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, 2012

Date of reporting period: March 31, 2012

Item 1. Reports to Stockholders.

2012 SEMIANNUAL REPORT

ICON DIVERSIFIED FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Bond Fund

ICON Equity Income Fund

ICON Fund (formerly, ICON Core Equity Fund)

ICON Long/Short Fund

ICON Risk-Managed Equity Fund

1-800-764-0442 | www.iconfunds.com

SAR-DIV-12 B82510

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

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

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

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

1-800-764-0442    •    www.iconfunds.com

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Bond Fund	4
ICON Equity Income Fund	9
ICON Fund	14
ICON Long/Short Fund	17
ICON Risk-Managed Equity Fund	21
Financial Statements (Unaudited)	26
Financial Highlights (Unaudited)	42
Notes to Financial Statements (Unaudited)	53
Six Month Hypothetical Expense Example (Unaudited)	73
Other Information (Unaudited)	76

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 portfolio holdings as of March 31, 2012, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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 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

2 ABOUT THIS REPORT

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.

There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.

There are risks associated with selling short, including the risk that the ICON Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The ICON Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. Call options involve certain risks, such as limited gains and lack of liquidity in the underlying securities, and are not suitable for all investors. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified 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.

Financial Intermediary

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

ABOUT THIS REPORT 3

ICON BOND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (74.2%)
$	220,000	ACE INA Holdings, Inc.		8.88	%		08/15/29	$	308,756
	1,000,000	Allied Waste North America, Inc.		6.88	%		06/01/17		1,043,750
	1,000,000	Ally Financial, Inc.		6.75	%		12/01/14		1,040,768
	450,000	Altria Group, Inc.		9.25	%		08/06/19		605,128
	450,000	Altria Group, Inc.		9.95	%		11/10/38		684,471
	1,000,000	Ameren Energy Generating Co.(a)		7.00	%		04/15/18		885,000
	1,440,000	American Express Bank FSB(b)		0.54	%		06/12/17		1,367,025
	1,000,000	American Express Co.		7.00	%		03/19/18		1,227,645
	900,000	American International Group, Inc.		4.25	%		05/15/13		919,893
	500,000	AmeriGas Finance LLC/AmeriGas Finance Corp.		7.00	%		05/20/22		510,000
	500,000	Amgen, Inc.		3.88	%		11/15/21		511,974
	900,000	AT&T, Inc.		5.80	%		02/15/19		1,068,249
	800,000	Avnet, Inc.		6.00	%		09/01/15		883,851
	1,000,000	Ball Corp.		5.00	%		03/15/22		1,002,500
	250,000	Bank of America Corp.		5.42	%		03/15/17		255,621
	900,000	Bank of America Corp.		5.63	%		07/01/20		938,279
	1,000,000	Bank of America Corp.		6.80	%		03/15/28		964,845
	950,000	Bank of America NA(b)		0.77	%		06/15/17		820,681
	1,000,000	BB&T Corp.		5.25	%		11/01/19		1,097,535
	401,000	Bill Barrett Corp.		9.88	%		07/15/16		441,100
	500,000	CA, Inc.		5.38	%		12/01/19		545,007
	400,000	Chesapeake Energy Corp.		9.50	%		02/15/15		458,000
	950,000	Citigroup, Inc.		6.00	%		08/15/17		1,056,252
	1,000,000	Citigroup, Inc.		6.13	%		05/15/18		1,120,986
	450,000	Coca-Cola Co.		4.88	%		03/15/19		517,356
	450,000	Comcast Cable Holdings LLC		9.46	%		11/15/22		652,355
	1,000,000	Commercial Metals Co.		7.35	%		08/15/18		1,033,750
	1,000,000	Computer Sciences Corp.		6.50	%		03/15/18		1,082,500
	400,000	Constellation Brands, Inc.		7.25	%		09/01/16		453,000
	900,000	Cooper Tire & Rubber Co.(a)		7.63	%		03/15/27		882,000
	114,000	Cox Communications, Inc.		7.63	%		06/15/25		141,917
	450,000	Dean Foods Co.		6.90	%		10/15/17		452,250
	950,000	Delphi Financial Group, Inc.		7.88	%		01/31/20		1,110,317
	500,000	Denbury Resources, Inc.		9.75	%		03/01/16		548,750

4 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
$	400,000	DISH DBS Corp.		7.13	%		02/01/16	$	442,500
	500,000	Ecolab, Inc.		4.35	%		12/08/21		530,058
	450,000	Entergy Corp.		3.63	%		09/15/15		457,574
	500,000	ERP Operating L.P.		5.38	%		08/01/16		556,133
	450,000	Exelon Generation Co. LLC		5.35	%		01/15/14		482,561
	750,000	Exelon Generation Co. LLC		6.20	%		10/01/17		880,133
	900,000	Exelon Generation Co. LLC		4.00	%		10/01/20		924,941
	500,000	Express Scripts, Inc.		3.13	%		05/15/16		520,652
	500,000	Fiserv, Inc.		4.75	%		06/15/21		531,839
	400,000	Ford Motor Credit Co. LLC		8.00	%		06/01/14		440,342
	1,000,000	Ford Motor Credit Co. LLC		5.63	%		09/15/15		1,063,450
	1,000,000	Frontier Communications Corp.		8.13	%		10/01/18		1,057,500
	900,000	Gap, Inc.		5.95	%		04/12/21		908,232
	500,000	General Electric Capital Corp.		4.75	%		09/15/14		542,323
	1,000,000	General Electric Capital Corp.(b)		0.71	%		05/11/16		955,979
	1,000,000	Goldman Sachs Group, Inc.(b)		0.92	%		03/22/16		912,782
	1,000,000	HCP, Inc.		5.65	%		12/15/13		1,060,958
	1,500,000	HCP, Inc.		6.30	%		09/15/16		1,683,234
	500,000	HCP, Inc.		6.70	%		01/30/18		577,548
	450,000	Hospira, Inc.		6.05	%		03/30/17		500,977
	500,000	Hospira, Inc.		5.60	%		09/15/40		474,610
	500,000	HSBC Finance Corp.		4.75	%		07/15/13		518,396
	474,700	JC Penney Corp., Inc.		7.95	%		04/01/17		529,290
	450,000	John Hancock Life Insurance Co.(c)(d)		7.38	%		02/15/24		524,143
	1,000,000	JPMorgan Chase Bank NA(b)		0.80	%		06/13/16		929,123
	500,000	Life Technologies Corp.		3.50	%		01/15/16		519,347
	400,000	Limited Brands, Inc.		5.63	%		02/15/22		403,500
	900,000	Lockheed Martin Corp.		4.25	%		11/15/19		974,899
	1,400,000	Lorillard Tobacco Co.(a)		6.88	%		05/01/20		1,644,943
	500,000	Mead Johnson Nutrition Co.		4.90	%		11/01/19		559,691
	450,000	Medco Health Solutions, Inc.		2.75	%		09/15/15		462,611
	350,000	Merrill Lynch & Co., Inc.		5.45	%		02/05/13		359,893
	900,000	Microsoft Corp.		5.30	%		02/08/41		1,086,338
	900,000	Morgan Stanley		1.05	%		10/15/15		809,778
	950,000	Morgan Stanley		3.50	%		10/15/20		924,013
	1,000,000	National City Corp.		6.88	%		05/15/19		1,163,106
	500,000	Newfield Exploration Co.		7.13	%		05/15/18		526,250
	900,000	Novartis Capital Corp.		4.40	%		04/24/20		1,020,683
	1,000,000	NRG Energy, Inc.(a)		7.38	%		01/15/17		1,040,000
	900,000	PepsiCo, Inc.		5.00	%		06/01/18		1,050,464
	600,000	Pitney Bowes, Inc.(a)		4.75	%		05/15/18		610,415

SCHEDULE OF INVESTMENTS 5

Shares or Principal Amount			Interest Rate			Maturity Date		Value
$	750,000	PPL Energy Supply LLC(a)		6.50	%		05/01/18	$	866,734
	180,000	Provident Cos., Inc.		7.00	%		07/15/18		191,817
	1,000,000	Reynolds American, Inc.		7.25	%		06/01/12		1,009,279
	900,000	Reynolds American, Inc.		7.25	%		06/01/13		958,877
	1,000,000	Rowan Cos., Inc.		7.88	%		08/01/19		1,193,514
	1,350,000	RR Donnelley & Sons Co.		6.13	%		01/15/17		1,289,250
	900,000	RR Donnelley & Sons Co.		6.63	%		04/15/29		738,000
	450,000	Sara Lee Corp.(a)		2.75	%		09/15/15		465,202
	400,000	Smithfield Foods, Inc.		10.00	%		07/15/14		468,000
	1,350,000	Southern Copper Corp.		5.38	%		04/16/20		1,474,697
	900,000	Staples, Inc.		9.75	%		01/15/14		1,022,588
	1,000,000	Suntrust Banks, Inc.(b)		0.88	%		04/01/15		937,794
	500,000	Tennessee Gas Pipeline Co.		7.00	%		10/15/28		566,501
	500,000	Tesoro Corp.		6.63	%		11/01/15		511,250
	400,000	Toll Brothers Finance Corp.		6.75	%		11/01/19		435,312
	1,000,000	Torchmark Corp.		6.38	%		06/15/16		1,111,175
	1,000,000	UIL Holdings Corp.		4.63	%		10/01/20		1,010,990
	850,000	Valmont Industries, Inc.		6.63	%		04/20/20		972,734
	500,000	Ventas Realty L.P. / Ventas Capital Corp.		4.75	%		06/01/21		504,483
	450,000	Vornado Realty L.P.		4.25	%		04/01/15		471,821
	500,000	Wachovia Corp.		5.25	%		08/01/14		538,167
	900,000	Wells Fargo Bank NA(b)		0.71	%		05/16/16		857,441
	1,000,000	Willis North America, Inc.		6.20	%		03/28/17		1,118,991
	450,000	Windstream Corp.		8.13	%		08/01/13		479,250
	Total Corporate Bonds (Cost $74,346,168)								76,986,587
	U.S. Treasury Obligations (14.8%)
	2,000,000	U.S. Treasury Note		2.38	%		07/31/17		2,126,250
	2,000,000	U.S. Treasury Note		1.88	%		08/31/17		2,073,124
	3,000,000	U.S. Treasury Note		1.25	%		01/31/19		2,937,186
	2,000,000	U.S. Treasury Note		3.63	%		02/15/20		2,268,750
	3,000,000	U.S. Treasury Note		2.13	%		08/15/21		2,997,891
	3,000,000	U.S. Treasury Note		2.00	%		02/15/22		2,942,343
	Total U.S. Treasury Obligations (Cost $15,016,708)								15,345,544

6 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Foreign Corporate Bonds (5.6%)
$	900,000	AngloGold Ashanti Holdings PLC		5.38	%		04/15/20	$	926,399
	900,000	ArcelorMittal(a)		5.50	%		03/01/21		883,327
	900,000	Aspen Insurance Holdings, Ltd.		6.00	%		12/15/20		929,560
	1,000,000	Gold Fields Orogen Holding BVI, Ltd.(d)		4.88	%		10/07/20		958,491
	900,000	Petrobras International Finance Co.		5.38	%		01/27/21		969,065
	900,000	Vale Overseas, Ltd.		8.25	%		01/17/34		1,176,969
	Total Foreign Corporate Bonds (Cost $5,790,645)								5,843,811
	Collateral for Securities on Loan (5.9%)
	6,154,130	State Street Navigator Prime Portfolio							6,154,130
	Total Collateral for Securities on Loan (Cost $6,154,130)								6,154,130
	Short-Term Investment (4.7%)
$	4,895,838	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12							4,895,838
	Total Short-Term Investments (Cost $4,895,838)								4,895,838
	Total Investments 105.2% (Cost $106,203,489)								109,225,910
	Liabilities Less Other Assets (5.2)%								(5,419,492	)
	Net Assets 100.0%							$	103,806,418

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

(a) All or a portion of the security was on loan as of March 31, 2012.

(b) Floating Rate Security. Rate disclosed is as of March 31, 2012.

(c) This security is considered to be illiquid. The value of this security at March 31, 2012 was $524,143, which represents 0.5% of the Fund’s Net Assets.

(d) Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale.

SCHEDULE OF INVESTMENTS 7

ICON Bond Fund

Credit Diversification

March 31, 2012 (unaudited)

A1	1.7%
A2	4.6%
A3	7.9%
Aa2	3.3%
Aa3	1.5%
Aaa	1.0%
B1	3.0%
B2	1.3%
Ba1	6.2%
Ba2	5.2%
Ba3	0.9%
Baa1	13.8%
Baa2	14.2%
Baa3	15.2%
	79.8%

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

Ratings based on Moody’s Investors Service, Inc.

8 SCHEDULE OF INVESTMENTS

ICON EQUITY INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (88.9%)
	8,500	3M Co.	$	758,285
	6,100	Aflac, Inc.		280,539
	7,100	AGL Resources, Inc.		278,462
	4,700	Air Products & Chemicals, Inc.		431,460
	4,600	Alliance Resource Partners L.P.		276,460
	9,400	Altria Group, Inc.		290,178
	14,100	American Eagle Outfitters, Inc.		242,379
	27,900	Annaly Capital Management, Inc., REIT		441,378
	42,800	Apollo Investment Corp.		306,876
	10,000	Archer-Daniels-Midland Co.		316,600
	3,700	Bayer AG, ADR		260,073
	13,000	BB&T Corp.(a)		408,070
	38,500	BGC Partners, Inc., Class A		284,515
	1,700	BlackRock, Inc.		348,330
	5,900	BP PLC, ADR		265,500
	5,200	Buckle, Inc.(a)		249,080
	5,100	Caterpillar, Inc.		543,252
	8,200	CEC Entertainment, Inc.		310,862
	3,400	Chevron Corp.		364,616
	9,700	Computer Sciences Corp.		290,418
	5,000	Corn Products International, Inc.		288,250
	17,700	CSX Corp.		380,904
	6,500	Darden Restaurants, Inc.		332,540
	10,200	Dow Chemical Co.		353,328
	5,500	E.I. du Pont de Nemours & Co.		290,950
	5,600	Eaton Corp.		279,048
	5,100	Emerson Electric Co.		266,118
	6,100	Ensco PLC, ADR		322,873

Shares or Principal Amount			Value
	6,700	Exxon Mobil Corp.	$	581,091
	26,000	General Electric Co.		521,820
	56,500	GFI Group, Inc.		212,440
	9,100	Guess?, Inc.		284,375
	19,700	H&R Block, Inc.		324,459
	10,500	Harsco Corp.		246,330
	8,800	HJ Heinz Co.(a)		471,240
	6,300	Home Depot, Inc.		316,953
	4,400	Illinois Tool Works, Inc.		251,328
	26,600	Intel Corp.		747,726
	3,900	International Business Machines Corp.		813,735
	21,000	JPMorgan Chase & Co.		965,580
	10,800	Linear Technology Corp.		363,960
	3,600	Lockheed Martin Corp.		323,496
	11,500	Lowe’s Cos., Inc.		360,870
	22,000	Manulife Financial Corp.		298,100
	7,200	Medtronic, Inc.		282,168
	25,100	Microsoft Corp.		809,475
	7,100	Molson Coors Brewing Co., Class B		321,275
	4,200	Norfolk Southern Corp.		276,486
	19,200	NTT DoCoMo, Inc., ADR		320,064
	7,500	Nucor Corp.		322,125
	7,100	Omnicom Group, Inc.		359,615
	4,000	PartnerRe, Ltd.		271,560
	55,300	PDL BioPharma, Inc.(a)		351,155
	20,200	Pfizer, Inc.		457,732
	10,300	Principal Financial Group, Inc.		303,953
	28,800	Redwood Trust, Inc., REIT(a)		322,560
	7,900	Reynolds American, Inc.		327,376
	5,100	Sempra Energy		305,796
	6,900	Southern Co.		310,017
	9,100	Target Corp.		530,257

SCHEDULE OF INVESTMENTS 9

Shares or Principal Amount			Value
	17,300	TCF Financial Corp.(a)	$	205,697
	11,200	UGI Corp.		305,200
	2,200	Union Pacific Corp.		236,456
	47,900	United Online, Inc.		234,231
	3,900	United Parcel Service, Inc., Class B		314,808
	2,800	United Technologies Corp.		232,232
	13,100	Valero Energy Corp.		337,587
	8,700	Waddell & Reed Financial, Inc., Class A		281,967

Shares or Principal Amount			Value
	8,800	Walt Disney Co.	$	385,264
	12,300	Wells Fargo & Co.		419,922
	52,400	Xerox Corp.		423,392
	Total Common Stocks (Cost $23,238,003)			25,793,217
	Preferred Stock (1.2%)
	13,400	Capital One Capital II(a)		339,154
	Total Preferred Stocks (Cost $342,954)			339,154

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (5.1%)
$	600,000	Bank of America Corp.		5.42	%		03/15/17	$	613,489
	350,000	Commercial Metals Co.		7.35	%		08/15/18		361,813
	500,000	Goldman Sachs Group, Inc.		5.38	%		03/15/20		508,288
	Total Corporate Bonds (Cost $1,475,790)								1,483,590
	Convertible Preferred Stocks (1.8%)
	6,100	Omnicare Capital Trust II, Series B		4.00	%		06/15/33		289,750
	200	Wells Fargo & Co., Series L		7.50	%		12/31/49		223,340
	Total Convertible Preferred Stocks (Cost $482,315)								513,090

Underlying Security/Expiration Date/Exercise Price	Contracts*		Value
Call Options Purchased (0.7%)
Archer-Daniels-Midland Co., January 2013, $35.00		69		9,522
Bank Of America Corp., January 2013, $7.50		500		134,250
Goldman Sachs Group, Inc., January 2013, $120.00		42		66,675
Total Call Options Purchased (Cost $97,608)				210,447

Shares or Principal Amount			Value
	Collateral for Securities on Loan (3.7%)
	1,081,349	State Street Navigator Prime Portfolio		1,081,349
		Total Collateral for Securities on Loan (Cost $1,081,349)		1,081,349
		Total Investments 101.4% (Cost $26,718,019)		29,420,847
		Liabilities Less Other Assets (1.4)%		(419,398	)
		Net Assets 100.0%	$	29,001,449

10 SCHEDULE OF INVESTMENTS

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

* All options have 100 shares per contract.

(a) All or a portion of the security was on loan as of March 31, 2012.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SCHEDULE OF INVESTMENTS 11

ICON Equity Income Fund

Sector Composition

March 31, 2012 (unaudited)

Financial	20.4%
Industrials	16.0%
Consumer Discretionary	12.7%
Information Technology	12.7%
Energy	7.4%
Consumer Staples	7.0%
Health Care	5.7%
Utilities	5.2%
Materials	4.8%
	91.9%

Percentages are based upon common, preferred and convertible preferred stocks as a percentage of net assets.

12 SCHEDULE OF INVESTMENTS

ICON Equity Income Fund

Industry Composition

March 31, 2012 (unaudited)

Industrial Conglomerates	4.4%
Integrated Oil & Gas	4.2%
Semiconductors	3.8%
Other Diversified Financial Services	3.3%
Asset Management & Custody Banks	3.2%
Railroads	3.1%
Life & Health Insurance	3.1%
IT Consulting & Other Services	2.8%
Systems Software	2.8%
Industrial Machinery	2.7%
Apparel Retail	2.7%
Mortgage REIT’s	2.6%
Pharmaceuticals	2.5%
Home Improvement Retail	2.3%
Diversified Chemicals	2.2%
Restaurants	2.2%
Diversified Banks	2.2%
Tobacco	2.1%
Regional Banks	2.1%
Agricultural Products	2.1%
Gas Utilities	2.0%
Aerospace & Defense	1.9%
Construction & Farm Machinery & Heavy Trucks	1.9%
General Merchandise Stores	1.8%

Investment Banking & Brokerage	1.7%
Packaged Foods & Meats	1.6%
Industrial Gases	1.5%
Office Electronics	1.5%
Movies & Entertainment	1.3%
Advertising	1.2%
Biotechnology	1.2%
Consumer Finance	1.2%
Oil & Gas Refining & Marketing	1.2%
Specialized Consumer Services	1.1%
Oil & Gas Drilling	1.1%
Steel	1.1%
Brewers	1.1%
Wireless Telecommunication Services	1.1%
Air Freight & Logistics	1.1%
Electric Utilities	1.1%
Multi-Utilities	1.1%
Data Processing & Outsourced Services	1.0%
Health Care Services	1.0%
Health Care Equipment	1.0%
Coal & Consumable Fuels	1.0%
Other Industries (each less than 1%)	2.7%
	91.9%

Percentages are based upon common, preferred and convertible preferred stocks as a percentage of net assets.

SCHEDULE OF INVESTMENTS 13

ICON FUND (FORMERLY, ICON CORE EQUITY FUND)

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.7%)
	22,100	Accenture PLC, Class A	$	1,425,450
	7,900	Apple, Inc.†		4,735,813
	22,100	BB&T Corp.		693,719
	29,000	CACI International, Inc., Class A†		1,806,410
	15,800	Cash America International, Inc.(a)		757,294
	27,800	Caterpillar, Inc.		2,961,256
	22,000	Celgene Corp.†		1,705,440
	3,100	CME Group, Inc.		896,923
	114,700	Comcast Corp., Class A		3,442,147
	31,800	Cooper Industries PLC		2,033,610
	61,800	CSX Corp.		1,329,936
	18,400	Dover Corp.		1,158,096
	21,600	Eaton Corp.		1,076,328
	48,100	Emerson Electric Co.		2,509,858
	38,700	Ezcorp, Inc., Class A†		1,256,009
	9,600	FedEx Corp.		882,816
	94,200	General Electric Co.		1,890,594
	30,500	Halliburton Co.		1,012,295
	49,500	Helen of Troy, Ltd.†		1,683,495
	31,000	Illinois Tool Works, Inc.		1,770,720
	9,100	International Business Machines Corp.		1,898,715
	39,000	JPMorgan Chase & Co.		1,793,220
	67,800	Juniper Networks, Inc.†		1,551,264
	62,300	Lowe’s Cos., Inc.		1,954,974
	17,000	National Oilwell Varco, Inc.		1,350,990

Shares or Principal Amount			Value
	16,200	NetApp, Inc.†	$	725,274
	6,400	Nike, Inc., Class B		694,016
	44,100	Noble Corp.†		1,652,427
	26,400	Nucor Corp.(a)		1,133,880
	6,300	Parker Hannifin Corp.		532,665
	27,700	Praxair, Inc.		3,175,528
	15,900	Schlumberger, Ltd.		1,111,887
	6,800	Siemens AG, ADR		685,712
	105,200	Steel Dynamics, Inc.		1,529,608
	37,300	Time Warner Cable, Inc.		3,039,950
	79,200	TJX Cos., Inc.		3,145,032
	14,500	Union Pacific Corp.		1,558,460
	54,700	Valero Energy Corp.		1,409,619
	30,200	Viacom, Inc., Class B		1,433,292
	44,100	Walt Disney Co.		1,930,698
	43,600	Wells Fargo & Co.		1,488,504
	18,500	Wolverine World Wide, Inc.		687,830
	Total Common Stocks (Cost $51,159,850)			69,511,754
	Collateral for Securities on Loan (1.6%)
	1,141,203	State Street Navigator Prime Portfolio		1,141,203
	Total Collateral for Securities on Loan (Cost $1,141,203)			1,141,203
	Total Investments 101.3% (Cost $52,301,053)			70,652,957
	Liabilities Less Other Assets (1.3)%			(929,338	)
	Net Assets 100.0%		$	69,723,619

14 SCHEDULE OF INVESTMENTS

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2012.

ADR American Depositary Receipt

SCHEDULE OF INVESTMENTS 15

ICON Fund

Sector Composition

March 31, 2012 (unaudited)

Industrials	26.4%
Consumer Discretionary	25.8%
Information Technology	17.4%
Financial	9.9%
Energy	9.4%
Materials	8.4%
Health Care	2.4%
	99.7%

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

ICON Fund

Industry Composition

March 31, 2012 (unaudited)

Cable & Satellite	9.3%
IT Consulting & Other Services	7.4%
Computer Hardware	6.8%
Electrical Components & Equipment	6.5%
Industrial Machinery	6.5%
Oil & Gas Equipment & Services	5.0%
Movies & Entertainment	4.8%
Industrial Gases	4.6%
Apparel Retail	4.5%
Construction & Farm Machinery & Heavy Trucks	4.3%
Railroads	4.1%
Steel	3.8%
Industrial Conglomerates	3.7%
Consumer Finance	2.9%
Home Improvement Retail	2.8%

Other Diversified Financial Services	2.6%
Biotechnology	2.4%
Household Appliances	2.4%
Oil & Gas Drilling	2.4%
Communications Equipment	2.2%
Diversified Banks	2.1%
Oil & Gas Refining & Marketing	2.0%
Footwear	2.0%
Specialized Finance	1.3%
Air Freight & Logistics	1.3%
Computer Storage & Peripherals	1.0%
Regional Banks	1.0%
	99.7%

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

16 SCHEDULE OF INVESTMENTS

ICON LONG/SHORT FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.0%)
	9,500	Accenture PLC, Class A(x)	$	612,750
	1,700	Apple, Inc.† (x)		1,019,099
	4,400	Automatic Data Processing, Inc.(x)		242,836
	10,800	BB&T Corp.(a)		339,012
	6,400	CACI International, Inc., Class A†		398,656
	5,500	Caterpillar, Inc.(x)		585,860
	5,600	Celgene Corp.† (x)		434,112
	27,800	Charles Schwab Corp.		399,486
	600	CME Group, Inc.		173,598
	5,800	Cognizant Technology Solutions Corp., Class A† (x)		446,310
	21,500	Comcast Corp., Class A(x)		645,215
	1,300	Computer Sciences Corp.(x)		38,922
	3,500	Cooper Industries PLC		223,825
	18,600	CSX Corp.(x)		400,272
	10,500	Danaher Corp.(x)		588,000
	8,600	Dover Corp.		541,284
	6,100	Ecolab, Inc.		376,492
	5,600	Emerson Electric Co.		292,208
	14,300	Ezcorp, Inc., Class A†		464,107
	4,000	FedEx Corp.		367,840
	25,800	General Electric Co.(x)		517,806
	4,800	Guess?, Inc.		150,000
	8,200	Halliburton Co.		272,158
	10,700	Helen of Troy, Ltd.†		363,907
	3,600	Home Depot, Inc.		181,116
	5,700	Illinois Tool Works, Inc.		325,584
	3,200	International Business Machines Corp.(x)		667,680
	11,600	JPMorgan Chase & Co.		533,368
	17,500	Juniper Networks, Inc.†		400,400

Shares or Principal Amount			Value
	10,000	Lowe’s Cos., Inc.	$	313,800
	3,600	National Oilwell Varco, Inc.		286,092
	8,200	NetApp, Inc.†		367,114
	3,100	Nike, Inc., Class B		336,164
	7,900	Noble Corp.† (x)		296,013
	2,400	Norfolk Southern Corp.		157,992
	4,600	Praxair, Inc.		527,344
	4,500	Reliance Steel & Aluminum Co.		254,160
	3,400	Schlumberger, Ltd.(x)		237,762
	5,700	Time Warner Cable, Inc.(x)		464,550
	16,600	TJX Cos., Inc.(x)		659,186
	15,300	Valero Energy Corp.		394,281
	2,200	Walt Disney Co.(x)		96,316
	15,000	Wells Fargo & Co.		512,100
	Total Common Stocks (Cost $13,227,602)			16,904,777
	Collateral for Securities on Loan (0.5%)
	98,040	State Street Navigator Prime Portfolio		98,040
	Total Collateral for Securities on Loan (Cost $98,040)			98,040
	Short-Term Investment (1.6%)
$	276,486	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12		276,486
	Total Short-Term Investments (Cost $276,486)			276,486
	Total Investments 100.1% (Cost $13,602,128)			17,279,303
	Liabilities Less Other Assets (0.1)%			(24,760	)
	Net Assets 100.0%		$	17,254,543

SCHEDULE OF INVESTMENTS 17

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

† Non-income producing security.

(x) All or a portion of the security is pledged as collateral for securities sold short.

(a) All or a portion of the security was on loan as of March 31, 2012.

18 SCHEDULE OF INVESTMENTS

ICON LONG/SHORT FUND

SCHEDULE OF SECURITIES SOLD SHORT

MARCH 31, 2012 (UNAUDITED)

Shares		Short Security	Value
	2,000	SL Green Realty Corp., REIT	$	155,100
	3,000	SPDR S&P 500 ETF Trust		422,160
	3,300	Texas Industries, Inc.		115,533
Total Securities Sold Short (Proceeds $596,617)			$	692,793

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

REIT Real Estate Investment Trust

SCHEDULE OF INVESTMENTS 19

ICON Long/Short Fund

Sector Composition

March 31, 2012 (unaudited)

Information Technology	24.3%
Industrials	23.2%
Consumer Discretionary	18.6%
Financial	14.1%
Energy	8.6%
Materials	6.7%
Health Care	2.5%
	98.0%

Percentages are based upon long positions as a percentage

of net assets.

ICON Long/Short Fund

Industry Composition

March 31, 2012 (unaudited)

IT Consulting & Other Services	12.3%
Cable & Satellite	6.4%
Industrial Conglomerates	6.4%
Computer Hardware	5.9%
Industrial Machinery	5.0%
Apparel Retail	4.7%
Oil & Gas Equipment & Services	4.6%
Construction & Farm Machinery & Heavy Trucks	3.4%
Railroads	3.2%
Other Diversified Financial Services	3.1%
Industrial Gases	3.1%
Electrical Components & Equipment	3.0%
Diversified Banks	3.0%
Home Improvement Retail	2.9%
Consumer Finance	2.7%

Biotechnology	2.5%
Communications Equipment	2.3%
Investment Banking & Brokerage	2.3%
Oil & Gas Refining & Marketing	2.3%
Specialty Chemicals	2.2%
Air Freight & Logistics	2.1%
Computer Storage & Peripherals	2.1%
Household Appliances	2.1%
Regional Banks	2.0%
Footwear	2.0%
Oil & Gas Drilling	1.7%
Data Processing & Outsourced Services	1.6%
Steel	1.5%
Specialized Finance	1.0%
Movies & Entertainment	0.6%
	98.0%

Percentages are based upon long positions as a percentage of net assets.

20 SCHEDULE OF INVESTMENTS

ICON RISK-MANAGED EQUITY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (104.1%)
	3,300	3M Co.(x)	$	294,393
	4,100	Abbott Laboratories		251,289
	5,800	Accenture PLC, Class A(x)		374,100
	2,900	AGL Resources, Inc.(x)		113,738
	2,900	Air Products & Chemicals, Inc.(x)		266,220
	9,400	Altria Group, Inc.(x)		290,178
	1,400	Amerisource-Bergen Corp.(x)		55,552
	4,400	Amgen, Inc.(x)		299,156
	1,500	Apple, Inc.† (x)		899,205
	4,200	Automatic Data Processing, Inc.(x)		231,798
	4,400	Bank of New York Mellon Corp.		106,172
	2,200	Barrick Gold Corp.(x)		95,656
	4,800	BB&T Corp.(x)		150,672
	3,300	Best Buy Co., Inc.(x)		78,144
	1,300	Cardinal Health, Inc.(x)		56,043
	2,800	Caterpillar, Inc.(x)		298,256
	2,500	Chevron Corp.(x)		268,100
	400	CME Group, Inc.(x)		115,732
	2,600	Cognizant Technology Solutions Corp., Class A†(x)		200,070
	3,000	ConocoPhillips		228,030
	2,100	Cooper Industries PLC		134,295
	3,000	Corn Products International, Inc.(x)		172,950
	16,500	CSX Corp.(x)		355,080
	3,200	Danaher Corp.		179,200
	5,300	Dover Corp.(x)		333,582
	3,700	E.I. du Pont de Nemours & Co.(x)		195,730
	2,200	Express Scripts, Inc.†(x)		119,196

Shares or Principal Amount			Value
	2,700	Exxon Mobil Corp.(x)	$	234,171
	1,600	FedEx Corp.(x)		147,136
	2,900	Genuine Parts Co.(x)		181,975
	1,100	Goldman Sachs Group, Inc.		136,807
	300	Google, Inc., Class A†(x)		192,372
	5,900	Halliburton Co.(x)		195,821
	3,400	Helmerich & Payne, Inc.		183,430
	13,600	Intel Corp.(x)		382,296
	4,400	International Business Machines Corp.(x)		918,060
	2,800	Johnson Controls, Inc.		90,944
	2,150	JOS A. Bank Clothiers, Inc.†(x)		108,381
	11,100	JPMorgan Chase & Co.(x)		510,378
	2,900	Kimberly-Clark Corp.		214,281
	1,500	Laboratory Corp. of America Holdings†(x)		137,310
	5,300	Lincare Holdings, Inc.(x)		137,164
	12,100	Lowe’s Cos., Inc.(x)		379,698
	2,900	M&T Bank Corp.(x)		251,952
	1,400	McDonald’s Corp.		137,340
	6,800	Medtronic, Inc.(x)		266,492
	15,000	Microsoft Corp.(x)		483,750
	6,700	Morgan Stanley(x)		131,588
	2,500	Murphy Oil Corp.(x)		140,675
	4,000	National Oilwell Varco, Inc.(x)		317,880
	1,300	Nike, Inc., Class B(x)		140,972
	1,700	Occidental Petroleum Corp.(x)		161,891
	2,900	Oracle Corp.(x)		84,564
	3,100	Parker Hannifin Corp.(x)		262,105

SCHEDULE OF INVESTMENTS 21

Shares or Principal Amount			Value
	4,800	Philip Morris International, Inc.(x)	$	425,328
	600	PPG Industries, Inc.		57,480
	5,700	PPL Corp.(x)		161,082
	2,500	Praxair, Inc.(x)		286,600
	1,600	Procter & Gamble Co.(x)		107,536
	3,200	Prudential Financial, Inc.(x)		202,848
	1,600	QUALCOMM, Inc.(x)		108,832
	2,200	Sempra Energy(x)		131,912
	5,900	Southern Co.		265,087
	7,200	Sysco Corp.		214,992
	4,900	Target Corp.(x)		285,523
	16,400	TJX Cos., Inc.(x)		651,244
	5,000	Torchmark Corp.(x)		249,250

Shares or Principal Amount			Value
	1,000	Tupperware Brands Corp.(x)	$	63,500
	5,900	U.S. Bancorp(x)		186,912
	3,500	UGI Corp.		95,375
	3,700	Union Pacific Corp.(x)		397,676
	2,300	United Technologies Corp.(x)		190,762
	2,100	Valero Energy Corp.		54,117
	1,700	Varian Medical Systems, Inc.†(x)		117,232
	4,900	Wal-Mart Stores, Inc.(x)		299,880
	8,100	Walt Disney Co.(x)		354,618
	9,300	Wells Fargo & Co.(x)		317,502
	5,700	Xcel Energy, Inc.(x)		150,879
	Total Common Stocks (Cost $14,268,753)			18,068,137

Underlying Security/Expiration Date/Exercise Price	Contracts*	Value
Put Option Purchased (0.2%)
S+P 500 Index, April 2012, $1,345.00	100	$	38,500
Total Put Options Purchased (Cost $102,536)			38,500
Shares or Principal Amount		Value
Short-Term Investment (5.2%)
$905,826    State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12		$	905,826
Total Short-Term Investments (Cost $905,826)			905,826
Total Investments 109.5% (Cost $15,277,115)			19,012,463
Liabilities Less Other Assets (9.5)%			(1,645,021	)
Net Assets 100.0%		$	17,367,442

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

† Non-income producing security.

^(x)  All or a portion of the security is pledged as collateral for call options written.

* All options have 100 share per contract.

22 SCHEDULE OF INVESTMENTS

ICON RISK-MANAGED EQUITY FUND

SCHEDULE OF WRITTEN CALL OPTIONS

MARCH 31, 2012 (UNAUDITED)

Underlying Security/Expiration Date/Exercise Price	Contracts*	Value
S+P 500 Index, April 2012, $1,360.00	80	$	427,600
Total Options Written (Premiums received $286,524)		$	427,600

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

* All options have 100 share per contract.

SCHEDULE OF INVESTMENTS 23

ICON Risk-Managed Equity Fund

Sector Composition

March 31, 2012 (unaudited)

Information Technology	22.3%
Industrials	14.9%
Consumer Discretionary	14.3%
Financial	13.6%
Energy	10.3%
Consumer Staples	9.9%
Health Care	8.3%
Utilities	5.3%
Materials	5.2%
	104.1%

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

24 SCHEDULE OF INVESTMENTS

ICON Risk-Managed Equity Fund

Industry Composition

March 31, 2012 (unaudited)

IT Consulting & Other Services	8.6%
Integrated Oil & Gas	6.0%
Computer Hardware	5.2%
Apparel Retail	4.4%
Railroads	4.3%
Tobacco	4.1%
Industrial Machinery	3.4%
Systems Software	3.3%
Industrial Gases	3.2%
Oil & Gas Equipment & Services	3.0%
Other Diversified Financial Services	2.9%
Diversified Banks	2.9%
Industrial Conglomerates	2.7%
Life & Health Insurance	2.6%
Electric Utilities	2.5%
Regional Banks	2.3%
Health Care Services	2.3%
Health Care Equipment	2.2%
Semiconductors	2.2%
Home Improvement Retail	2.2%
Movies & Entertainment	2.0%
Household Products	1.9%

Hypermarkets & Super Centers	1.7%
Biotechnology	1.7%
Construction & Farm Machinery & Heavy Trucks	1.7%
General Merchandise Stores	1.6%
Multi-Utilities	1.6%
Investment Banking & Brokerage	1.6%
Diversified Chemicals	1.5%
Pharmaceuticals	1.4%
Data Processing & Outsourced Services	1.3%
Food Distributors	1.2%
Gas Utilities	1.2%
Internet Software & Services	1.1%
Aerospace & Defense	1.1%
Oil & Gas Drilling	1.1%
Distributors	1.1%
Agricultural Products	1.0%
Other Industries (each less than 1%)	8.0%
	104.1%

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

SCHEDULE OF INVESTMENTS 25

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2012 (UNAUDITED)

	ICON Bond Fund		ICON Equity Income Fund
Assets
Investments, at cost	$	106,203,489	$	26,718,019
Investments, at value†		109,225,910		29,420,847
Deposits for short sales		–		–
Cash		–		2,835
Receivables:
Fund shares sold		444,730		195,416
Investments sold		–		613,001
Interest		1,180,476		5,927
Dividends		–		109,913
Expense reimbursements due from Adviser		38,410		9,405
Foreign tax reclaims		–		11,717
Other assets		28,018		25,059
Total Assets		110,917,544		30,394,120
Liabilities
Options written, at value (premiums received $286,524)		–		–
Securities sold short, at value (proceeds of $596,617)		–		–
Payables:
Due to custodian bank		–		75,589
Due to prime broker		–		–
Expense recoupment due to adviser		–		3,519
Investments purchased		335,689		–
Payable for collateral received on securities loaned		6,154,130		1,081,349
Fund shares redeemed		501,927		154,183
Dividends from short positions		–		–
Distributions due to shareholders		7,437		14,853
Advisory fees		48,863		20,833
Accrued distribution fees		7,675		6,679
Fund accounting fees		3,218		1,113
Transfer agent fees		14,444		9,608
Administration fees		4,068		1,388
Trustee fees		3,562		1,233
Accrued expenses		30,113		22,324
Total Liabilities		7,111,126		1,392,671
Net Assets - all share classes	$	103,806,418	$	29,001,449
Net Assets - Class C	$	3,821,180	$	4,802,431
Net Assets - Class S*	$	76,561,416	$	12,637,995
Net Assets - Class A	$	23,423,822	$	11,561,023

26 FINANCIAL STATEMENTS

ICON Fund		ICON Long/Short Fund		ICON Risk-Managed Equity Fund
$	52,301,053	$	13,602,128	$	15,277,115
	70,652,957		17,279,303		19,012,463
	–		750,012		–
	–		551		4,163
	250,632		261,138		163,337
	1,149,296		242,173		–
	–		–		–
	89,348		14,756		30,688
	7,678		16,714		16,925
	10,546		–		–
	30,365		17,797		18,636
	72,190,822		18,582,444		19,246,212
	–		–		427,600
	–		692,793		–
	231,674		–		–
	–		39,753		1,304,977
	–		–		103
	790,454		437,156		–
	1,141,203		98,040		–
	175,388		7,956		98,704
	–		2,526		–
	–		–		2,822
	46,063		11,989		11,664
	21,277		6,927		3,425
	2,419		546		631
	15,525		7,234		6,321
	3,068		705		777
	2,400		455		634
	37,732		21,821		21,112
	2,467,203		1,327,901		1,878,770
$	69,723,619	$	17,254,543	$	17,367,442
$	20,671,874	$	6,418,028	$	2,328,281
$	32,713,675	$	3,153,399	$	8,557,464
$	16,338,070	$	7,683,116	$	6,481,697

FINANCIAL STATEMENTS 27

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

MARCH 31, 2012 (UNAUDITED)

	ICON Bond Fund			ICON Equity Income Fund
Net Assets Consist of
Paid-in capital	$	99,559,627		$	54,815,376
Accumulated undistributed net investment income/(loss)		(329,127	)		(510	)
Accumulated undistributed net realized gain/(loss) from investments, written options securities sold short and foreign currency transactions		1,553,497			(28,516,245	)
Unrealized appreciation/(depreciation) on investments, written options, securities sold short and foreign currency transactions		3,022,421			2,702,828
Net Assets	$	103,806,418		$	29,001,449
Shares outstanding (unlimited shares authorized, no par value)
Class C		373,062			393,520
Class S*		7,502,988			1,041,477
Class A		2,295,469			956,959
Net asset value (offering and redemption price per share)
Class C	$	10.24		$	12.20
Class S*	$	10.20		$	12.13
Class A	$	10.20		$	12.08
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	10.71		$	12.82
† Includes securities on loan of	$	5,934,756		$	1,045,634

* Class S shares were formerly named Class Z shares prior to January 23, 2012.

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

28 FINANCIAL STATEMENTS

ICON Fund			ICON Long/Short Fund			ICON Risk-Managed Equity Fund
$	95,736,195		$	76,630,275		$	34,516,706
	110,814			(35,001	)		(218	)
	(44,475,294	)		(62,921,730	)		(20,743,318	)
	18,351,904			3,580,999			3,594,272
$	69,723,619		$	17,254,543		$	17,367,442
	1,963,232			465,356			207,496
	2,874,686			213,349			706,736
	1,495,784			528,186			546,688
$	10.53		$	13.79		$	11.22
$	11.38		$	14.78		$	12.11
$	10.92		$	14.55		$	11.86
$	11.59		$	15.44		$	12.58
$	1,120,179		$	95,426		$	–

FINANCIAL STATEMENTS 29

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2012 (UNAUDITED)

	ICON Bond Fund			ICON Equity Income Fund
Investment Income
Interest	$	2,422,195		$	54,989
Dividends		–			701,494
Income from securities lending, net		5,487			4,880
Foreign taxes withheld		–			(6,814	)
Total Investment Income		2,427,682			754,549
Expenses
Advisory fees		288,637			125,447
Distribution fees:
Class I*		71,228			20,100
Class C		16,510			22,127
Class A		11,641			8,447
Fund accounting fees		9,621			3,345
Transfer agent fees		43,855			24,524
Administration fees		24,044			8,360
Prime broker expense		–			–
Custody fees		2,068			2,687
Registration fees:
Class I*		6,348			4,418
Class C		4,340			4,512
Class S**		560			558
Class A		2,274			5,244
Insurance expense		8,794			3,161
Trustee fees and expenses		5,143			1,853
Audit and tax service expense		15,531			16,691
Interest expense		226			1,011
Recoupment of previously reimbursed expenses		–			3,519
Other expenses		31,682			17,974
Dividends on short positions		–			–
Total expenses before expense reimbursement		542,502			273,978
Expense reimbursement by Adviser due to expense limitation agreement		(82,100	)		(21,579	)
Net Expenses		460,402			252,399
Net Investment Income/(Loss)		1,967,280			502,150

30 FINANCIAL STATEMENTS

ICON Fund			ICON Long/Short Fund			ICON Risk-Managed Equity Fund
$	1		$	2		$	11
	690,529			116,709			232,980
	–			–			–
	(13,278	)		–			(193	)
	677,252			116,711			232,798
	267,753			66,086			74,790
	38,544			6,180			12,466
	98,336			29,837			11,290
	10,107			4,526			5,191
	7,101			1,550			1,995
	55,078			19,072			18,550
	17,843			3,886			4,984
	–			3,713			–
	1,596			997			4,159
	4,916			3,428			3,996
	5,661			5,185			4,502
	940			165			370
	4,903			5,009			5,246
	6,114			1,213			1,543
	3,755			772			1,039
	15,994			18,394			18,442
	3,360			506			2,091
	–			–			103
	32,133			12,022			14,655
	–			6,029			–
	574,134			188,570			185,412
	(7,678	)		(36,858	)		(34,704	)
	566,456			151,712			150,708
	110,796			(35,001	)		82,090

FINANCIAL STATEMENTS 31

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE PERIOD ENDED MARCH 31, 2012 (UNAUDITED)

	ICON Bond Fund		ICON Equity Income Fund
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, Securities Sold Short and Foreign Currency Transactions
Net realized gain/(loss) from investment transactions		1,553,503		94,066
Net realized gain/(loss) from foreign currency transactions		–		249
Net realized gain/(loss) from written options		–		–
Net realized gain/(loss) from securities sold short		–		–
Change in unrealized net appreciation/(depreciation) on investments and foreign currency transactions		1,074,129		5,940,376
Change in unrealized net appreciation/(depreciation) on written options		–		–
Change in unrealized net appreciation/(depreciation) on securities sold short		–		–
Net realized and unrealized gain/(loss) on investments, written options, securities sold short and foreign currency transactions		2,627,632		6,034,691
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,594,912	$	6,536,841

* Class I shares merged into Class A on January 23, 2012. The information presented is that before the merger.

** Class S shares were formerly named Class Z shares prior to January 23, 2012.

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

32 FINANCIAL STATEMENTS

ICON Fund			ICON Long/Short Fund			ICON Risk-Managed Equity Fund
	(926,746	)		(272,430	)		376,166
	–			–			–
	–			–			(813,595	)
	–			3,104			–
	19,099,273			4,099,822			2,805,557
	–			–			(205,064	)
	–			(138,534	)		–
	18,172,527			3,691,962			2,163,064
$	18,283,323		$	3,656,961		$	2,245,154

FINANCIAL STATEMENTS 33

STATEMENTS OF CHANGES IN NET ASSETS

	ICON Bond Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Operations
Net investment income/(loss)	$	1,967,280		$	5,651,322
Net realized gain/(loss) on investment transactions, written options, securities sold short and foreign currency transactions		1,553,503			3,288,516
Change in net unrealized appreciation/(depreciation) on investments, foreign currency transactions, written options and securities sold short		1,074,129			(8,196,071	)
Net increase/(decrease) in net assets resulting from operations		4,594,912			743,767
Dividends and Distributions to Shareholders
Net investment income
Class I*		(1,197,245	)		(5,454,987	)
Class C		(66,951	)		(148,880	)
Class S**		(525,860	)		(44,454	)
Class A		(176,965	)		(2,400	)
Net realized gains
Class I*		(1,600,813	)		(2,996,875	)
Class C		(65,783	)		(86,038	)
Class S**		(15,117	)		(21,226	)
Class A		(4,480	)		(723	)
Net decrease from dividends and distributions		(3,653,214	)		(8,755,583	)
Fund Share Transactions
Shares sold
Class I*		10,974,194			32,580,297
Class C		269,165			750,410
Class S**		78,020,521			19,196
Class A***		28,098,383			267,330
Reinvested dividends and distributions
Class I*		2,526,420			8,265,981
Class C		121,788			213,732
Class S**		505,415			1,620
Class A		166,308			2,562
Shares repurchased
Class I***		(104,334,901	)		(87,891,304	)
Class C		(486,990	)		(1,362,160	)
Class S**		(4,027,224	)		(126,205	)
Class A***		(5,536,144	)		(12,669	)
Net Increase/(decrease) from fund share transactions		6,296,935			(47,291,210	)
Total net increase/(decrease) in net assets		7,238,633			(55,303,026	)
Net Assets
Beginning of period		96,567,785			151,870,811
End of period	$	103,806,418		$	96,567,785

34 FINANCIAL STATEMENTS

ICON Equity Income Fund						ICON Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
$	502,150		$	1,783,165		$	110,796		$	161,465
	94,315			5,490,002			(926,746	)		10,265,342
	5,940,376			(7,090,202	)		19,099,273			(5,953,813	)
	6,536,841			182,965			18,283,323			4,472,994
	(241,898	)		(1,549,373	)		(161,444	)		(168,477	)
	(30,030	)		(125,340	)		–			–
	(79,437	)		(6,010	)		–			–
	(108,461	)		(124,650	)		–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	(459,826	)		(1,805,373	)		(161,444	)		(168,477	)
	987,981			12,707,420			847,758			12,906,410
	697,123			1,345,156			400,296			1,201,294
	17,468,016			80,077			35,700,330			39,438
	10,442,913			2,446,198			19,054,815			572,831
	231,892			1,486,514			155,712			164,558
	22,455			101,343			–			–
	76,688			5,779			–			–
	83,562			88,433			–			–
	(30,536,686	)		(25,184,721	)		(56,622,985	)		(43,843,823	)
	(582,103	)		(843,467	)		(2,533,778	)		(8,294,982	)
	(5,832,723	)		(16,701	)		(5,957,758	)		(345,913	)
	(2,796,280	)		(840,365	)		(5,796,881	)		(660,978	)
	(9,737,162	)		(8,624,334	)		(14,752,491	)		(38,261,165	)
	(3,660,147	)		(10,246,742	)		3,369,388			(33,956,648	)
	32,661,596			42,908,338			66,354,231			100,310,879
$	29,001,449		$	32,661,596		$	69,723,619		$	66,354,231

FINANCIAL STATEMENTS 35

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Long/Short Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Operations
Net investment income/(loss)	$	(35,001	)	$	(91,742	)
Net realized gain/(loss) on investment transactions, written options, securities sold short and foreign currency transactions		(269,326	)		1,531,016
Change in net unrealized appreciation/(depreciation) on investments, foreign currency transactions, written options and securities sold short		3,961,288			(1,378,386	)
Net increase/(decrease) in net assets resulting from operations		3,656,961			60,888
Dividends and Distributions to Shareholders
Net investment income
Class I*		–			–
Class C		–			–
Class S**		–			–
Class A		–			–
Net realized gains
Class I*		–			–
Class C		–			–
Class S**		–			–
Class A		–			–
Net decrease from dividends and distributions		–			–
Fund Share Transactions
Shares sold
Class I*		615,566			2,207,397
Class C		313,582			172,641
Class S**		3,504,759			5,994
Class A***		6,853,933			378,445
Reinvested dividends and distributions
Class I*		–			–
Class C		–			–
Class S**		–			–
Class A		–			–
Shares repurchased
Class I***		(9,274,530	)		(6,096,500	)
Class C		(836,859	)		(4,226,492	)
Class S**		(615,242	)		(99,121	)
Class A***		(1,187,758	)		(1,018,297	)
Net Increase/(decrease) from fund share transactions		(626,549	)		(8,675,933	)
Total net increase/(decrease) in net assets		3,030,412			(8,615,045	)
Net Assets
Beginning of period		14,224,131			22,839,176
End of period	$	17,254,543		$	14,224,131

36 FINANCIAL STATEMENTS

ICON Risk-Managed Equity Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
$	82,090		$	173,708
	(437,429	)		2,108,423
	2,600,493			(1,739,486	)
	2,245,154			542,645
	(41,651	)		(171,775	)
	(2,473	)		(3,673	)
	(20,524	)		(807	)
	(17,660	)		(27,376	)
	–			–
	–			–
	–			–
	–			–
	(82,308	)		(203,631	)
	960,926			4,921,371
	165,098			495,568
	10,049,984			9,665
	7,628,506			454,303
	36,883			162,601
	2,390			3,600
	19,743			807
	14,617			24,439
	(18,292,414	)		(7,970,159	)
	(174,625	)		(1,039,898	)
	(1,826,558	)		(12,896	)
	(3,517,715	)		(2,709,760	)
	(4,933,165	)		(5,660,359	)
	(2,770,319	)		(5,321,345	)
	20,137,761			25,459,106
$	17,367,442		$	20,137,761

FINANCIAL STATEMENTS 37

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Bond Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Transactions in Fund Shares
Shares sold
Class I*		1,086,363			3,096,208
Class C		26,443			71,019
Class S**		7,761,710			1,835
Class A***		2,797,481			25,660
Reinvested dividends and distributions
Class I*		252,285			795,208
Class C		12,089			20,535
Class S**		49,415			156
Class A		16,271			249
Shares repurchased
Class I***		(10,382,660	)		(8,382,077	)
Class C		(47,792	)		(128,801	)
Class S**		(395,329	)		(12,029	)
Class A***		(542,964	)		(1,229	)
Net increase/(decrease)		633,312			(4,513,266	)
Shares outstanding, beginning of period		9,538,207			14,051,473
Shares outstanding, end of period		10,171,519			9,538,207
Accumulated undistributed net investment income/(loss)	$	(329,127	)	$	(329,386	)

* Class I shares merged into Class A on January 23, 2012. The information presented is that before the merger.

** Class S shares were formerly named Class Z shares prior to January 23, 2012.

*** Class I shares merged into Class A on January 23, 2012. The information presented includes the merger activity.

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

38 FINANCIAL STATEMENTS

ICON Equity Income Fund						ICON Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
	89,438			1,070,619			85,117			1,260,372
	61,413			116,234			41,392			125,482
	1,496,829			6,846			3,384,564			3,786
	901,202			209,444			1,888,205			56,844
	20,872			128,303			16,136			16,133
	2,002			8,989			–			–
	6,337			508			–			–
	7,193			7,833			–			–
	(2,620,173	)		(2,120,602	)		(5,367,692	)		(4,156,795	)
	(50,988	)		(73,121	)		(266,346	)		(877,121	)
	(475,591	)		(1,444	)		(524,922	)		(33,715	)
	(234,357	)		(73,851	)		(539,582	)		(66,713	)
	(795,823	)		(720,242	)		(1,283,128	)		(3,671,727	)
	3,187,779			3,908,021			7,616,830			11,288,557
	2,391,956			3,187,779			6,333,702			7,616,830
$	(510	)	$	(42,834	)	$	110,814		$	161,462

FINANCIAL STATEMENTS 39

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Long/Short Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Transactions in Fund Shares
Shares sold
Class I*		49,085			168,947
Class C		23,848			14,038
Class S**		251,780			480
Class A***		510,283			31,066
Reinvested dividends and distributions
Class I*		–			–
Class C		–			–
Class S**		–			–
Class A		–			–
Shares repurchased
Class I***		(693,486	)		(478,602	)
Class C		(67,810	)		(350,539	)
Class S**		(42,066	)		(7,938	)
Class A***		(88,128	)		(82,587	)
Net increase/(decrease)		(56,494	)		(705,135	)
Shares outstanding, beginning of period		1,263,385			1,968,520
Shares outstanding, end of period		1,206,891			1,263,385
Accumulated undistributed net investment income/(loss)	$	(35,001	)	$	–

* Class I shares merged into Class A on January 23, 2012. The information presented is that before the merger.

** Class S shares were formerly named Class Z shares prior to January 23, 2012.

*** Class I shares merged into Class A on January 23, 2012. The information presented includes the merger activity.

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

40 FINANCIAL STATEMENTS

ICON Risk-Managed Equity Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
	86,185			431,144
	15,601			47,099
	850,308			834
	660,886			40,810
	3,305			14,135
	226			330
	1,631			69
	1,260			2,138
	(1,585,531	)		(693,438	)
	(16,395	)		(96,498	)
	(150,673	)		(1,092	)
	(301,427	)		(232,103	)
	(434,624	)		(486,572	)
	1,895,544			2,382,116
	1,460,920			1,895,544
$	(218	)	$	–

FINANCIAL STATEMENTS 41

FINANCIAL HIGHLIGHTS

			Income/(loss) from investment operations								Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)		Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Bond Fund
Class C
Period Ended March 31, 2012†	$	10.15	$	0.18	$	0.25		$	0.43		$	(0.17	)	$	(0.17	)
Year Ended September 30, 2011		10.83		0.39		(0.46	)		(0.07	)		(0.39	)		(0.22	)
Year Ended September 30, 2010		10.30		0.39		0.57			0.96			(0.39	)		(0.04	)
Year Ended September 30, 2009		9.46		0.34		0.84			1.18			(0.34	)		–
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	)		–
Class S**
Period Ended March 31, 2012†		10.11		0.21		0.27			0.48			(0.22	)		(0.17	)
Year Ended September 30, 2011		10.79		0.47		(0.46	)		0.01			(0.47	)		(0.22	)
Year Ended September 30, 2010		10.26		0.48		0.57			1.05			(0.48	)		(0.04	)
Year Ended September 30, 2009		9.42		0.45		0.81			1.26			(0.42	)		–
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	)		–
Class A***
Period Ended March 31, 2012†		10.11		0.20		0.26			0.46			(0.20	)		(0.17	)
Year Ended September 30, 2011		10.81		0.46		(0.46	)		–			(0.48	)		(0.22	)

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

42 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit(c)			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	(0.34	)	$	10.24		4.42	%	$	3,821		2.19	%		1.60	%		2.86	%		3.45	%		27.93	%
	(0.61	)		10.15		(0.68	)%		3,879		2.16	%		1.60	%		3.11	%		3.67	%		32.13	%
	(0.43	)		10.83		9.52	%		4,544		2.46	%		1.60	%		2.88	%		3.74	%		63.47	%
	(0.34	)		10.30		12.80	%		4,441		2.40	%		1.60	%		2.75	%		3.55	%		73.71	%
	(0.39	)		9.46		(2.16	)%		2,725		2.42	%		1.60	%		2.71	%		3.53	%		73.47	%
	(0.39	)		10.05		4.27	%		1,491		3.15	%		1.60	%		2.28	%		3.82	%		34.40	%
	(0.39	)		10.20		4.87	%		76,561		0.81	%		0.75	%		3.98	%		4.04	%		27.93	%
	(0.69	)		10.11		0.15	%		881		1.18	%		0.75	%		4.08	%		4.51	%		32.13	%
	(0.52	)		10.79		10.45	%		1,049		1.39	%		0.75	%		3.95	%		4.59	%		63.47	%
	(0.42	)		10.26		13.79	%		1,087		1.91	%		0.75	%		3.34	%		4.50	%		73.71	%
	(0.47	)		9.42		(1.43	)%		8		186.00	%		0.75	%		(180.79	)%		4.46	%		73.47	%
	(0.47	)		10.02		5.02	%		11		31.60	%		0.75	%		(26.18	)%		4.67	%		34.40	%
	(0.37	)		10.20		4.74	%		23,424		1.41	%		1.00	%		3.39	%		3.80	%		27.93	%
	(0.70	)		10.11		(0.02	)%		249		5.83	%		1.01	%		(0.38	)%		4.44	%		32.13	%

FINANCIAL HIGHLIGHTS 43

FINANCIAL HIGHLIGHTS

			Income/(loss) from investment operations								Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)		Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Equity Income Fund
Class C
Period Ended March 31, 2012†	$	10.16	$	0.13	$	1.99		$	2.12		$	(0.08	)	$	–
Year Ended September 30, 2011		10.85		0.37		(0.72	)		(0.35	)		(0.34	)		–
Year Ended September 30, 2010		10.16		0.36		0.64			1.00			(0.31	)		–
Year Ended September 30, 2009		11.73		0.32		(1.56	)		(1.24	)		(0.33	)		–
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	)
Class S**
Period Ended March 31, 2012†		10.21		0.22		1.95			2.17			(0.25	)		–
Year Ended September 30, 2011		10.96		0.50		(0.71	)		(0.21	)		(0.54	)		–
Year Ended September 30, 2010		10.26		0.47		0.64			1.11			(0.41	)		–
Year Ended September 30, 2009		11.84		0.41		(1.57	)		(1.16	)		(0.42	)		–
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	)
Class A***
Period Ended March 31, 2012†		10.15		0.19		1.96			2.15			(0.22	)		–
Year Ended September 30, 2011		10.90		0.47		(0.71	)		(0.24	)		(0.51	)		–
Year Ended September 30, 2010		10.21		0.46		0.63			1.09			(0.40	)		–
Year Ended September 30, 2009		11.80		0.38		(1.57	)		(1.19	)		(0.40	)		–
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	)

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

44 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit(c)			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	(0.08	)	$	12.20		20.91	%	$	4,802		2.49	%		2.21	%		2.05	%		2.33	%		60.57	%
	(0.34	)		10.16		(3.47	)%		3,874		2.53	%		2.20	%		2.85	%		3.18	%		142.75	%
	(0.31	)		10.85		9.99	%		3,569		2.97	%		2.20	%		2.68	%		3.46	%		123.33	%
	(0.33	)		10.16		(10.12	)%		3,348		2.69	%		2.21	%		3.21	%		3.69	%		148.56	%
	(1.84	)		11.73		(18.60	)%		4,461		2.34	%(e)		2.20	%		1.40	%		1.54	%		132.93	%
	(0.89	)		16.33		16.45	%		5,331		2.33	%(f)		2.21	%		0.75	%		0.87	%		121.30	%
	(0.25	)		12.13		21.43	%		12,638		1.23	%		1.21	%		3.61	%		3.63	%		60.57	%
	(0.54	)		10.21		(2.40	)%		142		3.99	%		1.20	%		1.45	%		4.24	%		142.75	%
	(0.41	)		10.96		11.04	%		88		7.66	%		1.20	%		(2.01	)%		4.45	%		123.33	%
	(0.42	)		10.26		(9.20	)%		66		8.73	%		1.21	%		(2.83	)%		4.69	%		148.56	%
	(1.96	)		11.84		(17.81	)%		81		11.18	%(e)		1.20	%		(7.14	)%		2.84	%		132.93	%
	(1.04	)		16.46		17.74	%		40		11.08	%(f)		1.21	%		(7.96	)%		1.92	%		121.30	%
	(0.22	)		12.08		21.32	%		11,561		1.71	%		1.46	%		3.01	%		3.26	%		60.57	%
	(0.51	)		10.15		(2.66	)%		2,871		1.91	%		1.45	%		3.55	%		4.01	%		142.75	%
	(0.40	)		10.90		10.84	%		1,521		4.59	%		1.45	%		1.19	%		4.32	%		123.33	%
	(0.40	)		10.21		(9.53	)%		237		5.68	%		1.46	%		0.26	%		4.48	%		148.56	%
	(1.92	)		11.80		(17.98	)%		281		5.40	%(e)		1.44	%		(1.67	)%		2.29	%		132.93	%
	(1.01	)		16.40		17.29	%		322		3.77	%(f)		1.45	%		(0.60	)%		1.73	%		121.30	%

FINANCIAL HIGHLIGHTS 45

FINANCIAL HIGHLIGHTS

			Income from investment operations									Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)			Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Fund
Class C
Period Ended March 31, 2012†	$	8.17	$	(0.02	)	$	2.38		$	2.36		$	–		$	–
Year Ended September 30, 2011		8.36		(0.05	)		(0.14	)		(0.19	)		–			–
Year Ended September 30, 2010		8.37		(0.04	)		0.11			0.07			(0.08	)		–
Year Ended September 30, 2009		10.46		0.03			(2.12	)		(2.09	)		–			–
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	)
Class S**
Period Ended March 31, 2012†		8.82		0.04			2.52			2.56			–			–
Year Ended September 30, 2011		9.04		(0.07	)		(0.15	)		(0.22	)		–			–
Year Ended September 30, 2010		9.07		(0.01	)		0.11			0.10			(0.13	)		–
Year Ended September 30, 2009		11.24		0.10			(2.27	)		(2.17	)		–			–
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	)
Class A***
Period Ended March 31, 2012†		8.46		0.01			2.45			2.46			–			–
Year Ended September 30, 2011		8.67		(0.07	)		(0.14	)		(0.21	)		–			–
Year Ended September 30, 2010		8.73		(0.08	)		0.10			0.02			(0.08	)		–
Year Ended September 30, 2009		10.92		0.01			(2.20	)		(2.19	)		–			–
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	)

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

46 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit(c)			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	–		$	10.53		28.89	%	$	20,672		2.33	%		2.30	%		(0.44	)%		(0.41	)%		17.24	%
	–			8.17		(2.27	)%		17,884		2.27	%		2.27	%		(0.50	)%		(0.50	)%		57.93	%
	(0.08	)		8.36		0.84	%		24,573		2.25	%		2.25	%		(0.45	)%		(0.45	)%		123.12	%
	–			8.37		(19.98	)%		33,089		2.25	%		2.25	%		0.44	%		0.44	%		208.48	%
	(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	%
	–			11.38		29.02	%		32,714		1.01	%		1.01	%		0.73	%		0.73	%		17.24	%
	–			8.82		(2.43	)%		133		2.52	%		2.52	%		(0.72	)%		(0.72	)%		57.93	%
	(0.13	)		9.04		1.10	%		406		1.90	%		1.90	%		(0.06	)%		(0.06	)%		123.12	%
	–			9.07		(19.31	)%		887		1.45	%		1.45	%		1.27	%		1.27	%		208.48	%
	(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	%
	–			10.92		29.08	%		16,338		1.70	%		1.58	%		0.05	%		0.17	%		17.24	%
	–			8.46		(2.42	)%		1,245		2.52	%		2.52	%		(0.75	)%		(0.75	)%		57.93	%
	(0.08	)		8.67		0.22	%		1,362		2.68	%		2.68	%		(0.88	)%		(0.88	)%		123.12	%
	–			8.73		(20.05	)%		1,969		2.43	%		2.43	%		0.11	%		0.11	%		208.48	%
	(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	%

FINANCIAL HIGHLIGHTS 47

FINANCIAL HIGHLIGHTS

			Income/(loss) from investment operations									Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)			Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Long/Short Fund(d)
Class C
Period Ended March 31, 2012†	$	10.89	$	(0.06	)	$	2.96		$	2.90		$	–		$	–
Year Ended September 30, 2011		11.29		(0.11	)		(0.29	)		(0.40	)		–			–
Year Ended September 30, 2010		11.19		(0.08	)		0.27			0.19			(0.09	)		–
Year Ended September 30, 2009		13.13		0.06			(1.81	)		(1.75	)		(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	)
Class S**
Period Ended March 31, 2012†		11.61		–	(g)		3.17			3.17			–			–
Year Ended September 30, 2011		11.90		0.02			(0.31	)		(0.29	)		–			–
Year Ended September 30, 2010		11.80		0.03			0.29			0.32			(0.22	)		–
Year Ended September 30, 2009		13.81		0.17			(1.89	)		(1.72	)		(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	)
Class A***
Period Ended March 31, 2012†		11.44		(0.01	)		3.12			3.11			–			–
Year Ended September 30, 2011		11.77		(0.02	)		(0.31	)		(0.33	)		–			–
Year Ended September 30, 2010		11.67		–			0.28			0.28			(0.18	)		–
Year Ended September 30, 2009		13.69		0.14			(1.88	)		(1.74	)		(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	)

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

48 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit(c)			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	–		$	13.79		26.63	%	$	6,418		2.93	%		2.43	%		(1.43	)%		(0.93	)%		27.83	%
	–			10.89		(3.54	)%		5,546		3.14	%		2.70	%		(1.38	)%		(0.94	)%		67.28	%
	(0.09	)		11.29		1.65	%		9,547		3.60	%		3.19	%		(1.14	)%		(0.73	)%		136.50	%
	(0.19	)		11.19		(13.10	)%		15,093		2.95	%		2.81	%		0.44	%		0.58	%		131.79	%
	(0.74	)		13.13		(26.09	)%		27,148		2.31	%		2.31	%		(0.01	)%		(0.01	)%		174.59	%
	(0.43	)		18.54		14.05	%		43,986		2.33	%		2.32	%		(0.48	)%		(0.47	)%		105.00	%
	–			14.78		27.30	%		3,154		1.67	%		1.37	%		(0.24	)%		0.06	%		27.83	%
	–			11.61		(2.44	)%		42		7.76	%		1.65	%		(5.96	)%		0.15	%		67.28	%
	(0.22	)		11.90		2.63	%		132		5.80	%		2.15	%		(3.39	)%		0.25	%		136.50	%
	(0.29	)		11.80		(12.10	)%		128		4.40	%		1.73	%		(1.12	)%		1.55	%		131.79	%
	(0.74	)		13.81		(25.45	)%		540		2.37	%		1.44	%		0.16	%		1.09	%		174.59	%
	(0.50	)		19.30		14.81	%		447		1.25	%		1.25	%		0.55	%		0.55	%		105.00	%
	–			14.55		27.19	%		7,683		2.24	%		1.67	%		(0.77	)%		(0.20	)%		27.83	%
	–			11.44		(2.80	)%		1,213		3.23	%		1.91	%		(1.46	)%		(0.14	)%		67.28	%
	(0.18	)		11.77		2.34	%		1,855		3.65	%		2.45	%		(1.21	)%		(0.01	)%		136.50	%
	(0.28	)		11.67		(12.39	)%		2,390		2.64	%		2.06	%		0.76	%		1.34	%		131.79	%
	(0.76	)		13.69		(25.61	)%		4,859		1.72	%		1.72	%		0.63	%		0.63	%		174.59	%
	(0.49	)		19.20		14.94	%		6,481		1.68	%		1.67	%		0.27	%		0.26	%		105.00	%

FINANCIAL HIGHLIGHTS 49

FINANCIAL HIGHLIGHTS

			Income/(loss) from investment operations									Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)			Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Risk-Managed Equity Fund
Class C
Period Ended March 31, 2012†	$	10.09	$	0.01		$	1.13		$	1.14		$	(0.01	)	$	–
Year Ended September 30, 2011		10.15		0.01			(0.05	)		(0.04	)		(0.02	)		–
Year Ended September 30, 2010		9.88		(0.02	)		0.29			0.27			–			–
Year Ended September 30, 2009		10.72		0.05			(0.79	)		(0.74	)		(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	)
Class S**
Period Ended March 31, 2012†		10.88		0.07			1.23			1.30			(0.07	)		–
Year Ended September 30, 2011		10.96		0.12			(0.05	)		0.07			(0.15	)		–
Year Ended September 30, 2010		10.61		0.08			0.33			0.41			(0.06	)		–
Year Ended September 30, 2009		11.46		0.22			(0.91	)		(0.69	)		(0.16	)		–
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	)
Class A***
Period Ended March 31, 2012†		10.66		0.05			1.20			1.25			(0.05	)		–
Year Ended September 30, 2011		10.72		0.09			(0.05	)		0.04			(0.10	)		–
Year Ended September 30, 2010		10.39		0.05			0.33			0.38			(0.05	)		–
Year Ended September 30, 2009		11.25		0.09			(0.80	)		(0.71	)		(0.15	)		–
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	)

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

50 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit(c)			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	(0.01	)	$	11.22		11.32	%	$	2,328		2.92	%		2.22	%		(0.58	)%		0.12	%		36.86	%
	(0.02	)		10.09		(0.45	)%		2,099		2.95	%		2.23	%		(0.66	)%		0.06	%		67.61	%
	–			10.15		2.73	%		2,609		3.36	%		2.30	%		(1.27	)%		(0.21	)%		114.34	%
	(0.10	)		9.88		(6.69	)%		3,199		2.72	%		2.24	%		0.06	%		0.54	%		194.31	%
	(0.58	)		10.72		(10.85	)%		4,207		2.52	%		2.21	%		(0.24	)%		0.07	%		184.47	%
	(2.23	)		12.61		11.53	%		2,291		2.76	%		2.25	%		(1.34	)%		(0.83	)%		150.42	%
	(0.07	)		12.11		11.93	%		8,557		1.35	%		1.24	%		1.07	%		1.18	%		36.86	%
	(0.15	)		10.88		0.51	%		60		7.22	%		1.23	%		(4.94	)%		1.05	%		67.61	%
	(0.06	)		10.96		3.90	%		62		10.41	%		1.31	%		(8.34	)%		0.75	%		114.34	%
	(0.16	)		10.61		(5.79	)%		72		3.55	%		1.24	%		(0.10	)%		2.21	%		194.31	%
	(0.63	)		11.46		(9.99	)%		422		4.39	%		1.21	%		(1.98	)%		1.20	%		184.47	%
	(2.23	)		13.37		12.67	%		37		17.99	%		1.25	%		(16.64	)%		0.10	%		150.42	%
	(0.05	)		11.86		11.76	%		6,482		2.10	%		1.48	%		0.27	%		0.89	%		36.86	%
	(0.10	)		10.66		0.32	%		1,982		2.08	%		1.48	%		0.20	%		0.80	%		67.61	%
	(0.05	)		10.72		3.69	%		4,020		2.62	%		1.59	%		(0.57	)%		0.46	%		114.34	%
	(0.15	)		10.39		(6.05	)%		1,501		2.87	%		1.49	%		(0.43	)%		0.95	%		194.31	%
	(0.62	)		11.25		(10.18	)%		863		3.75	%		1.46	%		(1.44	)%		0.85	%		184.47	%
	(2.27	)		13.15		12.51	%		294		7.12	%		1.49	%		(5.85	)%		(0.22	)%		150.42	%

FINANCIAL HIGHLIGHTS 51

(x) Calculated using the average shares method.

* The total return calculation is for the period indicated and excludes any sales charges.

** Class S shares were formerly named Class Z shares prior to January 23, 2012.

*** Class I shares merged into Class A on January 23, 2012. The results of each class prior to the merger may have been different that what is presented.

† Unaudited.

(a) Annualized for periods less than a year.

(b) Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year.

(c) The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense.

(d) The Fund’s operating expenses, not including dividends on short positions, are contractually limited to 2.30% for Class C, 1.25% for Class S and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the dividends on short positions.

(e) The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including expenses that were paid on behalf of the Fund by a third party related to a tax matter were 2.54%, 11.38% and 5.60% for Class C, S and A, respectively.

(f) The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including a potential Internal Revenue Code section 860 deficiency dividend expense were 2.91%, 11.66% and 4.35% for Class C, S and A, respectively.

(g) Amount less than $0.005.

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

52 FINANCIAL HIGHLIGHTS

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2012 (UNAUDITED)

1.  Organization

The ICON Bond Fund (“Bond Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Fund (“ICON Fund”)(formerly, ICON Core Equity Fund), ICON Long/Short Fund (“Long/Short Fund”) and ICON Risk-Managed Equity Fund (“Risk-Managed Equity Fund”) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Each Fund has three classes of shares: Class C, Class S and Class A. Prior to January 23, 2012, each Fund had four share classes: Class I, Class C, Class Z and Class A. On January 23, 2012, Class I merged into Class A and Class Z was renamed Class S. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently twelve other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

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

The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund may invest in medium-and lower-quality debt securities. High-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. The Long/Short Fund engages in short selling; there are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The

NOTES TO FINANCIAL STATEMENTS 53

Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. The Risk-Managed Equity Fund invests in call options; call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small- and mid-cap investing, including limited product lines, less liquidity and small market share.

The ICON Fund has a significant weighting in the Industrials sector and the Consumer Discretionary sector which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect those sectors.

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

54 NOTES TO FINANCIAL STATEMENTS

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 Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.

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 debt 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

NOTES TO FINANCIAL STATEMENTS 55

using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.

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

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

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

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

Level 3 — significant unobservable inputs.

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in 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, 2012:

	Level 1		Level 2		Total
ICON Bond Fund*
Assets
Corporate Bonds	$	-	$	76,986,587	$	76,986,587
U.S. Treasury Obligations		-		15,345,544		15,345,544
Foreign Corporate Bonds		-		5,843,811		5,843,811
Collateral for Securities on Loan		-		6,154,130		6,154,130
Short-Term Investments		-		4,895,838		4,895,838
Total	$	-	$	109,225,910	$	109,225,910

56 NOTES TO FINANCIAL STATEMENTS

	Level 1			Level 2		Total
ICON Equity Income Fund*
Assets
Common Stocks	$	25,793,217		$	-	$	25,793,217
Preferred Stocks		339,154			-		339,154
Corporate Bonds		-			1,483,590		1,483,590
Convertible Preferred Stock		513,090			-		513,090
Call Options Purchased		210,447			-		210,447
Collateral for Securities on Loan		-			1,081,349		1,081,349
Total	$	26,855,908		$	2,564,939	$	29,420,847
ICON Fund*
Assets
Common Stocks	$	69,511,754		$	-	$	69,511,754
Collateral for Securities on Loan		-			1,141,203		1,141,203
Total	$	69,511,754		$	1,141,203	$	70,652,957
ICON Long/Short Fund*
Assets
Common Stocks	$	16,904,777		$	-	$	16,904,777
Collateral for Securities on Loan		-			98,040		98,040
Short-Term Investments		-			276,486		276,486
Total	$	16,904,777		$	374,526	$	17,279,303
Liabilities
Securities Sold Short
Common Stock	$	(270,633	)	$	-	$	(270,633	)
Exchange Traded Funds		(422,160	)		-		(422,160	)
Total	$	(692,793	)	$	-	$	(692,793	)
ICON Risk-Managed Equity Fund*
Assets
Common Stocks	$	18,068,137		$	-	$	18,068,137
Put Option Purchased		38,500			-		38,500
Short-Term Investments		-			905,826		905,826
Total	$	18,106,637		$	905,826	$	19,012,463
Liabilities
Written Call Options	$	(427,600	)	$	-	$	(427,600	)
Total	$	(427,600	)	$	-	$	(427,600	)

* Please refer to the Schedule of Investments and the Sector/Industry Classification tables for additional security details.

NOTES TO FINANCIAL STATEMENTS 57

There were no Level 3 securities held in any of the Funds at March 31, 2012.

For the period ended March 31, 2012, there was no significant security transfer activity between Level 1 and Level 2.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011- 04, “Fair Value Measurements and Disclosures (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 is effective for annual periods beginning after December 15, 2011 and is to be applied prospectively. The Funds are currently assessing the impact of this guidance on its financial statements.

Foreign Currency Translation

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

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

Options Transactions

The Funds’ use of derivatives for the period ended March 31, 2012 was limited to purchased and written options.

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

58 NOTES TO FINANCIAL STATEMENTS

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

When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains.

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

As of March 31, 2012, the Equity Income Fund engaged in purchased call option transactions and the Risk-Managed Equity Fund engaged in written

NOTES TO FINANCIAL STATEMENTS 59

call and purchased put options transactions. All open option contracts are included on each Fund’s Schedule of Investments.

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

The number of options contracts written and the premiums received by the Risk-Managed Equity Fund during the period ended March 31, 2012, were as follows:

	Risk-Managed Equity Fund
	Number of Contracts			Premiums Received
Options outstanding, beginning of period		75		$	250,738
Options written during period		700			1,675,248
Options closed during period		(695	)		(1,639,462	)
Options outstanding, end of period		80		$	286,524

The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:

Fair Values of Derivative Instruments as of March 31, 2012

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Purchased option contracts
Equity risk
ICON Equity Income Fund	Investments,	$	210,447	Investments,	$	-
ICON Risk-Managed Equity Fund	at value		38,500	at value		-
Written option contracts
Equity risk
ICON Risk-Managed Equity Fund	Options written, at value	$	-	Options written, at value	$	427,600

60 NOTES TO FINANCIAL STATEMENTS

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

Derivatives not accounted for as hedging instruments	Location of Gain/(Loss) on Derivatives Recognized in Operations	Amount
Purchased option contracts
Equity risk
ICON Equity Income Fund	Net realized gain/(loss) from	$	(1,237	)
ICON Risk-Managed Equity Fund	investment transactions		(1,199,962	)
Written option contracts
Equity risk
ICON Risk-Managed Equity Fund	Net realized gain/(loss) from written option transactions	$	(813,595	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments	Location of Gain/(Loss) on Derivatives Recognized in Operations	Amount
Purchased option contracts
Equity risk
ICON Equity Income Fund	Change in unrealized net	$	307,807
ICON Risk-Managed Equity Fund	appreciation/(depreciation) on investments		(101,010	)
Written option contracts
Equity risk	Change in unrealized net
ICON Risk-Managed Equity Fund	appreciation/ (depreciation) on written options	$	(205,064	)

For the period ended March 31, 2012, the Fund’s quarterly holdings of options contracts were as follows:

	ICON Equity Income Fund		ICON Risk- Managed Equity Fund		ICON Risk- Managed Equity Fund
Quarter Ended	Number of Purchased Options Contracts Outstanding				Number of Written Options Contracts Outstanding
December, 31, 2011		1,446		75		105
March 31, 2012		611		100		80

The Funds value derivatives at fair value, as described above, and recognize changes in fair value currently in the results of operations. Accordingly, the

NOTES TO FINANCIAL STATEMENTS 61

Funds do not follow hedge accounting, even for derivatives employed as economic hedges.

Short Sales

The Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. The Long/Short Fund enters into short positions in equity securities identified as being overvalued.

Short sales involve market risk. If a security sold short increases in price, the Long/Short Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. These short sales are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. The collateral required is determined daily by reference to the market value of the short positions. Such collateral for the 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 closed out by purchasing the applicable securities for delivery to the Fund’s prime broker. As of March 31, 2012, 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. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

62 NOTES TO FINANCIAL STATEMENTS

As of March 31, 2012, the following Funds had securities with the following values on loan:

Fund	Value of Loaned Securities		Value of Collateral
ICON Bond Fund	$	5,934,756	$	6,154,130
ICON Equity Income Fund		1,045,634		1,081,349
ICON Fund		1,120,179		1,141,203
ICON Long/Short Fund		95,426		98,040

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2012. It may also include collateral received from the pre-funding of loans.

Income Taxes

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

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

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

NOTES TO FINANCIAL STATEMENTS 63

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

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Investment Income

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.

Investment Transactions

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

Allocation of Expenses

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.

64 NOTES TO FINANCIAL STATEMENTS

Below are the class level expenses that are included on the Statement of Operations:

Fund	Legal Expense		Printing And Postage Expense		Transfer Agent Expense
ICON Bond Fund
Class I*	$	5,364	$	6,229	$	22,511
Class C		325		749		5,740
Class S**		1,745		681		3,371
Class A		624		3,680		12,233
ICON Equity Income Fund
Class I*		1,612		4,231		11,285
Class C		409		672		4,944
Class S**		503		551		1,741
Class A		586		2,750		6,554
ICON Fund
Class I*		2,846		7,915		13,931
Class C		1,641		4,888		27,365
Class S**		895		701		2,694
Class A		580		4,543		11,088
ICON Long/Short Fund
Class I*		483		2,135		5,154
Class C		592		1,662		8,897
Class S**		104		254		1,056
Class A		366		2,063		3,965
ICON Risk-Managed Equity Fund
Class I*		912		3,556		7,909
Class C		221		634		3,373
Class S**		384		484		1,518
Class A		423		2,727		5,750

* Class I shares merged into Class A shares on January 23, 2012. The information presented is that before the merger.

** Class Z shares were formerly named Class S shares prior to January 23, 2012.

3.  Fees and Other Transactions with Affiliates

Investment Advisory Fees

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

NOTES TO FINANCIAL STATEMENTS 65

of average daily net assets of the Equity Income Fund, ICON Fund, and Risk-Managed Equity Fund, and 0.85% of average daily net assets of the Long/Short Fund.

ICON Advisers has contractually agreed to limit the Funds’ expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Funds’ expenses do not exceed the following amounts:

Fund	Class A		Class C		Class S
ICON Bond Fund		1.00%		1.60%		0.75%
ICON Equity Income Fund		1.45%		2.20%		1.20%
ICON Fund		1.50%		2.25%		1.25%
ICON Long/Short Fund		1.55%		2.30%		1.25%
ICON Risk-Managed Equity Fund		1.45%		2.20%		1.20%

Effective January 23, 2012, expense limitations of 1.50%, 2.25% and 1.25% were implemented for Class A, Class C and Class S, respectively, of the ICON Fund.

The Funds’ expense limitations, excluding the Bond Fund Class A and all classes of the ICON Fund, will continue in effect until at least January 31, 2021. The Bond Fund Class A and all classes of the ICON Fund will continue in effect until at least January 31, 2013. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.

As of March 31, 2012 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2012		2013		2014		2015
ICON Bond Fund	$	16,706	$	45,987	$	26,738	$	36,978
ICON Equity Income Fund		7,676		30,881		17,561		12,908
ICON Fund		-		-		-		7,678
ICON Long/Short Fund		14,684		56,787		37,402		22,779
ICON Risk-Managed Equity Fund		9,699		35,577		22,218		18,889

66 NOTES TO FINANCIAL STATEMENTS

Accounting, Custody and Transfer Agent Fees

State Street Bank and Trust Company (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.

State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction cusip charges and out-of-pocket expenses. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.

Administrative Services

The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trusts’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2012, each Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.

ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.

NOTES TO FINANCIAL STATEMENTS 67

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 A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual distribution and service fee of 1.00% of average daily net assets for Class C shares and an annual distribution and service fee of 0.25% of average daily net assets for Class A shares. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.

Other Related Parties

Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 86% by the Trust and 14% by ICON Advisers. For the period ended March 31, 2012, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements of Operations.

4.  Borrowings

The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and the Overnight LIBOR Rate effective on that day plus 1.25%. The Funds may have borrowings with the prime broker as a result of brokerage requirements. Interest on domestic borrowing with the prime broker is charged at the Fed Funds rate plus 0.50%. The average interest rate charged for ICON Bond Fund, ICON Equity Income Fund and ICON Fund for the period ended March 31, 2012 was 1.39%. The average interest rate charged for ICON Long/Short Fund for the period ended March 31, 2012 was 1.93%. The average interest rate charged for ICON Risk-Managed Equity Fund for the period ended March 31, 2012 was 1.99%.

68 NOTES TO FINANCIAL STATEMENTS

Fund	Average Borrowing (10/1/11-3/31/12)
ICON Bond Fund	$	32,011
ICON Equity Income Fund*		141,961
ICON Fund*		473,401
ICON Long/Short Fund*		106,013
ICON Risk-Managed Equity Fund*		713,725

* Fund had outstanding borrowings under these agreements/arrangements as of March 31, 2012.

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2012, the aggregate cost of purchases and proceeds from sales of investment securities (excluding securities sold short, short-term securities and written options contracts) was as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities		Purchases of Long-Term U.S. Government Obligations		Proceeds from Sales of Long-Term U.S. Government Obligations
ICON Bond Fund	$	21,271,343	$	25,284,359	$	9,986,517	$	546,250
ICON Equity Income Fund		19,600,264		29,467,229		-		-
ICON Fund		12,219,679		27,265,359		-		-
ICON Long/Short Fund		4,110,313		5,283,421		-		-
ICON Risk-Managed Equity Fund		7,448,310		14,058,377		-		-

6.  Federal Income Tax

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

The tax components of capital shown in the following tables includes losses the Funds may be able to offset against gains recognized in future years. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2011 and post-October losses that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.

NOTES TO FINANCIAL STATEMENTS 69

For the year ended September 30, 2011 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Equity Income Fund	$	9,397,439		2017
		19,089,764		2018
ICON Fund		23,715,124		2017
		19,833,424		2018
ICON Long/Short Fund		43,306,180		2017
		19,325,857		2018
ICON Risk-Managed Equity Fund		5,993,077		2017
		14,212,596		2018

Future capital loss carryforward utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2011 the Funds utilized capital loss carryforwards:

Fund	Amount
ICON Equity Income Fund	$	5,627,077
ICON Fund		10,265,321
ICON Long/Short Fund		853,303
ICON Risk-Managed Equity Fund		2,242,574

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2011, were as follows:

	Distributions Paid from
Fund	Ordinary Income		Net Long-Term Gains		Total Distributions Paid
ICON Bond Fund	$	7,853,451	$	1,064,414	$	8,917,865
ICON Equity Income Fund		1,710,940		-		1,710,940
ICON Fund		168,477		-		168,477
ICON Long/Short Fund		-		-		-
ICON Risk-Managed Equity Fund		203,631		-		203,631

70 NOTES TO FINANCIAL STATEMENTS

As of September 30, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Net Long- Term-Gains		Accumulated Earnings		Distributions Payable*			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)**			Total Accumulated Earnings/ (Deficit)
ICON Bond Fund	$	29,622	$	1,686,187	$	1,715,809	$	(359,008	)	$	-		$	1,948,292		$	3,305,093
ICON Equity Income Fund		314,548		-		314,548		(357,382	)		(28,487,200	)		(3,360,908	)		(31,890,942	)
ICON Fund		161,462		-		161,462		-			(43,548,548	)		(747,369	)		(44,134,455	)
ICON Long/Short Fund		-		-		-		-			(62,632,037	)		(400,656	)		(63,032,693	)
ICON Risk-Managed Equity Fund		-		-		-		-			(20,205,673	)		893,563			(19,312,110	)

* 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.

As of March 31, 2012, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:

Fund	Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Appreciation/ (Depreciation)
ICON Bond Fund	$	106,203,489	$	3,948,547	$	(926,126	)	$	3,022,421
ICON Equity Income Fund		26,718,019		3,321,666		(618,838	)		2,702,828
ICON Fund		52,301,053		18,895,404		(543,500	)		18,351,904
ICON Long/Short Fund		13,602,128		3,860,331		(279,332	)		3,580,999
ICON Risk-Managed Equity Fund		15,277,115		3,942,280		(348,008	)		3,594,272

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital

NOTES TO FINANCIAL STATEMENTS 71

losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused.

7.  Subsequent Events

Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.

72 NOTES TO FINANCIAL STATEMENTS

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2012 (UNAUDITED)

Example

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

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/11 – 3/31/12).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

EXPENSE EXAMPLE 73

redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 10/1/11		Ending Account Value 3/31/12		Expenses Paid During Period 10/1/11-3/31/12*		Annualized Expense Ratio 10/1/11-3/31/12
Actual Expenses
ICON Bond Fund
Class C	$	1,000.00	$	1,044.20	$	8.18		1.60	%
Class S**		1,000.00		1,048.70		3.85		0.75	%
Class A***		1,000.00		1,047.40		5.12		1.00	%
ICON Equity Income Fund
Class C		1,000.00		1,209.10		12.19		2.21	%
Class S**		1,000.00		1,214.30		6.69		1.21	%
Class A***		1,000.00		1,213.20		8.07		1.46	%
ICON Fund
Class C		1,000.00		1,288.90		13.17		2.30	%
Class S**		1,000.00		1,290.20		5.79		1.01	%
Class A***		1,000.00		1,290.80		9.05		1.58	%
ICON Long/Short Fund
Class C		1,000.00		1,266.30		13.78		2.43	%
Class S**		1,000.00		1,273.00		7.81		1.37	%
Class A***		1,000.00		1,271.90		9.48		1.67	%
ICON Risk-Managed Equity Fund
Class C		1,000.00		1,113.20		11.74		2.22	%
Class S**		1,000.00		1,119.30		6.55		1.24	%
Class A***		1,000.00		1,117.60		7.83		1.48	%
Hypothetical (assuming a 5% return before expenses)
ICON Bond Fund
Class C		1,000.00		1,017.00		8.07
Class S**		1,000.00		1,021.24		3.80
Class A***		1,000.00		1,019.99		5.06
ICON Equity Income Fund
Class C		1,000.00		1,013.97		11.11
Class S**		1,000.00		1,018.96		6.10
Class A***		1,000.00		1,017.71		7.36
ICON Fund
Class C		1,000.00		1,013.49		11.59
Class S**		1,000.00		1,019.94		5.11
Class A***		1,000.00		1,017.10		7.97

74 EXPENSE EXAMPLE

	Beginning Account Value 10/1/11		Ending Account Value 3/31/12		Expenses Paid During Period 10/1/11-3/31/12*		Annualized Expense Ratio 10/1/11-3/31/12
ICON Long/Short Fund
Class C		1,000.00		1,012.84		12.24
Class S**		1,000.00		1,018.13		6.93
Class A***		1,000.00		1,016.66		8.41
ICON Risk-Managed Equity Fund
Class C		1,000.00		1,013.89		11.19
Class S**		1,000.00		1,018.82		6.24
Class A***		1,000.00		1,017.61		7.46

* Expenses are equal to the Fund's six month expense ratio and annualized, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

** Class S shares were formerly named Class Z shares prior to January 23, 2012.

*** Class I shares merged into Class A on January 23, 2012.

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

EXPENSE EXAMPLE 75

OTHER INFORMATION (UNAUDITED)

Portfolio Holdings

Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

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

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

Cost Basis Information

Effective January 1, 2012, federal law requires mutual fund companies to maintain and report a shareholder’s cost basis by tax lot, gain/loss information and holding period of covered shares to the Internal Revenue Service on Form 1099. Covered shares are mutual fund shares acquired on or after January 1, 2012. A fund is not required to maintain and report information for shares not deemed as covered.

The new law requires each fund to elect a default tax identification methodology in order to perform the required reporting. As a result, the Trust has chosen Average Cost as its default tax identification methodology. This is the method each Fund will use. However, at the time of purchase or upon the sale of covered shares, shareholders may choose a different tax identification method. Furthermore, if you purchase shares through a financial intermediary, please contact the intermediary to find out what default tax identification method they will use. We recommend that you consult your tax adviser to determine which tax identification methodology best suits your individual tax situation.

76 OTHER INFORMATION

For More Information

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

ICON Distributors, Inc., Distributor.

OTHER INFORMATION 77

For more information about the ICON Funds, contact us:

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

2012 SEMIANNUAL REPORT

ICON INTERNATIONAL FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Asia-Pacific Region Fund

ICON Europe Fund

ICON International Equity Fund

1-800-764-0442 | www.iconfunds.com

SAR-INTL-12 B82510

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

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

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

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

1-800-764-0442    •    www.iconfunds.com

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Asia-Pacific Region Fund	4
ICON Europe Fund	8
ICON International Equity Fund	11
Financial Statements (Unaudited)	16
Financial Highlights (Unaudited)	26
Notes to Financial Statements (Unaudited)	30
Six Month Hypothetical Expense Example (Unaudited)	45
Other Information (Unaudited)	47

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 portfolio holdings as of March 31, 2012, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

2 ABOUT THIS REPORT

There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.

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

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

The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.

Financial Intermediary

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

ABOUT THIS REPORT 3

ICON ASIA-PACIFIC REGION FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (93.1%)
	48,000	Adani Enterprises, Ltd.	$	286,016
	1,196,000	Agricultural Bank of China, Ltd., Class H		511,372
	20,200	Aisin Seiki Co., Ltd.(a)		718,417
	31,000	Amcor, Ltd.		239,078
	500	Amorepacific Corp.**		529,103
	15,000	Ansell, Ltd.(a)		231,593
	62,100	Australia & New Zealand Banking Group, Ltd.		1,498,114
	5,600	Baidu, Inc., ADR†**		816,312
	864,000	Bank of Ayudhya PCL		756,788
	767,000	Bank Rakyat Indonesia Persero Tbk PT		584,540
	282,000	Belle International Holdings, Ltd.		506,060
	47,500	Bharti Airtel, Ltd.		314,493
	42,700	BHP Billiton, Ltd.		1,539,319
	265,000	Bumi Armada Bhd†		381,346
	27,000	Celltrion, Inc.		881,361
	650,000	Chaoda Modern Agriculture Holdings, Ltd.†***(b)		57,755
	3,000	Cheil Industries, Inc.		254,308
	474,000	China Lilang, Ltd.		504,739
	123,000	China Mengniu Dairy Co., Ltd.		359,865
	120,000	China Shineway Pharmaceutical Group, Ltd.		182,832
	217,000	China ZhengTong Auto Services Holdings, Ltd.†		215,815
	29,500	Coca-Cola Amatil, Ltd.		381,125

Shares or Principal Amount			Value
	42,000	Computershare, Ltd.	$	392,067
	53,000	Crown, Ltd.(a)		478,291
	4,700	CSL, Ltd.		175,020
	16,000	Divi’s Laboratories, Ltd.		240,209
	6,800	Don Quijote Co., Ltd.(a)		247,605
	456,000	Dongyue Group		417,768
	45,200	Doosan Infracore Co., Ltd.†		873,343
	1,323,000	Ezion Holdings, Ltd.		1,037,098
	100,000	Fisher & Paykel Healthcare Corp., Ltd.		183,691
	70,500	Glenmark Pharmaceuticals, Ltd.		428,089
	10,600	Gree, Inc.(a)		267,074
	356,000	Guangzhou Automobile Group Co., Ltd., Class H†		353,714
	86,000	Gudang Garam Tbk PT		517,980
	14,200	Hanwha Corp.		409,553
	45,200	HCL Technologies, Ltd.		427,513
	940,000	Hengdeli Holdings, Ltd.		395,555
	26,804	HKT Trust / HKT, Ltd.†**		20,986
	15,100	Honda Motor Co., Ltd.(a)		581,564
	74,900	Hong Leong Bank Bhd		308,313
	329,000	Huabao International Holdings, Ltd.		212,875
	1,400	Hyundai Glovis Co., Ltd.		252,140
	2,790	Hyundai Mobis		708,151
	7,500	Hyundai Motor Co.		1,548,736
	2,592,000	Indika Energy Tbk PT		717,146

4 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	288,000	Insurance Australia Group, Ltd.	$	1,016,912
	14,000	JSR Corp.(a)		284,064
	300	Jupiter Telecommunications Co., Ltd.		300,425
	100,000	Kasikornbank PCL		499,283
	40	KDDI Corp.(a)		260,262
	17,100	Korea Aerospace Industries, Ltd.		438,829
	4,000	KT&G Corp.		284,627
	22,500	Kuraray Co., Ltd.(a)		320,001
	11,100	LG Fashion Corp.		391,335
	7,730	LS Corp.		546,669
	368,000	M1, Ltd.		744,464
	17,000	Mahindra & Mahindra, Ltd.		233,314
	65,407	Meritz Fire & Marine Insurance Co., Ltd.†		745,515
	5,500	Miraca Holdings, Inc.		215,390
	80,000	Mitsubishi Gas Chemical Co., Inc.(a)		538,288
	17,000	Mitsubishi Tanabe Pharma Corp.		239,383
	52,400	National Australia Bank, Ltd.		1,337,672
	10,800	Newcrest Mining, Ltd.		332,172
	2,600	Nitori Holdings Co., Ltd.		235,130
	12,300	Nitto Denko Corp.(a)		501,585
	1,000	NongShim Co., Ltd.		201,118
	486,000	Olam International, Ltd.(a)		913,312
	11,000	Orica, Ltd.		319,867
	4,800	Otsuka Corp.		391,051
	7,700	Otsuka Holdings Co., Ltd.		228,263
	1,233,000	PCCW, Ltd.		441,911
	2,405	POSCO		806,489
	192,072	PTT Global Chemical PCL		441,778
	85,400	PTT PCL		979,904

Shares or Principal Amount			Value
	10,600	Rio Tinto, Ltd.(a)	$	719,053
	344,000	S.A. SA International Holdings, Ltd.		199,614
	4,700	S1 Corp.		219,067
	285,000	Sakari Resources, Ltd.(a)		529,233
	32,500	Seek, Ltd.(a)		238,155
	45,000	Semirara Mining Corp.		257,239
	6,100	Shinhan Financial Group Co., Ltd.		236,316
	17,000	Shionogi & Co., Ltd.(a)		236,037
	877,000	Sihuan Pharmaceutical Holdings Group, Ltd.		341,028
	90,000	Singapore Telecommunications, Ltd.		224,737
	4,790	SK Innovation Co., Ltd.		702,993
	2,100	SK Telecom Co., Ltd.		259,597
	6,300	Sohu.com, Inc.†**(a)		347,571
	293,000	Sterlite Industries India, Ltd.		633,496
	40,000	Sumitomo Rubber Industries, Ltd.		536,644
	20,500	Tata Steel, Ltd.		188,744
	829,500	Telekomunikasi Indonesia Tbk PT		635,887
	4,400	Terumo Corp.(a)		211,436
	20,000	Toyo Suisan Kaisha, Ltd.		520,060
	25,000	Toyota Motor Corp.(a)		1,087,802
	44,000	Tsingtao Brewery Co., Ltd., Class H		237,100
	58,400	Union Bank of India		270,704
	143,000	United Phosphorus, Ltd.†		363,894
	302,000	Want Want China Holdings, Ltd.		337,139
	14,300	Wesfarmers, Ltd.		445,277
	9,500	Woodside Petroleum, Ltd.		343,331

SCHEDULE OF INVESTMENTS 5

Shares or Principal Amount			Value
	46,400	Woori Finance Holdings Co., Ltd.	$	535,850
	22,000	Yantai Changyu Pioneer Wine Co., Ltd., Class B		248,728
	Total Common Stocks (Cost $48,060,416)			48,240,577

Shares or Principal Amount			Value
	Collateral for Securities on Loan (15.5%)
	8,056,590	State Street Navigator Prime Portfolio	$	8,056,590
	Total Collateral for Securities on Loan (Cost $8,056,590)			8,056,590
	Total Investments 108.6%* (Cost $56,117,006)			56,297,167
	Liabilities Less Other Assets (8.6)%			(4,466,325	)
	Net Assets 100.0%		$	51,830,842

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

† Non-income producing security.

* The value of foreign securities fair valued (Note 2) as of March 31, 2012 was 89.77% of net assets.

** This security is considered a Level 1 security. See Note 2 for further details.

*** This security is considered a Level 3 security. See Note 2 for further details.

(a) All or a portion of the security was on loan as of March 31, 2012.

(b) This security is considered to be illiquid. The value of this security at March 31, 2012 was $57,755, which represents 0.1% of the Fund’s Net Assets.

ADR American Depositary Receipt

6 SCHEDULE OF INVESTMENTS

ICON Asia-Pacific Region Fund

Country Composition

March 31, 2012 (unaudited)

South Korea	20.9%
Australia	18.7%
Japan	15.3%
China	8.7%
Singapore	6.7%
India	6.5%
Thailand	5.2%
Indonesia	4.7%
Hong Kong	4.2%
Malaysia	1.3%
Philippines	0.5%
New Zealand	0.4%
	93.1%

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

ICON Asia-Pacific Region Fund

Sector Composition

March 31, 2012 (unaudited)

Consumer Discretionary	17.8%
Materials	16.5%
Financial	16.0%
Consumer Staples	9.7%
Energy	9.6%
Health Care	7.3%
Utilities	5.6%
Industrials	5.5%
Information Technology	5.1%
	93.1%

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

ICON Asia-Pacific Region Fund

Industry Composition

March 31, 2012 (unaudited)

Diversified Banks	12.6%
Automobile Manufacturers	7.3%
Diversified Metals & Mining	5.6%
Pharmaceuticals	4.9%
Property & Casualty Insurance	3.4%
Wireless Telecommunication Services	3.0%
Coal & Consumable Fuels	2.9%
Commodity Chemicals	2.9%
Internet Software & Services	2.8%
Auto Parts & Equipment	2.8%
Oil & Gas Equipment & Services	2.7%
Packaged Foods & Meats	2.7%
Specialty Chemicals	2.7%
Integrated Telecommunication Services	2.6%
Steel	1.9%
Integrated Oil & Gas	1.9%
Food Distributors	1.8%

Apparel, Accessories & Luxury Goods	1.7%
Industrial Machinery	1.7%
IT Consulting & Other Services	1.6%
Tobacco	1.6%
Diversified Chemicals	1.5%
Oil & Gas Refining & Marketing	1.4%
Specialty Stores	1.1%
Electrical Components & Equipment	1.1%
Tires & Rubber	1.0%
Personal Products	1.0%
Apparel Retail	1.0%
Other Industries (each less than 1%)	13.9%
	93.1%

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

SCHEDULE OF INVESTMENTS 7

ICON EUROPE FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (97.2%)
	2,100	Adidas AG	$	164,095
	1,600	Air Liquide S.A.		213,373
	9,400	Alliance Oil Co., Ltd.†		103,821
	2,000	Allianz SE†		238,703
	3,700	BASF SE		323,526
	10,685	Bayer AG		751,464
	3,800	Bayerische Motoren Werke AG		341,834
	3,200	BioMerieux		252,194
	94,100	BP PLC		700,789
	3,860	Brenntag AG		472,609
	25,700	British Sky Broadcasting Group PLC		278,030
	3,500	Carlsberg A/S, Class B		290,353
	3,200	Cie de St-Gobain		142,774
	10,834	Cie Generale des Etablissements Michelin, Class B		807,080
	6,500	Continental AG†		613,623
	4,600	Delhaize Group S.A.		241,961
	31,500	Deutsche Telekom AG		379,517
	5,800	ElringKlinger AG		166,069
	3,000	Fugro NV, NV†		213,955
	18,000	GEA Group AG		620,901
	11,800	Gerresheimer AG		516,165
	31,200	GlaxoSmithKline PLC		697,501
	28,700	Halfords Group PLC		142,678
	3,300	Heineken NV		183,455
	12,600	K+S AG		658,941
	4,300	Kabel Deutschland Holding AG†		265,447
	3,300	L’Oreal S.A.		407,292
	2,800	Lonza Group AG†		144,716
	10,000	LUKOIL OAO, ADR**		608,000

Shares or Principal Amount			Value
	3,970	LVMH Moet Hennessy Louis Vuitton S.A.	$	683,175
	6,700	Metro AG		259,072
	1,150	Muenchener Rueckversicherungs Gesellschaft AG†		173,421
	18,900	Nestle S.A.		1,189,123
	19,600	Novartis AG		1,085,010
	10,900	OMV AG		387,674
	23,600	Petrofac, Ltd.		657,693
	23,600	QIAGEN NV†		367,475
	1,400	Randgold Resources, Ltd.		122,282
	9,800	Reckitt Benckiser Group PLC		554,465
	68,000	Rexam PLC		465,713
	3,300	Rheinmetall AG		195,391
	6,130	Roche Holding AG		1,066,806
	164,000	RSA Insurance Group PLC		274,463
	6,500	Safran S.A.		238,884
	5,300	Sanofi		411,235
	9,300	SAP AG		649,564
	21,600	SBM Offshore NV		441,947
	6,700	Siemens AG		675,655
	3,700	Stallergenes S.A.		221,539
	40,300	Statoil ASA		1,093,827
	3,500	Suedzucker AG		111,435
	57,400	Telenor ASA		1,065,585
	45,300	TeliaSonera AB		316,043
	115,100	Tesco PLC		607,500
	20,900	Total S.A.		1,067,562
	15,200	Ultra Electronics Holdings PLC		425,497
	31,300	Unilever PLC		1,032,663
	394,000	Vodafone Group PLC		1,086,788

8 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	17,100	Weir Group PLC	$	482,378
	4,000	Yara International ASA		190,675
	Total Common Stocks (Cost $27,295,660)			28,541,406
	Preferred Stocks (1.3%)
	3,100	Henkel AG & Co. KGaA		227,179
	2,400	Porsche Automobil Holding SE		141,642
	Total Preferred Stocks (Cost $359,433)			368,821

Shares or Principal Amount			Value
	Short-Term Investment (1.1%)
$	329,612	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12	$	329,612
	Total Short-Term Investments (Cost $329,612)			329,612
	Total Investments 99.6%* (Cost $27,984,705)			29,239,839
	Other Assets Less Liabilities 0.4%			118,893
	Net Assets 100.0%		$	29,358,732

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

† Non-income producing security.

* The value of foreign securities fair valued (Note 2) as of March 31, 2012 was 96.40% of net assets.

** This security is considered a Level 1 security. See Note 2 for further details.

ADR American Depositary Receipt

SCHEDULE OF INVESTMENTS 9

ICON Europe Fund

Country Composition

March 31, 2012 (unaudited)

Germany	27.1%
Britain	15.5%
France	15.1%
Switzerland	11.9%
United Kingdom	9.8%
Norway	8.0%
Netherlands	4.1%
Russia	2.4%
Austria	1.3%
Sweden	1.1%
Denmark	1.0%
Belgium	0.8%
Jersey	0.4%
	98.5%

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

ICON Europe Fund

Sector Composition

March 31, 2012 (unaudited)

Health Care	18.8%
Energy	18.0%
Consumer Staples	17.4%
Consumer Discretionary	12.3%
Industrials	11.1%
Utilities	9.7%
Materials	6.7%
Financial	2.3%
Information Technology	2.2%
	98.5%

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

ICON Europe Fund

Industry Composition

March 31, 2012 (unaudited)

Pharmaceuticals	14.4%
Integrated Oil & Gas	13.1%
Packaged Foods & Meats	7.9%
Integrated Telecommunication Services	6.0%
Oil & Gas Equipment & Services	4.5%
Industrial Machinery	3.8%
Wireless Telecommunication Services	3.7%
Life Sciences Tools & Services	3.5%
Industrial Conglomerates	3.0%
Fertilizers & Agricultural Chemicals	2.9%
Food Retail	2.9%
Apparel, Accessories & Luxury Goods	2.9%
Tires & Rubber	2.7%

Household Products	2.7%
Auto Parts & Equipment	2.7%
Aerospace & Defense	2.3%
Application Software	2.2%
Cable & Satellite	1.9%
Automobile Manufacturers	1.6%
Brewers	1.6%
Trading Companies & Distributors	1.6%
Metal & Glass Containers	1.6%
Personal Products	1.4%
Diversified Chemicals	1.1%
Other Industries (each less than 1%)	6.5%
	98.5%

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

10 SCHEDULE OF INVESTMENTS

ICON INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (95.9%)
	8,600	Agnico-Eagle Mines, Ltd.**	$	286,595
	1,035,000	America Movil S.A.B. de C.V., Series L**		1,287,905
	1,500	Amorepacific Corp.**		1,587,309
	86,000	Asics Corp.(a)		982,165
	81,100	Atrium Innovations, Inc.†**		933,408
	5,600	Baidu, Inc., ADR†**		816,312
	23,500	Barrick Gold Corp.**		1,021,329
	16,200	Bayer AG		1,139,327
	110,710	BP PLC		824,489
	7,300	Brenntag AG		893,795
	64,300	Celltrion, Inc.		2,098,944
	43,300	Centerra Gold, Inc.**		673,300
	1,702,000	Chaoda Modern Agriculture Holdings, Ltd.†***(b)		151,229
	10,400	Cie Generale des Etablissements Michelin, Class B		774,750
	668,000	Compartamos S.A.B. de C.V.**		757,608
	8,600	Continental AG†		811,871
	50,400	Deutsche Telekom AG		607,227
	72,000	Diagnosticos da America S.A.**		552,587
	888,000	Dongyue Group		813,549
	14,100	Empire Co., Ltd., Class A**		814,236
	3,594,000	Ezion Holdings, Ltd.		2,817,332
	4,000	FANUC Corp.(a)		716,461
	200,000	Fisher & Paykel Healthcare Corp., Ltd.		367,382
	5,600	Fugro NV, NV†		399,383
	24,900	GEA Group AG		858,912

Shares or Principal Amount			Value
	15,000	Gerresheimer AG	$	656,142
	52,800	GlaxoSmithKline PLC		1,180,387
	15,500	Gree, Inc.(a)		390,532
	148,000	Gudang Garam Tbk PT		891,407
	42,000	Hengan International Group Co., Ltd.		422,059
	5,800	Hyundai Department Store Co., Ltd.		891,445
	63,000	Hyundai Greenfood Co., Ltd.		844,558
	4,400	Hyundai Home Shopping Network Corp.		522,397
	3,800	Hyundai Mobis		964,507
	14,000	Hyundai Motor Co.		2,890,975
	22,700	K+S AG		1,187,139
	48,100	Kinross Gold Corp.**		470,174
	10,500	Korea Aerospace Industries, Ltd.		269,456
	12,600	KT&G Corp.		896,574
	104,000	Lewis Group, Ltd.		1,034,125
	53,000	LG Fashion Corp.		1,868,538
	1,500	LG Household & Health Care, Ltd.		788,958
	6,600	LVMH Moet Hennessy Louis Vuitton S.A.		1,135,757
	6,300	Mando Corp.		928,351
	9,700	Metro AG		375,074
	19,700	Metro, Inc.**		1,050,522
	58,000	MTN Group, Ltd.		1,022,731
	30,300	Nestle S.A.		1,906,372
	28,000	Novartis AG		1,550,014
	600,000	Olam International, Ltd.(a)		1,127,545
	14,000	Otsuka Holdings Co., Ltd.		415,024
	29,500	Pan American Silver Corp.**(a)		650,955
	14,100	Petrofac, Ltd.		392,944

SCHEDULE OF INVESTMENTS 11

Shares or Principal Amount			Value
	17,000	Potash Corp. of Saskatchewan, Inc.**	$	776,159
	25,800	QIAGEN NV†		401,731
	8,700	Roche Holding AG		1,514,064
	225,000	RSA Insurance Group PLC(a)		376,549
	860,000	S.A. SA International Holdings, Ltd.		499,035
	6,400	Sanofi		496,586
	7,200	SAP AG		502,889
	24,100	Saputo, Inc.**		1,044,023
	8,300	Siemens AG		837,005
	5,100	SK Holdings Co., Ltd.		665,053
	4,400	SK Innovation Co., Ltd.		645,756
	61,300	Statoil ASA		1,663,811
	41,400	Suncor Energy, Inc.**		1,352,675
	47,700	Suncorp Group, Ltd.		416,039
	870,000	Telekomunikasi Indonesia Tbk PT		666,934
	87,500	Telenor ASA		1,624,368
	53,000	TeliaSonera AB		369,764
	191,000	Tesco PLC		1,008,102
	19,900	Teva Pharmaceutical Industries, Ltd., ADR**		896,694
	160,000	Thai Union Frozen Products PCL		367,078
	13,000	Tiger Brands, Ltd.		457,004
	16,200	Tim Hortons, Inc.**		866,642
	31,155	Total S.A.		1,591,382
	50,000	Toyo Suisan Kaisha, Ltd.		1,300,150
	24,400	Trican Well Service, Ltd.**(a)		358,374
	23,000	Ultra Electronics Holdings PLC		643,844

Shares or Principal Amount			Value
	45,900	Unilever PLC	$	1,514,353
	218,000	United Phosphorus, Ltd.		554,748
	9,000	Valeant Pharmaceuticals International, Inc.†**		482,641
	513,000	Vodafone Group PLC		1,415,031
	80,000	Yantai Changyu Pioneer Wine Co., Ltd., Class B		904,466
	878,000	Yingde Gases		996,087
	Total Common Stocks (Cost $77,153,586)			76,921,104
	Preferred Stocks (3.4%)
	30,440	Banco Bradesco S.A.**		531,777
	70,000	Investimentos Itau S.A.**		431,401
	140,000	Petroleo Brasileiro S.A.**		1,790,791
	Total Preferred Stocks (Cost $2,911,908)			2,753,969
	Collateral for Securities on Loan (5.3%)
	4,269,148	State Street Navigator Prime Portfolio		4,269,148
	Total Collateral for Securities on Loan (Cost $4,269,148)			4,269,148
	Total Investments 104.6%* (Cost $84,334,642)			83,944,221
	Liabilities Less Other Assets (4.6)%			(3,682,871	)
	Net Assets 100.0%		$	80,261,350

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

† Non-income producing security.

* The value of foreign securities fair valued (Note 2) as of March 31, 2012 was 75.05% of net assets.

** This security is considered a Level 1 security. See Note 2 for further details.

*** This security is considered a Level 3 security. See Note 2 for further details.

(a) All or a portion of the security was on loan as of March 31, 2012.

(b) This security is considered to be illiquid. The value of this security at March 31, 2012 was $151,229, which represents 0.2% of the Fund’s Net Assets.

ADR American Depositary Receipt

12 SCHEDULE OF INVESTMENTS

ICON International Equity Fund

Country Composition

March 31, 2012 (unaudited)

South Korea	19.8%
Canada	13.4%
Germany	9.8%
Switzerland	6.2%
Britain	5.1%
France	5.0%
Singapore	4.9%
Japan	4.7%
Brazil	4.1%
Norway	4.1%
United Kingdom	4.0%
China	3.7%
South Africa	3.1%
Mexico	2.6%
Hong Kong	2.1%
Indonesia	1.9%
Israel	1.1%
Netherlands	1.0%
India	0.7%
Australia	0.5%
Sweden	0.5%
New Zealand	0.5%
Thailand	0.5%
	99.3%

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

ICON International Equity Fund

Sector Composition

March 31, 2012 (unaudited)

Consumer Staples	21.9%
Consumer Discretionary	18.7%
Energy	14.8%
Health Care	14.6%
Materials	9.3%
Utilities	8.7%
Industrials	6.1%
Financial	3.1%
Information Technology	2.1%
	99.3%

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

SCHEDULE OF INVESTMENTS 13

ICON International Equity Fund

Industry Composition

March 31, 2012 (unaudited)

Pharmaceuticals	12.2%
Integrated Oil & Gas	9.0%
Packaged Foods & Meats	8.2%
Oil & Gas Equipment & Services	4.9%
Wireless Telecommunication Services	4.6%
Integrated Telecommunication Services	4.1%
Apparel, Accessories & Luxury Goods	3.7%
Personal Products	3.7%
Automobile Manufacturers	3.6%
Food Retail	3.6%
Auto Parts & Equipment	3.4%
Fertilizers & Agricultural Chemicals	3.1%
Gold	3.1%
Tobacco	2.2%
Department Stores	2.2%
Industrial Machinery	2.0%
Industrial Conglomerates	1.9%

Internet Software & Services	1.5%
Food Distributors	1.4%
Life Sciences Tools & Services	1.3%
Homefurnishing Retail	1.3%
Industrial Gases	1.2%
Footwear	1.2%
Diversified Banks	1.2%
Aerospace & Defense	1.1%
Distillers & Vintners	1.1%
Trading Companies & Distributors	1.1%
Restaurants	1.1%
Specialty Chemicals	1.0%
Property & Casualty Insurance	1.0%
Household Products	1.0%
Tires & Rubber	1.0%
Other Industries (each less than 1%)	6.3%
	99.3%

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

14 SCHEDULE OF INVESTMENTS

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STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2012 (UNAUDITED)

	ICON Asia-Pacific Region Fund		ICON Europe Fund		ICON International Equity Fund
Assets
Investments, at cost	$	56,117,006	$	27,984,705	$	84,334,642
Investments, at value†		56,297,167		29,239,839		83,944,221
Foreign currency, at value(a)		737,577		7,670		601,038
Receivables:
Fund shares sold		192,161		11,878		62,610
Investments sold		3,856,224		66,079		1,760,556
Dividends		223,986		50,776		210,664
Expense reimbursements due from Adviser		16,447		14,950		4,463
Foreign tax reclaims		381		78,750		111,027
Other assets		28,722		25,596		36,216
Total Assets		61,352,665		29,495,538		86,730,795
Liabilities
Payables:
Due to custodian bank		710,684		–		786,427
Expense recoupment due to adviser		–		–		822
Investments purchased		485,286		–		202,324
Payable for collateral received on securities loaned		8,056,590		–		4,269,148
Fund shares redeemed		58,199		74,077		1,038,568
Advisory fees		47,213		25,004		69,280
Accrued distribution fees		1,026		80		10,006
Fund accounting fees		1,881		988		2,084
Transfer agent fees		14,444		8,474		19,120
Administration fees		2,358		1,249		3,461
Trustee fees		1,575		931		2,765
Capital gains tax		90,497		–		14,089
Accrued expenses		52,070		26,003		51,351
Total Liabilities		9,521,823		136,806		6,469,445
Net Assets - all share classes	$	51,830,842	$	29,358,732	$	80,261,350
Net Assets - Class S*	$	49,702,603	$	29,186,097	$	59,278,866
Net Assets - Class C	$	985,649	$	69,044	$	7,819,685
Net Assets - Class A	$	1,142,590	$	103,591	$	13,162,799

16 FINANCIAL STATEMENTS

	ICON Asia-Pacific Region Fund			ICON Europe Fund			ICON International Equity Fund
Net Assets Consist of
Paid-in capital	$	63,089,376		$	81,966,062		$	173,565,599
Accumulated undistributed net investment income/(loss)		36,029			18,610			(141,134	)
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions		(11,469,089	)		(53,882,330	)		(92,772,140	)
Unrealized appreciation/(depreciation) on investments and foreign currency transactions		174,526			1,256,390			(390,975	)
Net Assets	$	51,830,842		$	29,358,732		$	80,261,350
Shares outstanding (unlimited shares authorized, no par value)
Class S*		4,035,749			2,375,239			5,425,250
Class C		82,067			5,690			766,359
Class A		92,873			8,405			1,207,941
Net asset value (offering and redemption price per share)
Class S*	$	12.32		$	12.29		$	10.93
Class C	$	12.01		$	12.13		$	10.20
Class A	$	12.30		$	12.32		$	10.90
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	13.05		$	13.07		$	11.56
†  Includes securities on loan of	$	7,617,567		$	–		$	4,066,856
(a)  Foreign currency, at cost	$	737,094		$	7,679		$	597,712

* Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012.

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

FINANCIAL STATEMENTS 17

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2012 (UNAUDITED)

	ICON Asia-Pacific Region Fund			ICON Europe Fund			ICON International Equity Fund
Investment Income
Interest	$	47		$	29		$	61
Dividends		500,348			270,688			717,654
Income from securities lending, net		4,316			2,462			8,030
Foreign taxes withheld		(26,990	)		(24,368	)		(72,618	)
Total Investment Income		477,721			248,811			653,127
Expenses
Advisory fees		282,257			146,105			409,552
Distribution fees:
Class I*		–			–			19,176
Class C		4,353			329			41,103
Class A		1,204			134			9,623
Fund accounting fees		5,614			2,913			8,191
Transfer agent fees		35,149			20,606			50,753
Administration fees		14,108			7,302			20,470
Custody fees		36,892			6,959			40,524
Registration fees:
Class S**		7,948			6,245			3,731
Class I*		–			–			4,304
Class C		3,523			3,326			3,727
Class Z**		–			–			1,794
Class A		2,817			3,033			4,019
Insurance expense		4,683			2,871			6,791
Trustee fees and expenses		3,052			1,640			4,364
Audit and tax service expense		16,067			16,057			16,860
Interest expense		599			491			355
Recoupment of previously reimbursed expenses		–			–			1,396
Other expenses		31,350			19,028			34,602
Total expenses before expense reimbursement		449,616			237,039			681,335
Expense reimbursement by Adviser due to expense limitation agreement		(7,913	)		(8,157	)		(12,882	)
Net Expenses		441,703			228,882			668,453
Net Investment Income/(Loss)		36,018			19,929			(15,326	)
Net Realized and Unrealized Gain/(Loss) on Investments, Foreign Currency Transactions and Capital Gains Tax
Net realized gain/(loss) from investment transactions		(581,953	)		(3,143,511	)		(11,706,398	)
Net realized gain/(loss) from foreign currency transactions		(77,580	)		(33,448	)		(202,107	)
Net realized capital gains tax		(90,225	)		–			(69,253	)
Change in unrealized net appreciation/(depreciation) on investments and foreign currency transactions		11,954,622			8,876,901			26,634,764
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and capital gains tax		11,204,864			5,699,942			14,657,006
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	11,240,882		$	5,719,871		$	14,641,680

* Class I shares of the International Equity Fund merged into Class A shares on January 23, 2012.

** Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012.

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

18 FINANCIAL STATEMENTS

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STATEMENTS OF CHANGES IN NET ASSETS

	ICON Asia-Pacific Region Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Operations
Net investment income/(loss)	$	36,018		$	388,046
Net realized gain/(loss) on investment transactions		(581,953	)		9,874,630
Net realized gain/(loss) from foreign currency transactions		(77,580	)		287,624
Net realized capital gains tax		(90,225	)		(28,063	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions		11,954,622			(23,378,425	)
Net increase/(decrease) in net assets		11,240,882			(12,856,188	)
Dividends to Shareholders
Net investment income
Class S		(215,357	)		-
Class C		-			-
Class A		(1,981	)		-
Net decrease from dividends		(217,338	)		-
Fund Share Transactions
Shares sold
Class S		2,789,619			24,830,854
Class C		138,616			858,994
Class A		441,535			832,245
Reinvested dividends and distributions
Class S		209,005			-
Class C		-			-
Class A		1,823			-
Shares repurchased
Class S		(19,626,421	)		(27,570,610	)
Class C		(114,105	)		(286,152	)
Class A		(230,501	)		(1,054,975	)
Net increase/(decrease) from fund share transactions		(16,390,429	)		(2,389,644	)
Total Net increase/(decrease) in net assets		(5,366,885	)		(15,245,832	)
Net Assets
Beginning of period		57,197,727			72,443,559
End of period	$	51,830,842		$	57,197,727

20 FINANCIAL STATEMENTS

ICON Europe Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
$	19,929		$	606,191
	(3,143,511	)		4,703,346
	(33,448	)		(367,632	)
	-			-
	8,876,901			(11,104,476	)
	5,719,871			(6,162,571	)
	(459,020	)		(453,210	)
	(307	)		(410	)
	(1,339	)		(1,567	)
	(460,666	)		(455,187	)
	1,570,977			7,568,313
	2,972			5,475
	2,403			10,420
	445,476			440,889
	307			410
	1,289			1,511
	(6,153,418	)		(21,855,777	)
	(5,100	)		(2,563	)
	(24,538	)		(30,619	)
	(4,159,632	)		(13,891,941	)
	1,099,573			(20,509,699	)
	28,259,159			48,768,858
$	29,358,732		$	28,259,159

FINANCIAL STATEMENTS 21

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Asia-Pacific Region Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Transactions in Fund Shares
Shares sold
Class S		245,043			1,912,320
Class C		12,135			66,475
Class A		37,654			64,370
Reinvested dividends and distributions
Class S		20,116			-
Class C		-			-
Class A		176			-
Shares repurchased
Class S		(1,724,669	)		(2,154,565	)
Class C		(10,246	)		(22,566	)
Class A		(20,993	)		(81,339	)
Net increase/(decrease)		(1,440,784	)		(215,305	)
Shares outstanding, beginning of period		5,651,473			5,866,778
Shares outstanding, end of period		4,210,689			5,651,473
Accumulated undistributed net investment income/(loss)	$	36,029		$	217,349

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

22 FINANCIAL STATEMENTS

ICON Europe Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
	136,946			540,432
	245			402
	210			765
	42,386			32,418
	29			31
	122			111
	(538,662	)		(1,585,829	)
	(429	)		(183	)
	(2,148	)		(2,203	)
	(361,301	)		(1,014,056	)
	2,750,635			3,764,691
	2,389,334			2,750,635
$	18,610		$	459,347

FINANCIAL STATEMENTS 23

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON International Equity Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Operations
Net investment income/(loss)	$	(15,326	)	$	932,766
Net realized gain/(loss) on investment transactions		(11,706,398	)		11,896,021
Net realized gain/(loss) from foreign currency transactions		(202,107	)		58,537
Net realized capital gains tax		(69,253	)		(33,954	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions		26,634,764			(37,453,624	)
Net increase/(decrease) in net assets		14,641,680			(24,600,254	)
Dividends to Shareholders
Net investment income
Class S (pre-merger)*		(446,175	)		(209,215	)
Class I**		(153,050	)		(118,029	)
Class C		-			-
Class S (formerly, Class Z)		(74,204	)		(82,032	)
Class A		(13,281	)		(20,141	)
Class Q***					(52,806	)
Net decrease from dividends		(686,710	)		(482,223	)
Fund Share Transactions
Shares sold
Class S (pre-merger)*		1,305,260			28,322,716
Class I**		1,041,882			13,088,283
Class C		64,201			918,923
Class S (formerly, Class Z)****		53,507,061			2,581,160
Class A		14,813,470			1,383,795
Class Q***		-			23,892
Reinvested dividends and distributions
Class S (pre-merger)*		445,550			204,055
Class I**		134,039			101,764
Class C		-			-
Class S (formerly, Class Z)		69,998			79,707
Class A		9,439			17,213
Class Q***		-			52,676
Shares repurchased
Class S (pre-merger)*		(42,941,189	)		(11,610,081	)
Class I**		(29,247,969	)		(17,474,596	)
Class C		(1,737,451	)		(4,428,987	)
Class S (formerly, Class Z)****		(4,677,426	)		(6,802,428	)
Class A		(5,407,209	)		(3,354,216	)
Class Q***		-			(9,287,654	)
Net increase/(decrease) from fund share transactions		(12,620,344	)		(6,183,778	)
Total Net increase/(decrease) in net assets		1,334,626			(31,266,255	)
Net Assets
Beginning of period		78,926,724			110,192,979
End of period	$	80,261,350		$	78,926,724

24 FINANCIAL STATEMENTS

	ICON International Equity Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Transactions in Fund Shares
Shares sold
Class S (pre-merger)*		125,902			2,179,451
Class I**		102,639			1,070,213
Class C		6,744			77,449
Class S (formerly, Class Z)****		5,114,828			206,375
Class A		1,419,883			109,312
Class Q***		-			1,884
Reinvested dividends and distributions
Class S (pre-merger)*		45,933			16,118
Class I**		14,139			8,240
Class C		-			-
Class S (formerly, Class Z)		7,307			6,377
Class A		986			1,382
Class Q***		-			4,218
Shares repurchased
Class S (pre-merger)*		(4,078,066	)		(933,083	)
Class I**		(2,858,784	)		(1,434,870	)
Class C		(180,528	)		(375,566	)
Class S (formerly, Class Z)****		(437,159	)		(529,937	)
Class A****		(501,127	)		(267,603	)
Class Q***		-			(718,870	)
Net increase/(decrease)		(1,217,303	)		(578,910	)
Shares outstanding, beginning of period		8,616,853			9,195,763
Shares outstanding, end of period		7,399,550			8,616,853
Accumulated undistributed net investment income/(loss)	$	(141,134	)	$	560,902

* Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012. The information presented is that before the merger.

** Class I shares of the International Equity Fund merged into Class A shares on January 23, 2012. The information presented is that before the merger.

*** Class Q shares of the International Equity Fund closed on April 12, 2011.

**** The information presented includes the January 23, 2012 merger activity.

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

FINANCIAL STATEMENTS 25

FINANCIAL HIGHLIGHTS

			Income/(loss) from investment operations									Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)			Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Asia-Pacific Region Fund
Class S
Period Ended March 31, 2012†	$	10.12	$	0.01		$	2.23		$	2.24		$	(0.04	)	$	–
Year Ended September 30, 2011		12.35		0.07			(2.30	)		(2.23	)		–			–
Year Ended September 30, 2010		10.64		0.01			1.89			1.90			(0.19	)		–
Year Ended September 30, 2009		9.47		0.08			1.20			1.28			(0.11	)		–
Year Ended September 30, 2008		18.82		0.10			(6.99	)		(6.89	)		(0.12	)		(2.34	)
Year Ended September 30, 2007		13.19		0.15			5.51			5.66			(0.03	)		–
Class C
Period Ended March 31, 2012†		9.88		(0.04	)		2.17			2.13			–			–
Year Ended September 30, 2011		12.17		(0.02	)		(2.27	)		(2.29	)		–			–
Year Ended September 30, 2010		10.54		(0.05	)		1.82			1.77			(0.14	)		–
Year Ended September 30, 2009		9.41		0.02			1.18			1.20			(0.07	)		–
January 25, 2008 (inception) to September 30, 2008		13.73		0.05			(4.37	)		(4.32	)		–			–
Class A
Period Ended March 31, 2012†		10.10		–	(d)		2.22			2.22			(0.02	)		–
Year Ended September 30, 2011		12.35		0.04			(2.29	)		(2.25	)		–			–
Year Ended September 30, 2010		10.63		0.02			1.86			1.88			(0.16	)		–
Year Ended September 30, 2009		9.38		0.05			1.25			1.30			(0.05	)		–
Year Ended September 30, 2008		18.72		0.03			(6.93	)		(6.90	)		(0.10	)		(2.34	)
Year Ended September 30, 2007		13.18		0.27			5.30			5.57			(0.03	)		–
ICON Europe Fund
Class S
Period Ended March 31, 2012†		10.27		0.01			2.19			2.20			(0.18	)		–
Year Ended September 30, 2011		12.95		0.19			(2.73	)		(2.54	)		(0.14	)		–
Year Ended September 30, 2010		12.28		0.18			0.60			0.78			(0.11	)		–
Year Ended September 30, 2009		13.23		0.15			(0.79	)		(0.64	)		(0.31	)		–
Year Ended September 30, 2008		24.04		0.36			(8.21	)		(7.85	)		(0.21	)		(2.75	)
Year Ended September 30, 2007		18.82		0.21			5.33			5.54			(0.05	)		(0.27	)
Class C
Period Ended March 31, 2012†		10.07		(0.05	)		2.16			2.11			(0.05	)		–
Year Ended September 30, 2011		12.77		0.07			(2.70	)		(2.63	)		(0.07	)		–
Year Ended September 30, 2010		12.15		0.09			0.56			0.65			(0.03	)		–
Year Ended September 30, 2009		13.12		0.07			(0.80	)		(0.73	)		(0.24	)		–
January 25, 2008 (inception) to September 30, 2008		17.91		0.07			(4.86	)		(4.79	)		–			–
Class A
Period Ended March 31, 2012†		10.28		(0.01	)		2.19			2.18			(0.14	)		–
Year Ended September 30, 2011		12.98		0.18			(2.75	)		(2.57	)		(0.13	)		–
Year Ended September 30, 2010		12.30		0.15			0.60			0.75			(0.07	)		–
Year Ended September 30, 2009		13.14		0.12			(0.75	)		(0.63	)		(0.21	)		–
Year Ended September 30, 2008		23.91		0.26			(8.17	)		(7.91	)		(0.11	)		(2.75	)
Year Ended September 30, 2007		18.79		0.15			5.28			5.43			(0.04	)		(0.27	)

26 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	(0.04	)	$	12.32		22.25	%	$	49,703		1.54	%		1.54	%		0.15	%		0.15	%		40.86	%
	–			10.12		(18.06	)%		55,637		1.59	%		1.59	%		0.55	%		0.55	%		71.03	%
	(0.19	)		12.35		18.02	%		70,854		1.63	%		1.63	%		0.13	%		0.13	%		100.41	%
	(0.11	)		10.64		14.18	%		108,325		1.54	%		1.54	%		1.00	%		1.00	%		171.05	%
	(2.46	)		9.47		(41.26	)%		69,519		1.42	%		1.42	%		0.70	%		0.70	%		168.42	%
	(0.03	)		18.82		43.03	%		205,332		1.38	%		1.38	%		0.96	%		0.97	%		130.84	%
	–			12.01		21.56	%		986		3.57	%		2.55	%(c)		(1.80	)%		(0.78	)%		40.86	%
	–			9.88		(18.82	)%		792		4.40	%		2.55	%(c)		(2.02	)%		(0.17	)%		71.03	%
	(0.14	)		12.17		17.02	%		441		9.04	%		2.57	%(c)		(6.91	)%		(0.44	)%		100.41	%
	(0.07	)		10.54		13.10	%		260		19.80	%		2.55	%(c)		(17.06	)%		0.19	%		171.05	%
	–			9.41		(31.46	)%		33		23.58	%		2.64	%(c)		(20.28	)%		0.66	%		168.42	%
	(0.02	)		12.30		22.02	%		1,142		2.52	%		1.80	%(c)		(0.79	)%		(0.07	)%		40.86	%
	–			10.10		(18.22	)%		768		3.05	%		1.81	%(c)		(0.97	)%		0.27	%		71.03	%
	(0.16	)		12.35		17.91	%		1,149		5.17	%		1.82	%(c)		(3.13	)%		0.22	%		100.41	%
	(0.05	)		10.63		14.11	%		543		5.89	%		1.82	%(c)		(3.41	)%		0.66	%		171.05	%
	(2.44	)		9.38		(41.53	)%		412		2.94	%		1.88	%(c)		(0.82	)%		0.24	%		168.42	%
	(0.03	)		18.72		42.38	%		973		3.26	%		1.85	%(c)		0.24	%		1.65	%		130.84	%
	(0.18	)		12.29		21.73	%		29,186		1.56	%		1.56	%		0.14	%		0.14	%		60.67	%
	(0.14	)		10.27		(19.90	)%		28,095		1.54	%		1.54	%		1.40	%		1.40	%		51.94	%
	(0.11	)		12.95		6.40	%		48,547		1.58	%		1.58	%		1.48	%		1.48	%		105.08	%
	(0.31	)		12.28		(4.13	)%		56,681		1.57	%		1.57	%		1.52	%		1.52	%		129.97	%
	(2.96	)		13.23		(36.83	)%		84,320		1.35	%		1.35	%		1.89	%		1.89	%		181.83	%
	(0.32	)		24.04		29.69	%		139,069		1.35	%		1.35	%		0.97	%		0.97	%		133.36	%
	(0.05	)		12.13		21.06	%		69		15.18	%		2.55	%(c)		(13.47	)%		(0.84	)%		60.67	%
	(0.07	)		10.07		(20.73	)%		59		19.88	%		2.52	%(c)		(16.84	)%		0.52	%		51.94	%
	(0.03	)		12.77		5.37	%		71		40.14	%		2.55	%(c)		(36.86	)%		0.73	%		105.08	%
	(0.24	)		12.15		(5.04	)%		22		75.12	%		2.57	%(c)		(71.83	)%		0.72	%		129.97	%
	–			13.12		(26.74	)%		16		51.24	%		2.58	%(c)		(48.03	)%		0.63	%		181.83	%
	(0.14	)		12.32		21.42	%		104		9.26	%		1.80	%(c)		(7.58	)%		(0.12	)%		60.67	%
	(0.13	)		10.28		(20.04	)%		105		11.29	%		1.80	%(c)		(8.20	)%		1.29	%		51.94	%
	(0.07	)		12.98		6.16	%		150		17.22	%		1.80	%(c)		(14.22	)%		1.21	%		105.08	%
	(0.21	)		12.30		(4.32	)%		159		11.15	%		1.82	%(c)		(8.08	)%		1.25	%		129.97	%
	(2.86	)		13.14		(37.17	)%		370		4.36	%		1.83	%(c)		(1.18	)%		1.35	%		181.83	%
	(0.31	)		23.91		29.14	%		666		2.43	%		1.84	%(c)		0.09	%		0.69	%		133.36	%

FINANCIAL HIGHLIGHTS 27

FINANCIAL HIGHLIGHTS (CONTINUED)

			Income/(loss) from investment operations									Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)			Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON International Equity Fund
Class S**
Period Ended March 31, 2012†	$	9.22	$	0.05		$	1.77		$	1.82		$	(0.11	)	$	–
Year Ended September 30, 2011		12.11		0.14			(2.95	)		(2.81	)		(0.08	)		–
Year Ended September 30, 2010		11.13		0.13			1.06			1.19			(0.21	)		–
Year Ended September 30, 2009		10.87		0.11			0.35			0.46			(0.20	)		–
Year Ended September 30, 2008		20.34		0.22			(7.53	)		(7.31	)		(0.17	)		(1.99	)
Year Ended September 30, 2007		15.07		0.20			5.73			5.93			–			(0.66	)
Class C
Period Ended March 31, 2012†		8.56		(0.05	)		1.69			1.64			–			–
Year Ended September 30, 2011		11.30		–	(d)		(2.74	)		(2.74	)		–			–
Year Ended September 30, 2010		10.40		(0.01	)		1.01			1.00			(0.10	)		–
Year Ended September 30, 2009		10.10		–	(d)		0.36			0.36			(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	)
Class A***
Period Ended March 31, 2012†		9.16		0.02			1.77			1.79			(0.05	)		–
Year Ended September 30, 2011		12.04		0.10			(2.94	)		(2.84	)		(0.04	)		–
Year Ended September 30, 2010		11.07		0.08			1.06			1.14			(0.17	)		–
Year Ended September 30, 2009		10.78		0.06			0.37			0.43			(0.14	)		–
Year Ended September 30, 2008		20.24		0.18			(7.52	)		(7.34	)		(0.13	)		(1.99	)
Year Ended September 30, 2007		15.06		0.17			5.67			5.84			–			(0.66	)

(x) Calculated using the average shares method.

* The total return calculation is for the period indicated and excludes any sales charges.

** Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012. The results of each class prior to the merger may have been different than what is presented.

*** Class I shares merged into Class A on January 23, 2012. The results of each class prior to the merger may have been different than what is presented.

† Unaudited.

(a) Annualized for periods less than a year.

(b) Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year.

(c) The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including interest expense.

(d) Amount less than $0.005.

(e) The ratio of expenses to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.25%, 2.52% and 1.76% for Class S, Class C and Class A, respectively.

(f) The ratio of net investment income/(loss) to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.25%, (0.01%) and 0.74% for Class S, Class C and Class A, respectively.

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

28 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit(c)			Before expense limitation and  transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	(0.11	)	$	10.93		19.88	%	$	59,279		1.39	%		1.39	%		0.88	%		0.88	%		76.22	%
	(0.08	)		9.22		(23.38	)%		6,826		1.45	%		1.45	%		1.12	%		1.12	%		91.46	%
	(0.21	)		12.11		10.87	%		12,806		1.43	%		1.36	%		1.06	%		1.12	%		111.29	%
	(0.20	)		11.13		5.16	%		29,437		1.43	%		1.25	%(e)		1.07	%		1.25	%(f)		182.73	%
	(2.16	)		10.87		(39.66	)%		13,580		1.27	%		1.27	%		1.31	%		1.31	%		188.73	%
	(0.66	)		20.34		40.56	%		37,619		1.26	%		1.26	%		1.16	%		1.16	%		132.30	%
	–			10.20		19.16	%		7,819		2.72	%		2.55	%		(1.14	)%		(0.97	)%		76.22	%
	–			8.56		(24.25	)%		8,050		2.64	%		2.55	%		(0.11	)%		(0.02	)%		91.46	%
	(0.10	)		11.30		9.65	%		13,990		2.69	%		2.55	%		(0.21	)%		(0.07	)%		111.29	%
	(0.06	)		10.40		3.79	%		15,774		2.64	%		2.55	%(e)		(0.13	)%		(0.04	)%(f)		182.73	%
	(1.99	)		10.10		(40.38	)%		22,194		2.44	%		2.44	%		0.47	%		0.47	%		188.73	%
	(0.66	)		19.09		38.74	%		29,274		2.57	%		2.56	%		(0.04	)%		(0.03	)%		132.30	%
	(0.05	)		10.90		19.62	%		13,163		1.95	%		1.80	%		0.23	%		0.38	%		76.22	%
	(0.04	)		9.16		(23.65	)%		2,640		2.03	%		1.80	%		0.56	%		0.79	%		91.46	%
	(0.17	)		12.04		10.38	%		5,358		2.16	%		1.80	%		0.33	%		0.68	%		111.29	%
	(0.14	)		11.07		4.65	%		5,214		2.08	%		1.80	%(e)		0.42	%		0.70	%(f)		182.73	%
	(2.12	)		10.78		(39.95	)%		7,001		1.73	%		1.73	%		1.17	%		1.17	%		188.73	%
	(0.66	)		20.24		39.97	%		6,744		1.70	%		1.69	%		0.98	%		0.99	%		132.30	%

FINANCIAL HIGHLIGHTS 29

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2012 (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. Each fund has three classes of shares: Class S, Class C and Class A. Prior to January 23, 2012, the International Equity Fund had five share classes: Class S, Class I, Class C, Class Z and Class A. On January 23, 2012, the following changes took place in the International Equity Fund: Class I merged into Class A, Class S merged into Class Z and Class Z was renamed to Class S. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently fourteen 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 to provide long-term capital appreciation.

The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general,

30 NOTES TO FINANCIAL STATEMENTS

there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity, and small market share.

The Europe Fund has a significant weighting in Germany which may cause each Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that country and/or sector.

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

2.  Significant Accounting Policies

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

Investment Valuation

The Funds’ securities and other assets, 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 Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading. 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

NOTES TO FINANCIAL STATEMENTS 31

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

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

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

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

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

32 NOTES TO FINANCIAL STATEMENTS

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

Level 3 — significant unobservable inputs.

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets 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, 2012:

	Level 1		Level 2		Level 3		Total
ICON Asia-Pacific Region Fund*
Assets
Common Stocks
South Korea	$	529,103	$	10,295,997	$	-	$	10,825,100
Australia		-		9,687,046		-		9,687,046
Japan		-		7,920,481		-		7,920,481
China		1,163,883		3,350,235		-		4,514,118
Singapore		-		3,448,844		-		3,448,844
India		-		3,386,472		-		3,386,472
Thailand		-		2,677,753		-		2,677,753
Other Countries		20,986		5,702,022		57,755		5,780,763
Collateral for Securities on Loan		-		8,056,590		-		8,056,590
Total	$	1,713,972	$	54,525,440	$	57,755	$	56,297,167

NOTES TO FINANCIAL STATEMENTS 33

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

	Level 1		Level 2		Level 3		Total
ICON Europe Fund*
Assets
Common Stocks
Germany	$	-	$	7,577,432	$	-	$	7,577,432
Britain		-		4,545,368		-		4,545,368
France		-		4,445,108		-		4,445,108
Switzerland		-		3,485,655		-		3,485,655
United Kingdom		-		2,860,790		-		2,860,790
Norway		-		2,350,087		-		2,350,087
Other Countries		608,000		2,668,966				3,276,966
Preferred Stock
Germany		-		368,821		-		368,821
Short-Term Investments		-		329,612		-		329,612
Total	$	608,000	$	28,631,839	$	-	$	29,239,839
ICON International Equity Fund*
Assets
Common Stocks
South Korea	$	1,587,309	$	14,275,512	$	-	$	15,862,821
Canada		10,781,033		-		-		10,781,033
Germany		-		7,869,381		-		7,869,381
Switzerland		-		4,970,450		-		4,970,450
Britain		-		4,108,077		-		4,108,077
France		-		3,998,475		-		3,998,475
Other Countries		4,311,106		24,868,532		151,229		29,330,867
Preferred Stocks
Brazil		2,753,969		-		-		2,753,969
Collateral for Securities on Loan		-		4,269,148		-		4,269,148
Total	$	19,433,417	$	64,359,575	$	151,229	$	83,944,221

* Please refer to the Schedule of Investments and the Sector/Industry Classification and Country Composition tables for additional security details.

For the period ended March 31, 2012, there was no significant transfer activity between Level 1 and Level 2.

34 NOTES TO FINANCIAL STATEMENTS

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the period ended March 31, 2012 for the Asia-Pacific Region Fund and the International Equity Fund, was as follows:

	Common Stocks Hong Kong
ICON Asia-Pacific Region Fund
Beginning balance 9/30/11	$	91,815
Purchases		-
Sales		-
Accrued discounts/(premiums)		-
Total realized gains/(losses)		-
Total change in unrealized appreciation/(depreciation)		(34,060	)
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/12	$	57,755
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/12	$	(34,060	)
ICON International Equity Fund
Beginning balance 9/30/11	$	240,414
Purchases		-
Sales		-
Accrued discounts/(premiums)		-
Total realized gains/(losses)		-
Total change in unrealized appreciation/(depreciation)		(89,185	)
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/12	$	151,229
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/12	$	(89,185	)

Net realized gain/(loss) and net change in unrealized appreciation/depreciation is reflected on the Statement of Operations.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-04, “Fair Value Measurements and Disclosures (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 is effective for annual periods beginning after December 15, 2011 and is to be applied prospectively. The Funds are currently assessing the impact of this guidance on its financial statements.

NOTES TO FINANCIAL STATEMENTS 35

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Foreign Currency Translation

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

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

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. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

As of March 31, 2012, the following Funds had securities with the following values on loan:

Fund	Value of Loaned Securities		Value of Collateral
ICON Asia-Pacific Region Fund	$	7,617,567	$	8,056,590
ICON International Equity Fund		4,066,856		4,269,148

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2012. It may also include collateral received from the pre-funding of loans.

36 NOTES TO FINANCIAL STATEMENTS

Income Taxes

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

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

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

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

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Certain foreign countries impose a tax on capital gains which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s NAV. The tax is paid when the gain is realized.

Investment Income

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the

NOTES TO FINANCIAL STATEMENTS 37

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.

Investment Transactions

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

Allocation of Expenses

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

Below are the class level expenses that are included on the Statement of Operations:

Fund	Legal Expense		Printing and Postage Expense		Transfer Agent Expense
ICON Asia-Pacific Region Fund
Class S	$	4,731	$	15,466	$	32,298
Class C		75		209		1,609
Class A		84		443		1,242
ICON Europe Fund
Class S		2,775		8,497		19,142
Class C		7		236		670
Class A		10		292		794

38 NOTES TO FINANCIAL STATEMENTS

Fund	Legal Expense		Printing and Postage Expense		Transfer Agent Expense
ICON International Equity Fund
Class S (pre-merger)*	$	2,178	$	3,130	$	7,778
Class I**		1,375		2,781		11,970
Class C		691		2,468		11,548
Class S (formerly, Class Z)*		2,031		3,447		10,041
Class A		598		2,739		9,416

* Class S shares of the International Equity Fund merged into Class Z shares and were renamed Class S on January 23, 2012. The information presented for Class S (pre-merger) is that before the merger.

** Class I shares of the International Equity Fund were merged into Class A shares on January 23, 2012. The information presented is that before the merger.

3.  Fees and Other Transactions with Affiliates

Investment Advisory Fees

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

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

Fund	Class S		Class C		Class A
ICON Asia-Pacific Region Fund		-		2.55%		1.80%
ICON Europe Fund		-		2.55%		1.80%
ICON International Equity Fund		1.55%		2.55%		1.80%

The Funds’ expense limitations will continue in effect until at least January 31, 2021. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.

NOTES TO FINANCIAL STATEMENTS 39

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

As of March 31, 2012 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2012		2013		2014		2015
ICON Asia-Pacific Region Fund	$	15,459	$	47,207	$	31,078	$	7,913
ICON Europe Fund		14,983		42,776		29,163		8,157
ICON International Equity Fund		9,113		20,212		11,377		8,978

Accounting, Custody and Transfer Agent Fees

State Street Bank and Trust Company, (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.

State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction cusip charges and out-of-pocket expenses. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.

Administrative Services

The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trusts’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2012, each Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.

40 NOTES TO FINANCIAL STATEMENTS

ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.

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 A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual distribution and service fee of 1.00% of average daily net assets. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.

Other Related Parties

Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 86% by the Trust and 14% by ICON Advisers. For the period ended March 31, 2012, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements of Operations.

4.  Borrowings

The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and

NOTES TO FINANCIAL STATEMENTS 41

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

the Overnight LIBOR Rate effective on that day plus 1.25%. The average interest rate charged for the period ended March 31, 2012 was 1.39%.

Fund	Average Borrowing (10/1/11-3/31/12)
ICON Asia-Pacific Region Fund*	$	84,552
ICON Europe Fund		69,357
ICON International Equity Fund*		50,093

* Fund had outstanding borrowings under these agreements as of March 31, 2012.

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2012, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ICON Asia-Pacific Region Fund	$	22,040,712	$	40,903,415
ICON Europe Fund		17,240,728		21,544,932
ICON International Equity Fund		60,535,658		72,813,677

6.  Federal Income Tax

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

The tax components of capital shown in the following tables include losses the Funds may be able to offset against gains recognized in future years. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2011 and post-October losses that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.

42 NOTES TO FINANCIAL STATEMENTS

For the year ended September 30, 2011 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Asia-Pacific Region Fund	$	10,719,331		2017
ICON Europe Fund		24,032,405		2017
		26,614,409		2018
ICON International Equity Fund		53,195,839		2017
		27,012,993		2018

Future capital loss carryforward utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2011, the Funds utilized capital loss carryforwards:

Fund	Amount
ICON Asia-Pacific Region Fund	$	9,873,592
ICON Europe Fund		4,703,346
ICON International Equity Fund		11,896,021

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2011, were as follows:

Fund	Distributions Paid from Ordinary Income		Total Distributions Paid
ICON Asia-Pacific Region Fund	$	-	$	-
ICON Europe Fund		455,187		455,187
ICON International Equity Fund		482,223		482,223

As of September 30, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
ICON Asia-Pacific Region Fund	$	217,349	$	(10,719,331	)	$	(11,780,096	)	$	(22,282,078	)
ICON Europe Fund		460,661		(50,646,814	)		(7,680,382	)		(57,866,535	)
ICON International Equity Fund		560,902		(80,208,832	)		(27,611,289	)		(107,259,219	)

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

NOTES TO FINANCIAL STATEMENTS 43

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

As of March 31, 2012, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:

Fund	Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Appreciation/ (Depreciation)
ICON Asia-Pacific Region Fund	$	56,117,006	$	3,651,868	$	(3,471,707	)	$	180,161
ICON Europe Fund		27,984,705		2,693,864		(1,438,730	)		1,255,134
ICON International Equity Fund		84,334,642		5,953,688		(6,344,109	)		(390,421	)

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused.

7.  Subsequent Events

Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.

44 NOTES TO FINANCIAL STATEMENTS

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2012 (UNAUDITED)

Example

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

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/11 – 3/31/12).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

EXPENSE EXAMPLE 45

redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 10/1/11		Ending Account Value 3/31/12		Expenses Paid During Period 10/1/11 - 3/31/12*		Annualized Expense Ratio 10/1/11 - 3/31/12
Actual Expenses
ICON Asia-Pacific Region Fund
Class S	$	1,000.00	$	1,222.50	$	8.58		1.54%
Class C		1,000.00		1,215.60		14.14		2.55%
Class A		1,000.00		1,220.20		10.00		1.80%
ICON Europe Fund
Class S		1,000.00		1,217.30		8.67		1.56%
Class C		1,000.00		1,210.60		14.11		2.55%
Class A		1,000.00		1,214.20		9.99		1.80%
ICON International Equity Fund
Class S**		1,000.00		1,198.80		7.67		1.39%
Class C		1,000.00		1,191.60		13.99		2.55%
Class A***		1,000.00		1,196.20		9.90		1.80%
Hypothetical (assuming a 5% return before expenses)
ICON Asia-Pacific Region Fund
Class S		1,000.00		1,017.28		7.79
Class C		1,000.00		1,012.24		12.84
Class A		1,000.00		1,015.99		9.08
ICON Europe Fund
Class S		1,000.00		1,017.18		7.88
Class C		1,000.00		1,012.23		12.85
Class A		1,000.00		1,015.98		9.09
ICON International Equity Fund
Class S**		1,000.00		1,018.03		7.04
Class C		1,000.00		1,012.24		12.84
Class A***		1,000.00		1,015.99		9.08

* Expenses are equal to the Fund's six month expense ratio and annualized, multiplied by the average account value ofer the period, multiplied by 183/366 to reflect the one-half year period.

** Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012.

*** Class I shares merged into Class A on January 23, 2012.

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

46 EXPENSE EXAMPLE

OTHER INFORMATION (UNAUDITED)

Portfolio Holdings

Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

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

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

Cost Basis Information

Effective January 1, 2012, federal law requires mutual fund companies to maintain and report a shareholder’s cost basis by tax lot, gain/loss information and holding period of covered shares to the Internal Revenue Service on Form 1099. Covered shares are mutual fund shares acquired on or after January 1, 2012. A fund is not required to maintain and report information for shares not deemed as covered.

The new law requires each fund to elect a default tax identification methodology in order to perform the required reporting. As a result, the Trust has chosen Average Cost as its default tax identification methodology. This is the method each Fund will use. However, at the time of purchase or upon the sale of covered shares, shareholders may choose a different tax identification method. Furthermore, if you purchase shares through a financial intermediary, please contact the intermediary to find out what default tax identification method they will use. We recommend that you consult your tax adviser to determine which tax identification methodology best suits your individual tax situation.

OTHER INFORMATION 47

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.

48 OTHER INFORMATION

(This page is intentionally left blank)

For more information about the ICON Funds, contact us:

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

2012 SEMIANNUAL REPORT

ICON SECTOR FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Consumer Discretionary Fund

ICON Consumer Staples Fund

ICON Energy Fund

ICON Financial Fund

ICON Healthcare Fund

ICON Industrials Fund

ICON Information Technology Fund

ICON Materials Fund

ICON Utilities Fund (formerly, ICON Telecommunication & Utilities Fund)

1-800-764-0442 | www.iconfunds.com

SAR-SECT-12 B82510

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

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

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

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

1-800-764-0442    •     www.iconfunds.com

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Consumer Discretionary Fund	4
ICON Consumer Staples Fund	7
ICON Energy Fund	9
ICON Financial Fund	12
ICON Healthcare Fund	15
ICON Industrials Fund	18
ICON Information Technology Fund	20
ICON Materials Fund	23
ICON Utilities Fund	25
Financial Statements (Unaudited)	28
Financial Highlights (Unaudited)	46
Notes to Financial Statements (Unaudited)	52
Six Month Hypothetical Expense Example (Unaudited)	68
Other Information (Unaudited)	72

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. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.

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

Portfolio Data

This Report reflects ICON’s portfolio holdings as of March 31, 2012, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

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.

2 ABOUT THIS REPORT

An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers.

The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.

Financial Intermediary

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

ABOUT THIS REPORT 3

ICON CONSUMER DISCRETIONARY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.4%)
	7,300	Advance Auto Parts, Inc.	$	646,561
	1,000	AutoZone, Inc.†		371,800
	12,500	Bally Technologies, Inc.†		584,375
	16,900	Bed Bath & Beyond, Inc.†		1,111,513
	34,600	Best Buy Co., Inc.		819,328
	23,200	Big Lots, Inc.†		998,064
	12,800	Coach, Inc.		989,184
	138,000	Comcast Corp., Class A		4,141,380
	15,300	Darden Restaurants, Inc.		782,748
	2,700	Deckers Outdoor Corp.†		170,235
	18,000	DIRECTV, Class A†		888,120
	26,400	Discovery Communications, Inc., Class A†		1,335,840
	18,000	Dollar Tree, Inc.†		1,700,820
	5,900	Fossil, Inc.†		778,682
	22,400	Genuine Parts Co.(a)		1,405,600
	9,500	Guess?, Inc.		296,875
	23,700	H&R Block, Inc.		390,339
	12,000	Hasbro, Inc.		440,640
	17,000	Helen of Troy, Ltd.†		578,170
	71,700	Home Depot, Inc.		3,607,227
	49,400	Johnson Controls, Inc.		1,604,512
	29,249	JOS A. Bank Clothiers, Inc.†		1,474,442
	14,700	Kohl’s Corp.		735,441
	19,400	LKQ Corp.†		604,698
	94,100	Lowe’s Cos., Inc.		2,952,858
	22,500	McDonald’s Corp.		2,207,250

Shares or Principal Amount			Value
	9,100	McGraw-Hill Cos., Inc.	$	441,077
	17,400	Monro Muffler Brake, Inc.		721,926
	26,220	Nike, Inc., Class B		2,843,297
	8,700	Nordstrom, Inc.		484,764
	25,600	Omnicom Group, Inc.		1,296,640
	19,900	Ross Stores, Inc.		1,156,190
	51,700	Staples, Inc.		836,506
	7,200	Steven Madden, Ltd.†		307,800
	45,700	Target Corp.		2,662,939
	141,800	TJX Cos., Inc.		5,630,878
	12,600	Tractor Supply Co.		1,141,056
	11,300	Tupperware Brands Corp.		717,550
	22,700	Urban Outfitters, Inc.†		660,797
	12,300	V.F. Corp.		1,795,554
	24,800	Viacom, Inc., Class B		1,177,008
	94,900	Walt Disney Co.		4,154,722
	29,700	Wolverine World Wide, Inc.		1,104,246
	Total Common Stocks (Cost $49,486,506)			58,749,652
	Collateral for Securities on Loan (2.3%)
	1,356,600	State Street Navigator Prime Portfolio		1,356,600
	Total Collateral for Securities on Loan (Cost $1,356,600)			1,356,600

4 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	Short-Term Investment (1.2%)
$	744,478	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12	$	744,478
	Total Short-Term Investments (Cost $744,478)			744,478
	Total Investments 102.9% (Cost $51,587,584)			60,850,730
	Liabilities Less Other Assets (2.9)%			(1,739,023	)
	Net Assets 100.0%		$	59,111,707

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2012.

SCHEDULE OF INVESTMENTS 5

ICON Consumer Discretionary Fund Industry Composition

March 31, 2012 (unaudited)

Apparel Retail	15.6%
Home Improvement Retail	11.1%
General Merchandise Stores	9.1%
Movies & Entertainment	9.0%
Cable & Satellite	8.5%
Footwear	7.5%
Apparel, Accessories & Luxury Goods	6.0%
Restaurants	5.1%
Distributors	3.4%
Specialty Stores	3.3%
Automotive Retail	2.9%
Auto Parts & Equipment	2.7%
Broadcasting	2.3%
Advertising	2.2%
Department Stores	2.1%
Homefurnishing Retail	1.9%
Computer & Electronics Retail	1.4%
Housewares & Specialties	1.2%
Casinos & Gaming	1.0%
Household Appliances	1.0%
Other Industries (each less than 1%)	2.1%
	99.4%

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

ICON Consumer Discretionary Fund

Sector Composition

March 31, 2012 (unaudited)

Consumer Discretionary	99.4%
	99.4%

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

6 SCHEDULE OF INVESTMENTS

ICON CONSUMER STAPLES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.8%)
	25,400	Altria Group, Inc.	$	784,098
	23,100	Archer-Daniels-Midland Co.		731,346
	11,000	Campbell Soup Co.(a)		372,350
	6,700	Casey’s General Stores, Inc.		371,582
	27,000	Coca-Cola Co.		1,998,270
	3,000	Colgate-Palmolive Co.		293,340
	6,100	Corn Products International, Inc.		351,665
	5,400	Costco Wholesale Corp.		490,320
	19,800	CVS Caremark Corp.		887,040
	15,000	General Mills, Inc.		591,750
	5,200	HJ Heinz Co.		278,460
	16,000	Hormel Foods Corp.		472,320
	14,700	Kimberly-Clark Corp.		1,086,183
	15,000	Kroger Co.		363,450
	4,700	Lorillard, Inc.		608,556
	4,900	McCormick & Co., Inc.		266,707

Shares or Principal Amount			Value
	12,700	PepsiCo, Inc.	$	842,645
	24,100	Philip Morris International, Inc.		2,135,501
	30,700	Procter & Gamble Co.		2,063,347
	9,000	Reynolds American, Inc.		372,960
	21,900	Sysco Corp.		653,934
	35,000	Wal-Mart Stores, Inc.		2,142,000
	20,100	Walgreen Co.		673,149
	Total Common Stocks (Cost $17,237,463)			18,830,973
	Collateral for Securities on Loan (1.9%)
	355,300	State Street Navigator Prime Portfolio		355,300
	Total Collateral for Securities on Loan (Cost $355,300)			355,300
	Total Investments 101.7% (Cost $17,592,763)			19,186,273
	Liabilities Less Other Assets (1.7)%			(322,313	)
	Net Assets 100.0%		$	18,863,960

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

(a) All or a portion of the security was on loan as of March 31, 2012.

SCHEDULE OF INVESTMENTS 7

ICON Consumer Staples Fund

Industry Composition

March 31, 2012 (unaudited)

Tobacco	20.7%
Household Products	18.2%
Soft Drinks	15.1%
Hypermarkets & Super Centers	13.9%
Packaged Foods & Meats	10.5%
Drug Retail	8.3%
Agricultural Products	5.7%
Food Retail	3.9%
Food Distributors	3.5%
	99.8%

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

ICON Consumer Staples Fund

Sector Composition

March 31, 2012 (unaudited)

Consumer Staples	99.8%
	99.8%

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

8 SCHEDULE OF INVESTMENTS

ICON ENERGY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.3%)
	238,900	Apache Corp.	$	23,995,116
	137,400	Atwood Oceanics, Inc.†		6,167,886
	215,300	Baker Hughes, Inc.		9,029,682
	134,200	Cameron International Corp.†		7,089,786
	709,200	Chevron Corp.		76,054,608
	34,700	CNOOC, Ltd., ADR		7,088,863
	557,900	ConocoPhillips		42,405,979
	108,000	Consol Energy, Inc.		3,682,800
	51,300	Core Laboratories NV		6,749,541
	192,000	Devon Energy Corp.		13,655,040
	92,800	Diamond Offshore Drilling, Inc.(a)		6,194,400
	78,200	Dril-Quip, Inc.†		5,084,564
	340,000	ENI SpA, ADR(a)		15,918,800
	169,600	Ensco PLC, ADR		8,976,928
	1,202,900	Exxon Mobil Corp.		104,327,517
	536,800	Halliburton Co.		17,816,392
	259,600	Helmerich & Payne, Inc.		14,005,420
	238,300	Hess Corp.		14,047,785
	196,200	Marathon Oil Corp.		6,219,540
	119,900	Marathon Petroleum Corp.		5,198,864
	358,300	Murphy Oil Corp.		20,161,541
	944,600	Nabors Industries, Ltd.†		16,521,054
	349,400	National Oilwell Varco, Inc.		27,766,818
	288,500	Noble Corp.†		10,810,095
	454,400	Occidental Petroleum Corp.		43,272,512

Shares or Principal Amount			Value
	136,700	Oceaneering International, Inc.	$	7,366,763
	115,400	Peabody Energy Corp.		3,341,984
	568,300	Schlumberger, Ltd.		39,741,219
	331,400	Suncor Energy, Inc.		10,836,780
	174,000	Tenaris S.A., ADR		6,652,020
	91,500	Tesoro Corp.†		2,455,860
	98,100	Tidewater, Inc.		5,299,362
	760,700	Valero Energy Corp.		19,603,239
	397,200	Weatherford International, Ltd.†		5,993,748
	348,700	Western Refining, Inc.		6,562,534
	220,400	World Fuel Services Corp.		9,036,400
	Total Common Stocks (Cost $587,461,108)			629,131,440
	Collateral for Securities on Loan (1.4%)
	9,286,013	State Street Navigator Prime Portfolio		9,286,013
	Total Collateral for Securities on Loan (Cost $9,286,013)			9,286,013

SCHEDULE OF INVESTMENTS 9

Shares or Principal Amount			Value
	Short-Term Investment (1.8%)
$	11,278,139	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12	$	11,278,139
	Total Short-Term Investments (Cost $11,278,139)			11,278,139
	Total Investments 101.5% (Cost $608,025,260)			649,695,592
	Liabilities Less Other Assets (1.5)%			(9,370,401	)
	Net Assets 100.0%		$	640,325,191

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2012.

ADR American Depositary Receipt

10 SCHEDULE OF INVESTMENTS

ICON Energy Fund

Industry Composition

March 31, 2012 (unaudited)

Integrated Oil & Gas	51.1%
Oil & Gas Equipment & Services	21.6%
Oil & Gas Drilling	9.8%
Oil & Gas Exploration & Production	8.0%
Oil & Gas Refining & Marketing	6.7%
Coal & Consumable Fuels	1.1%
	98.3%

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

ICON Energy Fund

Sector Composition

March 31, 2012 (unaudited)

Energy	98.3%
	98.3%

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

SCHEDULE OF INVESTMENTS 11

ICON FINANCIAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.9%)
	11,100	ACE, Ltd.†	$	812,520
	17,700	Aflac, Inc.		814,023
	5,900	American Financial Group, Inc.		227,622
	11,200	Ameriprise Financial, Inc.		639,856
	11,000	Assurant, Inc.		445,500
	268,200	Bank of America Corp.		2,566,674
	43,500	Bank of New York Mellon Corp.		1,049,655
	52,300	BB&T Corp.		1,641,697
	2,700	BlackRock, Inc.		553,230
	16,500	Brown & Brown, Inc.		392,370
	8,700	Capital One Financial Corp.		484,938
	15,000	Cash America International, Inc.		718,950
	76,400	Charles Schwab Corp.		1,097,868
	11,500	Chubb Corp.		794,765
	70,590	Citigroup, Inc.		2,580,064
	3,200	CME Group, Inc.		925,856
	8,900	Comerica, Inc.		288,004
	7,900	Cullen/Frost Bankers, Inc.		459,701
	22,200	Deutsche Bank AG		1,105,338
	31,400	DFC Global Corp.†		592,518
	18,900	East West Bancorp, Inc.		436,401
	9,000	Everest Re Group, Ltd.		832,680
	21,500	Ezcorp, Inc., Class A†		697,783
	12,900	First Cash Financial Services, Inc.†		553,281
	63,500	First Niagara Financial Group, Inc.		624,840
	6,600	Franklin Resources, Inc.		818,598
	106,200	GFI Group, Inc.		399,312
	14,900	Goldman Sachs Group, Inc.		1,853,113

Shares or Principal Amount			Value
	4,600	Greenhill & Co., Inc.	$	200,744
	20,400	Hancock Holding Co.		724,404
	18,700	Hartford Financial Services Group, Inc.		394,196
	16,100	HCC Insurance Holdings, Inc.		501,837
	67,800	ING Groep NV, ADR†		564,096
	21,400	Invesco, Ltd.		570,738
	67,300	JPMorgan Chase & Co.		3,094,454
	6,000	M&T Bank Corp.		521,280
	61,300	Manulife Financial Corp.		830,615
	31,500	MetLife, Inc.		1,176,525
	10,500	Moody’s Corp.		442,050
	84,700	Morgan Stanley		1,663,508
	11,700	MSCI, Inc.†		430,677
	24,000	NASDAQ OMX Group, Inc.†		621,600
	15,800	National Financial Partners Corp.†		239,212
	46,000	People’s United Financial, Inc.		609,040
	12,500	PNC Financial Services Group, Inc.		806,125
	18,000	Progressive Corp.		417,240
	18,400	Protective Life Corp.		545,008
	11,400	Prudential Financial, Inc.		722,646
	22,100	Raymond James Financial, Inc.		807,313
	25,200	Reinsurance Group of America, Inc.		1,498,644
	24,300	Selective Insurance Group, Inc.		427,923
	14,000	StanCorp Financial Group, Inc.		573,160
	19,700	State Street Corp.		896,350
	23,900	Sun Life Financial, Inc.		566,191
	8,200	T Rowe Price Group, Inc.		535,460

12 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	18,100	TD Ameritrade Holding Corp.	$	357,294
	11,700	Torchmark Corp.		583,245
	33,900	Tower Group, Inc.		760,377
	19,000	Travelers Cos., Inc.		1,124,800
	60,200	U.S. Bancorp		1,907,136
	6,500	Waddell & Reed Financial, Inc., Class A		210,665
	171,900	Wells Fargo & Co.		5,868,666
	13,100	World Acceptance Corp.†		802,375
	Total Common Stocks (Cost $50,150,258)			56,402,751
	Total Investments 98.9% (Cost $50,150,258)			56,402,751
	Other Assets Less Liabilities 1.1%			636,285
	Net Assets 100.0%		$	57,039,036

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

† Non-income producing security.

ADR American Depositary Receipt

SCHEDULE OF INVESTMENTS 13

ICON Financial Fund

Industry Composition

March 31, 2012 (unaudited)

Other Diversified Financial Services	15.4%
Diversified Banks	14.1%
Investment Banking & Brokerage	11.2%
Life & Health Insurance	10.2%
Asset Management & Custody Banks	9.3%
Regional Banks	9.1%
Property & Casualty Insurance	7.6%
Consumer Finance	6.8%
Specialized Finance	4.2%
Reinsurance	4.1%
Multi-line Insurance	2.8%
Diversified Capital Markets	1.9%
Insurance Brokers	1.1%
Thrifts & Mortgage Finance	1.1%
	98.9%

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

ICON Financial Fund

Sector Composition

March 31, 2012 (unaudited)

Financial	98.9%
	98.9%

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

14 SCHEDULE OF INVESTMENTS

ICON HEALTHCARE FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (100.2%)
	81,700	Abbott Laboratories	$	5,007,393
	38,700	Aetna, Inc.		1,941,192
	11,600	Alexion Pharmaceuticals, Inc.†		1,077,176
	9,500	Allergan, Inc.		906,585
	46,200	Amerisource-Bergen Corp.		1,833,216
	57,600	Amgen, Inc.		3,916,224
	25,200	AstraZeneca PLC, ADR		1,121,148
	30,100	Baxter International, Inc.		1,799,378
	11,300	Bayer AG, ADR		794,277
	10,100	Becton, Dickinson & Co.		784,265
	38,500	Bio-Reference Labs, Inc.†(a)		905,135
	37,800	Cardinal Health, Inc.		1,629,558
	45,800	Celgene Corp.†		3,550,416
	13,500	CIGNA Corp.		664,875
	28,100	Coventry Health Care, Inc.		999,517
	39,600	Covidien PLC		2,165,328
	74,700	Eli Lilly & Co.		3,008,169
	30,600	Express Scripts, Inc.†		1,657,908
	45,700	Gilead Sciences, Inc.†		2,232,445
	22,100	GlaxoSmithKline PLC, ADR		992,511
	36,300	Hospira, Inc.†		1,357,257
	56,500	Johnson & Johnson		3,726,740
	13,600	Laboratory Corp. of America Holdings†		1,244,944
	28,800	Magellan Health Services, Inc.†		1,405,728
	15,700	McKesson Corp.		1,377,989

Shares or Principal Amount			Value
	13,500	Medco Health Solutions, Inc.†	$	949,050
	69,600	Medtronic, Inc.		2,727,624
	158,700	Merck & Co., Inc.		6,094,080
	24,400	Novartis AG, ADR		1,352,004
	43,900	Patterson Cos., Inc.		1,466,260
	406,400	PDL BioPharma, Inc.		2,580,640
	403,400	Pfizer, Inc.		9,141,044
	46,400	Questcor Pharmaceuticals, Inc.†(a)		1,745,568
	51,700	ResMed, Inc.†		1,598,047
	17,100	Salix Pharmaceuticals, Ltd.†(a)		897,750
	41,000	Sanofi-Aventis S.A., ADR		1,588,750
	48,100	St Jude Medical, Inc.		2,131,311
	38,100	Stryker Corp.		2,113,788
	24,400	SurModics, Inc.†		375,028
	46,700	Teva Pharmaceutical Industries, Ltd., ADR		2,104,302
	60,200	United Therapeutics Corp.†		2,837,226
	64,500	UnitedHealth Group, Inc.		3,801,630
	11,600	Varian Medical Systems, Inc.†		799,936
	23,100	Watson Pharmaceuticals, Inc.†		1,549,086
	26,700	WellPoint, Inc.		1,970,460
	Total Common Stocks (Cost $84,872,659)			93,922,958

SCHEDULE OF INVESTMENTS 15

Shares or Principal Amount			Value
	Collateral for Securities on Loan (2.5%)
	2,323,365	State Street Navigator Prime Portfolio	$	2,323,365
	Total Collateral for Securities on Loan (Cost $2,323,365)			2,323,365
	Total Investments 102.7% (Cost $87,196,024)			96,246,323
	Liabilities Less Other Assets (2.7)%			(2,507,720	)
	Net Assets 100.0%		$	93,738,603

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2012.

ADR American Depositary Receipt

16 SCHEDULE OF INVESTMENTS

ICON Healthcare Fund

Industry Composition

March 31, 2012 (unaudited)

Pharmaceuticals	44.1%
Biotechnology	17.3%
Health Care Equipment	15.5%
Managed Health Care	11.5%
Health Care Distributors	6.7%
Health Care Services	5.1%
	100.2%

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

ICON Healthcare Fund

Sector Composition

March 31, 2012 (unaudited)

Health Care	100.2%
	100.2%

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

SCHEDULE OF INVESTMENTS 17

ICON INDUSTRIALS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.8%)
	20,000	3M Co.	$	1,784,200
	15,000	Boeing Co.		1,115,550
	3,000	Canadian National Railway Co.		238,290
	40,000	Caterpillar, Inc.		4,260,800
	20,000	Cooper Industries PLC		1,279,000
	120,000	CSX Corp.		2,582,400
	30,000	Danaher Corp.		1,680,000
	11,000	Deere & Co.		889,900
	25,000	Dover Corp.		1,573,500
	20,000	Eaton Corp.		996,600
	25,000	Emerson Electric Co.		1,304,500
	20,000	FedEx Corp.		1,839,200
	10,000	Gardner Denver, Inc.		630,200
	15,000	General Dynamics Corp.		1,100,700
	200,000	General Electric Co.		4,014,000
	30,000	Illinois Tool Works, Inc.		1,713,600
	20,000	Ingersoll-Rand PLC		827,000
	7,000	Joy Global, Inc.		514,500
	30,000	Kforce, Inc.† (a)		447,000
	10,000	Navistar International Corp.†		404,500
	45,000	Norfolk Southern Corp.		2,962,350
	25,000	PACCAR, Inc.		1,170,750
	5,000	Parker Hannifin Corp.		422,750

Shares or Principal Amount			Value
	15,000	Raytheon Co.	$	791,700
	15,000	Regal-Beloit Corp.		983,250
	5,000	Rockwell Collins, Inc.(a)		287,800
	7,000	Ryder System, Inc.		369,600
	2,000	Siemens AG, ADR		201,680
	25,000	Union Pacific Corp.		2,687,000
	40,000	United Parcel Service, Inc., Class B		3,228,800
	35,000	United Technologies Corp.		2,902,900
	Total Common Stocks (Cost $37,029,785)			45,204,020
	Collateral for Securities on Loan (0.6%)
	291,263	State Street Navigator Prime Portfolio		291,263
	Total Collateral for Securities on Loan (Cost $291,263)			291,263
	Short-Term Investment (0.1%)
$	18,633	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12		18,633
	Total Short-Term Investments (Cost $18,633)			18,633
	Total Investments 100.5% (Cost $37,339,681)			45,513,916
	Liabilities Less Other Assets (0.5)%			(208,964	)
	Net Assets 100.0%		$	45,304,952

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2012.

ADR American Depositary Receipt

18 SCHEDULE OF INVESTMENTS

ICON Industrials Fund

Industry Composition

March 31, 2012 (unaudited)

Railroads	18.7%
Industrial Conglomerates	16.9%
Construction & Farm Machinery & Heavy Trucks	16.0%
Aerospace & Defense	13.7%
Industrial Machinery	13.6%
Air Freight & Logistics	11.2%
Electrical Components & Equipment	7.9%
Human Resource & Employment Services	1.0%
Trucking	0.8%
	99.8%

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

ICON Industrials Fund

Sector Composition

March 31, 2012 (unaudited)

Industrials	99.8%
	99.8%

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

SCHEDULE OF INVESTMENTS 19

ICON INFORMATION TECHNOLOGY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.2%)
	30,000	Accenture PLC, Class A	$	1,935,000
	51,300	Amdocs, Ltd.†		1,620,054
	5,600	Anixter International, Inc.†		406,168
	24,500	Apple, Inc.†		14,687,015
	18,200	Arrow Electronics, Inc.†		763,854
	41,400	Automatic Data Processing, Inc.		2,284,866
	4,700	Baidu, Inc., ADR†		685,119
	17,900	CACI International, Inc., Class A†		1,114,991
	130,100	Cisco Systems, Inc.		2,751,615
	20,300	Cognizant Technology Solutions Corp., Class A†		1,562,085
	49,400	CoreLogic, Inc.†		806,208
	25,800	CSG Systems International, Inc.†		390,612
	31,700	Digital River, Inc.†		593,107
	23,100	eBay, Inc.†		852,159
	66,400	EMC Corp.†		1,984,032
	4,300	First Solar, Inc.†(a)		107,715
	205,700	Flextronics International, Ltd.†		1,487,211
	24,300	Global Payments, Inc.		1,154,250
	7,200	Google, Inc., Class A†		4,616,928
	66,000	Hewlett-Packard Co.		1,572,780
	17,600	Infosys Technologies, Ltd., ADR(a)		1,003,728
	85,900	Ingram Micro, Inc., Class A†		1,594,304
	149,400	Intel Corp.		4,199,634

Shares or Principal Amount			Value
	33,300	International Business Machines Corp.	$	6,948,045
	24,400	Lender Processing Services, Inc.		634,400
	3,900	Mastercard, Inc., Class A		1,640,106
	136,500	MEMC Electronic Materials, Inc.†		492,765
	28,400	Methode Electronics, Inc.		263,552
	177,100	Microsoft Corp.		5,711,475
	15,600	Multi-Fineline Electronix, Inc.†		428,220
	30,300	NetApp, Inc.†		1,356,531
	81,500	Oracle Corp.		2,376,540
	71,000	Perficient, Inc.†		852,710
	97,600	QLogic Corp.†		1,733,376
	53,600	QUALCOMM, Inc.		3,645,872
	17,700	Synaptics, Inc.†		646,227
	14,300	Syntel, Inc.		800,800
	14,100	Visa, Inc., Class A		1,663,800
	20,600	Western Digital Corp.†		852,634
	Total Common Stocks (Cost $59,427,258)			78,220,488
	Collateral for Securities on Loan (1.3%)
	1,070,769	State Street Navigator Prime Portfolio		1,070,769
	Total Collateral for Securities on Loan (Cost $1,070,769)			1,070,769

20 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	Short-Term Investment (0.1%)
$	24,539	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12	$	24,539
	Total Short-Term Investments (Cost $24,539)			24,539
	Total Investments 99.6% (Cost $60,522,566)			79,315,796
	Other Assets Less Liabilities 0.4%			357,310
	Net Assets 100.0%		$	79,673,106

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2012.

ADR American Depositary Receipt

SCHEDULE OF INVESTMENTS 21

ICON Information Technology Fund

Industry Composition

March 31, 2012 (unaudited)

Computer Hardware	20.4%
IT Consulting & Other Services	17.8%
Data Processing & Outsourced Services	11.8%
Systems Software	10.2%
Internet Software & Services	9.5%
Computer Storage & Peripherals	8.3%
Communications Equipment	8.0%
Semiconductors	5.4%
Technology Distributors	3.5%
Electronic Manufacturing Services	2.7%
Semiconductor Equipment	0.6%
	98.2%

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

ICON Information Technology Fund

Sector Composition

March 31, 2012 (unaudited)

Information Technology	98.2%
	98.2%

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

22 SCHEDULE OF INVESTMENTS

ICON MATERIALS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.1%)
	50,000	A Schulman, Inc.	$	1,351,000
	7,000	Agrium, Inc.		604,590
	45,000	Air Products & Chemicals, Inc.		4,131,000
	20,000	Airgas, Inc.		1,779,400
	45,000	ArcelorMittal(a)		860,850
	10,000	Archer-Daniels-Midland Co.		316,600
	25,000	Ashland, Inc.		1,526,500
	30,000	Barrick Gold Corp.		1,304,400
	25,000	Calgon Carbon Corp.†		390,250
	10,000	CF Industries Holdings, Inc.		1,826,500
	15,000	Cliffs Natural Resources, Inc.		1,038,900
	20,000	Crown Holdings, Inc.†		736,600
	155,000	Dow Chemical Co.		5,369,200
	130,000	E.I. du Pont de Nemours & Co.		6,877,000
	50,000	Ecolab, Inc.		3,086,000
	7,000	FMC Corp.		741,020
	130,000	Freeport-McMoRan Copper & Gold, Inc.		4,945,200
	25,000	Goldcorp, Inc.		1,126,500
	75,000	Kinross Gold Corp.		734,250
	25,000	Monsanto Co.		1,994,000
	50,000	Mosaic Co.		2,764,500
	65,000	Newmont Mining Corp.		3,332,550
	25,000	Norfolk Southern Corp.		1,645,750

Shares or Principal Amount			Value
	55,000	Nucor Corp.	$	2,362,250
	35,000	Potash Corp. of Saskatchewan, Inc.		1,599,150
	20,000	PPG Industries, Inc.		1,916,000
	55,000	Praxair, Inc.		6,305,200
	10,000	Reliance Steel & Aluminum Co.		564,800
	25,000	Sealed Air Corp.		482,750
	10,107	Southern Copper Corp.		320,493
	125,000	Steel Dynamics, Inc.		1,817,500
	5,000	Union Pacific Corp.		537,400
	Total Common Stocks (Cost $53,706,150)			64,388,103
	Collateral for Securities on Loan (1.2%)
	809,484	State Street Navigator Prime Portfolio		809,484
	Total Collateral for Securities on Loan (Cost $809,484)			809,484
	Short-Term Investment (0.9%)
$	574,859	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12		574,859
	Total Short-Term Investments (Cost $574,859)			574,859
	Total Investments 101.2% (Cost $55,090,493)			65,772,446
	Liabilities Less Other Assets (1.2)%			(777,479	)
	Net Assets 100.0%		$	64,994,967

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

† Non-income producing security.

(a) All or a portion of the security was on loan as of March 31, 2012.

SCHEDULE OF INVESTMENTS 23

ICON Materials Fund

Industry Composition

March 31, 2012 (unaudited)

Diversified Chemicals	22.9%
Industrial Gases	18.8%
Fertilizers & Agricultural Chemicals	13.5%
Steel	10.2%
Gold	10.0%
Specialty Chemicals	9.2%
Diversified Metals & Mining	8.1%
Railroads	3.4%
Metal & Glass Containers	1.2%
Other Industries (each less than 1%)	1.8%
	99.1%

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

ICON Materials Fund

Sector Composition

March 31, 2012 (unaudited)

Materials	95.2%
Industrials	3.4%
Consumer Staples	0.5%
	99.1%

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

24 SCHEDULE OF INVESTMENTS

ICON UTILITIES FUND

SCHEDULE OF INVESTMENTS

(FORMERLY, ICON TELECOMMUNICATION & UTILITIES FUND)

MARCH 31, 2012 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (100.4%)
	26,500	AGL Resources, Inc.	$	1,039,330
	9,100	Allete, Inc.		377,559
	61,900	American Electric Power Co., Inc.		2,388,102
	11,300	Atmos Energy Corp.		355,498
	16,800	Dominion Resources, Inc. of Virginia		860,328
	117,100	Duke Energy Corp.		2,460,271
	30,400	Entergy Corp.		2,042,880
	17,000	Exelon Corp.		666,570
	27,400	Integrys Energy Group, Inc.		1,451,926
	10,800	Laclede Group, Inc.		421,416
	15,200	MDU Resources Group, Inc.		340,328
	18,000	NextEra Energy, Inc.		1,099,440
	10,000	Northwest Natural Gas Co.		454,000
	7,100	NorthWestern Corp.		251,766
	51,400	Pepco Holdings, Inc.		970,946
	4,000	PG&E Corp.		173,640

Shares or Principal Amount			Value
	15,000	Piedmont Natural Gas Co., Inc.	$	466,050
	82,000	PPL Corp.		2,317,320
	42,200	Public Service Enterprise Group, Inc.		1,291,742
	28,200	SCANA Corp.		1,286,202
	24,600	Sempra Energy		1,475,016
	84,000	Southern Co.		3,774,120
	62,700	TECO Energy, Inc.		1,100,385
	20,400	UGI Corp.		555,900
	46,200	Vectren Corp.		1,342,572
	14,100	WGL Holdings, Inc.		573,870
	29,800	Wisconsin Energy Corp.		1,048,364
	43,100	Xcel Energy, Inc.		1,140,857
	Total Common Stocks (Cost $30,712,612)			31,726,398
	Total Investments 100.4% (Cost $30,712,612)			31,726,398
	Liabilities Less Other Assets (0.4)%			(136,301	)
	Net Assets 100.0%		$	31,590,097

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

SCHEDULE OF INVESTMENTS 25

ICON Utilities Fund

Industry Composition

March 31, 2012 (unaudited)

Electric Utilities	51.0%
Multi-Utilities	37.2%
Gas Utilities	12.2%
	100.4%

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

ICON Utilities Fund

Sector Composition

March 31, 2012 (unaudited)

Utilities	100.4%
	100.4%

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

26 SCHEDULE OF INVESTMENTS

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STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2012 (UNAUDITED)

	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Assets
Investments, at cost	$	51,587,584	$	17,592,763	$	608,025,260
Investments, at value†		60,850,730		19,186,273		649,695,592
Receivables:
Fund shares sold		179,423		4,507		579,736
Interest		–		–		3
Dividends		65,317		87,887		409,923
Expense reimbursements due from Adviser		333		2,018		–
Foreign tax reclaims		–		3,207		29,517
Other assets		22,959		14,023		88,256
Total Assets		61,118,762		19,297,915		650,803,027
Liabilities
Payables:
Due to custodian bank		–		10,576		–
Expense recoupment due to adviser		–		1,494		111
Investments purchased		547,422		–		–
Payable for collateral received on securities loaned		1,356,600		355,300		9,286,013
Fund shares redeemed		29,607		23,509		406,148
Distributions due to shareholders		–		5,098		–
Advisory fees		47,814		17,841		553,539
Accrued distribution fees		2,652		550		8,688
Fund accounting fees		1,792		742		21,931
Transfer agent fees		4,187		4,993		85,243
Administration fees		2,389		892		27,993
Trustee fees		708		524		15,549
Accrued expenses		13,884		12,436		72,621
Total Liabilities		2,007,055		433,955		10,477,836
Net Assets - all share classes	$	59,111,707	$	18,863,960	$	640,325,191
Net Assets - Class S	$	46,777,581	$	16,835,974	$	621,971,144
Net Assets - Class C	$	61,474	$	275,219	$	7,612,507
Net Assets - Class A	$	12,272,652	$	1,752,767	$	10,741,540

28 FINANCIAL STATEMENTS

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Net Assets Consist of
Paid-in capital	$	68,857,862		$	19,617,064		$	623,444,336
Accumulated undistributed net investment income/(loss)		139,419			22,052			2,276,939
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions		(19,148,720	)		(2,368,666	)		(27,066,416	)
Unrealized appreciation/ (depreciation) on investments and foreign currency transactions		9,263,146			1,593,510			41,670,332
Net Assets	$	59,111,707		$	18,863,960		$	640,325,191
Shares outstanding (unlimited shares authorized, no par value)
Class S		4,148,390			1,735,786			32,739,612
Class C		5,528			28,721			404,976
Class A		1,093,457			179,848			566,419
Net asset value (offering and redemption price per share)
Class S	$	11.28		$	9.70		$	19.00
Class C	$	11.12		$	9.58		$	18.80
Class A	$	11.22		$	9.75		$	18.96
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	11.90		$	10.34		$	20.12
† Includes securities on loan of	$	1,335,320		$	353,733		$	9,150,422

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

FINANCIAL STATEMENTS 29

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2012 (UNAUDITED)

	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Assets
Investments, at cost	$	50,150,258	$	87,196,024	$	37,339,681
Investments, at value†		56,402,751		96,246,323		45,513,916
Receivables:
Fund shares sold		104,253		22,174		27,891
Investments sold		1,838,945		–		224,495
Dividends		36,309		125,855		84,260
Expense reimbursements due from Adviser		461		1,500		852
Foreign tax reclaims		4,616		1,563		2,199
Other assets		15,958		21,049		15,415
Total Assets		58,403,293		96,418,464		45,869,028
Liabilities
Payables:
Due to custodian bank		1,259,310		181,748		–
Expense recoupment due to adviser		127		–		725
Payable for collateral received on securities loaned		–		2,323,365		291,263
Fund shares redeemed		26,945		57,092		197,014
Advisory fees		48,458		72,464		40,643
Accrued distribution fees		242		58		50
Fund accounting fees		1,788		2,753		1,645
Transfer agent fees		8,648		20,187		12,393
Administration fees		2,421		3,620		2,030
Trustee fees		1,089		1,692		1,503
Accrued expenses		15,229		16,882		16,810
Total Liabilities		1,364,257		2,679,861		564,076
Net Assets - all share classes	$	57,039,036	$	93,738,603	$	45,304,952
Net Assets - Class S	$	55,505,992	$	93,563,846	$	45,142,661
Net Assets - Class C	$	11,725	$	32,984	$	22,504
Net Assets - Class A	$	1,521,319	$	141,773	$	139,787

30 FINANCIAL STATEMENTS

	ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund
Net Assets Consist of
Paid-in capital	$	153,283,689		$	88,953,704		$	73,897,039
Accumulated undistributed net investment income/(loss)		192,610			462,693			260,990
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions		(102,689,784	)		(4,728,093	)		(37,027,307	)
Unrealized appreciation/(depreciation) on investments and foreign currency transactions		6,252,521			9,050,299			8,174,230
Net Assets	$	57,039,036		$	93,738,603		$	45,304,952
Shares outstanding (unlimited shares authorized, no par value)
Class S		8,890,230			5,773,450			5,231,738
Class C		1,905			2,065			2,636
Class A		245,218			8,798			16,486
Net asset value (offering and redemption price per share)
Class S	$	6.24		$	16.21		$	8.63
Class C	$	6.16		$	15.97		$	8.54
Class A	$	6.20		$	16.11		$	8.48
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	6.58		$	17.09		$	9.00
†  Includes securities on loan of	$	–		$	2,277,024		$	285,330

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

FINANCIAL STATEMENTS 31

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2012 (UNAUDITED)

	ICON Information Technology Fund		ICON Materials Fund		ICON Utilities Fund
Assets
Investments, at cost	$	60,522,566	$	55,090,493	$	30,712,612
Investments, at value†		79,315,796		65,772,446		31,726,398
Cash		–		89		–
Receivables:
Fund shares sold		1,541,447		32,195		25,399
Investments sold		–		–		621,058
Dividends		25,131		116,485		123,606
Expense reimbursements due from Adviser		847		898		–
Foreign tax reclaims		–		–		9,333
Other assets		17,517		20,988		15,768
Total Assets		80,900,738		65,943,101		32,521,562
Liabilities
Payables:
Due to custodian bank		–		–		554,078
Expense recoupment due to adviser		–		–		5,320
Payable for collateral received on securities loaned		1,070,769		809,484		–
Fund shares redeemed		54,605		37,937		304,876
Distributions due to shareholders		–		–		14,520
Advisory fees		64,670		56,916		28,423
Accrued distribution fees		81		326		4,173
Fund accounting fees		2,480		2,294		1,107
Transfer agent fees		12,768		15,523		4,399
Administration fees		3,230		2,843		1,420
Trustee fees		1,727		1,966		583
Accrued expenses		17,302		20,845		12,566
Total Liabilities		1,227,632		948,134		931,465
Net Assets - all share classes	$	79,673,106	$	64,994,967	$	31,590,097
Net Assets - Class S	$	79,352,976	$	64,109,849	$	21,530,713
Net Assets - Class C	$	101,026	$	219,562	$	3,127,498
Net Assets - Class A	$	219,104	$	665,556	$	6,931,886

32 FINANCIAL STATEMENTS

	ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
Net Assets Consist of
Paid-in capital	$	87,838,635		$	73,192,200		$	39,955,674
Accumulated undistributed net investment income/(loss)		(123,079	)		317,190			926
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions		(26,835,680	)		(19,196,376	)		(9,380,289	)
Unrealized appreciation/(depreciation) on investments and foreign currency transactions		18,793,230			10,681,953			1,013,786
Net Assets	$	79,673,106		$	64,994,967		$	31,590,097
Shares outstanding (unlimited shares authorized, no par value)
Class S		7,283,990			5,593,352			3,303,362
Class C		9,426			19,365			486,314
Class A		20,211			58,259			1,076,388
Net asset value (offering and redemption price per share)
Class S	$	10.89		$	11.46		$	6.52
Class C	$	10.72		$	11.34		$	6.43
Class A	$	10.84		$	11.42		$	6.44
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	11.50		$	12.12		$	6.83
† Includes securities on loan of	$	1,055,871		$	794,125		$	–

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

FINANCIAL STATEMENTS 33

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2012 (UNAUDITED)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Investment Income
Interest	$	33		$	11		$	161
Dividends		478,766			326,414			5,702,100
Income from securities lending, net		684			3			2,762
Foreign taxes withheld		(326	)		–			(12,060	)
Total Investment Income		479,157			326,428			5,692,963
Expenses
Advisory fees		236,313			109,846			3,196,448
Distribution fees:
Class C		240			565			31,458
Class A		9,297			1,712			10,605
Fund accounting fees		4,726			2,197			64,662
Transfer agent fees		27,043			16,258			260,066
Administration fees		11,811			5,490			161,587
Custody fees		3,279			2,150			9,414
Registration fees:
Class S		7,493			5,803			28,998
Class C		2			139			2,460
Class A		836			4			1,639
Insurance expense		1,926			1,656			45,002
Trustee fees and expenses		1,834			1,048			32,414
Audit and tax service expense		13,255			13,262			13,430
Interest expense		1,305			2,321			907
Recoupment of previously reimbursed expenses		1,325			1,779			219
Other expenses		19,841			11,390			149,579
Total expenses before expense reimbursement		340,526			175,620			4,008,888
Expense reimbursement by Adviser due to expense limitation agreement		(788	)		(6,253	)		(219	)
Net Expenses		339,738			169,367			4,008,669
Net Investment Income/(Loss)		139,419			157,061			1,684,294
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investment transactions		673,823			1,301,263			(891,968	)
Net realized gain/(loss) from foreign currency transactions		–			–			(183	)
Change in unrealized net appreciation/ (depreciation) on investments and foreign currency transactions		10,429,780			1,551,397			98,919,040
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		11,103,603			2,852,660			98,026,889
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	11,243,022		$	3,009,721		$	99,711,183

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

34 FINANCIAL STATEMENTS

ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund			ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
$	34		$	30		$	29		$	13		$	64		$	29
	495,069			994,682			619,546			340,226			783,134			663,329
	–			380			861			162			738			–
	(3,492	)		(3,792	)		(3,550	)		–			(6,988	)		–
	491,611			991,300			616,886			340,401			776,948			663,358
	218,874			391,566			253,991			347,518			336,903			145,467
	51			140			103			65			913			9,449
	460			182			788			98			770			4,804
	4,366			7,831			5,066			6,951			6,738			2,909
	22,568			52,178			32,116			38,825			40,425			17,436
	10,939			19,571			12,695			17,369			16,838			7,270
	1,740			1,782			1,328			1,419			1,651			1,905
	6,332			7,530			7,091			7,071			6,964			5,900
	–			533			34			–			563			2
	9			294			132			–			438			780
	3,301			4,860			4,434			5,118			5,963			1,620
	1,976			3,839			2,872			3,431			3,592			1,268
	13,271			13,294			13,270			13,284			13,279			13,260
	320			2,530			3,898			721			814			1,261
	126			–			725			–			–			7,142
	16,055			24,986			19,267			23,375			26,318			12,655
	300,388			531,116			357,810			465,245			462,169			233,128
	(1,365	)		(2,516	)		(1,898	)		(1,765	)		(2,407	)		(1,086	)
	299,023			528,600			355,912			463,480			459,762			232,042
	192,588			462,700			260,974			(123,079	)		317,186			431,316
	209,190			177,504			2,636,157			2,876,579			1,287,495			518,569
	(70	)		–			(62	)		–			–			–
	12,344,595			13,969,249			10,210,905			16,591,571			14,890,387			376,961
	12,553,715			14,146,753			12,847,000			19,468,150			16,177,882			895,530
$	12,746,303		$	14,609,453		$	13,107,974		$	19,345,071		$	16,495,068		$	1,326,846

FINANCIAL STATEMENTS 35

STATEMENTS OF CHANGES IN NET ASSETS

	ICON Consumer Discretionary Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Operations
Net investment income/(loss)	$	139,419		$	(66,187	)
Net realized gain/(loss) on investment transactions and foreign currency transactions		673,823			3,958,013
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions		10,429,780			(2,613,003	)
Net increase/(decrease) in net assets resulting from operations		11,243,022			1,278,823
Dividends and Distributions to Shareholders
Net investment income
Class S		–			–
Class C		–			–
Class A		–			–
Net realized gains
Class S		–			–
Class C		–			–
Class A		–			–
Net decrease from dividends and distributions		–			–
Fund Share Transactions
Shares sold
Class S		18,362,783			35,997,921
Class C		19,965			34,449
Class A		11,887,631			13,977
Reinvested dividends and distributions
Class S		–			–
Class C		–			–
Class A		–			–
Shares repurchased
Class S		(15,369,678	)		(20,906,184	)
Class C		(2,022	)		–
Class A		(1,196,234	)		(2,421	)
Net increase/(decrease) from fund share transactions		13,702,445			15,137,742
Total net increase/(decrease) in net assets		24,945,467			16,416,565
Net Assets
Beginning of period		34,166,240			17,749,675
End of period	$	59,111,707		$	34,166,240

36 FINANCIAL STATEMENTS

ICON Consumer Staples Fund						ICON Energy Fund						ICON Financial Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
$	157,061		$	279,768		$	1,684,294		$	5,196,764		$	192,588		$	219,707
	1,301,263			6,056,213			(892,151	)		56,907,131			209,120			4,264,953
	1,551,397			(3,689,577	)		98,919,040			(79,499,501	)		12,344,595			(8,169,704	)
	3,009,721			2,646,404			99,711,183			(17,395,606	)		12,746,303			(3,685,044	)
	(379,664	)		(315,201	)		(4,918,808	)		(6,512,391	)		(210,303	)		(214,079	)
	(2,615	)		–	*		(14,407	)		(2,299	)		(30	)		–	*
	(32,498	)		–	*		(36,255	)		(2,050	)		(365	)		–	*
	–			–			(13,005,707	)		–			–			–
	–			–			(124,748	)		–			–			–
	–			–			(160,032	)		–			–			–
	(414,777	)		(315,201	)		(18,259,957	)		(6,516,740	)		(210,698	)		(214,079	)
	13,359,839			4,430,851			72,566,048			292,023,538			19,475,615			5,449,823
	204,655			64,933			2,506,813			6,473,169			–			11,500
	1,819,963			58,829			5,055,013			13,691,961			1,383,826			43,528
	368,365			307,247			16,918,343			6,151,455			205,515			205,345
	2,339			–			123,901			2,134			30			–
	31,867			–			166,811			1,303			127			–
	(19,968,798	)		(17,099,046	)		(103,899,858	)		(231,307,972	)		(9,006,930	)		(28,086,279	)
	(300	)		(8,325	)		(371,154	)		(481,687	)		–			–
	(241,691	)		(33,053	)		(1,307,804	)		(5,707,105	)		(19,594	)		(10,223	)
	(4,423,761	)		(12,278,564	)		(8,241,887	)		80,846,796			12,038,589			(22,386,306	)
	(1,828,817	)		(9,947,361	)		73,209,339			56,934,450			24,574,194			(26,285,429	)
	20,692,777			30,640,138			567,115,852			510,181,402			32,464,842			58,750,271
$	18,863,960		$	20,692,777		$	640,325,191		$	567,115,852		$	57,039,036		$	32,464,842

FINANCIAL STATEMENTS 37

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Consumer Discretionary Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Transactions in Fund Shares
Shares sold
Class S		1,800,793			3,902,028
Class C		2,084			3,645
Class A		1,205,239			1,549
Reinvested dividends and distributions
Class S		–			–
Class C		–			–
Class A		–			–
Shares repurchased
Class S		(1,536,306	)		(2,259,195	)
Class C		(202	)		–
Class A		(113,060	)		(272	)
Net increase/(decrease)		1,358,548			1,647,755
Shares outstanding, beginning of period		3,888,827			2,241,072
Shares outstanding, end of period		5,247,375			3,888,827
Accumulated undistributed net investment income/(loss)	$	139,419		$	–

* Amount less than $0.50.

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

38 FINANCIAL STATEMENTS

ICON Consumer Staples Fund						ICON Energy Fund						ICON Financial Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
	1,452,740			502,481			3,772,104			13,946,024			3,533,796			964,735
	22,063			7,402			130,967			310,026			–			1,897
	199,940			6,526			263,801			634,607			243,484			7,154
	40,118			35,644			970,645			315,298			42,287			34,396
	252			–			7,162			109			6			–
	3,440			–			9,581			66			27			–
	(2,150,125	)		(1,937,424	)		(5,434,587	)		(11,397,070	)		(1,598,914	)		(4,672,640	)
	(31	)		(966	)		(19,677	)		(23,612	)		–			–
	(26,265	)		(3,794	)		(68,879	)		(272,758	)		(3,363	)		(2,086	)
	(457,868	)		(1,390,131	)		(368,883	)		3,512,690			2,217,323			(3,666,544	)
	2,402,223			3,792,354			34,079,890			30,567,200			6,920,030			10,586,574
	1,944,355			2,402,223			33,711,007			34,079,890			9,137,353			6,920,030
$	22,052		$	279,768		$	2,276,939		$	5,562,115		$	192,610		$	210,720

FINANCIAL STATEMENTS 39

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Healthcare Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Operations
Net investment income/(loss)	$	462,700		$	663,361
Net realized gain/(loss) on investment transactions and foreign currency transactions		177,504			16,832,522
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions		13,969,249			(14,799,677	)
Net increase/(decrease) in net assets resulting from operations		14,609,453			2,696,206
Dividends and Distributions to Shareholders
Net investment income
Class S		(661,181	)		(368,446	)
Class C		(198	)		–	*
Class A		(1,982	)		–	*
Net decrease from dividends and distributions		(663,361	)		(368,446	)
Fund Share Transactions
Shares sold
Class S		28,206,163			34,364,122
Class C		12,000			24,350
Class A		87,887			139,248
Reinvested dividends and distributions
Class S		617,310			339,364
Class C		198			–
Class A		1,781			–
Shares repurchased
Class S		(24,289,504	)		(34,486,108	)
Class C		(5,777	)		–
Class A		(100,640	)		–
Net increase/(decrease) from fund share transactions		4,529,418			380,976
Total net increase/(decrease) in net assets		18,475,510			2,708,736
Net Assets
Beginning of period		75,263,093			72,554,357
End of period	$	93,738,603		$	75,263,093

40 FINANCIAL STATEMENTS

ICON Industrials Fund						ICON Information Technology Fund						ICON Materials Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
$	260,974		$	535,389		$	(123,079	)	$	(310,407	)	$	317,186		$	651,166
	2,636,095			4,947,567			2,876,579			10,930,880			1,287,495			14,037,247
	10,210,905			(9,247,082	)		16,591,571			(7,722,736	)		14,890,387			(18,663,236	)
	13,107,974			(3,764,126	)		19,345,071			2,897,737			16,495,068			(3,974,823	)
	(533,894	)		(478,530	)		–			–			(645,281	)		(477,527	)
	(101	)		–	*		–			–			(1,002	)		–	*
	(1,598	)		(24	)		–			–			(4,719	)		(659	)
	(535,593	)		(478,554	)		–			–			(651,002	)		(478,186	)
	4,228,345			25,861,382			11,278,654			21,159,024			3,709,126			23,865,539
	15,368			28,866			96,278			2,731			66,981			191,926
	2,798,025			583,511			201,928			1,500			151,719			1,071,934
	525,486			466,250			–			–			586,449			429,088
	55			–			–			–			923			–
	548			24			–			–			3,278			518
	(22,702,575	)		(43,113,233	)		(12,327,516	)		(40,245,229	)		(14,928,576	)		(48,822,526	)
	(11,894	)		(8,746	)		–			(1,175	)		(4,509	)		(35,925	)
	(2,910,901	)		(392,087	)		(5,072	)		–			(108,871	)		(428,748	)
	(18,057,543	)		(16,574,033	)		(755,728	)		(19,083,149	)		(10,523,480	)		(23,728,194	)
	(5,485,162	)		(20,816,713	)		18,589,343			(16,185,412	)		5,320,586			(28,181,203	)
	50,790,114			71,606,827			61,083,763			77,269,175			59,674,381			87,855,584
$	45,304,952		$	50,790,114		$	79,673,106		$	61,083,763		$	64,994,967		$	59,674,381

FINANCIAL STATEMENTS 41

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Healthcare Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Transactions in Fund Shares
Shares sold
Class S		1,854,743			2,280,950
Class C		788			1,631
Class A		6,050			9,286
Reinvested dividends and distributions
Class S		43,139			25,045
Class C		14			–
Class A		125			–
Shares repurchased
Class S		(1,664,277	)		(2,443,847	)
Class C		(369	)		–
Class A		(6,664	)		–
Net increase/(decrease)		233,549			(126,935	)
Shares outstanding, beginning of period		5,550,764			5,677,699
Shares outstanding, end of period		5,784,313			5,550,764
Accumulated undistributed net investment income/(loss)	$	462,693		$	663,354

* Amount less than $0.50.

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

42 FINANCIAL STATEMENTS

ICON Industrials Fund						ICON Information Technology Fund						ICON Materials Fund
Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011			Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
	507,862			3,033,834			1,147,527			2,272,423			339,683			2,072,102
	1,849			3,349			9,266			289			6,260			16,427
	335,820			67,174			20,535			160			14,254			92,217
	69,693			56,790			–			–			58,940			37,972
	7			–			–			–			93			–
	73			3			–			–			330			46
	(2,799,824	)		(5,217,067	)		(1,293,286	)		(4,436,744	)		(1,365,392	)		(4,284,985	)
	(1,408	)		(1,162	)		–			(130	)		(452	)		(2,964	)
	(337,524	)		(49,061	)		(485	)		–			(10,553	)		(38,036	)
	(2,223,452	)		(2,106,140	)		(116,443	)		(2,164,002	)		(956,837	)		(2,107,221	)
	7,474,312			9,580,452			7,430,070			9,594,072			6,627,813			8,735,034
	5,250,860			7,474,312			7,313,627			7,430,070			5,670,976			6,627,813
$	260,990		$	535,609		$	(123,079	)	$	–		$	317,190		$	651,006

FINANCIAL STATEMENTS 43

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Utilities Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Operations
Net investment income/(loss)	$	431,316		$	938,924
Net realized gain/(loss) on investment transactions and foreign currency transactions		518,569			3,030,424
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions		376,961			(1,633,228	)
Net increase/(decrease) in net assets resulting from operations		1,326,846			2,336,120
Dividends and Distributions to Shareholders
Net investment income
Class S		(444,932	)		(1,565,042	)
Class C		(48,666	)		(445	)
Class A		(85,231	)		(4,387	)
Net decrease from dividends and distributions		(578,829	)		(1,569,874	)
Fund Share Transactions
Shares sold
Class S		13,432,293			8,448,631
Class C		3,392,357			24,131
Class A		6,476,749			450,760
Reinvested dividends and distributions
Class S		386,631			1,508,702
Class C		25,894			320
Class A		48,974			4,387
Shares repurchased
Class S		(14,364,849	)		(21,453,429	)
Class C		(289,538	)		–
Class A		(51,707	)		–
Net increase/(decrease) from fund share transactions		9,056,804			(11,016,498	)
Total net increase/(decrease) in net assets		9,804,821			(10,250,252	)
Net Assets
Beginning of period		21,785,276			32,035,528
End of period	$	31,590,097		$	21,785,276

44 FINANCIAL STATEMENTS

	ICON Utilities Fund
	Period ended March 31, 2012 (unaudited)			Year ended September 30, 2011
Transactions in Fund Shares
Shares sold
Class S		2,050,685			1,349,348
Class C		523,844			3,803
Class A		1,005,071			71,186
Reinvested dividends and distributions
Class S		57,690			244,079
Class C		3,903			51
Class A		7,406			703
Shares repurchased
Class S		(2,194,505	)		(3,416,187	)
Class C		(45,289	)		–
Class A		(7,980	)		–
Net increase/(decrease)		1,400,825			(1,747,017	)
Shares outstanding, beginning of period		3,465,239			5,212,256
Shares outstanding, end of period		4,866,064			3,465,239
Accumulated undistributed net investment income/(loss)	$	926		$	148,439

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

FINANCIAL STATEMENTS 45

FINANCIAL HIGHLIGHTS

			Income/(loss) from investment operations									Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)			Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Consumer Discretionary Fund
Class S
Period Ended March 31, 2012†	$	8.79	$	0.03		$	2.46		$	2.49		$	–		$	–
Year Ended September 30, 2011		7.92		(0.02	)		0.89			0.87			–			–
Year Ended September 30, 2010		6.83		(0.05	)		1.42			1.37			(0.28	)		–
Year Ended September 30, 2009		7.19		0.01			(0.37	)		(0.36	)		–			–
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			–			–
Class C
Period Ended March 31, 2012†		8.72		(0.04	)		2.44			2.40			–			–
Year Ended September 30, 2011		7.92		(0.12	)		0.92			0.80			–			–
Class A
Period Ended March 31, 2012†		8.75		0.02			2.45			2.47			–			–
Year Ended September 30, 2011		7.92		(0.06	)		0.89			0.83			–			–
ICON Consumer Staples Fund
Class S
Period Ended March 31, 2012†		8.61		0.07			1.20			1.27			(0.18	)		–
Year Ended September 30, 2011		8.08		0.10			0.52			0.62			(0.09	)		–
Year Ended September 30, 2010		7.32		0.08			0.76			0.84			(0.08	)		–
Year Ended September 30, 2009		7.37		0.04			(0.09	)		(0.05	)		–			–	(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)
Class C
Period Ended March 31, 2012†		8.53		0.03			1.17			1.20			(0.15	)		–
Year Ended September 30, 2011		8.08		0.04			0.50			0.54			(0.09	)		–
Class A
Period Ended March 31, 2012†		8.68		0.06			1.20			1.26			(0.19	)		–
Year Ended September 30, 2011		8.08		0.11			0.58			0.69			(0.09	)		–
ICON Energy Fund
Class S
Period Ended March 31, 2012†		16.64		0.05			2.86			2.91			(0.15	)		(0.40	)
Year Ended September 30, 2011		16.69		0.16			–			0.16			(0.21	)		–
Year Ended September 30, 2010		16.92		0.21			(0.23	)		(0.02	)		(0.21	)		–
Year Ended September 30, 2009		27.06		0.21			(2.41	)		(2.20	)		(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	)
Class C
Period Ended March 31, 2012†		16.47		(0.06	)		2.84			2.78			(0.05	)		(0.40	)
Year Ended September 30, 2011		16.69		(0.10	)		0.09			(0.01	)		(0.21	)		–
Class A
Period Ended March 31, 2012†		16.59		0.01			2.85			2.86			(0.09	)		(0.40	)
Year Ended September 30, 2011		16.69		0.08			0.03			0.11			(0.21	)		–
ICON Financial Fund
Class S
Period Ended March 31, 2012†		4.69		0.02			1.56			1.58			(0.03	)		–
Year Ended September 30, 2011		5.55		0.03			(0.87	)		(0.84	)		(0.02	)		–
Year Ended September 30, 2010		5.97		0.02			(0.32	)		(0.30	)		(0.12	)		–
Year Ended September 30, 2009		8.55		0.09			(2.43	)		(2.34	)		(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	)
Class C
Period Ended March 31, 2012†		4.64		(0.01	)		1.55			1.54			(0.02	)		–
Year Ended September 30, 2011		5.55		(0.02	)		(0.87	)		(0.89	)		(0.02	)		–
Class A
Period Ended March 31, 2012†		4.68		0.01			1.54			1.55			(0.03	)		–
Year Ended September 30, 2011		5.55		0.01			(0.86	)		(0.85	)		(0.02	)		–

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

46 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and  transfer agent earnings credit			After expense limitation and  transfer agent earnings credit			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	–		$	11.28		28.33	%	$	46,778		1.41	%		1.41	%(c)		0.65	%		0.65	%		58.58	%
	–			8.79		10.98	%		34,123		1.54	%		1.54	%(c)		(0.23	)%		(0.23	)%		107.57	%
	(0.28	)		7.92		20.61	%		17,750		2.02	%		2.02	%		(0.62	)%		(0.62	)%		194.84	%
	–			6.83		(5.01	)%		14,205		1.63	%		1.63	%		0.14	%		0.14	%		200.23	%
	(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	%
	–			11.12		27.52	%		61		5.67	%		2.74	%(c)		(3.73	)%		(0.80	)%		58.58	%
	–			8.72		10.10	%		32		13.14	%		2.75	%(c)		(11.73	)%		(1.34	)%		107.57	%
	–			11.22		28.23	%		12,273		1.56	%		1.56	%(c)		0.29	%		0.29	%		58.58	%
	–			8.75		10.48	%		11		18.49	%		1.98	%(c)		(17.17	)%		(0.66	)%		107.57	%
	(0.18	)		9.70		14.80	%		16,836		1.57	%		1.52	%(c)		1.40	%		1.45	%		64.97	%
	(0.09	)		8.61		7.64	%		20,614		1.57	%		1.50	%(c)		1.03	%		1.10	%		109.56	%
	(0.08	)		8.08		11.56	%		30,640		1.54	%		1.54	%		0.98	%		0.98	%		86.31	%
	–	(d)		7.32		(0.64	)%		26,074		1.58	%		1.58	%		0.72	%		0.72	%		134.29	%
	(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	%
	(0.15	)		9.58		14.18	%		275		4.22	%		2.54	%(c)		(0.94	)%		0.74	%		64.97	%
	(0.09	)		8.53		6.65	%		55		7.00	%		2.50	%(c)		(4.09	)%		0.41	%		109.56	%
	(0.19	)		9.75		14.69	%		1,753		1.82	%		1.78	%(c)		1.17	%		1.21	%		64.97	%
	(0.09	)		8.68		8.52	%		24		7.60	%		1.75	%(c)		(4.60	)%		1.25	%		109.56	%
	(0.55	)		19.00		17.76	%		621,971		1.22	%		1.22	%(c)		0.54	%		0.54	%		41.92	%
	(0.21	)		16.64		0.80	%		556,393		1.20	%		1.20	%(c)		0.77	%		0.77	%		88.31	%
	(0.21	)		16.69		(0.17	)%		510,181		1.24	%		1.24	%		1.26	%		1.26	%		169.86	%
	(7.94	)		16.92		(1.73	)%		560,555		1.24	%		1.24	%		1.39	%		1.39	%		186.47	%
	(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		1.17	%(e)		1.17	%(e)		0.24	%(e)		0.24	%(e)		54.75	%
	(0.45	)		18.80		17.06	%		7,613		2.35	%		2.35	%(c)		(0.59	)%		(0.59	)%		41.92	%
	(0.21	)		16.47		(0.23	)%		4,718		2.47	%		2.47	%(c)		(0.47	)%		(0.47	)%		88.31	%
	(0.49	)		18.96		17.47	%		10,742		1.62	%		1.62	%(c)		0.12	%		0.12	%		41.92	%
	(0.21	)		16.59		0.49	%		6,005		1.70	%		1.70	%(c)		0.38	%		0.38	%		88.31	%
	(0.03	)		6.24		33.83	%		55,506		1.36	%		1.36	%(c)		0.88	%		0.88	%		31.52	%
	(0.02	)		4.69		(15.18	)%		32,432		1.40	%		1.40	%(c)		0.44	%		0.44	%		100.23	%
	(0.12	)		5.55		(5.11	)%		58,750		1.43	%		1.43	%		0.36	%		0.36	%		143.36	%
	(0.24	)		5.97		(26.80	)%		82,067		1.42	%		1.42	%		1.70	%		1.70	%		194.00	%
	(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	%
	(0.02	)		6.16		33.20	%		12		18.64	%		2.50	%(c)		(16.39	)%		(0.25	)%		31.52	%
	(0.02	)		4.64		(16.08	)%		9		35.28	%		2.50	%(c)		(33.22	)%		(0.44	)%		100.23	%
	(0.03	)		6.20		33.35	%		1,521		2.05	%		1.75	%(c)		0.01	%		0.31	%		31.52	%
	(0.02	)		4.68		(15.36	)%		24		7.37	%		1.75	%(c)		(5.50	)%		0.12	%		100.23	%

FINANCIAL HIGHLIGHTS 47

FINANCIAL HIGHLIGHTS (CONTINUED)

			Income/(loss) from investment operations									Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)			Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Healthcare Fund
Class S
Period Ended March 31, 2012†	$	13.56	$	0.09		$	2.70		$	2.79		$	(0.14	)	$	–
Year Ended September 30, 2011		12.78		0.12			0.73			0.85			(0.07	)		–
Year Ended September 30, 2010		12.29		0.04			0.63			0.67			(0.18	)		–
Year Ended September 30, 2009		13.49		0.08			(1.28	)		(1.20	)		–			–
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	)
Class C
Period Ended March 31, 2012†		13.43		0.01			2.65			2.66			(0.12	)		–
Year Ended September 30, 2011		12.78		(0.01	)		0.73			0.72			(0.07	)		–
Class A
Period Ended March 31, 2012†		13.53		0.05			2.69			2.74			(0.16	)		–
Year Ended September 30, 2011		12.78		0.12			0.70			0.82			(0.07	)		–
ICON Industrials Fund
Class S
Period Ended March 31, 2012†		6.80		0.04			1.88			1.92			(0.09	)		–
Year Ended September 30, 2011		7.47		0.07			(0.67	)		(0.60	)		(0.07	)		–
Year Ended September 30, 2010		6.38		0.05			1.17			1.22			(0.13	)		–
Year Ended September 30, 2009		8.16		0.08			(1.82	)		(1.74	)		(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	)
Class C
Period Ended March 31, 2012†		6.72		–			1.87			1.87			(0.05	)		–
Year Ended September 30, 2011		7.47		(0.02	)		(0.66	)		(0.68	)		(0.07	)		–
Class A
Period Ended March 31, 2012†		6.76		0.04			1.77			1.81			(0.09	)		–
Year Ended September 30, 2011		7.47		0.05			(0.69	)		(0.64	)		(0.07	)		–
ICON Information Technology Fund
Class S
Period Ended March 31, 2012†		8.22		(0.02	)		2.69			2.67			–			–
Year Ended September 30, 2011		8.05		(0.04	)		0.21			0.17			–			–
Year Ended September 30, 2010		7.79		(0.05	)		0.35			0.30			(0.04	)		–
Year Ended September 30, 2009		7.86		(0.01	)		(0.06	)		(0.07	)		–			–
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			–			–
Class C
Period Ended March 31, 2012†		8.13		(0.09	)		2.68			2.59			–			–
Year Ended September 30, 2011		8.05		(0.13	)		0.21			0.08			–			–
Class A
Period Ended March 31, 2012†		8.20		(0.05	)		2.69			2.64			–			–
Year Ended September 30, 2011		8.05		(0.05	)		0.20			0.15			–			–
ICON Materials Fund
Class S
Period Ended March 31, 2012†		9.00		0.05			2.51			2.56			(0.10	)		–
Year Ended September 30, 2011		10.06		0.08			(1.08	)		(1.00	)		(0.06	)		–
Year Ended September 30, 2010		8.93		0.05			1.18			1.23			(0.10	)		–
Year Ended September 30, 2009		9.81		0.11			(0.91	)		(0.80	)		(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	)
Class C
Period Ended March 31, 2012†		8.92		(0.01	)		2.49			2.48			(0.06	)		–
Year Ended September 30, 2011		10.06		(0.03	)		(1.05	)		(1.08	)		(0.06	)		–
Class A
Period Ended March 31, 2012†		8.97		0.03			2.50			2.53			(0.08	)		–
Year Ended September 30, 2011		10.06		0.05			(1.08	)		(1.03	)		(0.06	)		–

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

48 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	(0.14	)	$	16.21		20.71	%	$	93,564		1.35	%		1.35	%(c)		1.18	%		1.18	%		27.11	%
	(0.07	)		13.56		6.66	%		75,116		1.36	%		1.36	%(c)		0.85	%		0.85	%		83.63	%
	(0.18	)		12.78		5.39	%		72,554		1.36	%		1.36	%		0.31	%		0.31	%		102.42	%
	–			12.29		(8.90	)%		110,605		1.37	%		1.37	%		0.74	%		0.74	%		105.75	%
	(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		1.20	%(e)		1.20	%(e)		0.01	%(e)		0.01	%(e)		24.56	%
	(0.12	)		15.97		19.93	%		33		12.97	%		2.50	%(c)		(10.33	)%		0.14	%		27.11	%
	(0.07	)		13.43		5.64	%		22		31.38	%		2.50	%(c)		(28.98	)%		(0.10	)%		83.63	%
	(0.16	)		16.11		20.40	%		142		3.20	%		1.76	%(c)		(0.73	)%		0.71	%		27.11	%
	(0.07	)		13.53		6.42	%		126		7.15	%		1.75	%(c)		(4.58	)%		0.82	%		83.63	%
	(0.09	)		8.63		28.50	%		45,143		1.40	%		1.40	%(c)		1.03	%		1.03	%		15.45	%
	(0.07	)		6.80		(8.21	)%		50,653		1.36	%		1.36	%(c)		0.80	%		0.80	%		55.87	%
	(0.13	)		7.47		19.40	%		71,607		1.40	%		1.40	%		0.73	%		0.73	%		54.34	%
	(0.04	)		6.38		(21.25	)%		70,535		1.37	%		1.37	%		1.39	%		1.39	%		96.24	%
	(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		1.27	%(e)		1.27	%(e)		0.16	%(e)		0.16	%(e)		125.44	%
	(0.05	)		8.54		27.87	%		23		10.75	%		2.52	%(c)		(8.31	)%		(0.08	)%		15.45	%
	(0.07	)		6.72		(9.29	)%		15		13.56	%		2.50	%(c)		(11.29	)%		(0.23	)%		55.87	%
	(0.09	)		8.48		26.89	%		140		2.08	%		1.75	%(c)		0.71	%		1.04	%		15.45	%
	(0.07	)		6.76		(8.75	)%		122		3.46	%		1.75	%(c)		(1.12	)%		0.59	%		55.87	%
	–			10.89		32.48	%		79,353		1.33	%		1.33	%(c)		(0.35	)%		(0.35	)%		19.01	%
	–			8.22		2.11	%		61,081		1.34	%		1.34	%(c)		(0.40	)%		(0.40	)%		44.84	%
	(0.04	)		8.05		3.91	%		77,269		1.37	%		1.37	%		(0.58	)%		(0.58	)%		68.32	%
	–			7.79		(0.89	)%		119,250		1.38	%		1.38	%		(0.09	)%		(0.09	)%		89.87	%
	–			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	%
	–			10.72		31.86	%		101		16.78	%		2.50	%(c)		(16.07	)%		(1.79	)%		19.01	%
	–			8.13		0.99	%		1		115.00	%		2.51	%(c)		(113.96	)%		(1.47	)%		44.84	%
	–			10.84		32.20	%		219		3.88	%		1.75	%(c)		(3.04	)%		(0.91	)%		19.01	%
	–			8.20		1.86	%		1		215.56	%		1.75	%(c)		(214.36	)%		(0.55	)%		44.84	%
	(0.10	)		11.46		28.67	%		64,110		1.36	%		1.36	%(c)		0.95	%		0.95	%		27.15	%
	(0.06	)		9.00		(10.07	)%		59,068		1.33	%		1.33	%(c)		0.73	%		0.73	%		62.97	%
	(0.10	)		10.06		13.92	%		87,856		1.38	%		1.38	%		0.54	%		0.54	%		70.80	%
	(0.08	)		8.93		(7.87	)%		95,028		1.40	%		1.40	%		1.50	%		1.50	%		134.88	%
	(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	%
	(0.06	)		11.34		27.87	%		220		4.02	%		2.50	%(c)		(1.67	)%		(0.15	)%		27.15	%
	(0.06	)		8.92		(10.87	)%		120		4.11	%		2.50	%(c)		(1.91	)%		(0.30	)%		62.97	%
	(0.08	)		11.42		28.37	%		666		2.08	%		1.75	%(c)		0.26	%		0.59	%		27.15	%
	(0.06	)		8.97		(10.37	)%		487		2.26	%		1.74	%(c)		(0.07	)%		0.45	%		62.97	%

FINANCIAL HIGHLIGHTS 49

FINANCIAL HIGHLIGHTS (CONTINUED)

			Income/(loss) from investment operations								Less dividends and
	Net asset value, beginning of period		Net investment income/ (loss)(x)		Net realized and unrealized gains/(losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from net realized gains
ICON Utilities Fund
Class S
Period Ended March 31, 2012†	$	6.29	$	0.10	$	0.26		$	0.36		$	(0.13	)	$	–
Year Ended September 30, 2011		6.15		0.24		0.31			0.55			(0.41	)		–
Year Ended September 30, 2010		5.66		0.19		0.44			0.63			(0.14	)		–
Year Ended September 30, 2009		6.34		0.14		(0.44	)		(0.30	)		(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	)
Class C
Period Ended March 31, 2012†		6.21		0.08		0.27			0.35			(0.13	)		–
Year Ended September 30, 2011		6.15		0.25		0.22			0.47			(0.41	)		–
Class A
Period Ended March 31, 2012†		6.24		0.11		0.24			0.35			(0.15	)		–
Year Ended September 30, 2011		6.15		0.34		0.17			0.51			(0.42	)		–

(x) Calculated using the average shares method.

* The total return calculation is for the period indicated and excludes any sales charges.

† Unaudited.

(a) Annualized for periods less than a year.

(b) Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year.

(c) Effective January 1, 2011, the Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including interest expense.

(d) Amount less than $0.005.

(e) Ratios include transfer agent earnings credits received. These earnings credits reduced the net expense ratio and increased the net income ratio by 0.01%.

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

50 FINANCIAL HIGHLIGHTS

distributions										Ratio of expenses to average net assets(a)						Ratio of net investment income/(loss) to average net assets(a)
Total dividends and distributions			Net asset value, end of period		Total return*			Net assets, end of period (in thousands)		Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Before expense limitation and transfer agent earnings credit			After expense limitation and transfer agent earnings credit			Portfolio turnover rate(b)
$	(0.13	)	$	6.52		5.64	%	$	21,531		1.52	%		1.51	%(c)		2.97	%		2.96	%		31.53	%
	(0.41	)		6.29		9.16	%		21,313		1.61	%		1.51	%(c)		3.75	%		3.85	%		114.73	%
	(0.14	)		6.15		11.16	%		32,036		1.67	%		1.67	%		3.28	%		3.28	%		84.45	%
	(0.38	)		5.66		(4.39	)%		22,547		1.70	%		1.70	%		2.70	%		2.70	%		90.27	%
	(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	%
	(0.13	)		6.43		5.60	%		3,127		2.51	%		2.49	%(c)		2.31	%		2.33	%		31.53	%
	(0.41	)		6.21		7.77	%		24		122.08	%		2.50	%(c)		(115.58	)%		4.00	%		114.73	%
	(0.15	)		6.44		5.48	%		6,932		1.68	%		1.68	%(c)		3.28	%		3.28	%		31.53	%
	(0.42	)		6.24		8.56	%		449		185.34	%		1.75	%(c)		(178.27	)%		5.32	%		114.73	%

FINANCIAL HIGHLIGHTS 51

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2012 (UNAUDITED)

1.  Organization

The ICON Consumer Discretionary Fund, ICON Consumer Staples Fund, ICON Energy Fund, ICON Financial Fund, ICON Healthcare Fund, ICON Industrials Fund, ICON Information Technology Fund, ICON Materials Fund, and ICON Utilities Fund (formerly, ICON Telecommunication & Utilities Fund) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Each Fund has three classes of shares: Class S, Class C and Class A. All classes have equal rights as to earnings, assets, and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently eight other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

Each Fund is authorized to issue an unlimited number of no par shares. The Funds invest primarily in securities of companies whose principal business activities fall within specific sectors and industries. The investment objective of each Fund is to provide long-term capital appreciation.

The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment in a non-diversified sector fund may involve greater risk and volatility than a more diversified fund. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity and small market share.

52 NOTES TO FINANCIAL STATEMENTS

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 Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.

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

NOTES TO FINANCIAL STATEMENTS 53

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

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 debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

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

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

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

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

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

Level 3 — significant unobservable inputs.

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

54 NOTES TO FINANCIAL STATEMENTS

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, 2012:

	Level 1		Level 2		Total
ICON Consumer Discretionary Fund*
Assets
Common Stocks	$	58,749,652	$	-	$	58,749,652
Collateral for Securities on Loan		-		1,356,600		1,356,600
Short-Term Investments		-		744,478		744,478
Total	$	58,749,652	$	2,101,078	$	60,850,730
ICON Consumer Staples Fund*
Assets
Common Stocks	$	18,830,973	$	-	$	18,830,973
Collateral for Securities on Loan		-		355,300		355,300
Total	$	18,830,973	$	355,300	$	19,186,273
ICON Energy Fund*
Assets
Common Stocks	$	629,131,440	$	-	$	629,131,440
Collateral for Securities on Loan		-		9,286,013		9,286,013
Short-Term Investments		-		11,278,139		11,278,139
Total	$	629,131,440	$	20,564,152	$	649,695,592
ICON Financial Fund*
Assets
Common Stocks	$	56,402,751	$	-	$	56,402,751
Total	$	56,402,751	$	-	$	56,402,751
ICON Healthcare Fund*
Assets
Common Stocks	$	93,922,958	$	-	$	93,922,958
Collateral for Securities on Loan		-		2,323,365		2,323,365
Total	$	93,922,958	$	2,323,365	$	96,246,323

NOTES TO FINANCIAL STATEMENTS 55

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(CONTINUED)

	Level 1		Level 2		Total
ICON Industrials Fund*
Assets
Common Stocks	$	45,204,020	$	-	$	45,204,020
Collateral for Securities on Loan		-		291,263		291,263
Short-Term Investments		-		18,633		18,633
Total	$	45,204,020	$	309,896	$	45,513,916
ICON Information Technology Fund*
Assets
Common Stocks	$	78,220,488	$	-	$	78,220,488
Collateral for Securities on Loan		-		1,070,769		1,070,769
Short-Term Investments		-		24,539		24,539
Total	$	78,220,488	$	1,095,308	$	79,315,796
ICON Materials Fund*
Assets
Common Stocks	$	64,388,103	$	-	$	64,388,103
Collateral for Securities on Loan		-		809,484		809,484
Short-Term Investments		-		574,859		574,859
Total	$	64,388,103	$	1,384,343	$	65,772,446
ICON Utilities Fund*
Assets
Common Stocks	$	31,726,398	$	-	$	31,726,398
Total	$	31,726,398	$	-	$	31,726,398

* Please refer to the Schedule of Investments and the Sector/Industry Classification tables for additional security details.

There were no Level 3 securities held in any of the Funds at March 31, 2012.

For the period ended March 31, 2012, there was no significant security transfer activity between Level 1 and Level 2.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-04, “Fair Value Measurements and Disclosures (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 is effective for annual periods beginning after December 15, 2011 and is to be applied prospectively. The Funds are currently assessing the impact of this guidance on its financial statements.

56 NOTES TO FINANCIAL STATEMENTS

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.

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. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

As of March 31, 2012, the following Funds had securities with the following values on loan:

Fund	Value of Loaned Securities		Value of Collateral
ICON Consumer Discretionary Fund	$	1,335,320	$	1,356,600
ICON Consumer Staples Fund		353,733		355,300
ICON Energy Fund		9,150,422		9,286,013
ICON Healthcare Fund		2,277,024		2,323,365
ICON Industrials Fund		285,330		291,263

NOTES TO FINANCIAL STATEMENTS 57

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(CONTINUED)

Fund	Value of Loaned Securities		Value of Collateral
ICON Information Technology Fund	$	1,055,871	$	1,070,769
ICON Materials Fund		794,125		809,484

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2012. It may also include collateral received from the pre-funding of loans.

Income Taxes

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

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

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

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

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

58 NOTES TO FINANCIAL STATEMENTS

Investment Income

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.

Investment Transactions

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

Allocation of Expenses

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

Below are the class level expenses that are included on the Statement of Operations:

Fund	Legal Expense		Printing And Postage Expense		Transfer Agent Expense
ICON Consumer Discretionary Fund
Class S	$	2,603	$	10,974	$	24,677
Class C		3		143		691
Class A		487		330		1,675
ICON Consumer Staples Fund
Class S		1,801		4,958		14,368
Class C		11		142		786
Class A		124		245		1,104

NOTES TO FINANCIAL STATEMENTS 59

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(CONTINUED)

Fund	Legal Expense		Printing And Postage Expense		Transfer Agent Expense
ICON Energy Fund
Class S	$	49,112	$	49,911	$	250,029
Class C		489		368		4,413
Class A		659		3,430		5,624
ICON Financial Fund
Class S		3,292		6,667		21,148
Class C		1		139		694
Class A		28		232		726
ICON Healthcare Fund
Class S		6,105		10,380		50,568
Class C		2		139		837
Class A		11		228		773
ICON Industrials Fund
Class S		4,577		7,573		30,511
Class C		2		140		710
Class A		58		236		895
ICON Information Technology Fund
Class S		5,476		9,985		37,362
Class C		1		182		765
Class A		6		268		698
ICON Materials Fund
Class S		5,778		12,448		38,258
Class C		16		162		951
Class A		53		346		1,216
ICON Utilities Fund
Class S		1,807		5,620		15,453
Class C		147		150		824
Class A		298		244		1,159

3.  Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 1.00% on the first $500 million of average daily net assets, 0.95% on the next $250 million, 0.925% on the next $750 million, 0.90% on the next $3.5 billion, and 0.875% on average daily net assets over $5 billion.

60 NOTES TO FINANCIAL STATEMENTS

Effective January 1, 2011, ICON Advisers has contractually agreed to limit its Funds’ expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following amounts:

Fund	Class S		Class C		Class A
ICON Consumer Discretionary Fund		1.74%		2.74%		1.99%
ICON Consumer Staples Fund		1.50%		2.50%		1.75%
ICON Energy Fund		1.50%		2.50%		1.75%
ICON Financial Fund		1.50%		2.50%		1.75%
ICON Healthcare Fund		1.50%		2.50%		1.75%
ICON Industrials Fund		1.50%		2.50%		1.75%
ICON Information Technology Fund		1.50%		2.50%		1.75%
ICON Materials Fund		1.50%		2.50%		1.75%
ICON Utilities Fund		1.50%		2.50%		1.75%

The Funds’ expense limitations will continue in effect until at least January 31, 2013. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.

As of March 31, 2012 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2014		2015
ICON Consumer Discretionary Fund	$	1,471	$	703
ICON Consumer Staples Fund		19,391		6,253
ICON Energy Fund		-		-
ICON Financial Fund		2,386		1,365
ICON Healthcare Fund		3,414		2,516
ICON Industrials Fund		2,124		1,898
ICON Information Technology Fund		2,606		1,765
ICON Materials Fund		3,934		2,407
ICON Utilities Fund		18,982		848

Accounting, Custody and Transfer Agent Fees

State Street Bank and Trust Company (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.

NOTES TO FINANCIAL STATEMENTS 61

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(CONTINUED)

State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction cusip charges and out-of-pocket expenses. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.

Administrative Services

The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trusts’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2012, each Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.

ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.

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 A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual

62 NOTES TO FINANCIAL STATEMENTS

distribution and service fee of 1.00% of average daily net assets. The total amount paid under the 12b-1 plans, if any, by the Funds is shown on the Statement of Operations.

Other Related Parties

Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 86% by the Trust and 14% by ICON Advisers. For the period ended March 31, 2012, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

4.  Borrowings

The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and the Overnight LIBOR Rate effective on that day plus 1.25%. The average interest rate charged for the period ended March 31, 2012 was 1.39%.

Fund	Average Borrowing (10/1/11-3/31/12)
ICON Consumer Discretionary Fund	$	183,892
ICON Consumer Staples Fund*		326,897
ICON Energy Fund		128,105
ICON Financial Fund*		45,030
ICON Healthcare Fund*		355,947
ICON Industrials Fund		548,127
ICON Information Technology Fund		101,777
ICON Materials Fund		114,653
ICON Utilities Fund*		177,538

* Fund had outstanding borrowings under these agreements as of March 31, 2012.

NOTES TO FINANCIAL STATEMENTS 63

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(CONTINUED)

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2012, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ICON Consumer Discretionary Fund	$	42,117,167	$	27,178,337
ICON Consumer Staples Fund		13,747,241		18,385,427
ICON Energy Fund		265,675,875		295,125,889
ICON Financial Fund		25,239,101		13,592,741
ICON Healthcare Fund		26,377,550		21,563,350
ICON Industrials Fund		7,733,236		26,096,429
ICON Information Technology Fund		13,187,616		15,456,054
ICON Materials Fund		17,731,813		28,555,250
ICON Utilities Fund		19,340,462		9,112,793

6.  Federal Income Tax

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

The tax components of capital shown in the following tables include losses the Funds may be able to offset against gains recognized in future years. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2011 and post-October losses that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.

For the year ended September 30, 2011 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Consumer Discretionary Fund	$	11,308,112		2017
		8,355,189		2018
ICON Consumer Staples Fund		1,764,198		2017
		1,888,341		2018
ICON Energy Fund		240,766		2018

64 NOTES TO FINANCIAL STATEMENTS

Fund	Amounts		Expires
ICON Financial Fund	$	58,696,031		2017
		43,715,782		2018
ICON Healthcare Fund		4,557,995		2018
ICON Industrials Fund		11,618,296		2017
		28,045,106		2018
ICON Information Technology Fund		21,080		2016
		22,796,772		2017
		6,573,259		2018
ICON Materials Fund		12,782,639		2017
		7,349,690		2018
ICON Utilities Fund		6,027,677		2017
		3,844,832		2018

Future capital loss carryover utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2011 the Funds utilized capital loss carryforwards:

Fund	Amount
ICON Consumer Discretionary Fund	$	3,855,294
ICON Consumer Staples Fund		5,999,632
ICON Energy Fund		66,984,362
ICON Financial Fund		4,644,695
ICON Healthcare Fund		16,982,763
ICON Industrials Fund		4,771,025
ICON Information Technology Fund		10,930,880
ICON Materials Fund		13,969,617
ICON Utilities Fund		2,166,913

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2011, were as follows:

Fund	Distributions Paid from Ordinary Income		Total Distributions Paid
ICON Consumer Staples Fund	$	315,201	$	315,201
ICON Energy Fund		6,516,740		6,516,740
ICON Financial Fund		214,079		214,079
ICON Healthcare Fund		368,446		368,446
ICON Industrials Fund		478,554		478,554
ICON Materials Fund		478,186		478,186
ICON Utilities Fund		1,194,876		1,194,876

NOTES TO FINANCIAL STATEMENTS 65

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(CONTINUED)

As of September 30, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Distributions Payable*			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)**			Total Accumulated Earnings/ (Deficit)
ICON Consumer Discretionary Fund	$	-	$	-		$	(19,663,301	)	$	(1,325,877	)	$	(20,989,178	)
ICON Consumer Staples Fund		279,768		-			(3,652,539	)		24,723			(3,348,048	)
ICON Energy Fund		4,365,200		-			(240,766	)		(68,694,805	)		(64,570,371	)
ICON Financial Fund		210,720		-			(102,411,813	)		(6,579,165	)		(108,780,258	)
ICON Healthcare Fund		663,354		-			(4,557,995	)		(5,266,551	)		(9,161,192	)
ICON Industrials Fund		535,609		-			(39,663,402	)		(2,036,675	)		(41,164,468	)
ICON Information Technology Fund		-		-			(29,391,111	)		1,880,511			(27,510,600	)
ICON Materials Fund		651,006		-			(20,132,329	)		(4,559,976	)		(24,041,299	)
ICON Utilities Fund		523,437		(374,998	)		(9,872,509	)		610,476			(9,113,594	)

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

As of March 31, 2012, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:

Fund	Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Appreciation/ (Depreciation)
ICON Consumer Discretionary Fund	$	51,587,584	$	9,542,164	$	(279,018	)	$	9,263,146
ICON Consumer Staples Fund		17,592,763		1,626,742		(33,232	)		1,593,510
ICON Energy Fund		608,025,260		59,080,606		(17,410,274	)		41,670,332
ICON Financial Fund		50,150,258		6,607,649		(355,156	)		6,252,493
ICON Healthcare Fund		87,196,024		9,879,668		(829,369	)		9,050,299
ICON Industrials Fund		37,339,681		8,527,815		(353,580	)		8,174,235
ICON Information Technology Fund		60,522,566		22,375,587		(3,582,357	)		18,793,230
ICON Materials Fund		55,090,493		13,047,752		(2,365,799	)		10,681,953
ICON Utilities Fund		30,712,612		1,441,043		(427,257	)		1,013,786

66 NOTES TO FINANCIAL STATEMENTS

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused.

7.  Subsequent Events

Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.

NOTES TO FINANCIAL STATEMENTS 67

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2012 (UNAUDITED)

Example

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

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/11 – 3/31/12).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

68 EXPENSE EXAMPLE

redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 10/1/11		Ending Account Value 3/31/12		Expenses Paid During Period 10/1/11 - 3/31/12*		Annualized Expense Ratio 10/1/11 - 3/31/12
Actual Expenses
ICON Consumer Discretionary Fund
Class S	$	1,000.00	$	1,283.30	$	8.07		1.41%
Class C		1,000.00		1,275.20		15.61		2.74%
Class A		1,000.00		1,282.30		8.88		1.56%
ICON Consumer Staples Fund
Class S		1,000.00		1,148.00		8.17		1.52%
Class C		1,000.00		1,141.80		13.60		2.54%
Class A		1,000.00		1,146.90		9.55		1.78%
ICON Energy Fund
Class S		1,000.00		1,177.60		6.66		1.22%
Class C		1,000.00		1,170.60		12.75		2.35%
Class A		1,000.00		1,174.70		8.82		1.62%
ICON Financial Fund
Class S		1,000.00		1,338.30		7.97		1.36%
Class C		1,000.00		1,332.00		14.58		2.50%
Class A		1,000.00		1,333.50		10.22		1.75%
ICON Healthcare Fund
Class S		1,000.00		1,207.10		7.44		1.35%
Class C		1,000.00		1,199.30		13.77		2.50%
Class A		1,000.00		1,204.00		9.69		1.76%
ICON Industrials Fund
Class S		1,000.00		1,285.00		7.98		1.40%
Class C		1,000.00		1,278.70		14.35		2.52%
Class A		1,000.00		1,268.90		9.95		1.75%
ICON Information Technology Fund
Class S		1,000.00		1,324.80		7.75		1.33%
Class C		1,000.00		1,318.60		14.50		2.50%
Class A		1,000.00		1,322.00		10.17		1.75%
ICON Materials Fund
Class S		1,000.00		1,286.70		7.76		1.36%
Class C		1,000.00		1,278.70		14.26		2.50%
Class A		1,000.00		1,283.70		10.01		1.75%

EXPENSE EXAMPLE 69

	Beginning Account Value 10/1/11		Ending Account Value 3/31/12		Expenses Paid During Period 10/1/11 - 3/31/12*		Annualized Expense Ratio 10/1/11 - 3/31/12
ICON Utilities Fund
Class S	$	1,000.00	$	1,056.40	$	7.76		1.51%
Class C		1,000.00		1,056.00		12.82		2.49%
Class A		1,000.00		1,054.80		8.63		1.68%
Hypothetical (assuming a 5% return before expenses)
ICON Consumer Discretionary Fund
Class S		1,000.00		1,017.93		7.13
Class C		1,000.00		1,011.28		13.80
Class A		1,000.00		1,017.22		7.85
ICON Consumer Staples Fund
Class S		1,000.00		1,017.40		7.67
Class C		1,000.00		1,012.30		12.78
Class A		1,000.00		1,016.11		8.97
ICON Energy Fund
Class S		1,000.00		1,018.88		6.18
Class C		1,000.00		1,013.25		11.83
Class A		1,000.00		1,016.89		8.18
ICON Financial Fund
Class S		1,000.00		1,018.19		6.88
Class C		1,000.00		1,012.50		12.58
Class A		1,000.00		1,016.24		8.83
ICON Healthcare Fund
Class S		1,000.00		1,018.26		6.81
Class C		1,000.00		1,012.48		12.60
Class A		1,000.00		1,016.21		8.86
ICON Industrials Fund
Class S		1,000.00		1,018.02		7.04
Class C		1,000.00		1,012.40		12.68
Class A		1,000.00		1,016.23		8.84
ICON Information Technology Fund
Class S		1,000.00		1,018.34		6.73
Class C		1,000.00		1,012.50		12.58
Class A		1,000.00		1,016.24		8.83
ICON Materials Fund
Class S		1,000.00		1,018.21		6.85
Class C		1,000.00		1,012.49		12.59
Class A		1,000.00		1,016.24		8.83

70 EXPENSE EXAMPLE

	Beginning Account Value 10/1/11		Ending Account Value 3/31/12		Expenses Paid During Period 10/1/11 - 3/31/12*		Annualized Expense Ratio 10/1/11 - 3/31/12
ICON Utilities Fund
Class S	$	1,000.00	$	1,017.46	$	7.61
Class C		1,000.00		1,012.53		12.55
Class A		1,000.00		1,016.60		8.47

* Expenses are equal to the Fund's six month expense ratio and annualized, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

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

EXPENSE EXAMPLE 71

OTHER INFORMATION (UNAUDITED)

Portfolio Holdings

Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

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

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

Cost Basis Information

Effective January 1, 2012, federal law requires mutual fund companies to maintain and report a shareholder’s cost basis by tax lot, gain/loss information and holding period of covered shares to the Internal Revenue Service on Form 1099. Covered shares are mutual fund shares acquired on or after January 1, 2012. A fund is not required to maintain and report information for shares not deemed as covered.

The new law requires each fund to elect a default tax identification methodology in order to perform the required reporting. As a result, the Trust has chosen Average Cost as its default tax identification methodology. This is the method each Fund will use. However, at the time of purchase or upon the sale of covered shares, shareholders may choose a different tax identification method. Furthermore, if you purchase shares through a financial intermediary, please contact the intermediary to find out what default tax identification method they will use. We recommend that you consult your tax adviser to determine which tax identification methodology best suits your individual tax situation.

72 OTHER INFORMATION

For More Information

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

ICON Distributors, Inc., Distributor.

OTHER INFORMATION 73

For more information about the ICON Funds, contact us:

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

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The schedule of investments in securities of unaffiliated issuers is included in Item 1.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1) Not applicable – only for annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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 30, 2012                        

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 30, 2012                        

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 30, 2012                        

* Print the name and title of each signing officer under his or her signature.