nvcsrs

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07883

ICON Funds

(Exact name of registrant as specified in charter)

5299 DTC Blvd. Suite 1200 Greenwood Village, CO 80111

(Address of principal executive offices) (Zip code)

Erik L. Jonson 5299 DTC Blvd. Suite 1200 Greenwood Village, CO 80111

(Name and address of agent for service)

Registrant’s telephone number, including area code: 303-790-1600

Date of fiscal year end: September 30, 2009

Date of reporting period: March 31, 2009

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

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

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

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

1-800-764-0442 • www.iconfunds.com

About This Report (unaudited)

Historical Returns

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

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

Portfolio Data

This Report reflects ICON’s views, opinions and portfolio holdings as of March 31, 2009, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of March 31, 2009 are included in each Fund’s Schedule of Investments.

While ICON’s quantitative investment methodology primarily considers company-specific factors beyond financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and

2 About This Report

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

About This Report 3

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.

4 About This Report

Message From ICON Funds (unaudited)

Dear Shareholder,

It may surprise you to learn that we at ICON hope to look back on the last six months as the final stage of an unusual, unforeseeable and unfortunate financial and economic setting. I would like to offer you ICON’s opinion relative to the underlying causes of the recent financial crisis, in addition to providing our outlook for what we anticipate will be a brighter future.

Back in 2005, the Federal Reserve (the “FED”) began tightening monetary policy in response to a strong economy and some upward pressure on commodity prices. The FED’s objective was to slow the economy and decrease inflationary elements. Consequently, the money supply, as measured by M1, was flat through 2005, 2006 and the first half of 2007. The initial impact of this constraint was felt, as usual, at the margins and would have jeopardized only the riskiest home or land acquisitions. Problems in the sub-prime mortgage market would not surface until mid-2007.

In response to the mortgage crisis, the Federal Reserve reversed monetary policy and began a series of dramatic easing in August 2007. Ordinarily, we believe this should have stimulated growth in the money supply and helped avert a recession. By early 2008, however, it was clear to the FED that the banking system was frozen, banks were not making loans and the money supply was not growing. The Federal Reserve and the Department of the Treasury made every effort and used a variety of strategies to clear a log-jammed financial system, but the damage was arguably done. In early 2008 the money supply had already been flat for over three years. We believe this stagnant M1 supply was choking the economy. Housing, mortgages and financial institutions were especially hard hit. In a somewhat ironic twist, the economy was rapidly deteriorating and directly impacting the very financial institutions the FED was trying to unlock in order to stabilize the economy. By the summer of 2008, one year after the FED’s initial monetary easing, M1 had started to grow again. If anybody was curious about what happens if you hold M1 flat for over three and a half years, we now have an answer: you will have a deep recession.

The collapse of various financial institutions, in our opinion, did not cause the recession. Rather, we think M1 being flat for three and a half years caused the recession. The financial system’s failures simply contributed to the inefficacies of the FED’s policies and were symptomatic of a larger problem. Federal Reserve Chairman Ben Bernanke stated the FED was surprised the system remained frozen and that standard easing did not work. We at ICON, along with countless other advisers, money managers,

Message From ICON Funds 5

investment professionals and investors were likewise surprised when the FED’s easing failed to break the logjam.

When analyzing the investing environment, I think it is important to sort out the political and philosophical debates from the economic and financial basics. The money supply has grown in the last nine months a fact which suggests banks may be lending again. And, if banks are lending again, this in turn suggests to us that the FED’s continued efforts have paid off, that the FED has successfully broken the logjam that froze our financial system. Money growth is also a powerful stimulus to the economy, especially when combined with a fiscal stimulus package. Stock prices seem to be reacting and anticipating a recovery, as most indexes are beginning to rebound following their lows in early March.

We are not out of the woods yet. GDP is not growing and businesses and investors continue to struggle across the globe. Now that the FED’s policies have broken the financial system’s logjam, however, we believe the right monetary and fiscal conditions are in place to promote a long-awaited recovery.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

6 Message From ICON Funds

ICON Bond Fund
Schedule of Investments
March 31, 2009 (unaudited)


			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value


Corporate Bonds (83.1)%
$	220,000	Ace INA Holdings, Inc.		8.88	%		08/15/29	$	200,359
	500,000	Aetna, Inc.		5.75	%		06/15/11		494,420
	500,000	AK Steel Corp.		7.75	%		06/15/12		392,500
	2,000,000	Alabama Power Co.^(a)		1.44	%		08/25/09		1,973,622
	1,000,000	Allied Waste North America		6.50	%		11/15/10		995,000
	275,000	Allied Waste North America		5.75	%		02/15/11		268,469
	1,000,000	Altria Group, Inc.		7.75	%		02/06/14		1,051,930
	2,150,000	American Express Centurion Bank^(a)		0.72	%		12/17/09		2,053,035
	1,800,000	American Express Credit Co.^(a)		0.64	%		02/24/12		1,471,018
	750,000	American General Finance Corp.		5.38	%		10/01/12		301,396
	650,000	Arizona Pub Service Co.		6.38	%		10/15/11		641,313
	950,000	AT&T, Inc.		4.13	%		09/15/09		958,737
	500,000	AT&T, Inc.		5.80	%		02/15/19		489,466
	500,000	AutoZone, Inc.^(b)		4.38	%		06/01/13		467,290
	500,000	AutoZone, Inc.		5.50	%		11/15/15		456,656
	1,500,000	Bank of America Corp.		6.25	%		04/15/12		1,412,157
	1,000,000	Bank of America Corp.		4.88	%		09/15/12		902,530
	950,000	Bank of America Corp.^(a)		1.62	%		06/15/17		569,646
	1,000,000	BB&T Corp.		6.50	%		08/01/11		1,009,371
	1,500,000	Boeing Co.		5.00	%		03/15/14		1,537,587
	750,000	Boston Scientific Corp.		6.00	%		06/15/11		727,500
	500,000	British Telecom PLC - YD^(a)		8.63	%		12/15/10		520,364
	1,000,000	Case New Holland, Inc.		6.00	%		06/01/09		992,500
	1,500,000	Caterpillar Financial SE		6.13	%		02/17/14		1,456,683
	1,000,000	Caterpillar Financial Services Corp.^(a)		1.45	%		10/09/09		985,534
	150,000	Centex Corp.		4.55	%		11/01/10		136,500
	1,127,000	Chartered Semiconductor - YD		5.75	%		08/03/10		1,002,435
	450,000	Cincinnati Financial Corp.		6.90	%		05/15/28		228,765
	500,000	CIT Group, Inc.^(a)		1.39	%		06/08/09		483,756
	750,000	CIT Group, Inc.		4.75	%		12/15/10		604,823
	355,000	CIT Group, Inc.		7.75	%		04/02/12		252,355
	1,000,000	Citigroup, Inc.^(a)		1.40	%		05/18/10		898,439
	1,000,000	Citigroup, Inc.		6.00	%		02/21/12		912,722
	1,750,000	Comcast Cable Communications Holdings		8.38	%		03/15/13		1,871,501
	400,000	Comcast Cable Communications Holdings		8.88	%		05/01/17		433,688

Schedule of Investments 7


			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value


$	500,000	Comcast Cable Holdings LLC		9.80	%		02/01/12	$	536,295
	550,000	Comerica Bank		7.13	%		12/01/13		486,982
	500,000	ConocoPhillips		4.75	%		02/01/14		520,077
	500,000	Consolidated Edison Co. of New York		5.55	%		04/01/14		504,810
	500,000	Countrywide Home Loan		6.25	%		04/15/09		500,292
	114,000	Cox Communications, Inc.		7.63	%		06/15/25		97,562
	1,000,000	Credit Suisse USA, Inc.^(a)		0.61	%		06/05/09		996,963
	1,000,000	Credit Suisse USA, Inc.^(a)		1.45	%		03/02/11		931,110
	1,000,000	Credit Suisse USA, Inc.		6.13	%		11/15/11		1,018,490
	500,000	CSX Corp.		5.75	%		03/15/13		482,992
	750,000	Daimler Finance NA		8.00	%		06/15/10		746,374
	1,000,000	Daimler Finance NA		7.75	%		01/18/11		986,147
	2,500,000	Daimler Finance NA		6.50	%		11/15/13		2,265,132
	500,000	Denbury Resources, Inc.		9.75	%		03/01/16		482,500
	500,000	Deutsche Telekom International Finance - YD		8.50	%		06/15/10		522,292
	260,000	Dillard’s, Inc.		9.50	%		09/01/09		254,150
	232,000	Dillard’s, Inc.		9.13	%		08/01/11		162,400
	1,000,000	DIRECTV Holdings LLC		8.38	%		03/15/13		1,011,250
	850,000	DPL, Inc.		6.88	%		09/01/11		870,074
	450,000	E.I. Du Pont de Nemours		5.00	%		07/15/13		466,092
	1,000,000	E.I. Du Pont de Nemours		4.75	%		03/15/15		985,561
	950,000	El Paso Corp.		6.75	%		05/15/09		946,865
	750,000	Exelon Generation Co., LLC		6.20	%		10/01/17		670,636
	500,000	Farmers Insurance Capital Notes^(c)		7.20	%		07/15/48		250,222
	6,000	First American Financial Corp.		7.55	%		04/01/28		4,477
	500,000	FirstEnergy Corp.		6.45	%		11/15/11		500,453
	750,000	Fortune Brands, Inc.		4.88	%		12/01/13		679,700
	500,000	Freeport-McMoRan Copper & Gold, Inc.		8.25	%		04/01/15		478,750
	500,000	Freeport-McMoRan Copper & Gold, Inc.		8.38	%		04/01/17		467,500
	1,000,000	General Electric Capital Corp.^(a)		1.36	%		03/12/10		958,190
	1,950,000	General Electric Capital Corp.^(a)		1.62	%		02/01/11		1,766,158
	250,000	General Electric Capital Corp.		5.88	%		02/15/12		248,169
	1,000,000	General Electric Capital Corp.		5.25	%		10/19/12		962,717
	500,000	General Electric Capital Corp.		5.45	%		01/15/13		481,505
	1,000,000	General Electric Capital Corp.^(a)		1.39	%		05/08/13		777,218
	250,000	Goldman Sachs Group, Inc.		7.35	%		10/01/09		253,110
	1,500,000	Goldman Sachs Group, Inc.		4.50	%		06/15/10		1,496,785
	1,000,000	Goldman Sachs Group, Inc.		5.00	%		01/15/11		992,649
	1,250,000	Goldman Sachs Group, Inc.		6.88	%		01/15/11		1,263,184
	1,000,000	Goldman Sachs Group, Inc.		6.60	%		01/15/12		998,660
	1,000,000	Goldman Sachs Group, Inc.		5.70	%		09/01/12		970,236

8 Schedule of Investments


			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value


$	2,000,000	Honeywell International, Inc.^(a)		1.22	%		07/27/09	$	2,000,976
	500,000	Household Finance Corp.		7.00	%		05/15/12		401,351
	1,900,000	Household Finance Corp.^(a)		2.23	%		11/10/13		1,064,000
	2,000,000	HSBC Finance Corp.		5.00	%		06/30/15		1,481,988
	950,000	IBM Corp.		8.38	%		11/01/19		1,135,489
	1,000,000	IBM International Group Capital^(a)		1.52	%		07/29/09		1,001,678
	294,000	International Lease Finance Corp.		4.88	%		09/01/10		214,769
	450,000	John Hancock^(c)		7.38	%		02/15/24		442,189
	2,000,000	JPMorgan Chase & Co.^(a)		0.58	%		05/07/10		1,958,070
	2,000,000	JPMorgan Chase & Co.		6.75	%		02/01/11		2,038,784
	1,350,000	JPMorgan Chase & Co.		6.63	%		03/15/12		1,318,598
	1,000,000	Kansas City Southern		7.50	%		06/15/09		1,000,000
	500,000	Kraft Foods, Inc.		6.25	%		06/01/12		527,568
	750,000	Land O’Lakes, Inc.		9.00	%		12/15/10		752,812
	1,500,000	Marathon Oil Corp.		6.50	%		02/15/14		1,522,920
	1,000,000	Massey Energy Co.^(b)		6.63	%		11/15/10		993,520
	1,100,000	Merrill Lynch & Co.^(a)		2.14	%		05/05/14		851,411
	750,000	MGM MIRAGE, Inc.		6.00	%		10/01/09		405,000
	2,400,000	Morgan Stanley^(a)		1.37	%		01/15/10		2,295,547
	250,000	Morgan Stanley		4.25	%		05/15/10		243,067
	1,000,000	Morgan Stanley		4.75	%		04/01/14		817,577
	1,000,000	Motorola, Inc.		7.63	%		11/15/10		950,234
	400,000	New Jersey Bell Telephone		7.85	%		11/15/29		372,293
	500,000	Newfield Exploration Co.		7.13	%		05/15/18		442,500
	122,000	NLV Financial Corp.^(c)		6.50	%		03/15/35		78,339
	2,000,000	Oracle Corp.^(a)		1.30	%		05/14/10		1,985,556
	1,000,000	Peabody Energy Corp.		6.88	%		03/15/13		975,000
	500,000	Pfizer, Inc.		4.45	%		03/15/12		513,576
	1,000,000	Pfizer, Inc.		5.35	%		03/15/15		1,055,046
	600,000	PPG Industries, Inc.		5.75	%		03/15/13		610,984
	1,750,000	PPL Energy Supply LLC		6.50	%		05/01/18		1,537,924
	1,000,000	Procter & Gamble Co.		6.88	%		09/15/09		1,027,026
	500,000	Prudential Financial, Inc.		4.75	%		06/13/15		363,620
	225,000	PSEG Energy Holdings LLC		8.50	%		06/15/11		221,405
	500,000	R.R. Donnelley & Sons Co.		4.95	%		04/01/14		375,161
	750,000	RadioShack Corp.		7.38	%		05/15/11		714,375
	750,000	Rent-A-Center, Inc.^(b)		7.50	%		05/01/10		733,125
	1,000,000	Reynolds American, Inc.		6.50	%		07/15/10		1,002,256
	250,000	Rio Tinto Finance USA, Ltd. - YD		5.88	%		07/15/13		224,179
	250,000	Rogers Communications, Inc. - YD		8.00	%		12/15/12		252,188
	500,000	Ryder System, Inc.		5.85	%		03/01/14		455,486

Schedule of Investments 9


			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value


$	382,000	Sears Roebuck Acceptance Corp.		6.25	%		05/01/09	$	378,965
	500,000	Sempra Energy		6.00	%		02/01/13		507,996
	500,000	Simon Property Group LP		4.88	%		03/18/10		478,818
	500,000	Simon Property Group LP		5.00	%		03/01/12		425,613
	500,000	Simon Property Group LP		5.75	%		05/01/12		432,494
	1,000,000	SLM Corp.		4.20	%		09/15/09		933,755
	1,000,000	Smithfield Foods, Inc.^(b)		8.00	%		10/15/09		995,000
	450,000	SUPERVALU, Inc.		7.88	%		08/01/09		450,563
	1,000,000	Telecom Italia Capital - YD		4.00	%		01/15/10		984,783
	350,000	Telefonica de Argentina - YD		9.13	%		11/07/10		336,000
	500,000	Tennessee Gas Pipeline		7.00	%		10/15/28		425,329
	500,000	Tesoro Corp.		6.63	%		11/01/15		395,000
	2,000,000	The Home Depot, Inc.		5.20	%		03/01/11		2,011,456
	2,000,000	The Home Depot, Inc.		5.25	%		12/16/13		1,948,698
	400,000	The Western Union Co.		5.40	%		11/17/11		407,868
	750,000	The Western Union Co.		5.93	%		10/01/16		695,290
	250,000	The Williams Cos., Inc.		7.13	%		09/01/11		248,750
	750,000	Transocean, Ltd. - YD		5.25	%		03/15/13		751,884
	155,000	Union Carbide Corp.		6.70	%		04/01/09		155,001
	1,000,000	UnitedHealth Group, Inc.		5.50	%		11/15/12		998,487
	500,000	UnitedHealth Group, Inc.		4.88	%		02/15/13		486,992
	1,000,000	Verizon Communications, Inc.		6.88	%		06/15/12		1,061,451
	410,000	Verizon Communications, Inc.		8.30	%		08/01/31		398,986
	500,000	Verizon Pennsylvania		5.65	%		11/15/11		513,297
	2,000,000	Wachovia Corp.^(a)		1.36	%		08/01/13		1,472,010
	1,000,000	Walt Disney Co.^(a)		1.15	%		07/16/10		987,566
	500,000	Xerox Corp.		7.13	%		06/15/10		510,314
	500,000	Xerox Corp.		7.63	%		06/15/13		446,185

Total Corporate Bonds (Cost $123,194,943)									115,344,934
U.S. Government And U.S. Government Agency Bonds (1.9)%
	1,000,000	Fannie Mae		5.25	%		08/01/12		1,046,990
	825,000	Fannie Mae		5.13	%		01/02/14		852,646
	750,000	Fannie Mae		5.00	%		07/09/18		750,694

Total U.S. Government And U.S. Government Agency Bonds (Cost $2,536,435)									2,650,330
Foreign Government Bond (0.4)%
	500,000	Republic of South Africa - YD		6.50	%		06/02/14		500,000

Total Foreign Government Bonds (Cost $515,487)									500,000

10 Schedule of Investments


			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value


U.S. Treasury Inflation Protected Bonds (7.8)%
$	2,000,000	Treasury Inflation Protected Security		0.63	%		04/15/13	$	1,974,427
	4,000,000	Treasury Inflation Protected Security		1.63	%		01/15/15		4,467,351
	4,000,000	Treasury Inflation Protected Security		2.00	%		01/15/16		4,389,544

Total U.S. Treasury Inflation Protected Bonds (Cost $10,419,330)									10,831,322
Closed-End Investment Company (0.2)%
	30,000	Blackrock Income Trust							179,700

Total Closed-End Investment Company (Cost $183,665)									179,700
Exchange Traded Funds (1.0)%
	15,000	iShares iBoxx $ Investment Grade Corporate Bond Fund							1,411,800

Total Exchange Traded Funds (Cost $1,395,762)									1,411,800
Short-Term Investment (3.3)%
$	4,603,987	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09^#							4,603,987

Total Short-Term Investments (Cost $4,603,987)									4,603,987
Other Securities (1.6)%
	2,230,599	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù							2,230,599

Total Other Securities (Cost $2,230,599)									2,230,599
Total Investments 99.3% (Cost $145,080,208)									137,752,672
Other Assets Less Liabilities 0.7%									990,235

Net Assets 100.0%								$	138,742,907

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


(a)		Variable or Floating Rate Security. Rate disclosed is as of March 31, 2009.

(b)		All or a portion of the security was on loan as of March 31, 2009.

(c)		Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale. These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2009 was $770,750, which represented 0.56% of the Fund’s net assets.

#		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 March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

YD		Yankee Dollar Bond

Schedule of Investments 11

ICON Core Equity Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (96.6)%
	36,800	Accenture, Ltd. - Class A	$	1,011,632
	50,000	Annaly Capital Management, Inc. - REIT^(b)		693,500
	48,800	Apogee Enterprises, Inc.^(b)		535,824
	108,700	Arch Coal, Inc.		1,453,319
	48,100	Arrow Electronics, Inc.^(a)		916,786
	74,500	AT&T, Inc.		1,877,400
	34,500	Automatic Data Processing, Inc.^(b)		1,213,020
	52,300	Avnet, Inc.^(a)		915,773
	27,000	Bank of New York Mellon Corp.		762,750
	41,000	Bristol-Myers Squibb Co.^(b)		898,720
	35,500	Carpenter Technology Corp.		501,260
	48,300	CEC Entertainment, Inc.^(a)		1,250,004
	30,600	Chevron Corp.		2,057,544
	8,400	China Mobile, Ltd. - ADR		365,568
	55,400	CIGNA Corp.		974,486
	104,100	Cisco Systems, Inc.^(a)		1,745,757
	86,600	Comcast Corp. - Class A		1,181,224
	30,000	Comerica, Inc.		549,300
	76,000	Commercial Metals Co.		877,800
	25,000	Companhia Vale do Rio Doce - ADR		332,500
	30,400	Computer Sciences Corp.^(a)		1,119,936
	61,700	CONSOL Energy, Inc.		1,557,308
	19,900	Deckers Outdoor Corp.^(a)		1,055,496
	17,200	Diamond Offshore Drilling, Inc.		1,081,192
	22,600	Eli Lilly and Co.		755,066
	30,000	Exxon Mobil Corp.		2,043,000
	23,800	Federated Investors, Inc.		529,788
	53,800	Foster Wheeler AG^(a)		939,886
	77,200	Genco Shipping & Trading, Ltd.^(b)		952,648
	4,300	Google, Inc. - Class A^(a)		1,496,658
	39,200	Guess?, Inc.		826,336
	44,800	Health Net, Inc.^(a)		648,704
	29,300	Helen of Troy, Ltd.^(a)		402,875
	26,900	Henry Schein, Inc.^(a)(b)		1,076,269
	32,200	Hewlett-Packard Co.^(b)		1,032,332
	51,700	Honeywell International, Inc.^(b)		1,440,362
	21,900	International Business Machines Corp.^(b)		2,121,891
	41,200	Jacobs Engineering Group, Inc.^(a)		1,592,792
	35,800	JPMorgan Chase & Co.		951,564
	32,800	Merck & Co., Inc.		877,400

Schedule of Investments 13


Shares or Principal Amount			Value


	129,700	MFA Financial, Inc.	$	762,636
	19,400	MICROS Systems, Inc.^(a)(b)		363,750
	65,500	Microsoft Corp.^(b)		1,203,235
	22,300	Middleby Corp.^(a)		723,189
	12,000	Monsanto Co.		997,200
	85,400	Morgan Stanley		1,944,558
	16,200	Murphy Oil Corp.		725,274
	345,400	Navios Maritime Holdings, Inc.^(b)		794,420
	42,900	Noble Corp.		1,033,461
	33,600	Northrop Grumman Corp.^(b)		1,466,304
	40,900	Oracle Corp.^(a)		739,063
	16,400	Parker Hannifin Corp.		557,272
	23,700	Peabody Energy Corp.		593,448
	49,800	Pfizer, Inc.		678,276
	18,700	Potash Corp. of Saskatchewan, Inc.		1,511,147
	24,700	Research In Motion, Ltd.^(a)		1,063,829
	4,900	Rio Tinto PLC - ADR		656,894
	11,700	Snap-on, Inc.		293,670
	30,500	StatoilHydro ASA - ADR		531,920
	27,900	Syngenta AG - ADR		1,119,069
	33,100	Tech Data Corp.^(a)		720,918
	17,300	The DIRECTV Group, Inc.^(a)(b)		394,267
	21,700	The Goldman Sachs Group, Inc.		2,300,634
	35,700	The Ryland Group, Inc.^(b)		594,762
	23,800	The Stanley Works^(b)		693,056
	43,000	TJX Cos., Inc.		1,102,520
	25,700	UnitedHealth Group, Inc.		537,901
	40,900	Urban Outfitters, Inc.^(a)		669,533
	20,200	V.F. Corp.		1,153,622
	70,100	Wolverine World Wide, Inc.		1,092,158

Total Common Stocks (Cost $76,130,751)				69,633,656

Short-Term Investments (5.9)%
$	4,241,460	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09^#		4,241,460

Total Short-Term Investments (Cost $4,241,460)				4,241,460

Other Securities (16.2)%
	11,715,974	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù		11,715,974

Total Other Securities (Cost $11,715,974)				11,715,974
Total Investments 118.7% (Cost $92,088,185)				85,591,090
Liabilities Less Other Assets (18.7)%				(13,477,756	)

Net Assets 100.0%			$	72,113,334

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 March 31, 2009.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

REIT		Real Estate Investment Trust

14 Schedule of Investments

ICON Core Equity Fund
Industry Composition
March 31, 2009
(Unaudited)


Integrated Oil & Gas			7.4%
Investment Banking & Brokerage			5.9%
Fertilizers & Agricultural Chemicals			5.1%
Coal & Consumable Fuels			5.0%
Pharmaceuticals			4.4%
Computer Hardware			4.3%
Aerospace & Defense			4.0%
Communications Equipment			3.9%
Technology Distributors			3.6%
Apparel Retail			3.5%
Construction & Engineering			3.5%
Data Processing & Outsourced Services			3.3%
Systems Software			3.2%
Managed Health Care			3.0%
Footwear			3.0%
Oil & Gas Drilling			2.9%
Integrated Telecommunication Services			2.6%
Marine			2.4%
Cable & Satellite			2.2%
Internet Software & Services			2.1%
Mortgage REITs			2.1%
Household Appliances			2.0%
Steel			1.9%
Asset Management & Custody Banks			1.8%
Industrial Machinery			1.8%
Restaurants			1.7%
Apparel Accessories & Luxury Goods			1.6%
Health Care Distributors			1.5%
IT Consulting & Other Services			1.4%
Diversified Metals & Mining			1.4%
Other Diversified Financial Services			1.3%
Other Industries (each less than 1%)			2.8%

			96.6%

Percentages are based upon net assets.

ICON Core Equity Fund
Sector Composition
March 31, 2009
(Unaudited)


Information Technology			21.8%
Energy			15.3%
Industrial			12.4%
Financial			11.9%
Consumer Discretionary			10.9%
Health Care			8.9%
Materials			8.4%
Leisure & Consumer Staples			3.9%
Telecommunications & Utilities			3.1%

			96.6%

Percentages are based upon net assets.

Schedule of Investments 15

ICON Equity Income Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (73.6)%
	20,600	Abercrombie & Fitch Co. - Class A	$	490,280
	10,600	ACE, Ltd.		428,240
	16,600	Alliance Resource Partners LP		483,060
	38,700	Altria Group, Inc.		619,974
	56,000	American Eagle Outfitters, Inc.		685,440
	18,700	Analog Devices, Inc.		360,349
	43,500	Annaly Capital Management, Inc. - REIT		603,345
	62,500	Anworth Mortgage Asset Corp. - REIT		383,125
	24,000	Arch Coal, Inc.		320,880
	20,400	AT&T, Inc.		514,080
	24,500	Automatic Data Processing, Inc.		861,420
	10,600	Banco de Chile - ADR		377,678
	18,900	Bank of New York Mellon Corp.		533,925
	30,200	Bristol-Myers Squibb Co.		661,984
	12,800	Chevron Corp.		860,672
	12,700	Cooper Industries, Ltd. - Class A		328,422
	28,200	Crane Co.		476,016
	9,100	Deutsche Bank AG - ADR		369,915
	4,800	Diamond Offshore Drilling, Inc.		301,728
	11,400	DTE Energy Co.		315,780
	8,900	Eaton Corp.		328,054
	20,100	Federated Investors, Inc.		447,426
	18,400	Garmin, Ltd.		390,264
	13,400	Genuine Parts Co.		400,124
	1,200	Google, Inc. - Class A^(a)		417,672
	14,600	Harsco Corp.		323,682
	19,400	Hospitality Properties Trust		232,800
	60,700	Intel Corp.		913,535
	14,400	International Business Machines Corp.		1,395,216
	28,900	Intersil Corp.		332,350
	63,600	Jabil Circuit, Inc.		353,616
	41,200	Lan Airlines S.A. - ADR		344,432
	34,300	Leggett & Platt, Inc.		445,557
	36,900	Mattel, Inc.		425,457
	21,700	Maxim Integrated Products, Inc.		286,657
	27,900	MeadWestvaco Corp.		334,521
	37,000	Merck & Co., Inc.		989,750
	79,700	MFA Financial, Inc.		468,636
	44,300	Morgan Stanley		1,008,711
	160,900	Navios Maritime Holdings, Inc.		370,070
	10,600	Noble Corp.		255,354
	33,300	Nordstrom, Inc.		557,775
	13,100	Northrop Grumman Corp.		571,684
	8,100	Nucor Corp.		309,177
	7,600	Occidental Petroleum Corp.		422,940
	49,400	Oshkosh Truck Corp.		332,956
	38,500	Partner Communications Co., Ltd. - ADR		582,120
	38,500	PepsiAmericas, Inc.		664,125
	16,500	Pitney Bowes, Inc.		385,275
	12,000	Progress Energy, Inc.		435,120
	11,200	Questar Corp.		329,616
	15,500	Reynolds American, Inc.		555,520
	13,600	Sasol - ADR		393,720
	48,000	Seaspan Corp.		394,560
	47,000	Steel Dynamics, Inc.		414,070
	20,500	Sun Life Financial, Inc.		366,130
	28,500	Sysco Corp.		649,800

16 Schedule of Investments


Shares or Principal Amount			Value


	29,444	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR	$	263,524
	25,400	Teekay Shipping Corp.		361,442
	8,800	The Home Depot, Inc.		207,328
	15,400	The Stanley Works		448,448
	13,200	The Thomson Corp.		335,016
	9,400	United Parcel Service, Inc. - Class B		462,668
	11,200	V.F. Corp.		639,632
	17,000	Verizon Communications, Inc.		513,400
	16,100	Watsco, Inc.		547,883
	22,600	Williams-Sonoma, Inc.		227,808
	38,300	Worthington Industries, Inc.		333,593
	34,100	Xcel Energy, Inc.		635,283

Total Common Stocks (Cost $35,961,559)				32,780,810

Preferred Stocks (0.9)%
	14,900	Bank of America Corp., 8.63%		155,705
	13,200	Wells Fargo Capital XII, 7.88%		247,500

Total Preferred Stocks (Cost $632,453)				403,205


			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value



Corporate Bonds (6.9)%
$	250,000	Bank of America Corp.		5.38	%		9/11/12	$	230,888
	250,000	Boston Scientific Corp.		6.00	%		6/15/11		242,500
	500,000	Comcast Cable Communications Holdings		8.38	%		3/15/13		534,715
	600,000	Daimler Finance NA		6.50	%		11/15/13		543,632
	750,000	General Electric Capital Corp. - Series A		6.00	%		6/15/12		739,444
	1,038,000	Household Finance Corp.		4.75	%		7/15/13		765,142

Total Corporate Bonds (Cost $3,463,537)									3,056,321

Convertible Corporate Bonds (2.8)%
	500,000	LSI Corp.		4.00	%		5/15/10		475,625
	600,000	Molina Healthcare, Inc. - Series H		3.75	%		10/1/14		408,000
	500,000	Xilinx, Inc.		3.13	%		3/15/37		369,375

Total Convertible Corporate Bonds (Cost $1,559,570)									1,253,000
Sovereign Agency (1.6)%
	500,000	Financing Corp.		9.40	%		2/8/18		733,272

Total Sovereign Agency (Cost $662,281)									733,272

U.S. Government And U.S. Government Agency Bonds (2.6)%
	1,000,000	Freddie Mac		5.50	%		7/18/16		1,135,495

Total U.S. Government And U.S. Government Agency Bonds (Cost $1,075,499)									1,135,495

Schedule of Investments 17


Underlying Security/
Expiration Date/
Exercise Price	Contracts*		Value


Call Options Purchased (0.5)%
Arrow Electronics, Inc., Expiration June 2009, Exercise price $17.50		294	$	88,935
Health Net, Inc., Expiration January 2010, Exercise price $20.00		227		42,563
Potash Corp. of Saskatchewan, Inc. Expiration January 2010, Exercise price $90.00		56		88,480

Total Call Options Purchased (Cost $212,306)				219,978
Put Options Purchased (0.0%)
Financial Select Sector SPDR, Expiration April 2009, Exercise price $6.00		740		5,180

Total Put Options Purchased (Cost $64,151)				5,180


Shares or Principal Amount			Value


Exchange Traded Funds (9.4)%
	13,100	iShares iBoxx $ High Yield Corporate Bond Fund	$	888,180
	31,600	iShares S&P U.S. Preferred Stock Index Fund		720,164
	99,300	PowerShares Financial Preferred Portfolio		934,413
	57,500	PowerShares High Yield Corporate Bond Portfolio		836,625
	27,700	SPDR Barclays Capital High Yield Bond ETF		815,488

Total Exchange Traded Funds (Cost $4,288,494)				4,194,870

Short-Term Investments (0.2)%
$	101,912	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09^#		101,912

Total Short-Term Investments (Cost $101,912)				101,912
Total Investments 98.5% (Cost $48,021,762)				43,884,043
Other Assets Less Liabilities 1.5%				648,660

Net Assets 100.0%			$	44,532,703

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


(a)		Non-income producing security.

*		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 March 31, 2009.

ADR		American Depositary Receipt

REIT		Real Estate Investment Trust

18 Schedule of Investments

ICON Equity Income Fund
Industry Composition
March 31, 2008
(Unaudited)


Semiconductors			6.7%
Other Diversified Financial Services			4.2%
Integrated Oil & Gas			3.8%
Pharmaceuticals			3.7%
Mortgage REITs			3.4%
Computer Hardware			3.1%
Apparel Retail			2.6%
Tobacco			2.6%
Industrial Machinery			2.5%
Integrated Telecommunication Services			2.4%
Steel			2.3%
Investment Banking & Brokerage			2.3%
Asset Management & Custody Banks			2.2%
Multi-Utilities			2.1%
Data Processing & Outsourced Services			1.9%
Coal & Consumable Fuels			1.8%
Marine			1.7%
Soft Drinks			1.5%
Food Distributors			1.5%
Apparel Accessories & Luxury Goods			1.4%
Diversified Banks			1.4%
Wireless Telecommunication Services			1.3%
Aerospace & Defense			1.3%
Department Stores			1.3%
Oil & Gas Drilling			1.3%
Trading Companies & Distributors			1.2%
Automobile Manufacturers			1.2%
Cable & Satellite			1.2%
Air Freight & Logistics			1.0%
Household Appliances			1.0%
Home Furnishings			1.0%
Electric Utilities			1.0%
Property & Casualty Insurance			1.0%
Leisure Products			1.0%
Other Industries (each less than 1)%			14.8%

			84.7%

Percentages are based upon all investments excluding Sovereign Agency, U.S. Government Bonds, U.S. Government Agency Bonds and Exchange Traded Funds as a percentage of net assets.

ICON Equity Income Fund
Sector Composition

March 31, 2009

(Unaudited)


Financial			16.6%
Information Technology			13.6%
Consumer Discretionary			11.3%
Industrial			10.8%
Leisure & Consumer Staples			8.6%
Energy			7.7%
Telecommunications & Utilities			7.5%
Health Care			5.3%
Materials			3.3%

			84.7%

Percentages are based upon all investments excluding Sovereign Agency, U.S. Government Bonds, U.S. Government Agency Bonds and Exchange Traded Funds as a percentage of net assets.

Schedule of Investments 19

ICON Income Opportunity Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (99.3)%
	20,300	Abercrombie & Fitch Co. - Class A^(b)x	$	483,140
	21,800	Accenture, Ltd. - Class A^x		599,282
	10,800	Aetna, Inc.^x		262,764
	22,300	AGL Resources, Inc.		591,619
	18,300	Albemarle Corp.^(b)		398,391
	9,000	Allergan, Inc.^x		429,840
	7,800	Alliance Resource Partners LP^x		226,980
	15,700	Altria Group, Inc.		251,514
	18,800	Annaly Capital Management, Inc. - REIT^(b)		260,756
	31,900	Anworth Mortgage Asset Corp. - REIT		195,547
	18,900	Archer Daniels Midland Co.^(b)		525,042
	25,200	Arrow Electronics, Inc.^(a)		480,312
	23,600	AT&T, Inc.^x		594,720
	7,000	Baxter International, Inc.^x		358,540
	11,800	Bemis Co., Inc.		247,446
	61,600	Bristol-Myers Squibb Co.^x		1,350,272
	4,700	Bunge, Ltd.^(b)		266,255
	11,800	Cardinal Health, Inc.^x		371,464
	13,200	CEC Entertainment, Inc.^(a)(b)		341,616
	12,700	Chevron Corp.^x		853,948
	11,700	Cintas Corp.		289,224
	27,900	Cognizant Technology Solutions Corp.^(a)x		580,041
	21,200	Comcast Corp. - Class A		289,168
	12,300	Computer Sciences Corp.^(a)x		453,132
	12,300	CONSOL Energy, Inc.^x		310,452
	22,700	Consolidated Graphics, Inc.^(a)(b)		288,744
	19,600	Cooper Industries, Ltd. - Class A^(b)		506,856
	3,800	Deutsche Bank AG - ADR		154,470
	4,300	Diamond Offshore Drilling, Inc.		270,298
	9,100	Diana Shipping, Inc.		107,289
	41,300	DPL, Inc.		930,902
	18,076	Eli Lilly and Co.^x		603,919
	11,700	EMCOR Group, Inc.^(a)		200,889
	3,200	Everest Re Group, Ltd.^(b)		226,560
	6,500	Express Scripts, Inc.^(a)		300,105
	17,900	Exxon Mobil Corp.^x		1,218,990
	3,300	First Solar, Inc.^(a)(b)		437,910
	14,000	Fiserv, Inc.^(a)		510,440
	9,900	Garmin, Ltd.		209,979
	16,200	Genco Shipping & Trading, Ltd.^(b)		199,908
	3,100	Google, Inc. - Class A^(a)x		1,078,986
	12,200	Guess?, Inc.		257,176
	15,900	Harris Corp.^x		460,146
	7,400	Hess Corp.		401,080
	10,700	Hubbell, Inc. - Class B^x		288,472
	3,000	Huron Consulting Group, Inc.^(a)(b)		127,290
	86,600	Intel Corp.^(b)		1,303,330
	14,100	International Business Machines Corp.^(b)x		1,366,149
	14,300	Jacobs Engineering Group, Inc.^(a)x		552,838
	6,500	Jos. A. Bank Clothiers, Inc.^(a)		180,765
	26,500	JPMorgan Chase & Co.^x		704,370
	12,600	KB Home^(b)		166,068
	15,200	Lennox International, Inc.^x		402,192

20 Schedule of Investments


Shares or Principal Amount			Value


	5,200	Lockheed Martin Corp.^x	$	358,956
	3,400	Mastercard, Inc. - Class A^x		569,432
	7,800	Medco Health Solutions, Inc.^(a)		322,452
	23,342	Merck & Co., Inc.^x		624,399
	26,800	Microsoft Corp.^(b)		492,316
	17,000	Morgan Stanley^x		387,090
	5,700	MSC Industrial Direct Co., Inc. - Class A		177,099
	6,100	Murphy Oil Corp.^x		273,097
	10,900	Nordstrom, Inc.^(b)		182,575
	3,300	Northern Trust Corp.^x		197,406
	3,500	O’Reilly Automotive, Inc.^(a)(b)		122,535
	12,800	Occidental Petroleum Corp.^x		712,320
	5,200	PartnerRe, Ltd.		322,764
	14,400	PepsiAmericas, Inc.		248,400
	4,600	PepsiCo, Inc.		236,808
	41,200	Pfizer, Inc.		561,144
	22,400	Pinnacle West Capital Corp.^(b)		594,944
	2,900	Potash Corp. of Saskatchewan, Inc.		234,349
	9,600	Quest Diagnostics, Inc.^(b)		455,808
	7,200	Sasol - ADR		208,440
	11,400	Schnitzer Steel Industries, Inc.		357,846
	10,200	Sonoco Products Co.		213,996
	4,400	Southwestern Energy Co.^(a)		130,636
	11,800	Sunoco, Inc.^(b)x		312,464
	15,800	Sysco Corp.^x		360,240
	16,100	Teekay LNG Partners LP		270,319
	11,500	The Coca-Cola Co.		505,425
	9,800	The Goldman Sachs Group, Inc.^x		1,038,996
	12,900	The Home Depot, Inc.^(b)		303,924
	13,900	The Mosaic Co.		583,522
	14,800	The Ryland Group, Inc.		246,568
	18,500	The Valspar Corp.^x		369,445
	11,300	TJX Cos., Inc.		289,732
	19,200	Tower Group, Inc.		472,896
	4,700	Transocean, Ltd.^(a)		276,548
	11,300	United Technologies Corp.^x		485,674
	12,200	UnitedHealth Group, Inc.^x		255,346
	6,100	URS Corp.^(a)		246,501
	10,900	V.F. Corp.^x		622,499
	20,300	Verizon Communications, Inc.		613,060
	12,000	Visa, Inc. - Class A^(b)x		667,200
	13,700	Wal-Mart Stores, Inc.		713,770
	9,100	Willis Group Holdings, Ltd.		200,200

Total Common Stocks (Cost $46,458,033)				41,286,727

Exchange Traded Funds (1.7)%
	19,600	iShares S&P U.S. Preferred Stock Index Fund^(b)		446,684
	25,700	PowerShares Financial Preferred Portfolio		241,837

Total Exchange Traded Funds (Cost $687,784)				688,521


Underlying Security/
Expiration Date/
Exercise Price	Contracts*		Value


Put Options Purchased (0.6)%
S&P 500 Index, Expiration May 2009, Exercise price $680.00		185		239,575

Total Put Options Purchased (Cost $302,170)				239,575


Shares or Principal Amount			Value


Short-Term Investments (7.5)%
$	3,114,384	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09^#		3,114,384

Total Short-Term Investments (Cost $3,114,384)				3,114,384

Schedule of Investments 21


Shares or Principal Amount			Value


Other Securities (16.0%)
	6,658,842	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù	$	6,658,842

Total Other Securities (Cost $6,658,842)				6,658,842
Total Investments 125.1% (Cost $57,221,213)				51,988,049
Liabilities Less Other Assets (25.1)%				(10,430,534	)

Net Assets 100.0%			$	41,557,515


		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 March 31, 2009.

x		Portion of security is pledged as collateral for call options written.

*		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 March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

REIT		Real Estate Investment Trust

22 Schedule of Investments

ICON Income Opportunity Fund
Industry Composition
March 31, 2009
(Unaudited)


Integrated Oil & Gas			8.9%
Pharmaceuticals			8.5%
Data Processing & Outsourced Services			5.3%
Electric Utilities			3.6%
Investment Banking & Brokerage			3.4%
Computer Hardware			3.3%
Semiconductors			3.1%
Electrical Components & Equipment			3.0%
Apparel Retail			2.9%
Integrated Telecommunication Services			2.9%
IT Consulting & Other Services			2.8%
Internet Software & Services			2.6%
Health Care Services			2.6%
Construction & Engineering			2.4%
Soft Drinks			2.4%
Aerospace & Defense			2.1%
Fertilizers & Agricultural Chemicals			2.0%
Agricultural Products			1.9%
Specialty Chemicals			1.9%
Hypermarkets & Super Centers			1.7%
Other Diversified Financial Services			1.7%
Apparel Accessories & Luxury Goods			1.5%
Gas Utilities			1.4%
Reinsurance			1.3%
Oil & Gas Drilling			1.3%
Coal & Consumable Fuels			1.2%
Managed Health Care			1.2%
Systems Software			1.2%
Technology Distributors			1.2%
Property & Casualty Insurance			1.1%
Paper Packaging			1.1%
Communications Equipment			1.1%
Mortgage REITs			1.1%
Homebuilding			1.0%
Building Products			1.0%
Other Industries (each less than 1%)			13.6%

			99.3%

Percentages are based upon net assets.

ICON Income Opportunity Fund
Sector Composition
March 31, 2009
(Unaudited)


Information Technology			20.6%
Health Care			14.1%
Energy			13.1%
Industrial			11.4%
Financial			10.0%
Leisure & Consumer Staples			9.0%
Telecommunications & Utilities			7.9%
Consumer Discretionary			7.3%
Materials			5.9%

			99.3%

Percentages are based upon net assets.

24 Schedule of Investments

ICON Long/Short Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (90.8)%
	22,500	Abbott Laboratories^x	$	1,073,250
	9,900	Aetna, Inc.		240,867
	15,000	Amedisys, Inc.^(a)(b)		412,350
	50,000	Annaly Capital Management, Inc. - REIT^(b)		693,500
	30,000	Archer Daniels Midland Co.^x		833,400
	50,000	Ashland, Inc.^x		516,500
	9,400	Bristol-Myers Squibb Co.		206,048
	12,000	Burlington Northern Santa Fe Corp.^x		721,800
	30,000	Carpenter Technology Corp.		423,600
	32,100	Cash America International, Inc.^x		502,686
	10,000	Chevron Corp.^x		672,400
	25,000	China Mobile, Ltd. - ADR^x		1,088,000
	15,000	Computer Sciences Corp.^(a)		552,600
	30,000	CVS Caremark Corp.^x		824,700
	25,000	Diamond Offshore Drilling, Inc.^(b)		1,571,500
	20,000	Eli Lilly and Co.		668,200
	20,000	Exxon Mobil Corp.^x		1,362,000
	34,000	Fiserv, Inc.^(a)x		1,239,640
	25,000	Foster Wheeler AG^(a)x		436,750
	2,500	Google, Inc. - Class A^(a)x		870,150
	18,000	Harris Corp.		520,920
	12,000	Henry Schein, Inc.^(a)(b)		480,120
	28,500	Hewlett-Packard Co.^(b)		913,710
	30,000	Hubbell, Inc. - Class B		808,800
	10,000	Humana, Inc.^(a)		260,800
	15,500	International Business Machines Corp.^(b)x		1,501,795
	10,000	Jos. A. Bank Clothiers, Inc.^(a)		278,100
	16,000	JPMorgan Chase & Co.^x		425,280
	25,000	Kirby Corp.^(a)		666,000
	22,500	Lender Processing Services, Inc.^x		688,725
	25,000	Loews Corp.		552,500
	15,000	McKesson Corp.		525,600
	32,700	Merck & Co., Inc.		874,725
	50,000	Microsoft Corp.^(b)x		918,500
	20,000	Morgan Stanley		455,400
	25,000	National Oilwell Varco, Inc.^(a)x		717,750
	10,000	Nike, Inc. - Class B^(b)		468,900
	25,000	Parker Hannifin Corp.^x		849,500
	37,900	PepsiAmericas, Inc.^(b)		653,775
	25,000	Pitney Bowes, Inc.^(b)		583,750
	15,000	Potash Corp. of Saskatchewan, Inc.^x		1,212,150
	8,500	Public Service Enterprise Group, Inc.		250,495
	10,000	Reliance Steel & Aluminum Co.^(b)		263,300
	9,500	Reynolds American, Inc.		340,480
	22,800	SkyWest, Inc.		283,632
	35,000	Sysco Corp.^x		798,000
	16,000	Target Corp.		550,240
	15,000	The Stanley Works		436,800
	17,500	Tidewater, Inc.^(b)x		649,775
	45,000	TJX Cos., Inc.^x		1,153,800
	20,000	Transocean, Ltd.^(a)x		1,176,800
	21,900	U.S. Bancorp^(b)		319,959
	25,000	Union Pacific Corp.^x		1,027,750
	12,500	V.F. Corp.^x		713,875
	25,000	Walter Industries, Inc.^(b)		571,750
	15,000	Willis Group Holdings, Ltd.		330,000
	30,000	Wolverine World Wide, Inc.		467,400

Schedule of Investments 25


			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value


Corporate Bonds (5.5)%
$	500,000	American Express Credit Co.		5.00	%		12/02/10	$	477,627
	500,000	General Electric Capital Corp.		1.42	%^(c)		06/15/09		499,170
	500,000	Goldman Sachs Group, Inc.		7.35	%		10/01/09		506,220
	500,000	Morgan Stanley		1.37	%^(c)		01/15/10		478,239
	500,000	Morgan Stanley		4.75	%		04/01/14		408,788

Total Corporate Bonds (Cost $2,321,473)									2,370,044

Short-Term Investments (4.3)%
	1,834,522	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09^#							1,834,522

Total Short-Term Investments (Cost $1,834,522)									1,834,522

Other Securities (13.3)%
	5,745,792	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù							5,745,792

Total Other Securities (Cost $5,745,792)									5,745,792
Total Investments 114.8% (Cost $58,578,846)									49,451,405
Liabilities Less Other Assets (14.8)%									(6,379,144	)

Net Assets 100.0%								$	43,072,261

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 March 31, 2009.

(c)		Variable or Floating Rate Security. Rate disclosed is as of March 31, 2009.

x		Portion of security is pledged as collateral for securities sold short.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

REIT		Real Estate Investment Trust

26 Schedule of Investments

ICON Long/Short Fund
Schedule of Securities Sold Short
March 31, 2009 (unaudited)


Shares		Short Security	Value


	5,000	Anadarko Petroleum Corp.	$	194,450
	7,500	Delek US Holdings, Inc.		77,700
	27,500	iShares Russell 3000 Index Fund		1,264,450
	17,500	iShares S&P Midcap 400		851,375
	18,000	iShares S&P Smallcap 600 Index Fund		656,820
	7,500	Range Resources Corp.		308,700
	5,000	Sears Holdings Corp.^(a)		228,550
	28,000	SPDR Trust - Series 1		2,224,320
	10,000	St. Joe Corp.^(a)		167,400
	7,500	Weyerhaeuser Co.		206,775
	8,000	Whiting Petroleum Corp.^(a)		206,800

Total Securities Sold Short (Proceeds $7,975,702)			$	6,387,340

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


(a)		Non-income producing security.

Schedule of Investments 27

ICON Long/Short Fund
Industry Composition
March 31, 2009
(Unaudited)


Pharmaceuticals			6.5%
Oil & Gas Drilling			6.3%
Data Processing & Outsourced Services			5.8%
Computer Hardware			5.6%
Investment Banking & Brokerage			5.2%
Integrated Oil & Gas			4.8%
Railroads			4.1%
Apparel Retail			3.3%
Other Diversified Financial Services			3.3%
Oil & Gas Equipment & Services			3.2%
Fertilizers & Agricultural Chemicals			2.8%
Wireless Telecommunication Services			2.5%
Consumer Finance			2.4%
Health Care Distributors			2.3%
Footwear			2.2%
Systems Software			2.1%
Internet Software & Services			2.0%
Industrial Machinery			2.0%
Agricultural Products			1.9%
Drug Retail			1.9%
Electrical Components & Equipment			1.9%
Food Distributors			1.8%
Apparel Accessories & Luxury Goods			1.7%
Mortgage REITs			1.6%
Steel			1.6%
Marine			1.5%
Soft Drinks			1.5%
Office Services & Supplies			1.3%
Coal & Consumable Fuels			1.3%
Multi-Line Insurance			1.3%
General Merchandise Stores			1.3%
Communications Equipment			1.2%
Diversified Chemicals			1.2%
Managed Health Care			1.2%
Household Appliances			1.0%
Construction & Engineering			1.0%
Health Care Services			1.0%
Other Industries (each less than 1%)			3.6%

			97.2%

Percentages are based upon long positions excluding short-term investments and other securities as a percentage of net assets.

ICON Long/Short Fund
Sector Composition
March 31, 2009
(Unaudited)


Information Technology			16.7%
Energy			15.6%
Financial			15.3%
Industrial			12.5%
Health Care			11.0%
Consumer Discretionary			9.5%
Leisure & Consumer Staples			7.9%
Materials			5.6%
Telecommunications & Utilities			3.1%

			97.2%

Percentages are based upon long positions excluding short-term investments and other securities as a percentage of net assets.

28 Schedule of Investments

Statements of Assets and Liabilities
March 31, 2009 (unaudited)


	ICON			ICON Core
	Bond Fund			Equity Fund
Assets
Investments, at cost	$	145,080,208		$	92,088,185

Investments, at value†		137,752,672			85,591,090
Deposits for short sales		-			-
Receivables:
Fund shares sold		679,877			149,574
Investments sold		1,872,924			411,514
Interest		1,601,624			7,781
Dividends		-			91,455
Expense reimbursements by Adviser		28,242			-
Other assets		36,479			42,651

Total Assets		141,971,818			86,294,065

Liabilities
Options written, at value (premiums received of $1,300,241)		-			-
Securities sold short, at value (proceeds of $7,975,702)		-			-
Payable for income on short positions		-			-
Payables:
Due to custodian bank		-			1,146,162
Interest		-			-
Investments bought		552,919			1,036,784
Payable for collateral received on securities loaned		2,230,599			11,715,974
Fund shares redeemed		309,160			163,546
Distributions due to shareholders		3,340			-
Advisory fees		67,068			44,938
Accrued distribution fees		30,140			30,953
Fund accounting fees		5,782			3,708
Transfer agent fees		11,988			26,335
Administration fees		5,326			2,820
Trustee fees		6,127			8,664
Accrued expenses		6,462			847

Total Liabilities		3,228,911			14,180,731

Net Assets - all share classes	$	138,742,907		$	72,113,334

Net Assets - Class I	$	134,578,854		$	44,101,008

Net Assets - Class C	$	4,151,626		$	26,000,718

Net Assets - Class Z	$	12,427		$	755,042

Net Assets - Class A	$	-		$	1,256,566

Net Assets Consist of
Paid-in capital	$	147,292,644		$	149,003,381
Accumulated undistributed net investment income/(loss)		(297,284	)		1,404,845
Accumulated undistributed net realized gain/(loss) from investments, written options and securities sold short transactions		(924,917	)		(71,797,797	)
Unrealized appreciation/(depreciation) on investments, written options and securities sold short		(7,327,536	)		(6,497,095	)

Net Assets	$	138,742,907		$	72,113,334

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

30 Financial Statements


ICON Equity			ICON Income			ICON Long/
Income Fund			Opportunity Fund			Short Fund

$	48,021,762		$	57,221,213		$	58,578,846

	43,884,043			51,988,049			49,451,405
	-			-			6,840,820

	106,134			147,319			12,903
	1,740,194			-			-
	82,765			4,512			43,678
	223,971			61,114			88,644
	6,498			6,684			11,517
	41,870			43,666			53,697

	46,085,475			52,251,344			56,502,664


	-			1,338,750			-
	-			-			6,387,340
	-			-			10,779

	-			2,060,593			379,859
	1,849			179			127
	1,387,701			517,607			-
	-			6,658,842			5,745,792
	87,339			40,400			809,922
	5,438			12,190			-
	28,999			26,420			31,483
	11,345			10,570			18,476
	3,636			3,602			2,816
	11,053			8,080			18,876
	1,728			1,565			1,444
	5,413			5,086			5,346
	8,271			9,945			18,143

	1,552,772			10,693,829			13,430,403

$	44,532,703		$	41,557,515		$	43,072,261

$	40,884,478		$	37,780,387		$	25,624,046

$	3,136,803		$	2,902,424		$	14,935,953

$	53,774		$	69,482		$	132,581

$	457,648		$	805,222		$	2,379,681


$	93,330,397		$	71,281,619		$	115,050,665
	(76,856	)		(28,384	)		34,221

	(44,583,119	)		(24,424,047	)		(64,473,546	)

	(4,137,719	)		(5,271,673	)		(7,539,079	)

$	44,532,703		$	41,557,515		$	43,072,261

Financial Statements 31


	ICON		ICON Core
	Bond Fund		Equity Fund
Shares outstanding (unlimited shares authorized, no par value)
Class I		14,321,411		6,822,596
Class C		440,994		4,341,931
Class Z		1,325		116,768
Class A		-		201,036
Net asset value (offering and redemption price per share)
Class I	$	9.40	$	6.46
Class C	$	9.41	$	5.99
Class Z	$	9.38	$	6.47
Class A	$	-	$	6.25
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	-	$	6.63

† Includes securities on loan of	$	2,129,889	$	11,552,556

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

32 Financial Statements

Statements of Operations
For the period ended March 31, 2009 (unaudited)


				ICON
	ICON			Core
	Bond Fund			Equity Fund
Investment Income
Interest	$	2,533,415		$	6,543
Dividends		-			1,320,523
Income from securities lending, net		5,596			147,586
Foreign taxes withheld		-			(591	)

Total Investment Income		2,539,011			1,474,061

Expenses
Advisory fees		303,074			331,746
Distribution fees:
Class I		121,326			65,623
Class C		16,799			167,877
Class A		-			1,691
Fund accounting fees		18,732			14,451
Transfer agent fees		46,363			90,827
Administration fees		24,984			21,831
Registration fees		19,032			20,128
Insurance expense		5,101			5,984
Trustee fees and expenses		7,979			5,972
Interest expense		4,334			154
Other expenses		30,487			45,096
Dividends on short positions		-			-

Total expenses before expense reimbursement and transfer agent earnings credit		598,211			771,380
Transfer agent earnings credit		(149	)		(154	)
Expense reimbursement by Adviser due to expense limitation agreement		(76,145	)		-

Net Expenses		521,917			771,226

Net Investment Income/(Loss)		2,017,094			702,835

Net Realized and Unrealized Gain/(Loss) on Investments, Written Options and Securities Sold Short
Net realized gain/(loss) from investment transactions		18,462			(57,049,358	)
Net realized gain from written option transactions		-			-
Net realized gain/(loss) from securities sold short		-			-
Change in unrealized net appreciation/(depreciation) on investments		(974,175	)		(1,621,734	)
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		(955,713	)		(58,671,092	)

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	1,061,381		$	(57,968,257	)

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

34 Financial Statements


ICON Equity			ICON Income			ICON Long/
Income Fund			Opportunity Fund			Short Fund

$	235,293		$	3,846		$	97,574
	1,886,546			1,069,566			1,057,644
	-			114,242			84,628
	-			-			-

	2,121,839			1,187,654			1,239,846


	255,771			239,968			297,933

	80,411			74,452			60,622
	16,567			16,969			91,850
	411			922			3,785
	11,950			11,765			12,129
	47,742			37,402			56,776
	16,780			15,786			17,264
	20,478			22,215			26,628
	5,190			4,359			8,410
	4,567			5,066			4,975
	4,053			5,123			11,936
	35,795			42,031			51,777
	-			-			97,274


	499,715			476,058			741,359
	(124	)		(117	)		(136	)

	(18,312	)		(17,631	)		(20,751	)

	481,279			458,310			720,472

	1,640,560			729,344			519,374



	(34,564,940	)		(24,719,120	)		(38,694,146	)
	-			8,372,406			-
	-			-			5,874,664

	(4,146,076	)		(2,945,117	)		(1,241,302	)

	-			5,837			530,148


	(38,711,016	)		(19,285,994	)		(33,530,636	)


$	(37,070,456	)	$	(18,556,650	)	$	(33,011,262	)

Financial Statements 35

Statements of Changes in Net Assets


	ICON Bond Fund						ICON Core Equity Fund
	Period ended			Year ended			Period ended			Year ended
	March 31,			September 30,			March 31,			September 30,
	2009 (unaudited)			2008			2009 (unaudited)			2008

Operations
Net investment income/(loss)	$	2,017,094		$	4,922,615		$	702,835		$	452,648
Net realized gain/(loss) from investment transactions written options and securities sold short		18,462			669,257			(57,049,358	)		(14,748,439	)
Change in net unrealized appreciation/(depreciation) on investments		(974,175	)		(6,778,176	)		(1,621,734	)		(31,524,489	)

Net increase/(decrease) in net assets resulting from operations		1,061,381			(1,186,304	)		(57,968,257	)		(45,820,280	)

Dividends and Distributions to Shareholders
Net investment income
Class I		(1,948,712	)		(5,247,750	)		-			-
Class C		(67,518	)		(88,949	)		-			-
Class Z		(240	)		(142	)		-			-
Class A		-			-			-			-
Net realized gains
Class I		-			-			-			(7,187,602	)
Class C		-			-			-			(7,656,597	)
Class Z		-			-			-			(109,019	)
Class A		-			-			-			(124,615	)

Net decrease from dividends and distributions		(2,016,470	)		(5,336,841	)		-			(15,077,833	)

Fund Share Transactions
Shares sold
Class I		67,016,427			52,872,632			24,938,685			40,848,727
Class C		2,978,746			2,345,458			1,814,063			5,417,694
Class Z		13,665			10,634			509,380			375,126
Class A		-			-			667,689			1,883,178
Reinvested dividends and distributions
Class I		1,926,327			5,171,793			-			6,810,276
Class C		64,820			86,070			-			7,380,164
Class Z		240			142			-			107,124
Class A		-			-			-			112,656
Shares repurchased
Class I		(34,380,521	)		(73,834,034	)		(23,649,430	)		(28,889,006	)
Class C		(1,630,492	)		(1,002,203	)		(8,526,240	)		(20,488,331	)
Class Z		(9,224	)		(13,684	)		(310,967	)		(68,187	)
Class A		-			-			(431,180	)		(827,329	)

Net increase/(decrease) from fund share transactions		35,979,988			(14,363,192	)		(4,988,000	)		12,662,092

Total net increase/(decrease) in net assets		35,024,899			(20,886,337	)		(62,956,257	)		(48,236,021	)
Net Assets
Beginning of period		103,718,008			124,604,345			135,069,591			183,305,612

End of period	$	138,742,907		$	103,718,008		$	72,113,334		$	135,069,591

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

36 Financial Statements


ICON Equity Income Fund						ICON Income Opportunity Fund						ICON Long/Short Fund
Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,			March 31,			September 30,
2009 (unaudited)			2008			2009 (unaudited)			2008			2009 (unaudited)			2008

$	1,640,560		$	2,873,541		$	729,344		$	758,092		$	519,374		$	1,479,998


	(34,564,940	)		(9,999,212	)		(16,346,714	)		1,899,110			(32,819,482	)		(26,496,920	)

	(4,146,076	)		(15,900,667	)		(2,939,280	)		(12,308,836	)		(711,154	)		(37,411,114	)


	(37,070,456	)		(23,026,338	)		(18,556,650	)		(9,651,634	)		(33,011,262	)		(62,428,036	)




	(1,637,569	)		(2,634,085	)		(695,941	)		(730,001	)		(1,205,084	)		(399,948	)
	(76,522	)		(74,308	)		(37,849	)		(17,592	)		(359,390	)		-
	(1,706	)		(1,668	)		(2,186	)		(1,990	)		(4,344	)		-
	(12,027	)		(6,596	)		(12,045	)		(4,914	)		(80,999	)		(7,652	)

	-			(12,299,870	)		-			(3,156,831	)		-			(9,426,798	)
	-			(509,032	)		-			(103,778	)		-			(1,802,594	)
	-			(4,033	)		-			(2,015	)		-			(8,704	)
	-			(33,610	)		-			(13,118	)		-			(264,846	)


	(1,727,824	)		(15,563,202	)		(748,021	)		(4,030,239	)		(1,649,817	)		(11,910,542	)



	12,836,079			32,408,389			9,459,073			44,002,873			2,794,992			71,979,977
	892,894			1,321,434			879,505			2,960,233			523,211			7,910,378
	4,055			55,480			51,455			446,647			20,442			504,312
	456,522			186,596			612,856			687,944			77,781			3,456,617

	1,597,973			14,280,781			685,384			3,844,378			1,110,666			9,338,356
	70,370			550,445			33,619			119,074			331,308			1,686,440
	1,706			5,700			2,186			4,005			4,257			8,484
	11,681			40,115			9,814			17,075			69,277			218,920

	(35,132,964	)		(35,964,387	)		(36,999,294	)		(29,452,929	)		(46,551,197	)		(167,590,194	)
	(589,919	)		(1,164,749	)		(1,203,537	)		(604,737	)		(4,915,035	)		(13,749,105	)
	(1,068	)		(1,352	)		(306,159	)		(26,662	)		(311,703	)		(271,710	)
	(139,928	)		(166,362	)		(453,495	)		(42,105	)		(1,210,770	)		(3,220,063	)


	(19,992,599	)		11,552,090			(27,228,593	)		21,955,796			(48,056,771	)		(89,727,588	)


	(58,790,879	)		(27,037,450	)		(46,533,264	)		8,273,923			(82,717,850	)		(164,066,166	)

	103,323,582			130,361,032			88,090,779			79,816,856			125,790,111			289,856,277

$	44,532,703		$	103,323,582		$	41,557,515		$	88,090,779		$	43,072,261		$	125,790,111

Financial Statements 37

Statements of Changes in Net Assets (continued)


	ICON Bond Fund						ICON Core Equity Fund
	Period ended			Year ended			Period ended			Year ended
	March 31,			September 30,			March 31,			September 30,
	2009 (unaudited)			2008			2009 (unaudited)			2008

Transactions in Fund Shares
Shares sold
Class I		7,102,466			5,266,742			3,290,085			3,159,841
Class C		320,067			230,968			260,103			415,353
Class Z		1,456			1,071			61,594			26,683
Class A		-			-			88,784			141,172
Reinvested dividends and distributions
Class I		206,175			514,757			-			459,223
Class C		6,925			8,598			-			531,329
Class Z		26			14			-			7,238
Class A		-			-			-			7,775
Shares repurchased
Class I		(3,686,069	)		(7,363,485	)		(3,285,603	)		(2,118,855	)
Class C		(174,105	)		(99,871	)		(1,211,584	)		(1,552,228	)
Class Z		(990	)		(1,359	)		(53,484	)		(4,689	)
Class A		-			-			(59,675	)		(62,207	)

Net increase/(decrease)		3,775,951			(1,442,565	)		(909,780	)		1,010,635
Shares outstanding, beginning of period		10,987,779			12,430,344			12,392,111			11,381,476

Shares outstanding, end of period		14,763,730			10,987,779			11,482,331			12,392,111

Accumulated undistributed net investment income/(loss)	$	(297,284	)	$	(297,908	)	$	1,404,845		$	702,010

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

38 Financial Statements


ICON Equity Income Fund						ICON Income Opportunity Fund						ICON Long/Short Fund
Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,			March 31,			September 30,
2009 (unaudited)			2008			2009 (unaudited)			2008			2009 (unaudited)			2008


	1,522,747			2,409,932			1,000,863			3,538,611			261,357			4,122,378
	116,765			99,285			98,780			251,905			53,078			476,043
	435			4,082			5,059			35,779			1,977			30,543
	52,101			13,938			65,008			56,323			7,734			205,076

	181,840			1,018,360			75,634			306,393			109,323			528,188
	8,116			39,498			4,017			9,910			33,955			99,261
	197			416			227			325			418			478
	1,356			2,873			1,119			1,372			6,852			12,424

	(4,460,244	)		(2,691,935	)		(3,931,130	)		(2,379,180	)		(4,430,478	)		(10,278,275	)
	(74,364	)		(84,944	)		(133,523	)		(50,918	)		(499,956	)		(880,400	)
	(136	)		(101	)		(34,062	)		(1,992	)		(27,473	)		(15,100	)
	(14,725	)		(12,649	)		(47,266	)		(3,410	)		(115,874	)		(199,994	)

	(2,665,912	)		798,755			(2,895,274	)		1,765,118			(4,599,087	)		(5,899,378	)
	8,712,575			7,913,820			7,830,173			6,065,055			9,239,948			15,139,326

	6,046,663			8,712,575			4,934,899			7,830,173			4,640,861			9,239,948


$	(76,856	)	$	10,408		$	(28,384	)	$	(9,707	)	$	34,221		$	1,164,664

Financial Statements 39

Financial Highlights


			Income from investment operations								Less dividends and
	Net asset		Net		Net realized			Total			Dividends			Distributions
	value,		investment		and unrealized			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
Period Ended March 31, 2009 (unaudited)	$	9.44	$	0.19	$	(0.04	)	$	0.15		$	(0.19	)	$	-
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
Period Ended March 31, 2009 (unaudited)		9.46		0.16		(0.05	)		0.11			(0.16	)		-
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
Period Ended March 31, 2009 (unaudited)		9.42		0.20		(0.04	)		0.16			(0.20	)		-
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	)		-

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

40 Financial Highlights


															Ratio of net investment
										Ratio of expenses to					income/(loss) to average
										average net assets^(b)					net assets^(b)
												After			Before			After
										Before		expense			Expense			expense
										expense		limitation/			limitation/			limitation/
								Net		limitation/		recoupment			recoupment			recoupment
			Net					assets,		recoupment		and			and			and
distributions			asset					end of		and transfer		transfer			transfer			transfer
Total			value,					period		agent		agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings		earnings			earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit		credit			credit			credit			rate^(c)




$	(0.19	)	$	9.40		1.60	%	$	134,579		1.12%		1.01	%^(e)		3.89	%		4.00	%		22.54	%
	(0.45	)		9.44		(1.48	)%		100,985		1.08%		1.00	%^(e)		4.06	%		4.14	%		73.47	%
	(0.45	)		10.02		4.80	%		123,102		1.09%		1.00	%^(e)		4.34	%		4.42	%		34.40	%
	(0.43	)		10.00		2.72	%		90,324		1.11%		1.01	%^(e)		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	%



	(0.16	)		9.41		1.19	%		4,152		2.56%		1.60	%^(e)		2.45	%		3.41	%		22.54	%
	(0.39	)		9.46		(2.16	)%		2,725		2.42%		1.60	%^(e)		2.71	%		3.53	%		73.47	%
	(0.39	)		10.05		4.27	%		1,491		3.15%		1.60	%^(e)		2.28	%		3.82	%		34.40	%
	(0.37	)		10.02		2.09	%		968		3.08%		1.61	%^(e)		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	%


	(0.20	)		9.38		1.72	%		12		43.27%		0.75	%^(e)		(38.29	)%		4.23	%		22.54	%
	(0.47	)		9.42		(1.43	)%		8		186.00%		0.75	%^(e)		(180.79	)%		4.46	%		73.47	%
	(0.47	)		10.02		5.02	%		11		31.60%		0.75	%^(e)		(26.18	)%		4.67	%		34.40	%
	(0.45	)		10.00		3.06	%		4		25.40%		0.76	%^(e)		(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	%

Financial Highlights 41

Financial Highlights (continued)


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends		Distributions
	value,		investment			and unrealized			from			from net		from net
	beginning		income/			gains/(losses)			investment			investment		realized
	of period		(loss)^(x)			on investments			operations			income		gains

ICON Core Equity Fund
Class I
Period Ended March 31, 2009 (unaudited)	$	11.24	$	0.07		$	(4.85	)	$	(4.78	)	$	-	$	-
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
Period Ended March 31, 2009 (unaudited)		10.46		0.04			(4.51	)		(4.47	)		-		-
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
Period Ended March 31, 2009 (unaudited)		11.24		0.07			(4.84	)		(4.77	)		-		-
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
Period Ended March 31, 2009 (unaudited)		10.92		0.03			(4.70	)		(4.67	)		-		-
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.

42 Financial Highlights


														Ratio of net investment
										Ratio of expenses to				income/(loss) to average
										average net assets^(b)				net assets^(b)
										Before		After		Before			After
										expense		expense		Expense			expense
										limitation/		limitation/		limitation/			limitation/
								Net		recoupment		recoupment		recoupment			recoupment
			Net					assets,		and		and		and			and
distributions			asset					end of		transfer		transfer		transfer			transfer
Total			value,					period		agent		agent		agent			agent			Portfolio
dividends and			end of		Total			(in		earnings		earnings		earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit		credit		credit			credit			rate^(c)




$	-		$	6.46		(42.53	)%	$	44,101		1.40%		1.40%		1.92	%		1.92	%		133.57	%
	(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	%


	-			5.99		(42.73	)%		26,001		2.28%		2.28%		1.11	%		1.11	%		133.57	%
	(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	%


	-			6.47		(42.44	)%		755		1.43%		1.43%		1.98	%		1.98	%		133.57	%
	(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	%


	-			6.25		(42.77	)%		1,257		2.53%		2.53%		0.78	%		0.78	%		133.57	%
	(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 43

Financial Highlights (continued)


			Income from investment operations								Less dividends and
	Net asset		Net		Net realized			Total			Dividends			Distributions
	value,		investment		and unrealized			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
Period Ended March 31, 2009 (unaudited)	$	11.87	$	0.21	$	(4.48	)	$	(4.27	)	$	(0.23	)	$	-
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
Period Ended March 31, 2009 (unaudited)		11.73		0.17		(4.42	)		(4.25	)		(0.20	)		-
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
Period Ended March 31, 2009 (unaudited)		11.84		0.22		(4.47	)		(4.25	)		(0.24	)		-
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
Period Ended March 31, 2009 (unaudited)		11.80		0.20		(4.45	)		(4.25	)		(0.23	)		-
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	)		-

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

44 Financial Highlights


																Ratio of net investment
										Ratio of expenses to						income/(loss) to average
										average net assets^(b)						net assets^(b)
										Before			After			Before			After
										expense			expense			Expense			expense
										limitation/			limitation/			limitation/			limitation/
								Net		recoupment			recoupment			recoupment			recoupment
			Net					assets,		and			and			and			and
distributions			asset					end of		transfer			transfer			transfer			transfer
Total			value,					period		agent			agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings			earnings			earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit			credit			credit			credit			rate^(c)




$	(0.23	)	$	7.37		(36.29	)%	$	40,884		1.38	%		1.38	%^(e)		4.88	%		4.88	%		91.13	%
	(1.95	)		11.87		(17.76	)%		98,501		1.23	%^(d)		1.23	%^(e)		2.48	%		2.48	%		132.93	%
	(1.01	)		16.48		17.67	%		124,668		1.23	%^(f)		1.22	%^(e)		1.86	%		1.86	%		121.30	%
	(1.44	)		14.94		4.02	%		133,835		1.23	%		1.23	%^(e)		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	%


	(0.20	)		7.28		(36.53	)%		3,137		2.74	%		2.22	%^(e)		3.53	%		4.05	%		91.13	%
	(1.84	)		11.73		(18.60	)%		4,461		2.34	%^(d)		2.20	%^(e)		1.40	%		1.54	%		132.93	%
	(0.89	)		16.33		16.45	%		5,331		2.33	%^(f)		2.21	%^(e)		0.75	%		0.87	%		121.30	%
	(1.30	)		14.85		3.03	%		4,753		2.29	%		2.20	%^(e)		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	%


	(0.24	)		7.35		(36.21	)%		54		8.43	%		1.21	%^(e)		(2.15	)%		5.07	%		91.13	%
	(1.96	)		11.84		(17.81	)%		81		11.18	%^(d)		1.20	%^(e)		(7.14	)%		2.84	%		132.93	%
	(1.04	)		16.46		17.74	%		40		11.08	%^(f)		1.21	%^(e)		(7.96	)%		1.92	%		121.30	%
	(1.44	)		14.94		4.04	%		24		4.36	%		1.20	%^(e)		(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	%^(g)		2.62	%		2.76	%		51.84	%


	(0.23	)		7.32		(36.28	)%		458		6.01	%		1.46	%^(e)		0.38	%		4.93	%		91.13	%
	(1.92	)		11.80		(17.98	)%		281		5.40	%^(d)		1.44	%^(e)		(1.67	)%		2.29	%		132.93	%
	(1.01	)		16.40		17.29	%		322		3.77	%^(f)		1.45	%^(e)		(0.60	)%		1.73	%		121.30	%

	(0.19	)		14.92		0.46	%		19		38.36	%		1.44	%^(e)		(35.18	)%		1.74	%		162.84	%

Financial Highlights 45

Financial Highlights (continued)


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)^(x)			on investments			operations			income			gains

ICON Income Opportunity Fund
Class I
Period Ended March 31, 2009 (unaudited)	$	11.28	$	0.11		$	(2.80	)	$	(2.69	)	$	(0.14	)	$	-
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
Period Ended March 31, 2009 (unaudited)		10.72		0.06			(2.66	)		(2.60	)		(0.10	)		-
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
Period Ended March 31, 2009 (unaudited)		11.46		0.13			(2.85	)		(2.72	)		(0.14	)		-
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			-			-
Class A
Period Ended March 31, 2009 (unaudited)		11.25		0.10			(2.78	)		(2.68	)		(0.14	)		-
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			-			-

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

46 Financial Highlights


															Ratio of net investment
										Ratio of expenses to					income/(loss) to average
										average net assets^(b)					net assets^(b)
										Before		After			Before			After
										expense		expense			Expense			expense
										limitation/		limitation/			limitation/			limitation/
								Net		recoupment		recoupment			recoupment			recoupment
distributions			Net					assets,		and		and			and			and
			asset					end of		transfer		transfer			transfer			transfer
Total			value,					period		agent		agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings		earnings			earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit		credit			credit			credit			rate^(c)




$	(0.14	)	$	8.45		(23.95	)%	$	37,780		1.39%		1.39	%^(e)		2.34	%		2.34	%		109.72	%
	(0.63	)		11.28		(10.04	)%		82,599		1.30%		1.30	%^(e)		0.93	%		0.93	%		184.47	%
	(2.24	)		13.18		12.51	%		77,195		1.50%		1.50	%^(e)		(0.11	)%		(0.11	)%		150.42	%
	(0.12	)		13.80		0.30	%		60,321		1.47%		1.47	%^(e)		(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	%


	(0.10	)		8.02		(24.26	)%		2,902		2.73%		2.22	%^(e)		0.90	%		1.41	%		109.72	%
	(0.58	)		10.72		(10.85	)%		4,207		2.52%		2.21	%^(e)		(0.24	)%		0.07	%		184.47	%
	(2.23	)		12.61		11.53	%		2,291		2.76%		2.25	%^(e)		(1.34	)%		(0.83	)%		150.42	%
	(0.12	)		13.39		(0.36	)%		2,842		2.61%		2.23	%^(e)		(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	%


	(0.14	)		8.60		(23.81	)%		69		2.51%		1.22	%^(e)		1.30	%		2.59	%		109.72	%
	(0.63	)		11.46		(9.99	)%		422		4.39%		1.21	%^(e)		(1.98	)%		1.20	%		184.47	%
	(2.23	)		13.37		12.67	%		37		17.99%		1.25	%^(e)		(16.64	)%		0.10	%		150.42	%
	(0.12	)		13.94		0.88	%		5		3.52%		1.22	%^(e)		(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	%


	(0.14	)		8.43		(23.91	)%		805		3.39%		1.47	%^(e)		0.15	%		2.07	%		109.72	%
	(0.62	)		11.25		(10.18	)%		863		3.75%		1.46	%^(e)		(1.44	)%		0.85	%		184.47	%
	(2.27	)		13.15		12.51	%		294		7.12%		1.49	%^(e)		(5.85	)%		(0.22	)%		150.42	%

	-			13.80		0.51	%		15		42.18%		1.47	%^(e)		(40.01	)%		0.69	%		159.55	%

Financial Highlights 47

Financial Highlights (continued)


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)^(x)			on investments			operations			income			gains

ICON Long/Short Fund^(h)
Class I
Period Ended March 31, 2009 (unaudited)	$	13.76	$	0.09		$	(4.15	)	$	(4.06	)	$	(0.28	)	$	-
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
Period Ended March 31, 2009 (unaudited)		13.13		0.04			(3.95	)		(3.91	)		(0.19	)		-
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
Period Ended March 31, 2009 (unaudited)		13.81		0.09			(4.14	)		(4.05	)		(0.29	)		-
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
Period Ended March 31, 2009 (unaudited)		13.69		0.08			(4.11	)		(4.03	)		(0.28	)		-
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 share method.
(a)	The total return calculation is for the period indicated and excludes any sales charges.
(b)	Annualized for periods less than a year.
(c)	Portfolio turnover is calculated at the Fund level and is not annualized.
(d)	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.
(e)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense.

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

48 Financial Highlights


																Ratio of net investment
										Ratio of expenses to						income/(loss) to average
										average net assets^(b)						net assets^(b)
										Before			After			Before			After
										expense			expense			Expense			expense
										limitation/			limitation/			limitation/			limitation/
								Net		recoupment			recoupment			recoupment			recoupment
distributions			Net					assets,		and			and			and			and
			asset					end of		transfer			transfer			transfer			transfer
Total			value,					period		agent			agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings			earnings			earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit			credit			credit			credit			rate^(c)




$	(0.28	)	$	9.42		(29.65	)%	$	25,624		1.86	%		1.86	%^(e)		1.69	%		1.69	%		75.14	%
	(0.77	)		13.76		(25.43	)%		93,243		1.47	%		1.47	%^(e)		0.78	%		0.78	%		174.59	%
	(0.47	)		19.26		15.05	%		238,943		1.46	%		1.46	%^(e)		0.39	%		0.39	%		105.00	%
	-			17.19		7.50	%		168,522		1.45	%⁽ⁱ⁾		1.45	%^(e)		0.18	%		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	%


	(0.19	)		9.03		(29.88	)%		14,936		2.76	%		2.64	%^(e)		0.76	%		0.88	%		75.14	%
	(0.74	)		13.13		(26.09	)%		27,148		2.31	%		2.31	%^(e)		(0.01	)%		(0.01	)%		174.59	%
	(0.43	)		18.54		14.05	%		43,986		2.33	%		2.32	%^(e)		(0.48	)%		(0.47	)%		105.00	%
	-			16.67		6.65	%		26,763		2.30	%⁽ⁱ⁾		2.30	%^(e)		(0.78	)%		(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	%


	(0.29	)		9.47		(29.45	)%		133		3.60	%		1.58	%^(e)		(0.31	)%		1.71	%		75.14	%
	(0.74	)		13.81		(25.45	)%		540		2.37	%		1.44	%^(e)		0.16	%		1.09	%		174.59	%
	(0.50	)		19.30		14.81	%		447		1.25	%		1.25	%^(e)		0.55	%		0.55	%		105.00	%
	-			17.29		7.73	%		3,306		1.17	%⁽ⁱ⁾		1.17	%^(e)		0.61	%		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	%


	(0.28	)		9.38		(29.58	)%		2,380		2.37	%		1.89	%^(e)		1.14	%		1.62	%		75.14	%
	(0.76	)		13.69		(25.61	)%		4,859		1.72	%		1.72	%^(e)		0.63	%		0.63	%		174.59	%
	(0.49	)		19.20		14.94	%		6,481		1.68	%		1.67	%^(e)		0.27	%		0.26	%		105.00	%

	-			17.18		(1.94	)%		821		2.51	%		1.54	%^(e)		(0.01	)%		0.96	%		94.62	%


(f)	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 1.81%, 2.91%, 11.66% and 4.35% for Class I, C, Z and A, respectively.
(g)	The limitation on expenses for Class Z Shares occurred when the Advisor 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.
(h)	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.
(i)	Prior disclosures were reclassified to be consistent with current presentation.

Financial Highlights 49

Notes to Financial Statements
March 31, 2009 (unaudited)

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 transfer agent costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently 12 other active series 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 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 the Long/Short Fund may have to cover its short

50 Notes to Financial Statements

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) each day the NYSE is open, except that securities traded primarily on the

Notes to Financial Statements 51

Notes to Financial Statements (unaudited) (continued)

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 based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

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

52 Notes to Financial Statements

Effective October 1, 2008, the Funds adopted Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a framework for measuring fair value and expands disclosures about fair value measurements in the financial statements.

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

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

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

Level 3 - significant unobservable inputs.

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2009.


	LEVEL 1					LEVEL 2				LEVEL 3
			Liabilities in					Liabilities in				Liabilities in
	Investments		Securities Sold			Investments		Securities Sold		Investments		Securities Sold
Fund Name	in Securities		Short*			in Securities		Short*		in Securities		Short*

ICON Bond Fund	$	3,822,099	$	-		$	133,930,573	$	-	$	-	$	-
ICON Core Equity Fund		81,349,630		-			4,241,460		-		-		-
ICON Equity Income Fund		37,226,365		-			6,657,678		-		-		-
ICON Income Opportunity Fund		48,873,665		(1,338,750	)		3,114,384		-		-		-
ICON Long/Short Fund		45,246,839		(6,387,340	)		4,204,566		-		-		-

*Liabilities in securities sold short may include written options.

Notes to Financial Statements 53

Notes to Financial Statements (unaudited) (continued)

New Accounting Pronouncements

In March 2008, the Financial Accounting Standards Board 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, as required.

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 period ended March 31, 2009.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.

54 Notes to Financial Statements

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 period ended March 31, 2009.

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 period ended March 31, 2009.

Options Transactions

The Income Opportunity Fund’s primary investment strategy involves the use of options. Each of the other Funds may also purchase and/or write (sell) call and put options on any security in which it may invest.

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.

Notes to Financial Statements 55

Notes to Financial Statements (unaudited) (continued)

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.

When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Fund exercises a put option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index. Written and purchased options are non-income producing securities.

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 March 31, 2009, the Equity Income Fund and the Income Opportunity Fund engaged in options transactions which are included on each Fund’s Schedule of Investments.

56 Notes to Financial Statements

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 March 31, 2009, the Long/Short Fund engaged in short selling. The short positions are included in the Schedule of Securities Sold Short on the Schedule of Investments.

Securities Lending

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

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

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

Notes to Financial Statements 57

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2009, the following Funds had securities with the following values on loan:


	Value of		Value of
Fund	Loaned Securities		Collateral

ICON Bond Fund	$	2,129,889	$	2,230,599
ICON Core Equity Fund		11,552,556		11,715,974
ICON Income Opportunity Fund		6,594,161		6,658,842
ICON Long/Short Fund		5,643,517		5,745,792

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2009.

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 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.

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

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

58 Notes to Financial Statements

and interim tax periods within, no examinations are in progress or anticipated at this time.

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 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.

Notes to Financial Statements 59

Notes to Financial Statements (unaudited) (continued)

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. 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 March 31, 2009, the following amounts were still available for recoupment by ICON based upon their potential expiration dates:


Fund	2010		2011		2012

ICON Bond Fund	$	102,191	$	143,896	$	93,565
ICON Equity Income Fund		9,458		25,056		24,385
ICON Income Opportunity Fund		15,908		32,443		24,185
ICON Long/Short Fund		-		4,673		20,558

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

60 Notes to Financial Statements

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 period ended March 31, 2009, the Funds received transfer agent earnings credits which are included on the Statement of Operations.

Administrative Services

The Trust has entered into an administrative services agreement with ICON 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 Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the period ended March 31, 2009, 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 and for other shareholder services. Under the 12b-1 Plan, Bond Fund Class C shareholders pay an annual distribution and service fee of 0.85% of average daily net assets and Class I shareholders pay an annual distribution fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual distribution and service fee of 1.00% of average daily net assets for Class C shares and an annual distribution and service fee of 0.25% of average daily

Notes to Financial Statements 61

Notes to Financial Statements (unaudited) (continued)

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 100% by the Funds. For the period ended March 31, 2009, the total amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

Some of the distribution amounts received by IDI, discussed in the Distribution Fees section above, have been used to offset various shareholder servicing costs incurred by ICON. For the period ended March 31, 2009, this amount was $28,232.

4. Line of Credit

The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests 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 each Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings with BBH is charged at LIBOR plus 1.50%, which was 2.00% at March 31, 2009. Interest on domestic borrowings with the prime broker is charged at the Fed Funds rate plus 50 basis points, which was 0.75% at March 31, 2009. The average interest rate charged for the period ended March 31, 2009, was 2.95%.


	Average Borrowing
Fund	(10/1/08-3/31/09)

ICON Bond Fund	$	781,500
ICON Core Equity Fund**		1,424,027
ICON Equity Income Fund		1,510,352
ICON Income Opportunity Fund**		2,404,997
ICON Long/Short Fund**		1,491,174

**Fund had outstanding borrowings as of March 31, 2009.

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

62 Notes to Financial Statements

5. Options Contracts Written

The number of option contracts written and the premiums received by the Income Opportunity Fund during the period ended March 31, 2009, were as follows:


	Number of			Premiums
	Contracts			Received

Options outstanding, beginning of period		760		$	4,557,454
Options written during period		28,100			116,686,215
Options expired during period		-			-
Options closed during period		(28,335	)		(119,943,428	)
Options exercised during period		-			-

Options outstanding, end of period		525		$	1,300,241

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 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

Notes to Financial Statements 63

Notes to Financial Statements (unaudited) (continued)

For the year ended September 30, 2008, the Funds elected 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

As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis were as follows:


	Undistributed		Undistributed							Accumulated			Unrealized
	Ordinary		Net Long-Term		Accumulated		Distributions			capital and			Appreciation			Total Accumulated
Fund	Income		Gains		Earnings		Payable*			other losses			(Depreciation)**			Earnings (Deficits)

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.

64 Notes to Financial Statements

As of March 31, 2009, 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	$	145,082,286	$	783,894	$	(8,113,508	)	$	(7,329,614	)
ICON Core Equity Fund		92,255,196		2,827,278		(9,491,384	)		(6,664,106	)
ICON Equity Income Fund		48,706,044		1,550,420		(6,372,421	)		(4,822,001	)
ICON Income Opportunity Fund		56,896,911		1,345,608		(7,593,220	)		(6,247,612	)
ICON Long/Short Fund		51,054,938		2,770,298		(10,761,171	)		(7,990,873	)

7. Purchases and Sales of Investment Securities

For the period ended March 31, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and options contracts) was as follows:


					Purchases of Long-		Proceeds from Sales
	Purchases of		Proceeds from Sales		Term U.S. Government		of Long-Term U.S.
Fund	Securities		of Securities		Obligations		Government Obligations

ICON Bond Fund	$	36,060,613	$	11,761,761	$	12,472,846	$	9,078,031
ICON Core Equity Fund		118,478,977		121,531,742		-		-
ICON Equity Income Fund		62,298,676		74,364,639		879,325		6,664,991
ICON Income Opportunity Fund		69,308,894		82,197,815		-		-
ICON Long/Short Fund		51,836,470		97,300,150		-		-

8. Subsequent Event

Effective May 19, 2009, the Income Opportunity Fund changed its name to the ICON Risk-Managed Equity Fund.

Notes to Financial Statements 65

Six Month Hypothetical Expense Example
March 31, 2009 (unaudited)

Example

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

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period (10/1/08 - 3/31/09).

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

66 Expense Example

ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/08		3/31/09		10/1/08 - 3/31/09*		10/1/08 - 3/31/09



ICON Bond Fund
Class I
Actual Expenses	$	1,000.00	$	1,016.00	$	5.08		1.01%
Hypothetical Example (5% return before expenses)		1,000.00		1,019.96		5.09
Class C
Actual Expenses		1,000.00		1,011.90		8.03		1.60%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.02		8.05
Class Z
Actual Expenses		1,000.00		1,017.20		3.77		0.75%
Hypothetical Example (5% return before expenses)		1,000.00		1,021.26		3.78
ICON Core Equity Fund
Class I
Actual Expenses		1,000.00		574.70		5.50		1.40%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.02		7.04
Class C
Actual Expenses		1,000.00		572.70		8.94		2.28%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.63		11.45
Class Z
Actual Expenses		1,000.00		575.60		5.62		1.43%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.87		7.19
Class A
Actual Expenses		1,000.00		572.30		9.92		2.53%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.38		12.69
ICON Equity Income Fund
Class I
Actual Expenses		1,000.00		637.10		5.63		1.38%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.12		6.94

Expense Example 67


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/08		3/31/09		10/1/08 - 3/31/09*		10/1/08 - 3/31/09


Class C
Actual Expenses	$	1,000.00	$	634.70	$	9.05		2.22%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.93		11.15
Class Z
Actual Expenses		1,000.00		637.90		4.94		1.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.97		6.09
Class A
Actual Expenses		1,000.00		637.20		5.96		1.46%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.72		7.34
ICON Income Opportunity Fund
Class I
Actual Expenses		1,000.00		760.50		6.10		1.39%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.07		6.99
Class C
Actual Expenses		1,000.00		757.40		9.73		2.22%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.93		11.15
Class Z
Actual Expenses		1,000.00		761.90		5.36		1.22%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.92		6.14
Class A
Actual Expenses		1,000.00		760.90		6.45		1.47%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.67		7.39
ICON Long/Short Fund
Class I
Actual Expenses		1,000.00		703.50		7.90		1.86%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.73		9.35
Class C
Actual Expenses		1,000.00		701.20		11.20		2.64%
Hypothetical Example (5% return before expenses)		1,000.00		1,011.84		13.24
Class Z
Actual Expenses		1,000.00		705.50		6.72		1.58%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.12		7.95

68 Expense Example


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/08		3/31/09		10/1/08 - 3/31/09*		10/1/08 - 3/31/09


Class A
Actual Expenses	$	1,000.00	$	704.20	$	8.03		1.89%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.58		9.50


*	Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.


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

Expense Example 69

Other Information (unaudited)

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 Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.

Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.

For More Information

This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.

ICON Distributors, Inc., Distributor.

70 Other Information

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

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

1-800-764-0442 • www.iconfunds.com

About This Report (unaudited)

Historical Returns

Portfolio Data

2 About This Report

United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.

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.

About This Report 3

Message From ICON Funds (unaudited)

Dear Shareholder,

It may surprise you to learn that we at ICON hope to look back on the last six months as the final stage of an unusual, unforeseeable and unfortunate financial and economic setting. I would like to offer you ICON’S opinion relative to the underlying causes of the recent financial crisis, in addition to providing our outlook for what we anticipate will be a brighter future.

Message From ICON Funds 5

investment professionals and investors were likewise surprised when the FED’s easing failed to break the logjam.

When analyzing the investing environment, I think it is important to sort out the political and philosophical debates from the economic and financial basics. The money supply has grown in the last nine months-a fact which suggests banks may be lending again. And, if banks are lending again, this in turn suggests to us that the FED’s continued efforts have paid off, that the FED has successfully broken the logjam that froze our financial system. Money growth is also a powerful stimulus to the economy, especially when combined with a fiscal stimulus package. Stock prices seem to be reacting and anticipating a recovery, as most indexes are beginning to rebound following their lows in early March.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

6 Message From ICON Funds

ICON Asia-Pacific Region Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (100.5%)
	326,895	Acer, Inc.	$	492,335
	86,000	AMP, Ltd.		280,650
	70,000	ASICS Corp.		488,543
	40,300	Australia & New Zealand Banking Group, Ltd.		440,212
	108,000	AXA Asia Pacific Holdings, Ltd.		255,730
	389,800	Bangkok Bank Public Co., Ltd.		819,234
	44,400	Bank of Baroda		205,466
	1,647,000	Bank of China, Ltd. - Class H		546,053
	44,800	Bank of India		194,501
	13,500	BHP Billiton, Ltd.		298,259
	16,550	Cheil Industries, Inc.		456,476
	40,000	Cheung Kong Holdings, Ltd.		344,762
	627,000	China Agri-Industries Holdings, Ltd.^(a)		298,480
	368,000	China Coal Energy Co. - Class H		271,605
	837,000	China Construction Bank Corp. - Class H		475,160
	1,068,000	China Dongxiang Group Co.^(b)		393,162
	209,000	China High Speed Transmission Equipment Group Co., Ltd.^(b)		298,721
	117,000	China Mobile, Ltd.		1,019,203
	588,000	China Oilfield Services, Ltd.		466,018
	146,000	China Overseas Land & Investment, Ltd.		228,829
	1,206,000	China Petroleum & Chemical Corp.		772,823
	588,000	China Railway Group, Ltd.^(a)		342,892
	120,000	China Shenhua Energy Co., Ltd.		270,759
	272,000	China Shipping Development Co., Ltd.		257,913
	173,746	Chunghwa Telecom Co., Ltd.		316,913
	419,000	CNOOC, Ltd.		421,047
	24,700	Commonwealth Bank of Australia		592,750
	206,000	Cosco Pacific, Ltd.		202,870
	1,320,000	Dalian Port (PDA) Co., Ltd. - Class H		425,687
	19,000	DBS Group Holdings, Ltd.		105,948
	4,755	DC Chemical Co., Ltd.^(b)		695,042
	26,000	Dongkuk Steel Mill Co., Ltd.		483,507
	59,000	Esprit Holdings, Ltd.		301,047
	1,482,000	Fosun International		492,949
	52,000	GigaMedia, Ltd.^(a)*		287,040
	1,036,000	Guangdong Investment, Ltd.		417,678
	16,499	Hanjin Heavy Industries & Construction Co., Ltd.		341,198
	44,100	Hankook Tire Co., Ltd.		424,376
	11,000	Hanwha Corp.		239,245
	53,000	Henderson Land Development Co., Ltd.		202,104
	16,000	High Tech Computer Corp.		197,048
	130,000	Hon Hai Precision Industry Co., Ltd.		294,225

Schedule of Investments 7


Shares or Principal Amount			Value


	264,000	Hong Leong Financial Group Bhd.	$	339,356
	16,000	Hoya Corp.		318,473
	1,400	Hyundai Heavy Industries Co., Ltd.^(b)		200,492
	2,700	Idemitsu Kosan Co., Ltd.		203,997
	1,147,000	Industrial & Commercial Bank of China, Ltd. - Class H^(b)		596,136
	19,400	Jindal Steel & Power, Ltd.		463,037
	362	Jupiter Telecommunications Co., Ltd.		241,860
	33,000	Kintetsu World Express, Inc.		614,063
	5,200	Kobayashi Pharmaceutical Co., Ltd.		171,798
	27,000	Korean Reinsurance Co.^(a)		208,825
	37,000	Largan Precision Co., Ltd.		310,783
	21,000	LG Fashion Corp.^(b)		278,707
	92,000	Li & Fung, Ltd.		215,682
	339,000	Li Ning Co., Ltd.^(b)		560,740
	434,000	Lianhua Supermarket Holdings, Ltd.		495,832
	39,560	LIG Insurance Co., Ltd.^(a)		387,174
	52,000	MediaTek, Inc.		489,612
	2,960	Megastudy Co., Ltd.		430,766
	180,000	Mitsubishi UFJ Financial Group, Inc.		886,945
	548,000	MMC Corp., Berhad		213,585
	195,000	MobileOne, Ltd.		191,395
	174,000	Nan Ya Plastics Corp.		199,643
	40,100	National Australia Bank, Ltd.		559,569
	1,700	Nintendo Co., Ltd.		497,379
	6,900	Nitori Co., Ltd.		386,246
	1,358,000	Noble Group, Ltd.		1,063,218
	26,000	Nomura Real Estate Holdings, Inc.^(b)		396,703
	103	NTT DoCoMo, Inc.		140,352
	474,000	Petrochina Co., Ltd.		378,164
	13,330	Point, Inc.		605,647
	95,000	Primary Health Care, Ltd.^(b)		301,160
	1,956,000	PT Perusahaan Gas Negara		365,753
	68,500	PTT Exploration & Production Public Co., Ltd.		188,310
	9,900	Reliance Industries, Ltd.		298,347
	8,500	Rio Tinto, Ltd.		337,460
	28,500	Samsung Heavy Industries Co., Ltd.^(b)		534,943
	4,600	SANKYO Co., Ltd.		201,066
	5,000	Secom Co., Ltd.		185,151
	144,000	Shanghai Industrial Holdings, Ltd.		399,712
	260,000	Shanghai Zhenhua Port Machinery Co., Ltd.		242,499
	275,000	Shimao Property Holdings, Ltd.		240,408
	14,600	Shin-Etsu Chemical Co., Ltd.		717,411
	16,000	Shinhan Financial Group, Ltd.^(a)		289,482
	29,000	Shionogi & Co., Ltd.		499,942
	600,000	Shun Tak Holdings, Ltd.		186,615
	2,898,000	Sichuan Expressway Co., Ltd.^(a)		542,963
	92,000	Simplo Technology Co., Ltd.		253,009
	17,900	SINA Corp. - ADR^(a)*		416,175
	1,034,000	Singapore Post, Ltd.		527,460
	151,000	Singapore Telecommunications, Ltd.		251,755

8 Schedule of Investments


Shares or Principal Amount			Value


	1,266,000	Sinofert Holdings, Ltd.^(b)	$	557,289
	4,000	SK Energy Co., Ltd.		259,043
	1,176,000	Soho China		472,421
	15,200	Sumitomo Mitsui Financial Group, Inc.^(b)		535,294
	131,361	Taiwan Mobile Co., Ltd.		190,724
	54,500	Tanjong PLC		206,577
	673,000	Techtronic Industries Co., Ltd.		312,303
	786,000	Thai Union Frozen Products Public Co., Ltd.		452,493
	694,000	Thanachart Capital Public Co., Ltd.		188,209
	39,000	The Bank of Yokohama, Ltd.		167,239
	96,000	The Wharf Holdings, Ltd.		239,029
	102,000	United Phosphorus, Ltd.		197,813
	501,000	Want Want China Holdings, Ltd.		232,501
	66,000	Wing Hang Bank, Ltd.^*		316,358
	415,000	Wistron Corp.		447,704
	12,300	Woongjin Coway Co., Ltd.		268,770
	131,000	Yue Yuen Industrial Holdings, Ltd.		299,216
	705,000	Zhuzhou CSR Times Electric Co., Ltd. - Class H^(b)		717,092
	179,000	ZTE Corp.^(b)		729,644

Total Common Stocks (Cost $48,518,876)				42,173,979

Other Securities (10.3%)
	4,311,619	Invesco Aim Liquid Assets Portfolio, 0.81%*^Ù		4,311,619

Total Other Securities (Cost $4,311,619)				4,311,619
Total Investments 110.8% (Cost $52,830,495)				46,485,598
Liabilities Less Other Assets (10.8)%				(4,549,535	)

Net Assets 100.0%			$	41,936,063

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 March 31, 2009.

*		All securities were fair valued (Note 2) as of March 31, 2009 unless noted with a ”*”. Total value of securities fair valued was $41,154,406.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR American Depositary Receipt

ICON Asia-Pacific Region Fund

As of March 31, 2009, the Fund had the following forward currency contracts outstanding:


			Original						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	)	$	(7,592,740	)	$	1,056,354

Contracts to Buy:
10,500,000,000	Korean Won	04/02/09	$	8,126,935		$	7,592,740		$	(534,195	)

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

Schedule of Investments 9

ICON Asia–Pacific Region Fund
Country Composition
March 31, 2009
(unaudited)


Hong Kong			21.1%
Japan			17.3%
China			17.0%
Republic of Korea (South)			13.2%
Taiwan			7.8%
Australia			7.2%
Thailand			3.9%
Singapore			3.4%
India			3.3%
Cayman Islands			2.3%
Malaysia			1.8%
Bermuda			1.3%
Indonesia			0.9%

			100.5%

Percentages are based upon net assets.

ICON Asia–Pacific Region Fund
Industry Composition
March 31, 2009
(unaudited)


Diversified Banks			16.5%
Wireless Telecommunication Services			3.7%
Steel			3.5%
Construction & Farm Machinery & Heavy Trucks			3.2%
Real Estate Development			3.0%
Air Freight & Logistics			2.8%
Computer Hardware			2.8%
Integrated Oil & Gas			2.7%
Apparel Accessories & Luxury Goods			2.7%
Trading Companies & Distributors			2.5%
Apparel Retail			2.1%
Real Estate Management & Development			2.0%
Footwear			1.9%
Leisure Products			1.8%
Oil & Gas Refining & Marketing			1.8%
Fertilizers & Agricultural Chemicals			1.8%
Communications Equipment			1.7%
Specialty Chemicals			1.7%
Electrical Components & Equipment			1.7%
Internet Software & Services			1.7%
Diversified Chemicals			1.7%
Packaged Foods & Meats			1.7%
Diversified Metals & Mining			1.5%
Electronic Components			1.5%
Marine Ports & Services			1.5%
Industrial Conglomerates			1.5%
Oil & Gas Exploration & Production			1.4%
Integrated Telecommunication Services			1.4%
Household Appliances			1.3%
Highways & Railtracks			1.3%
Life & Health Insurance			1.3%
Coal & Consumable Fuels			1.2%
Pharmaceuticals			1.2%
Home Entertainment Software			1.2%
Food Retail			1.2%
Semiconductors			1.2%
Oil & Gas Drilling			1.1%
Commodity Chemicals			1.1%
Marine			1.0%
Education Services			1.0%
Tires & Rubber			1.0%
Water Utilities			1.0%
Other Industries (each less than 1%)			10.6%

			100.5%

Percentages are based upon net assets.

ICON Asia–Pacific Region Fund
Sector Composition
March 31, 2009
(unaudited)


Financial			25.0%
Industrial			17.4%
Consumer Discretionary			11.4%
Information Technology			11.4%
Materials			11.3%
Energy			8.2%
Telecommunications & Utilities			7.5%
Leisure & Consumer Staples			6.0%
Health Care			2.3%

			100.5%

Percentages are based upon net assets.

10 Schedule of Investments

ICON Europe Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (96.1%)
	4,700	Adidas AG	$	155,965
	5,255	Allianz AG		442,082
	19,400	Anglo American PLC		330,297
	18,500	Arcadis N.V.		223,017
	25,300	ArcelorMittal - Class A		516,131
	71,900	BAE Systems PLC		344,780
	35,000	BIM Birlesik Magazalar A.S.		743,775
	3,000	Bonduelle S.C.A.		207,713
	225,000	BP PLC		1,508,445
	387,300	Cable & Wireless PLC		774,387
	7,200	Carrefour S.A.		280,828
	24,600	Deutsche Telekom AG^(b)		305,299
	18,600	Diageo PLC		207,667
	29,906	Ebro Puleva S.A.		350,966
	9,200	Eni S.p.A.		178,105
	33,800	Eurasian Natural Resource Corp.		218,680
	58,200	Experian PLC		363,859
	1,960	Galenica AG^(b)		565,931
	36,572	Gerry Weber International AG^(b)		751,237
	17,900	GFK AG		411,733
	18,000	Henkel AG & KGaA		487,067
	15,800	Kerry Group PLC		320,230
	37,540	Koninklijke Ahold N.V.		411,101
	75,600	Kontron AG		728,310
	5,700	Linde AG		387,109
	7,000	LUKOIL - ADR*		263,900
	3,600	Mayr-Melnhof Karton AG		253,271
	209,300	Meggitt PLC		385,113
	9,300	Merck KGaA^(a)(b)		819,488
	6,700	MTU Aero Engines Holding AG		155,216
	1,150	Muenchener Rueckversicherungs-Gesellschaft AG		140,314
	66,600	Navios Maritime Holdings, Inc.^(b)*		153,180
	47,050	Nestle S.A.		1,590,113
	28,390	Novartis AG		1,074,472
	14,200	Nutreco Holding N.V.		508,359
	395,000	Old Mutual PLC		294,013
	12,700	Pernod Ricard S.A.^(b)		707,654
	26,800	Petrofac, Ltd.		205,990
	52,700	Prosafe SE^(a)		187,595
	26,500	Prosegur Compania de Seguridad S.A.		713,513
	133,900	Prudential PLC		649,021
	23,900	Public Power Corp. S.A.		433,668
	16,200	Rautaruukki Oyj		259,171
	51,410	Rexam PLC		198,630
	3,800	Rio Tinto PLC		127,574
	7,560	Roche Holding AG		1,037,976
	75,200	Royal Dutch Shell PLC - Class B		1,635,678
	4,060	RWE AG		285,894
	35,500	SAP AG		1,250,443
	25,000	Seadrill, Ltd.		241,765
	14,900	Securitas AB		108,799
	14,600	Siemens AG		837,834
	28,000	StatoilHydro ASA		490,231
	4,010	Syngenta AG		806,344
	18,400	Telefonica S.A.		366,863
	31,900	Telekomunikacja Polska S.A.		173,001
	95,700	TeliaSonera AB		460,473
	48,000	Tesco PLC		229,292
	20,600	TGS Nopec Geophysical Co. ASA^(a)		160,197

Schedule of Investments 11


Shares or Principal Amount			Value


	90,900	The Carphone Warehouse Group PLC	$	163,027
	30,000	The Davis Service Group PLC		112,524
	22,500	ThyssenKrupp AG		396,355
	35,600	Total S.A.		1,760,122
	27,900	United Internet AG		235,573
	3,000	Vestas Wind Systems A/S^(a)		131,815
	19,200	Vivendi Universal		507,740
	432,900	Vodafone Group PLC		754,609
	23,600	Wolters Kluwer N.V.		382,488
	31,390	Yara International ASA		686,072
	62,800	YIT Oyj^(b)		420,670
	4,750	Zurich Financial Services AG^(b)		750,970

Total Common Stocks (Cost $44,508,052)				34,721,724

Short-Term Investments (1.9%)
	21	Brown Brothers Harriman Time Deposit - Euro, 0.30%, 04/01/09*^#		28
$	668,300	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09*^#		668,300

Total Short-Term Investments (Cost $668,328)				668,328

Other Securities (10.3%)
	3,724,230	Invesco Aim Liquid Assets Portfolio, 0.81%*^Ù		3,724,230

Total Other Securities (Cost $3,724,230)				3,724,230
Total Investments 108.3% (Cost $48,900,610)				39,114,282
Liabilities Less Other Assets (8.3)%				(3,012,280	)

Net Assets 100.0%			$	36,102,002

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 March 31, 2009.

*		All securities were fair valued (Note 2) as of March 31, 2009 unless noted with a ”*”. Total value of securities fair valued was $34,304,644.

#		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 March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR American Depositary Receipt

12 Schedule of Investments

ICON Europe Fund
Country Composition
March 31, 2009
(unaudited)


United Kingdom			21.7%
Germany			21.4%
Switzerland			16.1%
France			9.6%
Netherlands			5.6%
Norway			4.2%
Spain			4.0%
Turkey			2.1%
Ireland (Republic of)			1.9%
Finland			1.9%
Sweden			1.6%
Greece			1.2%
United States			0.7%
Russian Federation			0.7%
Austria			0.7%
Bermuda			0.7%
Kazakhstan			0.6%
Italy			0.5%
Poland			0.5%
Denmark			0.4%

			96.1%

Percentages are based upon net assets.

ICON Europe Fund
Industry Composition
March 31, 2009
(unaudited)


Integrated Oil & Gas			16.2%
Pharmaceuticals			8.2%
Packaged Foods & Meats			6.9%
Fertilizers & Agricultural Chemicals			4.1%
Food Retail			3.8%
Integrated Telecommunication Services			3.6%
Application Software			3.5%
Multi-Line Insurance			3.3%
Steel			3.2%
Life & Health Insurance			2.6%
Distillers & Vintners			2.6%
Apparel Accessories & Luxury Goods			2.5%
Aerospace & Defense			2.5%
Industrial Conglomerates			2.3%
Security & Alarm Services			2.3%
Research & Consulting Services			2.1%
Alternative Carriers			2.1%
Wireless Telecommunication Services			2.1%
Semiconductors			2.0%
Diversified Metals & Mining			1.8%
Health Care Distributors			1.6%
Oil & Gas Equipment & Services			1.5%
Agricultural Products			1.4%
Movies & Entertainment			1.4%
Household Products			1.3%
Electric Utilities			1.2%
Construction & Engineering			1.2%
Industrial Gases			1.1%
Publishing			1.1%
Other Industries (each less than 1%)			6.6%

			96.1%

Percentages are based upon net assets.

ICON Europe Fund
Sector Composition
March 31, 2009
(unaudited)


Leisure & Consumer Staples			19.3%
Energy			18.4%
Industrial			12.1%
Materials			11.4%
Telecommunications & Utilities			9.8%
Health Care			9.8%
Financial			6.3%
Information Technology			6.1%
Consumer Discretionary			2.9%

			96.1%

Percentages are based upon net assets.

Schedule of Investments 13

ICON International Equity Fund
Schedule of Investments
March 31, 2009 (Unaudited)


Shares or Principal Amount			Value


Common Stocks (89.4%)
	5,020	Allianz AG	$	422,312
	39,300	ArcelorMittal - Class A		801,738
	100,000	ASICS Corp.		697,919
	81,500	Bank of Baroda		377,151
	1,788,000	Bank of China, Ltd. - Class H		592,801
	116,700	Bank of India		506,657
	24,200	Bank of Nova Scotia*		596,505
	42,218	Bidvest Group, Ltd.		392,308
	51,200	BIM Birlesik Magazalar A.S.		1,088,037
	256,100	BP PLC		1,716,946
	555,400	Cable & Wireless PLC		1,110,495
	216,000	Cafe De Coral Holdings, Ltd.		423,866
	17,000	Canadian National Railway Co.*		609,599
	600,000	Chaoda Modern Agriculture Holdings, Ltd.		357,606
	556,000	China Agri-Industries Holdings, Ltd.^(a)		264,681
	1,970,000	China Bluechemical, Ltd. - Class H		1,077,833
	702,000	China Construction Bank Corp. - Class H		398,521
	640,000	China High Speed Transmission Equipment Group Co., Ltd.^(b)		914,743
	53,000	China Mobile, Ltd.		461,690
	1,092,000	China Oilfield Services, Ltd.		865,463
	920,000	China Petroleum & Chemical Corp.		589,550
	1,402,000	China Railway Group, Ltd.^(a)(b)		817,576
	370,000	China Yurun Food Group, Ltd.		472,663
	574,000	Compal Electronics, Inc.		412,299
	501,000	Corporacion GEO S.A.B. de C.V. - Class B^(a)*		506,000
	85,000	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes*		337,581
	1,860,000	Dalian Port (PDA) Co., Ltd. - Class H		599,832
	7,880	DC Chemical Co., Ltd.^(b)		1,151,826
	54,200	Dongkuk Steel Mill Co., Ltd.		1,007,926
	55,040	Ebro Puleva S.A.		645,930
	42,300	Eurasian Natural Resource Corp.		273,674
	2,033,000	Fosun International		676,225
	2,940	Galenica AG^(b)		848,896
	26,760	Gerry Weber International AG^(b)		549,686
	75,300	GigaMedia, Ltd.^(a)*		415,656
	459,000	Golden Eagle Retail Group, Ltd.		301,875
	4,326,000	Guangdong Investment, Ltd.		1,744,087
	165,000	Henderson Land Development Co., Ltd.		629,190
	55,000	High Tech Computer Corp.		677,354
	333,000	Hon Hai Precision Industry Co., Ltd.		753,668
	7,000	Hyundai Department Store		365,251

14 Schedule of Investments


Shares or Principal Amount			Value


	11,400	Hyundai Heavy Industries Co., Ltd.^(b)	$	1,632,581
	406,000	JD Group, Ltd.		1,417,532
	935	Jupiter Telecommunications Co., Ltd.		624,694
	91	KDDI Corp.		428,597
	47,000	Kintetsu World Express, Inc.		874,574
	45,000	LG Fashion Corp.^(b)		597,228
	876,000	Lianhua Supermarket Holdings, Ltd.		1,000,804
	6,500	Linde AG		441,440
	11,600	LUKOIL - ADR*		437,320
	54,800	Matsumotokiyoshi Holdings Co., Ltd.^(b)		886,847
	315,000	Meggitt PLC		579,601
	16,300	Merck KGaA^(a)(b)		1,436,306
	108,400	Metalurgica Gerdau S.A.*		785,304
	55,000	MRV Engenharia E Participacoes S.A.*		327,296
	96,500	Naspers Limited		1,634,578
	62,000	National Australia Bank, Ltd.		865,169
	58,700	Nestle S.A.		1,983,839
	2,500	Nintendo Co., Ltd.		731,440
	22,540	Novartis AG		853,068
	558,000	Old Mutual PLC		415,340
	16,700	Petro-Canada*		448,734
	55,700	Petrofac, Ltd.		428,121
	34,000	Petroleo Brasiliero S.A.*		419,612
	21,100	Point, Inc.		958,676
	33,100	Potash Corp. of Saskatchewan, Inc.*		2,677,148
	29,400	Prosegur Compania de Seguridad S.A.		791,596
	178,400	Prudential PLC		864,715
	5,860,000	PT Perusahaan Gas Negara		1,095,763
	1,058,000	PT Tambang Batubara Bukit Asam Tbk		620,954
	36,400	Research In Motion, Ltd.*		1,573,531
	7,910	Roche Holding AG		1,086,030
	64,700	Rona, Inc.*		609,273
	89,400	Royal Dutch Shell PLC - Class B		1,944,542
	6,250	RWE AG		440,108
	52,800	SAP AG		1,859,814
	150,000	Shanghai Industrial Holdings, Ltd.		416,367
	42,000	Shionogi & Co., Ltd.		724,054
	11,500	Shoppers Drug Mart Corp.*		395,407
	1,414,000	Shui On Land, Ltd.		496,634
	1,912,000	Shun Tak Holdings, Ltd.		594,681
	5,392,000	Sichuan Expressway Co., Ltd.^(a)		1,010,233
	21,000	Siemens AG		1,205,104
	1,922,000	Sinofert Holdings, Ltd.^(b)		846,058
	2,372,000	Soho China		952,877
	48,013	StatoilHydro ASA		840,624
	151,000	Tata Steel, Ltd.		615,654
	18,600	Telefonica S.A.		370,850
	104,300	TeliaSonera AB		501,854
	53,700	TGS Nopec Geophysical Co. ASA^(a)		417,601
	1,055,000	Thai Union Frozen Products Public Co., Ltd.		607,353
	18,100	The Toronto-Dominion Bank*		624,059
	294,000	The Wharf Holdings, Ltd.		732,027
	31,155	Total S.A.		1,540,354
	293,000	Vodafone Group PLC		510,743
	3,125,000	Want Want China Holdings, Ltd.^(b)		1,450,233

Schedule of Investments 15


Shares or Principal Amount			Value


	6,510	Zurich Financial Services AG^(b)	$	1,029,224

Total Common Stocks (Cost $87,584,064)				77,107,782

Preferred Stock (1.9%)
	146,100	Companhia Vale do Rio Doce - Class A*		1,689,065

Total Preferred Stocks (Cost $1,614,075)				1,689,065

Short-Term Investments (4.5%)
	28	Brown Brothers Harriman Time Deposit - Australian Dollar, 2.23%, 04/01/09*^#		19
	34	Brown Brothers Harriman Time Deposit - Euro, 0.30%, 04/01/09*^#		45
	3,989,427	Brown Brothers Harriman Time Deposit - Hong Kong Dollar, 0.02%, 04/01/09*^#		514,738
$	3,343,797	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09*^#		3,343,797

Total Short-Term Investments (Cost $3,858,599)				3,858,599

Other Securities (11.1%)
	9,607,061	Invesco Aim Liquid Assets Portfolio, 0.81%*^Ù		9,607,061

Total Other Securities (Cost $9,607,061)				9,607,061
Total Investments 106.9% (Cost $102,663,799)				92,262,507
Liabilities Less Other Assets (6.9)%				(5,985,143	)

Net Assets 100.0%			$	86,277,364

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 March 31, 2009.

*		All securities were fair valued (Note 2) as of March 31, 2009 unless noted with a ”*”. Total value of securities fair valued was $66,344,757.

#		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 March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR American Depositary Receipt

ICON International Equity Fund

As of March 31, 2009, the Fund had the following forward currency contracts outstanding:


			Original						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	)	$	(3,615,590	)	$	503,026
Contracts to Buy:
5,000,000,000	Korean Won	04/02/09	$	3,869,969		$	3,615,590		$	(254,379	)

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

16 Schedule of Investments

ICON International Equity Fund
Country Composition
March 31, 2009
(unaudited)


Hong Kong			13.1%
Canada			8.7%
United Kingdom			8.4%
Germany			7.4%
China			7.1%
Switzerland			6.8%
Japan			6.7%
Republic of Korea (South)			5.5%
South Africa			4.0%
Brazil			3.7%
Taiwan			2.2%
Spain			2.0%
Indonesia			2.0%
France			1.8%
India			1.7%
Norway			1.5%
Turkey			1.3%
Australia			1.0%
Bermuda			1.0%
Netherlands			0.9%
Thailand			0.7%
Mexico			0.6%
Sweden			0.6%
United States			0.5%
Russian Federation			0.5%
Singapore			0.5%
Cayman Islands			0.4%
Belize			0.4%
Kazakhstan			0.3%

			91.3%

Percentages are based upon net assets.

ICON International Equity Fund
Industry Composition
March 31, 2009
(unaudited)


Integrated Oil & Gas			9.3%
Packaged Foods & Meats			5.9%
Fertilizers & Agricultural Chemicals			5.3%
Pharmaceuticals			4.8%
Diversified Banks			4.6%
Steel			4.5%
Cable & Satellite			2.6%
Food Retail			2.5%
Industrial Conglomerates			2.4%
Home Improvement Retail			2.3%
Diversified Metals & Mining			2.2%
Application Software			2.2%
Water Utilities			2.0%
Construction & Farm Machinery & Heavy Trucks			1.9%
Communications Equipment			1.8%
Multi-Line Insurance			1.7%
Real Estate Development			1.7%
Wireless Telecommunication Services			1.6%
Real Estate Management & Development			1.5%
Drug Retail			1.5%
Life & Health Insurance			1.5%
Homebuilding			1.4%
Diversified Chemicals			1.3%
Apparel Accessories & Luxury Goods			1.3%
Alternative Carriers			1.3%
Gas Utilities			1.3%
Computer Hardware			1.3%
Highways & Railtracks			1.2%
Apparel Retail			1.1%
Heavy Electrical Equipment			1.1%
Air Freight & Logistics			1.0%
Integrated Telecommunication Services			1.0%
Oil & Gas Drilling			1.0%
Health Care Distributors			1.0%
Oil & Gas Equipment & Services			1.0%
Other Industries (each less than 1%)			11.2%

			91.3%

Percentages are based upon net assets.

ICON International Equity Fund
Sector Composition
March 31, 2009
(unaudited)


Materials			13.8%
Leisure & Consumer Staples			13.7%
Industrial			12.2%
Energy			12.0%
Financial			11.0%
Telecommunications & Utilities			7.7%
Consumer Discretionary			7.6%
Information Technology			7.5%
Health Care			5.8%

			91.3%

Percentages are based upon net assets.

Schedule of Investments 17

Statements of Assets and Liabilities
March 31, 2009 (unaudited)


	ICON			ICON			ICON
	Asia-Pacific			Europe			International
	Region Fund			Fund			Equity Fund

Assets
Investments, at cost	$	52,830,495		$	48,900,610		$	102,663,799

Investments, at value†		46,485,598			39,114,282			92,262,507
Foreign currency, at value (cost $431,316, $0 and $109,399)		434,635			-			111,570
Unrealized appreciation on forward foreign currency exchange contracts		1,056,354			-			503,026
Receivables:
Fund shares sold		60,146			43,600			97,491
Investments sold		374,383			689,126			3,487,381
Interest		9,309			7,940			14,095
Dividends		156,400			78,313			198,515
Expense reimbursements by Adviser		6,493			6,347			12,794
Foreign tax reclaims		303			53,032			143,788
Other assets		58,753			58,862			75,839

Total Assets		48,642,374			40,051,502			96,907,006

Liabilities
Payables:
Due to custodian bank		1,679,320			-			-
Interest		1,401			147			-
Investments bought		-			-			240,704
Payable for collateral received on securities loaned		4,311,619			3,724,230			9,607,061
Fund shares redeemed		99,634			143,210			369,879
Advisory fees		34,454			30,627			71,970
Accrued distribution fees		90			39			16,485
Fund accounting fees		15,965			17,241			20,539
Transfer agent fees		14,680			12,549			21,015
Administration fees		1,604			1,262			3,089
Trustee fees		4,984			4,408			10,538
Accrued expenses		8,365			15,787			13,983
Unrealized depreciation on forward foreign currency contracts		534,195			-			254,379

Total Liabilities		6,706,311			3,949,500			10,629,642

Net Assets - all share classes	$	41,936,063		$	36,102,002		$	86,277,364

Net Assets - Class S	$	41,686,621		$	35,962,534		$	24,390,815

Net Assets - Class I	$	7,164		$	2,347		$	29,685,644

Net Assets - Class C	$	42,752		$	12,858		$	11,958,590

Net Assets - Class Z	$	3,556		$	2,363		$	10,630,091

Net Assets - Class A	$	195,970		$	121,900		$	3,429,906

Net Assets - Class Q	$	-		$	-		$	6,182,318

Net Assets Consist of
Paid-in capital	$	91,211,488		$	107,110,565		$	225,497,742
Accumulated undistributed net investment income/(loss)		(988,836	)		130,901			(177,314	)
Accumulated undistributed net realized gain/(loss) from investment and foreign currency transactions		(42,468,223	)		(61,353,451	)		(128,898,384	)
Unrealized appreciation/(depreciation) on investments and other assets and liabilities denominated in foreign currency		(5,818,366	)		(9,786,013	)		(10,144,680	)

Net Assets	$	41,936,063		$	36,102,002		$	86,277,364

Shares outstanding (unlimited shares authorized, no par value)
Class S		6,219,932			4,400,587			3,399,599
Class I		1,066			287			4,242,063
Class C		6,408			1,582			1,794,458
Class Z		530			289			1,499,415
Class A		29,242			14,874			485,754
Class Q		-			-			873,498
Net asset value (offering and redemption price per share)
Class S	$	6.70		$	8.17		$	7.17
Class I	$	6.72		$	8.18		$	7.00
Class C	$	6.67		$	8.13		$	6.66
Class Z	$	6.71		$	8.18		$	7.09
Class A	$	6.70		$	8.20		$	7.06
Class Q	$	-		$	-		$	7.08
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	7.11		$	8.70		$	7.49

† Includes securities on loan of	$	4,059,837		$	3,659,127		$	9,153,728

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

18 Financial Statements

Statements of Operations
For the period ended March 31, 2009 (unaudited)


	ICON			ICON			ICON
	Asia-Pacific			Europe			International
	Region Fund			Fund			Equity Fund

Investment Income
Interest	$	256		$	1,839		$	6,056
Dividends		339,335			609,482			876,375
Income from securities lending, net		71,408			37,001			113,101
Foreign taxes withheld		(25,438	)		(42,677	)		(69,705	)

Total Investment Income		385,561			605,645			925,827

Expenses
Advisory fees		236,320			266,603			549,288
Distribution fees:
Class I		9			12			68,214
Class C		145			62			71,736
Class A		412			238			5,416
Fund accounting fees		19,735			20,559			31,185
Transfer agent fees		49,853			45,987			79,000
Custody fees		25,698			20,512			34,205
Administration fees		11,666			13,152			27,116
Registration fees		23,687			23,962			26,112
Insurance expense		5,747			5,635			11,460
Trustee fees and expenses		4,316			3,866			7,731
Interest expense		10,644			8,631			552
Other expenses		45,226			35,374			55,947

Total expenses before expense reimbursement and transfer agent earnings credit		433,458			444,593			967,962
Transfer agent earnings credit		(81	)		(95	)		(186	)
Expense reimbursement by Adviser due to expense limitation agreement		(17,174	)		(16,428	)		(25,283	)

Net Expenses		416,203			428,070			942,493

Net Investment Income/(Loss)		(30,642	)		177,575			(16,666	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investment transactions		(31,783,425	)		(38,443,940	)		(84,516,596	)
Net realized gain/(loss) from foreign currency transactions		1,239,947			(215,640	)		572,942
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations		11,009,422			8,590,521			28,024,540

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions		(19,534,056	)		(30,069,059	)		(55,919,114	)

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(19,564,698	)	$	(29,891,484	)	$	(55,935,780	)

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

Financial Statements 19

Statements of Changes in Net Assets


	ICON Asia-Pacific Region Fund
	Period ended			Year ended
	March 31, 2009			September 30,
	(unaudited)			2008
Operations
Net investment income/(loss)	$	(30,642	)	$	1,016,624
Net realized gain/(loss) from investment transactions		(31,783,425	)		(5,390,874	)
Net realized gain/(loss) from foreign currency transactions		1,239,947			(468,780	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		11,009,422			(61,368,762	)

Net increase/(decrease) in net assets resulting from operations		(19,564,698	)		(66,211,792	)

Dividends and Distributions to Shareholders
Net investment income
Class S		(766,237	)		(1,159,659	)
Class I		(87	)		-
Class C		(282	)		-
Class Z		(69	)		-
Class A		(2,949	)		(7,875	)
Class Q		-			-
Net realized gains
Class S		-			(21,792,618	)
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		-			(177,023	)

Net decrease from dividends and distributions		(769,624	)		(23,137,175	)

Fund Share Transactions
Shares sold
Class S		7,312,742			53,849,697
Class I		-			14,400
Class C		31,210			65,721
Class Z		-			7,100
Class A		393,829			2,156,577
Class Q		-			-
Reinvested dividends and distributions
Class S		742,224			22,106,280
Class I		87			-
Class C		282			-
Class Z		69			-
Class A		2,549			156,269
Class Q		-			-
Shares repurchased
Class S		(15,684,064	)		(123,177,916	)
Class I		-			-
Class C		(13,014	)		(18,434	)
Class Z		-			-
Class A		(495,164	)		(2,136,060	)
Class Q		-			-

Net increase/(decrease) from fund share transactions		(7,709,250	)		(46,976,366	)

Total net increase/(decrease) in net assets		(28,043,572	)		(136,325,333	)
Net Assets
Beginning of period		69,979,635			206,304,968

End of period	$	41,936,063		$	69,979,635

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

20 Financial Statements


ICON Europe Fund						ICON International Equity Fund
Period ended			Year ended			Period ended			Year ended
March 31, 2009			September 30,			March 31, 2009			September 30,
(unaudited)			2008			(unaudited)			2008

$	177,575		$	2,588,293		$	(16,666	)	$	3,320,212
	(38,443,940	)		(19,985,274	)		(84,516,596	)		(42,436,248	)
	(215,640	)		(315,187	)		572,942			(927,844	)

	8,590,521			(39,200,115	)		28,024,540			(77,067,637	)


	(29,891,484	)		(56,912,283	)		(55,935,780	)		(117,111,517	)



	(1,818,493	)		(1,423,883	)		-			-
	(317	)		-			(1,476,602	)		(1,286,755	)
	(313	)		-			(116,245	)		(4,422	)
	(91	)		-			(426,650	)		(312,185	)
	(4,370	)		(2,786	)		(82,280	)		(62,758	)
	-			-			(204,736	)		-

	-			(18,793,180	)		-			-
	-			-			-			(19,127,601	)
	-			-			-			(3,423,110	)
	-			-			-			(3,637,063	)
	-			(67,852	)		-			(931,990	)


	(1,823,584	)		(20,287,701	)		(2,306,513	)		(28,785,884	)



	3,817,924			73,628,287			33,285,480			2,400,225
	-			22,500			6,666,207			97,739,179
	3,000			20,157			723,969			14,385,146
	-			5,000			13,850,260			23,922,897
	7,224			189,257			343,348			11,423,858
	-			-			582,702			25,433,899

	1,796,515			19,745,712			-			-
	317			-			1,423,394			19,925,371
	313			-			102,403			3,142,931
	91			-			423,014			3,880,524
	3,787			58,430			71,623			919,493
	-			-			204,396			-

	(22,392,930	)		(71,225,916	)		(7,892,592	)		(241,380	)
	(8,753	)		-			(52,622,047	)		(77,547,995	)
	-			-			(3,601,480	)		(6,372,588	)
	-			-			(11,270,954	)		(36,410,408	)
	(135,405	)		(252,653	)		(1,644,135	)		(6,748,398	)
	-			-			(2,517,932	)		(7,583,868	)

	(16,907,917	)		22,190,774			(21,872,344	)		68,268,886

	(48,622,985	)		(55,009,210	)		(80,114,637	)		(77,628,515	)

	84,724,987			139,734,197			166,392,001			244,020,516

$	36,102,002		$	84,724,987		$	86,277,364		$	166,392,001

Financial Statements 21

Statements of Changes in Net Assets (continued)


	ICON Asia-Pacific Region Fund
	Period ended			Year ended
	March 31, 2009			September 30,
	(unaudited)			2008
Transactions in Fund Shares
Shares sold
Class S		1,068,258			3,584,171
Class I		-			1,054
Class C		4,898			5,015
Class Z		-			520
Class A		57,904			138,278
Class Q		-			-
Reinvested dividends and distributions
Class S		105,388			1,502,859
Class I		12			-
Class C		40			-
Class Z		10			-
Class A		362			10,689
Class Q		-			-
Shares repurchased
Class S		(2,292,287	)		(8,661,436	)
Class I		-			-
Class C		(2,035	)		(1,510	)
Class Z		-			-
Class A		(72,968	)		(156,998	)
Class Q		-			-

Net increase/(decrease)		(1,130,418	)		(3,577,358	)
Shares outstanding, beginning of period		7,387,596			10,964,954

Shares outstanding, end of period		6,257,178			7,387,596

Accumulated undistributed net investment income/(loss)	$	(988,836	)	$	(188,570	)

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

22 Financial Statements


ICON Europe Fund						ICON International Equity Fund
Period ended			Year ended			Period ended			Year ended
March 31, 2009			September 30,			March 31, 2009			September 30,
(unaudited)			2008			(unaudited)			2008


	401,940			3,521,445			4,378,755			156,261
	-			1,224			858,573			5,932,009
	347			1,202			98,833			910,029
	-			279			1,877,191			1,499,033
	787			9,019			45,949			673,802
	-			-			80,022			1,645,599

	191,242			984,824			-			-
	34			-			191,841			1,204,832
	33			-			14,484			200,187
	10			-			56,477			231,812
	402			2,920			9,552			55,159
	-			-			27,289			-

	(2,566,502	)		(3,918,107	)		(1,118,881	)		(16,536	)
	(971	)		-			(7,077,914	)		(5,346,734	)
	-			-			(515,501	)		(446,685	)
	-			-			(1,683,016	)		(2,332,032	)
	(14,463	)		(11,624	)		(218,954	)		(412,986	)
	-			-			(345,099	)		(534,313	)

	(1,987,141	)		591,182			(3,320,399	)		3,419,437
	6,404,760			5,813,578			15,615,186			12,195,749

	4,417,619			6,404,760			12,294,787			15,615,186


$	130,901		$	1,776,910		$	(177,314	)	$	2,145,865

Financial Statements 23

Financial Highlights


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			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
Period Ended March 31, 2009 (unaudited)	$	9.47	$	-	^(d)	$	(2.66	)	$	(2.66	)	$	(0.11	)	$	-
Year Ended September 30, 2008		18.82		0.10			(6.99	)		(6.89	)		(0.12	)		(2.34	)
Year Ended September 30, 2007		13.19		0.15			5.51			5.66			(0.03	)		-
Year Ended September 30, 2006		11.25		0.02			1.93			1.95			(0.01	)		-
Year Ended September 30, 2005		8.17		0.03			3.08			3.11			(0.03	)		-
Year Ended September 30, 2004		7.62		0.02			0.55			0.57			(0.02	)		-
Class I
Period Ended March 31, 2009 (unaudited)		9.45		(0.01	)		(2.64	)		(2.65	)		(0.08	)		-
January 25, 2008 (inception) to September 30, 2008		13.73		0.10			(4.38	)		(4.28	)		-			-
Class C
Period Ended March 31, 2009 (unaudited)		9.41		(0.03	)		(2.64	)		(2.67	)		(0.07	)		-
January 25, 2008 (inception) to September 30, 2008		13.73		0.05			(4.37	)		(4.32	)		-			-
Class Z
Period Ended March 31, 2009 (unaudited)		9.48		0.01			(2.65	)		(2.64	)		(0.13	)		-
January 25, 2008 (inception) to September 30, 2008		13.73		0.15			(4.40	)		(4.25	)		-			-
Class A
Period Ended March 31, 2009 (unaudited)		9.38		(0.01	)		(2.62	)		(2.63	)		(0.05	)		-
Year Ended September 30, 2008		18.72		0.03			(6.93	)		(6.90	)		(0.10	)		(2.34	)
Year Ended September 30, 2007		13.18		0.27			5.30			5.57			(0.03	)		-
May 31, 2006 (inception) to September 30, 2006		13.54		0.04			(0.40	)		(0.36	)		-			-

ICON Europe Fund
Class S
Period Ended March 31, 2009 (unaudited)		13.23		0.03			(4.78	)		(4.75	)		(0.31	)		-
Year Ended September 30, 2008		24.04		0.36			(8.21	)		(7.85	)		(0.21	)		(2.75	)
Year Ended September 30, 2007		18.82		0.21			5.33			5.54			(0.05	)		(0.27	)
Year Ended September 30, 2006		15.68		0.20			3.80			4.00			-			(0.86	)
Year Ended September 30, 2005		12.03		0.07			3.58			3.65			-			-
Year Ended September 30, 2004		9.84		(0.04	)		2.23			2.19			-			-
Class I
Period Ended March 31, 2009 (unaudited)		13.18		0.01			(4.75	)		(4.74	)		(0.26	)		-
January 25, 2008 (inception) to September 30, 2008		17.91		0.33			(5.06	)		(4.73	)		-			-
Class C
Period Ended March 31, 2009 (unaudited)		13.12		(0.01	)		(4.74	)		(4.75	)		(0.24	)		-
January 25, 2008 (inception) to September 30, 2008		17.91		0.07			(4.86	)		(4.79	)		-			-
Class Z
Period Ended March 31, 2009 (unaudited)		13.24		0.05			(4.79	)		(4.74	)		(0.32	)		-
January 25, 2008 (inception) to September 30, 2008		17.91		0.36			(5.03	)		(4.67	)		-			-
Class A
Period Ended March 31, 2009 (unaudited)		13.14		0.02			(4.75	)		(4.73	)		(0.21	)		-
Year Ended September 30, 2008		23.91		0.26			(8.17	)		(7.91	)		(0.11	)		(2.75	)
Year Ended September 30, 2007		18.79		0.15			5.28			5.43			(0.04	)		(0.27	)
May 31, 2006 (inception) to September 30, 2006		18.40		(0.02	)		0.41			0.39			-			-

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

24 Financial Highlights


										Ratio of expenses to average net assets^(b)					Ratio of net investment income/(loss) to average net assets^(b)
										Before		After			Before			After
										expense		expense			expense			expense
										limitation/		limitation/			limitation/			limitation/
								Net		recoupment		recoupment			recoupment			recoupment
			Net					assets,		and		and			and			and
distributions			asset					end of		transfer		transfer			transfer			transfer
Total			value,					period		agent		agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings		earnings			earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit		credit			credit			credit			rate^(c)



$	(0.11	)	$	6.70		(28.10	)%	$	41,687		1.76%		1.76	%		(0.15	)%		(0.15	)%		104.80%
	(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%

	(0.08	)		6.72		(28.05	)%		7		110.67%		1.86	%^(e)		(108.99	)%		(0.18	)%		104.80%
	-			9.45		(31.17	)%		10		51.45%		1.91	%^(e)		(48.29	)%		1.25	%		168.42%

	(0.07	)		6.67		(28.43	)%		43		30.65%		2.60	%^(e)		(28.84	)%		(0.79	)%		104.80%
	-			9.41		(31.46	)%		33		23.58%		2.64	%^(e)		(20.28	)%		0.66	%		168.42%

	(0.13	)		6.71		(27.89	)%		4		49.20%		1.31	%^(e)		(47.54	)%		0.35	%		104.80%
	-			9.48		(30.95	)%		5		77.18%		1.37	%^(e)		(74.04	)%		1.77	%		168.42%

	(0.05	)		6.70		(28.08	)%		196		6.87%		1.85	%^(e)		(5.27	)%		(0.25	)%		104.80%
	(2.44	)		9.38		(41.53	)%		412		2.94%		1.88	%^(e)		(0.82	)%		0.24	%		168.42%
	(0.03	)		18.72		42.38	%		973		3.26%		1.85	%^(e)		0.24	%		1.65	%		130.84%
	-			13.18		(2.66	)%		24		25.78%		1.81	%^(e)		(23.09	)%		0.88	%		159.51%



	(0.31	)		8.17		(36.22	)%		35,963		1.61%		1.61	%		0.64	%		0.64	%		65.71%
	(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%

	(0.26	)		8.18		(36.23	)%		2		89.18%		1.83	%^(e)		(87.18	)%		0.17	%		65.71%
	-			13.18		(26.41	)%		16		26.07%		1.83	%^(e)		(21.42	)%		2.82	%		181.83%

	(0.24	)		8.13		(36.46	)%		13		66.46%		2.59	%^(e)		(64.06	)%		(0.19	)%		65.71%
	-			13.12		(26.74	)%		16		51.24%		2.58	%^(e)		(48.03	)%		0.63	%		181.83%

	(0.32	)		8.18		(36.08	)%		2		69.46%		1.25	%^(e)		(67.15	)%		1.06	%		65.71%
	-			13.24		(26.07	)%		4		92.86%		1.32	%^(e)		(88.52	)%		3.02	%		181.83%

	(0.21	)		8.20		(36.22	)%		122		9.85%		1.84	%^(e)		(7.60	)%		0.41	%		65.71%
	(2.86	)		13.14		(37.17	)%		370		4.36%		1.83	%^(e)		(1.18	)%		1.35	%		181.83%
	(0.31	)		23.91		29.14	%		666		2.43%		1.84	%^(e)		0.09	%		0.69	%		133.36%
	-			18.79		2.12	%		30		33.40%		1.84	%^(e)		(31.86	)%		(0.30	)%		100.62%

Financial Highlights 25

Financial Highlights (continued)


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			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
Period Ended March 31, 2009 (unaudited)	$	10.84	$	0.01		$	(3.68	)	$	(3.67	)	$	-		$	-
January 25, 2008 (inception) to September 30, 2008		15.25		0.20			(4.61	)		(4.41	)		-			-
Class I
Period Ended March 31, 2009 (unaudited)		10.71		-	^(d)		(3.55	)		(3.55	)		(0.16	)		-
Year Ended September 30, 2008		20.09		0.22			(7.48	)		(7.26	)		(0.13	)		(1.99	)
Year Ended September 30, 2007		14.94		0.18			5.63			5.81			-	^(d)		(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
Period Ended March 31, 2009 (unaudited)		10.10		(0.03	)		(3.35	)		(3.38	)		(0.06	)		-
Year Ended September 30, 2008		19.09		0.07			(7.07	)		(7.00	)		-	^(d)		(1.99	)
Year Ended September 30, 2007		14.36		-	^(d)		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
Period Ended March 31, 2009 (unaudited)		10.87		0.01			(3.59	)		(3.58	)		(0.20	)		-
Year Ended September 30, 2008		20.34		0.22			(7.53	)		(7.31	)		(0.17	)		(1.99	)
Year Ended September 30, 2007		15.07		0.20			5.73			5.93			-			(0.66	)
Year Ended September 30, 2006		13.00		0.09			2.63			2.72			(0.03	)		(0.62	)
Year Ended September 30, 2005		10.60		0.06			3.31			3.37			-			(0.97	)
Year Ended September 30, 2004		8.41		0.01			2.24			2.25			(0.06	)		-
Class A
Period Ended March 31, 2009 (unaudited)		10.78		-	^(d)		(3.58	)		(3.58	)		(0.14	)		-
Year Ended September 30, 2008		20.24		0.18			(7.52	)		(7.34	)		(0.13	)		(1.99	)
Year Ended September 30, 2007		15.06		0.17			5.67			5.84			-			(0.66	)
May 31, 2006 (inception) to September 30, 2006		15.17		0.03			(0.14	)		(0.11	)		-			-
Class Q
Period Ended March 31, 2009 (unaudited)		10.86		0.01			(3.59	)		(3.58	)		(0.20	)		-
January 28, 2008 (inception) to September 30, 2008		15.44		0.23			(4.81	)		(4.58	)		-			-


(x)	Calculated using the average share method.
(a)	The total return calculation is for the period indicated and excludes any sales charges.
(b)	Annualized for periods less than a year.
(c)	Portfolio turnover is calculated at the Fund level and is not annualized.
(d)	Amount less than $0.005.
(e)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense.

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

26 Financial Highlights


										Ratio of expenses to average net assets^(b)					Ratio of net investment income/(loss) to average net assets^(b)
										Before		After			Before			After
										expense		expense			expense			expense
										limitation/		limitation/			limitation/			limitation/
								Net		recoupment		recoupment			recoupment			recoupment
			Net					assets,		and		and			and			and
distributions			asset					end of		transfer		transfer			transfer			transfer
Total			value,					period		agent		agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings		earnings			earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit		credit			credit			credit			rate^(c)



$	-		$	7.17		(33.86	)%	$	24,391		1.37%		1.37	%^(e)		0.41	%		0.41	%		101.02%
	-			10.84		(28.92	)%		1,515		1.62%		1.62	%^(e)		2.08	%		2.08	%		188.73%

	(0.16	)		7.00		(33.25	)%		29,686		1.74%		1.74	%^(e)		(0.07	)%		(0.07	)%		101.02%
	(2.12	)		10.71		(39.85	)%		110,029		1.55%		1.55	%^(e)		1.39	%		1.39	%		188.73%
	(0.66	)		20.09		40.11	%		170,383		1.54%		1.54	%^(e)		1.02	%		1.03	%		132.30%
	(0.63	)		14.94		21.20	%		76,454		1.71%		1.71	%^(e)		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%

	(0.06	)		6.66		(33.53	)%		11,959		2.69%		2.56	%^(e)		(0.99	)%		(0.86	)%		101.02%
	(1.99	)		10.10		(40.38	)%		22,194		2.44%		2.44	%^(e)		0.47	%		0.47	%		188.73%
	(0.66	)		19.09		38.74	%		29,274		2.57%		2.56	%^(e)		(0.04	)%		(0.03	)%		132.30%
	(0.62	)		14.36		20.09	%		13,899		2.76%		2.54	%^(e)		(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%

	(0.20	)		7.09		(33.01	)%		10,630		1.39%		1.25	%^(e)		0.22	%		0.36	%		101.02%
	(2.16	)		10.87		(39.66	)%		13,580		1.27%		1.27	%^(e)		1.31	%		1.31	%		188.73%
	(0.66	)		20.34		40.56	%		37,619		1.26%		1.26	%^(e)		1.16	%		1.16	%		132.30%
	(0.65	)		15.07		21.54	%		28,295		1.41%		1.40	%^(e)		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%

	(0.14	)		7.06		(33.26	)%		3,430		2.11%		1.81	%^(e)		(0.42	)%		(0.12	)%		101.02%
	(2.12	)		10.78		(39.95	)%		7,001		1.73%		1.73	%^(e)		1.17	%		1.17	%		188.73%
	(0.66	)		20.24		39.97	%		6,744		1.70%		1.69	%^(e)		0.98	%		0.99	%		132.30%
	-			15.06		(0.73	)%		88		19.13%		1.79	%^(e)		(16.62	)%		0.72	%		129.31%

	(0.20	)		7.08		(33.11	)%		6,182		1.44%		1.44	%^(e)		0.27	%		0.27	%		101.02%
	-			10.86		(29.66	)%		12,072		1.31%		1.31	%^(e)		2.36	%		2.36	%		188.73%

Financial Highlights 27

Notes to Financial Statements
March 31, 2009 (unaudited)

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

28 Notes to Financial Statements

investing, including limited product lines, less liquidity, and small market share.

2. Significant Accounting Policies

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 are valued at fair value as determined in good faith by the Board or pursuant to procedures approved by the Board.

Notes to Financial Statements 29

Notes to Financial Statements (unaudited) (continued)

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 based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes 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.

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

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

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

Level 3 - significant unobservable inputs.

30 Notes to Financial Statements

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2009.


	LEVEL 1				LEVEL 2				LEVEL 3
			Other				Other				Other
	Investments		Financial		Investments		Financial		Investments		Financial
Fund Name	in Securities		Instruments*		in Securities		Instruments*		in Securities		Instruments*

ICON Asia-Pacific Region Fund	$	5,331,192	$	-	$	41,154,406	$	522,159	$	-	$	-
ICON Europe Fund		4,141,310		-		34,972,972		-		-		-
ICON International Equity Fund		22,059,151		-		70,203,356		248,647		-		-

*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation/(depreciation) on the investment.

New Accounting Pronouncements

Repurchase Agreements

Notes to Financial Statements 31

Notes to Financial Statements (unaudited) (continued)

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 period ended March 31, 2009.

Foreign Currency Translation

Forward Foreign Currency Contracts

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 March 31, 2009, the Funds had outstanding forward foreign currency contracts that are listed in the Schedules of Investments.

32 Notes to Financial Statements

Futures Contracts

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

Notes to Financial Statements 33

Notes to Financial Statements (unaudited) (continued)

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 period ended March 31, 2009.

Securities Lending

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

As of March 31, 2009, the following Funds had securities with the following values on loan:


	Value of		Value of
Fund	Loaned Securities		Collateral

ICON Asia-Pacific Region Fund	$	4,059,837	$	4,311,619
ICON Europe Fund		3,659,127		3,724,230
ICON International Equity Fund		9,153,728		9,607,061

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2009.

Income Taxes

34 Notes to Financial Statements

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 Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, and interim tax periods within, no examinations are in progress or anticipated at this time.

Investment Income

Investment Transactions

Notes to Financial Statements 35

Notes to Financial Statements (unaudited) (continued)

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 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.


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.

36 Notes to Financial Statements

As of March 31, 2009 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:


Fund	2010		2011		2012


ICON Asia-Pacific Region Fund	$	1,505	$	9,485	$	31,829
ICON Europe Fund		1,200		10,356		30,755
ICON International Equity Fund		-		-		25,283

Accounting, Custody and Transfer Agent Fees

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

Administrative Services

The Trust has entered into an administrative services agreement with ICON 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 Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the period ended March 31, 2009, 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

Notes to Financial Statements 37

Notes to Financial Statements (unaudited) (continued)

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.

Distribution Fees

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class I and Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual distribution and service fee of 1.00% of average daily net assets. The total amount paid under 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 100% by the Funds. For the period ended March 31, 2009, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

4. Line of Credit

The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests. The maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in each Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings is charged at LIBOR plus 1.50%, which was

38 Notes to Financial Statements

2.00% at March 31, 2009. The average interest rate charged for the period ended March 31, 2009, was 4.96%.


	Average Borrowing
Fund	(10/1/08 - 3/31/09)

ICON Asia-Pacific Region Fund**	$	528,668
ICON Europe Fund		174,559
ICON International Equity Fund		7,803

**Fund had outstanding borrowings as of March 31, 2009.

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

5. Federal Income Tax

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.

As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis was as follows:


			Undistributed				Accumulated			Unrealized
	Undistributed		Net Long-Term		Accumulated		capital and			Appreciation			Total Accumulated
Fund	Ordinary Income		Gains		Earnings		other losses			(Depreciation)			Earnings (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	)

Notes to Financial Statements 39

Notes to Financial Statements (unaudited) (continued)


			Unrealized		Unrealized			Net Appreciation/
Fund	Cost		Appreciation		(Depreciation)			(Depreciation)

ICON Asia-Pacific Region Fund	$	53,041,298	$	3,314,305	$	(9,870,005	)	$	(6,555,700	)
ICON Europe Fund		50,070,495		638,928		(11,595,141	)		(10,956,213	)
ICON International Equity Fund		106,010,793		3,900,579		(17,648,865	)		(13,748,286	)

6. Purchases and Sales of Investment Securities

For the period ended March 31, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and options contracts) was as follows:


	Purchases of		Proceeds from Sales
Fund	Securities		of Securities

ICON Asia-Pacific Region Fund	$	49,306,840	$	54,359,186
ICON Europe Fund		35,855,143		56,362,195
ICON International Equity Fund		105,478,947		130,376,024

40 Notes to Financial Statements

Six Month Hypothetical Expense Example
March 31, 2009 (unaudited)

Example

Actual Expenses

The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $10 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your

Expense Example 41

Six Month Hypothetical Expense Example
March 31, 2009 (unaudited) (continued)


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/08		3/31/09		10/1/08-3/31/09*		10/1/08-3/31/09


ICON Asia-Pacific Region Fund
Class S Actual Expenses	$	1,000.00	$	719.00	$	7.54		1.76%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.22		8.85
Class I
Actual Expenses		1,000.00		719.50		7.97		1.86%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.73		9.35
Class C
Actual Expenses		1,000.00		715.70		11.12		2.60%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.04		13.04
Class Z
Actual Expenses		1,000.00		721.10		5.62		1.31%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.47		6.59
Class A
Actual Expenses		1,000.00		719.20		7.93		1.85%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.78		9.30
ICON Europe Fund
Class S
Actual Expenses		1,000.00		637.80		6.57		1.61%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.97		8.10
Class I
Actual Expenses		1,000.00		637.70		7.47		1.83%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.88		9.20
Class C
Actual Expenses		1,000.00		635.40		10.56		2.59%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.09		12.99

42 Expense Example


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/08		3/31/09		10/1/08-3/31/09*		10/1/08-3/31/09


Class Z
Actual Expenses	$	1,000.00	$	639.20	$	5.11		1.25%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.77		6.29
Class A
Actual Expenses		1,000.00		637.80		7.51		1.84%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.83		9.25
ICON International Equity Fund
Class S
Actual Expenses		1,000.00		661.40		5.67		1.37%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.17		6.89
Class I
Actual Expenses		1,000.00		667.50		7.23		1.74%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.32		8.75
Class C
Actual Expenses		1,000.00		664.70		10.62		2.56%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.24		12.84
Class Z
Actual Expenses		1,000.00		669.90		5.20		1.25%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.77		6.29
Class A
Actual Expenses		1,000.00		667.40		7.52		1.81%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.97		9.10
Class Q
Actual Expenses		1,000.00		668.90		5.99		1.44%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.82		7.24


*	Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.


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

Expense Example 43

Other Information (unaudited)

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 Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.

For More Information

ICON Distributors, Inc., Distributor

44 Other Information

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

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

1-800-764-0442 • www.iconfunds.com

Table of Contents



About this Report (Unaudited)			2

Message from ICON Funds (Unaudited)			4

Schedules of Investments (Unaudited)
ICON Consumer Discretionary Fund			6
ICON Energy Fund			9
ICON Financial Fund			12
ICON Healthcare Fund			15
ICON Industrials Fund			18
ICON Information Technology Fund			21
ICON Leisure and Consumer Staples Fund			24
ICON Materials Fund			27
ICON Telecommunication & Utilities Fund			30

Financial Statements (Unaudited)			32

Financial Highlights (Unaudited)			42

Notes to Financial Statements (Unaudited)			48

Six-Month Hypothetical Expense Example (Unaudited)			61

Other Information (Unaudited)			63

About This Report (unaudited)

Historical Returns

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

Portfolio Data

2 About This Report

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.

About This Report 3

Message from ICON Funds (unaudited)

Dear Shareholder,

4 Message From ICON Funds

investment professionals and investors were likewise surprised when the FED’s easing failed to break the logjam.

When analyzing the investing environment, I think it is important to sort out the political and philosophical debates from the economic and financial basics. The money supply has grown in the last nine months – a fact which suggests banks may be lending again. And, if banks are lending again, this in turn suggests to us that the FED’s continued efforts have paid off, that the FED has successfully broken the logjam that froze our financial system. Money growth is also a powerful stimulus to the economy, especially when combined with a fiscal stimulus package. Stock prices seem to be reacting and anticipating a recovery, as most indexes are beginning to rebound following their lows in early March.

We are not out of the woods yet. GDP is not growing and businesses and investors continue to struggle across the globe, Now that the FED’s policies, have broken the financial system’s logjam, however, we believe the right monetary and fiscal conditions are in place to promote a long-awaited recovery.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

Message From ICON Funds 5

ICON Consumer Discretionary Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (87.3%)
	43,800	Abercrombie & Fitch Co. - Class A^(b)	$	1,042,440
	10,500	Advance Auto Parts, Inc.		431,340
	69,700	America’s Car-Mart, Inc.^(a)		947,223
	26,000	Bed Bath & Beyond, Inc.^(a)(b)		643,500
	19,200	Best Buy Co., Inc.^(b)		728,832
	25,800	BorgWarner, Inc.		523,740
	7,500	Capella Education Co.^(a)		397,500
	25,000	Corinthian Colleges, Inc.^(a)		486,250
	8,500	DeVry, Inc.		409,530
	18,800	Dollar Tree, Inc.^(a)		837,540
	81,500	Fred’s, Inc. - Class A		919,320
	18,500	GameStop Corp. - Class A^(a)		518,370
	48,200	Garmin, Ltd.		1,022,322
	55,400	Gentex Corp.		551,784
	42,400	Group 1 Automotive, Inc.^(b)		592,328
	44,800	Guess?, Inc.		944,384
	73,200	H&R Block, Inc.		1,331,508
	32,100	Hibbett Sports, Inc.^(a)		616,962
	4,700	ITT Educational Services, Inc.^(a)		570,674
	23,300	J.C. Penney Co., Inc.^(b)		467,631
	67,100	Jos. A. Bank Clothiers, Inc.^(a)(b)		1,866,051
	49,100	KB Home^(b)		647,138
	17,300	Kohl’s Corp.^(a)		732,136
	106,900	Lowe’s Cos., Inc.		1,950,925
	22,320	Nike, Inc. - Class B^(b)		1,046,585
	80,900	Nordstrom, Inc.^(b)		1,355,075
	25,200	O’Reilly Automotive, Inc.^(a)(b)		882,252
	23,500	Polo Ralph Lauren Corp.		992,875
	18,100	Ross Stores, Inc.		649,428
	9,000	Snap-on, Inc.		225,900
	74,150	Staples, Inc.^(b)		1,342,856
	32,900	Steven Madden, Ltd.^(a)		617,862
	71,500	Target Corp.		2,458,885
	68,600	The Dress Barn, Inc.^(a)(b)		843,094
	83,500	The Home Depot, Inc.^(b)		1,967,260
	52,000	The Ryland Group, Inc.		866,320
	31,000	The Stanley Works		902,720
	66,400	TJX Cos., Inc.^(b)		1,702,496
	27,200	V.F. Corp.		1,553,392
	16,500	Walgreen Co.		428,340
	13,000	Whirlpool Corp.		384,670
	72,400	Williams-Sonoma, Inc.		729,792

Total Common Stocks (Cost $40,259,737)				38,129,230

6 Schedule of Investments


Shares or Principal Amount			Value


Short-Term Investments (16.4%)
$	7,182,573	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#	$	7,182,573

Total Short-Term Investments (Cost $7,182,573)				7,182,573
Other Securities (23.8%)
	10,408,779	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù		10,408,779

Total Other Securities (Cost $10,408,779)				10,408,779
Total Investments 127.5% (Cost $57,851,089)				55,720,582
Liabilities Less Other Assets (27.5)%				(12,032,810	)

Net Assets 100.0%			$	43,687,772

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 March 31, 2009.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

Schedule of Investments 7

ICON Consumer
Discretionary Fund
Industry Composition
March 31, 2009
(unaudited)


Apparel Retail			16.1%
General Merchandise Stores			9.6%
Home Improvement Retail			9.0%
Automotive Retail			6.5%
Department Stores			5.9%
Apparel Accessories & Luxury Goods			5.8%
Specialty Stores			4.5%
Education Services			4.2%
Footwear			3.8%
Homebuilding			3.5%
Household Appliances			3.5%
Homefurnishing Retail			3.2%
Specialized Consumer Services			3.0%
Computer & Electronics Retail			2.9%
Auto Parts & Equipment			2.5%
Consumer Electronics			2.3%
Drug Retail			1.0%

			87.3%

Percentages are based upon net assets.

ICON Consumer
Discretionary Fund
Sector Composition
March 31, 2009
(unaudited)


Consumer Discretionary			86.3%
Leisure & Consumer Staples			1.0%

			87.3%

Percentages are based upon net assets.

8 Schedule of Investments

ICON Energy Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (94.5%)
	270,500	Alliance Resource Partners LP^(b)	$	7,871,550
	112,400	Apache Corp.		7,203,716
	268,200	Arch Coal, Inc.		3,585,834
	247,100	Atwood Oceanics, Inc.^(a)		4,099,389
	143,600	Baker Hughes, Inc.		4,099,780
	31,800	BP Prudhoe Bay Royalty Trust^(b)		2,070,498
	180,600	Cameco Corp.^(b)		3,100,902
	243,200	Cameron International Corp.^(a)		5,333,376
	744,000	Chevron Corp.		50,026,560
	240,900	CONSOL Energy, Inc.		6,080,316
	53,800	Diamond Offshore Drilling, Inc.		3,381,868
	161,900	Dril-Quip, Inc.^(a)(b)		4,970,330
	109,500	Energy Transfer Partners LP^(b)		4,039,455
	156,800	ENSCO International, Inc.		4,139,520
	910,400	Exxon Mobil Corp.^(b)		61,998,240
	6,800	First Solar, Inc.^(a)(b)		902,360
	200,500	Foundation Coal Holdings, Inc.^(b)		2,877,175
	142,900	GulfMark Offshore, Inc.^(a)		3,409,594
	426,800	Halliburton Co.		6,602,596
	110,100	Holly Corp.		2,334,120
	301,100	Imperial Oil, Ltd.		10,848,633
	132,600	LUKOIL - ADR		4,999,020
	289,400	Marathon Oil Corp.		7,608,326
	220,600	Massey Energy Co.		2,232,472
	286,300	Murphy Oil Corp.		12,817,651
	323,000	National Oilwell Varco, Inc.^(a)		9,273,330
	246,200	Newfield Exploration Co.^(a)(b)		5,588,740
	242,200	Noble Corp.		5,834,598
	374,900	Occidental Petroleum Corp.		20,863,185
	178,700	Oceaneering International, Inc.^(a)		6,588,669
	307,100	Peabody Energy Corp.		7,689,784
	107,700	Petro-Canada - ADR		2,862,666
	41,100	PetroChina Co., Ltd.– ADR^(b)		3,275,670
	157,000	Plains Exploration & Production Co.^(a)(b)		2,705,110
	247,100	Pride International, Inc.^(a)(b)		4,442,858
	226,100	Sasol – ADR		6,545,595
	129,600	Southwestern Energy Co.^(a)		3,847,824
	309,300	StatoilHydro ASA – ADR		5,394,192
	91,200	Sunoco, Inc.^(b)		2,414,976
	117,200	SunPower Corp. - Class A^(a)(b)		2,787,016
	256,900	Teekay Shipping Corp.^(b)		3,655,687

Schedule of Investments 9


Shares or Principal Amount			Value


	148,600	Tidewater, Inc.^(b)	$	5,517,518
	281,400	Valero Energy Corp.		5,037,060
	275,500	Walter Industries, Inc.^(b)		6,300,685
	107,000	XTO Energy, Inc.		3,276,340

Total Common Stocks (Cost $377,792,231)				340,534,784

Short-Term Investments (6.0%)
$	21,493,989	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#	$	21,493,989

Total Short-Term Investments (Cost $21,493,989)				21,493,989

Other Securities (12.1%)
	43,804,937	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù		43,804,937

Total Other Securities (Cost $43,804,937)				43,804,937
Total Investments 112.6% (Cost $443,091,157)				405,833,710
Liabilities Less Other Assets (12.6)%				(45,375,889	)

Net Assets 100.0%			$	360,457,821

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 March 31, 2009.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

10 Schedule of Investments

ICON Financial Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (95.0%)
	8,900	ACE, Ltd.	$	359,560
	40,200	Allianz SE - ADR		336,072
	15,100	American Financial Group, Inc.		242,355
	59,600	Annaly Capital Management, Inc. - REIT		826,652
	52,000	Anworth Mortgage Asset Corp. - REIT		318,760
	6,700	Automatic Data Processing, Inc.		235,572
	10,600	Banco de Chile - ADR		377,678
	57,800	Bank of New York Mellon Corp.		1,632,850
	5	Berkshire Hathaway, Inc. - Class A^(a)		433,500
	4,300	CME Group, Inc.		1,059,477
	27,400	Comerica, Inc.		501,694
	56,000	Delphi Financial Group, Inc. - Class A		753,760
	9,200	Deutsche Bank AG - ADR		373,980
	45,000	Duke Realty Corp. - REIT		247,500
	28,500	EZCORP, Inc. - Class A^(a)		329,745
	25,100	Federated Investors, Inc.		558,726
	29,800	First Cash Financial Services, Inc.^(a)		444,616
	15,800	Fiserv, Inc.^(a)		576,068
	17,000	HCC Insurance Holdings, Inc.		428,230
	23,700	Hospitality Properties Trust		284,400
	11,100	InterContinental Exchange, Inc.^(a)		826,617
	19,600	Investment Technology Group, Inc.^(a)		500,192
	49,500	Jabil Circuit, Inc.		275,220
	111,300	JPMorgan Chase & Co.		2,958,354
	36,900	KeyCorp		290,403
	7,800	Lender Processing Services, Inc.		238,758
	14,400	Loews Corp.		318,240
	18,500	Mack-Cali Realty Corp. - REIT		366,485
	14,800	MetLife, Inc.		336,996
	286,500	MF Global, Ltd.^(a)		1,211,895
	125,300	MFA Financial, Inc.		736,764
	113,900	Morgan Stanley		2,593,503
	16,700	Northern Trust Corp.		998,994
	13,100	PartnerRe, Ltd.		813,117
	12,100	Prosperity Bancshares, Inc.		330,935
	19,400	RenaissanceRe Holdings, Ltd.		959,136
	12,000	State Street Corp.		369,360
	31,400	The Goldman Sachs Group, Inc.		3,329,028
	62,100	Tower Group, Inc.		1,529,523
	47,400	Travelers Cos., Inc.		1,926,336
	35,100	UBS AG^(a)		330,993
	20,100	Unum Group		251,250
	4,200	Visa, Inc. - Class A		233,520
	25,600	W. R. Berkley Corp.		577,280
	36,000	Washington Federal, Inc.		478,440
	25,800	World Acceptance Corp.^(a)		441,180

Total Common Stocks (Cost $33,413,276)				33,543,714

Exchange Traded Funds (1.9%)
	48,400	SPDR KBW Bank		670,824

Total Exchange Traded Funds (Cost $715,980)				670,824

12 Schedule of Investments


Underlying Security/
Expiration Date/
Exercise Price	Contracts*		Value


Put Options Purchased (0.0% )
Financial Select Sector SPDR, Expiration April 2009, Exercise price $6.00		1,350	$	9,450

Total Put Options Purchased (Cost $117,031)				9,450


Shares or Principal Amount			Value


Short-Term Investments (3.4%)
$	1,187,466	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#	$	1,187,466

Total Short-Term Investments (Cost $1,187,466)				1,187,466
Total Investments 100.3% (Cost $35,433,753)				35,411,454
Liabilities Less Other Assets (0.3)%				(91,262	)

Net Assets 100.0%			$	35,320,192

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


(a)		Non-income producing security.

*		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 March 31, 2009.

ADR		American Depositary Receipt

REIT		Real Estate Investment Trust

Schedule of Investments 13

ICON Financial Fund
Industry Composition
March 31, 2009
(unaudited)


Investment Banking & Brokerage			21.6%
Property & Casualty Insurance			13.6%
Asset Management & Custody Banks			10.1%
Other Diversified Financial Services			8.4%
Specialized Finance			5.3%
Mortgage REITs			5.3%
Reinsurance			5.0%
Life & Health Insurance			3.8%
Multi-Line Insurance			3.8%
Data Processing & Outsourced Services			3.7%
Consumer Finance			3.5%
Diversified Banks			2.5%
Diversified Capital Markets			2.0%
Regional Banks			1.7%
Office REITs			1.7%
Thrifts & Mortgage Finance			1.4%
Other Industries (each less than 1%)			1.6%

			95.0%

Percentages are based upon common stock investments excluding exchange traded funds as a percentage of net assets.

ICON Financial Fund
Sector Composition
March 31, 2009
(unaudited)


Financial			90.5%
Information Technology			4.5%

			95.0%

Percentages are based upon common stock investments excluding exchange traded funds as a percentage of net assets.

14 Schedule of Investments

ICON Healthcare Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (95.7%)
	100,500	Abbott Laboratories	$	4,793,850
	51,300	Aetna, Inc.		1,248,129
	67,300	Allergan, Inc.^(b)		3,214,248
	25,434	Amedisys, Inc.^(a)(b)		699,181
	74,000	Amerisource-Bergen Corp.^(b)		2,416,840
	87,300	Amgen, Inc.^(a)		4,323,096
	25,300	Baxter International, Inc.		1,295,866
	25,600	Bayer AG - ADR		1,223,936
	25,000	Becton, Dickinson & Co.		1,681,000
	23,700	Biogen Idec, Inc.^(a)		1,242,354
	275,900	Bristol-Myers Squibb Co.		6,047,728
	30,000	C.R. Bard, Inc.^(b)		2,391,600
	36,600	Cardinal Health, Inc.		1,152,168
	40,000	Cephalon, Inc.^(a)(b)		2,724,000
	96,500	CIGNA Corp.		1,697,435
	114,500	Community Health Systems, Inc.^(a)		1,756,430
	162,500	Eli Lilly and Co.		5,429,125
	98,300	Endo Pharmaceuticals Holdings, Inc.^(a)(b)		1,737,944
	45,000	Express Scripts, Inc.^(a)		2,077,650
	19,700	Genzyme Corp.^(a)(b)		1,169,983
	676,000	Health Management Associates, Inc. Class A^(a)(b)		1,744,080
	98,200	Health Net, Inc.^(a)		1,421,936
	33,800	Henry Schein, Inc.^(a)(b)		1,352,338
	133,500	IMS Health, Inc.^(b)		1,664,745
	150,400	Johnson & Johnson, Inc.		7,911,040
	109,400	Kindred Healthcare, Inc.^(a)		1,635,530
	45,000	Laboratory Corp. of America Holdings^(a)(b)		2,632,050
	50,000	McKesson Corp.		1,752,000
	85,000	Medco Health Solutions, Inc.^(a)(b)		3,513,900
	45,400	Medtronic, Inc.		1,337,938
	298,500	Merck & Co., Inc.		7,984,875
	118,600	Mylan Laboratories, Inc.^(a)(b)		1,590,426
	81,500	Orthofix International N.V.^(a)		1,509,380
	174,100	Par Pharmaceutical Cos., Inc.^(a)		1,648,727
	697,300	Pfizer, Inc.		9,497,226
	45,000	Pharmaceutical Product Development, Inc.		1,067,400
	77,900	PSS World Medical, Inc.^(a)(b)		1,117,865

Schedule of Investments 15


Shares or Principal Amount			Value


	90,300	Sanofi-Aventis - ADR^(b)	$	2,522,079
	41,500	Sepracor, Inc.^(a)(b)		608,390
	45,000	St. Jude Medical, Inc.^(a)		1,634,850
	47,000	Synovis Life Technologies, Inc.^(a)		650,480
	116,800	UnitedHealth Group, Inc.		2,444,624
	40,000	VCA Antech, Inc.^(a)(b)		902,000
	133,000	Watson Pharmaceutical, Inc.^(a)(b)		4,137,630
	59,300	WellPoint, Inc.^(a)		2,251,621

Total Common Stocks (Cost $129,339,707)				112,855,693
Short-Term Investments (4.3%)
$	5,058,330	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#		5,058,330

Total Short-Term Investments (Cost $5,058,330)				5,058,330
Other Securities (21.6%)
	25,512,070	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù		25,512,070

Total Other Securities (Cost $25,512,070)				25,512,070
Total Investments 121.6% (Cost $159,910,107)				143,426,093
Liabilities Less Other Assets (21.6)%				(25,523,363	)

Net Assets 100.0%			$	117,902,730

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 March 31, 2009.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

16 Schedule of Investments

ICON Industrials Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (96.3%)
	30,000	3M Co.^(b)	$	1,491,600
	25,000	Acuity Brands, Inc.^(b)		563,500
	30,000	AMETEK, Inc.		938,100
	40,000	Apogee Enterprises, Inc.		439,200
	70,000	BE Aerospace, Inc.^(a)		606,900
	21,000	Burlington Northern Santa Fe Corp.		1,263,150
	25,000	Caterpillar, Inc.^(b)		699,000
	17,000	Con-way, Inc.		304,810
	50,000	Continental Airlines, Inc. - Class B^(a)(b)		440,500
	20,000	Cooper Industries, Ltd. - Class A^(b)		517,200
	15,000	Crane Co.		253,200
	20,000	CSX Corp.		517,000
	25,000	Cummins, Inc.		636,250
	15,000	Danaher Corp.^(b)		813,300
	100,000	Delta Air Lines, Inc.^(a)(b)		563,000
	30,000	Dover Corp.		791,400
	25,000	FedEx Corp.^(b)		1,112,250
	5,000	First Solar, Inc.^(a)(b)		663,500
	6,000	Fluor Corp.		207,300
	60,500	Foster Wheeler AG^(a)		1,056,935
	15,000	GATX Corp.		303,450
	100,000	Genco Shipping & Trading, Ltd.^(b)		1,234,000
	25,000	General Cable Corp.^(a)		495,500
	15,000	General Dynamics Corp.		623,850
	300,000	General Electric Co.^(b)		3,033,000
	62,800	Honeywell International, Inc.		1,749,608
	25,000	Illinois Tool Works, Inc.^(b)		771,250
	35,000	Jacobs Engineering Group, Inc.^(a)		1,353,100
	16,800	Kennametal, Inc.		272,328
	50,000	Kirby Corp.^(a)		1,332,000
	12,000	L-3 Communications Holdings, Inc.		813,600
	27,700	Lennox International, Inc.^(b)		732,942
	40,000	Lockheed Martin Corp.^(b)		2,761,200
	25,000	Middleby Corp.^(a)		810,750
	425,000	Navios Maritime Holdings, Inc.		977,500
	25,000	Norfolk Southern Corp.		843,750
	27,000	Northrop Grumman Corp.^(b)		1,178,280
	36,600	Oshkosh Truck Corp.^(b)		246,684
	10,000	Parker Hannifin Corp.		339,800
	40,000	Perini Corp.^(a)(b)		492,000
	30,000	Pitney Bowes, Inc.^(b)		700,500
	10,000	Precision Castparts Corp.^(b)		599,000
	35,000	Raytheon Co.		1,362,900

18 Schedule of Investments


Shares or Principal Amount			Value


	25,000	Regal-Beloit Corp.	$	766,000
	25,000	Rockwell Collins, Inc.		816,000
	18,200	Ryder System, Inc.		515,242
	30,000	Saia, Inc.^(a)		358,500
	100,000	Seaspan Corp.		822,000
	10,000	Siemens AG - ADR		569,700
	40,000	SkyWest, Inc.		497,600
	20,000	SunPower Corp. - Class A^(a)(b)		475,600
	21,800	Sykes Enterprises, Inc.^(a)		362,534
	35,000	The Boeing Co.		1,245,300
	25,000	The Toro Co.^(b)		604,500
	25,000	Triumph Group, Inc.		955,000
	35,900	Union Pacific Corp.		1,475,849
	25,000	United Parcel Service, Inc. - Class B^(b)		1,230,500
	90,000	United Technologies Corp.		3,868,200
	18,000	W.W. Grainger, Inc.		1,263,240
	30,000	Waste Management, Inc.		768,000

Total Common Stocks (Cost $77,198,452)				53,498,852

Short-Term Investments (4.6%)
$	2,550,925	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#		2,550,925

Total Short-Term Investments (Cost $2,550,925)				2,550,925
Other Securities (31.5%)
	17,505,053	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù		17,505,053

Total Other Securities (Cost $17,505,053)				17,505,053
Total Investments 132.4% (Cost $97,254,430)				73,554,830
Liabilities Less Other Assets (32.4)%				(17,996,873	)

Net Assets 100.0%			$	55,557,957

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 March 31, 2009.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

Schedule of Investments 19

ICON Industrials Fund
Industry Composition
March 31, 2009
(unaudited)


Aerospace & Defense			29.8%
Industrial Conglomerates			9.2%
Electrical Components & Equipment			8.0%
Marine			7.9%
Railroads			7.4%
Industrial Machinery			7.4%
Construction & Engineering			5.6%
Air Freight & Logistics			4.2%
Construction & Farm Machinery & Heavy Trucks			3.9%
Trading Companies & Distributors			2.8%
Airlines			2.7%
Trucking			2.0%
Building Products			2.1%
Office Services & Supplies			1.9%
Environmental & Facilities Services			1.4%

			96.3%

Percentages are based upon net assets.

ICON Industrials Fund
Sector Composition
March 31, 2009
(unaudited)


Industrial			96.3%

			96.3%

Percentages are based upon net assets.

20 Schedule of Investments

ICON Information Technology Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (99.5%)
	112,000	Accenture, Ltd. - Class A^(b)	$	3,078,880
	63,100	Altera Corp.^(b)		1,107,405
	46,200	Apple Computer, Inc.^(a)		4,856,544
	48,600	Arrow Electronics, Inc.^(a)		926,316
	41,600	Automatic Data Processing, Inc.		1,462,656
	49,000	Avnet, Inc.^(a)		857,990
	164,100	Brightpoint, Inc.^(a)(b)		702,348
	74,700	CACI International, Inc. - Class A^(a)(b)		2,725,803
	247,000	Cisco Systems, Inc.^(a)(b)		4,142,190
	20,500	Computer Sciences Corp.^(a)		755,220
	112,600	CSG Systems International, Inc.^(a)		1,607,928
	41,700	Fidelity National Information Services, Inc.		758,940
	100,300	Fiserv, Inc.^(a)(b)		3,656,938
	224,400	Flextronics International, Ltd.^(a)		648,516
	6,900	Google, Inc. - Class A^(a)		2,401,614
	74,400	Harris Corp.		2,153,136
	110,000	Hewlett-Packard Co.		3,526,600
	85,700	Hutchinson Technology, Inc.^(a)(b)		222,820
	46,100	Ingram Micro, Inc.^(a)		582,704
	329,300	Intel Corp.^(b)		4,955,965
	78,400	International Business Machines Corp.^(b)		7,596,176
	45,500	j2 Global Communications, Inc.^(a)		995,995
	23,500	KLA-Tencor Corp.^(b)		470,000
	61,800	Logitech International S.A.^(a)(b)		635,304
	5,100	Mastercard, Inc. - Class A^(b)		854,148
	408,700	Microsoft Corp.^(b)		7,507,819
	39,600	Multi-Fineline Electronix, Inc.^(a)		666,864
	108,600	NETGEAR, Inc.^(a)		1,308,630
	186,500	Oracle Corp.^(a)		3,370,055
	40,400	SAP AG - ADR^(b)		1,425,716
	36,600	ScanSource, Inc.^(a)		680,028
	33,000	Sohu.com, Inc.^(a)(b)		1,363,230
	41,200	SYNNEX Corp.^(a)(b)		810,404
	171,700	Teradyne, Inc.^(a)		752,046
	32,800	VeriSign, Inc.^(a)(b)		618,936
	25,300	Visa, Inc. - Class A^(b)		1,406,680

Total Common Stocks (Cost $85,999,213)				71,592,544

Short-Term Investments (0.6%)
$	448,006	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#		448,006

Total Short-Term Investments (Cost $448,006)				448,006

Schedule of Investments 21


Shares or Principal Amount			Value


Other Securities (29.9%)
	21,476,757	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù	$	21,476,757

Total Other Securities (Cost $21,476,757)				21,476,757
Total Investments 130.0% (Cost $107,923,976)				93,517,307
Liabilities Less Other Assets (30.0)%				(21,561,975	)

Net Assets 100.0%			$	71,955,332

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 March 31, 2009.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

22 Schedule of Investments

ICON Information Technology Fund
Industry Composition
March 31, 2009
(unaudited)


Computer Hardware			22.2%
Systems Software			15.1%
Data Processing & Outsourced Services			14.6%
Communications Equipment			10.6%
Semiconductors			8.4%
IT Consulting & Other Services			8.1%
Internet Software & Services			7.5%
Technology Distributors			6.3%
Application Software			2.0%
Electronic Manufacturing Services			1.8%
Semiconductor Equipment			1.7%
Computer Storage & Peripherals			1.2%

			99.5%

Percentages are based upon net assets.

ICON Information Technology Fund
Sector Composition
March 31, 2009
(unaudited)


Information Technology			99.5%

			99.5%

Percentages are based upon net assets.

Schedule of Investments 23

ICON Leisure and Consumer Staples Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (97.6%)
	14,500	Altria Group, Inc.	$	232,290
	24,200	Archer Daniels Midland Co.^(b)		672,276
	25,100	Burger King Holdings, Inc.		576,045
	42,500	Callaway Golf Co.^(b)		305,150
	18,100	Carnival Corp.		390,960
	11,200	CEC Entertainment, Inc.^(a)		289,856
	57,600	Coca-Cola Enterprises, Inc.		759,744
	92,600	Comcast Corp. - Class A^(b)		1,263,064
	7,300	Corn Products International, Inc.^(b)		154,760
	14,600	Cracker Barrel Old Country Store, Inc.		418,144
	29,800	CVS Caremark Corp.		819,202
	22,300	DISH Network Corp. - Class A^(a)		247,753
	8,900	Fomento Economico Mexicano S.A.B. de C.V. - ADR		224,369
	10,800	Fresh Del Monte Produce, Inc.^(a)(b)		177,336
	9,900	Hormel Foods Corp.		313,929
	22,500	International Game Technology^(b)		207,450
	15,200	Kraft Foods, Inc. - Class A		338,808
	20,200	Life Time Fitness, Inc.^(a)		253,712
	2,800	Lorillard, Inc.		172,872
	23,500	Marriott International, Inc. - Class A^(b)		384,460
	43,500	Mattel, Inc.		501,555
	9,000	McCormick & Co., Inc.		266,130
	90,700	News Corp. - Class A		600,434
	23,600	PepsiAmericas, Inc.		407,100
	16,500	PepsiCo, Inc.		849,420
	31,200	Pool Corp.		418,080
	28,100	Rentrak Corp.^(a)		252,900
	38,100	Royal Caribbean Cruises, Ltd.^(b)		305,181
	17,100	Safeway, Inc.^(b)		345,249
	20,200	Smithfield Foods, Inc.^(a)(b)		191,092
	21,800	Speedway Motorsports, Inc.^(b)		257,676
	20,800	Starbucks Corp.^(a)		231,088
	13,500	Sysco Corp.		307,800
	35,000	Texas Roadhouse, Inc. - Class A^(a)		333,550
	50,600	The DIRECTV Group, Inc.^(a)(b)		1,153,174
	10,600	The McGraw-Hill Cos., Inc.		242,422
	25,000	The Pepsi Bottling Group, Inc.		553,500
	17,500	The Thomson Corp.^(b)		444,150
	67,470	The Walt Disney Co.		1,225,255
	8,575	Time Warner Cable, Inc. - Class A		212,660
	34,166	Time Warner, Inc.^(b)		659,404
	12,800	Unilever PLC - ADR		242,304

24 Schedule of Investments


Shares or Principal Amount			Value


	14,400	Viacom, Inc. - Class B^(a)	$	250,272
	10,300	Wal-Mart Stores, Inc.		536,630
	27,800	Walgreen Co.		721,688
	11,200	Wimm-Bill-Dann Foods OJSC - ADR^(a)		356,272
	56,500	Wyndham Worldwide Corp.		237,300

Total Common Stocks (Cost $25,646,739)				20,304,466

Short-Term Investments (2.5%)
$	523,006	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#		523,006

Total Short-Term Investments (Cost $523,006)				523,006
Other Securities (32.8%)
	6,821,191	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù		6,821,191

Total Other Securities (Cost $6,821,191)				6,821,191
Total Investments 132.9% (Cost $32,990,936)				27,648,663
Liabilities Less Other Assets (32.9)%				(6,842,601	)

Net Assets 100.0%			$	20,806,062

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 March 31, 2009.

#		BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

Schedule of Investments 25

ICON Leisure and Consumer Staples Fund
Industry Composition
March 31, 2009
(unaudited)


Movies & Entertainment			15.4%
Soft Drinks			13.5%
Cable & Satellite			12.8%
Restaurants			8.9%
Packaged Foods & Meats			8.2%
Drug Retail			7.4%
Hotels Resorts & Cruise Lines			6.3%
Leisure Products			5.9%
Agricultural Products			4.8%
Publishing			3.3%
Hypermarkets & Super Centers			2.6%
Leisure Facilities			2.4%
Tobacco			1.9%
Food Retail			1.7%
Food Distributors			1.5%
Casinos & Gaming			1.0%

			97.6%

Percentages are based upon net assets.

ICON Leisure and Consumer Staples Fund
Sector Composition
March 31, 2009
(unaudited)


Leisure & Consumer Staples			97.6%

			97.6%

Percentages are based upon net assets.

26 Schedule of Investments

ICON Materials Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (99.9%)
	60,000	Air Products & Chemical, Inc.^(b)	$	3,375,000
	60,000	Airgas, Inc.		2,028,600
	60,000	Alcoa, Inc.		440,400
	30,000	Ball Corp.		1,302,000
	60,000	Bemis Co., Inc.		1,258,200
	10,000	BHP Billiton, Ltd. - ADR		446,000
	50,000	Carpenter Technology Corp.		706,000
	40,000	Celanese Corp., Series A		534,800
	25,000	CF Industries Holdings, Inc.		1,778,250
	70,000	Commercial Metals Co.		808,500
	60,000	Companhia Vale do Rio Doce - ADR		798,000
	10,000	CONSOL Energy, Inc.		252,400
	150,000	E.I. du Pont de Nemours and Co.^(b)		3,349,500
	15,000	FMC Corp.		647,100
	64,500	Genco Shipping & Trading, Ltd.^(b)		795,930
	75,000	Gerdau Ameristeel Corp.		230,250
	15,000	Greif, Inc. - Class A^(b)		499,350
	50,000	International Flavors & Fragrances, Inc.		1,523,000
	75,000	Lafarge S.A. - ADR^(b)		847,500
	60,000	Lubrizol Corp.		2,040,600
	140,000	Monsanto Co.		11,634,000
	288,800	Navios Maritime Holdings, Inc.^(b)		664,240
	85,000	Newmont Mining Corp.^(b)		3,804,600
	75,000	Nucor Corp.^(b)		2,862,750
	30,000	Owens-Illinois, Inc.^(a)(b)		433,200
	30,000	Pactiv Corp.^(a)		437,700
	10,000	Posco - ADR^(b)		668,300
	20,000	Potash Corp. of Saskatchewan, Inc.^(b)		1,616,200
	34,000	PPG Industries, Inc.		1,254,600
	20,000	Praxair, Inc.		1,345,800
	40,000	Reliance Steel & Aluminum Co.^(b)		1,053,200
	10,000	Rio Tinto PLC - ADR		1,340,600
	30,000	RPM International, Inc.		381,900
	18,000	Schnitzer Steel Industries, Inc.		565,020
	100,000	Sealed Air Corp.		1,380,000
	65,000	Sonoco Products Co.		1,363,700
	65,000	Steel Dynamics, Inc.		572,650
	25,000	Syngenta AG - ADR^(b)		1,002,750
	27,000	The Mosaic Co.		1,133,460
	30,000	The Valspar Corp.		599,100
	30,000	United States Steel Corp.^(b)		633,900

Total Common Stocks (Cost $65,084,685)				58,409,050

Schedule of Investments 27


Shares or Principal Amount			Value


Other Securities (27.2%)
	15,910,393	Invesco Aim Liquid Assets Portfolio, 0.81%^Ù	$	15,910,393

Total Other Securities (Cost $15,910,393)				15,910,393
Total Investments 127.1% (Cost $80,995,078)				74,319,443
Liabilities Less Other Assets (27.1)%				(15,830,673	)

Net Assets 100.0%			$	58,488,770

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 March 31, 2009.

^Ù		Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009.

ADR		American Depositary Receipt

28 Schedule of Investments

ICON Telecommunication & Utilities Fund
Schedule of Investments
March 31, 2009 (unaudited)


Shares or Principal Amount			Value


Common Stocks (82.4%)
	15,000	Allegheny Energy, Inc.	$	347,550
	20,000	Alliant Energy Corp.		493,800
	100,600	AT&T, Inc.		2,535,120
	20,000	China Mobile, Ltd. - ADR		870,400
	50,000	Dominion Resources, Inc. of Virginia		1,549,500
	15,000	DPL, Inc.		338,100
	29,000	Edison International		835,490
	65,000	El Paso Electric Co.^(a)		915,850
	15,000	Entergy Corp.		1,021,350
	10,600	FPL Group, Inc.		537,738
	15,000	Integrys Energy Group, Inc.		390,600
	10,000	Nippon Telegraph and Telephone Corp. - ADR		190,300
	15,000	NTT DoCoMo, Inc. - ADR		204,750
	17,500	Partner Communications Co., Ltd. - ADR		264,600
	20,000	Pepco Holdings, Inc.		249,600
	12,500	Portland General Electric Co.		219,875
	15,000	PPL Corp.		430,650
	100,000	Premiere Global Services, Inc.^(a)		882,000
	50,000	Public Service Enterprise Group, Inc.		1,473,500
	9,000	Sempra Energy		416,160
	10,000	Southern Co.		306,200
	7,500	Swisscom AG - ADR		209,850
	84,000	Verizon Communications, Inc.		2,536,800
	30,000	Vodafone Group PLC - ADR		522,600
	5,000	Wisconsin Energy Corp.		205,850
	55,000	Xcel Energy, Inc.		1,024,650

Total Common Stocks (Cost $23,613,504)				18,972,883

Shares or

Principal

Interest

Maturity

Amount

Rate

Date

Value

Corporate Bonds (1.0%)

250,000

Exelon Generation Co., LLC

6.20

10/1/17

223,545

Total Corporate Bonds
(Cost $234,616)

223,545


Shares or Principal Amount			Value


Short-Term Investments (16.1%)
$	3,692,707	Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09#		3,692,707

Total Short-Term Investments (Cost $3,692,707)				3,692,707
Total Investments 99.5% (Cost $27,540,827)				22,889,135
Other Assets Less Liabilities 0.5%				117,105

Net Assets 100.0%			$	23,006,240

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 March 31, 2009.

ADR		American Depositary Receipt

30 Schedule of Investments

Statements of Assets and Liabilities
March 31, 2009 (unaudited)


	ICON
	Consumer			ICON			ICON			ICON
	Discretionary			Energy			Financial			Healthcare
	Fund			Fund			Fund			Fund
Assets
Investments, at cost	$	57,851,089		$	443,091,157		$	35,433,753		$	159,910,107

Investments, at value†		55,720,582			405,833,710			35,411,454			143,426,093
Receivables:
Fund shares sold		19,728			2,317,396			34,266			101,728
Investments sold		-			-			562,014			-
Interest		6,605			41,493			3			9,370
Dividends		32,137			198,280			65,864			138,496
Other assets		32,504			81,522			44,050			45,319

Total Assets		55,811,556			408,472,401			36,117,651			143,721,006

Liabilities
Payables:
Due to custodian bank		-			-			-			-
Interest		-			-			526			-
Investments bought		1,565,592			3,522,333			660,022			-
Payable for collateral received on securities loaned		10,408,779			43,804,937			-			25,512,070
Fund shares redeemed		88,607			279,991			75,537			154,624
Advisory fees		35,637			293,095			28,899			97,518
Fund accounting fees		2,767			9,622			2,390			4,844
Transfer agent fees		12,004			36,387			14,915			18,899
Administration fees		1,737			14,177			1,324			5,062
Trustee fees		5,143			42,463			4,151			14,095
Accrued expenses		3,518			11,575			9,695			11,164

Total Liabilities		12,123,784			48,014,580			797,459			25,818,276

Net Assets	$	43,687,772		$	360,457,821		$	35,320,192		$	117,902,730

Net Assets Consist of
Paid-in capital	$	74,402,608		$	525,867,734		$	160,388,325		$	155,938,290
Accumulated undistributed net investment income/(loss)		430,652			5,405,089			997,299			1,657,882
Accumulated undistributed net realized gain/(loss) from investment transactions		(29,014,981	)		(133,557,555	)		(126,043,133	)		(23,209,428	)
Unrealized appreciation/(depreciation) on investments		(2,130,507	)		(37,257,447	)		(22,299	)		(16,484,014	)

Net Assets	$	43,687,772		$	360,457,821		$	35,320,192		$	117,902,730

Shares outstanding (unlimited shares authorized no par value)		9,010,648			28,970,419			9,407,995			11,761,990
Net asset value (offering and redemption price per share)	$	4.85		$	12.44		$	3.75		$	10.02

† Includes securities on loan of	$	10,178,571		$	42,624,627		$	-		$	25,438,038

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

32 Financial Statements


			ICON			ICON						ICON
ICON			Information			Leisure and			ICON			Telecommunication
Industrials			Technology			Consumer			Materials			& Utilities
Fund			Fund			Staples Fund			Fund			Fund

$	97,254,430		$	107,923,976		$	32,990,936		$	80,995,078		$	27,540,827

	73,554,830			93,517,307			27,648,663			74,319,443			22,889,135

	45,243			57,633			13,767			160,951			75,722
	-			-			-			-			-
	13,307			5,325			5,063			7,617			7,758
	208,459			22,528			26,445			101,653			62,916
	41,018			45,921			24,328			39,736			33,747

	73,862,857			93,648,714			27,718,266			74,629,400			23,069,278



	184,648			-			-			46,192			-
	195			26			32			18			-
	433,033			-			-			-			-


	17,505,053			21,476,757			6,821,191			15,910,393			-
	107,112			119,339			51,958			104,838			18,376
	45,394			59,357			17,189			46,823			18,755
	3,226			3,060			2,369			2,735			2,044
	11,997			16,611			10,407			17,001			14,004
	2,180			2,840			784			2,147			812
	6,561			8,598			2,485			6,783			2,712
	5,501			6,794			5,789			3,700			6,335

	18,304,900			21,693,382			6,912,204			16,140,630			63,038

$	55,557,957		$	71,955,332		$	20,806,062		$	58,488,770		$	23,006,240


$	125,356,618		$	163,315,903		$	38,020,009		$	118,401,567		$	38,086,427

	897,024			731,437			351,445			498,819			228,876


	(46,996,085	)		(77,685,339	)		(12,223,119	)		(53,735,981	)		(10,657,371	)


	(23,699,600	)		(14,406,669	)		(5,342,273	)		(6,675,635	)		(4,651,692	)

$	55,557,957		$	71,955,332		$	20,806,062		$	58,488,770		$	23,006,240



	12,411,788			13,468,307			4,105,498			9,654,527			4,638,237

$	4.48		$	5.34		$	5.07		$	6.06		$	4.96

$	17,195,854		$	21,429,191		$	5,667,167		$	15,640,695		$	-

Financial Statements 33

Statements of Operations
for the period ended March 31, 2009 (unaudited)


	ICON
	Consumer			ICON			ICON			ICON
	Discretionary			Energy			Financial			Healthcare
	Fund			Fund			Fund			Fund
Investment Income
Interest	$	2,412		$	61,695		$	1,616		$	10,717
Dividends		387,706			5,300,139			1,332,568			1,399,348
Income from securities lending, net		69,190			578,778			-			122,860
Foreign taxes withheld		-			(56	)		-			-

Total Investment Income		459,308			5,940,556			1,334,184			1,532,925

Expenses
Advisory fees		240,018			1,826,328			348,821			691,678
Fund accounting fees		8,261			54,384			11,729			21,403
Transfer agent fees		50,566			140,408			61,341			80,029
Administration fees		11,853			90,240			17,178			34,162
Registration fees		15,418			20,466			18,946			20,051
Insurance expense		3,595			30,822			6,542			6,687
Trustee fees and expenses		3,827			23,759			4,604			8,344
Interest expense		103			-			2,273			11
Other expenses		24,032			89,164			33,205			46,911

Total expenses before transfer agent earnings credit		357,673			2,275,571			504,639			909,276
Transfer agent earnings credit		(82	)		(615	)		(141	)		(241	)

Net Expenses		357,591			2,274,956			504,498			909,035

Net Investment Income/(Loss)		101,717			3,665,600			829,686			623,890

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investment transactions		(21,654,478	)		(132,299,415	)		(59,151,416	)		(23,046,374	)
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations		(2,497,937	)		(7,054,340	)		(8,563,112	)		(20,648,998	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions		(24,152,415	)		(139,353,755	)		(67,714,528	)		(43,695,372	)

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(24,050,698	)	$	(135,688,155	)	$	(66,884,842	)	$	(43,071,482	)

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

34 Financial Statements


			ICON			ICON						ICON
ICON			Information			Leisure and			ICON			Telecommunication
Industrials			Technology			Consumer			Materials			& Utilities
Fund			Fund			Staples Fund			Fund			Fund

$	2,652		$	5,448		$	303		$	7,749		$	5,046
	1,098,350			541,199			318,951			1,064,595			585,933

	123,801			111,337			47,088			53,021			-
	(3,315	)		-			(1,444	)		(315	)		(98	)

	1,221,488			657,984			364,898			1,125,050			590,881


	389,214			446,928			131,265			355,314			126,989
	13,061			14,473			5,192			11,671			4,819
	53,613			68,950			36,365			61,373			37,965
	19,198			22,032			6,476			17,525			6,275
	16,718			19,495			11,127			15,624			15,501
	6,545			8,133			1,763			8,000			3,673
	5,758			7,355			2,457			5,477			2,437
	262			17,787			958			1,071			-
	30,819			40,166			18,298			33,562			19,530



	535,188			645,319			213,901			509,617			217,189

	(145	)		(158	)		(46	)		(128	)		(43	)

	535,043			645,161			213,855			509,489			217,146

	686,445			12,823			151,043			615,561			373,735






	(43,081,025	)		(41,206,615	)		(9,413,352	)		(43,010,781	)		(2,400,657	)




	(11,330,512	)		(9,503,573	)		(3,418,866	)		263,212			(2,998,729	)




	(54,411,537	)		(50,710,188	)		(12,832,218	)		(42,747,569	)		(5,399,386	)



$	(53,725,092	)	$	(50,697,365	)	$	(12,681,175	)	$	(42,132,008	)	$	(5,025,651	)

Financial Statements 35

Statements of Changes in Net Assets


	ICON Consumer Discretionary Fund
	Period ended			Year ended
	March 31,			September 30,
	2009 (unaudited)			2008

Operations
Net investment income/(loss)	$	101,717		$	(30,197	)
Net realized gain/(loss) from investment transactions		(21,654,478	)		(5,264,324	)
Net realized gain/(loss) from foreign currency transactions		-			-
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		(2,497,937	)		(8,052,981	)

Net increase/(decrease) in net assets resulting from operations		(24,050,698	)		(13,347,502	)

Dividends and Distributions to Shareholders
Net investment income		-			-
Net realized gains		-			(5,715,433	)

Net decrease from dividends and distributions		-			(5,715,433	)

Fund Share Transactions
Shares sold		12,290,069			94,454,604
Reinvested dividends and distributions		-			5,647,506
Shares repurchased		(16,793,454	)		(103,274,555	)

Net increase/(decrease) from fund share transactions		(4,503,385	)		(3,172,445	)

Total net increase/(decrease) in net assets		(28,554,083	)		(22,235,380	)
Net Assets
Beginning of period		72,241,855			94,477,235

End of period	$	43,687,772		$	72,241,855

Transactions in Fund Shares
Shares sold		2,509,718			11,901,384
Reinvested dividends and distributions		-			657,451
Shares repurchased		(3,552,204	)		(9,890,815	)

Net increase/(decrease)		(1,042,486	)		2,668,020
Shares outstanding, beginning of period		10,053,134			7,385,114

Shares outstanding, end of period		9,010,648			10,053,134

Accumulated undistributed net investment income/(loss)	$	430,652		$	328,935

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

36 Financial Statements


ICON Energy Fund						ICON Financial Fund
Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,
2009 (unaudited)			2008			2009 (unaudited)			2008


$	3,665,600		$	4,059,340		$	829,686		$	3,585,734
	(132,299,415	)		219,827,955			(59,151,416	)		(66,546,769	)

	-			270			-			-

	(7,054,340	)		(313,719,016	)		(8,563,112	)		(10,271,581	)


	(135,688,155	)		(89,831,451	)		(66,884,842	)		(73,232,616	)


	(1,993,032	)		(2,043,462	)		(3,381,427	)		(1,809,844	)
	(134,183,715	)		(177,660,859	)		-			(19,270,780	)

	(136,176,747	)		(179,704,321	)		(3,381,427	)		(21,080,624	)


	112,464,288			106,327,332			10,554,212			164,671,288
	131,269,217			172,298,136			3,316,850			20,824,424
	(104,047,871	)		(332,527,571	)		(36,459,182	)		(163,096,823	)

	139,685,634			(53,902,103	)		(22,588,120	)		22,398,889

	(132,179,268	)		(323,437,875	)		(92,854,389	)		(71,914,351	)

	492,637,089			816,074,964			128,174,581			200,088,932

$	360,457,821		$	492,637,089		$	35,320,192		$	128,174,581


	7,943,210			3,170,690			1,945,049			15,099,515
	9,452,879			5,426,713			665,988			1,728,168
	(6,633,241	)		(10,071,174	)		(8,196,911	)		(15,827,527	)

	10,762,848			(1,473,771	)		(5,585,874	)		1,000,156
	18,207,571			19,681,342			14,993,869			13,993,713

	28,970,419			18,207,571			9,407,995			14,993,869


$	5,405,089		$	3,732,521		$	997,299		$	3,549,040

Financial Statements 37

Statements of Changes in Net Assets (continued)


	ICON Healthcare Fund
	Period ended			Year ended
	March 31,			September 30,
	2009 (unaudited)			2008
Operations
Net investment income/(loss)	$	623,890		$	(359,048	)
Net realized gain/(loss) from investment transactions		(23,046,374	)		6,635,806
Change in net unrealized appreciation/(depreciation) on investments		(20,648,998	)		(75,394,705	)

Net increase/(decrease) in net assets resulting from operations		(43,071,482	)		(69,117,947	)

Dividends and Distributions to Shareholders
Net investment income		-			-
Net realized gains		-			(35,443,355	)

Net decrease from dividends and distributions		-			(35,443,355	)

Fund Share Transactions
Shares sold		45,299,234			132,311,153
Reinvested dividends and distributions		-			33,320,610
Shares repurchased		(44,407,838	)		(374,274,158	)

Net increase/(decrease) from fund share transactions		891,396			(208,642,395	)

Total net increase/(decrease) in net assets		(42,180,086	)		(313,203,697	)
Net Assets
Beginning of period		160,082,816			473,286,513

End of period	$	117,902,730		$	160,082,816

Transactions in Fund Shares
Shares sold		4,002,660			8,446,706
Reinvested dividends and distributions		-			2,093,003
Shares repurchased		(4,109,093	)		(25,442,656	)

Net increase/(decrease)		(106,433	)		(14,902,947	)
Shares outstanding, beginning of period		11,868,423			26,771,370

Shares outstanding, end of period		11,761,990			11,868,423

Accumulated undistributed net investment income/(loss)	$	1,657,882		$	1,033,992

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

38 Financial Statements


ICON Industrials Fund						ICON Information Technology Fund
Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,
2009 (unaudited)			2008			2009 (unaudited)			2008

$	686,445		$	774,383		$	12,823		$	(794,082	)
	(43,081,025	)		(3,917,940	)		(41,206,615	)		(7,056,250	)

	(11,330,512	)		(37,141,255	)		(9,503,573	)		(66,323,367	)


	(53,725,092	)		(40,284,812	)		(50,697,365	)		(74,173,699	)


	(571,232	)		(125,130	)		-			-
	-			(5,678,288	)		-			-

	(571,232	)		(5,803,418	)		-			-


	9,125,401			134,429,676			10,499,142			139,642,245
	567,022			5,764,952			-			-
	(25,124,475	)		(124,558,586	)		(66,296,933	)		(153,982,840	)

	(15,432,052	)		15,636,042			(55,797,791	)		(14,340,595	)

	(69,728,376	)		(30,452,188	)		(106,495,156	)		(88,514,294	)

	125,286,333			155,738,521			178,450,488			266,964,782

$	55,557,957		$	125,286,333		$	71,955,332		$	178,450,488


	1,712,943			13,326,003			1,979,426			14,365,857
	102,149			571,353			-			-
	(4,764,296	)		(13,003,410	)		(11,222,899	)		(15,874,267	)

	(2,949,204	)		893,946			(9,243,473	)		(1,508,410	)
	15,360,992			14,467,046			22,711,780			24,220,190

	12,411,788			15,360,992			13,468,307			22,711,780


$	897,024		$	781,811		$	731,437		$	718,614

Financial Statements 39

Statements of Changes in Net Assets (continued)


	ICON Leisure and Consumer Staples Fund
	Period ended			Year ended
	March 31,			September 30,
	2009 (unaudited)			2008

Operations
Net investment income/(loss)	$	151,043		$	130,261
Net realized gain/(loss) from investment transactions		(9,413,352	)		(2,758,715	)
Change in net unrealized appreciation/(depreciation) on investments		(3,418,866	)		(6,521,918	)

Net increase/(decrease) in net assets resulting from operations		(12,681,175	)		(9,150,372	)

Dividends and Distributions to Shareholders
Net investment income		-			(530,094	)
Net realized gains		(9,922	)		(6,370,211	)

Net decrease from dividends and distributions		(9,922	)		(6,900,305	)

Fund Share Transactions
Shares sold		1,862,604			35,257,565
Reinvested dividends and distributions		9,724			6,759,578
Shares repurchased		(10,514,400	)		(15,398,164	)

Net increase/(decrease) from fund share transactions		(8,642,072	)		26,618,979

Total net increase/(decrease) in net assets		(21,333,169	)		10,568,302
Net Assets
Beginning of period		42,139,231			31,570,929

End of period	$	20,806,062		$	42,139,231

Transactions in Fund Shares
Shares sold		337,227			3,776,876
Reinvested dividends and distributions		1,818			765,524
Shares repurchased		(1,952,311	)		(1,797,011	)

Net increase/(decrease)		(1,613,266	)		2,745,389
Shares outstanding, beginning of period		5,718,764			2,973,375

Shares outstanding, end of period		4,105,498			5,718,764

Accumulated undistributed net investment income/(loss)	$	351,445		$	200,402

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

40 Financial Statements


ICON Materials Fund						ICON Telecommunication & Utilities Fund
Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,
2009 (unaudited)			2008			2009 (unaudited)			2008


$	615,561		$	857,993		$	373,735		$	1,795,668
	(43,010,781	)		(9,284,326	)		(2,400,657	)		(7,495,950	)

	263,212			(34,719,071	)		(2,998,729	)		(18,700,947	)


	(42,132,008	)		(43,145,404	)		(5,025,651	)		(24,401,229	)


	(860,270	)		(495,395	)		(1,742,486	)		(1,083,543	)
	-			(20,315,377	)		-			(15,519,409	)

	(860,270	)		(20,810,772	)		(1,742,486	)		(16,602,952	)


	8,566,293			117,897,877			5,806,610			105,784,266
	799,139			19,305,814			1,682,883			15,458,710
	(26,406,803	)		(86,045,802	)		(8,050,559	)		(159,411,942	)

	(17,041,371	)		51,157,889			(561,066	)		(38,168,966	)

	(60,033,649	)		(12,798,287	)		(7,329,203	)		(79,173,147	)

	118,522,419			131,320,706			30,335,443			109,508,590

$	58,488,770		$	118,522,419		$	23,006,240		$	30,335,443


	1,259,701			8,803,416			1,069,668			12,220,438
	119,632			1,551,914			315,147			1,860,254
	(3,805,261	)		(6,809,964	)		(1,528,462	)		(21,208,177	)

	(2,425,928	)		3,545,366			(143,647	)		(7,127,485	)
	12,080,455			8,535,089			4,781,884			11,909,369

	9,654,527			12,080,455			4,638,237			4,781,884


$	498,819		$	743,528		$	228,876		$	1,597,627

Financial Statements 41

Financial Highlights


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			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
Period Ended March 31, 2009 (unaudited)	$	7.19	$	0.01		$	(2.35	)	$	(2.34	)	$	-		$	-
Year Ended September 30, 2008		12.79		-	^(d)		(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
Period Ended March 31, 2009 (unaudited)		27.06		0.15			(6.83	)		(6.68	)		(0.12	)		(7.82	)
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
Period Ended March 31, 2009 (unaudited)		8.55		0.06			(4.62	)		(4.56	)		(0.24	)		-
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	)		-

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

42 Financial Highlights


																	Ratio of net investment income/
																	(loss) to average net
									Net		Ratio of expenses to average net assets ^(b)						assets ^(b)
				Net					assets,		Before			After			Before			After
distributions				asset					end of		transfer			transfer			transfer			transfer
	Total			value,					period		agent			agent			agent			agent			Portfolio
	dividends and			end of		Total			(in		earnings			earnings			earnings			earnings			turnover
	distributions			period		return^(a)			thousands)		credit			credit			credit			credit			rate^(c)



	$	-		$	4.85		(32.55	)%	$	43,688		1.49	%		1.49	%		0.42	%		0.42	%		104.79	%
		(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	%


		(7.94	)		12.44		(27.75	)%		360,458		1.25	%		1.25	%		2.01	%		2.01	%		107.82	%
		(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	%


		(0.24	)		3.75		(54.02	)%		35,320		1.45	%		1.45	%		2.39	%		2.39	%		102.29	%
		(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 43

Financial Highlights (continued)


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)^(x)			on investments			operations			income			gains

ICON Healthcare Fund
Period Ended March 31, 2009 (unaudited)	$	13.49	$	0.05		$	(3.52	)	$	(3.47	)	$	-		$	-
Year Ended September 30, 2008		17.68		(0.02	)		(2.65	)		(2.67	)		-			(1.52	)
Year Ended September 30, 2007		17.95		-	^(d)		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
Period Ended March 31, 2009 (unaudited)		8.16		0.05			(3.69	)		(3.64	)		(0.04	)		-
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			-	^(d)		(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
Period Ended March 31, 2009 (unaudited)		7.86		-	^(d)		(2.52	)		(2.52	)		-			-
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	)		-			-

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

44 Financial Highlights


																Ratio of net investment income/
																(loss) to average net
								Net		Ratio of expenses to average net assets ^(b)						assets ^(b)
			Net					assets,		Before			After			Before			After
distributions			asset					end of		transfer			transfer			transfer			transfer
Total			value,					period		agent			agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings			earnings			earnings			earnings			turnover
distributions			period		return ^(a)			thousands)		credit			credit			credit			credit			rate^(c)



$	-		$	10.02		(25.72	)%	$	117,903		1.31	%		1.31	%		0.90	%		0.90	%		64.05	%
	(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	%


	(0.04	)		4.48		(44.70	)%		55,558		1.38	%		1.38	%		1.77	%		1.77	%		56.68	%
	(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	%


	-			5.34		(32.06	)%		71,955		1.45	%		1.45	%		0.03	%		0.03	%		32.28	%
	-			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 45

Financial Highlights (continued)


			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)^(x)			on investments			operations			income			gains

ICON Leisure and Consumer Staples Fund
Period Ended March 31, 2009 (unaudited)	$	7.37	$	0.03		$	(2.33	)	$	(2.30	)	$	-		$	-	^(d)
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	)		-	^(d)
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
Period Ended March 31, 2009 (unaudited)		9.81		0.06			(3.73	)		(3.67	)		(0.08	)		-
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
Period Ended March 31, 2009 (unaudited)		6.34		0.08			(1.08	)		(1.00	)		(0.38	)		-
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)	Not annualized.
(b)	Annualized for periods less than a year.
(c)	Portfolio turnover is calculated at the Fund level and is not annualized.
(d)	Amount less than $0.005.

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

46 Financial Highlights


																Ratio of net investment income/
																(loss) to average net
								Net		Ratio of expenses to average net assets ^(b)						assets ^(b)
			Net					assets,		Before			After			Before			After
distributions			asset					end of		transfer			transfer			transfer			transfer
Total			value,					period		agent			agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings			earnings			earnings			earnings			turnover
distributions			period		return^(a)			thousands)		credit			credit			credit			credit			rate^(c)




$	-	^(d)	$	5.07		(31.18	)%	$	20,806		1.63	%		1.63	%		1.15	%		1.15	%		69.49	%
	(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	%


	(0.08	)		6.06		(37.48	)%		58,489		1.44	%		1.44	%		1.74	%		1.74	%		57.54	%
	(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	%



	(0.38	)		4.96		(16.21	)%		23,006		1.71	%		1.71	%		2.94	%		2.94	%		40.94	%
	(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 47

Notes to Financial Statements
March 31, 2009 (unaudited)

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 series 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.

48 Notes to Financial Statements

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

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.

Notes to Financial Statements 49

Notes to Financial Statements (unaudited) (continued)

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.

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

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

Level 3 - significant unobservable inputs.

50 Notes to Financial Statements

Funds’ investments, based on the inputs used to determine their values on March 31, 2009.


	LEVEL 1		LEVEL 2		LEVEL 3
	Investments		Investments		Investments
Fund Name	in Securities		in Securities		in Securities


ICON Consumer Discretionary Fund	$	48,538,009	$	7,182,573	$	-
ICON Energy Fund		384,339,721		21,493,989		-
ICON Financial Fund		33,846,310		1,565,144		-
ICON Healthcare Fund		138,367,763		5,058,330		-
ICON Industrials Fund		71,003,905		2,550,925		-
ICON Information Technology Fund		93,069,301		448,006		-
ICON Leisure and Consumer Staples Fund		27,125,657		523,006		-
ICON Materials Fund		74,319,443		-		-
ICON Telecommunication & Utilities Fund		18,763,033		4,126,102		-

New Accounting Pronouncements

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 period ended March 31, 2009.

Notes to Financial Statements 51

Notes to Financial Statements (unaudited) (continued)

Foreign Currency Translation

Forward Foreign Currency Contracts

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 period ended March 31, 2009.

Futures Contracts

52 Notes to Financial Statements

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 period ended March 31, 2009.

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. 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 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 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

Notes to Financial Statements 53

Notes to Financial Statements (unaudited) (continued)

period ended March 31, 2009. The Funds did not enter into any written option transactions during the period ended March 31, 2009.

Securities Lending

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

As of March 31, 2009, the following Funds had securities with the following values on loan:


	Value of		Value of
Fund	Loaned Securities		Collateral

ICON Consumer Discretionary Fund	$	10,178,571	$	10,408,779
ICON Energy Fund		42,624,627		43,804,937
ICON Healthcare Fund		25,438,038		25,512,070
ICON Industrials Fund		17,195,854		17,505,053
ICON Information Technology Fund		21,429,191		21,476,757
ICON Leisure and Consumer Staples Fund		5,667,167		6,821,191
ICON Materials Fund		15,640,695		15,910,393

The value of the collateral above could include collateral for securities that were sold on or before March 31, 2009.

Income Taxes

54 Notes to Financial Statements

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

Investment Income

Investment Transactions

Notes to Financial Statements 55

Notes to Financial Statements (unaudited) (continued)

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, 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.

56 Notes to Financial Statements

Administrative Services

Related Parties

Certain Officers and Directors of ICON are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 100% by the Funds. For the period ended March 31, 2009, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

4. Line of Credit

Notes to Financial Statements 57

Notes to Financial Statements (unaudited) (continued)


	Average Borrowing
Fund	(10/1/08-3/31/09)

ICON Consumer Discretionary Fund	$	91,666
ICON Energy Fund		-
ICON Financial Fund		2,587,766
ICON Healthcare Fund		70,005
ICON Industrials Fund**		1,182,302
ICON Information Technology Fund		1,981,471
ICON Leisure and Consumer Staples Fund		320,147
ICON Materials Fund**		440,907
ICON Telecommunication & Utilities Fund		-


**		Fund had outstanding borrowings as of March 31, 2009.

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

5. Federal Income Tax

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 reduces 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

58 Notes to Financial Statements

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

As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis were as follows:


			Undistributed				Accumulated			Unrealized
	Undistributed		Net Long-Term		Accumulated		Capital and			Appreciation			Total Accumulated
Fund	Ordinary Income		Gains		Earnings		Other Losses			(Depreciation)			Earnings (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	)

Notes to Financial Statements 59

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2009, 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	$	58,602,418	$	2,149,792	$	(5,031,628	)	$	(2,881,836	)
ICON Energy Fund		444,884,461		11,832,887		(50,883,638	)		(39,050,751	)
ICON Financial Fund		36,322,180		2,934,041		(3,844,767	)		(910,726	)
ICON Healthcare Fund		160,924,755		4,362,510		(21,861,172	)		(17,498,662	)
ICON Industrials Fund		97,642,188		345,584		(24,432,942	)		(24,087,358	)
ICON Information Technology Fund		109,159,625		3,361,654		(19,003,972	)		(15,642,318	)
ICON Leisure and Consumer Staples Fund		33,110,058		405,634		(5,867,029	)		(5,461,395	)
ICON Materials Fund		81,209,771		5,866,321		(12,756,649	)		(6,890,328	)
ICON Telecommunication & Utilities Fund		28,265,878		285,153		(5,661,896	)		(5,376,743	)

6. Purchases and Sales of Investment Securities

For the period ended March 31, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and options contracts) was as follows:


	Purchases of		Proceeds from Sales
Fund	Securities		of Securities

ICON Consumer Discretionary Fund	$	48,538,401	$	57,174,718
ICON Energy Fund		422,622,387		388,286,999
ICON Financial Fund		74,536,624		97,982,616
ICON Healthcare Fund		90,506,651		85,465,171
ICON Industrials Fund		45,493,755		60,691,069
ICON Information Technology Fund		30,843,402		76,270,921
ICON Leisure and Consumer Staples Fund		18,816,645		27,075,226
ICON Materials Fund		41,763,856		51,786,145
ICON Telecommunications & Utilities Fund		9,527,313		13,527,995

60 Notes to Financial Statements

Six Month Hypothetical Expense Example
March 31, 2009 (unaudited)

Example

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

Expense Example 61

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
	10/1/08		3/31/09		10/1/08-3/31/09*		10/1/08-3/31/09


ICON Consumer Discretionary Fund
Actual Expenses	$	1,000.00	$	674.50	$	6.22		1.49%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.57		7.49
ICON Energy Fund
Actual Expenses		1,000.00		722.50		5.37		1.25%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.77		6.29
ICON Financial Fund
Actual Expenses		1,000.00		459.80		5.28		1.45%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.77		7.29
ICON Healthcare Fund
Actual Expenses		1,000.00		742.80		5.69		1.31%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.47		6.59
ICON Industrials Fund
Actual Expenses		1,000.00		553.00		5.34		1.38%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.12		6.94
ICON Information Technology Fund
Actual Expenses		1,000.00		679.40		6.07		1.45%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.77		7.29
ICON Leisure and Consumer Staples Fund
Actual Expenses		1,000.00		688.20		6.86		1.63%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.87		8.20
ICON Materials Fund
Actual Expenses		1,000.00		625.20		5.83		1.44%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.82		7.24
ICON Telecommunication & Utilities Fund
Actual Expenses		1,000.00		837.90		7.84		1.71%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.47		8.60


*		Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

62 Expense Example

Other Information (unaudited)

Portfolio Holdings

Proxy Voting

A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.

For More Information

ICON Distributors, Inc., Distributor

Other Information 63

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)(1)		Not applicable — Only effective for annual reports.

(a)(2)		Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3)		Not applicable.

(b)		Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ICON Funds


By (Signature and Title)*		/s/ Craig T. Callahan

		Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer)

Date May 22, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		/s/ Craig T. Callahan

		Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer)

Date May 22, 2009


By (Signature and Title)*		/s/ Erik L. Jonson

		Erik L. Jonson, Vice President, Chief Financial Officer and Treasurer
		(Principal Financial Officer and Principal Accounting Officer)

Date May 22, 2009



Aa1			2.1%
Aa2			4.8%
Aa3			2.2%
A1			13.7%
A2			15.3%
A3			11.0%
Baa1			7.9%
Baa2			10.9%
Baa3			4.1%
Ba1			2.2%
Ba2			1.5%
Ba3			3.6%
B1			0.3%
B2			2.2%
B3			1.0%
Caa2			0.3%

			83.1%


Shares or Principal Amount			Value


	30,000	World Acceptance Corp.^(a)x	$	513,000

Total Common Stocks (Cost $48,312,702)				39,113,797

Preferred Stocks (0.9)%
	25,000	Morgan Stanley Capital Trust VI, 6.60%		387,250

Total Preferred Stocks (Cost $364,357)				387,250



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, 12^th Floor Greenwood Village, CO 80111

On the Internet		www.iconfunds.com

By E-Mail		info@iconadvisers.com


Integrated Oil & Gas			52.0%
Oil & Gas Equipment & Services			12.6%
Coal & Consumable Fuels			11.0%
Oil & Gas Exploration & Production			7.0%
Oil & Gas Drilling			6.0%
Oil & Gas Refining & Marketing			2.7%
Oil & Gas Storage & Transportation			2.1%
Electrical Components & Equipment			1.1%

			94.5%


Pharmaceuticals			49.4%
Health Care Equipment			8.9%
Biotechnology			8.1%
Managed Health Care			7.7%
Health Care Services			7.6%
Health Care Distributors			6.5%
Health Care Facilities			5.2%
Health Care Technology			1.4%
Life Sciences Tools & Services			0.9%

			95.7%


Fertilizers & Agricultural Chemicals			29.3%
Steel			13.9%
Industrial Gases			11.6%
Diversified Chemicals			8.9%
Specialty Chemicals			7.8%
Paper Packaging			6.9%
Gold			6.5%
Metal & Glass Containers			4.5%
Diversified Metals & Mining			4.5%
Marine			2.5%
Construction Materials			1.4%
Other Industries (each less than 1%)			2.1%

			99.9%


Multi-Utilities			24.1%
Integrated Telecommunication Services			23.7%
Electric Utilities			23.6%
Wireless Telecommunication Services			8.2%
Alternative Carriers			3.8%

			83.4%