Energy 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 that we monitor. Switzerland and the United Kingdom remain the most attractive countries in the European region, according
 
 
 
Management Overview 27

Table of Contents

to our analysis. Within the Western Hemisphere, Canada looks attractive and Japan currently leads in the Asia-Pacific region.
 
Presently, we are doing what we have always done by continuing to seek out industries that trade at a discount to our estimation of fair value and show relative strength. By using value as a guide in our systematic and non-emotional discipline, we see numerous opportunities amidst the turbulence and volatility. We believe that it is nearly impossible to accurately time bottoms and that rallies do not offer invitations. With favorable valuations we remain fully invested and we will make adjustments as market conditions dictate.
 
ICON International Equity Fund
Country Composition
as of September 30, 2008
 
         
Switzerland
    14.6%  
Germany
    14.1%  
Canada
    12.3%  
United Kingdom
    10.4%  
France
    6.7%  
Japan
    5.8%  
Hong Kong
    4.1%  
Spain
    3.0%  
Taiwan
    3.0%  
Netherlands
    2.8%  
South Korea
    2.6%  
Singapore
    2.0%  
Turkey
    1.8%  
Sweden
    1.6%  
Brazil
    1.5%  
China
    1.5%  
Israel
    1.3%  
South Africa
    1.3%  
Denmark
    1.2%  
Italy
    1.1%  
Indonesia
    0.9%  
Malaysia
    0.7%  
Australia
    0.6%  
Norway
    0.5%  
Ireland
    0.4%  
Austria
    0.3%  
 
Percentages are based upon net assets.
 
ICON International Equity Fund
Sector Diversification
as of September 30, 2008
 
         
Financial
    26.9%  
Leisure and Consumer Staples
    14.4%  
Health Care
    12.6%  
Energy
    11.1%  
Information Technology
    9.3%  
Industrials
    7.4%  
Consumer Discretionary
    6.2%  
Materials
    6.0%  
Telecommunications & Utilities
    2.2%  
 
Percentages are based upon net assets.
 
 
 
 
28 Management Overview

Table of Contents

ICON International Equity Fund
Industry Composition
as of September 30, 2008
 
         
Diversified Banks
    13.4%  
Integrated Oil & Gas
    6.7%  
Multi-Line Insurance
    6.0%  
Packaged Foods & Meats
    4.9%  
Pharmaceuticals
    4.5%  
Life & Health Insurance
    3.0%  
Application Software
    2.8%  
Diversified Capital Markets
    2.7%  
Health Care Equipment
    2.5%  
Broadcasting & Cable TV
    2.4%  
Diversified Metals & Mining
    2.4%  
Specialty Chemicals
    2.3%  
Drug Retail
    2.3%  
Agricultural Products
    2.2%  
Industrial Conglomerates
    2.2%  
Apparel Accessories & Luxury Goods
    2.1%  
Automobile Manufacturers
    2.1%  
Food Retail
    1.9%  
Fertilizers & Agricultural Chemicals
    1.9%  
Oil & Gas Equipment & Services
    1.9%  
Coal & Consumable Fuels
    1.7%  
Biotechnology
    1.6%  
Wireless Telecommunication Services
    1.6%  
Computer Hardware
    1.4%  
Diversified Chemicals
    1.4%  
IT Consulting & Other Services
    1.2%  
Electronic Manufacturing Services
    1.2%  
Heavy Electrical Equipment
    1.2%  
Railroads
    1.1%  
Systems Software
    1.1%  
Electrical Components & Equipment
    1.0%  
Reinsurance
    1.0%  
Health Care Distributors
    1.0%  
Semiconductors
    1.0%  
Other Diversified Financial Services
    0.8%  
Oil & Gas Drilling
    0.8%  
Apparel Retail
    0.7%  
Education Services
    0.7%  
Aerospace & Defense
    0.7%  
Life Sciences Tools & Services
    0.7%  
Alternative Carriers
    0.6%  
Home Entertainment Software
    0.6%  
Security & Alarm Services
    0.5%  
Trading Companies & Distributors
    0.4%  
Footwear
    0.4%  
Publishing
    0.4%  
Construction & Engineering
    0.3%  
Steel
    0.3%  
Cable & Satellite
    0.3%  
Computer & Electronics Retail
    0.2%  
 
Percentages are based upon net assets.
 
 
 
 
Management Overview 29

Table of Contents

ICON International Equity Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                                 
                                            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           N/A           N/A           N/A           -28.92 %       1.26 %       1.26 %  
 
 
MSCI ACWI ex-U.S.
                  N/A           N/A           N/A           -22.02 %       N/A         N/A    
 
 
ICON International Equity Fund - Class I
      2/6/04           -39.85 %         N/A           N/A           5.99 %       1.54 %       1.54 %  
 
 
MSCI ACWI ex-U.S.
                  -29.98 %         N/A           N/A           8.29 %       N/A         N/A    
 
 
ICON International Equity Fund - Class C
      2/19/04           -40.38 %         N/A           N/A           4.08 %       2.57 %       2.56 %  
 
 
MSCI ACWI ex-U.S.
                  -29.98 %         N/A           N/A           7.67 %       N/A         N/A    
 
 
ICON International Equity Fund - Class Z
      2/18/97           -39.66 %         11.79 %         6.02 %         6.71 %       1.26 %       1.26 %  
 
 
MSCI ACWI ex-U.S.
                  -29.98 %         11.79 %         6.84 %         5.63 %       N/A         N/A    
 
 
ICON International Equity Fund - Class A
      5/31/06           -39.95 %         N/A           N/A           -7.47 %       1.70 %       1.69 %  
 
 
ICON International Equity Fund - Class A (including maximum sales charge of 5.75%)
      5/31/06           -43.39 %         N/A           N/A           -9.79 %       1.70 %       1.69 %  
 
 
MSCI ACWI ex-U.S.
                  -29.98 %         N/A           N/A           -2.05 %       N/A         N/A    
 
 
ICON International Equity Fund - Class Q
      1/28/08           N/A           N/A           N/A           -29.66 %       1.26 %       1.26 %  
 
 
MSCI ACWI ex-U.S.
                  N/A           N/A           N/A           -22.02 %       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 Fund expenses; without these limitations, returns would have been lower. The limitation provisions may be terminated in the future. Class Q shares are closed to new investors and are only available to grandfathered investors. Class Z shares are only available to institutional investors.
 
*  Please see the January 28, 2008 prospectus for details.
 
Class C total returns exclude applicable sales charges. If sales charges were included, returns would be lower.
 
 
 
30 Management Overview

Table of Contents

 
ICON International Equity Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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 31

Table of Contents

ICON International Equity Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (95.5%)
  1,351,980     Acer, Inc.   $ 2,302,739  
  16,900     Actelion, Ltd.(a)     871,064  
  39,700     Adidas AG     2,124,398  
  19,520     Allianz AG     2,689,115  
  26,900     Anglo American PLC     908,539  
  16,800     Aryzta AG(a)*     655,040  
  67,200     Astral Media, Inc.*     2,016,632  
  229,200     Aviva PLC     1,993,340  
  105,500     AXA     3,452,980  
  156,400     Banco Santander Central Hispano S.A.     2,344,776  
  6,334,000     Bank of China, Ltd. - Class H(b)     2,454,667  
  17,600     Bank of Nova Scotia*     793,985  
  53,800     BHP Billiton PLC     1,218,616  
  41,800     Bidvest Group Ltd.     535,698  
  39,500     BIM Birlesik Magazalar A.S.     1,225,793  
  40,100     BNP Paribas     3,827,297  
  219,600     Bombardier, Inc. - Class B*     1,192,940  
  276,400     BP PLC     2,301,601  
  356,100     Cable & Wireless PLC     1,057,338  
  39,800     Canadian National Railway Co.*     1,899,477  
  19,500     Celesio AG     850,076  
  3,570,000     China Agri-Industries Holdings, Ltd.(a)(b)     1,870,864  
  2,244,000     China CITIC Bank Corp., Ltd. - Class H(b)     1,008,866  
  615,000     China Coal Energy Co. - Class H     650,197  
  2,833,000     China Construction Bank Corp. - Class H(b)     1,890,427  
  82,000     China Mobile, Ltd.     821,476  
  52,100     Cogeco Cable, Inc.*     1,951,302  
  67,200     Commerzbank AG     1,035,283  
  45,100     Credit Suisse Group     2,106,821  
  3,415,000     CSE Global, Ltd.     2,044,210  
  107,600     Daily Mail & General Trust PLC - Class A     620,871  
  1,492,000     Daphne International Holdings, Ltd.     659,570  
  8,210     DC Chemical Co., Ltd.(b)     2,257,594  
  10,900     Deutsche Bank AG     791,368  
  424,000     Dogan Sirketler Grubu Holdings A.S.(a)     491,549  
  28,700     Draegerwerk AG & Co. KGaA     1,553,273  
  47,800     Energy Resources of Australia, Ltd.(b)     650,107  
  35,300     Eni S.p.A.(b)     935,530  
  111,700     Foschini Limited     541,922  
  9,400     Fresenius SE     689,795  
  18,800     Fugro N.V.     1,110,027  
  2,140     Galenica AG     765,468  
  60,900     Gerry Weber International AG     1,383,154  
  93,600     Getinge AB - Class B     1,929,911  
 
 
 
32 Schedule of Investments

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  71,700     Grifols S.A.   $ 1,831,771  
  81,400     Group Five     565,411  
  17,300     Hennes & Mauritz AB - Class B(b)     708,608  
  555,450     Hon Hai Precision Industry Co., Ltd.     1,990,071  
  191,100     HSBC Holdings PLC     3,091,211  
  17,500     Hyundai Motor Co., Ltd.(b)     1,095,275  
  665,000     Indo Tambangraya Megah PT     1,533,511  
  64,000     ING Groep N.V.     1,371,822  
  41,800     JB Hi-Fi, Ltd.(b)     413,275  
  26,720     K+S AG     1,902,286  
  3,098,000     KNM Group Bhd.     1,148,676  
  31,100     Lonza Group AG     3,903,197  
  87,100     Manulife Financial Corp.*     3,133,635  
  104,000     Matsumotokiyoshi Holdings Co., Ltd.     1,990,455  
  16,300     Merck KGaA     1,738,036  
  34,000     Metalurgica Gerdau S.A.*     524,727  
  79,800     Mitsubishi UFJ Financial Group, Inc.     695,974  
  58,000     Mitsui & Co., Ltd.     720,132  
  11,200     Muenchener Rueckversicherungs-Gesellschaft AG     1,694,628  
  25,700     Naspers Limited     508,408  
  187,200     Nestle S.A.     8,092,483  
  2,300     Nintendo Co., Ltd.     975,737  
  33,740     Novartis AG     1,776,870  
  24,300     Nutreco Holding N.V.     1,143,701  
  42,500     Petro-Canada*     1,414,004  
  54,200     Petroleo Brasiliero S.A.*     984,626  
  9,800     Potash Corp. of Saskatchewan, Inc.*     1,270,776  
  77,400     Precision Drilling Corp.(b)*     1,273,026  
  24,800     Prosegur Compania de Seguridad S.A.     862,513  
  91,800     Prudential PLC     836,909  
  55,900     QIAGEN N.V.(a)     1,101,317  
  2,439,000     Raffles Education Corp., Ltd.     1,229,356  
  6,440     Raiffeisen International Bank Holding AG(b)     465,070  
  16,650     Rio Tinto PLC     1,044,788  
  10,440     Roche Holding AG     1,634,734  
  57,200     Rogers Communications, Inc. - Class B*     1,855,774  
  19,300     Royal Bank of Canada*     916,024  
  77,300     Royal Dutch Shell PLC - Class B     2,171,256  
  27,800     Saipem S.p.A.     831,686  
  2,080     Samsung Electronics Co., Ltd.     953,286  
  48,900     SAP AG     2,601,914  
  37,000     Shoppers Drug Mart Corp.*     1,785,667  
  28,000     Siemens AG     2,633,226  
  17,600     Societe Generale     1,580,776  
  39,300     Solarworld AG     1,713,553  
  36,000     StatoilHydro ASA     855,866  
  136     Sumitomo Mitsui Financial Group, Inc.     852,795  
  29,200     Sun Life Financial, Inc.*     1,020,902  
 
 
 
Schedule of Investments 33

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  372,564     Taiwan Semiconductor Manufacturing Co., Ltd.   $ 624,996  
  97,800     Temenos Group AG(a)(b)     1,864,896  
  296,800     Tesco PLC     2,063,937  
  49,000     Teva Pharmaceutical Industries, Ltd. - ADR(b)*     2,243,710  
  38,055     Total S.A.     2,311,508  
  56,200     Toyota Motor Corp.     2,403,030  
  296,000     Turkiye Is Bankasi - Class C     1,228,044  
  84,300     UBS AG(a)     1,441,278  
  22,100     Vestas Wind Systems A/S(a)     1,929,324  
  2,419     Works Applications Co., Ltd.(b)     2,069,734  
  6,510     Zurich Financial Services AG     1,803,234  
                 
Total Common Stocks (Cost $196,909,222)     158,899,131  
 
Preferred Stock (0.6%)
  60,600     Companhia Vale do Rio Doce - Class A*     1,028,900  
                 
Total Preferred Stocks (Cost $1,827,804)     1,028,900  
Short-Term Investments (0.9%)
$ 1     Brown Brothers Harriman Time Deposit - British Pound, 3.92%, 10/01/08*#     1  
  2,958     Brown Brothers Harriman Time Deposit - Euro, 3.10%, 10/01/08*#     2,958  
  1     Brown Brothers Harriman Time Deposit - Japanese Yen, 0.01%, 10/01/08*#     1  
  1,463,669     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08*#     1,463,669  
                 
Total Short-Term Investments
(Cost $1,466,629) 		    1,466,629  
 
Other Securities (10.0%)
  16,673,069     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%*     16,673,069  
                 
Total Other Securities (Cost $16,673,069)     16,673,069  
Total Investments 107.0% (Cost $216,876,724)     178,067,729  
Liabilities Less Other Assets (7.0%)     (11,675,728 )
         
Net Assets 100.0%   $ 166,392,001  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
* All securities were fair valued (Note 2) as of September 30, 2008 unless noted with a “*”. Total value of securities fair valued was $133,966,884.
 
# 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, 2008.
 
ADR American Depositary Receipt
 
 
 
34 Schedule of Investments

Table of Contents

ICON International Equity Fund
 
As of September 30, 2008, the Fund had the following forward currency contracts outstanding:
 
                                     
                        Unrealized
 		 
        Delivery
 		  Contract
 		    Market
 		    Appreciation/
 		 
    Currency   Date   Value     Value     (Depreciation)  
   
 
Contracts to Sell:
                                   
(5,000,000,000)
  Korean Won     04/02/09     $ (4,118,616 )   $ (4,209,385 )   $ (90,769 )
(8,300,000)
  Malaysian Ringgit     01/30/09       (2,545,232 )     (2,437,790 )     107,442  
(9,900,000)
  Singapore Dollar     01/30/09       (7,269,256 )     (6,936,154 )     333,102  
(229,000,000)
  Taiwan Dollar     01/30/09       (7,496,399 )     (7,130,446 )     365,953  
                                 
                $ (21,429,503 )   $ (20,713,775 )   $ 715,728  
                                 
Contracts to Buy:
                                   
1,500,000
  Malaysian Ringgit     01/30/09     $ 451,263     $ 440,564     $ (10,699 )
6,800,000
  Malaysian Ringgit     01/30/09       1,997,650       1,997,226       (424 )
1,100,000
  Singapore Dollar     01/30/09       787,064       770,684       (16,380 )
9,000,000
  Taiwan Dollar     01/30/09       290,323       280,236       (10,087 )
                                 
                $ 3,526,300     $ 3,488,710     $ (37,590 )
                                 
 
The accompanying notes are an integral part of the financial statements.
 
 
 
Schedule of Investments 35

Table of Contents

 
Statements of Assets and Liabilities
September 30, 2008
                         
    ICON
 		             
    Asia-Pacific
 		    ICON
 		    ICON
 		 
    Region
 		    Europe
 		    International
 		 
    Fund     Fund     Equity Fund  
 
Assets
                       
Investments, at cost
  $ 95,951,600     $ 108,217,782     $ 216,876,724  
                         
Investments, at value†
    78,340,705       89,825,352       178,067,729  
Cash
    -       -       8,586  
Foreign currency, at value (cost $310,516, $267,775 and $1,176,749)
    307,277       267,876       1,173,747  
Unrealized appreciation on forward foreign currency exchange contracts
    1,034,808       -       806,497  
Receivables:
                       
Fund shares sold
    77,651       48,642       154,703  
Investments sold
    3,456,254       2,423,646       5,504,003  
Interest
    12,569       3,802       19,614  
Dividends
    272,537       119,687       380,417  
Expense reimbursements by Adviser
    2,021       1,557       -  
Foreign tax reclaims
    -       51,520       149,875  
Other assets
    49,549       49,320       69,631  
                         
Total Assets
    83,553,371       92,791,402       186,334,802  
                         
Liabilities
                       
Payables:
                       
Due to custodian bank
    1,134,605       786,492       1,924  
Interest
    7,379       6,896       787  
Investments bought
    1,209,709       2,123,476       2,542,185  
Payable for collateral received on securities loaned
    10,509,338       4,730,083       16,673,069  
Fund shares redeemed
    308,363       261,145       301,372  
Advisory fees
    70,149       78,420       152,043  
Accrued distribution fees
    144       100       46,900  
Fund accounting fees
    96       98       232  
Transfer agent fees
    6,318       5,961       12,098  
Administration fees
    3,347       3,610       7,014  
Trustee fees
    1,897       2,128       4,129  
Accrued expenses
    58,065       68,006       72,689  
Unrealized depreciation on forward foreign currency contracts
    264,326       -       128,359  
                         
Total Liabilities
    13,573,736       8,066,415       19,942,801  
                         
Net Assets - All Share Classes
  $ 69,979,635     $ 84,724,987     $ 166,392,001  
                         
Net Assets - Class S
  $ 69,519,411     $ 84,319,527     $ 1,514,815  
                         
Net Assets - Class I
  $ 9,963     $ 16,131     $ 110,029,498  
                         
Net Assets - Class C
  $ 32,968     $ 15,768     $ 22,194,392  
                         
Net Assets - Class Z
  $ 4,932     $ 3,693     $ 13,580,223  
                         
Net Assets - Class A
  $ 412,361     $ 369,868     $ 7,000,598  
                         
Net Assets - Class Q
  $ -       -     $ 12,072,475  
                         
Net Assets Consist of
                       
Paid-in capital
  $ 98,920,738     $ 124,018,482     $ 247,370,086  
Accumulated undistributed net investment income/(loss)
    (188,570 )     1,776,910       2,145,865  
Accumulated undistributed net realized gain/(loss) from investment and foreign currency transactions
    (11,924,745 )     (22,693,871 )     (44,954,730 )
Unrealized appreciation/(depreciation) on investments and other assets and liabilities denominated in foreign currency
    (16,827,788 )     (18,376,534 )     (38,169,220 )
                         
Net Assets
  $ 69,979,635     $ 84,724,987     $ 166,392,001  
Shares outstanding (unlimited shares authorized, no par value)
                       
Class S
    7,338,573       6,373,907       139,725  
Class I
    1,054       1,224       10,269,563  
Class C
    3,505       1,202       2,196,642  
Class Z
    520       279       1,248,763  
Class A
    43,944       28,148       649,207  
Class Q
    -       -       1,111,286  
Net asset value (offering and redemption price per share)
                       
Class S
  $ 9.47     $ 13.23     $ 10.84  
Class I
  $ 9.45     $ 13.18     $ 10.71  
Class C
  $ 9.41     $ 13.12     $ 10.10  
Class Z
  $ 9.48     $ 13.24     $ 10.87  
Class A
  $ 9.38     $ 13.14     $ 10.78  
Class Q
  $ -     $ -     $ 10.86  
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share
  $ 9.95     $ 13.94     $ 11.44  
 
†  Includes securities on loan of $10,019,565, $4,156,323, and $15,482,662.
 
The accompanying notes are an integral part of the financial statements.
 
 
 
36 Financial Statements

Table of Contents

Statements of Operations
For the year ended September 30, 2008
 
                         
    ICON
 		          ICON
 		 
    Asia-Pacific
 		    ICON
 		    International
 		 
    Region
 		    Europe
 		    Equity
 		 
    Fund     Fund     Fund  
Investment Income
                       
Interest
  $ 29,878     $ 25,344     $ 61,720  
Dividends
    3,292,401       4,735,957       7,880,426  
Income from securities lending, net
    54,608       163,587       249,360  
Foreign taxes withheld
    (276,561 )     (479,958 )     (789,582 )
                         
Total Investment Income
    3,100,326       4,444,930       7,401,924  
                         
Expenses
                       
Advisory fees
    1,466,628       1,372,555       2,519,982  
Distribution fees:
                       
Class I
    15       31       436,292  
Class C
    149       64       303,364  
Class A
    2,965       1,332       21,826  
Fund accounting fees
    66,117       64,177       92,373  
Transfer agent fees
    114,663       99,974       154,538  
Custody fees
    114,898       93,770       155,628  
Administration fees
    68,780       64,424       118,374  
Registration fees:
                       
Class S
    28,373       28,798       1,599  
Class I
    461       464       21,557  
Class C
    461       461       21,758  
Class Z
    339       339       -  
Class A
    9,711       9,223       8,946  
Class Q
    -       -       359  
Insurance expense
    13,035       10,366       14,957  
Trustee fees and expenses
    10,626       10,558       17,407  
Interest expense
    111,667       42,271       86,961  
Other expenses
    99,775       83,309       108,294  
Recoupment of previously reimbursed expenses
    -       -       2,692  
                         
Total expenses before expense reimbursement
and transfer agent earnings credit
    2,108,663       1,882,116       4,086,907  
Transfer agent earnings credit
    (3,168 )     (2,928 )     (5,195 )
Expense reimbursement by Adviser due to expense limitation agreement
    (21,793 )     (22,551 )     -  
                         
Net Expenses
    2,083,702       1,856,637       4,081,712  
                         
Net Investment Income/(Loss)
    1,016,624       2,588,293       3,320,212  
                         
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
                       
Net realized gain/(loss) from investment transactions
    (5,390,874 )     (19,985,274 )     (42,436,248 )
Net realized gain/(loss) from foreign currency transactions
    (468,780 )     (315,187 )     (927,844 )
Change in unrealized net appreciation/(depreciation) on investments & foreign currency translations
    (61,368,762 )     (39,200,115 )     (77,067,637 )
                         
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
    (67,228,416 )     (59,500,576 )     (120,431,729 )
                         
Net Increase/(Decrease) in Net Assets Resulting From Operations
  $ (66,211,792 )   $ (56,912,283 )   $ (117,111,517 )
                         
 
The accompanying notes are an integral part of the financial statements.
 
 
 
Financial Statements 37

Table of Contents

Statements of Changes in Net Assets
 
                 
    ICON Asia-Pacific Region Fund  
    Year Ended
 		    Year Ended
 		 
    September 30,
 		    September 30,
 		 
    2008     2007  
Operations
               
Net investment income/(loss)
  $ 1,016,624     $ 1,521,881  
Net realized gain/(loss) from investment transactions
    (5,390,874 )     24,898,211  
Net realized gain/(loss) from foreign currency translations
    (468,780 )     (63,187 )
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations
    (61,368,762 )     31,658,932  
                 
Net increase/(decrease) in net assets resulting from operations
    (66,211,792 )     58,015,837  
                 
Dividends and Distributions to Shareholders
               
Net investment income
               
Class S
    (1,159,659 )     (327,103 )
Class I
    -       -  
Class C
    -       -  
Class Z
    -       -  
Class A
    (7,875 )     (214 )
Net realized gains
               
Class S
    (21,792,618 )     -  
Class I
    -       -  
Class C
    -       -  
Class Z
    -       -  
Class A
    (177,023 )     -  
                 
Net decrease from dividends and distributions
    (23,137,175 )     (327,317 )
                 
Fund Share Transactions
               
Shares sold
               
Class S
    53,849,697       89,318,346  
Class I
    14,400       -  
Class C
    65,721       -  
Class Z
    7,100       -  
Class A
    2,156,577       981,784  
Class Q
    -       -  
Reinvested dividends and distributions
               
Class S
    22,106,280       303,437  
Class I
    -       -  
Class C
    -       -  
Class Z
    -       -  
Class A
    156,269       174  
Shares repurchased
               
Class S
    (123,177,916 )     (89,329,345 )
Class I
    -       -  
Class C
    (18,434 )     -  
Class Z
    -       -  
Class A
    (2,136,060 )     (126,676 )
Class Q
    -       -  
                 
Net increase/(decrease) from fund share transactions
    (46,976,366 )     1,147,720  
                 
Total net increase/(decrease) in net assets
    (136,325,333 )     58,836,240  
Net Assets
               
Beginning of period
    206,304,968       147,468,728  
                 
End of period
  $ 69,979,635     $ 206,304,968  
                 
 
The accompanying notes are an integral part of the financial statements.
 
 
 
38 Financial Statements

Table of Contents

 
 
 
 
                             
ICON Europe Fund     ICON International Equity Fund  
Year Ended
 		    Year Ended
 		    Year Ended
 		    Year Ended
 		 
September 30,
 		    September 30,
 		    September 30,
 		    September 30,
 		 
2008     2007     2008     2007  
                              
$ 2,588,293     $ 1,470,862     $ 3,320,212     $ 1,568,683  
  (19,985,274 )     25,312,930       (42,436,248 )     27,661,435  
  (315,187 )     (409,192 )     (927,844 )     (277,388 )
   
(39,200,115 		)     10,572,351       (77,067,637 )     28,720,835  
                             
  (56,912,283 )     36,946,951       (117,111,517 )     57,673,565  
                             
                              
                              
  (1,423,883 )     (366,098 )     -       -  
  -       -       (1,286,755 )     (10,385 )
  -       -       (4,422 )     -  
  -       -       (312,185 )     -  
  (2,786 )     (553 )     (62,758 )     -  
                              
  (18,793,180 )     (1,940,765 )     -       -  
  -       -       (19,127,601 )     (3,723,882 )
  -       -       (3,423,110 )     (724,596 )
  -       -       (3,637,063 )     (1,230,878 )
  (67,852 )     (3,610 )     (931,990 )     (117,472 )
                             
  (20,287,701 )     (2,311,026 )     (28,785,884 )     (5,807,213 )
                             
                              
                              
  73,628,287       113,256,468       2,400,225       -  
  22,500       -       97,739,179       77,455,420  
  20,157       -       14,385,146       11,921,728  
  5,000       -       23,922,897       6,829,087  
  189,257       575,800       11,423,858       8,691,180  
  -       -       25,433,899       -  
                              
  19,745,712       2,085,318       -       -  
  -       -       19,925,371       3,619,722  
  -       -       3,142,931       666,173  
  -       -       3,880,524       1,228,139  
  58,430       4,163       919,493       116,347  
                              
  (71,225,916 )     (116,233,754 )     (241,380 )     -  
  -       -       (77,547,995 )     (22,357,920 )
  -       -       (6,372,588 )     (3,263,458 )
  -       -       (36,410,408 )     (8,285,805 )
  (252,653 )     (28,933 )     (6,748,398 )     (3,202,753 )
  -       -       (7,583,868 )     -  
                             
  22,190,774       (340,938 )     68,268,886       73,417,860  
                             
  (55,009,210 )     34,294,987       (77,628,515 )     125,284,212  
                              
  139,734,197       105,439,210       244,020,516       118,736,304  
                             
$ 84,724,987     $ 139,734,197     $ 166,392,001     $ 244,020,516  
                             
 
 
 
Financial Statements 39

Table of Contents

Statements of Changes in Net Assets (continued)
 
                 
    ICON Asia-Pacific Region Fund  
    Year Ended
 		    Year Ended
 		 
    September 30,
 		    September 30,
 		 
    2008     2007  
Transactions in Fund Shares
               
Shares sold
               
Class S
    3,584,171       5,692,452  
Class I
    1,054       -  
Class C
    5,015       -  
Class Z
    520       -  
Class A
    138,278       57,467  
Class Q
    -       -  
Reinvested dividends and distributions
               
Class S
    1,502,859       21,264  
Class I
    -       -  
Class C
    -       -  
Class Z
    -       -  
Class A
    10,689       12  
Shares repurchased
               
Class S
    (8,661,436 )     (5,979,748 )
Class I
    -       -  
Class C
    (1,510 )     -  
Class Z
    -       -  
Class A
    (156,998 )     (7,348 )
Class Q
    -       -  
                 
Net increase/(decrease)
    (3,577,358 )     (215,901 )
                 
Shares outstanding, beginning of period
    10,964,954       11,180,855  
                 
Shares outstanding, end of period
    7,387,596       10,964,954  
                 
Purchase and Sales of Investment Securities                
(excluding short-term securities)
               
Purchases of securities
  $ 245,501,955     $ 207,034,481  
Proceeds from sales of securities
    311,754,927       205,128,051  
Accumulated undistributed net investment income/(loss)
  $ (188,570 )   $ 1,112,505  
                 
 
The accompanying notes are an integral part of the financial statements.
 
 
 
40 Financial Statements

Table of Contents

 
 
 
 
                             
ICON Europe Fund     ICON International Equity Fund  
Year Ended
 		    Year Ended
 		    Year Ended
 		    Year Ended
 		 
September 30,
 		    September 30,
 		    September 30,
 		    September 30,
 		 
2008     2007     2008     2007  
                             
                             
  3,521,445       5,325,734       156,261       -  
  1,224       -       5,932,009       4,426,226  
  1,202       -       910,029       722,425  
  279       -       1,499,033       362,014  
  9,019       27,337       673,802       496,277  
  -       -       1,645,599       -  
                             
  984,824       100,015       -       -  
  -       -       1,204,832       228,951  
  -       -       200,187       43,972  
  -       -       231,812       76,903  
  2,920       200       55,159       7,295  
                             
  (3,918,107 )     (5,242,428 )     (16,536 )     -  
  -       -       (5,346,734 )     (1,293,738 )
  -       -       (446,685 )     (200,912 )
  -       -       (2,332,032 )     (466,665 )
  (11,624 )     (1,279 )     (412,986 )     (176,215 )
  -       -       (534,313 )     -  
                             
  591,182       209,579       3,419,437       4,226,533  
                             
  5,813,578       5,603,999       12,195,749       7,969,216  
                             
  6,404,760       5,813,578       15,615,186       12,195,749  
                             
                             
                             
$ 250,402,525     $ 195,767,756     $ 509,928,846     $ 289,490,635  
  245,744,539       196,894,045       467,835,301       221,259,001  
                             
$ 1,776,910     $ 1,213,565     $ 2,145,865     $ 1,624,228  
                             
 
 
 
Financial Statements 41

Table of Contents

 
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, 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 )     -  
Year Ended September 30, 2004
    7.62       0.02       0.55       0.57       (0.02 )     -  
Class I
                                               
January 25, 2008 (inception) to September 30, 2008
    13.73       0.10       (4.38 )     (4.28 )     -       -  
Class C
                                               
January 25, 2008 (inception) to September 30, 2008
    13.73       0.05       (4.37 )     (4.32 )     -       -  
Class Z
                                               
January 25, 2008 (inception) to September 30, 2008
    13.73       0.15       (4.40 )     (4.25 )     -       -  
Class A
                                               
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, 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       -       -  
Year Ended September 30, 2004
    9.84       (0.04 )     2.23       2.19       -       -  
Class I
                                               
January 25, 2008 (inception) to September 30, 2008
    17.91       0.33       (5.06 )     (4.73 )     -       -  
Class C
                                               
January 25, 2008 (inception) to September 30, 2008
    17.91       0.07       (4.86 )     (4.79 )     -       -  
Class Z
                                               
January 25, 2008 (inception) to September 30, 2008
    17.91       0.36       (5.03 )     (4.67 )     -       -  
Class A
                                               
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       -       -  
 
The accompanying notes are an integral part of the financial statements.
 
 
 
42 Financial Highlights

Table of Contents

 
 
                                                                     
                        Ratio of expenses to average net assets(d)     Ratio of net investment income/(loss) to average net assets(d)        
                        Before
 		    After
 		    Before
 		    After
 		       
                        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)  
 
                                                                     
                                                                     
$ (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 %
  (0.02 )     8.17       7.51 %     17,047       1.91%       N/A       0.20 %     N/A       58.62 %
                                                                     
  -       9.45       (31.17 )%     10       51.45%       1.91 %(b)     (48.29 )%     1.25 %     168.42 %
                                                                     
  -       9.41       (31.46 )%     33       23.58%       2.64 %(b)     (20.28 )%     0.66 %     168.42 %
                                                                     
  -       9.48       (30.95 )%     5       77.18%       1.37 %(b)     (74.04 )%     1.77 %     168.42 %
                                                                     
  (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 %
                                                                     
                                                                     
  (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 %
  -       12.03       22.26 %     7,826       2.24%       N/A       (0.38 )%     N/A       78.57 %
                                                                     
  -       13.18       (26.41 )%     16       26.07%       1.83 %(b)     (21.42 )%     2.82 %     181.83 %
                                                                     
  -       13.12       (26.74 )%     16       51.24%       2.58 %(b)     (48.03 )%     0.63 %     181.83 %
                                                                     
  -       13.24       (26.07 )%     4       92.86%       1.32 %(b)     (88.52 )%     3.02 %     181.83 %
                                                                     
  (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 43

Table of Contents

 
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
                                               
January 25, 2008 (inception) to September 30, 2008
  $ 15.25     $ 0.20     $ (4.61 )   $ (4.41 )   $ -     $ -  
Class I
                                               
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 )
February 6, 2004 (inception) to September 30, 2004
    10.96       0.04       (0.41 )     (0.37 )     -       -  
Class C
                                               
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 )
February 19, 2004 (inception) to September 30, 2004
    11.29       (0.02 )     (0.72 )     (0.74 )     -       -  
Class Z
                                               
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 )
Year Ended September 30, 2004
    8.41       0.01       2.24       2.25       (0.06 )     -  
Class A
                                               
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
                                               
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)  Portfolio turnover is calculated at the Fund level and is 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 the interest expense.
(c)  Amount less than $0.005.
(d)  Annualized for periods less than a year.
 
The accompanying notes are an integral part of the financial statements.
 
 
 
44 Financial Highlights

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                        Ratio of expenses to
 		             
                        average net assets(d)     Ratio of net investment income/(loss) to average net assets(d)        
                        Before
 		    After
 		    Before
 		    After
 		       
                        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)  
 
                                                                     
                                                                     
$ -     $ 10.84       (28.92 )%   $ 1,515       1.62%       1.62 %(b)     2.08 %     2.08 %     188.73 %
                                                                     
  (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 %
  -       10.59       (3.38 )%     3,211       2.32%       N/A       0.44 %     N/A       117.74 %
                                                                     
  (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 %
  -       10.55       (6.55 )%     183       3.06%       N/A       (0.16 )%     N/A       117.74 %
                                                                     
  (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 %
  (0.06 )     10.60       26.79 %     9,303       1.98%       N/A       0.03 %     N/A       117.74 %
                                                                     
  (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 %
                                                                     
  -       10.86       (29.66 )%     12,072       1.31%       1.31 %(b)     2.36 %     2.36 %     188.73 %
 
 
 
Financial Highlights 45

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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 and transfer agent costs and that each Class has exclusive voting rights with respect to its distribution plan. There are 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 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, do not exist in 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
 
 
 
46 Notes to Financial Statements

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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 47

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Notes to Financial Statements (continued)
 
are valued at fair value as determined in good faith by the Board or pursuant to procedures approved by the Board.
 
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes 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 a matrix 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 and 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-valued 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.
 
New Accounting Pronouncements
 
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS 157 applies to fair value measurements already required or permitted by existing standards. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles
 
 
 
48 Notes to Financial Statements

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from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management does not believe the adoption of SFAS 157 will impact the financial statement amounts, however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. Management intends to adopt SFAS 157 during the fiscal year ending September 30, 2009, as required.
 
In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows. Management intends to adopt SFAS 161 during the fiscal year ending September 30, 2009.
 
Repurchase Agreements
 
Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the year ended September 30, 2008.
 
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.
 
 
 
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Notes to Financial Statements (continued)
 
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
 
Forward Foreign Currency Contracts
 
The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting parties to exchange an amount of currency at some future time at an agreed upon rate.
 
These contracts are marked-to-market daily and the related appreciation or depreciation of the contract is presented in the Statement of Assets and Liabilities. 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, 2008, the Funds had outstanding forward foreign currency contracts that are listed in the Schedules of Investments.
 
Futures Contracts
 
The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the year ended September 30, 2008.
 
 
 
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Options Transactions
 
Each Fund may write call and put options on any security in which it may invest. When a Fund writes a put or call option, an amount equal to the premium received is included in 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 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 put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.
 
Each Fund may also purchase put and call options on any security in which it may invest. When a Fund purchases a call or put option, an amount equal to the premium paid is included in 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, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The Funds did not enter into any options transactions during the year ended September 30, 2008.
 
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
 
 
 
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Notes to Financial Statements (continued)
 
collateral in the Securities Lending Investment Fund of Brown Brothers Harriman Trust, 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 in 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, 2008, the following Funds had securities with the following values on loan:
 
                 
    Value of
 		    Value of
 		 
Fund   Loaned Securities     Collateral  
   
ICON Asia-Pacific Region Fund
  $ 10,019,565     $ 10,509,338  
ICON Europe Fund
    4,156,323       4,730,083  
ICON International Equity Fund
    15,482,662       16,673,069  
 
The value of the collateral above could include collateral held for securities that were sold on or before September 30, 2008.
 
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.
 
 
 
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The Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds did not record any liabilities for unrecognized tax benefits in connection with the adoption of FIN 48. At September 30, 2008, the Funds have recorded no liabilities for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
 
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 fiscal years from 2005-2007, 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 market 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 of the shares in the various classes of the Funds, investment income, realized
 
 
 
Notes to Financial Statements 53

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Notes to Financial Statements (continued)
 
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”) serves as the investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON 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 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, 2019. To the extent ICON 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, 2008 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:
 
                         
Fund   2009     2010     2011  
   
ICON Asia-Pacific Region Fund
  $ 721     $ 3,131     $ 21,793  
ICON Europe Fund
    709       2,624       22,551  
ICON International Equity Fund
    -       -       123  
 
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
 
 
 
54 Notes to Financial Statements

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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. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. 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, 2008, 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 pursuant to which ICON oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trust’s first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the year ended September 30, 2008, the Funds payment for administrative services to ICON is included in the Statement of Operations. The administrative services agreement provides that ICON 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 in the performance of its duties.
 
ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON 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 55

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Notes to Financial Statements (continued)
 
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 12b-1 and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual 12b-1 and service fee of 1.00% of average daily net assets. The total amount paid under 12b-1 plans is shown on the Statement of Operations.
 
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 90% by the Funds and 10% by the Adviser. For the year ended September 30, 2008, the total related amounts paid by the Trust under this agreement are included in Other Expenses on the Statement of Operations. Subsequent to September 30, 2008, the CCO’s salary will be paid 100% by the Funds.
 
Some of the 12b-1 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, 2008, the amount was $40,326.
 
4. Line of Credit
 
The Funds have entered into Lines of Credit agreements with 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. Effective January 30, 2008, interest on domestic borrowings is charged at LIBOR plus 1.50%, which was 5.43% at September 30, 2008. Prior to January 30, 2008, interest on domestic borrowings was charged at
 
 
 
56 Notes to Financial Statements

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LIBOR plus 2.00%. The average interest rate charged for the year ended September 30, 2008, was 8.71%.
 
         
    Average Borrowing
 		 
Fund   (10/1/07 - 9/30/08)  
   
ICON Asia-Pacific Region Fund**
  $ 1,614,035  
ICON Europe Fund**
    503,224  
ICON International Equity Fund**
    965,961  
 
**Fund had outstanding borrowings as of September 30, 2008.
 
Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.
 
5. 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 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.
 
During the year ended September 30, 2008 no capital loss carryforwards were utilized. For the year ended September 30, 2008 the ICON Asia-Pacific Region Fund, the ICON Europe Fund and the ICON International Equity Fund will elect to defer post October losses of $12,130,307, $23,014,349 and $45,547,724, respectively.
 
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  
 
 
 
Notes to Financial Statements 57

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Notes to Financial Statements (continued)
 
The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2007, were as follows:
 
                                 
    Distributions paid from           Total
 		 
    Ordinary
 		    Net Long-
 		    Total Taxable
 		    Distributions
 		 
Fund   Income     Term Gains     Distributions     Paid  
   
 
ICON Asia-Pacific Region Fund
  $ 327,317     $ -     $ 327,317     $ 327,317  
ICON Europe Fund
    1,255,900       1,055,126       2,311,026       2,311,026  
ICON International Equity Fund
    3,376,711       2,430,502       5,807,213       5,807,213  
 
As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis was as follows:
 
                                                 
          Undistributed
 		          Accumulated
 		          Total
 		 
    Undistributed
 		    Net
 		          capital
 		    Unrealized
 		    Accumulated
 		 
    Ordinary
 		    Long-Term
 		    Accumulated
 		    and other
 		    Appreciation
 		    Earnings
 		 
Fund   Income     Gains     Earnings     losses     (Depreciation)     (Deficits)  
   
ICON Asia-Pacific
                                               
Region Fund
  $ 66,908     $           -     $ 66,908     $ (12,130,307 )     $(16,973,854 )   $ (29,037,253 )
ICON Europe Fund
    1,982,357       -       1,982,357       (23,014,349 )     (18,435,256 )     (39,467,248 )
ICON International
                                               
Equity Fund
    2,390,401       -       2,390,401       (45,547,724 )     (38,181,697 )     (81,339,020 )
 
As of September 30, 2008, book cost for financial reporting purposes is substantially the same for federal income tax purposes and differs from fair value by net unrealized appreciation/(depreciation) of securities as follows:
 
                                 
          Unrealized
 		    Unrealized
 		    Net Appreciation/
 		 
Fund   Cost     Appreciation     (Depreciation)     (Depreciation)  
   
ICON Asia-Pacific
                               
Region Fund
  $ 96,097,673     $ -     $ (17,756,968 )   $ (17,756,968 )
ICON Europe Fund
    108,275,586       1,287,777       (19,737,831 )     (18,450,054 )
ICON International
                               
Equity Fund
    216,889,201       -       (38,821,472 )     (38,821,472 )
 
 
 
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Report of Independent Registered Public
Accounting Firm
 
To the Board of Trustees and Shareholders of the ICON International 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, 2008, 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, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
 
 
-s- PricewaterhouseCoopers LLP
 
Denver, Colorado
November 19, 2008
 
 
 
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Six Month Hypothetical Expense Example
September 30, 2008 (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 period and held for the six-month period (4/1/08 - 9/30/08).
 
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
 
 
 
60 Expense Example

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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.
 
                                 
                Expenses
 		       
                Paid
 		    Annualized
 		 
    Beginning
 		    Ending
 		    During
 		    Expense
 		 
    Account
 		    Account
 		    Period
 		    Ratio
 		 
    Value
 		    Value
 		    4/1/08 -
 		    4/1/08 -
 		 
    4/1/08     9/30/08     9/30/08*     9/30/08  
   
 
ICON Asia-Pacific Region Fund
                               
Class S
                               
Actual Expenses
  $ 1,000.00     $ 717.40     $ 6.01       1.40 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.00       7.06          
Class I
                               
Actual Expenses
    1,000.00       715.40       8.23       1.92 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,015.40       9.67          
Class C
                               
Actual Expenses
    1,000.00       714.00       11.01       2.57 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,012.15       12.93          
Class Z
                               
Actual Expenses
    1,000.00       717.60       5.50       1.28 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.60       6.46          
Class A
                               
Actual Expenses
    1,000.00       715.50       7.85       1.83 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,015.85       9.22          
ICON Europe Fund
                               
Class S
                               
Actual Expenses
    1,000.00       708.97       5.77       1.35 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.25       6.81          
Class I
                               
Actual Expenses
    1,000.00       707.10       7.77       1.82 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,015.90       9.17          
Class C
                               
Actual Expenses
    1,000.00       704.60       11.12       2.61 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,011.95       13.13          
 
 
 
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                Expenses
 		       
                Paid
 		    Annualized
 		 
    Beginning
 		    Ending
 		    During
 		    Expense
 		 
    Account
 		    Account
 		    Period
 		    Ratio
 		 
    Value
 		    Value
 		    4/1/08 -
 		    4/1/08 -
 		 
    4/1/08     9/30/08     9/30/08*     9/30/08  
   
 
Class Z
                               
Actual Expenses
  $ 1,000.00     $ 709.90     $ 5.43       1.27 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.65       6.41          
Class A
                               
Actual Expenses
    1,000.00       706.50       7.89       1.85 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,015.75       9.32          
ICON International Equity Fund
                               
Class S
                               
Actual Expenses
    1,000.00       712.20       7.06       1.65 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,016.75       8.32          
Class I
                               
Actual Expenses
    1,000.00       712.10       6.72       1.57 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,017.15       7.92          
Class C
                               
Actual Expenses
    1,000.00       709.30       10.47       2.45 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1012.75       12.33          
Class Z
                               
Actual Expenses
    1,000.00       713.90       5.53       1.29 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.55       6.51          
Class A
                               
Actual Expenses
    1,000.00       712.00       7.36       1.72 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,016.40       8.67          
Class Q
                               
Actual Expenses
    1,000.00       713.10       5.65       1.32 %
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.40       6.66          
 
*  Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/366 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.
 
 
 
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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, 57, 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 served as the Chief Investment Officer (1991 to 2005) of ICON Advisers, Inc. (“ICON Advisers”), the Funds’ Investment Adviser. Dr. Callahan is also President (1998 to 2005); Director (1991 to present); and was previously Vice President (1991 to 1998) of ICON Distributors, Inc. (“IDI”), the Funds’ Distributor, and is President and Director of ICON Insurance Agency, Inc. (2004 to present). Dr. Callahan also serves as the President (1998 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.
 
Independent Trustees
 
Glen F. Bergert, 58. 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); Delta Dental of Pennsylvania, an insurance company (1998 to 2002 and 2003 to present); Delta Dental of California, an insurance company (2006 to present); and Delta Reinsurance Corporation (2000 to 2002 and 2003 to present).
 
John C. Pomeroy, Jr., 61. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).
 
 
 
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Gregory Kellam Scott, 60. Mr. Scott has been a Trustee of the Funds since November 2002. Mr. Scott currently is employed as Assistant to the President for Diversity and Community Relations of Ivy Tech Community College (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). He 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, 60. 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, 57. Dr. Callahan has been President of the Funds since their inception in 1996. Dr. Callahan also serves as ICON Advisers’ President (1998 to present) and served as the Chief Investment Officer (1991 to 2005). Dr. Callahan is also President (1998 to 2005), Director (1991 to present) and was previously Vice President (1991 to 1998) of IDI, and is President and Director of ICON Insurance Agency, Inc. (2004 to present). Dr. Callahan is also the President (1998 to present) of IM&R.
 
Erik L. Jonson, 58. 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) of ICON Advisers; Chief Financial Officer, Secretary and Director (1996 to present) of IM&R; and Executive Vice President (2004 to present) and Treasurer (2002 to present) and was previously Secretary/Treasurer, (1998 to 2002) and Vice President, (2002 to 2004) of IDI; and Executive Vice President and Treasurer of ICON Insurance Agency, Inc. (2004 to present).
 
 
 
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Jessica Seidlitz, 30. 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, 55. 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, Inc.; Director of ICON Management & Research (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 present). Previously he was a Partner in the law firm of Perkins Coie, LLP. (2000 to 2005).
 
Carrie M. Schoffman, 35. Ms. Schoffman served as Assistant Vice President and Chief Compliance Officer of the Funds (2004 to September 21, 2008). She serves as Vice President and Chief Compliance Officer of ICON Advisers, Inc. (2004 to present) and Chief Operating Officer (2008 to present). Previously she was a staff accountant with the U.S. Securities and Exchange Commission (2003 to 2004). She also was a Manager (2001 to 2003) and Senior Associate/Associate (1996 to 2001) at PricewaterhouseCoopers LLP.
 
Brian Harding, 29. Mr. Harding serves as Chief Compliance Officer of the Funds (September 22, 2008 to present). Previously he was a Manager (2007 to 2008) and Senior Associate/Associate (2001 to 2007) at PricewaterhouseCoopers LLP.
 
Stephen Abrams, 45. Mr. Abrams serves as Anti-Money Laundering Officer of the Funds (2005 to present). Mr. Abrams is also Vice President and Associate General Counsel of ICON Advisers, Inc. (2005 to present). Mr. Abrams also serves as the Chief Compliance Officer of IDI (2007 to present). Previously he was a Partner (2004 to 2005) and Associate (2000 to 2004) at Perkins Coie, LLP.
 
 
 
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Other Information (unaudited)
 
Renewal of Investment Advisory Agreements
 
In determining to renew the investment advisory agreements between the 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, Income Opportunity, 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 other funds versus the Sector Funds; and comparative data obtained from Lipper Analytical Services related to Fund performance and Fund expenses.
 
On August 11, 2008, the Board of Trustees, including the four 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, 2008.
 
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 agreements.
 
In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to which the Adviser obtains research through “soft dollar” arrangements with
 
 
 
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the Funds’ brokerage, and the financial and non-financial resources available to provide services required under the Advisory Agreement.
 
The Board of Trustees noted that the market value of domestic and international securities have dropped dramatically during the past year as a result of numerous crises in the financial, credit and commodities markets. The Board also noted that the performance of essentially all Funds has been negative, declining along with the markets in general. In light of such, the Board considered ICON’s investment methodology and whether the ICON’s methodology or system is appropriate. It was noted that ICON’s investment approach is not designed to fit into a box defined by “value,” “growth,” and “large, mid or small cap” stock categories. On the other hand, it was noted that the approach is most similar to “value investing.” In this regard it was noted that performance of value investing in general has been negative and that ICON’s performance is in line with the group. Performance in the current period was compared to prior periods where the Funds confronted significant market declines and volatility — including an assessment of financial, geopolitical and psychological reasons for the market behavior; and it was compared to periods when those factors were not prevalent. After consideration of this information the Board concluded that ICON’s investment methodology or system is appropriate for the Funds in the long-term. In light of such, the Board asked and ICON confirmed that it does not change its system in response to current issues and that it will follow its stated investment style, using a disciplined approach to managing the Funds’ portfolios.
 
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 the performance record of each Fund 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 quality service to the Funds’ shareholders, including the dedication of substantial resources to ICON’s investment and trading departments;
 
 
 
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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 can 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. It was noted that most of the Funds have had net redemptions and that aggregate assets covered by the Advisory Agreements have declined significantly. 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
 
 
 
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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 in most instances lower than 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 are that such accounts are less costly for ICON to manage; and
 
G. That ICON has contractually committed to breakpoints in its 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.
 
 
 
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Based on these considerations, among others, the Board, including all of the Independent Trustees, concluded that the continuation of the Advisory Agreements was in the best interests of each Fund and its shareholders, the services to be performed under the agreements 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, none of the Funds’ ordinary income distributions during the fiscal year ended September 30, 2008 qualify for the corporate dividends received deduction.
 
For the fiscal year ended September 30, 2008, the following Funds paid qualified dividend income:
 
         
Fund   Amount  
   
ICON Asia-Pacific Region Fund
    41.81%  
ICON Europe Fund
    22.89%  
ICON International Equity Fund
    30.77%  
 
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 Asia-Pacific Region Fund
  $ 12,750,288  
ICON Europe Fund
    4,201,568  
ICON International Equity Fund
    11,750,380  
 
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.
 
 
 
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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
 
 
 
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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
 
 
(ICON FUNDS LOGO)

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(PIE GRAPHIC)
 
2008 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
 
(ICON FUNDS LOGO)
 
1-800-764-0442 ï www.iconfunds.com

AR-SECT-D, K95864

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About This Report
 
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, 2008, 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, 2008 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

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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 outcome 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

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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.

 
 
 
4 About This Report

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Message From ICON Funds
 
Dear ICON Shareholder:
 
Because of the discipline inherent in the ICON system, I never expected to write a letter to shareholders explaining the type of negative returns we and much of our industry have posted over the last fiscal year. Using our valuation methodology, we buy stocks we believe are on sale and we do not chase what we think are over-priced, hot trends. We screen for quality, favoring well-managed companies with healthy cash positions and lower than average debt levels. We do not underwrite or insure mortgage-backed securities. Although we have owned government agency bonds, ICON resisted the subprime mortgage-backed securities frenzy. We attempt to distance ourselves from Wall Street as we do not take any brokerage “buy, sell or hold” recommendations and we have not purchased IPOs. September 2008 was a particularly harsh month for financial stocks. In response to questions from financial advisers, we wrote the following regarding our Core Equity and Financials sector fund: “it is noteworthy that neither fund owned the following stocks as of 8/31/08; Fannie Mae, Freddie Mac, Merrill Lynch, Lehman Brothers, Washington Mutual or AIG.” We sold another headliner, Bear Stearns, in early July 2007 in the $139 per share range. Although ICON’s disciplined, value-based methodology allowed us to stay clear of these and similar problematic securities, our portfolios were dragged down by the recent financial crisis nevertheless.
 
We have analyzed past market peaks in an effort to identify indicators that forecast a subsequent bear market. The only recurring behavior we have identified involves valuation; that is, we discovered that stocks are priced much higher than our estimation of their intrinsic value at a typical peak. For example, stocks were significantly overpriced according to our system prior to the crash of October 1987. More recently, prices of technology and telecommunication issues were way above our estimate of intrinsic value just before their severe decline in 2000. Based on our estimation of intrinsic value, however, stocks were not overpriced in late 2007. Therefore, we had no indication of a potential severe market drop. The market behaved like quick sand, with stocks dropping in reaction to news events, even though they were not overpriced under our methodology. We take little solace in the fact that we were not alone, and that few advisers could have anticipated the panic selling that dragged the market lower as fiscal year 2008 came to a close. The damage was so widespread that investors had no place to hide in September, except in cash, which was also subject to its own risks and limitations.
 
If you have followed the behavior of the ICON system over the last two decades you have noticed a pattern. When stock prices dropped quickly and

 
 
 
Message From ICON Funds 5

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were significantly below our estimate of intrinsic value, we held and even rotated into attractive industries in an effort to capture the emerging leadership. With each sudden market decline, we stated that the price drop was created by investors overreacting, and, further that we expected prices to move higher and catch up to value. For two decades our decision to remain invested in anticipation of price catching up to value has been effective and critical to our success. As we entered the fiscal year, we saw no reason to change our strategy or behavior.
 
In late 2007, stock prices dropped in reaction to the initial problems regarding the subprime mortgage situation. We checked all inputs to our valuation equation, such as earnings estimates and risk, and they were steady. With stocks priced below our estimate of intrinsic value, we believed investors (and, accordingly, the market) had over-reacted. In response to further developments, stock prices dropped again in January and yet again in March. With each drop, stocks continued to look cheap and inputs to our valuation equation remained steady. Each dip this fiscal year looked like an overreaction to the data available at the time, just like the sudden dips we’d seen on several occasions over the last two decades. We stuck to our system in what proved to be an unprecedented setting.
 
The dictates of the ICON system are pretty simple. First, when stocks are cheap, the ICON system focuses on value - not news events - and directs us to remain invested. Second, when stocks are expensive, the system favors cash. Third, the system attempts to capture industry leadership that typically lasts one to two years. By sticking rigidly to its discipline, we believe the ICON system can handle most market situations through time. We believe also that the events of the last twelve months have been extraordinary - rare, unusual, and even unlikely to reoccur. The ICON system depends in no small part on the integrity of the market. While several parties share blame for this most recent economic crisis, the evident failure of many companies to properly disclose their financial condition caught ICON and most other investment professionals off-guard. Obviously, the ICON system did not handle the last 12-months well. Frankly, few systems did.
 
Current Situation and Outlook
 
The monetarist theory of economics believes that when the money supply grows it will stimulate the economy with about a six to nine month lag. When the money supply contracts, the monetarist theory believes that contraction will slow the economy by a similar lag. One way to measure the money supply is M1, which is defined to be currency plus demand deposits (checking accounts). When a bank makes a loan, a demand deposit is created, which, by definition, creates money. In August 2007 the Federal Reserve (“FED”) eased monetary policy and injected reserves into the

 
 
 
6 Message From ICON Funds

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banking system. Such easing normally promotes banks to make loans which, in turn, creates M1 and stimulates the economy. Despite the continued monetary easing through late 2007 and early 2008, banks did not increase their lending, partly through caution but mostly because the illiquid mortgage-backed securities they held hurt their capital ratios.
 
The primary goal of the Troubled Asset Relief Program or “TARP” package is for the U.S. Treasury to buy those mortgage-backed securities. The banks will record a loss on the securities, as they should, but will immediately have cash and greatly improved capital ratios, which means they can make loans again. Through loans, M1 can grow and stimulate the economy. In separate actions, the FED announced that it will pump an additional $630 billion into the global financial system through what it calls currency swaps with foreign central banks. The FED also announced its intent to buy commercial paper in the short-term money market. Finally, the U.S. Treasury Department announced it will buy stock in banks to help their capital ratios.
 
Over the 19 week period from late May through early October, M1 grew 11.6%. That is not annualized. It is 11.6% in 19 weeks. That is a sensational pace and is evidence banks are lending. If the lending continues and M1 continues to grow, we believe it will stimulate the economy. Typical timing would suggest that the economy might hit a bottom winter or spring 2009.
 
The market place seems unable to understand monetary stimulation and policy, as distinguished from fiscal policy. Fiscal policy is more obvious as it targets a specific income level, segment of the economy or industry. People can understand it. A monetary stimulus, on the other hand, is vague, broad, intangible, but, in the view of monetarists, very powerful. A monetary stimulus is just slow. It may be a few months before a monetary stimulus takes effect and it works behind the scenes, so to speak.
 
We believe the monetary stimulus is underway and will result in an economic recovery in 2009. We also see many of the behaviors and data typical of market bottoms falling in place. After coming through the extraordinary events of the last 12-months, investors and money managers have to do an assessment. They have to decide if they should make adjustments and changes or whether the events of the last fiscal year were anomalous and unlikely to be repeated. While investors should consult with their financial advisers regarding their unique needs and goals, generally speaking I would encourage most investors to not make major adjustments. Too many times I have seen investors set investment policy by looking in the rear view mirror, especially regarding their allocation to equities. It is usually not productive to make major changes in response to extraordinary events like those of the past 12-months.

 
 
 
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We expect that the financial system will emerge stronger and better than before. This was not the first unanticipated problem to hit our financial and banking system; nor will it be the last. The same problems generally do not recur, although new ones arise from time to time. We fix an existing problem and move on. And that’s exactly what the financial and banking system is doing in response to this most recent crisis.
 
At ICON we remain convinced that our calculation of intrinsic value is valid and that valuation, in combination with industry relative strength readings, can identify industry leadership for one to two year moves. We expect that investors will continue to demonstrate the kind of overreaction to events we have recognized and avoided in the past. We will try to capitalize on that overreaction by allowing our valuation methodology to guide our buying and selling. We take the same advice we pass on to our investors: we do not believe in making major changes to our investment game-plan by looking at a bad situation in the rear view mirror. We believe our system is well designed to handle most events. Changing the system in order to handle an extreme retroactive event would hinder our ability to address most everyday situations. And while the events of the last 12-months have been nothing shy of extraordinary, we believe much of the carnage has run its course. It is difficult to predict market bottoms, but as we say at ICON, rallies do not issue invitations. Therefore, we encourage you to ride out whatever remains of the storm with us and remain invested in order to participate in any ensuing rally.
 
Yours truly,
 
-s- Craig T. Callahan
Craig T. Callahan, DBA
Chairman of the Board of Trustees and President of the Adviser

 
 
 
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 ICCCX

Management Overview
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 24.21%, while the benchmark S&P 1500 Consumer Discretionary Index fell 22.96%.
 
Additionally, the Fund lagged its broad benchmark, the S&P Composite 1500 Index, which lost 21.27% over the same period. Total returns for other periods as of September 30, 2008 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.  The Fund’s relative performance - and the performance of the U.S. equity market in general - was shaped primarily by two factors: the subprime lending disaster and the related meltdown in housing prices. These two factors eviscerated earnings on homebuilding and sent financial related equities into a freefall.
 
The subprime lending and housing crises sent ripples across all market sectors. Every sector experienced sharp declines, except Consumer Staples issues, which, though down, held up better than equities in all other sectors of the market. Although we saw value in the Consumer Discretionary sector at the start of the fiscal year, investor fear based on the subprime lending crisis crushed investor sentiment across the entire market. The Consumer Discretionary sector, like every other sector, suffered significant declines.
 
Amid this backdrop of pervasive fear concerning the economic outlook, investors shunned areas of the market with even a hint of a cyclical bent. Industries in the Consumer Discretionary sector were hit particularly hard. Investors were evidently concerned about the prospect for a drop in consumer spending, as the possibility of a recession loomed over the market. Consequently, the Consumer Discretionary sector, as measured by the S&P 1500 Consumer Discretionary Index, fell more than the broader market Index - the S&P 1500 Composite.
 
In addition, stocks recognized as “value” plays underperformed stocks recognized as “growth” investments. The S&P 500 Growth Index (SGX) was down 19.44% during the fiscal year while the S&P 500 Value Index (SVX) declined 24.50%. Since our investment style at ICON is

 
 
 
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predominantly value based, our Consumer Discretionary Fund faced a general headwind that made it difficult to outperform our sector index.
 
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 we believe have value and are leading the market higher, we naturally tilt our sector fund to those industries. Within the Consumer Discretionary Sector Fund we track 25 separate and distinct industries. Over the past year, over- and underweight positions affected the Fund’s performance.
 
On the positive side, there were three industries in particular that had a positive impact on the Fund: apparel retail, homefurnishing retail, and general merchandise stores. Combined, these industries accounted for around 5.5% of positive relative performance versus the Fund’s S&P 1500 Consumer Discretionary Composite Index.
 
The Fund’s performance relative to its S&P 1500 Consumer Discretionary Composite Index was also negatively impacted by three industries: homebuilding, apparel accessories & luxury goods, and auto parts & equipment. Combined, these industries accounted for approximately 4.4% of negative relative performance versus the Fund’s S&P 1500 Consumer Discretionary Composite Index.
 
Q.  What is your investment outlook for the equity market?
 
A.  As this extremely turbulent and volatile period in the U.S. equity market came to a close, it appeared that fear and pessimism led investors to sell stocks well below our calculation of intrinsic value. As a result, we believe we’ve entered a new period - one that, by our estimation, may present investors with many bargains in the market. These bargains exist across the spectrum of economic sectors we track, including the Consumer Discretionary sector.
 
In fact, as this fiscal year ended, the average Consumer Discretionary stock in our database was trading at about a 35% discount to our calculation of its intrinsic value. Accordingly, we believe Consumer Discretionary issues now have significant upside potential.

 
 
 
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ICON Consumer Discretionary Fund
Industry Composition
as of September 30, 2008
 
         
Apparel Retail
    20.2%  
Apparel Accessories & Luxury Goods
    9.5%  
Automotive Retail
    8.3%  
Home Improvement Retail
    8.0%  
Specialty Stores
    7.3%  
General Merchandise Stores
    5.3%  
Homebuilding
    4.9%  
Home Furnishings
    4.7%  
Household Appliances
    4.4%  
Computer & Electronics Retail
    4.2%  
Housewares & Specialties
    4.0%  
Home Furnishing Retail
    3.1%  
Footwear
    2.6%  
Education Services
    2.5%  
Motorcycle Manufacturers
    2.3%  
Specialized Consumer Services
    1.7%  
Hotels Resorts & Cruise Lines
    1.4%  
Internet Retail
    1.1%  
Department Stores
    1.1%  
Auto Parts & Equipment
    1.0%  
Consumer Electronics
    0.6%  
         
      98.2%  
         
 
Percentages are based upon net assets.
 
ICON Consumer Discretionary Fund
Sector Composition
as of September 30, 2008
 
         
Consumer Discretionary
    96.8%  
Leisure and Consumer Staples
    1.4%  
         
      98.2%  
         
 
Percentages are based upon net assets.
 
ICON Consumer Discretionary Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                              Since
 		      Gross
 		      Net
 		 
                              Inception
 		      Expense
 		      Expense
 		 
      1 Year       5 Years       10 Years       7/9/97       Ratio*       Ratio*  
ICON Consumer Discretionary Fund
      -24.21 %         -0.38 %         4.17 %         1.52 %         1.30 %         1.30 %  
 
 
S&P 1500 Consumer Discretionary Index
      -22.96 %         1.46 %         2.23 %         3.48 %         N/A           N/A    
 
 
S&P Composite 1500 Index
      -21.27 %         5.65 %         3.81 %         4.49 %         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 28, 2008 prospectus for details.

 
 
 
Management Overview 11

Table of Contents

ICON Consumer Discretionary Fund
Value of a $10,000 Investment
through September 30, 2008
 
(Graph)
 
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.

 
 
 
12 Management Overview

Table of Contents

ICON Consumer Discretionary Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (98.2%)
  34,700     Advance Auto Parts, Inc.    $ 1,376,202  
  45,100     Aeropostale, Inc.(a)(b)     1,448,161  
  11,300     Amazon.com, Inc.(a)     822,188  
  46,800     American Greetings Corp. - Class A     715,572  
  60,600     Asbury Automotive Group, Inc.      698,112  
  22,200     AutoZone, Inc.(a)     2,738,148  
  20,100     Bed Bath & Beyond, Inc.(a)(b)     631,341  
  71,300     Best Buy Co., Inc.      2,673,750  
  115,900     Big 5 Sporting Goods Corp.(b)     1,196,088  
  101,200     Brown Shoe Co., Inc.(b)     1,657,656  
  33,000     Coach, Inc.(a)     826,320  
  41,500     Collective Brands, Inc.(a)(b)     759,865  
  90,700     D.R. Horton, Inc.      1,180,914  
  37,100     DeVry, Inc.      1,837,934  
  26,200     Dick’s Sporting Goods, Inc.(a)     512,996  
  76,100     Ethan Allen Interiors, Inc.(b)     2,132,322  
  114,700     Foot Locker, Inc.      1,853,552  
  33,000     Fossil, Inc.(a)     931,590  
  40,000     Fred’s, Inc. - Class A     568,800  
  10,500     GameStop Corp. - Class A(a)     359,205  
  18,500     Guess, Inc.      643,615  
  56,100     H&R Block, Inc.      1,265,055  
  45,400     Harley-Davidson, Inc.(b)     1,693,420  
  67,500     Helen of Troy, Ltd.(a)     1,536,975  
  14,200     Hibbett Sports, Inc.(a)(b)     284,284  
  116,800     Hot Topic, Inc.(a)     772,048  
  61,500     Jarden Corp.(a)     1,442,175  
  24,800     Johnson Controls, Inc.      752,184  
  58,500     KB Home(b)     1,151,280  
  17,400     Kohl’s Corp.(a)     801,792  
  59,100     Leggett & Platt, Inc.(b)     1,287,789  
  85,300     Limited Brands, Inc.      1,477,396  
  106,900     Lowe’s Cos., Inc.      2,532,461  
  23,300     Matsushita Electric Industrial Co., Ltd. - ADR     403,789  
  39,900     Newell Rubbermaid, Inc.      688,674  
  23,020     Nike, Inc. - Class B     1,540,038  
  44,500     O’Reilly Automotive, Inc.(a)(b)     1,191,265  
  56,000     Oxford Industries, Inc.(b)     1,446,480  
  23,500     Polo Ralph Lauren Corp.      1,566,040  
  70,100     Rent-A-Center, Inc.(a)(b)     1,561,828  
  10,000     Ross Stores, Inc.      368,100  
  21,000     Skechers U.S.A., Inc. - Class A(a)     353,430  
  98,450     Staples, Inc.(b)     2,215,125  
  65,600     Target Corp.      3,217,680  

 
 
 
Schedule of Investments 13

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  70,700     The Finish Line, Inc. - Class A   $ 706,293  
  124,900     The Home Depot, Inc.      3,233,661  
  87,800     TJX Cos., Inc.      2,679,656  
  48,300     Toll Brothers, Inc.(a)     1,218,609  
  24,500     Tractor Supply Co.(a)     1,030,225  
  67,500     Urban Outfitters, Inc.(a)     2,151,225  
  27,200     V.F. Corp.      2,102,832  
  21,400     Whirlpool Corp.(b)     1,696,806  
  62,700     Wyndham Worldwide Corp.      985,017  
                 
Total Common Stocks (Cost $70,550,533)     70,917,963  
 
Short-Term Investments (0.9%)
$ 684,361     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#   $ 684,361  
                 
Total Short-Term Investments (Cost $684,361)     684,361  
 
Other Securities (23.1%)
  16,672,869     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%     16,672,869  
                 
Total Other Securities (Cost $16,672,869)     16,672,869  
Total Investments 122.2% (Cost $87,907,763)     88,275,193  
Liabilities Less Other Assets (22.2%)     (16,033,338 )
         
Net Assets 100.0%   $ 72,241,855  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt

 
 
 
14 Schedule of Investments

Table of Contents

 ICENX

 
Management Overview
ICON Energy Fund
 
Q.  How did the Fund perform relative to its benchmarks?
 
A.  For the fiscal year ended September 30, 2008, the ICON Energy Fund depreciated 14.62%, underperforming its sector-specific benchmark, the S&P 1500 Energy Index, which lost 13.45%, and outperforming its broad benchmark, the S&P Composite 1500 Index, which lost 21.27%.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  A weakening economy and chaos in the financial sector took a strong toll on energy over the past year. Throughout the period, crude oil futures were extremely volatile, which led to volatility in the energy equity market as a whole. Crude oil futures ended the period up 23%, a small portion of its near 78% increase at its peak in early July. A rapid sell off occurred towards the end of the summer as several large financial institutions entered distress and failure as a result of the subprime mortgage crisis. Energy stocks were hit hard by investors’ fears about the crisis and prices rapidly retreated.
 
Amid significant volatility in both the broad equity market and the price of oil, the ICON Energy Fund rose gradually through the middle portion of the fiscal year. From January 17 to June 30, 2008, the Fund rose 28%. Subsequently, however, in the final quarter of fiscal year 2008, energy stocks and oil futures fell dramatically. During that timeframe, the Fund declined 27.10%.
 
Q.  How did the Fund’s composition affect performance?
 
A.  Of the seven industries we track in the Energy sector, three contributed positively to performance versus the S&P 1500 Energy Index: coal & consumable fuels, oil & gas drilling, and oil & gas refining & marketing. Coal & consumable fuels was the only industry position to make a positive contribution to returns, adding approximately 2% to the Fund’s return. These outperforming industries, however, did little to counteract the overall negative returns of the Fund.
 
The largest detractor from the Fund’s performance came from our holdings in oil & gas equipment & services. The Fund took on an overweight position in this industry based on our research showing strong value and leadership. These holdings unfortunately detracted significantly from relative performance, reducing returns approximately an additional 2% below the S&P energy benchmark.

 
 
 
Management Overview 15

Table of Contents

 
Q.  What is your investment outlook for the Energy sector?
 
A.  With the negative overall performance of the Energy sector this year, our research shows strong levels of value in the market. While our valuations indicate there is great upside potential, we also anticipate ongoing volatility as the market sorts itself out of the current financial crisis. Starting at the beginning of September 2008, we have been gradually increasing cash levels as a defensive move against this volatility. We continue to wait for industries to show clear leadership out of the current lows to reinvest our cash holdings.
 
The Fund ended the fiscal year with a heavy position in integrated oil and gas, specifically in the large cap companies. We look to keep this industry close to benchmark levels. As of the fiscal year end, the Fund held no positions in coal and consumable fuels as that industry lagged in market leadership and performance.

 
 
 
16 Management Overview

Table of Contents

 
ICON Energy Fund
Industry Composition
as of September 30, 2008
 
         
Integrated Oil & Gas
    48.0%  
Oil & Gas Equipment & Services
    9.5%  
Oil & Gas Refining & Marketing
    6.8%  
Oil & Gas Storage & Transportation
    6.0%  
Industrial Machinery
    5.7%  
Railroads
    4.5%  
Oil & Gas Exploration & Production
    4.1%  
Airlines
    2.5%  
Electrical Components & Equipment
    2.0%  
Oil & Gas Drilling
    1.5%  
         
      90.6%  
         
 
Percentages are based upon net assets.
 
ICON Energy Fund
Sector Composition
as of September 30, 2008
 
         
Energy
    75.9%  
Industrials
    14.7%  
         
      90.6%  
         
 
Percentages are based upon net assets.
 
ICON Energy Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                       
                              Since
 		      Gross
 		    Net
 		 
                              Inception
 		      Expense
 		    Expense
 		 
      1 Year       5 Years       10 Years       11/5/97       Ratio*     Ratio*  
ICON Energy Fund
      -14.62 %         24.05 %         21.51 %         14.69 %         1.18 %       1.18 %  
 
 
S&P 1500 Energy Index
      -13.45 %         22.64 %         13.13 %         10.81 %         N/A         N/A    
 
 
S&P Composite 1500 Index
      -21.27 %         5.65 %         3.81 %         4.12 %         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 28, 2008 prospectus for details.

 
 
 
Management Overview 17

Table of Contents

ICON Energy Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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

Table of Contents

ICON Energy Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (90.6%)
  171,600     Apache Corp.    $ 17,894,448  
  12,365     BP Prudhoe Bay Royalty Trust     1,149,574  
  119,300     Burlington Northern Santa Fe Corp.      11,026,899  
  159,300     Cameron International Corp.(a)(b)     6,139,422  
  772,700     Chevron Corp.      63,732,296  
  671,800     ConocoPhillips     49,209,350  
  783,400     Delta Air Lines, Inc.(a)(b)     5,836,330  
  200,900     Dover Corp.      8,146,495  
  296,500     Dresser-Rand Group, Inc.(a)     9,330,855  
  301,300     EnPro Industries, Inc.(a)     11,196,308  
  963,500     Exxon Mobil Corp.      74,825,410  
  282,200     Frontier Oil Corp.      5,198,124  
  727,000     General Maritime Corp.(b)     14,161,960  
  315,000     Kennametal, Inc.(b)     8,542,800  
  240,200     Knightsbridge Tankers, Ltd.(b)     6,358,094  
  502,800     Marathon Oil Corp.      20,046,636  
  76,700     Murphy Oil Corp.      4,919,538  
  283,700     Nordic American Tanker Shipping, Ltd.      9,095,422  
  337,600     Occidental Petroleum Corp.      23,783,920  
  33,200     San Juan Basin Royalty Trust     1,262,596  
  369,700     Schlumberger, Ltd.      28,869,873  
  393,800     SkyWest, Inc.      6,292,924  
  41,900     Smith International, Inc.      2,457,016  
  428,900     Sunoco, Inc.(b)     15,260,262  
  272,100     Suntech Power Holdings Co., Ltd. - ADR(a)(b)     9,760,227  
  358,900     Tesoro Corp.(b)     5,918,261  
  68,890     Transocean, Inc.(a)     7,566,878  
  158,400     Union Pacific Corp.(b)     11,271,744  
  231,300     Valero Energy Corp.      7,008,390  
                 
Total Common Stocks (Cost $476,465,157)     446,262,052  
 
Short-Term Investments (6.2%)
$ 30,359,918     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     30,359,918  
                 
Total Short-Term Investments
(Cost $30,359,918) 		    30,359,918  
         
Other Securities (15.2%)        
  75,081,355     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%     75,081,355  
                 
Total Other Securities (Cost $75,081,355)     75,081,355  
Total Investments 112.0% (Cost $581,906,430)     551,703,325  
Liabilities Less Other Assets (12.0%)     (59,066,236 )
         
Net Assets 100.0%   $ 492,637,089  
         

 
 
 
Schedule of Investments 19

Table of Contents

The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt

 
 
 
20 Schedule of Investments

Table of Contents

 ICFSX

 
Management Overview
ICON Financial Fund
 
Q.  How did the Fund perform relative to its benchmarks?
 
A.  The ICON Financial Fund lost 31.93% for the fiscal year ended September 30, 2008, outperforming its sector-specific benchmark, the S&P 1500 Financials Index, which lost 36.83%, but lagging its broad benchmark, the S&P Composite 1500 Index, which eroded 21.27%. Total returns for other periods as of September 30, 2008 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 broad equity market during the fiscal year as the subprime mortgage debacle led to a broader financial crisis. Asset write-downs eroded the capital structure of numerous commercial and investment banks and changes in capital structure ultimately led to the collapse of several venerable financial institutions including Bear Stearns, Washington Mutual, Lehman Brothers and IndyMac Bank. Excluding investment banks, the FDIC reported 14 bank failures during fiscal year 2008, including Washington Mutual, the largest bank failure in history.
 
The Federal Reserve and the Treasury have taken extraordinary steps to infuse liquidity and stimulate lending. The federal funds rate target was lowered to 2.00% from 4.75% over the last year, the discount window rate was lowered from 5.25% to 2.25%, borrowing facilities were opened to investment banks and buy-outs were negotiated with federal assistance.
 
At the close of this fiscal year the Bush Administration, in conjunction with Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, proposed a $700 billion market stabilization bill. The S&P 1500 fell 8.55% after Congress failed to pass the bill. Other market indices suffered similar dramatic declines.
 
Additionally, market volatility, especially in the Financials sector, made it difficult for the Fund to capitalize on ICON’s ability to identify themes. Nearly 23% of the trade days during this fiscal year resulted in movements of more then 3% in either direction.

 
 
 
Management Overview 21

Table of Contents

 
Q.  How did the Fund’s composition affect performance?
 
A.  The Fund’s performance for the past fiscal year has been more about what the Fund did not hold rather then what the Fund did hold.
 
For example, the consumer finance industry accounted for approximately 7.4% of the Fund, with an average return of around -16.6%. The Fund’s consumer finance position was overweight when compared to the S&P 1500 Financials Index, which had an average weight of only 4.2%. Nonetheless, the Fund’s consumer finance holdings outperformed the Index holdings within this industry. Most of the out-performance within the industry can be ascribed to the Fund’s underexposure to American Express, which alone accounted for around 1% of the Index’s losses for the fiscal year. The Fund likewise benefited by its lack of or under-exposure to Bear Stearns, Wachovia Corp., Fannie Mae and Freddie Mac.
 
Unfortunately, this favorable performance relative to the benchmark was offset by the Fund’s position in mortgage REITs. Mortgage REITs initially performed well off what we hoped would be significant market bottoms. As the credit crisis worsened, however, mortgage REIT performance eroded, accounting for over 4% of the Fund’s losses.
 
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 1.31, suggesting there are opportunities for favorable industry moves toward fair value.
 
The Federal Reserve and the US Treasury have taken unprecedented action in addressing the liquidly issue that is dominating the current market. We believe these measures will, in time, help free up balance sheets and restore lending activity.
 
The Fund will continue to focus on the financial industries we believe have favorable value to price and relative strength ratios. As of September 30, 2008, the Fund has notable positions in regional banks and other diversified financial services. In accordance with our sell discipline, we will pare our positions in these industries if they do not meet our value and relative strength requirements.

 
 
 
22 Management Overview

Table of Contents

 
ICON Financial Fund
Industry Composition
as of September 30, 2008
 
         
Other Diversified Financial Services
    25.8%  
Diversified Banks
    12.9%  
Regional Banks
    12.2%  
Investment Banking & Brokerage
    9.8%  
Consumer Finance
    8.7%  
Life & Health Insurance
    6.2%  
Thrifts & Mortgage Finance
    5.8%  
Asset Management & Custody Banks
    3.6%  
Specialized Finance
    3.4%  
Property & Casualty Insurance
    2.7%  
Mortgage Reits
    1.1%  
Multi-Line Insurance
    0.8%  
         
      93.0%  
         
 
Percentages are based upon net assets.
 
ICON Financial Fund
Sector Composition
as of September 30, 2008
 
         
Financial
    93.0%  
 
Percentages are based upon net assets.
 
ICON Financial Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                       
                              Since
      Gross
 		    Net
 		 
                              Inception
 		      Expense
 		    Expense
 		 
      1 Year       5 Years       10 Years       7/1/97       Ratio*     Ratio*  
ICON Financial Fund
      -31.93 %         1.95 %         7.06 %         5.68 %         1.21 %       1.21 %  
 
 
S&P 1500 Financials Index
      -36.83 %         -0.97 %         3.43 %         3.87 %         N/A         N/A    
 
 
S&P Composite 1500 Index
      -21.27 %         5.65 %         3.81 %         4.65 %         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 28, 2008 prospectus for details.

 
 
 
Management Overview 23

Table of Contents

ICON Financial Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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

Table of Contents

ICON Financial Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (93.0%)
  14,000     Affiliated Managers Group, Inc.(a)   $ 1,159,900  
  36,100     Aflac, Inc.      2,120,875  
  29,200     Ameriprise Financial, Inc.      1,115,440  
  47,600     Annaly Capital Management,
Inc. - REIT 		    640,220  
  121,400     Anworth Mortgage Asset Corp. - REIT     718,688  
  66,800     Astoria Financial Corp.      1,384,764  
  389,000     Bank of America Corp.      13,615,000  
  49,200     Barclays PLC - ADR     1,215,240  
  53,400     BB&T Corp.      2,018,520  
  41,000     Capital One Financial Corp.      2,091,000  
  49,700     Cash America International, Inc.      1,791,188  
  453,600     Citigroup, Inc.      9,303,336  
  259,800     Colonial Bancgroup, Inc.      2,042,028  
  120,900     Discover Financial Services     1,670,838  
  148,500     EZCORP, Inc. - Class A(a)     2,791,800  
  12,100     Franklin Resources, Inc.      1,066,373  
  56,200     Hudson City Bancorp, Inc.      1,036,890  
  128,100     Huntington Bancshares, Inc.      1,023,519  
  64,400     Invesco, Ltd.      1,351,112  
  217,900     JPMorgan Chase & Co.      10,175,930  
  26,800     Loews Corp.      1,058,332  
  19,900     M&T Bank Corp.      1,776,075  
  26,800     Manulife Financial Corp.      983,292  
  134,600     Merrill Lynch & Co., Inc.      3,405,380  
  38,200     MetLife, Inc.      2,139,200  
  79,400     MGIC Investment Corp.      558,182  
  61,100     Nasdaq Stock Market, Inc.(a)     1,867,827  
  97,300     New York Community Bancorp, Inc.      1,633,667  
  21,400     PNC Financial Services Group, Inc.      1,598,580  
  50,700     Portfolio Recovery Associates, Inc.(a)     2,465,541  
  96,020     Provident Bankshares Corp.      932,355  
  293,700     Radian Group, Inc.      1,480,248  
  88,800     Regions Financial Corp.      852,480  
  53,100     StanCorp Financial Group, Inc.      2,638,008  
  102,900     Sterling Bancorp     1,487,934  
  110,300     TD Ameritrade Holding Corp.(a)     1,786,860  
  200,600     The Charles Schwab Corp.      5,215,600  
  16,200     The Goldman Sachs Group, Inc.      2,073,600  
  39,100     The Hanover Insurance Group, Inc.      1,779,832  
  137,000     U.S. Bancorp     4,934,740  
  293,400     UCBH Holdings, Inc.      1,880,694  
  71,200     Washington Federal, Inc.      1,313,640  
  281,400     Wells Fargo & Co.      10,560,942  
  79,600     World Acceptance Corp.(a)     2,865,600  
  43,900     Zenith National Insurance Corp.      1,608,496  

 
 
 
Schedule of Investments 25

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  48,700     Zions Bancorp   $ 1,884,690  
                 
Total Common Stocks (Cost $111,251,122)     119,114,456  
         
Mutual Funds (4.9%)        
  106,875     SPDR KBW Bank ETF     3,591,000  
  74,657     SPDR KBW Regional Banking ETF     2,686,159  
                 
Total Mutual Funds (Cost $5,599,680)     6,277,159  
 
Short-Term Investments (0.6%)
$ 804,912     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#   $ 804,912  
                 
Total Short-Term Investments (Cost $804,912)     804,912  
Total Investments 98.5% (Cost $117,655,714)     126,196,527  
Other Assets Less Liabilities 1.5%     1,978,054  
         
Net Assets 100.0%   $ 128,174,581  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) 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, 2008.
 
ADR American Depositary Receipt
 
REIT Real Estate Investment Trust

 
 
 
26 Schedule of Investments

Table of Contents

ICHCX

 
Management Overview
ICON Healthcare Fund
 
Q.  How did the Fund perform relative to its benchmarks?
 
A.  For the fiscal year ended September 30, 2008, the Fund’s sector-specific benchmark, the S&P 1500 Health Care Index, dropped 11.76%, and its broad benchmark, the S&P Composite 1500 Index, lost 21.27%. The ICON Healthcare Fund trailed its sector-specific benchmark, depreciating 16.43% during the same period, but outperformed its broad benchmark.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  A volatile year in equities led to a difficult year for the Health Care sector. A weakening US economy, credit fears, and the failure of several large financial institutions all led to a strong decline of the broad equity market. Fortunately, as the health care sector typically outperforms the market during times of slowdown and recession, losses in the sector were less drastic than those of the broad benchmark.
 
Rallies in health care were typically a result of investors looking for safety from a steeply declining market. The sector experienced a strong rally in July through mid-August, but fell roughly 9% from August 15, 2008 through the end of the fiscal year as credit crisis fears and the federal bailout plan took its toll on the market. This pattern of volatility led to quick theme changes between cyclical and defensive Health Care industries.
 
It was difficult for the ICON system to identify sustained industry leadership in this setting. Of the 10 industries we follow in the sector, not one was able to maintain a favorable relative strength reading for more than half of the 12-month period. Industry leaders at the outset of the fiscal year quickly became laggards, and conversely, industries that began the fiscal period as laggards eventually led, only to see their strength fade.
 
Q.  How did the Fund’s composition affect performance?
 
A.  The fiscal year witnessed numerous changes and reversals in leadership throughout the Health Care sector. At the outset of the fiscal year, the managed healthcare industry offered the best combination of value and strength according to our analysis, and continued to show increasing strength through the first half of the year. This leadership led to an overweight position in this industry relative to the healthcare benchmark.

 
 
 
Management Overview 27

Table of Contents

Within a two-day period in March 2008, two of the largest managed healthcare companies announced that they would miss their earnings target, causing a sharp drop within the industry. On March 11, 2008 the managed healthcare industry dropped more than 17% in one day. Over the course of the entire year managed healthcare declined just over 42%. Our overweight position in the industry led to significant losses in the Fund, causing us to lag the benchmark through the remainder of the year.
 
Q.  What is your investment outlook for the Healthcare sector?
 
A.  Despite a difficult fiscal year for the Health Care sector, we are pleased with the Fund’s long-term track record. Our calculations indicate the Health Care sector continues to have significant upside, trading at a 22% discount to our measurement of intrinsic value. In addition, the sector continues to show great leadership over the rest of the market as reflected in its high relative strength values.
 
In particular, we think the healthcare distributors, managed health care and pharmaceuticals industries continue to show value and leadership. The Fund ended the fiscal year with an overweight position in distributors and, as fiscal year 2008 comes to a close, we see value in pharmaceuticals as well.

 
 
 
28 Management Overview

Table of Contents

 
ICON Healthcare Fund
Industry Composition
as of September 30, 2008
 
         
Pharmaceuticals
    31.4%  
Biotechnology
    14.9%  
Health Care Equipment
    13.3%  
Health Care Distributors
    12.7%  
Health Care Services
    7.3%  
Managed Health Care
    6.6%  
Life Sciences Tools & Services
    3.7%  
Health Care Facilities
    1.5%  
Life & Health Insurance
    1.3%  
Household Products
    1.1%  
Drug Retail
    0.9%  
         
      94.7%  
         
 
Percentages are based upon net assets.
 
ICON Healthcare Fund
Sector Composition
as of September 30, 2008
 
         
Health Care
    91.4%  
Leisure and Consumer Staples
    2.0%  
Financial
    1.3%  
         
      94.7%  
         
 
Percentages are based upon net assets.
 
ICON Healthcare Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                              Since
 		      Gross
 		      Net
 		 
                              Inception
 		      Expense
 		      Expense
 		 
      1 Year       5 Years       10 Years       2/24/97       Ratio*       Ratio*  
ICON Healthcare Fund
      -16.43 %         5.91 %         8.53 %         9.19 %         1.21 %         1.21 %  
 
 
S&P 1500 Health Care Index
      -11.76 %         4.20 %         3.53 %         6.52 %         N/A           N/A    
 
 
S&P Composite 1500 Index
      -21.27 %         5.65 %         3.81 %         5.42 %         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 28, 2008 prospectus for details.

 
 
 
Management Overview 29

Table of Contents

ICON Healthcare Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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

Table of Contents

ICON Healthcare Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (94.7%)
  125,000     Abbott Laboratories   $ 7,197,500  
  90,000     Aetna, Inc.      3,249,900  
  35,000     Aflac, Inc.      2,056,250  
  25,434     Amedisys, Inc.(a)(b)     1,237,873  
  80,000     AmerisourceBergen Corp.      3,012,000  
  100,000     Amgen, Inc.(a)     5,927,000  
  60,000     Baxter International, Inc.      3,937,800  
  10,000     Bayer AG - ADR(b)     729,295  
  25,000     Becton, Dickinson & Co.      2,006,500  
  225,000     Bristol-Myers Squibb Co.(b)     4,691,250  
  30,000     C.R. Bard, Inc.(b)     2,846,100  
  65,000     Cardinal Health, Inc.      3,203,200  
  85,000     Celgene Corp.(a)     5,378,800  
  40,000     Cephalon, Inc.(a)(b)     3,099,600  
  44,200     CIGNA Corp.      1,501,916  
  12,500     Colgate-Palmolive Co.      941,875  
  45,000     Community Health Systems, Inc.(a)     1,318,950  
  35,000     Covance, Inc.(a)(b)     3,094,350  
  100,000     Cubist Pharmaceuticals, Inc.(a)(b)     2,223,000  
  162,500     Eli Lilly & Co.      7,154,875  
  45,000     Express Scripts, Inc.(a)(b)     3,321,900  
  90,000     Genzyme Corp.(a)     7,280,100  
  80,000     Henry Schein, Inc.(a)(b)     4,307,200  
  45,000     Humana, Inc.(a)     1,854,000  
  210,800     Johnson & Johnson, Inc.      14,604,224  
  79,400     K-V Pharmaceutical Co.(a)     1,803,174  
  11,700     Kimberly-Clark Corp.      758,628  
  45,000     Laboratory Corp. of America Holdings(a)(b)     3,127,500  
  50,000     McKesson Corp.      2,690,500  
  85,000     MedcoHealth Solutions, Inc.(a)     3,825,000  
  100,000     Medtronic, Inc.      5,010,000  
  25,000     Mentor Corp.(b)     596,500  
  170,700     Mylan Laboratories, Inc.(a)(b)     1,949,394  
  90,000     Owens & Minor, Inc.(b)     4,365,000  
  115,000     PerkinElmer, Inc.      2,871,550  
  507,500     Pfizer, Inc.      9,358,300  
  45,000     Pharmaceutical Product Development, Inc.      1,860,750  
  140,000     PSS World Medical, Inc.(a)(b)     2,730,000  
  20,000     Sanofi-Aventis - ADR     657,400  
  45,000     St. Jude Medical, Inc.(a)     1,957,050  
  30,000     Stryker Corp.      1,869,000  
  50,000     Teva Pharmaceutical Industries, Ltd. - ADR(b)     2,289,500  
  17,500     Thermo Fisher Scientific, Inc.(a)(b)     962,500  
  40,000     VCA Antech, Inc.(a)(b)     1,178,800  
  45,000     Walgreen Co.      1,393,200  
  22,500     WellCare Health Plans, Inc.(a)(b)     810,000  

 
 
 
Schedule of Investments 31

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  70,000     WellPoint, Inc.(a)   $ 3,273,900  
                 
Total Common Stocks (Cost $147,348,120)     151,513,104  
 
Short-Term Investments (1.9%)
$ 3,102,079     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     3,102,079  
                 
Total Short-Term Investments (Cost $3,102,079)     3,102,079  
 
Other Securities (24.0%)
  38,382,439     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%   $ 38,382,439  
                 
Total Other Securities (Cost $38,382,439)     38,382,439  
Total Investments 120.6% (Cost $188,832,638)     192,997,622  
Liabilities Less Other Assets (20.6%)     (32,914,806 )
         
Net Assets 100.0%   $ 160,082,816  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt

 
 
 
32 Schedule of Investments

Table of Contents

 ICTRX

 
Management Overview
ICON Industrials Fund
 
Q.  How did the Fund perform relative to its benchmarks?
 
A.  The ICON Industrials Fund lost 21.72% for the fiscal year ended September 30, 2008, outperforming its sector-specific benchmark, the S&P 1500 Industrials Index, which lost 23.33%, but not the broad benchmark, the S&P Composite 1500 Index, which lost 21.27%. Total returns for other periods as of September 30, 2008 appear in the subsequent pages of this Fund’s Management Overview.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  At the beginning of the fiscal year, the Industrials sector was trading at about a 14% discount to our measurement of intrinsic value. According to our calculations, 16 of the 21 industries we follow in the sector were undervalued, providing ample opportunity for value-based diversification.
 
Volatility was a major theme during fiscal year 2008, both in the overall market and within the Industrials sector. The VIX Index, which measures overall market volatility, averaged 23.44 during fiscal year 2008 while its five-year average value is around 16. Additionally, the VIX Index spiked on September 29, 2008 at 46.72 - its highest level since inception of the Index in 1990. This extreme volatility was also seen on an industry basis within the Industrials sector. The fiscal year opened with a 16.5% decline in the Industrials Fund between September 30, 2007 and March 10, 2008. The decline was led by industries such as building products, trading companies & distributors, industrial machinery, construction & farm machinery & heavy trucks, and marine. These industries are economically cyclical and were sold off aggressively in anticipation of a recession.
 
Subsequently, between March 10, 2008 and May 19, 2008, the Industrials Fund rallied, returning over 16.6%. This advance was led by industries that included coal & consumable fuels, marine, heavy electrical equipment, electrical components & equipment, and industrial machinery. Unfortunately, this advance was short lived, as the Fund again fell over 15.5% in just over a month and a half between May 19, 2008 and July 2, 2008. This decline was almost an exact mirror of the prior rally, with the marine, construction & farm machinery & heavy trucks, and electrical components & equipment industries leading the way down.
 
The year came to a close with two more sharp movements. Between July 2, 2008 and August 15, 2008, the Fund advanced over 12% with the

 
 
 
Management Overview 33

Table of Contents

trucking, building products, and aerospace & defense industries accounting for much of those gains. And, finally, between August 15, 2008 and September 30, 2008, the Industrials Fund fell over 14.9% with the marine, trucking, construction & farm machinery & heavy trucks, and airline industries leading the decline.
 
Throughout the fiscal year, many of the same industries that led the Industrials sector on the upside would subsequently fall the most on the downside. This lack of a sustainable industry-based theme proved especially challenging for the ICON system.
 
Q.  How did the Fund’s composition affect performance?
 
A.  On an industry basis, only five industries produced positive returns during fiscal year 2008: railroads, coal & consumable fuels, environmental & facilities, heavy electrical equipment, and diversified support services. Out of these five industries, the Fund’s large railroads industry allocation (an allocation based on solid combinations of value and relative strength) contributed significantly to absolute performance.
 
Seventeen of the 21 industries that were allocated to the Fund during fiscal year 2008 produced negative returns. This statistic reflects the overall breadth of the sell-off within the Industrials sector. Out of those 17 industries, the industrials conglomerates, aerospace & defense, construction & farm machinery & heavy trucks, marine, and industrial machinery industries detracted the most from absolute Fund performance. The average position held in these industries over the course of the year constituted about 59% of the Industrials Fund.
 
Q.  What is your investment outlook for the Industrials sector?
 
A.  At the close of the fiscal year, the Industrials sector was the third most undervalued of the nine sectors we track, with a value-to-price ratio of 1.41. Additionally, this valuation was very broad, as all 23 industries that we track within the Industrials sector were trading at a discount to our calculation of intrinsic value. We will closely monitor valuations at the company level, however, as the Industrials sector is tied to the economic cycle and any type of global slowdown could cause significant decreases in long-term growth rates. Nonetheless, with its broad-based value and diversity of businesses, we believe the Industrials sector will present opportunities for many investors.

 
 
 
34 Management Overview

Table of Contents

 
ICON Industrials Fund
Industry Composition
as of September 30, 2008
 
         
Railroads
    14.8%  
Industrial Conglomerates
    11.3%  
Trading Companies & Distributors
    10.5%  
Industrial Machinery
    10.4%  
Aerospace & Defense
    10.3%  
Building Products
    6.9%  
Construction & Farm Machinery & Heavy Trucks
    6.9%  
Air Freight & Logistics
    6.7%  
Trucking
    6.1%  
Electrical Components & Equipment
    5.5%  
Office Services & Supplies
    4.7%  
Airlines
    2.1%  
Human Resource & Employment Services
    1.3%  
Research & Consulting Services
    0.8%  
         
      98.3%  
         
 
Percentages are based upon net assets.
 
ICON Industrials Fund
Sector Composition
as of September 30, 2008
 
         
Industrials
    98.3%  
 
Percentages are based upon net assets.
 
ICON Industrials Fund
Average Annual Total Return
as of September 30, 2008
 
                                                           
                              Since
      Gross
 		    Net
 		 
                              Inception
 		      Expense
 		    Expense
 		 
      1 Year       5 Years       10 Years       5/9/97       Ratio*     Ratio*  
ICON Industrials Fund
      -21.72 %       9.35 %       5.45 %       4.45 %       1.28 %     1.28 %
                                                           
S&P 1500 Industrials Index
      -23.33 %       7.74 %       5.58 %       5.36 %       N/A       N/A  
                                                           
S&P Composite 1500 Index
      -21.27 %       5.65 %       3.81 %       5.33 %       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 28, 2008 prospectus for details.

 
 
 
Management Overview 35

Table of Contents

ICON Industrials Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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

Table of Contents

Icon Industrials Fund
Schedule Of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks(98.3%)
  25,000     3M Co.    $ 1,707,750  
  50,000     Actuant Corp. - Class A(b)     1,262,000  
  40,000     Acuity Brands, Inc.      1,670,400  
  30,000     AMETEK, Inc.      1,223,100  
  100,000     Apogee Enterprises, Inc.      1,503,000  
  25,800     Arkansas Best Corp.(b)     869,202  
  23,500     Astec Industries, Inc.(a)(b)     724,505  
  30,000     Avery Dennison Corp.(b)     1,334,400  
  51,800     Briggs & Stratton Corp.(b)     838,124  
  70,000     Burlington Northern Santa Fe Corp.(b)     6,470,100  
  50,000     Canadian National Railway Co. - ADR     2,391,500  
  80,000     Caterpillar, Inc.      4,768,000  
  45,000     Con-way, Inc.      1,984,950  
  50,000     Cooper Industries, Ltd. - Class A(b)     1,997,500  
  60,000     CSX Corp.      3,274,200  
  50,000     Cummins, Inc.      2,186,000  
  25,000     Danaher Corp.(b)     1,735,000  
  75,000     Delta Air Lines, Inc.(a)(b)     558,750  
  50,000     Dover Corp.      2,027,500  
  40,000     Dynamex, Inc.(a)     1,138,400  
  16,000     Eaton Corp.      898,880  
  30,000     EnPro Industries, Inc.(a)(b)     1,114,800  
  16,000     Esterline Technologies Corp.(a)     633,440  
  30,000     FedEx Corp.      2,371,200  
  40,000     GATX Corp.      1,582,800  
  460,000     General Electric Co.      11,730,000  
  50,000     Houston Wire & Cable Co.(b)     858,500  
  50,000     Illinois Tool Works, Inc.      2,222,500  
  70,000     Kennametal, Inc.(b)     1,898,400  
  50,000     Kforce, Inc.(a)     510,500  
  100,000     Knoll, Inc.      1,512,000  
  10,000     L-3 Communications Holdings, Inc.      983,200  
  40,000     Lockheed Martin Corp.      4,386,800  
  150,000     Masco Corp.(b)     2,691,000  
  60,000     MSC Industrial Direct Co., Inc. - Class A(b)     2,764,200  
  110,000     NCI Building Systems, Inc.(a)(b)     3,492,500  
  200,000     Pacer International, Inc.(b)     3,294,000  
  10,000     Parker Hannifin Corp.      530,000  
  50,000     Pitney Bowes, Inc.      1,663,000  
  7,000     Precision Castparts Corp.      551,460  
  35,000     Raytheon Co.      1,872,850  
  45,000     Resources Connection, Inc.(a)     1,013,850  
  18,000     Robert Half International, Inc.(b)     445,500  

 
 
 
Schedule of Investments 37

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  12,000     Rockwell Collins, Inc.    $ 577,080  
  25,000     Roper Industries, Inc.      1,424,000  
  35,000     Ryder System, Inc.(b)     2,170,000  
  68,900     Saia, Inc.(a)     914,992  
  6,000     Siemens AG - ADR     563,340  
  38,400     Simpson Manufacturing Co., Inc.(b)     1,040,256  
  100,000     SkyWest, Inc.(b)     1,598,000  
  16,200     Suntech Power Holdings Co., Ltd. - ADR(a)(b)     581,094  
  60,000     Sykes Enterprises, Inc.(a)     1,317,600  
  25,000     The Toro Co.      1,032,500  
  13,800     Triumph Group, Inc.      630,798  
  35,000     TrueBlue, Inc.(a)     565,600  
  50,000     UAL Corp.      439,500  
  90,000     Union Pacific Corp.(b)     6,404,400  
  25,000     United Parcel Service, Inc. - Class B     1,572,250  
  55,000     United Technologies Corp.      3,303,300  
  25,000     W.W. Grainger, Inc.(b)     2,174,250  
  70,000     Watsco, Inc.(b)     3,519,600  
  20,000     Watts Water Technologies, Inc. - Class A(b)     547,000  
  70,000     WESCO International, Inc.(a)     2,252,600  
  150,000     YRC Worldwide, Inc.(a)(b)     1,794,000  
                 
Total Common Stocks (Cost $135,477,009)     123,107,921  
 
Short-Term Investments (0.8%)
$ 1,046,370     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     1,046,370  
                 
Total Short-Term Investments (Cost $1,046,370)     1,046,370  
 
Other Securities (29.6%)
  37,121,275     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%     37,121,275  
                 
Total Other Securities (Cost $37,121,275)     37,121,275  
Total Investments 128.7% (Cost $173,644,654)     161,275,566  
Liabilities Less Other Assets (28.7%)     (35,989,233 )
         
Net Assets 100.0%   $ 125,286,333  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt

 
 
 
38 Schedule of Investments

Table of Contents

 ICTEX

 
 
Q.  How did the Fund perform relative to its benchmark?
 
A.  The Fund underperformed its benchmark for the fiscal year ended September 30, 2008. The Fund declined 28.68%, while its benchmark, the S&P 1500 Information Technology Composite Index, fell 23.54%.
 
Additionally, the Fund lagged its broad benchmark, the S&P Composite 1500 Index, which lost 21.27% over the same period and the NASDAQ Composite Index which lost 21.92% for the period. Total returns for other periods as of September 30, 2008 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.  This volatile period in the U.S. equity market was marked by two factors: the subprime lending disaster and the related meltdown in housing prices. These two factors eviscerated earnings on homebuilding and sent financial-related equities into a freefall.
 
The subprime lending and housing debacles sent ripples across all market sectors. Every sector experienced sharp declines, except consumer staples issues, which, though down, held up better than equities in all other sectors of the market. Although we saw value in the Technology sector at the start of the fiscal year, investor fear based on the subprime lending crisis crushed investor sentiment across the entire market and technology stocks were not spared.
 
Amid this backdrop of pervasive fear concerning the economic outlook, investors shunned areas of the market having even a hint of a cyclical bent. Consequently, the Technology sector fell more than the broader market as defined by the S&P 1500 Composite Index. In addition, stocks recognized as “value” plays underperformed stocks recognized as “growth” investments. The S&P 500 Growth Index (SGX) was down 19.44% for fiscal year 2008, while the S&P 500 Value Index (SVX) declined 24.50%. Since our investment style at ICON is predominantly value based, our Information Technology Fund faced a general headwind that made it difficult to outperform our sector index.

 
 
 
Management Overview 39

Table of Contents

 
Q.  How did the Fund’s composition affect performance?
 
A.  At ICON we focus on industry selection based on our estimation of value and relative strength. When we identify industries that have value and which are leading the market higher, we naturally tilt our sector fund to those industries. Within the Information Technology Sector Fund we track fifteen separate and distinct industries. Over the past year, the Fund’s over- and underweight positions affected its performance.
 
On the positive side, the Fund’s performance relative to the S&P 1500 Information Technology Composite Index was favorably influenced by two industries: communications equipment and computer storage & peripherals. These two industries combined accounted for approximately 2.6% of positive relative performance versus the S&P 1500 Information Technology Composite Index.
 
The Fund’s performance relative to its benchmark was negatively impacted by four industries, however: internet software & services, computer hardware, systems software, and technology distributors. Combined, these industries accounted for around 7.4% of negative relative performance versus the S&P 1500 Information Technology Composite Index.
 
Q.  What is your investment outlook for the Information Technology Sector.
 
A.  As this volatile 12-month period in the U.S. equity market came to a close, fear and pessimism evidently caused investors to sell stocks well below our calculation of intrinsic value. As a result, we believe we’ve entered a new period - one that, by our estimation, may present investors with many bargains in the market. We believe bargains exist across the spectrum of the economic sectors we track, including the Technology sector.
 
In fact, as the fiscal year ended, the average technology stock in our database was trading at about a 28% discount to our calculation of its intrinsic value. Accordingly, we believe information technology issues now have significant upside potential.

 
 
 
40 Management Overview

Table of Contents

 
ICON Information Technology Fund
Industry Composition
as of September 30, 2008
 
         
Computer Hardware
    16.2%  
Systems Software
    13.1%  
Data Processing & Outsourced Services
    10.5%  
Semiconductors
    9.4%  
Communications Equipment
    9.2%  
Technology Distributors
    8.0%  
IT Consulting & Other Services
    7.0%  
Internet Software & Services
    6.7%  
Electronic Equipment Manufacturers
    5.3%  
Application Software
    3.4%  
Office Services & Supplies
    2.6%  
Electronic Manufacturing Services
    1.4%  
Computer Storage & Peripherals
    1.2%  
         
      94.0%  
         
 
Percentages are based upon net assets.
 
ICON Information Technology Fund
Sector Composition
as of September 30, 2008
 
         
Information Technology
    91.4%  
Industrials
    2.6%  
         
      94.0%  
         
 
Percentages are based upon net assets.
 
ICON Information Technology Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                              Since
 		      Gross
 		      Net
 		 
                              Inception
 		      Expense
 		      Expense
 		 
      1 Year       5 Years       10 Years       2/19/97       Ratio*       Ratio*  
ICON Information Technology Fund
      -28.68 %         -1.01 %         8.98 %         7.28 %         1.23 %         1.23 %  
 
 
S&P 1500 Information Technology Index
      -23.54 %         2.59 %         0.81 %         3.74 %         N/A           N/A    
 
 
NASDAQ Composite Index
      -21.92 %         3.95 %         2.66 %         4.27 %         N/A           N/A    
 
 
S&P Composite 1500 Index
      -21.27 %         5.65 %         3.81 %         5.38 %         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.
 
*  Please see the January 28, 2008 prospectus for details.

 
 
 
Management Overview 41

Table of Contents

ICON Information Technology Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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

Table of Contents

ICON Information Technology Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (94.0%)
  126,100     Accenture, Ltd. - Class A   $ 4,791,800  
  106,500     Altera Corp.(b)     2,202,420  
  62,300     Anixter International, Inc.(a)(b)     3,707,473  
  91,500     Arrow Electronics, Inc.(a)     2,399,130  
  108,600     Avnet, Inc.(a)     2,674,818  
  5,700     Baidu.com, Inc. - ADR(a)     1,414,911  
  108,700     Benchmark Electronics, Inc.(a)(b)     1,530,496  
  116,500     Blue Coat Systems, Inc.(a)(b)     1,653,135  
  84,200     CACI International, Inc. - Class A(a)(b)     4,218,420  
  277,900     Cisco Systems, Inc.(a)     6,269,424  
  95,700     Cognex Corp.(b)     1,929,312  
  38,700     Coherent, Inc.(a)     1,375,785  
  199,800     Commvault Systems, Inc.(a)     2,407,590  
  74,300     Computer Sciences Corp.(a)     2,981,659  
  153,200     Convergys Corp.(a)     2,264,296  
  120,700     CSG Systems International, Inc.(a)     2,115,871  
  70,800     CTS Corp.      904,824  
  81,100     Daktronics, Inc.(b)     1,351,126  
  43,900     FactSet Research Systems, Inc.(b)     2,293,775  
  113,000     Fiserv, Inc.(a)     5,347,160  
  79,000     FLIR Systems, Inc.(a)     3,035,180  
  150,000     Gartner, Inc.(a)     3,402,000  
  186,300     Gevity HR, Inc.      1,356,264  
  7,900     Google, Inc. - Class A(a)     3,164,108  
  83,900     Harris Corp.      3,876,180  
  103,300     Heartland Payment Systems, Inc.(b)     2,640,348  
  232,400     Hewlett-Packard Co.      10,746,176  
  217,900     Insight Enterprises, Inc.(a)     2,922,039  
  505,300     Intel Corp.      9,464,269  
  129,400     International Business Machines Corp.      15,134,624  
  261,600     Macrovision Solutions Corp.(a)     4,023,408  
  96,800     Microsemi Corp.(a)(b)     2,466,464  
  399,400     Microsoft Corp.(b)     10,659,986  
  60,400     National Instruments Corp.      1,815,020  
  142,000     NCR Corp.(a)     3,131,100  
  122,300     NETGEAR, Inc.(a)     1,834,500  
  75,200     Open Text Corp.(a)(b)     2,600,416  
  202,100     Oracle Corp.(a)     4,104,651  
  125,600     Polycom, Inc.(a)     2,905,128  
  69,900     SAP AG - ADR(b)     3,734,757  
  91,900     ScanSource, Inc.(a)     2,645,801  
  20,300     SINA Corp.(a)     714,560  
  37,300     Sohu.com, Inc.(a)(b)     2,079,475  
  210,300     Sykes Enterprises, Inc.(a)(b)     4,618,188  
  70,950     Synaptics, Inc.(a)(b)     2,144,109  
  119,779     Taiwan Semiconductor Manufacturing Co., Ltd. - ADR(b)     1,122,329  
  230,300     VASCO Data Security International, Inc.(a)(b)     2,385,908  

 
 
 
Schedule of Investments 43

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  28,700     Visa, Inc. - Class A(b)   $ 1,761,893  
  53,900     VistaPrint, Ltd.(a)     1,770,076  
  70,800     Xilinx, Inc.(b)     1,660,260  
                 
Total Common Stocks (Cost $172,655,738)     167,752,642  
 
Short-Term Investments (10.7%)
$ 19,015,975     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     19,015,975  
                 
Total Short-Term Investments (Cost $19,015,975)     19,015,975  
 
Other Securities (22.9%)
  40,937,108     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%   $ 40,937,108  
                 
Total Other Securities (Cost $40,937,108)     40,937,108  
Total Investments 127.6% (Cost $232,608,821)     227,705,725  
Liabilities Less Other Assets (27.6%)     (49,255,237 )
         
Net Assets 100.0%   $ 178,450,488  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt

 
 
 
44 Schedule of Investments

Table of Contents

 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 17.40% for the fiscal year ended September 30, 2008. The Fund thus underperformed one of its sector-specific benchmarks, the S&P 1500 Consumer Staples Index, which returned 0.36%, but outperformed its other sector specific benchmark, the S&P 1500 Consumer Discretionary Index, which returned -22.96%. 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 21.27% over the same period. Total returns for other periods as of September 30, 2008 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 was dominated this fiscal year by the subprime mortgage meltdown, the financial crisis that followed, and fear that the crisis would spread beyond the financial sector.
 
At the close of this fiscal year the Bush Administration, in conjunction with Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, proposed a $700 billion market stabilization bill. The stock market, as measured by the S&P 1500, fell 8.55% after Congress failed to pass the bill. Other market indices suffered similar dramatic declines.
 
Additionally, unprecedented market volatility made it difficult for the Fund to capitalize on ICON’s ability to identify themes. The VIX Index measures volatility as it relates to option pricing. The VIX increased from 18 at the end of September 2007 to 39.39 at the end of September 2008. Throughout the year discretionary industries like restaurant and leisure products struggled to lead the market, but would inevitably (and often quickly) give way to leadership from staples industries like tobacco. These sharp theme reversals had an adverse effect on Fund performance, as we had difficulty identifying clear and consistent leadership within this volatile environment.

 
 
 
Management Overview 45

Table of Contents

 
Q.  How did the Fund’s composition affect performance?
 
A.  Several industries had a notable effect on Fund performance. The movies & entertainment industry was the Fund’s largest detractor, accounting for about 2.6% of the Fund’s losses. Strong sell-offs in News Corp. and Viacom Inc. during the fiscal year led the industry lower. Restaurants - in particular Ruby Tuesday’s and Sonic Corp. - were the Fund’s second largest detractor, accounting for approximately 2.3% of the Fund’s losses.
 
The Fund’s largest contributors included Wal-Mart and the other hypermarkets, which helped offset losses by almost 1%. Brewers also helped offset some of the Fund’s losses.
 
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 1.29, indicating upside potential.
 
The Federal Reserve and the US Treasury have taken unprecedented action in addressing the liquidly issue that is dominating the current market. We believe these measures will, in time, help free up balance sheets, restore lending activity and ultimately encourage economic growth. This growth should be a positive development for the Leisure and Consumer Staples sector.
 
The Fund will continue to focus on the industries we determine have favorable value to price and relative strength ratios. As fiscal year 2008 comes to a close, the Fund has notable positions in house hold products and restaurants. In accordance with our sell discipline, we will pare our positions in these industries if they do not meet our relative strength requirements.

 
 
 
46 Management Overview

Table of Contents

 
ICON Leisure and Consumer Staples Fund
Industry Composition
as of September 30, 2008
 
         
Household Products
    13.9%  
Restaurants
    10.3%  
Movies & Entertainment
    9.7%  
Leisure Products
    8.7%  
Packaged Foods & Meats
    6.6%  
Soft Drinks
    5.1%  
Hypermarkets & Super Centers
    4.6%  
Tobacco
    4.5%  
Cable & Satellite
    4.3%  
Hotels Resorts & Cruise Lines
    4.1%  
Leisure Facilities
    3.8%  
Drug Retail
    3.6%  
Specialty Stores
    3.3%  
Broadcasting & Cable TV
    3.1%  
Publishing
    3.1%  
Personal Products
    2.0%  
Food Retail
    1.9%  
Casinos & Gaming
    1.9%  
Food Distributors
    1.4%  
Motorcycle Manufacturers
    1.3%  
Distillers & Vintners
    1.0%  
         
      98.2%  
         
 
Percentages are based upon net assets.
 
ICON Leisure and Consumer Staples Fund
Sector Composition
as of September 30, 2008
 
         
Leisure and Consumer Staples
    93.6%  
Consumer Discretionary
    4.6%  
         
      98.2%  
         
 
Percentages are based upon net assets.
 
ICON Leisure and Consumer Staples Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                              Since
 		      Gross
 		      Net
 		 
                              Inception
 		      Expense
 		      Expense
 		 
      1 Year       5 Years       10 Years       5/9/97       Ratio*       Ratio*  
ICON Leisure and Consumer Staples Fund
      -17.40 %         3.24 %         6.69 %         7.41 %         1.41 %         1.41 %  
 
 
S&P 1500 Consumer Discretionary Index
      -22.96 %         1.46 %         2.23 %         4.12 %         N/A           N/A    
 
 
S&P 1500 Consumer Staples Index
      0.36 %         9.13 %         5.63 %         6.20 %         N/A           N/A    
 
 
S&P Composite 1500 Index
      -21.27 %         5.65 %         3.81 %         5.34 %         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 28, 2008 prospectus for details.

 
 
 
Management Overview 47

Table of Contents

ICON Leisure and Consumer Staples Fund
Value of a $10,000 Investment
through September 30, 2008
 
(LINE GRAPH)
 
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

Table of Contents

ICON Leisure and Consumer Staples Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (98.2%)
  30,600     Altria Group, Inc.    $ 607,104  
  20,500     Avon Products, Inc.      852,185  
  16,200     Bally Technologies, Inc.(a)     490,536  
  66,700     Big 5 Sporting Goods Corp.      688,344  
  19,700     Bob Evans Farms, Inc.(b)     537,613  
  48,600     Borders Group, Inc.      318,816  
  44,600     Brinker International, Inc.      797,894  
  9,400     British American Tobacco PLC - ADR     582,800  
  42,500     Callaway Golf Co.(b)     597,975  
  26,700     CBRL Group, Inc.(b)     702,210  
  6,700     CEC Entertainment, Inc.(a)     222,440  
  12,400     Church & Dwight Co., Inc.(b)     769,916  
  52,000     CKE Restaurants, Inc.      551,200  
  92,600     Comcast Corp. - Class A     1,817,738  
  31,600     ConAgra Foods, Inc.      614,936  
  19,100     Constellation Brands, Inc.(a)     409,886  
  23,800     CVS Caremark Corp.      801,108  
  27,800     Darden Restaurants, Inc.      795,914  
  19,600     Dick’s Sporting Goods, Inc.(a)     383,768  
  14,600     Energizer Holdings, Inc.(a)(b)     1,176,030  
  4,600     Fomento Economico Mexicano S.A.B. de C.V. - ADR     175,444  
  10,200     H.J. Heinz Co.      509,082  
  14,800     Harley-Davidson, Inc.(b)     552,040  
  9,900     Hormel Foods Corp.      359,172  
  19,900     Jack in the Box, Inc.(a)     419,890  
  14,600     Kimberly-Clark Corp.      946,664  
  17,500     Kraft Foods, Inc. - Class A     573,125  
  29,100     Kroger Co.      799,668  
  20,200     Life Time Fitness, Inc.(a)(b)     631,654  
  24,700     Marriott International, Inc. - Class A     644,423  
  43,500     Mattel, Inc.      784,740  
  9,000     McCormick & Co., Inc.      346,050  
  29,700     Meredith Corp.(b)     833,085  
  26,900     Monarch Casino & Resort, Inc.(a)     306,391  
  91,900     Nautilus, Inc.(a)(b)     419,983  
  30,036     News Corp. - Class A     360,132  
  18,600     PepsiAmericas, Inc.      385,392  
  12,800     PepsiCo, Inc.      912,256  
  25,100     Polaris Industries, Inc.(b)     1,141,799  

 
 
 
Schedule of Investments 49

Table of Contents

                 
Shares or Principal Amount   Value
 
 
  31,200     Pool Corp.(b)   $ 727,896  
  36,100     Procter & Gamble Co.      2,515,809  
  46,100     Rentrak Corp.(a)     637,563  
  15,100     Reynolds American, Inc.      734,162  
  25,300     Royal Caribbean Cruises, Ltd.(b)     524,975  
  12,400     Spartan Stores, Inc.      308,512  
  21,800     Speedway Motorsports, Inc.      424,664  
  20,800     Starbucks Corp.(a)     309,296  
  6,700     The Clorox Co.(b)     420,023  
  50,600     The DIRECTV Group, Inc.(a)     1,324,202  
  23,500     The Pepsi Bottling Group, Inc.      685,495  
  17,500     The Thomson Corp.(b)     477,225  
  67,470     The Walt Disney Co.      2,070,654  
  76,300     Time Warner, Inc.      1,000,293  
  12,800     Unilever PLC - ADR     348,288  
  12,500     United Natural Foods, Inc.(a)(b)     312,375  
  15,900     Vail Resorts, Inc.(a)(b)     555,705  
  32,600     Wal-Mart Stores, Inc.(b)     1,952,414  
  22,800     Walgreen Co.      705,888  
  34,400     Wyndham Worldwide Corp.      540,424  
                 
Total Common Stocks (Cost $43,318,673)     41,395,266  
 
Short-Term Investments (1.7%)
$ 714,380     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     714,380  
                 
Total Short-Term Investments (Cost $714,380)     714,380  
 
Other Securities (26.8%)
  11,291,030     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%     11,291,030  
                 
Total Other Securities (Cost $11,291,030)     11,291,030  
Total Investments 126.7% (Cost $55,324,083)     53,400,676  
Liabilities Less Other Assets (26.7%)     (11,261,445 )
         
Net Assets 100.0%   $ 42,139,231  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt

 
 
 
50 Schedule of Investments

Table of Contents

 ICBMX

 
Management Overview
ICON Materials Fund
 
Q.  How did the Fund perform relative to its benchmarks?
 
A.  The ICON Materials Fund lost 23.79% for the fiscal year ended September 30, 2008, while its sector-specific benchmark, the S&P 1500 Materials Index, lost 21.17%, and its broad benchmark, the S&P Composite 1500 Index, lost 21.27%. Total returns for other periods as of September 30, 2008 appear in the subsequent pages of this Fund’s Management Overview.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  Fiscal year 2008 proved to be a very challenging year for the ICON Materials Fund. With unprecedented volatility and industry theme reversals, the ICON Materials Fund lagged both its sector-specific benchmark and its broad market benchmark.
 
The Fund entered the fiscal year with the Materials sector reflecting a value-to-price ratio of 0.97. Under the ICON methodology, this value-to-price ratio suggests that for each dollar invested you would receive only 0.97 cents in value. While the majority of the industries within the Materials sector had not reached our value-based sell discipline, the Fund’s holdings were diversified into other sectors, such as Industrials and Energy, where we determined value was more prevalent. Additionally, we also established a larger cash position in order to mitigate the risk of holding overvalued stocks and industries. Over the course of the fiscal year, these positions were adjusted as strong combinations of both value and relative strength became available within the Materials sector.
 
Volatility was a major theme during fiscal year 2008, both in the overall market and within the Materials sector. The VIX Index, which measures overall market volatility, averaged 23.44 during fiscal year 2008 while its 5 year average is around 16. Additionally, the VIX Index spiked on September 29, 2008 at a value of 46.72 which, at the time, was the highest level seen since the inception of the Index in 1990. Moreover, physical commodities, which the Materials sector is closely tied to, experienced significant price movements. Gold opened the fiscal year trading at 747.20, spiked up to 1002.95 on March 14, 2008, sold off all the way down to 745.28 on September 11, 2008, and finished the fiscal year up 16.56% at 870.95. The RJ/CRB Commodity Price Index - which follows 19 different types of commodities including copper, oil, and

 
 
 
Management Overview 51

Table of Contents

aluminum - opened the year trading at 332.32, increased over 42% to close at 473.52 on July 2, 2008, and fell over 27% to close the fiscal year up only 3.97% at 345.50.
 
ICON utilizes value-based, industry-rotation to lock onto market themes. Extreme volatility of the sort we’ve experienced over the last six to nine months makes it difficult for ICON to identify a consistent theme and presents a challenge in the short-term for our system.
 
Q.  How did the Fund’s composition affect performance?
 
A.  In order to better analyze Fund performance for fiscal year 2008, it is important to look at the year over two distinct time periods.
 
The first time period is from September 30, 2007 through May 16, 2008. During these seven and a half months, the ICON Materials Fund returned 9.61% compared to the broad market S&P 1500 Index which lost 4.99%. The top Materials industries that contributed the most to absolute performance include fertilizers & agricultural chemicals, industrial gases, aluminum, diversified metals & mining, and steel. These four industries on average comprised approximately 58% of the ICON Materials Fund during this time period. Additionally, industries within both the Industrials and Energy sectors - railroads, trucking, oil & gas drilling, and industrial machinery - contributed positively to overall performance.
 
Materials industries that detracted from overall performance during this time period include commodity chemicals, gold, and specialty chemicals.
 
The second time period is from May 19, 2008 through September 30, 2008. During this four and a half month period the ICON Materials Fund declined 29.98% while the S&P 1500 Index declined 17.18%. Additionally, the sell off was broad based during this time, as only two industries - industrial machinery and metal & glass containers - produced positive returns, while all other industries within the Materials sector produced double digit declines.
 
Materials industries that detracted the most from overall performance during this time period include fertilizers & agricultural chemicals, diversified metals & mining, steel, aluminum, and industrial gases. Interestingly enough, the same industry positions that contributed the most to overall performance during the first time period were the same industries that declined the most during the second time period. This unusual volatility reflects the lack of a sustainable theme and emphasizes the challenges presented during this fiscal year.
 
Looking at the full time period, industries that contributed to absolute performance were metal & glass containers, railroads, and industrial

 
 
 
52 Management Overview

Table of Contents

machinery. These three industries constituted approximately 7.5% of Fund assets on average during the fiscal year.
 
Industries that detracted the most from absolute performance during the full fiscal year include diversified metals & mining, steel, fertilizers & agricultural chemicals, aluminum, and specialty chemicals. These five industries constituted approximately 58.5% of the Fund’s assets on average during the fiscal year.
 
Q.  What is your investment outlook for the Materials sector?
 
A.  At the close of the fiscal year, the Materials sector was the second most undervalued of the nine we track, with a value-to-price ratio of 1.42. However, the Materials sector also exhibited the second lowest relative strength reading at 0.89. Because of this discrepancy between value and relative strength, the Fund ended fiscal year 2008 with a more defensive strategy of establishing a large cash position while continuing to allocate into other sectors that display better combinations of both value and relative strength. Additionally, company-based valuations will be monitored closely as any type of global economic slowdown could significantly influence company growth estimates within the Materials sector.
 
That said, we have not seen a value-to-price ratio above 1.40 since June 30, 2003 - which was the beginning of the last bull market rally within this sector. By establishing a large cash position in the Fund we hope to be able to take advantage of any future upside by aggressively allocating towards areas that reflect strong combinations of value and relative strength.

 
 
 
Management Overview 53

Table of Contents

 
ICON Materials Fund
Industry Composition
as of September 30, 2008
 
         
Fertilizers & Agricultural Chemicals
    18.4%  
Diversified Chemicals
    18.2%  
Specialty Chemicals
    10.0%  
Paper Packaging
    8.5%  
Industrial Gases
    8.3%  
Metal & Glass Containers
    7.0%  
Railroads
    6.7%  
Building Products
    4.9%  
Trucking
    3.6%  
Aluminum
    3.0%  
Diversified Metals & Mining
    2.2%  
Construction Materials
    1.5%  
Commodity Chemicals
    1.0%  
Steel
    0.5%  
         
      93.8%  
         
 
Percentages are based upon net assets.
 
ICON Materials Fund
Sector Composition
as of September 30, 2008
 
         
Materials
    78.6%  
Industrials
    15.2%  
         
      93.8%  
         
 
Percentages are based upon net assets.
 
ICON Materials Fund
Average Annual Total Return
as of September 30, 2008
 
                                                                         
                              Since
 		      Gross
 		      Net
 		 
                              Inception
 		      Expense
 		      Expense
 		 
      1 Year       5 Years       10 Years       5/5/97       Ratio*       Ratio*  
ICON Materials Fund
      -23.79 %         18.21 %         8.33 %         3.73 %         1.33 %         1.33 %  
 
 
S&P 1500 Materials Index
      -21.17 %         11.63 %         7.64 %         6.10 %         N/A           N/A    
 
 
S&P Composite 1500 Index
      -21.27 %         5.65 %         3.81 %         5.28 %         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 28, 2008 prospectus for details.

 
 
 
54 Management Overview

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ICON Materials Fund
Value of a $10,000 Investment
through September 30, 2008
 
(Graph)
 
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 55

Table of Contents

ICON Materials Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (93.8%)
  25,000     Agrium, Inc.    $ 1,402,000  
  100,000     Air Products & Chemical, Inc.      6,849,000  
  60,000     Airgas, Inc.      2,979,000  
  75,000     Albemarle Corp.      2,313,000  
  160,000     Alcoa, Inc.      3,612,800  
  30,000     Anglo American PLC - ADR     501,900  
  70,600     Apogee Enterprises, Inc.      1,061,118  
  70,000     Arch Chemicals, Inc.(b)     2,471,000  
  30,000     Ashland, Inc.      877,200  
  100,000     Bemis Co., Inc.      2,612,000  
  20,000     BHP Billiton PLC - ADR(b)     918,200  
  25,000     Burlington Northern Santa Fe Corp.(b)     2,310,750  
  75,000     Cabot Corp.      2,383,500  
  35,001     Cemex S.A.B. de C.V - ADR(a)(b)     602,717  
  20,000     CF Industries Holdings, Inc.      1,829,200  
  60,000     Companhia Vale do Rio Doce - ADR(b)     1,149,000  
  30,000     Con-way, Inc.      1,323,300  
  28,000     CRH PLC - ADR(b)     596,960  
  45,000     CSX Corp.      2,455,650  
  275,000     Dow Chemical Co.(b)     8,739,500  
  150,000     E.I. du Pont de Nemours and Co.      6,045,000  
  50,000     Greif, Inc. - Class A     3,281,000  
  50,000     International Flavors & Fragrances, Inc.      1,973,000  
  45,000     Lubrizol Corp.      1,941,300  
  133,300     Masco Corp.(b)     2,391,402  
  160,000     Monsanto Co.      15,836,800  
  215,000     Myers Industries, Inc.      2,711,150  
  75,000     NCI Building Systems, Inc.(a)(b)     2,381,250  
  90,000     Pactiv Corp.(a)     2,234,700  
  10,000     Potash Corp. of Saskatchewan, Inc.      1,320,100  
  60,000     PPG Industries, Inc.      3,499,200  
  100,000     RPM International, Inc.      1,934,000  
  30,000     Ryder System, Inc.(b)     1,860,000  
  160,000     Sealed Air Corp.(b)     3,518,400  
  130,000     Sonoco Products Co.      3,858,400  
  120,000     Spartech Corp.      1,188,000  
  30,000     Terra Industries, Inc.      882,000  
  15,000     Texas Industries, Inc.(b)     612,900  
  25,000     The Scotts Miracle-Gro Co.      591,000  
  59,000     The Valspar Corp.      1,315,110  
  45,000     Union Pacific Corp.(b)     3,202,200  
  40,000     Worthington Industries, Inc.(b)     597,600  

 
 
 
56 Schedule of Investments

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Shares or Principal Amount   Value
 
 
  85,000     YRC Worldwide, Inc.(a)(b)   $ 1,016,600  
                 
Total Common Stocks (Cost $118,117,754)     111,178,907  
 
Short-Term Investments (6.9%)
$ 8,151,642     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     8,151,642  
                 
Total Short-Term Investments (Cost $8,151,642)     8,151,642  
 
Other Securities (15.1%)
  17,967,153     Brown Brothers Harriman Securities Lending Investment Fund, 3.07%   $ 17,967,153  
                 
Total Other Securities (Cost $17,967,153)     17,967,153  
Total Investments 115.8% (Cost $144,236,549)     137,297,702  
Liabilities Less Other Assets (15.8%)     (18,775,283 )
         
Net Assets 100.0%   $ 118,522,419  
         
 
The accompanying notes are an integral part of the financial statements.
 
(a) Non-income producing security.
 
(b) All or a portion of the security was on loan as of September 30, 2008.
 
# 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, 2008.
 
ADR American Depositary Receipt

 
 
 
Schedule of Investments 57

Table of Contents

 ICTUX

 
 
Q.  How did the Fund perform relative to its benchmarks?
 
A.  The ICON Telecommunication & Utilities Fund lost 23.01% for the fiscal year ended September 30, 2008, outperforming the 33.25% loss of the S&P 1500 Telecommunication Services Index and underperforming the 12.72% loss of the S&P 1500 Utilities 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 lagged its broad benchmark, the S&P Composite 1500 Index, which lost 21.27% over the same period. Total returns for other periods as of September 30, 2008 appear in the subsequent pages of this Fund’s Management Overview.
 
Q.  What primary factors were behind the Fund’s relative performance?
 
A.  The Telecommunications and Utilities sectors were not impervious to the recession fears and the credit crunch that gripped the global financial markets this year. As seen from the returns above, the Utility sector proved to be more recession proof than the Telecommunication Services sectors and this fact detracted from the Fund’s relative performance as we leaned toward what we perceived to be greater value in the Telecommunication Services sector.
 
Despite the fact that our major Telecommunication Services holdings, mainly Verizon and AT&T, experienced positive growing earnings over the year, the market still punished their shares on fears these earnings would eventually decline in the face of a much anticipated recession. As recession fears rose, utilities outperformed the overall market, with investors seeking the perceived safety of that sector’s earnings and dividends.
 
Q.  How did the Fund’s composition affect performance?
 
A.  Although seven of the eight industry groups within the Telecommunication Services and Utility sectors experienced double digit losses over the year, the Utility sector fared slightly better and an underweight position here detracted from the Fund’s performance. The Multi-Utility industry led all industries within the two sectors with a loss of approximately 8.4%, and an underweight position within this industry hindered performance. Both the Electric Utility and Gas Utility Industries fell by just over 10% and underweight positions here also negatively affected

 
 
 
58 Management Overview

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performance. Despite the Utility sector’s better overall performance, the sector also held the worst performing industry, Independent Power Producers & Energy Traders, and the Fund’s underweight and outperforming position in this industry aided performance.
 
In the Telecommunications Services sector, the S&P 1500 Wireless Industry fell about 54% and the Fund’s underweight and outperforming industry position aided performance. However the Integrated Telecommunication Services Industry also fell nearly 30% on recession fears and a large position here weighed down the Fund’s performance. Small positions in outside related industries, Aerospace & Defense, Alternative Carriers, Coal & Consumable Fuels, and Computer Hardware, generated positive returns and added slightly to performance.
 
Q.  What is your investment outlook for the Telecommunication & Utilities sectors?
 
A.  Given that these two “recession proof” sectors have been dragged down with the rest of the financial world by recession and credit concerns, and given that their stocks have not seen a significant reduction in earnings or forward looking earnings, we see more value in the Telecommunication & Utilities sectors than we have seen in some time. At fiscal year end, the overall value to price ratio for the combined sectors stands at 1.27. Although we believe the Utility industries continue to carry less value than their Telecommunication Services peers, their robust relative strength in one of the most difficult equity market environments in history makes them extremely attractive. Going forward we expect to allocate more funds toward these Utility industries and away from their more discretionary Telecommunication Services peers.

 
 
 
Management Overview 59

Table of Contents

 
ICON Telecommunication & Utilities Fund
Industry Composition
as of September 30, 2008
 
         
Integrated Telecommunication Services
    39.1%  
Electric Utilities
    32.2%  
Multi-Utilities
    16.3%  
Communications Equipment
    1.9%  
Aerospace & Defense
    1.7%  
Alternative Carriers
    1.4%  
Wireless Telecommunication Services
    0.8%  
Water Utilities
    0.5%  
Gas Utilities
    0.3%  
         
      94.2%  
         
 
Percentages are based upon net assets.
 
ICON Telecommunication & Utilities Fund
Sector Composition
as of September 30, 2008
 
         
Telecommunications & Utilities
    90.6%  
Information Technology
    1.9%  
Industrials
    1.7%  
         
      94.2%  
         
 
Percentages are based upon net assets.
 
ICON Telecommunication & Utilities Fund
Average Annual Total Return
as of September 30, 2008
 
                                                             
                              Since
 		      Gross
 		      Net
 		 
                              Inception
 		      Expense
 		      Expense
 		 
      1 Year       5 Years       10 Years       7/9/97       Ratio*       Ratio*  
ICON Telecommunication & Utilities Fund
      -23.01 %       10.17 %       5.07 %       7.84 %       1.33 %       1.33 %
 
 
S&P 1500 Telecommunications Services Index
      -33.25 %       6.63 %       -3.40 %       0.59 %       N/A         N/A  
 
 
S&P 1500 Utilities Index
      -12.72 %       12.20 %       5.15 %       7.21 %       N/A         N/A  
 
 
S&P Composite 1500 Index
      -21.27 %       5.65 %       3.81 %       4.49 %       N/A         N/A  
 
 
 
Past performance is not a guarantee of future results. Information about these performance results and the comparative indexes can be found in the About This Report section.
 
*  Please see the January 28, 2008 prospectus for details.

 
 
 
60 Management Overview

Table of Contents

ICON Telecommunication & Utilities Fund
Value of a $10,000 Investment
through September 30, 2008
 
(Graph)
 
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 61

Table of Contents

ICON Telecommunication & Utilities Fund
Schedule of Investments
September 30, 2008
 
                 
Shares or Principal Amount   Value
 
 
Common Stocks (94.2%)
  15,000     Allegheny Energy, Inc.    $ 551,550  
  4,006     America Movil S.A.B. de C.V. - ADR     185,718  
  40,000     American Electric Power Co., Inc.      1,483,200  
  230,600     AT&T, Inc.      6,438,352  
  15,300     Cisco Systems, Inc.(a)     345,168  
  5,000     Companhia de Saneamento Basico do Estado de Sao Paulo - ADR     141,750  
  45,000     Dominion Resources, Inc. of Virginia     1,925,100  
  29,000     Edison International     1,157,100  
  65,000     El Paso Electric Co.(a)     1,365,000  
  7,500     Entergy Corp.      667,575  
  10,000     First Energy Corp.      669,900  
  21,700     FPL Group, Inc.      1,091,510  
  10,500     France Telecom S.A. - ADR     294,105  
  5,100     Harris Corp.      235,620  
  9,600     Hawaiian Electric Industries, Inc.      278,496  
  2,000     L-3 Communications Holdings, Inc.      196,640  
  2,700     Lockheed Martin Corp.      296,109  
  5,000     MetroPCS Communications, Inc.(a)     69,950  
  20,000     Pepco Holdings, Inc.      458,200  
  29,500     Premiere Global Services, Inc.(a)     414,770  
  5,900     Progress Energy, Inc.      254,467  
  45,000     Public Service Enterprise Group, Inc.      1,475,550  
  2,300     Questar Corp.      94,116  
  9,000     Sempra Energy     454,230  
  39,800     Southern Co.      1,500,062  
  7,500     Swisscom AG - ADR     221,739  
  10,100     Tele Norte Leste Participacoes S.A. - ADR     176,346  
  2,666     Telefonica S.A. - ADR     190,593  
  18,700     Telefonos de Mexico S.A.B. de C.V. - ADR     481,525  
  15,000     The Empire District Electric Co.      320,250  
  126,600     Verizon Communications, Inc.      4,062,594  
  55,000     Xcel Energy, Inc.      1,099,450  
                 
Total Common Stocks
(Cost $30,249,698) 		    28,596,735  
 
Short-Term Investments (4.9%)
$ 1,471,417     Brown Brothers Harriman Time Deposit - U.S. Dollar, 3.47%, 10/01/08#     1,471,417  
                 
Total Short-Term Investments
(Cost $1,471,417) 		    1,471,417  
Total Investments 99.1%
(Cost $31,721,115) 		    30,068,152  
Other Assets Less Liabilities 0.9%     267,291  
         
Net Assets 100.0%   $ 30,335,443  
         

 
 
 
62 Schedule of Investments

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The accompanying notes are an integral part of the financial statements.
 
(a) 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, 2008.
 
ADR American Depositary Receipt

 
 
 
Schedule of Investments 63

Table of Contents

 
Statements of Assets and Liabilities
September 30, 2008
 
                                 
    ICON
 		                   
    Consumer
 		    ICON
 		    ICON
 		    ICON
 		 
    Discretionary
 		    Energy
 		    Financial
 		    Healthcare
 		 
    Fund     Fund     Fund     Fund  
 
Assets
                               
Investments, at cost
  $ 87,907,763     $ 581,906,430     $ 117,655,714     $ 188,832,638  
                                 
Investments, at value†
    88,275,193       551,703,325       126,196,527       192,997,622  
Cash
    -       -       -       -  
Foreign currency, at value
(cost $12)
    -       10       -       -  
Receivables:
                               
Fund shares sold
    58,545       701,910       196,758       7,058,145  
Investments sold
    713,597       20,904,511       4,384,657       758,341  
Interest
    9,044       116,928       36       10,618  
Dividends
    68,081       268,499       189,182       39,936  
Other assets
    33,157       94,137       45,854       47,759  
                                 
Total Assets
    89,157,617       573,789,320       131,013,014       200,912,421  
                                 
Liabilities
                               
Payables:
                               
Interest
    -       -       -       -  
Investments bought
    -       3,491,415       2,370,109       -  
Payable for collateral received on securities loaned
    16,672,869       75,081,355       -       38,382,439  
Fund shares redeemed
    144,342       2,019,889       318,095       2,234,817  
Advisory fees
    64,911       441,532       109,234       133,483  
Fund accounting fees
    261       1,572       390       743  
Transfer agent fees
    2,424       21,930       2,492       24,994  
Administration fees
    3,170       21,490       5,281       6,865  
Trustee fees
    1,770       12,046       2,985       3,647  
Accrued expenses
    26,015       61,002       29,847       42,617  
                                 
Total Liabilities
    16,915,762       81,152,231       2,838,433       40,829,605  
                                 
Net Assets
  $ 72,241,855     $ 492,637,089     $ 128,174,581     $ 160,082,816  
                                 
Net Assets Consist of
                               
Paid-in capital
  $ 78,905,993     $ 386,182,100     $ 182,976,445     $ 155,046,894  
Accumulated undistributed net investment income/(loss)
    328,935       3,732,521       3,549,040       1,033,992  
Accumulated undistributed net realized gain/(loss) from investment transactions
    (7,360,503 )     132,925,575       (66,891,717 )     (163,054 )
Unrealized appreciation/(depreciation) on investments and foreign currency
    367,430       (30,203,107 )     8,540,813       4,164,984  
                                 
Net Assets
  $ 72,241,855     $ 492,637,089     $ 128,174,581     $ 160,082,816  
                                 
Shares outstanding (unlimited shares authorized no par value)
    10,053,134       18,207,571       14,993,869       11,868,423  
Net asset value (offering and redemption price per share)
  $ 7.19     $ 27.06     $ 8.55     $ 13.49  
 
† Includes securities on loan of $16,446,929, $72,575,105, $0, $38,352,462, $36,766,744, $41,608,595, $10,876,414, $17,035,801, and $0.
 
The accompanying notes are an integral part of the financial statements.

 
 
 
64 Financial Statements

Table of Contents

 

 
                                     
      ICON
 		    ICON
 		          ICON
 		 
ICON
 		    Information
 		    Leisure and
 		    ICON
 		    Telecommunication
 		 
Industrials
 		    Technology
 		    Consumer
 		    Materials
 		    & Utilities
 		 
Fund     Fund     Staples Fund     Fund     Fund  
 
                                     
$ 173,644,654     $ 232,608,821     $ 55,324,083     $ 144,236,549     $ 31,721,115  
                                     
  161,275,566       227,705,725       53,400,676       137,297,702       30,068,152  
  11,402       -       -       -       -  
 
- 		      -       -       -       -  
                                     
  91,888       116,046       10,927       101,387       39,139  
  2,160,446       10,306,126       1,869,463       7,301,792       334,939  
  27,864       21,170       22,202       11,586       65  
  248,550       6,536       39,396       250,512       47,879  
  41,129       48,574       21,672       42,259       32,805  
                                     
  163,856,845       238,204,177       55,364,336       145,005,238       30,522,979  
                                     
                                     
                                     
  -       -       141       644       -  
  1,075,161       18,326,160       1,794,579       7,352,372       -  
                                     
  37,121,275       40,937,108       11,291,030       17,967,153       -  
  224,521       289,795       69,420       1,007,598       122,074  
  113,275       158,874       37,399       113,099       27,139  
  450       605       118       310       -  
  2,219       4,480       3,256       4,929       8,776  
  5,513       7,700       1,774       5,390       1,223  
  3,081       4,319       1,020       3,068       738  
  25,017       24,648       26,368       28,256       27,586  
                                     
  38,570,512       59,753,689       13,225,105       26,482,819       187,536  
                                     
$ 125,286,333     $ 178,450,488     $ 42,139,231     $ 118,522,419     $ 30,335,443  
                                     
                                     
$ 140,788,670     $ 219,113,694     $ 46,662,081     $ 135,442,938     $ 38,647,493  
                                     
  781,811       718,614       200,402       743,528       1,597,627  
                                     
  (3,915,060 )     (36,478,724 )     (2,799,845 )     (10,725,200 )     (8,256,714 )
                                     
  (12,369,088 )     (4,903,096 )     (1,923,407 )     (6,938,847 )     (1,652,963 )
                                     
$ 125,286,333     $ 178,450,488     $ 42,139,231     $ 118,522,419     $ 30,335,443  
                                     
                                     
  15,360,992       22,711,780       5,718,764       12,080,455       4,781,884  
                                     
$ 8.16     $ 7.86     $ 7.37     $ 9.81     $ 6.34  

 
 
 
Financial Statements 65

Table of Contents

Statements of Operations
For the year ended September 30, 2008
 
                                 
    ICON
 		                   
    Consumer
 		    ICON
 		    ICON
 		    ICON
 		 
    Discretionary
 		    Energy
 		    Financial
 		    Healthcare
 		 
    Fund     Fund     Fund     Fund  
 
Investment Income
                               
Interest
  $ 38,937     $ 267,833     $ 66,369     $ 145,739  
Dividends
    785,840       11,229,501       5,773,414       3,036,954  
Income from securities lending, net
    91,732       551,631       3,363       180,749  
Foreign taxes withheld
    -       -       (5,799 )     -  
                                 
Total Investment Income
    916,509       12,048,965       5,837,347       3,363,442  
                                 
Expenses
                               
Advisory fees
    689,056       6,822,165       1,851,601       2,995,552  
Fund accounting fees
    19,793       170,734       48,110       75,247  
Transfer agent fees
    85,183       319,571       112,192       249,508  
Administration fees
    32,484       324,896       86,992       140,174  
Registration fees
    27,095       49,949       30,997       42,827  
Insurance expense
    7,379       53,301       14,165       33,852  
Trustee fees and expenses
    7,116       43,484       13,710       18,256  
Interest expense
    25,034       14,477       37,245       56,950  
Other expenses
    54,799       205,466       60,505       117,115  
                                 
Total expenses before transfer agent earnings credit
    947,939       8,004,043       2,255,517       3,729,481  
Transfer agent earnings credit
    (1,233 )     (14,418 )     (3,904 )     (6,991 )
                                 
Net Expenses
    946,706       7,989,625       2,251,613       3,722,490  
                                 
Net Investment Income/(Loss)
    (30,197 )     4,059,340       3,585,734       (359,048 )
                                 
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
                               
Net realized gain/(loss) from investment transactions
    (5,264,324 )     219,827,955       (66,546,769 )     6,635,806  
Net realized gain/(loss) from foreign currency transactions
    -       270       -       -  
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations
    (8,052,981 )     (313,719,016 )     (10,271,581 )     (75,394,705 )
                                 
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
    (13,317,305 )     (93,890,791 )     (76,818,350 )     (68,758,899 )
                                 
Net Increase/(Decrease) in Net Assets Resulting From Operations
  $ (13,347,502 )   $ (89,831,451 )   $ (73,232,616 )   $ (69,117,947 )
                                 
 
The accompanying notes are an integral part of the financial statements.

 
 
 
66 Financial Statements

Table of Contents

 

 
                                     
            ICON
 		             
      ICON
 		    Leisure and
 		          ICON
 		 
ICON
 		    Information
 		    Consumer
 		    ICON
 		    Telecommunication
 		 
Industrials
 		    Technology
 		    Staples
 		    Materials
 		    & Utilities
 		 
Fund     Fund     Fund     Fund     Fund  
 
                                     
$ 77,049     $ 59,055     $ 22,930     $ 79,206     $ 101,008  
  2,205,834       1,273,698       575,949       2,429,312       3,084,956  
  268,744       302,376       149,661       148,173       -  
  (1,219 )     (19,159 )     (4 )     -       (254 )
                                     
  2,550,408       1,615,970       748,536       2,656,691       3,185,710  
                                     
                                     
  1,420,218       1,952,436       422,644       1,430,277       1,032,479  
  37,943       50,197       13,460       37,876       27,922  
  97,298       123,864       84,323       126,428       118,253  
  66,650       91,555       19,863       67,271       48,348  
  34,246       33,538       19,366       30,717       37,514  
  11,014       17,978       2,142       8,154       7,835  
  11,648       14,403       5,248       11,467       7,581  
  39,854       60,279       265       6,590       46,113  
  60,089       69,868       51,874       82,743       66,424  
                                     
                                     
  1,778,960       2,414,118       619,185       1,801,523       1,392,469  
  (2,935 )     (4,066 )     (910 )     (2,825 )     (2,427 )
                                     
  1,776,025       2,410,052       618,275       1,798,698       1,390,042  
                                     
  774,383       (794,082 )     130,261       857,993       1,795,668  
                                     
                                     
                                     
                                     
                                     
  (3,917,940 )     (7,056,250 )     (2,758,715 )     (9,284,326 )     (7,495,950 )
                                     
  -       -       -       -       -  
                                     
                                     
                                     
  (37,141,255 )     (66,323,367 )     (6,521,918 )     (34,719,071 )     (18,700,947 )
                                     
                                     
                                     
  (41,059,195 )     (73,379,617 )     (9,280,633 )     (44,003,397 )     (26,196,897 )
                                     
                                     
$ (40,284,812 )   $ (74,173,699 )   $ (9,150,372 )   $ (43,145,404 )   $ (24,401,229 )
                                     

 
 
 
Financial Statements 67

Table of Contents

Statements of Changes in Net Assets
 
                 
    ICON Consumer Discretionary Fund  
    Year Ended
 		    Year Ended
 		 
    September 30,
 		    September 30,
 		 
    2008     2007  
Operations
               
Net investment income/(loss)
  $ (30,197 )   $ (434,551 )
Net realized gain/(loss) from investment transactions
    (5,264,324 )     9,399,406  
Net realized gain/(loss) from foreign currency transactions
    -       -  
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations
    (8,052,981 )     (1,555,381 )
                 
Net increase/(decrease) in net assets resulting from operations
    (13,347,502 )     7,409,474  
                 
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
    94,454,604       89,592,479  
Reinvested dividends and distributions
    5,647,506       -  
Shares repurchased
    (103,274,555 )     (113,316,789 )
                 
Net increase/(decrease) from fund share transactions
    (3,172,445 )     (23,724,310 )
                 
Total net increase/(decrease) in net assets
    (22,235,380 )     (16,314,836 )
Net Assets
               
Beginning of period
    94,477,235       110,792,071  
                 
End of period
  $ 72,241,855     $ 94,477,235  
                 
Transactions in Fund Shares
               
Shares sold
    11,901,384       6,847,754  
Reinvested dividends and distributions
    657,451       -  
Shares repurchased
    (9,890,815 )     (8,612,211 )
                 
Net increase/(decrease)
    2,668,020       (1,764,457 )
Shares outstanding, beginning of period
    7,385,114       9,149,571  
                 
Shares outstanding, end of period
    10,053,134       7,385,114  
                 
Purchases and Sales of Investment Securities
(excluding short-term securities) 		               
Purchases of securities
  $ 148,193,382     $ 200,968,196  
Proceeds from sales of securities
  $ 158,758,483       225,414,872  
Accumulated undistributed net investment income/(loss)
  $ 328,935     $ -  
                 
 
The accompanying notes are an integral part of the financial statements.

 
 
 
68 Financial Statements

Table of Contents

 

 
                             
ICON Energy Fund     ICON Financial Fund  
Year Ended
 		    Year Ended
 		    Year Ended
 		    Year Ended
 		 
September 30,
 		    September 30,
 		    September 30,
 		    September 30,
 		 
2008     2007     2008     2007  
                             
$ 4,059,340     $ 1,729,511     $ 3,585,734     $ 2,783,883  
  219,827,955       148,157,856       (66,546,769 )     32,263,708  
  270       -       -       -  
                             
  (313,719,016 )     99,930,732       (10,271,581 )     (18,892,178 )
                             
  (89,831,451 )     249,818,099       (73,232,616 )     16,155,413  
                             
                             
  (2,043,462 )     -       (1,809,844 )     (3,859,545 )
  (177,660,859 )     (71,884,906 )     (19,270,780 )     (15,342,221 )
                             
  (179,704,321 )     (71,884,906 )     (21,080,624 )     (19,201,766 )
                             
                             
  106,327,332       240,156,174       164,671,288       72,560,984  
  172,298,136       66,740,457       20,824,424       18,814,482  
  (332,527,571 )     (457,121,104 )     (163,096,823 )     (256,853,973 )
                             
  (53,902,103 )     (150,224,473 )     22,398,889       (165,478,507 )
                             
  (323,437,875 )     27,708,720       (71,914,351 )     (168,524,860 )
                             
  816,074,964       788,366,244       200,088,932       368,613,792  
                             
$ 492,637,089     $ 816,074,964     $ 128,174,581     $ 200,088,932  
                             
                             
  3,170,690       6,798,155       15,099,515       4,850,768  
  5,426,713       2,077,847       1,728,168       1,267,822  
  (10,071,174 )     (13,927,421 )     (15,827,527 )     (17,605,528 )
                             
  (1,473,771 )     (5,051,419 )     1,000,156       (11,486,938 )
  19,681,342       24,732,761       13,993,713       25,480,651  
                             
  18,207,571       19,681,342       14,993,869       13,993,713  
                             
                             
                             
$ 811,679,635     $ 392,001,086     $ 404,982,417     $ 292,616,174  
  1,065,904,840       574,733,632       400,641,683       477,406,026  
$ 3,732,521     $ 2,043,509     $ 3,549,040     $ 1,841,912  
                             

 
 
 
Financial Statements 69

Table of Contents

 
Statements of Changes in Net Assets (continued)
 
                 
    ICON Healthcare Fund  
    Year Ended
 		    Year Ended
 		 
    September 30,
 		    September 30,
 		 
    2008     2007  
Operations
               
Net investment income/(loss)
  $ (359,048 )   $ 45,860  
Net realized gain/(loss) from investment transactions
    6,635,806       38,078,093  
Net realized gain/(loss) from foreign currency transactions
    -       -  
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations
    (75,394,705 )     (4,357,126 )
                 
Net increase/(decrease) in net assets resulting from operations
    (69,117,947 )     33,766,827  
                 
Dividends and Distributions to Shareholders
               
Net investment income
    -       -  
Net realized gains
    (35,443,355 )     (43,433,266 )
                 
Net decrease from dividends and distributions
    (35,443,355 )     (43,433,266 )
                 
Fund Share Transactions
               
Shares sold
    132,311,153       181,868,544  
Reinvested dividends and distributions
    33,320,610       39,813,766  
Shares repurchased
    (374,274,158 )     (384,931,407 )
                 
Net increase/(decrease) from fund share transactions
    (208,642,395 )     (163,249,097 )
                 
Total net increase/(decrease) in net assets
    (313,203,697 )     (172,915,536 )
Net Assets
               
Beginning of period
    473,286,513       646,202,049  
                 
End of period
  $ 160,082,816     $ 473,286,513  
                 
Transactions in Fund Shares
               
Shares sold
    8,446,706       10,331,471  
Reinvested dividends and distributions
    2,093,003       2,401,313  
Shares repurchased
    (25,442,656 )     (21,963,906 )
                 
Net increase/(decrease)
    (14,902,947 )     (9,231,122 )
Shares outstanding, beginning of period
    26,771,370       36,002,492  
                 
Shares outstanding, end of period
    11,868,423       26,771,370  
                 
Purchases and Sales of Investment Securities                
(excluding short-term securities)
               
Purchases of securities
  $ 181,152,157     $ 129,819,228  
Proceeds from sales of securities
    431,555,287       316,128,173  
Accumulated undistributed net investment income/(loss)
  $ 1,033,992     $ 45,860  
                 
 
The accompanying notes are an integral part of the financial statements.

 
 
 
70 Financial Statements

Table of Contents

 

 
                             
ICON Industrials Fund     ICON Information Technology Fund  
Year Ended
 		    Year Ended
 		    Year Ended
 		    Year Ended
 		 
September 30,
 		    September 30,
 		    September 30,
 		    September 30,
 		 
2008     2007     2008     2007  
                             
$ 774,383     $ 181,434     $ (794,082 )   $ (1,190,645 )
  (3,917,940 )     10,093,733       (7,056,250 )     22,583,204  
  -       -       -       -  
                             
  (37,141,255 )     15,827,903       (66,323,367 )     34,418,793  
                             
  (40,284,812 )     26,103,070       (74,173,699 )     55,811,352  
                             
                             
  (125,130 )     (29,288 )     -       -  
  (5,678,288 )     (30,562,108 )     -       -  
                             
  (5,803,418 )     (30,591,396 )     -       -  
                             
                             
  134,429,676       102,467,349       139,642,245       102,161,768  
  5,764,952       30,151,213       -       -  
  (124,558,586 )     (78,406,365 )     (153,982,840 )     (132,996,792 )
                             
  15,636,042       54,212,197       (14,340,595 )     (30,835,024 )
                             
  (30,452,188 )     49,723,871       (88,514,294 )     24,976,328  
                             
  155,738,521       106,014,650       266,964,782       241,988,454  
                             
$ 125,286,333     $ 155,738,521     $ 178,450,488     $ 266,964,782  
                             
                             
  13,326,003       10,027,742       14,365,857       10,238,362  
  571,353       3,426,275       -       -  
  (13,003,410 )     (7,006,122 )     (15,874,267 )     (13,770,758 )
                             
  893,946       6,447,895       (1,508,410 )     (3,532,396 )
  14,467,046       8,019,151       24,220,190       27,752,586  
                             
  15,360,992       14,467,046       22,711,780       24,220,190  
                             
                             
                             
$ 213,976,364     $ 167,987,214     $ 333,130,725     $ 191,800,451  
  203,515,169       140,686,846       357,153,750       225,844,274  
$ 781,811     $ 135,503     $ 718,614     $ -  
                             

 
 
 
Financial Statements 71

Table of Contents

 
Statements of Changes in Net Assets (continued)
 
                 
    ICON Leisure and Consumer Staples Fund  
    Year Ended
 		    Year Ended
 		 
    September 30,
 		    September 30,
 		 
    2008     2007  
Operations
               
Net investment income/(loss)
  $ 130,261     $ 749,754  
Net realized gain/(loss) from investment transactions
    (2,758,715 )     12,220,864  
Net realized gain/(loss) from foreign currency transactions
    -       -  
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations
    (6,521,918 )     53,228  
                 
Net increase/(decrease) in net assets resulting from operations
    (9,150,372 )     13,023,846  
                 
Dividends and Distributions to Shareholders
               
Net investment income
    (530,094 )     (219,627 )
Net realized gains
    (6,370,211 )     (38,584 )
                 
Net decrease from dividends and distributions
    (6,900,305 )     (258,211 )
                 
Fund Share Transactions
               
Shares sold
    35,257,565       38,286,389  
Reinvested dividends and distributions
    6,759,578       238,048  
Shares repurchased
    (15,398,164 )     (87,855,183 )
                 
Net increase/(decrease) from fund share transactions
    26,618,979       (49,330,746 )
                 
Total net increase/(decrease) in net assets
    10,568,302       (36,565,111 )
Net Assets
               
Beginning of period
    31,570,929       68,136,040  
                 
End of period
  $ 42,139,231     $ 31,570,929  
                 
Transactions in Fund Shares
               
Shares sold
    3,776,876       4,103,651  
Reinvested dividends and distributions
    765,524       23,949  
Shares repurchased
    (1,797,011 )     (8,551,820 )
                 
Net increase/(decrease)
    2,745,389       (4,424,220 )
Shares outstanding, beginning of period
    2,973,375       7,397,595  
                 
Shares outstanding, end of period
    5,718,764       2,973,375  
                 
Purchases and Sales of Investment Securities                
(excluding short-term securities)
               
Purchases of securities
  $ 74,776,933     $ 108,060,147  
Proceeds from sales of securities
    54,994,360       157,645,145  
Accumulated undistributed net investment income/(loss)
  $ 200,402     $ 530,127  
                 
 
The accompanying notes are an integral part of the financial statements.

 
 
 
72 Financial Statements

Table of Contents

 

 
                             
ICON Materials Fund     ICON Telecommunication & Utilities Fund  
Year Ended
 		    Year Ended
 		    Year Ended
 		    Year Ended
 		 
September 30,
 		    September 30,
 		    September 30,
 		    September 30,
 		 
2008     2007     2008     2007  
                             
$ 857,993     $ 721,000     $ 1,795,668     $ 1,332,560  
  (9,284,326 )     28,330,381       (7,495,950 )     24,415,452  
  -       -       -       -  
                             
  (34,719,071 )     18,977,096       (18,700,947 )     7,591,509  
                             
  (43,145,404 )     48,028,477       (24,401,229 )     33,339,521  
                             
                             
  (495,395 )     (1,332,635 )     (1,083,543 )     (1,406,911 )
  (20,315,377 )     (11,756,758 )     (15,519,409 )     (8,089,030 )
                             
  (20,810,772 )     (13,089,393 )     (16,602,952 )     (9,495,941 )
                             
                             
  117,897,877       72,893,695       105,784,266       108,372,109  
  19,305,814       12,497,890       15,458,710       9,342,455  
  (86,045,802 )     (124,107,302 )     (159,411,942 )     (151,811,576 )
                             
  51,157,889       (38,715,717 )     (38,168,966 )     (34,097,012 )
                             
  (12,798,287 )     (3,776,633 )     (79,173,147 )     (10,253,432 )
                             
  131,320,706       135,097,339       109,508,590       119,762,022  
                             
$ 118,522,419     $ 131,320,706     $ 30,335,443     $ 109,508,590  
                             
                             
  8,803,416       5,551,693       12,220,438       12,870,519  
  1,551,914       1,084,886       1,860,254       1,207,036  
  (6,809,964 )     (9,679,280 )     (21,208,177 )     (17,812,609 )
                             
  3,545,366       (3,042,701 )     (7,127,485 )     (3,735,054 )
  8,535,089       11,577,790       11,909,369       15,644,423  
                             
  12,080,455       8,535,089       4,781,884       11,909,369  
                             
                             
                             
$ 184,096,288     $ 130,657,599     $ 101,721,932     $ 165,662,385  
  155,638,369       186,180,196       154,661,075       208,944,366  
$ 743,528     $ 495,440     $ 1,597,627     $ 1,083,590  
                             

 
 
 
Financial Statements 73

Table of Contents

 
Financial Highlights
 
                                                 
          Income from investment operations     Less dividends  
    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 Consumer Discretionary Fund
                                               
Year Ended September 30, 2008
  $ 12.79     $ - (a)   $ (2.61 )   $ (2.61 )   $ -     $ (2.99 )
Year Ended September 30, 2007
    12.11       (0.04 )     0.72       0.68       -       -  
Year Ended September 30, 2006
    13.61       (0.06 )     0.79       0.73       -       (2.23 )
Year Ended September 30, 2005
    12.70       (0.08 )     0.99       0.91       -       -  
Year Ended September 30, 2004
    11.79       (0.05 )     0.96       0.91       -       -  
ICON Energy Fund
                                               
Year Ended September 30, 2008
    41.46       0.20       (4.82 )     (4.62 )     (0.11 )     (9.67 )
Year Ended September 30, 2007
    31.88       0.08       12.86       12.94       -       (3.36 )
Year Ended September 30, 2006
    33.76       (0.06 )     (0.89 )     (0.95 )     (0.08 )     (0.85 )
Year Ended September 30, 2005
    21.81       0.10       11.85       11.95       -       -  
Year Ended September 30, 2004
    13.70       (0.04 )     8.15       8.11       -       -  
ICON Financial Fund
                                               
Year Ended September 30, 2008
    14.30       0.21       (4.29 )     (4.08 )     (0.14 )     (1.53 )
Year Ended September 30, 2007
    14.47       0.13       0.45       0.58       (0.15 )     (0.60 )
Year Ended September 30, 2006
    13.43       0.15       1.84       1.99       (0.09 )     (0.86 )
Year Ended September 30, 2005
    13.36       0.13       0.99       1.12       (0.03 )     (1.02 )
Year Ended September 30, 2004
    10.78       0.04       2.60       2.64       (0.06 )     -  
 
(x)  Calculated using the average share method.
(a)  Amount less than $0.005.
 
The accompanying notes are an integral part of the financial statements.

 
 
 
74 Financial Highlights

Table of Contents

 
 
                                                                     
                                    Ratio of net
 		       
                                    investment
 		       
                        Ratio of expenses
 		    income/(loss) to
 		       
                        to average net assets     average net assets        
and distributions                       Before
 		    After
 		    Before
 		    After
 		       
Total
 		                Net assets,
 		    transfer
 		    transfer
 		    transfer
 		    transfer
 		       
dividends
 		    Net asset
 		          end of
 		    agent
 		    agent
 		    agent
 		    agent
 		    Portfolio
 		 
and
 		    value, end
 		    Total
 		    period (in
 		    earnings
 		    earnings
 		    earnings
 		    earnings
 		    turnover
 		 
distributions     of period     return     thousands)     credit     credit     credit     credit     rate  
 
                                                                     
$ (2.99 )   $ 7.19       (24.21 )%   $ 72,242       1.38 %     1.38 %     (0.04 )%     (0.04 )%     218.32 %
  -       12.79       5.62 %     94,477       1.30 %     1.30 %     (0.31 )%     (0.31 )%     144.89 %
  (2.23 )     12.11       6.20 %     110,792       N/A       1.32 %     N/A       (0.46 )%     173.83 %
  -       13.61       7.17 %     169,422       N/A       1.25 %     N/A       (0.57 )%     157.94 %
  -       12.70       7.72 %     151,922       N/A       1.31 %     N/A       (0.38 )%     120.63 %
                                                                     
  (9.78 )     27.06       (14.62 )%     492,637       1.16 %     1.16 %     0.59 %     0.59 %     119.87 %
  (3.36 )     41.46       43.64 %     816,075       1.18 %     1.17 %     0.23 %     0.24 %     54.75 %
  (0.93 )     31.88       (2.81 )%     788,366       N/A       1.17 %     N/A       (0.16 )%     22.86 %
  -       33.76       54.79 %     1,008,958       N/A       1.21 %     N/A       0.37 %     27.51 %
  -       21.81       59.20 %     287,614       N/A       1.35 %     N/A       (0.20 )%     13.42 %
                                                                     
  (1.67 )     8.55       (31.93 )%     128,175       1.22 %     1.22 %     1.94 %     1.94 %     220.83 %
  (0.75 )     14.30       3.84 %     200,089       1.21 %     1.21 %     0.86 %     0.86 %     93.04 %
  (0.95 )     14.47       15.53 %     368,614       N/A       1.20 %     N/A       1.10 %     153.47 %
  (1.05 )     13.43       8.29 %     210,883       N/A       1.26 %     N/A       1.00 %     170.75 %
  (0.06 )     13.36       24.53 %     188,393       N/A       1.32 %     N/A       0.34 %     114.50 %

 
 
 
Financial Highlights 75

Table of Contents

 
Financial Highlights (continued)
 
                                                 
          Income from investment operations     Less dividends  
    Net asset
 		    Net
 		    Net realized
 		          Dividends
 		    Distributions
 		 
    value,
 		    investment
 		    and unrealized
 		    Total from
 		    from net
 		    from net
 		 
    beginning
 		    income/
 		    gains/ (losses) on
 		    investment
 		    investment
 		    realized
 		 
    of period     (loss)(x)     investments     operations     income     gains  
 
ICON Healthcare Fund
                                               
Year Ended September 30, 2008
  $ 17.68     $ (0.02 )   $ (2.65 )   $ (2.67 )   $ -     $ (1.52 )
Year Ended September 30, 2007
    17.95       - (a)     1.19       1.19       -       (1.46 )
Year Ended September 30, 2006
    17.94       (0.10 )     0.38       0.28       -       (0.27 )
Year Ended September 30, 2005
    13.70       (0.14 )     4.42       4.28       -       (0.04 )
Year Ended September 30, 2004
    12.28       (0.14 )     1.56       1.42       -       -  
ICON Industrials Fund
                                               
Year Ended September 30, 2008
    10.77       0.05       (2.32 )     (2.27 )     (0.01 )     (0.33 )
Year Ended September 30, 2007
    13.22       0.02       2.63       2.65       - (a)     (5.10 )
Year Ended September 30, 2006
    12.70       (0.04 )     0.97       0.93       -       (0.41 )
Year Ended September 30, 2005
    10.52       (0.04 )     2.22       2.18       -       -  
Year Ended September 30, 2004
    8.80       (0.05 )     1.77       1.72       -       -  
ICON Information Technology Fund
                                               
Year Ended September 30, 2008
    11.02       (0.04 )     (3.12 )     (3.16 )     -       -  
Year Ended September 30, 2007
    8.72       (0.05 )     2.35       2.30       -       -  
Year Ended September 30, 2006
    8.70       (0.05 )     0.07       0.02       -       -  
Year Ended September 30, 2005
    7.90       (0.08 )     0.88       0.80       -       -  
Year Ended September 30, 2004
    8.27       (0.08 )     (0.29 )     (0.37 )     -       -  
 
(x)  Calculated using the average share method.
(a)  Amount less than $0.005.
 
The accompanying notes are an integral part of the financial statements.

 
 
 
76 Financial Highlights

Table of Contents

 
 
                                                                     
                                    Ratio of net
 		       
                        Ratio of
 		    investment
 		       
                        expenses to
 		    income/(loss) to
 		       
                        average net assets     average net assets        
and distributions                       Before
 		    After
 		    Before
 		    After
 		       
Total
 		                Net assets,
 		    transfer
 		    transfer
 		    transfer
 		    transfer
 		       
dividends
 		    Net asset
 		          end of
 		    agent
 		    agent
 		    agent
 		    agent
 		    Portfolio
 		 
and
 		    value, end
 		    Total
 		    period (in
 		    earnings
 		    earnings
 		    earnings
 		    earnings
 		    turnover
 		 
distributions     of period     return     thousands)     credit     credit     credit     credit     rate  
 
                                                                     
$ (1.52 )   $ 13.49       (16.43 )%   $ 160,083       1.25 %     1.25 %     (0.12 )%     (0.12 )%     61.44 %
  (1.46 )     17.68       7.17 %     473,287       1.21 %     1.20 %     0.00 %     0.01 %     24.56 %
  (0.27 )     17.95       1.56 %     646,202       N/A       1.19 %     N/A       (0.55 )%     61.37 %
  (0.04 )     17.94       31.39 %     682,759       N/A       1.22 %     N/A       (0.82 )%     47.88 %
  -       13.70       11.56 %     285,670       N/A       1.29 %     N/A       (1.04 )%     52.72 %
                                                                     
  (0.34 )     8.16       (21.72 )%     125,286       1.25 %     1.25 %     0.55 %     0.55 %     143.40 %
  (5.10 )     10.77       28.73 %     155,739       1.28 %     1.27 %     0.15 %     0.16 %     125.44 %
  (0.41 )     13.22       7.49 %     106,015       N/A       1.24 %     N/A       (0.30 )%     89.38 %
  -       12.70       20.72 %     216,636       N/A       1.24 %     N/A       (0.34 )%     67.25 %
  -       10.52       19.55 %     209,693       N/A       1.29 %     N/A       (0.47 )%     45.77 %
                                                                     
  -       7.86       (28.68 )%     178,450       1.24 %     1.24 %     (0.41 )%     (0.41 )%     171.22 %
  -       11.02       26.38 %     266,965       1.23 %     1.23 %     (0.49 )%     (0.49 )%     78.66 %
  -       8.72       0.23 %     241,988       N/A       1.25 %     N/A       (0.61 )%     155.39 %
  -       8.70       10.13 %     220,073       N/A       1.29 %     N/A       (0.91 )%     152.16 %
  -       7.90       (4.47 )%     244,252       N/A       1.31 %     N/A       (0.91 )%     189.67 %

 
 
 
Financial Highlights 77

Table of Contents

 
Financial Highlights (continued)
 
                                                 
          Income from investment operations     Less dividends  
    Net asset
 		    Net
 		    Net realized
 		          Dividends
 		    Distributions
 		 
    value,
 		    investment
 		    and unrealized
 		    Total from
 		    from net
 		    from net
 		 
    beginning
 		    income/
 		    gains/(losses) on
 		    investment
 		    investment
 		    realized
 		 
    of period     (loss)(x)     investments     operations     income     gains  
 
ICON Leisure and Consumer Staples Fund
                                               
Year Ended September 30, 2008
  $ 10.62     $ 0.03     $ (1.60 )   $ (1.57 )   $ (0.13 )   $ (1.55 )
Year Ended September 30, 2007
    9.21       0.10       1.33       1.43       (0.02 )     - (a)
Year Ended September 30, 2006
    11.96       (0.07 )     (0.01 )     (0.08 )     -       (2.67 )
Year Ended September 30, 2005
    14.51       (0.06 )     0.94       0.88       -       (3.43 )
Year Ended September 30, 2004
    12.42       (0.04 )     2.13       2.09       -       -  
ICON Materials Fund
                                               
Year Ended September 30, 2008
    15.39       0.08       (3.23 )     (3.15 )     (0.06 )     (2.37 )
Year Ended September 30, 2007
    11.67       0.08       5.10       5.18       (0.15 )     (1.31 )
Year Ended September 30, 2006
    11.30       0.09       1.09       1.18       (0.02 )     (0.79 )
Year Ended September 30, 2005
    9.05       0.03       2.23       2.26       (0.01 )     -  
Year Ended September 30, 2004
    6.20       0.01       2.87       2.88       (0.03 )     -  
ICON Telecommunication & Utilities Fund
                                               
Year Ended September 30, 2008
    9.20       0.14       (2.03 )     (1.89 )     (0.06 )     (0.91 )
Year Ended September 30, 2007
    7.66       0.10       2.18       2.28       (0.11 )     (0.63 )
Year Ended September 30, 2006
    8.28       0.13       0.37       0.50       (0.18 )     (0.94 )
Year Ended September 30, 2005
    6.61       0.14       1.61       1.75       (0.08 )     -  
Year Ended September 30, 2004
    5.69       0.07       0.92       0.99       (0.07 )     -  
 
(x)  Calculated using the average share method.
(a)  Amount less than $0.005.
 
The accompanying notes are an integral part of the financial statements.

 
 
 
78 Financial Highlights

Table of Contents

 
 
                                                                     
                        Ratio of net
 		   
                Ratio of
 		  investment
 		   
                expenses to
 		  income/(loss) to
 		   
                average net assets   average net assets    
and distributions               Before
 		  After
 		  Before
 		  After
 		   
Total
 		          Net assets,
 		  transfer
 		  transfer
 		  transfer
 		  transfer
 		   
dividends
 		  Net asset
 		      end of
 		  agent
 		  agent
 		  agent
 		  agent
 		  Portfolio
and
 		  value, end
 		  Total
 		  period (in
 		  earnings
 		  earnings
 		  earnings
 		  earnings
 		  turnover
distributions   of period   return   thousands)   credit   credit   credit   credit   rate
 
                                                                     
$ (1.68 )   $ 7.37       (17.40 )%   $ 42,139       1.46 %     1.46%       0.31 %     0.31 %     132.40%  
  (0.02 )     10.62       15.61 %     31,571       1.41 %     1.41%       1.02 %     1.02 %     150.72%  
  (2.67 )     9.21       0.11 %     68,136       N/A       1.54%       N/A       (0.70 )%     215.75%  
  (3.43 )     11.96       5.01 %     47,410       N/A       1.30%       N/A       (0.45 )%     271.72%  
  -       14.51       16.83 %     83,022       N/A       1.33%       N/A       (0.31 )%     148.43%  
                                                                     
  (2.43 )     9.81       (23.79 )%     118,522       1.26 %     1.26%       0.60 %     0.60 %     111.26%  
  (1.46 )     15.39       48.63 %     131,321       1.33 %     1.33%       0.59 %     0.59 %     109.10%  
  (0.81 )     11.67       11.17 %     135,097       N/A       1.30%       N/A       0.74 %     176.89%  
  (0.01 )     11.30       25.04 %     99,569       N/A       1.31%       N/A       0.33 %     128.01%  
  (0.03 )     9.05       46.61 %     139,838       N/A       1.37%       N/A       0.13 %     59.48%  
                                                                     
  (0.97 )     6.34       (23.01 )%     30,335       1.35 %     1.35%       1.74 %     1.74 %     102.65%  
  (0.74 )     9.20       31.60 %     109,509       1.33 %     1.33%       1.20 %     1.20 %     154.99%  
  (1.12 )     7.66       7.56 %     119,762       N/A       1.38%       N/A       1.71 %     209.50%  
  (0.08 )     8.28       26.70 %     120,651       N/A       1.26%       N/A       1.88 %     112.91%  
  (0.07 )     6.61       17.57 %     61,325       N/A       1.37%       N/A       1.07 %     108.81%  

 
 
 
Financial Highlights 79

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Notes to Financial Statements
September 30, 2008
 
1. Organization
 
The ICON Consumer Discretionary Fund (“Consumer Discretionary Fund”), ICON Energy Fund (“Energy Fund”), ICON Financial Fund (“Financial Fund”), ICON Healthcare Fund (“Healthcare Fund”), ICON Industrials Fund (“Industrials Fund”), ICON Information Technology Fund (“Information Technology Fund”), ICON Leisure and Consumer Staples Fund (“Leisure and Consumer Staples Fund”), ICON Materials Fund (“Materials Fund”), and ICON Telecommunication & Utilities Fund (“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 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 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, do not exist in 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

 
 
 
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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 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 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 a matrix system which considers such factors as security prices, yields, maturities and ratings. Short-term securities with remaining

 
 
 
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Notes to Financial Statements (continued)
 
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 and 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-valued 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.
 
New Accounting Pronouncements
 
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS 157 applies to fair value measurements already required or permitted by existing standards. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management does not believe the adoption of SFAS 157 will impact the financial statement amounts, however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. Management intends to adopt SFAS 157 during the fiscal year ending September 30, 2009, as required.
 
In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods

 
 
 
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beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows. Management intends to adopt SFAS 161 during the fiscal year ending September 30, 2009.
 
Repurchase Agreements
 
Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the year ended September 30, 2008.
 
Foreign Currency Translation
 
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
 
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
 
Forward Foreign Currency Contracts
 
The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting

 
 
 
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Notes to Financial Statements (continued)
 
parties to exchange an amount of currency at some future time at an agreed upon rate.
 
These contracts are marked-to-market daily and the related appreciation or depreciation of the contract is presented on the Statement of Assets and Liabilities. 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. The Funds did not enter into any forward foreign currency contracts during the year ended September 30, 2008.
 
Futures Contracts
 
The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the year ended September 30, 2008.
 
Options Transactions
 
Each Fund may write call and put options on any security in which it may invest. 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 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

 
 
 
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a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.
 
Each Fund may also purchase put and call options on any security in which it may invest. When a Fund purchases a call or put 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, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The Financial Fund purchased put options during the year ended September 30, 2008. The Funds did not enter into any written option transactions during the year ended September 30, 2008.
 
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 Securities Lending Investment Fund of Brown Brothers Harriman Trust, 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.

 
 
 
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Notes to Financial Statements (continued)
 
As of September 30, 2008, the following Funds had securities with the following values on loan:
 
                 
    Value of
 		    Value of
 		 
Fund   Loaned Securities     Collateral  
   
ICON Consumer Discretionary Fund
  $ 16,446,929     $ 16,672,869  
ICON Energy Fund
    72,575,105       75,081,355  
ICON Healthcare Fund
    38,352,462       38,382,439  
ICON Industrials Fund
    36,766,744       37,121,275  
ICON Information Technology Fund
    41,608,595       40,937,108  
ICON Leisure and Consumer Staples Fund
    10,876,414       11,291,030  
ICON Materials Fund
    17,035,801       17,967,153  
 
The value of the collateral above could include collateral for securities that were sold on or before September 30, 2008.
 
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.
 
The Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds did not record any liabilities for unrecognized

 
 
 
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tax benefits in connection with the adoption of FIN 48. At September 30, 2008, the Funds have recorded no liabilities for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
 
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 fiscal years from 2005-2007, 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 market 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
 
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.
 
3. Fees and Other Transactions with Affiliates
 
Investment Advisory Fees
 
ICON Advisers, Inc. (“ICON”) serves as the investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. The Funds are obligated to pay ICON management fees computed daily at an annual rate of 1.00% on the first $500 million of average daily net assets,

 
 
 
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Notes to Financial Statements (continued)
 
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.
 
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 average net assets, 0.0175% on the average net assets over $1.75 billion and up to $5 billion, and 0.01% on average net assets in excess of $5 billion.
 
Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. 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, 2008, 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 pursuant to which ICON oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trust’s first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the year ended September 30, 2008, the Funds’ payment for administrative services to ICON is included on the Statement of Operations. The administrative services agreement provides that ICON 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 in the performance of its duties.

 
 
 
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ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON 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.
 
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 90% by the Funds and 10% by the Adviser. For the year ended September 30, 2008, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations. Subsequent to September 30, 2008, the CCO’s salary will be paid 100% by the Funds.
 
4. Line of Credit
 
The Funds have entered into Lines of Credit agreements with 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. Effective January 30, 2008, interest on domestic borrowings is charged at LIBOR plus 1.50%, which was 5.43% at September 30, 2008. Prior to January 30, 2008, interest on domestic borrowings was charged at LIBOR plus 2.00%. The average interest rate charged for the year ended September 30, 2008, was 5.19%.
 
         
    Average Borrowing
 		 
Fund   (10/1/07-9/30/08)  
   
ICON Consumer Discretionary Fund
  $ 2,761,682  
ICON Energy Fund
    5,354,149  
ICON Financial Fund
    4,483,371  
ICON Healthcare Fund
    6,991,500  
ICON Industrials Fund
    20,009,802  
ICON Information Technology Fund
    2,341,163  
ICON Leisure and Consumer Staples Fund
    108,902  
ICON Materials Fund
    1,042,309  
ICON Telecommunication & Utilities Fund
    7,300,611  
 
Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.

 
 
 
Notes to Financial Statements 89

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Notes to Financial Statements (continued)
 
5. 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 losses, foreign currency transactions, net investment losses, and capital loss carryovers.
 
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 in the following tables represent net capital loss carryforwards as of September 30, 2008 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions. During the year ended September 30, 2008 no capital loss carryforwards were used.
 
For the year ended September 30, 2008 the following Funds had capital loss carryforwards:
 
                 
Fund   Amounts     Expires  
ICON Financial Fund
  $ 1,846,560       2016  
ICON Industrials Fund
    694,762       2016  
ICON Information Technology Fund
    29,035,041       2011  
ICON Information Technology Fund
    21,080       2016  
 
For the year ended September 30, 2008 the Funds will elect to defer post October losses:
 
                 
    Post
 		   
    October
 		   
Fund   Losses    
ICON Consumer Discretionary Fund
  $ 7,031,175          
ICON Financial Fund
    56,268,862          
ICON Industrials Fund
    2,961,025          
ICON Information Technology Fund
    7,378,932          
ICON Leisure and Consumer Staples Fund
    2,358,645          
ICON Materials Fund
    10,502,156          
ICON Telecommunications & Utilities Fund
    7,370,008          

 
 
 
90 Notes to Financial Statements

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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 Information Technology Fund
    -       -       -       -  
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  
 
The tax characteristics of dividends and distributions paid to shareholders during the fiscal year ended September 30, 2007, were as follows:
 
                                 
    Distributions Paid From           Total
 		 
    Ordinary
 		    Net Long-
 		    Total Taxable
 		    Distributions
 		 
Fund   Income     Term Gains     Distributions     Paid  
ICON Energy Fund
  $ 4,022,978     $ 67,861,928     $ 71,884,906     $ 71,884,906  
ICON Financial Fund
    6,713,996       12,487,770       19,201,766       19,201,766  
ICON Healthcare Fund
    -       43,433,266       43,433,266       43,433,266  
ICON Industrials Fund
    10,971,411       19,619,985       30,591,396       30,591,396  
ICON Leisure and Consumer Staples Fund
    219,627       38,584       258,211       258,211  
ICON Materials Fund
    7,056,703       6,032,690       13,089,393       13,089,393  
ICON Telecommunication & Utilities Fund
    3,703,321       5,792,620       9,495,941       9,495,941  

 
 
 
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Notes to Financial Statements (continued)
 
As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis were as follows:
 
                                                 
                                  Total
 		 
    Undistributed
 		    Undistributed
 		          Accumulated
 		    Unrealized
 		    Accumulated
 		 
    Ordinary
 		    Net Long-
 		    Accumulated
 		    Capital and
 		    Appreciation
 		    Earnings
 		 
Fund   Income     Term Gains     Earnings     Other Losses     (Depreciation)     (Deficit)  
   
ICON Consumer Discretionary Fund
  $ -     $ -     $ -     $ (7,031,175 )   $ 38,102     $ (6,993,073 )
ICON Energy Fund
    9,296,030       126,905,412       136,201,442       -       (31,485,943 )     104,715,499  
ICON Financial Fund
    3,548,622       -       3,548,622       (58,115,422 )     (235,482 )     (54,802,282 )
ICON Healthcare Fund
    -       -       -       -       4,001,931       4,001,931  
ICON Industrials Fund
    82,927       -       82,927       (3,655,787 )     (12,608,621 )     (16,181,481 )
ICON Information Technology Fund
    -       -       -       (36,435,053 )     (4,946,767 )     (41,381,820 )
ICON Leisure and Consumer Staples Fund
    9,922       -       9,922       (2,358,645 )     (2,374,529 )     (4,723,252 )
ICON Materials Fund
    80,811       -       80,811       (10,502,156 )     (7,161,891 )     (17,583,236 )
ICON Telecommunication & Utilities Fund
    1,597,627       -       1,597,627       (7,370,008 )     (2,539,669 )     (8,312,050 )
 
As of September 30, 2008, book cost for financial reporting purposes is substantially the same for federal income tax purposes and differs from market value by net unrealized appreciation/(depreciation) of securities as follows:
 
                                 
                      Net
 		 
          Unrealized
 		    Unrealized
 		    Appreciation/
 		 
Fund   Cost     Appreciation     (Depreciation)     (Depreciation)  
   
ICON Consumer Discretionary Fund
  $ 88,237,091     $ 3,824,556     $ (3,786,454 )   $ 38,102  
ICON Energy Fund
    583,189,264       14,848,524       (46,334,465 )     (31,485,941 )
ICON Financial Fund
    126,432,008       3,820,308       (4,055,789 )     (235,481 )
ICON Healthcare Fund
    188,995,691       14,557,375       (10,555,444 )     4,001,931  
ICON Industrials Fund
    173,884,187       19,740       (12,628,361 )     (12,608,621 )
ICON Information Technology Fund
    232,652,492       9,448,139       (14,394,906 )     (4,946,767 )
ICON Leisure and Consumer Staples Fund
    55,775,205       1,356,853       (3,731,382 )     (2,374,529 )
ICON Materials Fund
    144,459,593       9,165,607       (16,327,498 )     (7,161,891 )
ICON
                               
Telecommunication & Utilities Fund
    32,607,821       1,502,664       (4,042,333 )     (2,539,669 )

 
 
 
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Report of Independent Registered Public Accounting Firm
 
 
To the Board of Trustees and Shareholders of the ICON Sector 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, 2008, 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, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
 
 
-s- PricewaterhouseCoopers LLP
 
Denver, Colorado
November 19, 2008

 
 
 
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Six Month Hypothetical Expense Example
September 30, 2008 (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 period and held for the six-month period (4/1/08-9/30/08).
 
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

 
 
 
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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
 		             
    Account
 		    Account
 		    Expenses Paid
 		    Annualized
 		 
    Value
 		    Value
 		    During Period
 		    Expense Ratio
 		 
    4/1/08     9/30/08     4/1/08-9/30/08*     4/1/08-9/30/08  
   
 
ICON Consumer Discretionary Fund
                               
Actual Expenses
  $ 1,000.00     $ 924.20     $ 6.06       1.26%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.70       6.36          
ICON Energy Fund
                               
Actual Expenses
    1,000.00       905.60       5.57       1.17%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,019.15       5.91          
ICON Financial Fund
                               
Actual Expenses
    1,000.00       839.90       5.75       1.25%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.75       6.31          
ICON Healthcare Fund
                               
Actual Expenses
    1,000.00       1,003.70       6.61       1.32%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.40       6.66          
ICON Industrials Fund
                               
Actual Expenses
    1,000.00       871.80       5.57       1.19%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,019.05       6.01          
ICON Information Technology Fund
                               
Actual Expenses
    1,000.00       866.60       5.46       1.17%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,019.15       5.91          
ICON Leisure and Consumer Staples Fund
                               
Actual Expenses
    1,000.00       898.80       6.31       1.33%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.35       6.71          
ICON Materials Fund
                               
Actual Expenses
    1,000.00       799.50       5.53       1.23%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.85       6.21          

 
 
 
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    Beginning
 		    Ending
 		             
    Account
 		    Account
 		    Expenses Paid
 		    Annualized
 		 
    Value
 		    Value
 		    During Period
 		    Expense Ratio
 		 
    4/1/08     9/30/08     4/1/08-9/30/08*     4/1/08-9/30/08  
   
 
ICON Telecommunication & Utilities Fund
                               
Actual Expenses
  $ 1,000.00     $ 836.40     $ 6.24       1.36%  
Hypothetical Example
(5% return before expenses)
    1,000.00       1,018.20       6.86          
 
*  Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

 
 
 
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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, 57, 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 served as the Chief Investment Officer (1991 to 2005) of ICON Advisers, Inc. (“ICON Advisers”), the Funds’ Investment Adviser. Dr. Callahan is also President (1998 to 2005); Director (1991 to present); and was previously Vice President (1991 to 1998) of ICON Distributors, Inc. (“IDI”), the Funds’ Distributor, and is President and Director of ICON Insurance Agency, Inc. (2004 to present). Dr. Callahan also serves as the President (1998 to present) of ICON Management & Research Corporation (“IM&R”), the parent company of ICON Advisers and IDI.
 
Independent Trustees
 
Glen F. Bergert, 58. 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); Delta Dental of Pennsylvania, an insurance company (1998 to 2002 and 2003 to present); Delta Dental of California, an insurance company (2006 to present); and Delta Reinsurance Corporation (2000 to 2002 and 2003 to present).
 
John C. Pomeroy, Jr., 61. Mr. Pomeroy has been a Trustee of the Funds since November 2002. Mr. Pomeroy is Chief Investment Officer and Director of Investments, Pennsylvania State University (2001 to present) and was Portfolio Manager and Product Manager, Trinity Investment Management Corporation (1989 to 2001).

 
 
 
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Gregory Kellam Scott, 60. Mr. Scott has been a Trustee of the Funds since November 2002. Mr. Scott currently is employed as Assistant to the President for Diversity and Community relations of Ivy Tech Community College (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). He 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, 60. 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, 57. Dr. Callahan has been President of the Funds since their inception in 1996. Dr. Callahan also serves as ICON Advisers’ President (1998 to present) and served as the Chief Investment Officer (1991 to 2005). Dr. Callahan is also President (1998 to 2005), Director (1991 to present) and was previously Vice President (1991 to 1998) of IDI, and is President and Director of ICON Insurance Agency, Inc. (2004 to present). Dr. Callahan is also the President (1998 to present) of IM&R.
 
Erik L. Jonson, 58. 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) of ICON Advisers; Chief Financial Officer, Secretary and Director (1996 to present) of IM&R; and Executive Vice President (2004 to present) and Treasurer (2002 to present) and was previously Secretary/Treasurer, (1998 to 2002) and Vice President, (2002 to 2004) of IDI; and Executive Vice President and Treasurer of ICON Insurance Agency, Inc. (2004 to present).

 
 
 
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Jessica Seidlitz, 30. 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, 55. 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, Inc.; Director of ICON Management & Research (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 present). Previously he was a Partner in the law firm of Perkins Coie, LLP. (2000 to 2005).
 
Carrie M. Schoffman, 35. Ms. Schoffman served as Assistant Vice President and Chief Compliance Officer of the Funds (2004 to September 21, 2008). She serves as Vice President and Chief Compliance Officer of ICON Advisers, Inc. (2004 to present) and Chief Operating Officer (2008 to present). Previously she was a staff accountant with the U.S. Securities and Exchange Commission (2003 to 2004). She also was a Manager (2001 to 2003) and Senior Associate/Associate (1996 to 2001) at PricewaterhouseCoopers LLP.
 
Brian Harding, 29. Mr. Harding serves as Chief Compliance Officer of the Funds (September 22, 2008 to present). Previously he was a Manager (2007 to 2008) and Senior Associate/Associate (2001 to 2007) at PricewaterhouseCoopers LLP.
 
Stephen Abrams, 45. Mr. Abrams serves as Anti-Money Laundering Officer of the Funds (2005 to present). Mr. Abrams is also Vice President and Associate General Counsel of ICON Advisers, Inc. (2005 to present). Mr. Abrams also serves as the Chief Compliance Officer of IDI (2007 to present). Previously he was a Partner (2004 to 2005) and Associate (2000 to 2004) at Perkins Coie, LLP.

 
 
 
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Other Information (unaudited)
 
Renewal of Investment Advisory Agreements
 
In determining to renew the investment advisory agreements between the 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, Income Opportunity, 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 other funds versus the Sector Funds; and comparative data obtained from Lipper Analytical Services related to Fund performance and Fund expenses.
 
On August 11, 2008, the Board of Trustees, including the four 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, 2008.
 
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 agreements.
 
In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed information relating to ICON’s operations and personnel. Among other things, the Adviser provided biographical information on its professional staff and descriptions of its organizational and management structure. In the course of their deliberations the Board evaluated, among other things, information relating to the investment philosophy, strategies and techniques used in managing each Fund, the qualifications and experience of ICON’s investment personnel, ICON’s compliance programs, ICON’s brokerage practices, including the extent to

 
 
 
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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.
 
The Board of Trustees noted that the market value of domestic and international securities have dropped dramatically during the past year as a result of numerous crises in the financial, credit and commodities markets. The Board also noted that the performance of essentially all Funds has been negative, declining along with the markets in general. In light of such, the Board considered ICON’s investment methodology and whether the ICON’s methodology or system is appropriate. It was noted that ICON’s investment approach is not designed to fit into a box defined by “value,” “growth,” and “large, mid or small cap” stock categories. On the other hand, it was noted that the approach is most similar to “value investing.” In this regard it was noted that performance of value investing in general has been negative and that ICON’s performance is in line with the group. Performance in the current period was compared to prior periods where the Funds confronted significant market declines and volatility - including an assessment of financial, geopolitical and psychological reasons for the market behavior; and it was compared to periods when those factors were not prevalent. After consideration of this information the Board concluded that ICON’s investment methodology or system is appropriate for the Funds in the long-term. In light of such, the Board asked and ICON confirmed that it does not change its system in response to current issues and that it will follow its stated investment style, using a disciplined approach to managing the Funds’ portfolios.
 
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 the performance record of each Fund 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 quality service to the Funds’ shareholders, including the dedication of substantial resources to ICON’s investment and trading departments;

 
 
 
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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 can 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. It was noted that most of the Funds have had net redemptions and that aggregate assets covered by the Advisory Agreements have declined significantly. 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

 
 
 
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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 in most instances lower than 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 are that such accounts are less costly for ICON to manage; and
 
G. That ICON has contractually committed to breakpoints in its 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.

 
 
 
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Based on these considerations, among others, the Board, including all of the Independent Trustees, concluded that the continuation of the Advisory Agreements was in the best interests of each Fund and its shareholders, the services to be performed under the agreements 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, 2008 qualifies for the corporate dividends received deduction for the following Funds:
 
           
    Dividends
 		 
    Received
 		 
Fund   Deduction  
   
 
ICON Energy Fund
    66 .99 %
ICON Financial Fund
    52 .03 %
ICON Industrials Fund
    35 .58 %
ICON Leisure and Consumer Staples Fund
    20 .96 %
ICON Materials Fund
    17 .47 %
ICON Telecommunication & Utilities Fund
    45 .81 %
 
For the fiscal year ended September 30, 2008, the following Funds paid qualified dividend income:
 
         
Fund   Amount  
   
 
ICON Energy Fund
    65.03 %
ICON Financial Fund
    67.74 %
ICON Industrials Fund
    48.34 %
ICON Leisure and Consumer Staples Fund
    22.46 %
ICON Materials Fund
    20.59 %
ICON Telecommunication & Utilities Fund
    45.64 %

 
 
 
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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 Consumer Discretionary Fund
  $ 6,366,023  
ICON Energy Fund
    208,365,094  
ICON Financial Fund
    14,570,782  
ICON Healthcare Fund
    37,424,119  
ICON Industrials Fund
    4,273,696  
ICON Leisure and Consumer Staples Fund
    228,358  
ICON Materials Fund
    3,216,069  
ICON Telecommunication & Utilities Fund
    66,771  
 
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 105

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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
 
 
(ICON FUNDS LOGO)

Table of Contents

Item 2. Code of Ethics.
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. This code of ethics is included as an Exhibit.
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 9/30/08
                 
    Registrant   Covered Entities 1
(a) Audit Fees 2
   $ 365,650       N/A  
 
                
(b) Non-Audit Fees
                
 
                
(c) Tax Fees 3
   $ 113,650     $ 45,000  
All Other Fees 4
     N/A       N/A  
(d) Total Non-Audit Fees
   $ 113,650     $ 45,000  

 

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Fiscal year ended 9/30/07
                 
    Registrant   Covered Entities 1
(a) Audit Fees 2
   $ 324,500       N/A  
 
                
(b) Non-Audit Fees
                
 
                
(c) Tax Fees 3
   $ 93,000     $ 11,510  
All Other Fees 4
           $ 60,000  
(d) Total Non-Audit Fees
   $ 93,000     $ 71,510  
 
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 statuatory 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.
 
4.   “All Other Fees” paid by the Registrant in fiscal year 2007 were related to multi-class issues.
     (e) (1) The Audit Committee of the Registrant’s Board of Trustees (“Board”) is required to review and pre-approve all services to be provided by the independent accountants to the Registrant and Covered Entities to determine whether the services performed by the independent accountants impair their independence for the Registrant. The Audit Committee has delegated preapproval authority to the Chairman of the Audit Committee, subject to review and ratification by the full Audit Committee.
     (e) (2) All of the principal accountants’ hours spent on auditing the Registrant’s financial statements were attributed to work performed by full-time permanent employees of the independent accountants. 100% of the non-audit services provided by the independent accountants to either the Registrant or the Covered Entities were pre-approved by the Audit Committee.
     (f) Not applicable.
     (g) The Audit Committee of the Registrant’s Board has considered whether the provision of services other than audit services performed by the independent accountants to the Registrant and Covered Entities is compatible with maintaining the independent accountants’ independence in performing audit services.
Item 5. Audit Committee of Listed Registrants.
Not applicable.

 

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Item 6. Schedule of Investments.
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.

 

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Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
     (a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
     (b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
     (a)(1) The Code of ethics that is the subject of the disclosure required by item 2 is furnished herewith.
     (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.

 

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SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)       ICON Funds
         
By (Signature and Title)*
  /s/ Craig T. Callahan    
 
 
 
Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer) 		   
Date December 5, 2008
     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 5, 2008
         
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 5, 2008
 
*   Print the name and title of each signing officer under his or her signature.

 

EX-99.CODEETH 2 d65488exv99wcodeeth.htm EX-99.CODE ETH exv99wcodeeth
EXHIBIT 99.CODE
ICON FUNDS
CODE OF ETHICS
FOR
PRINICIPAL 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.

3

 

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.

4

 

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

5

 

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 3 d65488exv99wcert.htm EX-99.CERT exv99wcert
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 5, 2008
      /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 5, 2008
      /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 4 d65488exv99w906cert.htm EX-99.906CERT exv99w906cert
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 year ended September 30, 2008 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 5, 2008
    
 
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 year ended September 30, 2008 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 5, 2008
    
 
Date
   
 
    
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.

 

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