N-CSRS

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)

Carrie M. Schoffman 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, 2014

Date of reporting period: March 31, 2014

Item 1. Reports to Stockholders.

2014 SEMIANNUAL REPORT

ICON DIVERSIFIED FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Bond Fund

ICON Equity Income Fund

ICON Fund

ICON Long/Short Fund

ICON Opportunities Fund

ICON Risk-Managed Balanced Fund (formerly, ICON Risk-Managed Equity Fund)

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

SAR-DIV-14 B95218

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	7
ICON Fund	10
ICON Long/Short Fund	12
ICON Opportunities Fund	16
ICON Risk-Managed Balanced Fund	18
Financial Statements (Unaudited)	24
Financial Highlights (Unaudited)	36
Notes to Financial Statements (Unaudited)	42
Six Month Hypothetical Expense Example (Unaudited)	63
Other Information (Unaudited)	66
Funds Privacy Information	68

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, 2014, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

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

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

2 ABOUT THIS REPORT

to 25% of its assets in high-yield bonds that are below investment grade. ICON Risk-Managed Balanced Fund may invest up to 10% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds.

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

Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of the financial statements released to the market as part of our analysis.

Investments in other mutual fund companies may entail certain risks. For example, the Fund’s performance depends on the underlying funds in which it invests, and it is subject to the risks of the underlying funds. Additionally, an investment by the Fund or underlying fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund.

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

Financial Intermediary

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

ABOUT THIS REPORT 3

ICON BOND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (50.6%)
$	2,500,000	AIG Life Holdings, Inc.		6.63	%		02/15/29	$	2,988,332
	2,798,000	Altria Group, Inc.		9.25	%		08/06/19		3,692,081
	3,000,000	Black Hills Corp.		5.88	%		07/15/20		3,436,527
	1,000,000	CNL Lifestyle Properties, Inc. REIT		7.25	%		04/15/19		1,050,000
	1,000,000	Comcast Cable Holdings LLC		10.13	%		04/15/22		1,390,106
	2,500,000	EPR Properties REIT		5.25	%		07/15/23		2,540,485
	1,300,000	Everest Reinsurance Holdings, Inc.(a)		6.60	%		05/01/67		1,319,500
	1,750,000	Five Corners Funding Trust(b)		4.42	%		11/15/23		1,793,325
	1,000,000	Fulton Capital Trust I Ltd.		6.29	%		02/01/36		940,000
	2,500,000	General Electric Capital Corp. / LJ VP Holdings LLC(b)		3.80	%		06/18/19		2,647,492
	1,000,000	Gibson Brands, Inc.(b)		8.88	%		08/01/18		1,065,000
	1,000,000	Goodman Networks, Inc.(c)		12.13	%		07/01/18		1,065,000
	450,000	Hospira, Inc.		6.05	%		03/30/17		498,119
	1,000,000	iGATE Corp.(d)		9.00	%		05/01/16		1,050,000
	800,000	Jefferies Finance LLC / JFIN Co-Issuer Corp.(b)		6.88	%		04/15/22		806,000
	1,500,000	Kiowa Power Partners LLC(b)		5.74	%		03/30/21		1,594,909
	3,500,000	Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc.		5.75	%		04/15/23		3,731,875
	1,000,000	Macy’s Retail Holdings, Inc.		6.65	%		07/15/24		1,195,006
	300,000	MeadWestvaco Corp.(d)		7.38	%		09/01/19		358,777
	950,000	Morgan Stanley(c)		3.50	%		10/15/20		950,083
	1,500,000	Prudential Financial, Inc.(a)		8.88	%		06/15/38		1,837,500
	300,000	Prudential Holdings LLC, Series FSA(b)		7.25	%		12/18/23		367,799
	1,250,000	Regency Energy Partners L.P. / Regency Energy Finance Corp.		5.50	%		04/15/23		1,259,375
	1,500,000	SESI LLC		7.13	%		12/15/21		1,672,500
	2,045,000	Steelcase, Inc.		6.38	%		02/15/21		2,315,472
	1,000,000	United Refining Co.		10.50	%		02/28/18		1,110,000
	1,500,000	UnitedHealth Group, Inc.		3.88	%		10/15/20		1,586,325
	1,000,000	Valley National Bancorp		5.13	%		09/27/23		1,034,968
	850,000	Valmont Industries, Inc.		6.63	%		04/20/20		987,015
	2,000,000	Williams Cos., Inc., Series A		7.50	%		01/15/31		2,200,922
	518,000	Williams Cos., Inc.		7.75	%		06/15/31		581,155
	Total Corporate Bonds (Cost $48,607,741)								49,065,648

4 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations (22.0%)
$	4,000,000	U.S. Treasury Note		1.88	%		08/31/17	$	4,101,248
	5,500,000	U.S. Treasury Note		2.75	%		11/15/23		5,524,920
	2,000,000	U.S. Treasury Note		0.25	%		02/28/15		2,002,032
	2,500,000	U.S. Treasury Note		0.38	%		02/15/16		2,499,903
	5,500,000	U.S. Treasury Note		1.13	%		12/31/19		5,240,466
	2,000,000	U.S. Treasury Note		0.13	%		12/31/14		2,000,468
	Total U.S. Treasury Obligations (Cost $21,384,131)								21,369,037
	Foreign Corporate Bonds (7.6%)
	2,000,000	Aspen Insurance Holdings Ltd.		4.65	%		11/15/23		2,019,318
	2,000,000	Drill Rigs Holdings, Inc.(b)		6.50	%		10/01/17		2,085,000
	3,000,000	Shelf Drilling Holdings Ltd.(b)(d)		8.63	%		11/01/18		3,247,500
	Total Foreign Corporate Bonds (Cost $7,396,038)								7,351,818
	Closed-End Mutual Funds (9.8%)
	349,548	American Strategic Income Portfolio, Inc. II(d)							2,904,744
	384,311	American Strategic Income Portfolio, Inc. III(d)							2,732,451
	169,139	BlackRock Enhanced Government Fund, Inc.							2,376,403
	6,916	Helios Strategic Income Fund, Inc.(d)							46,891
	82,221	Western Asset Inflation Management Fund, Inc.							1,468,467
	Total Closed-End Mutual Funds (Cost $9,303,316)								9,528,956
	Preferred Stocks (7.0%)
	89,550	American Homes 4 Rent REIT, Series B(e)							2,193,975
	186,766	Gramercy Property Trust, Inc. REIT, Series A(d)							4,648,606
	Total Preferred Stocks (Cost $7,547,137)								6,842,581
	Collateral for Securities on Loan (3.8%)
	3,712,175	State Street Navigator Prime Portfolio, 0.16%							3,712,175
	Total Collateral for Securities on Loan (Cost $3,712,175)								3,712,175
	Short-Term Investments (0.6%)
$	589,158	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14							589,158
	Total Short-Term Investments (Cost $589,158)								589,158
	Total Investments 101.4% (Cost $98,539,696)								98,459,373
	Liabilities Less Other Assets (1.4)%								(1,404,692	)
	Net Assets 100.0%							$	97,054,681

SCHEDULE OF INVESTMENTS 5

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

(a) Floating Rate Security. Rate disclosed is as of March 31, 2014.

(b) 144A - Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) Step Bond - the coupon is at a fixed rate and resets at a specific date and rate. The rate disclosed is as of March 31, 2014.

(d) All or a portion of the security was on loan as of March 31, 2014.

(e) Preferred Stock - the coupon is at a fixed rate and resets at a specific date and rate. The rate disclosed is as of March 31, 2014.

REIT Real Estate Investment Trust

ICON Bond Fund

Credit Diversification

March 31, 2014 (unaudited)

Aaa	22.0%
A1	2.7%
A2	0.4%
A3	3.0%
Baa1	12.3%
Baa2	11.2%
Baa3	13.3%
Ba1	0.5%
Ba2	1.7%
Ba3	1.1%

B1	5.4%
B2	5.5%
B3	1.1%
	80.2%

Percentages are based upon U.S. Treasury obligations, corporate and foreign corporate bond investments as a percentage of net assets. Ratings based on Moody’s Investors Service, Inc.

6 SCHEDULE OF INVESTMENTS

ICON EQUITY INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (78.4%)
	5,700	American Water Works Co., Inc.	$	258,780
	1,200	Apple, Inc.		644,088
	10,900	BCE, Inc.		470,226
	15,900	CA, Inc.		492,423
	6,200	Camden Property Trust, REIT		417,508
	5,700	Campbell Soup Co.		255,816
	5,200	Cedar Fair L.P.		264,836
	15,100	CMS Energy Corp.		442,128
	8,900	Coca-Cola Co.		344,074
	15,400	ConAgra Foods, Inc.		477,862
	6,200	ConocoPhillips		436,170
	12,700	Corrections Corp. of America, REIT		397,764
	7,900	Dow Chemical Co.		383,861
	10,200	Dr. Pepper Snapple Group, Inc.		555,492
	4,800	HollyFrontier Corp.		228,384
	3,600	Ingredion, Inc.		245,088
	6,700	Invesco, Ltd.		247,900
	15,100	Knoll, Inc.		274,669
	10,400	Laclede Group, Inc.		490,360
	4,800	Las Vegas Sands Corp.		387,744
	4,600	LyondellBasell Industries, Class A		409,124
	12,700	Main Street Capital Corp.(a)		417,322
	42,000	MFA Financial, Inc., REIT		325,500
	7,000	MTS Systems Corp.		479,430
	6,800	Nordstrom, Inc.		424,660
	2,800	Norfolk Southern Corp.		272,076
	3,700	Northern Trust Corp.		242,572
	26,500	PDL BioPharma, Inc.(a)		220,215
	9,900	PG&E Corp.		427,680
	7,200	Philip Morris International, Inc.		589,464

Shares or Principal Amount			Value
	7,800	Piedmont Natural Gas Co., Inc.	$	276,042
	1,400	Public Storage, REIT		235,886
	11,600	Reynolds American, Inc.		619,672
	11,400	Rogers Communications, Inc., Class B		472,416
	10,000	SCANA Corp.		513,200
	23,800	Steel Dynamics, Inc.		423,402
	4,900	TransCanada Corp.(a)		223,048
	2,600	Travelers Cos., Inc.		221,260
	5,400	Tupperware Brands Corp.		452,304
	14,600	UIL Holdings Corp.		537,426
	9,700	Ultrapar Participacoes S.A., ADR		233,673
	2,200	United Technologies Corp.		257,048
	7,200	Ventas, Inc., REIT		436,104
	16,300	Westar Energy, Inc.(a)		573,108
	19,800	Xcel Energy, Inc.		601,128
	Total Common Stocks (Cost $16,586,023)			17,598,933
	Preferred Stocks (6.2%)
	14,100	Discover Financial Services, Series B		345,873
	21,800	Gramercy Property Trust, Inc. REIT, Series A		542,602
	21,000	Stanley Black & Decker, Inc.(a)		503,370
	Total Preferred Stocks (Cost $1,446,364)			1,391,845
	Convertible Preferred Stocks (4.1%)
	3,100	Bunge, Ltd.		328,600
	500	Wells Fargo & Co., Series L		586,500
	Total Convertible Preferred Stocks (Cost $914,747)			915,100

SCHEDULE OF INVESTMENTS 7

Shares or Principal Amount			Value
	Closed-End Mutual Fund (2.0%)
	24,566	Western Asset Inflation Management Fund, Inc.	$	438,749
	Total Closed-End Mutual Funds (Cost $438,974)			438,749

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Foreign Corporate Bonds (1.2%)
$	250,000	Shelf Drilling Holdings Ltd.(a)(b)		8.63	%		11/01/18	$	270,625
	Total Foreign Corporate Bonds (Cost $264,898)								270,625
	Corporate Bond (0.7%)
	150,000	B/E Aerospace, Inc.		6.88	%		10/01/20		164,625
	Total Corporate Bonds (Cost $162,957)								164,625

Shares or Principal Amount			Value
	Collateral for Securities on Loan (8.2%)
	1,847,032	State Street Navigator Prime Portfolio, 0.16%	$	1,847,032
	Total Collateral for Securities on Loan (Cost $1,847,032)			1,847,032
	Short-Term Investments (6.9%)
$	1,539,950	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		1,539,950
	Total Short-Term Investments (Cost $1,539,950)			1,539,950
	Total Investments 107.7% (Cost $23,200,945)			24,166,859
	Liabilities Less Other Assets (7.7)%			(1,718,646	)
	Net Assets 100.0%		$	22,448,213

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, 2014.

(b) 144A - Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

8 SCHEDULE OF INVESTMENTS

ICON Equity Income Fund

Sector Composition

March 31, 2014 (unaudited)

Utilities	22.7%
Financial	19.7%
Consumer Staples	15.2%
Information Technology	7.2%
Consumer Discretionary	6.8%
Industrials	5.8%
Materials	5.4%
Energy	4.9%
Health Care	1.0%
	88.7%

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

ICON Equity Income Fund

Industry Composition

March 31, 2014 (unaudited)

Multi-Utilities	8.9%
Tobacco	5.4%
Electric Utilities	5.0%
Asset Management & Custody Banks	4.1%
Soft Drinks	4.0%
Gas Utilities	3.4%
Packaged Foods & Meats	3.2%
Specialized REIT’s	2.9%
Technology Hardware, Storage & Peripherals	2.9%
Agricultural Products	2.6%
Diversified Banks	2.6%
Office REIT’s	2.4%
Industrial Machinery	2.3%
Systems Software	2.2%
Electronic Equipment & Instruments	2.1%
Integrated Telecommunication Services	2.1%
Wireless Telecommunication Services	2.1%
Housewares & Specialties	2.0%

Oil & Gas Storage & Transportation	2.0%
Department Stores	1.9%
Health Care REITs	1.9%
Integrated Oil & Gas	1.9%
Residential REIT’s	1.9%
Steel	1.9%
Commodity Chemicals	1.8%
Casinos & Gaming	1.7%
Diversified Chemicals	1.7%
Consumer Finance	1.5%
Mortgage REIT’s	1.4%
Leisure Facilities	1.2%
Office Services & Supplies	1.2%
Railroads	1.2%
Water Utilities	1.2%
Aerospace & Defense	1.1%
Biotechnology	1.0%
Oil & Gas Refining & Marketing	1.0%
Property & Casualty Insurance	1.0%
	88.7%

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

SCHEDULE OF INVESTMENTS 9

ICON FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (94.4%)
	11,700	Accenture PLC, Class A	$	932,724
	11,600	Alaska Air Group, Inc.		1,082,396
	12,100	Aon PLC		1,019,788
	3,200	Apple, Inc.		1,717,568
	6,700	Atwood Oceanics, Inc.†		337,613
	3,600	Biogen Idec, Inc.†		1,101,132
	46,600	CSX Corp.		1,350,002
	19,600	Dril-Quip, Inc.†		2,197,160
	11,500	Eaton Corp. PLC		863,880
	33,700	FMC Technologies, Inc.†		1,762,173
	21,200	Home Depot, Inc.		1,677,556
	9,100	International Business Machines Corp.		1,751,659
	15,700	Lululemon Athletica, Inc.†(a)		825,663
	8,800	Mohawk Industries, Inc.†		1,196,624
	14,800	Nike, Inc., Class B		1,093,128
	26,400	Oceaneering International, Inc.		1,897,104
	6,000	Panera Bread Co., Class A†		1,058,820
	16,000	Questcor Pharmaceuticals, Inc.(a)		1,038,880
	5,900	Signature Bank†		740,981
	12,300	State Street Corp.		855,465

Shares or Principal Amount			Value
	55,600	Steel Dynamics, Inc.	$	989,124
	8,300	Time Warner Cable, Inc.		1,138,594
	23,800	Tractor Supply Co.		1,680,994
	12,500	Union Pacific Corp.		2,345,750
	13,300	Viacom, Inc., Class B		1,130,367
	18,900	Waddell & Reed Financial, Inc., Class A		1,391,418
	14,100	Walt Disney Co.		1,128,987
	31,800	Wolverine World Wide, Inc.(a)		907,890
	Total Common Stocks (Cost $23,276,716)			35,213,440
	Collateral for Securities on Loan (5.1%)
	1,883,538	State Street Navigator Prime Portfolio, 0.16%		1,883,538
	Total Collateral for Securities on Loan (Cost $1,883,538)			1,883,538
	Short-Term Investments (5.4%)
$	2,013,147	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		2,013,147
	Total Short-Term Investments (Cost $2,013,147)			2,013,147
	Total Investments 104.9% (Cost $27,173,401)			39,110,125
	Liabilities Less Other Assets (4.9)%			(1,817,260	)
	Net Assets 100.0%		$	37,292,865

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, 2014.

10 SCHEDULE OF INVESTMENTS

ICON Fund

Sector Composition

March 31, 2014 (unaudited)

Consumer Discretionary	31.7%
Energy	16.6%
Industrials	15.1%
Information Technology	11.8%
Financial	10.7%
Health Care	5.8%
Materials	2.7%
	94.4%

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

ICON Fund

Industry Composition

March 31, 2014 (unaudited)

Oil & Gas Equipment & Services	15.7%
Railroads	9.9%
IT Consulting & Other Services	7.2%
Asset Management & Custody Banks	6.0%
Movies & Entertainment	6.0%
Footwear	5.3%
Technology Hardware, Storage & Peripherals	4.6%
Home Improvement Retail	4.5%
Specialty Stores	4.5%
Home Furnishings	3.2%
Cable & Satellite	3.1%
Biotechnology	3.0%
Airlines	2.9%

Restaurants	2.9%
Pharmaceuticals	2.8%
Insurance Brokers	2.7%
Steel	2.7%
Electrical Components & Equipment	2.3%
Apparel, Accessories & Luxury Goods	2.2%
Regional Banks	2.0%
Oil & Gas Drilling	0.9%
	94.4%

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

SCHEDULE OF INVESTMENTS 11

ICON LONG/SHORT FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (66.3%)
	7,300	Accenture PLC, Class A	$	581,956
	9,400	Alaska Air Group, Inc.		877,114
	4,800	Aon PLC		404,544
	1,900	Apple, Inc.(x)		1,019,806
	12,400	Atwood Oceanics, Inc.†(x)		624,836
	18,700	BCE, Inc.		806,718
	3,000	Biogen Idec, Inc.†		917,610
	19,800	Cedar Fair L.P.		1,008,414
	22,200	Cognizant Technology Solutions Corp., Class A†(x)		1,123,542
	22,000	CSX Corp.		637,340
	6,300	Danaher Corp.		472,500
	5,600	Dril-Quip, Inc.†		627,760
	36,700	Emergent Biosolutions, Inc.†		927,409
	12,100	FMC Technologies, Inc.†		632,709
	17,300	Home Depot, Inc.		1,368,949
	3,200	International Business Machines Corp.(x)		615,968
	14,400	Jarden Corp.†		861,552
	4,400	Jazz Pharmaceuticals PLC†		610,192
	8,000	Mastercard, Inc., Class A		597,600
	7,300	Mohawk Industries, Inc.†		992,654
	8,100	Nike, Inc., Class B		598,266
	7,700	Norfolk Southern Corp.		748,209
	9,400	Oceaneering International, Inc.(x)		675,484
	4,300	Panera Bread Co., Class A†		758,821

Shares or Principal Amount			Value
	78,300	PDL BioPharma, Inc.(a)	$	650,673
	5,600	Questcor Pharmaceuticals, Inc.(a)		363,608
	7,300	Signature Bank†		916,807
	36,700	Steel Dynamics, Inc.		652,893
	6,100	Time Warner Cable, Inc.(x)		836,798
	15,400	Tractor Supply Co.		1,087,702
	8,100	Waddell & Reed Financial, Inc., Class A		596,322
	6,000	Walt Disney Co.(x)		480,420
	Total Common Stocks (Cost $19,346,764)			24,075,176
	Mutual Fund (0.8%)
	5,000	Proshares Short Small Cap 600		281,500
	Total Mutual Funds (Cost $280,327)			281,500
	Collateral for Securities on Loan (2.8%)
	1,001,575	State Street Navigator Prime Portfolio, 0.16%		1,001,575
	Total Collateral for Securities on Loan (Cost $1,001,575)			1,001,575
	Short-Term Investments (30.6%)
$	11,106,535	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		11,106,535
	Total Short-Term Investments (Cost $11,106,535)			11,106,535
	Total Investments 100.5% (Cost $31,735,201)			36,464,786
	Liabilities Less Other Assets (0.5)%			(193,188	)
	Net Assets 100.0%		$	36,271,598

12 SCHEDULE OF INVESTMENTS

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, 2014.

SCHEDULE OF INVESTMENTS 13

ICON LONG/SHORT FUND

SCHEDULE OF SECURITIES SOLD SHORT

MARCH 31, 2014 (UNAUDITED)

Shares		Short Security	Value
	6,500	Acxiom Corp.†	$	223,568
	11,600	Amedisys, Inc.†		172,724
	9,000	ArthroCare Corp.†		433,710
	225,000	Cincinnati Bell, Inc.†		778,500
	17,000	Gannett Co., Inc.		469,200
	38,400	Global Cash Access Holdings, Inc.†		263,424
	5,400	HealthStream, Inc.†		144,180
	14,200	Providence Service Corp.†		401,576
	Total Securities Sold Short (Proceeds $2,953,461)		$	2,886,882

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

† Non-income producing security.

14 SCHEDULE OF INVESTMENTS

ICON Long/Short Fund

Sector Composition

March 31, 2014 (unaudited)

Consumer Discretionary	22.1%
Information Technology	10.8%
Health Care	9.6%
Industrials	7.6%
Energy	7.0%
Financial	5.2%
Utilities	2.2%
Materials	1.8%
	66.3%

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

ICON Long/Short Fund

Industry Composition

March 31, 2014 (unaudited)

Biotechnology	6.9%
IT Consulting & Other Services	6.4%
Oil & Gas Equipment & Services	5.3%
Railroads	3.9%
Home Improvement Retail	3.8%
Specialty Stores	3.0%
Leisure Facilities	2.8%
Technology Hardware, Storage & Peripherals	2.8%
Home Furnishings	2.7%
Pharmaceuticals	2.7%
Regional Banks	2.5%
Airlines	2.4%
Housewares & Specialties	2.4%
Cable & Satellite	2.3%
Integrated Telecommunication Services	2.2%

Restaurants	2.1%
Steel	1.8%
Footwear	1.7%
Oil & Gas Drilling	1.7%
Asset Management & Custody Banks	1.6%
Data Processing & Outsourced Services	1.6%
Industrial Conglomerates	1.3%
Movies & Entertainment	1.3%
Insurance Brokers	1.1%
	66.3%

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

SCHEDULE OF INVESTMENTS 15

ICON OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (69.7%)
	500	ACI Worldwide, Inc.†	$	29,595
	1,092	Ascena Retail Group, Inc.†		18,870
	706	Atwood Oceanics, Inc.†		35,575
	1,500	Brown & Brown, Inc.		46,140
	379	Buffalo Wild Wings, Inc.†		56,433
	160	Coherent, Inc.†		10,456
	100	Crane Co.		7,115
	400	Dresser-Rand Group, Inc.†		23,364
	210	Dril-Quip, Inc.†		23,541
	800	Encore Capital Group, Inc.†		36,560
	85	FEI Co.		8,757
	1,600	Finish Line, Inc., Class A		43,344
	152	GameStop Corp., Class A		6,247
	500	HB Fuller Co.		24,140
	765	HSN, Inc.		45,693
	900	Innospec, Inc.		40,707
	1,480	KapStone Paper and Packaging Corp.†		42,683
	1,700	Landec Corp.†		18,972
	105	Landstar System, Inc.		6,218
	600	LSB Industries, Inc.†		22,452
	700	Main Street Capital Corp.		23,002
	1,000	Medifast, Inc.†		29,090
	145	Methanex Corp.		9,271
	150	MTS Systems Corp.		10,274
	100	PAREXEL International Corp.†		5,409
	4,573	PDL BioPharma, Inc.		38,002
	350	Perficient, Inc.†		6,342

Shares or Principal Amount			Value
	453	Portfolio Recovery Associates, Inc.†	$	26,211
	527	Questcor Pharmaceuticals, Inc.		34,218
	80	Ryder System, Inc.		6,394
	270	SEI Investments Co.		9,075
	67	Snap-on, Inc.		7,603
	1,400	Spirit Aerosystems Holdings, Inc., Class A†		39,466
	1,075	Steel Dynamics, Inc.		19,124
	208	Steven Madden, Ltd.†		7,484
	600	Superior Energy Services, Inc.		18,456
	516	Tidewater, Inc.		25,088
	126	Toro Co.		7,962
	176	Waddell & Reed Financial, Inc., Class A		12,957
	278	Wolverine World Wide, Inc.		7,937
	289	World Acceptance Corp.†		21,698
	250	World Fuel Services Corp.		11,025
	Total Common Stocks (Cost $825,920)			922,950
	Short-Term Investments (30.8%)
$	407,004	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		407,004
	Total Short-Term Investments (Cost $407,004)			407,004
	Total Investments 100.5% (Cost $1,232,924)			1,329,954
	Liabilities Less Other Assets (0.5)%			(6,770	)
	Net Assets 100.0%		$	1,323,184

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

† Non-income producing security.

16 SCHEDULE OF INVESTMENTS

ICON Opportunities Fund

Country Composition

March 31, 2014 (unaudited)

United States	69.0%
Canada	0.7%
	69.7%

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

ICON Opportunities Fund

Sector Composition

March 31, 2014 (unaudited)

Consumer Discretionary	14.1%
Materials	13.3%
Financial	13.2%
Energy	10.4%
Health Care	5.9%
Industrials	5.7%
Information Technology	4.9%
Consumer Staples	2.2%
	69.7%

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

ICON Opportunities Fund

Industry Composition

March 31, 2014 (unaudited)

Oil & Gas Equipment & Services	6.9%
Specialty Chemicals	6.3%
Apparel Retail	4.7%
Consumer Finance	4.3%
Restaurants	4.3%
Insurance Brokers	3.5%
Asset Management & Custody Banks	3.4%
Catalog Retail	3.4%
Paper Products	3.2%
Aerospace & Defense	3.0%
Biotechnology	2.9%
Oil & Gas Drilling	2.7%
Pharmaceuticals	2.6%
Application Software	2.2%

Electronic Equipment & Instruments	2.2%
Personal Products	2.2%
Specialized Finance	2.0%
Diversified Chemicals	1.7%
Steel	1.4%
Footwear	1.2%
Industrial Machinery	1.1%
Trucking	1.0%
Other Industries (each less than 1%)	3.5%
	69.7%

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

SCHEDULE OF INVESTMENTS 17

ICON RISK-MANAGED BALANCED FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (53.0%)
	7,500	Accenture PLC, Class A	$	597,900
	3,800	Actavis PLC†		782,230
	1,700	Apple, Inc.x		912,458
	19,700	Atmos Energy Corp.		928,461
	24,500	BCE, Inc.x		1,056,930
	27,600	CA, Inc.		854,772
	11,200	CBS Corp., Class B		692,160
	6,700	Chevron Corp.		796,697
	10,000	CIGNA Corp.		837,300
	43,200	CMS Energy Corp.x		1,264,896
	30,700	Coca-Cola Co.x		1,186,862
	19,800	Comcast Corp., Class A		990,396
	33,100	ConAgra Foods, Inc.		1,027,093
	6,500	ConocoPhillips		457,275
	8,800	Costco Wholesale Corp.		982,784
	8,600	CSX Corp.		249,142
	13,900	Discover Financial Services†		808,841
	2,560	Dover Corp.		209,280
	7,200	Dril-Quip, Inc.†		807,120
	7,900	Encore Capital Group, Inc.† (a)		361,030
	10,000	Facebook, Inc., Class A†		602,400
	20,800	Finish Line, Inc., Class A		563,472
	15,200	FMC Corp.		1,163,712
	8,900	Genesee & Wyoming, Inc., Class A†		866,148
	39,000	Healthcare Services Group, Inc.		1,133,340
	13,700	Home Depot, Inc.		1,084,081
	2,200	International Business Machines Corp.x		423,478
	22,600	Invesco, Ltd.		836,200
	5,900	Kimberly-Clark Corp.		650,475
	2,500	Koppers Holdings, Inc.		103,075
	12,100	Laclede Group, Inc.		570,515
	4,600	Lorillard, Inc.		248,768

Shares or Principal Amount			Value
	18,100	LyondellBasell Industries, Class Ax	$	1,609,814
	3,600	Marathon Petroleum Corp.		313,344
	8,000	Mastercard, Inc., Class A		597,600
	4,500	MAXIMUS, Inc.		201,870
	9,700	Methanex Corp.		620,218
	5,900	Norfolk Southern Corp.		573,303
	16,700	Nucor Corp.x		844,018
	14,900	Oceaneering International, Inc.x		1,070,714
	1,700	Parker Hannifin Corp.		203,507
	4,300	Phillips 66		331,358
	11,400	Piedmont Natural Gas Co., Inc.		403,446
	17,400	Reynolds American, Inc.x		929,508
	22,100	SCANA Corp.		1,134,172
	25,700	Steel Dynamics, Inc.		457,203
	2,300	Time Warner Cable, Inc.		315,514
	4,900	Tractor Supply Co.		346,087
	6,600	Travelers Cos., Inc.		561,660
	3,800	Tupperware Brands Corp.		318,288
	11,400	Tyco International, Ltd.		483,360
	15,300	UIL Holdings Corp.		563,193
	3,400	Union Pacific Corp.x		638,044
	6,700	United Technologies Corp.x		782,828
	3,800	Ventas, Inc., REIT		230,166
	5,000	Visa, Inc., Class A		1,079,300
	16,500	Walt Disney Co.x		1,321,155
	15,200	Westar Energy, Inc.		534,432
	12,300	Wolverine World Wide, Inc.(a)		351,165
	5,200	World Acceptance Corp.† (a)		390,416
	Total Common Stocks (Cost $38,414,048)			41,254,974

18 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (20.8%)
$	1,000,000	AIG Life Holdings, Inc.		6.63	%		02/15/29	$	1,195,333
	828,000	Altria Group, Inc.		9.25	%		08/06/19		1,092,582
	1,000,000	Black Hills Corp.		5.88	%		07/15/20		1,145,509
	500,000	CNL Lifestyle Properties, Inc. REIT		7.25	%		04/15/19		525,000
	757,000	EPR Properties REIT		5.25	%		07/15/23		769,259
	500,000	Five Corners Funding Trust(b)		4.42	%		11/15/23		512,378
	500,000	Fulton Capital Trust I Ltd.		6.29	%		02/01/36		470,000
	1,000,000	General Electric Capital Corp./LJ VP Holdings LLC(b)		3.80	%		06/18/19		1,058,997
	500,000	Gibson Brands, Inc.(b)		8.88	%		08/01/18		532,500
	500,000	iGATE Corp.		9.00	%		05/01/16		525,000
	250,000	Jefferies Finance LLC/JFIN Co-Issuer Corp.(b)		6.88	%		04/15/22		251,875
	1,000,000	Kiowa Power Partners LLC(b)		5.74	%		03/30/21		1,063,273
	2,000,000	Lender Processing Services, Inc./Black Knight Lending Solutions, Inc.		5.75	%		04/15/23		2,132,500
	275,000	Macy’s Retail Holdings, Inc.		6.65	%		07/15/24		328,627
	200,000	Ohio Casualty Corp.		7.30	%		06/15/14		202,473
	550,000	Ohio National Financial Services, Inc.(b)		6.38	%		04/30/20		637,098
	500,000	Prudential Financial, Inc.(c)		8.88	%		06/15/38		612,500
	500,000	Regency Energy Partners L.P./Regency Energy Finance Corp.		5.50	%		04/15/23		503,750
	635,000	SESI LLC		7.13	%		12/15/21		708,025
	500,000	Steelcase, Inc.		6.38	%		02/15/21		566,130
	500,000	United Refining Co.		10.50	%		02/28/18		555,000
	669,000	Williams Cos., Inc.		8.75	%		03/15/32		806,495
	Total Corporate Bonds (Cost $16,080,577)								16,194,304
	U.S. Treasury Obligations (10.2%)
	2,000,000	U.S. Treasury Note		2.75	%		11/15/23		2,009,062
	500,000	U.S. Treasury Note		1.38	%		05/31/20		478,906
	1,000,000	U.S. Treasury Note		0.50	%		06/15/16		999,375
	1,000,000	U.S. Treasury Note		0.25	%		07/31/15		1,000,898
	1,000,000	U.S. Treasury Note		1.38	%		07/31/18		994,062
	500,000	U.S. Treasury Note		0.38	%		08/31/15		501,231
	1,000,000	U.S. Treasury Note		1.25	%		01/31/19		979,688
	1,000,000	U.S. Treasury Note		0.63	%		08/31/17		983,047
	Total U.S. Treasury Obligations (Cost $7,963,833)								7,946,269

SCHEDULE OF INVESTMENTS 19

Shares or Principal Amount			Value
	Closed-End Mutual Funds (5.3%)
	115,000	American Strategic Income Portfolio, Inc. II	$	955,650
	117,466	American Strategic Income Portfolio, Inc. III		835,183

Shares or Principal Amount			Value
	47,342	BlackRock Enhanced Government Fund, Inc.	$	665,155
	93,000	Western Asset Inflation Management Fund, Inc.		1,660,980
	Total Closed-End Mutual Funds (Cost $4,072,353)			4,116,968

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Foreign Corporate Bonds (4.0%)
$	1,000,000	Aspen Insurance Holdings Ltd.		4.65	%		11/15/23	$	1,009,659
	1,000,000	Drill Rigs Holdings, Inc.(b)		6.50	%		10/01/17		1,042,500
	1,000,000	Shelf Drilling Holdings Ltd.(a)(b)		8.63	%		11/01/18		1,082,500
	Total Foreign Corporate Bonds (Cost $3,166,535)								3,134,659

Shares or Principal Amount			Value
	Preferred Stocks (2.6%)
	30,000	American Homes 4 Rent REIT, Series B(a)(d)	$	735,000
	51,000	Gramercy Property Trust, Inc. REIT, Series A		1,269,390
	Total Preferred Stocks (Cost $2,015,535)			2,004,390

Underlying Security/ Expiration Date/ Exercise Price	Contracts*		Value
Put Options Purchased (0.1%)
S+P 500 Index, April 2014, 1,800.00		100	$	41,000
S+P 500 Index, May 2014, 1,800.00		20		29,200
Total Put Options Purchased (Cost $171,404)				70,200

Shares or Principal Amount			Value
	Collateral for Securities on Loan (2.2%)
	1,688,672	State Street Navigator Prime Portfolio, 0.16%	$	1,688,672
	Total Collateral for Securities on Loan (Cost $1,688,672)			1,688,672
	Short-Term Investments (5.3%)
$	4,113,703	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		4,113,703
	Total Short-Term Investments (Cost $4,113,703)			4,113,703
	Total Investments 103.5% (Cost $77,686,660)			80,524,139
	Liabilities Less Other Assets (3.5)%			(2,737,225	)
	Net Assets 100.0%		$	77,786,914

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

* All options have 100 shares per contract.

† Non-income producing security.

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

(a) All or a portion of the security was on loan as of March 31, 2014.

(b) 144A - Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) Floating Rate Security. Rate disclosed is as of March 31, 2014.

(d) Preferred Stock - the coupon is at a fixed rate and resets at a specific date and rate. The rate disclosed is as of March 31, 2014.

REIT Real Estate Investment Trust

20 SCHEDULE OF INVESTMENTS

ICON RISK-MANAGED BALANCED FUND

SCHEDULE OF WRITTEN CALL OPTIONS

MARCH 31, 2014 (UNAUDITED)

Underlying Security/ Expiration Date/ Exercise Price	Contracts*	Value
S+P 500 Index, April 2014, 1,875.00	40	$	60,400
S+P 500 Index, April 2014, 1,900.00	90		41,400
S+P 500 Index, May 2014, 1,885.00	10		21,500
Total Options Written (Premiums received $221,379)		$	123,300

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

* All options have 100 shares per contract.

SCHEDULE OF INVESTMENTS 21

ICON Risk-Managed Balanced Fund

Sector Composition

March 31, 2014 (unaudited)

Utilities	8.3%
Consumer Discretionary	7.6%
Information Technology	6.9%
Financial	6.7%
Industrials	6.6%
Consumer Staples	6.4%
Materials	6.2%
Energy	4.8%
Health Care	2.1%
	55.6%

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

ICON Risk-Managed Balanced Fund

Industry Composition

March 31, 2014 (unaudited)

Multi-Utilities	3.1%
Commodity Chemicals	3.0%
Railroads	2.9%
Gas Utilities	2.4%
Oil & Gas Equipment & Services	2.4%
Data Processing & Outsourced Services	2.2%
Consumer Finance	2.0%
Cable & Satellite	1.7%
Movies & Entertainment	1.7%
Steel	1.7%
IT Consulting & Other Services	1.6%
Integrated Oil & Gas	1.6%
Office REIT’s	1.6%
Diversified Chemicals	1.5%
Diversified Support Services	1.5%
Soft Drinks	1.5%
Tobacco	1.5%

Electric Utilities	1.4%
Home Improvement Retail	1.4%
Integrated Telecommunication Services	1.4%
Hypermarkets & Super Centers	1.3%
Packaged Foods & Meats	1.3%
Technology Hardware, Storage & Peripherals	1.2%
Asset Management & Custody Banks	1.1%
Managed Health Care	1.1%
Systems Software	1.1%
Aerospace & Defense	1.0%
Pharmaceuticals	1.0%
Residential REIT’s	1.0%
Other Industries (each less than 1%)	7.4%
	55.6%

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

22 SCHEDULE OF INVESTMENTS

ICON Risk-Managed Balanced Fund

Credit Diversification

March 31, 2014 (unaudited)

Aaa	10.2%
A1	1.4%
Baa1	5.9%
Baa2	3.8%
Baa3	6.4%
Ba2	0.9%
Ba3	0.7%
B1	2.3%
B2	3.4%
	35.0%

Percentages are based upon U.S. Treasury obligations, corporate and foreign corporate bond investments as a percentage of net assets. Ratings based on Moody’s Investors Service, Inc.

SCHEDULE OF INVESTMENTS 23

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2014 (UNAUDITED)

	ICON Bond Fund		ICON Equity Income Fund		ICON Fund
Assets
Investments, at cost	$	98,539,696	$	23,200,945	$	27,173,401
Investments, at value†		98,459,373		24,166,859		39,110,125
Foreign currency, at value(a)		–		3		–
Cash		–		3,441		–
Receivables:
Fund shares sold		75,818		102,912		127,670
Investments sold		2,726,350		–		–
Interest		1,030,152		14,141		–
Dividends		92,303		112,684		30,418
Expense reimbursements due from Adviser		31,648		11,469		1,018
Foreign tax reclaims		–		4,566		477
Other assets		18,456		13,453		15,513
Total Assets		102,434,100		24,429,528		39,285,221
Liabilities
Payables:
Expense recoupment due to adviser		–		–		1,051
Investments purchased		1,425,135		–		–
Payable for collateral received on securities loaned		3,712,175		1,847,032		1,883,538
Fund shares redeemed		113,226		44,430		24,933
Distributions due to shareholders		15,851		33,415		–
Advisory fees		49,643		14,145		23,860
Accrued distribution fees		2,390		6,704		17,834
Fund accounting fees		4,325		997		1,635
Transfer agent fees		15,205		8,997		14,204
Administration fees		4,125		941		1,586
Trustee fees		3,012		782		1,294
Accrued expenses		34,332		23,872		22,421
Total Liabilities		5,379,419		1,981,315		1,992,356
Net Assets - all share classes	$	97,054,681	$	22,448,213	$	37,292,865
Net Assets - Class S	$	91,214,915	$	5,335,508	$	9,491,294
Net Assets - Class C	$	2,199,139	$	4,861,081	$	18,417,676
Net Assets - Class A	$	3,640,627	$	12,251,624	$	9,383,895

24 FINANCIAL STATEMENTS

	ICON Bond Fund			ICON Equity Income Fund			ICON Fund
Net Assets Consist of
Paid-in capital	$	95,038,727		$	44,411,014		$	54,355,157
Accumulated undistributed net investment income/(loss)		434,153			37,499			(94,094	)
Accumulated undistributed net realized gain/(loss)		1,662,124			(22,966,278	)		(28,904,922	)
Unrealized appreciation/(depreciation)		(80,323	)		965,978			11,936,724
Net Assets	$	97,054,681		$	22,448,213		$	37,292,865
Shares outstanding (unlimited shares authorized, no par value)
Class S		9,214,572			365,659			638,288
Class C		221,323			331,213			1,359,602
Class A		367,945			844,097			660,537
Net asset value (offering and redemption price per share)
Class S	$	9.90		$	14.59		$	14.87
Class C	$	9.94		$	14.68		$	13.55
Class A	$	9.89		$	14.51		$	14.21
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	10.38		$	15.40		$	15.08
†  Includes securities on loan of	$	3,528,649		$	1,820,920		$	1,899,431
(a)  Foreign currency, at cost	$	–		$	3		$	–

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

FINANCIAL STATEMENTS 25

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

MARCH 31, 2014 (UNAUDITED)

	ICON Long/Short Fund		ICON Opportunities Fund		ICON Risk-Managed Balanced Fund
Assets
Investments, at cost	$	31,735,201	$	1,232,924	$	77,686,660
Investments, at value†		36,464,786		1,329,954		80,524,139
Deposits for Short Sales		3,203,864		-		-
Cash		-		-		1,649
Cash due from prime broker		145,992		-		122,772
Receivables:
Fund shares sold		394,378		-		219,592
Investments sold		-		-		548,710
Interest		3		-		350,309
Dividends		15,673		266		119,353
Expense reimbursements due from Adviser		5,308		5,431		3,868
Other assets		13,552		1,089		18,017
Total Assets		40,243,556		1,336,740		81,908,409
Liabilities
Options written, at value (premiums received $221,379)		-		-		123,300
Securities sold short, at value (proceeds of $2,953,461)		2,886,882		-		-
Payables:
Expense recoupment due to adviser		1,317		-		23,015
Investments purchased		-		-		2,074,337
Payable for collateral received on securities loaned		1,001,575		-		1,688,672
Fund shares redeemed		15,297		-		96,696
Distributions due to shareholders		-		-		21,379
Advisory fees		25,336		842		49,583
Accrued distribution fees		8,613		-		8,117
Fund accounting fees		1,309		47		2,837
Transfer agent fees		8,069		268		4,727
Administration fees		1,486		55		3,297
Trustee fees		686		13		1,343
Accrued expenses		21,388		12,331		24,192
Total Liabilities		3,971,958		13,556		4,121,495
Net Assets - all share classes	$	36,271,598	$	1,323,184	$	77,786,914
Net Assets - Class S	$	15,611,511	$	-	$	62,854,015
Net Assets - Class C	$	6,985,105	$	-	$	7,919,404
Net Assets - Class A	$	13,674,982	$	-	$	7,013,495

26 FINANCIAL STATEMENTS

	ICON Long/Short Fund			ICON Opportunities Fund			ICON Risk-Managed Balanced Fund
Net Assets Consist of
Paid-in capital	$	90,624,713		$	1,212,522		$	92,130,602
Accumulated undistributed net investment income/(loss)		(160,217	)		(4,030	)		(9,331	)
Accumulated undistributed net realized gain/(loss)		(58,989,123	)		17,662			(17,269,995	)
Unrealized appreciation/(depreciation)		4,796,225			97,030			2,935,638
Net Assets	$	36,271,598		$	1,323,184		$	77,786,914
Shares outstanding (unlimited shares authorized, no par value)		–			97,666			–
Class S		829,029			–			4,569,296
Class C		405,958			–			623,404
Class A		742,215			–			520,703
Net asset value (offering and redemption price per share)	$	–		$	13.55		$	–
Class S	$	18.83		$	–		$	13.76
Class C	$	17.21		$	–		$	12.70
Class A	$	18.42		$	–		$	13.47
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	19.54		$	–		$	14.29
† Includes securities on loan of	$	1,014,281		$	–		$	1,643,861

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

FINANCIAL STATEMENTS 27

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2014 (UNAUDITED)

	ICON Bond Fund			ICON Equity Income Fund			ICON Fund
Investment Income
Interest	$	1,668,233		$	31,328		$	1,117
Dividends		1,204,624			513,829			247,865
Income from securities lending, net		7,864			4,242			6,450
Foreign taxes withheld		–			(4,432	)		–
Total Investment Income		2,880,721			544,967			255,432
Expenses
Advisory fees		294,920			87,082			137,636
Distribution fees:
Class C		10,897			26,288			93,935
Class A		6,968			16,012			12,206
Fund accounting fees		10,111			2,392			3,778
Transfer agent fees		38,167			23,200			35,864
Administration fees		24,519			5,792			9,154
Custody fees		5,247			1,986			938
Registration fees:		–			–			–
Class S		4,453			1,562			3,099
Class C		5,210			5,532			6,527
Class A		2,593			6,951			6,049
Insurance expense		5,136			1,251			2,349
Trustee fees and expenses		5,557			1,396			2,099
Audit and tax service expense		14,679			15,951			12,410
Interest expense		144			–			–
Recoupment of previously reimbursed expenses		–			–			376
Dividends on Short positions		–			–			–
Prime broker expense		–			–			–
Other expenses		23,965			10,020			13,328
Total expenses before expense reimbursement		452,566			205,415			339,748
Expense reimbursement by Adviser due to expense limitation agreement		(65,907	)		(23,784	)		(4,884	)
Net Expenses		386,659			181,631			334,864
Net Investment Income/(Loss)		2,494,062			363,336			(79,432	)
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		1,663,043			1,084,773			1,702,253
Foreign currency		–			(189	)		–
Written options		–			–			–
Securities sold short		–			–			–
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(684,565	)		202,327			464,729
Written options		–			–			–
Securities sold short		–			–			–
Net realized and unrealized gain/(loss)		978,478			1,286,911			2,166,982
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	3,472,540		$	1,650,247		$	2,087,550

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

28 FINANCIAL STATEMENTS

ICON Long/Short Fund			ICON Opportunities Fund			ICON Risk-Managed Balanced Fund
$	322		$	16		$	505,074
	149,194			3,304			660,214
	8,863			–			4,297
	(1,556	)		(9	)		(3,194	)
	156,823			3,311			1,166,391
	115,225			3,660			265,994
	32,409			–			34,366
	13,992			–			9,193
	2,774			99			7,260
	24,087			719			31,204
	6,762			243			17,691
	727			432			5,276
	–			206			–
	1,649			–			5,777
	5,669			–			6,468
	6,827			–			7,390
	1,250			20			911
	1,232			30			3,424
	14,753			10,754			17,796
	238			21			812
	1,317			–			45,979
	7,151			–			–
	7,626			–			–
	9,773			2,636			17,972
	253,461			18,820			477,513
	(18,177	)		(11,479	)		(7,550	)
	235,284			7,341			469,963
	(78,461	)		(4,030	)		696,428
	753,108			17,662			238,864
	–			–			(370	)
	–			–			(431,664	)
	(109,334	)		–			–
	882,804			22,069			1,822,273
	–			–			25,207
	177,420			–			–
	1,703,998			39,731			1,654,310
$	1,625,537		$	35,701		$	2,350,738

FINANCIAL STATEMENTS 29

STATEMENTS OF CHANGES IN NET ASSETS

	ICON Bond Fund						ICON Equity Income Fund
	Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013			Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
Operations
Net investment income/(loss)	$	2,494,062		$	2,021,727		$	363,336		$	732,722
Net realized gain/(loss)		1,663,043			1,808,686			1,084,584			3,820,735
Change in net unrealized appreciation/(depreciation)		(684,565	)		(4,582,127	)		202,327			(1,112,159	)
Net increase/(decrease) in net assets resulting from operations		3,472,540			(751,714	)		1,650,247			3,441,298
Dividends and Distributions to Shareholders
Net investment income
Class S		(1,909,188	)		(1,805,047	)		(83,766	)		(178,301	)
Class C		(42,216	)		(52,646	)		(55,114	)		(149,518	)
Class A		(108,505	)		(164,226	)		(189,932	)		(432,403	)
Net realized gains
Class S		(1,221,844	)		(2,116,924	)		-			-
Class C		(33,641	)		(105,020	)		-			-
Class A		(84,193	)		(208,330	)		-			-
Net decrease from dividends and distributions		(3,399,587	)		(4,452,193	)		(328,812	)		(760,222	)
Fund Share Transactions
Shares sold
Class S		11,274,069			31,999,432			1,005,940			3,798,256
Class C		63,973			632,592			739,103			927,685
Class A		408,883			4,177,547			784,110			2,858,550
Reinvested dividends and distributions
Class S		3,083,819			3,841,503			68,404			149,125
Class C		70,214			138,412			34,740			89,166
Class A		113,322			295,490			151,945			345,076
Shares repurchased
Class S		(11,537,958	)		(24,400,107	)		(1,148,622	)		(6,510,218	)
Class C		(946,722	)		(1,313,187	)		(1,637,867	)		(1,400,893	)
Class A		(3,660,722	)		(4,723,102	)		(2,208,191	)		(2,627,276	)
Net increase/(decrease) from fund share transactions		(1,131,122	)		10,648,580			(2,210,438	)		(2,370,529	)
Total net increase/(decrease) in net assets		(1,058,169	)		5,444,673			(889,003	)		310,547
Net Assets
Beginning of period		98,112,850			92,668,177			23,337,216			23,026,669
End of period	$	97,054,681		$	98,112,850		$	22,448,213		$	23,337,216

30 FINANCIAL STATEMENTS

ICON Fund						ICON Long/Short Fund
Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013			Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
$	(79,432	)	$	(14,644	)	$	(78,461	)	$	(71,602	)
	1,702,253			10,379,428			643,774			3,297,252
	464,729			(2,025,607	)		1,060,224			393,306
	2,087,550			8,339,177			1,625,537			3,618,956
	-			(125,155	)		-			-
	-			-			-			-
	-			(44,656	)		-			-
	-			-			-			-
	-			-			-			-
	-			-			-			-
	-			(169,811	)		-			-
	3,219,834			1,504,207			11,764,933			2,493,788
	329,980			1,236,829			1,126,724			327,531
	458,038			764,166			6,201,534			2,592,668
	-			120,377			-			-
	-			-			-			-
	-			44,027			-			-
	(1,179,514	)		(19,499,579	)		(1,395,995	)		(1,876,720	)
	(1,799,920	)		(4,565,141	)		(695,540	)		(1,225,560	)
	(1,657,073	)		(5,671,280	)		(2,051,000	)		(11,397,248	)
	(628,655	)		(26,066,394	)		14,950,656			(9,085,541	)
	1,458,895			(17,897,028	)		16,576,193			(5,466,585	)
	35,833,970			53,730,998			19,695,405			25,161,990
$	37,292,865		$	35,833,970		$	36,271,598		$	19,695,405

FINANCIAL STATEMENTS 31

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Bond Fund						ICON Equity Income Fund
	Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013			Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
Transactions in Fund Shares
Shares sold
Class S		1,138,679			3,191,749			70,405			289,905
Class C		6,417			61,887			51,612			70,831
Class A		41,387			410,034			55,128			223,575
Reinvested dividends and distributions
Class S		313,744			377,817			4,695			11,531
Class C		7,121			13,538			2,370			6,865
Class A		11,527			28,997			10,486			26,724
Shares repurchased
Class S		(1,168,406	)		(2,382,798	)		(80,179	)		(515,509	)
Class C		(95,206	)		(129,966	)		(113,610	)		(107,050	)
Class A		(371,476	)		(467,338	)		(153,809	)		(205,513	)
Net increase/(decrease)		(116,213	)		1,103,920			(152,902	)		(198,641	)
Shares outstanding, beginning of period		9,920,053			8,816,133			1,693,870			1,892,511
Shares outstanding, end of period		9,803,840			9,920,053			1,540,968			1,693,870
Accumulated undistributed net investment income/(loss)	$	434,153		$	-		$	37,499		$	2,975

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

32 FINANCIAL STATEMENTS

ICON Fund						ICON Long/Short Fund
Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013			Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
	221,214			121,654			631,615			155,240
	25,004			109,668			66,260			21,806
	33,108			64,470			339,869			167,924
	-			10,835			-			-
	-			-			-			-
	-			4,134			-			-
	(81,922	)		(1,656,644	)		(75,757	)		(120,447	)
	(135,762	)		(402,626	)		(40,756	)		(85,591	)
	(119,263	)		(464,696	)		(112,267	)		(749,427	)
	(57,621	)		(2,213,205	)		808,964			(610,495	)
	2,716,048			4,929,253			1,168,238			1,778,733
	2,658,427			2,716,048			1,977,202			1,168,238
$	(94,094	)	$	(14,662	)	$	(160,217	)	$	(81,756	)

FINANCIAL STATEMENTS 33

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Opportunities Fund						ICON Risk-Managed Balanced Fund
	Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013			Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
Operations
Net investment income/(loss)	$	(4,030	)	$	(234	)	$	696,428		$	295,869
Net realized gain/(loss)		17,662			21,034			(193,170	)		2,597,727
Change in net unrealized appreciation/(depreciation)		22,069			74,961			1,847,480			(1,535,643	)
Net increase/(decrease) in net assets resulting from operations		35,701			95,761			2,350,738			1,357,953
Dividends and Distributions to Shareholders
Net investment income		-			-			-			-
Class S		-			-			(599,873	)		(204,302	)
Class C		-			-			(43,397	)		(22,634	)
Class A		-			-			(62,489	)		(62,534	)
Net realized gains		(20,853	)		-			-			-
Net decrease from dividends and distributions		(20,853	)		-			(705,759	)		(289,470	)
Fund Share Transactions
Shares sold		1,226,639			261,714			-			-
Class S		-			-			22,680,020			39,722,666
Class C		-			-			2,482,727			3,869,861
Class A		-			-			1,577,571			4,944,567
Reinvested dividends and distributions		20,653			-			-			-
Class S		-			-			578,574			197,831
Class C		-			-			39,704			20,831
Class A		-			-			51,518			50,930
Shares repurchased		(380,911	)		(15,520	)		-			-
Class S		-			-			(5,037,640	)		(3,787,847	)
Class C		-			-			(436,179	)		(660,084	)
Class A		-			-			(2,630,891	)		(1,569,911	)
Net increase/(decrease) from fund share transactions		866,381			246,194			19,305,404			42,788,844
Total net increase/(decrease) in net assets		881,229			341,955			20,950,383			43,857,327
Net Assets
Beginning of period		441,955			100,000			56,836,531			12,979,204
End of period	$	1,323,184		$	441,955		$	77,786,914		$	56,836,531

34 FINANCIAL STATEMENTS

	ICON Opportunities Fund						ICON Risk-Managed Balanced Fund
	Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013			Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
Transactions in Fund Shares
Shares sold		90,214			25,233			-			-
Class S		-			-			1,660,124			2,970,024
Class C		-			-			197,479			315,370
Class A		-			-			117,931			382,141
Reinvested dividends and distributions		1,537			-			-			-
Class S		-			-			42,200			15,160
Class C		-			-			3,135			1,753
Class A		-			-			3,838			4,052
Shares repurchased		(28,019	)		(1,299	)		-			-
Class S		-			-			(368,832	)		(292,509	)
Class C		-			-			(34,709	)		(56,142	)
Class A		-			-			(197,046	)		(125,458	)
Net increase/(decrease)		63,732			23,934			1,424,120			3,214,391
Shares outstanding, beginning of period		33,934			10,000			4,289,283			1,074,892
Shares outstanding, end of period		97,666			33,934			5,713,403			4,289,283
Accumulated undistributed net investment income/(loss)	$	(4,030	)	$	-		$	(9,331	)	$	-

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

FINANCIAL STATEMENTS 35

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 S**
Period ended March 31, 2014†	$	9.89	$	0.25	$	0.10		$	0.35		$	(0.21	)	$	(0.13	)
Year ended September 30, 2013		10.51		0.24		(0.32	)		(0.08	)		(0.24	)		(0.30	)
Year ended September 30, 2012		10.11		0.38		0.59			0.97			(0.40	)		(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	)		–
Class C
Period ended March 31, 2014†		9.93		0.21		0.10			0.31			(0.17	)		(0.13	)
Year ended September 30, 2013		10.55		0.15		(0.32	)		(0.17	)		(0.15	)		(0.30	)
Year ended September 30, 2012		10.15		0.31		0.57			0.88			(0.31	)		(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	)		–
Class A***
Period ended March 31, 2014†		9.89		0.24		0.10			0.34			(0.21	)		(0.13	)
Year ended September 30, 2013		10.51		0.21		(0.32	)		(0.11	)		(0.21	)		(0.30	)
Year ended September 30, 2012		10.11		0.36		0.58			0.94			(0.37	)		(0.17	)
Year ended September 30, 2011		10.81		0.46		(0.46	)		–			(0.48	)		(0.22	)
ICON Equity Income Fund
Class S**
Period ended March 31, 2014†		13.80		0.25		0.77			1.02			(0.23	)		–
Year ended September 30, 2013		12.18		0.47		1.65			2.12			(0.50	)		–
Year ended September 30, 2012		10.21		0.43		2.03			2.46			(0.49	)		–
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	)		–
Class C
Period ended March 31, 2014†		13.88		0.18		0.78			0.96			(0.16	)		–
Year ended September 30, 2013		12.25		0.35		1.65			2.00			(0.37	)		–
Year ended September 30, 2012		10.16		0.29		2.06			2.35			(0.26	)		–
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	)		–
Class A***
Period ended March 31, 2014†		13.73		0.23		0.77			1.00			(0.22	)		–
Year ended September 30, 2013		12.12		0.45		1.63			2.08			(0.47	)		–
Year ended September 30, 2012		10.15		0.39		2.03			2.42			(0.45	)		–
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	)		–

36 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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.34	)	$	9.90		3.61	%	$	91,215		0.85	%		0.75	%		5.01	%		5.11	%		104.45	%
	(0.54	)		9.89		(0.84	)%		88,313		0.89	%		0.75	%		2.19	%		2.33	%		96.56	%
	(0.57	)		10.51		9.93	%		81,381		0.88	%		0.75	%		3.46	%		3.59	%		51.28	%
	(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	%
	(0.30	)		9.94		3.18	%		2,199		2.32	%		1.60	%		3.43	%		4.15	%		104.45	%
	(0.45	)		9.93		(1.66	)%		3,008		2.06	%		1.60	%		1.02	%		1.48	%		96.56	%
	(0.48	)		10.55		8.98	%		3,772		2.28	%		1.60	%		2.35	%		3.03	%		51.28	%
	(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	%
	(0.34	)		9.89		3.49	%		3,641		1.43	%		1.00	%		4.52	%		4.95	%		104.45	%
	(0.51	)		9.89		(1.08	)%		6,792		1.34	%		1.00	%		1.71	%		2.06	%		96.56	%
	(0.54	)		10.51		9.66	%		7,515		1.31	%		1.00	%		3.13	%		3.44	%		51.28	%
	(0.70	)		10.11		(0.02	)%		249		5.83	%		1.01	%		(0.38	)%		4.44	%		32.13	%
	(0.23	)		14.59		7.42	%		5,336		1.45	%		1.20	%		3.27	%		3.52	%		59.08	%
	(0.50	)		13.80		17.76	%		5,116		1.53	%		1.21	%		3.28	%		3.60	%		162.82	%
	(0.49	)		12.18		24.43	%		7,123		1.47	%		1.21	%		3.31	%		3.57	%		122.39	%
	(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	%
	(0.16	)		14.68		6.90	%		4,861		2.46	%		2.20	%		2.21	%		2.48	%		59.08	%
	(0.37	)		13.88		16.58	%		5,423		2.42	%		2.21	%		2.49	%		2.70	%		162.82	%
	(0.26	)		12.25		23.31	%		5,146		2.62	%		2.20	%		2.09	%		2.51	%		122.39	%
	(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	%
	(0.22	)		14.51		7.25	%		12,252		1.61	%		1.45	%		3.08	%		3.24	%		59.08	%
	(0.47	)		13.73		17.49	%		12,798		1.68	%		1.46	%		3.24	%		3.45	%		162.82	%
	(0.45	)		12.12		24.10	%		10,758		1.69	%		1.45	%		3.11	%		3.35	%		122.39	%
	(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	%

FINANCIAL HIGHLIGHTS 37

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 Fund
Class S**
Period ended March 31, 2014†	$	14.00	$	0.01		$	0.86		$	0.87		$	–		$	–
Year ended September 30, 2013		11.34		0.07			2.66			2.73			(0.07	)		–
Year ended September 30, 2012		8.82		0.07			2.45			2.52			–			–
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	)		–			–
Class C
Period ended March 31, 2014†		12.82		(0.06	)		0.79			0.73			–			–
Year ended September 30, 2013		10.42		(0.07	)		2.47			2.40			–			–
Year ended September 30, 2012		8.17		(0.04	)		2.29			2.25			–			–
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	)		–			–
Class A***
Period ended March 31, 2014†		13.39		(0.01	)		0.83			0.82			–			–
Year ended September 30, 2013		10.85		0.02			2.56			2.58			(0.04	)		–
Year ended September 30, 2012		8.46		0.03			2.36			2.39			–			–
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	)		–			–
ICON Long/Short Fund(d)
Class S**
Period ended March 31, 2014†		17.48		(0.02	)		1.37			1.35			–			–
Year ended September 30, 2013		14.56		0.01			2.91			2.92			–			–
Year ended September 30, 2012		11.61		0.02			2.93			2.95			–			–
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	)		–
Class C
Period ended March 31, 2014†		16.05		(0.11	)		1.27			1.16			–			–
Year ended September 30, 2013		13.52		(0.14	)		2.67			2.53			–			–
Year ended September 30, 2012		10.89		(0.11	)		2.74			2.63			–			–
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	)		–
Class A***
Period ended March 31, 2014†		17.13		(0.05	)		1.34			1.29			–			–
Year ended September 30, 2013		14.31		(0.02	)		2.84			2.82			–			–
Year ended September 30, 2012		11.44		(0.02	)		2.89			2.87			–			–
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	)		–

38 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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	–		$	14.87		6.21	%	$	9,491		1.23	%		1.23	%		0.16	%		0.16	%		15.40	%
	(0.07	)		14.00		24.27	%		6,986		1.23	%		1.23	%		0.59	%		0.59	%		32.68	%
	–			11.34		28.57	%		22,952		1.18	%		1.18	%		0.61	%		0.61	%		23.73	%
	–			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	%
	–			13.55		5.69	%		18,418		2.26	%		2.25	%		(0.87	)%		(0.86	)%		15.40	%
	–			12.82		23.03	%		18,848		2.32	%		2.26	%		(0.64	)%		(0.58	)%		32.68	%
	–			10.42		27.54	%		18,378		2.35	%		2.28	%		(0.48	)%		(0.41	)%		23.73	%
	–			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	%
	–			14.21		6.12	%		9,384		1.58	%		1.50	%		(0.19	)%		(0.11	)%		15.40	%
	(0.04	)		13.39		23.90	%		10,000		1.58	%		1.51	%		0.12	%		0.19	%		32.68	%
	–			10.85		28.25	%		12,401		1.54	%		1.54	%		0.27	%		0.27	%		23.73	%
	–			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	%
	–			18.83		7.66	%		15,612		1.39	%		1.36	%		(0.20	)%		(0.17	)%		22.08	%
	–			17.48		20.05	%		4,774		1.53	%		1.32	%		(0.14	)%		0.07	%		32.63	%
	–			14.56		25.41	%		3,471		2.18	%		1.35	%		(0.70	)%		0.13	%		54.26	%
	–			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	%
	–			17.21		7.09	%		6,985		2.62	%		2.41	%		(1.48	)%		(1.27	)%		22.08	%
	–			16.05		18.71	%		6,108		2.62	%		2.37	%		(1.21	)%		(0.96	)%		32.63	%
	–			13.52		24.15	%		6,004		2.95	%		2.41	%		(1.44	)%		(0.90	)%		54.26	%
	–			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	%
	–			18.42		7.47	%		13,675		1.84	%		1.66	%		(0.70	)%		(0.52	)%		22.08	%
	–			17.13		19.71	%		8,813		1.91	%		1.61	%		(0.45	)%		(0.16	)%		32.63	%
	–			14.31		25.09	%		15,687		2.09	%		1.65	%		(0.58	)%		(0.14	)%		54.26	%
	–			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	%

FINANCIAL HIGHLIGHTS 39

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 Opportunities Fund
Period ended March 31, 2014†	$	13.02	$	(0.06	)	$	0.86		$	0.80		$	–		$	(0.27	)
Year ended September 30, 2013		10.00		(0.01	)		3.03			3.02			–			–
ICON Risk-Managed Balanced Fund
Class S**
Period ended March 31, 2014†		13.40		0.14			0.35			0.49			(0.13	)		–
Year ended September 30, 2013		12.32		0.24			1.04			1.28			(0.20	)		–
Year ended September 30, 2012		10.88		0.15			1.44			1.59			(0.15	)		–
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	)		–
Class C
Period ended March 31, 2014†		12.39		0.07			0.31			0.38			(0.07	)		–
Year ended September 30, 2013		11.41		0.09			0.98			1.07			(0.09	)		–
Year ended September 30, 2012		10.09		0.02			1.34			1.36			(0.04	)		–
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	)		–
Class A***
Period ended March 31, 2014†		13.12		0.12			0.34			0.46			(0.11	)		–
Year ended September 30, 2013		12.06		0.18			1.05			1.23			(0.17	)		–
Year ended September 30, 2012		10.66		0.11			1.41			1.52			(0.12	)		–
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	)		–

(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 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 the interest expense.

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

40 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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.27	)	$	13.55		6.19	%	$	1,323		3.85	%		1.50	%		(3.18	)%		(0.83	)%		22.29	%
	–			13.02		30.20	%		442		12.47	%		1.52	%		(11.02	)%		(0.07	)%		52.22	%
	(0.13	)		13.76		3.68	%		62,854		1.20	%		1.20	%		2.09	%		2.09	%		57.74	%
	(0.20	)		13.40		10.51	%		43,350		1.43	%		1.21	%		1.65	%		1.87	%		98.30	%
	(0.15	)		12.32		14.65	%		6,692		1.80	%		1.24	%		0.69	%		1.25	%		71.06	%
	(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	%
	(0.07	)		12.70		3.10	%		7,919		2.27	%		2.20	%		1.03	%		1.10	%		57.74	%
	(0.09	)		12.39		9.45	%		5,667		2.72	%		2.22	%		0.22	%		0.72	%		98.30	%
	(0.04	)		11.41		13.47	%		2,243		3.25	%		2.23	%		(0.79	)%		0.23	%		71.06	%
	(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	%
	(0.11	)		13.47		3.54	%		7,013		1.59	%		1.45	%		1.62	%		1.76	%		57.74	%
	(0.17	)		13.12		10.28	%		7,819		2.12	%		1.47	%		0.81	%		1.46	%		98.30	%
	(0.12	)		12.06		14.28	%		4,045		2.16	%		1.48	%		0.28	%		0.96	%		71.06	%
	(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	%

FINANCIAL HIGHLIGHTS 41

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2014 (UNAUDITED)

1.  Organization

The ICON Bond Fund (“Bond Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Fund (“ICON Fund”), ICON Long/Short Fund (“Long/Short Fund”), ICON Opportunities Fund (“Opportunities Fund”) and ICON Risk-Managed Balanced Fund (“Risk-Managed Balanced Fund”) (formerly, ICON 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, with the exception of the Opportunities Fund, offers three classes of shares: Class S, Class C and Class A. The Opportunities Fund is a single-class fund. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently 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 Opportunities Fund is to provide capital appreciation. The investment objective of the Long/Short Fund is capital appreciation. The investment objective of the Risk-Managed Balanced Fund is modest capital appreciation and income.

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. Securities of small companies generally involve greater risks than investments in larger companies. Small company securities tend to be more volatile and less liquid than equity securities of larger companies. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund, Equity Income Fund and the Risk-Managed Balanced Fund may invest in medium-and lower-quality debt securities.

42 NOTES TO FINANCIAL STATEMENTS

High-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. The Long/Short Fund engages in short selling; there are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. The Risk-Managed Balanced Fund invests in call options; selling/writing 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 significant weights in 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 this sector.

The Opportunities Fund may have a significant concentration of risk as one Shareholder who is a related party to the Fund, owns 10.5% percent of the net assets of the Fund. Such concentration of Shareholders’ interests could have a material effect on the Fund in the event this Shareholder requests to redeem substantial amounts of capital at the same time.

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

NOTES TO FINANCIAL STATEMENTS 43

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 at the closing price as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. 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 is considered inaccurate or does not in the Funds’ judgment 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 using the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is based upon a matrix valuation system which considers such factors as

44 NOTES TO FINANCIAL STATEMENTS

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.

Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.

The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the 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.

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

NOTES TO FINANCIAL STATEMENTS 45

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

investments at that level. For example, non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2014:

	Level 1		Level 2		Total
ICON Bond Fund*
Assets
Corporate Bonds	$	-	$	49,065,648	$	49,065,648
U.S. Treasury Obligations		-		21,369,037		21,369,037
Foreign Corporate Bonds		-		7,351,818		7,351,818
Closed-End Mutual Funds		9,528,956		-		9,528,956
Preferred Stocks		6,842,581		-		6,842,581
Collateral for Securities on Loan		-		3,712,175		3,712,175
Short-Term Investments		-		589,158		589,158
Total	$	16,371,537	$	82,087,836	$	98,459,373
ICON Equity Income Fund*
Assets
Common Stocks	$	17,598,933	$	-	$	17,598,933
Preferred Stocks		1,391,845		-		1,391,845
Convertible Preferred Stocks		915,100		-		915,100
Closed-End Mutual Fund		438,749		-		438,749
Foreign Corporate Bonds		-		270,625		270,625
Corporate Bond		-		164,625		164,625
Collateral for Securities on Loan		-		1,847,032		1,847,032
Short-Term Investments		-		1,539,950		1,539,950
Total	$	20,344,627	$	3,822,232	$	24,166,859
ICON Fund*
Assets
Common Stocks	$	35,213,440	$	-	$	35,213,440
Collateral for Securities on Loan		-		1,883,538		1,883,538
Short-Term Investments		-		2,013,147		2,013,147
Total	$	35,213,440	$	3,896,685	$	39,110,125

46 NOTES TO FINANCIAL STATEMENTS

	Level 1			Level 2		Total
ICON Long/Short Fund*
Assets
Common Stocks	$	24,075,176		$	-	$	24,075,176
Mutual Fund		281,500			-		281,500
Collateral for Securities on Loan		-			1,001,575		1,001,575
Short-Term Investments		-			11,106,535		11,106,535
Total	$	24,356,676		$	12,108,110	$	36,464,786
Liabilities
Securities Sold Short
Common Stock	$	(2,886,882	)	$	-	$	(2,886,882	)
Total	$	(2,886,882	)	$	-	$	(2,886,882	)
ICON Opportunities Fund*
Assets
Common Stocks	$	922,950		$	-	$	922,950
Short-Term Investments		-			407,004		407,004
Total	$	922,950		$	407,004	$	1,329,954
ICON Risk-Managed Balanced Fund*
Assets
Common Stocks	$	41,254,974		$	-	$	41,254,974
Corporate Bonds		-			16,194,304		16,194,304
U.S. Treasury Obligations		-			7,946,269		7,946,269
Closed-End Mutual Funds		4,116,968			-		4,116,968
Foreign Corporate Bonds		-			3,134,659		3,134,659
Preferred Stocks		2,004,390			-		2,004,390
Put Options Purchased		70,200			-		70,200
Collateral for Securities on Loan		-			1,688,672		1,688,672
Short-Term Investments		-			4,113,703		4,113,703
Total	$	47,446,532		$	33,077,607	$	80,524,139
Liabilities
Written Call Options	$	(123,300	)	$	-	$	(123,300	)
Total	$	(123,300	)	$	-	$	(123,300	)

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

No Level 3 securities were held in any of the Funds at March 31, 2014.

For the period ended March 31, 2014, there was no transfer activity between Level 1 and Level 2. The end of period timing recognition is used for transfers between levels of the Fund’s assets and liabilities.

NOTES TO FINANCIAL STATEMENTS 47

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Fund Share Valuation

Fund shares are sold and redeemed on a daily basis at net asset value. Net asset value per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

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, 2014 was limited to purchased and written options.

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

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

48 NOTES TO FINANCIAL STATEMENTS

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 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 purchase or sale transaction, a gain or loss is realized. If the Fund exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Fund exercises a put or a call option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index. Written and purchased options are non-income producing securities.

As of March 31, 2014, the Risk-Managed Balanced Fund engaged in written call and purchased put options transactions. All open option contracts are included on each Fund’s Schedule of Investments.

The Risk-Managed Balanced 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.

NOTES TO FINANCIAL STATEMENTS 49

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

The number of options contracts written and the premiums received by the Risk-Managed Balanced Fund during the period ended March 31, 2014, were as follows:

	Risk-Managed Balanced Fund
	Number of Contracts			Premiums Received
Options outstanding, beginning of period		75		$	175,547
Options written during period		615			1,264,899
Options closed during period		(550	)		(1,219,067	)
Options outstanding, end of period		140		$	221,379

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, 2014

	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 Risk-Managed Balanced Fund	Investments, at value	$	70,200
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund				Options written, at value	$	123,300

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 Risk-Managed Balanced Fund	Net realized gain/(loss) from investment transactions	$	(820,346	)
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund	Net realized gain/(loss) from written option transactions	$	(431,664	)

50 NOTES TO FINANCIAL STATEMENTS

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 Risk-Managed Balanced Fund	Change in unrealized net appreciation/(depreciation) on investments	$	(26,303	)
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund	Change in unrealized net appreciation/(depreciation) on written options	$	25,207

For the period ended March 31, 2014, the Fund’s quarterly holdings of options contracts were as follows:

	ICON Risk-Managed Balanced Fund		ICON Risk-Managed Balanced Fund
Quarter Ended	Number of Purchased Options Contracts Outstanding		Number of Written Options Contracts Outstanding
December 31, 2013		184		120
March 31, 2014		120		140

The Funds value derivatives at fair value, as described above, and recognize changes in fair value currently in the results of operations. Accordingly, the Funds do not follow hedge accounting, even for derivatives employed as economic hedges.

Short Sales

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

Short sales involve market risk. If a security sold short increases in price, the Long/Short Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. These short sales are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. The collateral required is

NOTES TO FINANCIAL STATEMENTS 51

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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, 2014, 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 certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but give up other rights including the right to vote proxies. The Funds retain the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that generally exceeds the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day.

Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.

52 NOTES TO FINANCIAL STATEMENTS

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2014.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Gross Asset Amounts Presented in Statement of Assets and Liabilities(a)		Financial Instrument		Collateral Received(b)			Net Amount (not less than 0)
ICON Bond Fund	$	3,528,649		-	$	(3,528,649	)	$	0
ICON Equity Income Fund		1,820,920		-		(1,820,920	)		0
ICON Fund		1,899,431		-		(1,899,431	)		0
ICON Long/Short Fund		1,014,281		-		(1,014,281	)		0
ICON Risk-Managed Balanced Fund		1,643,861		-		(1,643,861	)		0

(a) Represents market value of loaned securities at period end.

(b) The actual collateral received is greater than the amount shown here due to overcollateralization.

The Funds have elected to invest the cash collateral in the State Street Navigator Prime Portfolio which is disclosed on the Schedule of Investments. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the period ended March 31, 2014, is included in the Statement of Operations.

For the period ended March 31, 2014, the following Funds had securities with the following values on loan:

Fund	Loaned Securities		Collateral
ICON Bond Fund	$	3,528,649	$	3,712,175
ICON Equity Income Fund		1,820,920		1,847,032
ICON Fund		1,899,431		1,883,538
ICON Long/Short Fund		1,014,281		1,001,575
ICON Risk-Managed Balanced Fund		1,643,861		1,688,672

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2014. It may also include collateral received from the pre-funding of security loans.

Income Taxes, Dividends, and Distributions

The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes or

NOTES TO FINANCIAL STATEMENTS 53

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 Balanced Fund intend to distribute net investment income, if any, to shareholders quarterly. The other Funds distribute income, if any, annually. The Funds distribute net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforwards. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from 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 three years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

54 NOTES TO FINANCIAL STATEMENTS

from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on fixed income securities purchased are accreted or amortized to income over the life of the respective securities.

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 Bond Fund
Class S	$	2,883	$	8,135	$	26,988
Class C		82		536		3,375
Class A		180		1,130		7,804
ICON Equity Income Fund
Class S		176		1,625		7,136
Class C		179		875		4,620
Class A		437		2,051		11,444
ICON Fund
Class S		251		2,518		5,863
Class C		592		2,946		19,255
Class A		309		1,781		10,746

NOTES TO FINANCIAL STATEMENTS 55

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Fund	Legal Expense		Printing and Postage Expense		Transfer Agent Expense
ICON Long/Short Fund
Class S	$	230	$	928	$	5,399
Class C		173		1,154		6,767
Class A		290		3,045		11,921
ICON Risk-Managed Balanced Fund
Class S		1,699		5,993		19,931
Class C		206		814		4,430
Class A		216		1,258		6,843

3.  Fees and Other Transactions with Affiliates

Investment Advisory Fees

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

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

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

The Funds’ expense limitations, excluding the Bond Fund Class A, all classes of the ICON Fund and the Opportunities Fund will continue in effect until at least January 31, 2021. Limitations for the Bond Fund Class A, all classes of the ICON Fund and the Opportunities Fund will continue in effect until at least January 31, 2015. 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

56 NOTES TO FINANCIAL STATEMENTS

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, 2014 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2014		2015		2016		2017
ICON Bond Fund	$	7,434	$	132,550	$	148,484	$	65,907
ICON Equity Income Fund		6,954		58,289		52,885		23,784
ICON Fund		-		4,827		19,298		4,884
ICON Long/Short Fund		11,097		70,576		56,161		18,177
ICON Opportunities Fund		-		-		36,360		11,479
ICON Risk-Managed Balanced Fund		5,836		49,968		51,293		7,550

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 net 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 Trust’s first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2014, each Fund’s payment for administrative services to ICON Advisers is included on the Statement of

NOTES TO FINANCIAL STATEMENTS 57

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 under 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 net 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 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. There is no annual distribution and service fee for Class S 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 Trust paid $120,000 of the CCO’s salary and the remaining portion is paid by ICON Advisers. For the period ended March 31, 2014, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Fund may reimburse ICON Advisers for legal work performed for the Fund by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the

58 NOTES TO FINANCIAL STATEMENTS

period ended March 31, 2014, 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 a Line of Credit agreement/arrangement 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 a rate quoted and determined by State Street. The Risk-Managed Balanced and Long/Short Funds may also have borrowings with the prime broker as a result of brokerage requirements. Interest on domestic borrowing with the prime broker is charged at the Federal Funds rate plus 0.50%.

For the period ended March 31, 2014 the average outstanding loan by Fund was as follows:

Fund	Average Borrowing (10/1/13-3/31/14)		Average Interest Rates (10/1/13-3/31/14)
ICON Bond Fund	$	21,389		1.30	%
ICON Long/Short Fund*		18,068		0.99
ICON Risk-Managed Balanced Fund*		73,864		0.99

* Fund had outstanding borrowings under these agreements/arrangements as of March 31, 2014.

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2014, 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	$	83,968,142	$	87,961,080	$	16,362,578	$	11,080,000
ICON Equity Income Fund		12,765,715		16,085,061		-		-
ICON Fund		5,684,255		5,233,001		-		-
ICON Long/Short Fund		9,990,626		4,581,422		-		-
ICON Opportunities Fund		668,975		147,728		-		-
ICON Risk-Managed Balanced Fund		52,340,052		39,647,058		4,489,023		499,531

NOTES TO FINANCIAL STATEMENTS 59

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 deferrals of wash sale losses, foreign currency transactions, and net investment losses.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses generated by a fund may be carried over indefinitely, 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.

For the year ended September 30, 2013 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Equity Income Fund	$	4,956,525		2017
		19,089,764		2018
ICON Fund		10,507,549		2017
		19,833,424		2018
ICON Long/Short Fund		40,303,357		2017
		19,325,857		2018
ICON Risk-Managed Balanced Fund		2,850,243		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, 2013 the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Equity Income Fund	$	3,363,245
ICON Fund		10,346,842
ICON Long/Short Fund		2,879,691
ICON Risk-Managed Balanced Fund		2,452,435

60 NOTES TO FINANCIAL STATEMENTS

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2013, were as follows:

	Distributions Paid from
Fund	Ordinary Income		Net Long- Term Gains		Total Distributions Paid
ICON Bond Fund	$	2,021,727	$	2,430,466	$	4,452,193
ICON Equity Income Fund		760,222		-		760,222
ICON Fund		169,811		-		169,811
ICON Risk-Managed Balanced Fund		289,470		-		289,470

As of September 30, 2013, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Net Long- Term-Gains		Late Year Loss Deferral**			Capital Loss Carryover			Accumulated Capital and Other Losses		Unrealized Appreciation/ (Depreciation)*		Total Accumulated Earnings/ (Deficit)
ICON Bond Fund	$	-	$	1,339,433	$	-		$	-		$	-	$	603,568	$	1,943,001
ICON Equity Income Fund		-		-		-			(24,046,289	)		-		762,053		(23,284,236	)
ICON Fund		-		-		(280,846	)		(30,340,973	)		-		11,471,995		(19,149,824	)
ICON Long/Short Fund		-		-		(81,756	)		(59,629,214	)		-		3,732,318		(55,978,652	)
ICON Opportunities		20,853		-		-			-			-		74,961		95,814
ICON Risk-Managed Balanced Fund		-		-		-			(17,062,839	)		-		1,074,172		(15,988,667	)

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

** The Funds have elected to defer certain qualified late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year.

As of March 31, 2014, cost of investments for federal income tax purposes and the amounts of net unrealized appreciation/(depreciation) were as follows:

Fund	Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Appreciation/ (Depreciation)
ICON Bond Fund	$	98,539,696	$	919,885	$	(1,000,208	)	$	(80,323	)
ICON Equity Income Fund		23,200,945		1,294,208		(328,294	)		965,914
ICON Fund		27,173,401		12,424,063		(487,339	)		11,936,724
ICON Long/Short Fund		31,735,201		4,893,584		(163,999	)		4,729,585
ICON Opportunities Fund		1,232,924		109,157		(12,127	)		97,030
ICON Risk-Managed Balanced Fund		77,686,660		3,529,859		(692,380	)		2,837,479

NOTES TO FINANCIAL STATEMENTS 61

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

7.  Accounting Pronouncement

In June 2013, FASB issued Accounting Standards Update 2013-08 Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”) which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. ASU 2013-08 sets forth a methodology for determining whether an entity should be characterized as an investment company and prescribes fair value accounting for an investment company’s non-controlling ownership interest in another investment company. FASB has determined that a fund registered under the Investment Company Act of 1940 automatically meets ASU 2013-08’s criteria for an investment company. Although still evaluating the potential impacts of ASU 2013-08 to the Fund, management expects that the impact of the Fund’s adoption will be limited to additional financial statement disclosures.

8.  Subsequent Events

Effective May 5, 2014, the ICON Bond Fund may invest up to 35% of its assets in high-yield bonds that are below investment grade.

62 NOTES TO FINANCIAL STATEMENTS

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2014 (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 (10/1/13 – 3/31/14).

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 63

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 10/1/13		Ending Account Value 3/31/14		Expense Paid During Period 10/1/13 -  3/31/14*		Annualized Expense Ratio 10/1/13 -  3/31/14
Actual Expenses
ICON Bond Fund
Class S	$	1,000	$	1,036.10	$	3.81		0.75%
Class C		1,000		1,031.80		8.10		1.60%
Class A		1,000		1,034.90		5.07		1.00%
ICON Equity Income Fund
Class S		1,000		1,074.20		6.21		1.20%
Class C		1,000		1,069.00		11.35		2.20%
Class A		1,000		1,072.50		7.49		1.45%
ICON Fund
Class S		1,000		1,062.10		6.32		1.23%
Class C		1,000		1,056.90		11.54		2.25%
Class A		1,000		1,061.20		7.71		1.50%
ICON Long/Short Fund
Class S		1,000		1,076.60		7.04		1.36%
Class C		1,000		1,070.90		12.44		2.41%
Class A		1,000		1,074.70		8.59		1.66%
ICON Opportunities Fund		1,000		1,061.90		7.71		1.50%
ICON Risk-Managed Balanced Fund
Class S		1,000		1,036.80		6.09		1.20%
Class C		1,000		1,031.00		11.14		2.20%
Class A		1,000		1,035.40		7.36		1.45%
Hypothetical (assuming a 5% return before expenses)
ICON Bond Fund
Class S		1,000		1,021.19		3.78
Class C		1,000		1,016.95		8.05
Class A		1,000		1,019.95		5.04
ICON Equity Income Fund
Class S		1,000		1,018.95		6.04
Class C		1,000		1,013.96		11.05
Class A		1,000		1,017.70		7.29
ICON Fund
Class S		1,000		1,018.80		6.19
Class C		1,000		1,013.71		11.30
Class A		1,000		1,017.45		7.54

64 EXPENSE EXAMPLE

	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Expense Paid During Period 10/1/13 -  3/31/14*		Annualized Expense Ratio 10/1/13 - 3/31/14
ICON Long/Short Fund
Class S	$	1,000	$	1,018.15	$	6.84
Class C		1,000		1,012.91		12.09
Class A		1,000		1,016.65		8.35
ICON Opportunities Fund		1,000		1,017.45		7.54
ICON Risk-Managed Balanced Fund
Class S		1,000		1,018.95		6.04
Class C		1,000		1,013.96		11.05
Class A		1,000		1,017.70		7.29

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

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

EXPENSE EXAMPLE 65

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.

66 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 67

ICON FUNDS PRIVACY INFORMATION

FACTS	WHAT DOES ICON DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: n  Social Security number and account balances n  income and transaction history n  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons ICON chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does ICON share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-764-0442 for the ICON Funds and 1-800-828-4881 for ICON Advisers, Inc. and ICON Distributors, Inc.

68 FUNDS PRIVACY INFORMATION

Page 2

Who we are
Who is providing this notice?	ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON”)
What we do
How does ICON protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Contracts with our service providers require them to restrict access to your non-public personal information, and to maintain physical, electronic and procedural safeguards against unintended disclosure.
How does ICON collect my personal information?	We collect your personal information, for example, when you n  open an account or enter into an investment advisory contract n  provide account information or give us your contact information n  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only n  sharing for affiliates’ everyday business purposes — information about your creditworthiness n  affiliates from using your information to market to you n  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. n  Our affiliates include financial companies such as ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. n  Nonaffiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers and nonfinancial companies such as fulfillment, proxy voting, and class action service providers
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n  ICON doesn’t jointly market

FUNDS PRIVACY INFORMATION 69

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

2014 SEMIANNUAL REPORT

ICON INTERNATIONAL FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Asia-Pacific Region Fund (ICON Emerging Markets Fund, effective May 5, 2014)

ICON Europe Fund

ICON International Equity Fund

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

SAR-INTL-14 B95217         

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	7
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)	46
Other Information (Unaudited)	48
Funds Privacy Information	50

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, 2014, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

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

Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign

2 ABOUT THIS REPORT

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

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

Financial Intermediary

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

ABOUT THIS REPORT 3

ICON ASIA-PACIFIC REGION FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (91.7%)
	3,200	ABC-Mart, Inc.*	$	138,822
	14,800	Amcor, Ltd.*		142,997
	422,000	Beijing Capital International Airport Co., Ltd.*		288,830
	6,500	Calbee, Inc.*		153,156
	650,000	Chaoda Modern Agriculture Holdings, Ltd.†***(a)		-
	154,000	China Overseas Land & Investment Ltd.*		399,139
	102,000	China Resources Power Holdings Co. Ltd.*		266,444
	110,000	China State Construction International Holdings Ltd.*		186,714
	180,000	ComfortDelGro Corp., Ltd.*		284,726
	7,900	Commonwealth Bank of Australia*		568,717
	10,800	COOKPAD, Inc.*		256,535
	36,400	Crown, Ltd.*		562,969
	13,200	Daiseki Co. Ltd.*		228,273
	175,000	Dexus Property Group, REIT*		172,573
	351,800	Ezion Holdings, Ltd.*		605,203
	56,000	Galaxy Entertainment Group Ltd.†*		489,139
	200,000	Guangshen Railway Co. Ltd., Class H*		84,825
	24,500	HDFC Bank Ltd.*		308,870
	16,000	Hengan International Group Co., Ltd.*		166,518
	69,000	Hitachi, Ltd.*		510,742
	72,000	Insurance Australia Group, Ltd.*		372,389
	24,000	Isuzu Motors Ltd.*		137,802

Shares or Principal Amount			Value
	63,000	ITC Ltd.*	$	372,756
	18,500	Japan Tobacco, Inc.*		580,667
	35,000	Kakaku.com, Inc.*		569,022
	8,000	KDDI Corp.*		464,520
	29,784	Korean Reinsurance Co.*		288,931
	1,330	LG Household & Health Care, Ltd.*		574,981
	3,762,000	Lippo Karawaci Tbk PT*		361,199
	90,000	Luk Fook Holdings International Ltd.*		283,883
	30,400	Mitsubishi Corp.*		563,914
	195,000	Mizuho Financial Group, Inc.*		386,461
	5,000	Modec, Inc.*		126,436
	6,000	MonotaRO Co. Ltd.*		152,185
	105,000	Nippon Steel & Sumitomo Metal Corp.*		286,521
	18,400	Park24 Co. Ltd.*		349,621
	4,900	Philippine Long Distance Telephone Co.*		298,287
	320,300	Puregold Price Club, Inc.*		314,662
	7,200	REA Group Ltd.*		326,256
	640	Samsung Electronics Co., Ltd.*		809,070
	1,800	Shimamura Co., Ltd.*		155,761
	438,000	Shun Tak Holdings Ltd.*		226,418
	2,100	SK Telecom Co., Ltd.*		426,171
	32,000	Sky Network Television Ltd.*		173,759
	12,000	Sumitomo Rubber Industries, Ltd.*		152,638
	13,200	Suncorp Group, Ltd.*		157,970

4 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	18,000	Suruga Bank Ltd.*	$	317,080
	11,800	Sysmex Corp.*		376,212
	36,000	Taiheiyo Cement Corp.*		129,648
	3,300	Tech Mahindra Ltd.*		99,225
	10,700	Tokio Marine Holdings, Inc.*		320,897
	37,000	Westfield Group, REIT*		352,434
	18,700	Westpac Banking Corp.*		601,255
	Total Common Stocks (Cost $15,825,023)			16,924,223

Shares or Principal Amount			Value
	Short-Term Investments (6.1%)
$	1,128,563	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14	$	1,128,563
	Total Short-Term Investments (Cost $1,128,563)			1,128,563
	Total Investments 97.8% (Cost $16,953,586)			18,052,786
	Other Assets Less Liabilities 2.2%			412,462
	Net Assets 100.0%		$	18,465,248

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, 2014 was 91.7% of net assets.

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

(a) This security is considered to be illiquid. The value of this security at March 31, 2014 was $0, which represents 0.0% of the Fund’s Net Assets.

REIT Real Estate Investment Trust

SCHEDULE OF INVESTMENTS 5

ICON Asia-Pacific Region Fund

Country Composition

March 31, 2014 (unaudited)

Japan	34.3%
Australia	17.8%
South Korea	11.4%
Hong Kong	10.0%
Singapore	4.8%
India	4.2%
Philippines	3.3%
China	3.0%
Indonesia	2.0%
New Zealand	0.9%
	91.7%

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

ICON Asia-Pacific Region Fund

Sector Composition

March 31, 2014 (unaudited)

Financial	25.1%
Consumer Discretionary	14.5%
Industrials	12.8%
Consumer Staples	11.6%
Information Technology	10.8%
Utilities	7.8%
Energy	4.0%
Materials	3.1%
Health Care	2.0%
	91.7%

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

ICON Asia-Pacific Region Fund

Industry Composition

March 31, 2014 (unaudited)

Diversified Banks	10.2%
Wireless Telecommunication Services	6.4%
Casinos & Gaming	5.8%
Tobacco	5.1%
Property & Casualty Insurance	4.6%
Semiconductors	4.4%
Real Estate Development	4.2%
Oil & Gas Equipment & Services	4.0%
Trading Companies & Distributors	3.9%
Advertising	3.2%
Environmental & Facilities Services	3.1%
Household Products	3.1%
Internet Software & Services	3.1%
Electronic Equipment & Instruments	2.8%
Health Care Equipment	2.0%

Retail REIT’s	1.9%
Hypermarkets & Super Centers	1.7%
Regional Banks	1.7%
Airport Services	1.6%
Apparel Retail	1.6%
Reinsurance	1.6%
Steel	1.6%
Specialty Stores	1.5%
Trucking	1.5%
Independent Power Producers & Energy Traders	1.4%
Industrial Conglomerates	1.2%
Construction & Engineering	1.0%
Other Industries (each less than 1%)	7.5%
	91.7%

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

6 SCHEDULE OF INVESTMENTS

ICON EUROPE FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (95.3%)
	8,500	Airbus Group NV*	$	608,778
	3,500	Anheuser-Busch InBev NV*		368,603
	2,300	ASML Holding*		214,092
	2,300	AtoS*		207,848
	6,500	Aveva Group PLC*		227,051
	4,200	Bayer AG*		568,779
	7,000	BayWa AG*		398,346
	4,000	Beiersdorf AG*		390,135
	2,000	Bertrandt AG*		306,330
	32,000	BG Group PLC*		597,418
	1,600	BioMerieux**		175,501
	73,000	BP PLC*		586,559
	8,400	British American Tobacco PLC*		468,600
	520	Burckhardt Compression Holding AG*		270,632
	4,040	CANCOM SE*		191,862
	12,073	Carl Zeiss Meditec AG*		339,294
	2,000	Carlsberg A/S, Class B*		198,816
	31,700	CAT Oil AG*		663,194
	1,400	Christian Dior S.A.*		268,893
	6,300	Cie Financiere Richemont S.A.*		601,890
	6,000	Danone*		423,884
	2,700	Dassault Systemes S.A.*		315,942
	17,000	Deutsche Bank AG*		761,915
	21,900	Diageo PLC*		680,194
	8,000	DMG Mori Seiki AG*		245,648
	26,000	Dragon Oil PLC*		245,553
	20,400	DSV A/S*		657,804
	8,200	Essilor International S.A.*		827,529
	600	Eurofins Scientific*		179,354
	9,200	Experian PLC*		166,021
	4,600	Fresenius SE & Co. KGaA*		722,056

Shares or Principal Amount			Value
	220	Galenica AG*	$	212,904
	650	Geberit AG*		212,991
	5,700	Gerresheimer AG*		369,995
	10,200	Getinge AB, Class B*		287,980
	8,508	GlaxoSmithKline PLC*		226,869
	4,700	Grammer AG*		230,120
	25,800	Groupe Steria SCA*		520,198
	2,800	Heineken NV*		194,845
	8,000	Hexagon AB, Class B*		271,989
	3,100	Hexpol AB*		273,936
	1,300	Iliad S.A.**		374,845
	11,400	Indus Holding AG*		502,294
	2,200	Ingenico*(a)		205,619
	15,555	Jenoptik AG*		282,427
	6,000	Koninklijke Boskalis Westminster NV*		330,233
	6,000	Koninklijke DSM*		411,526
	27,000	Koninklijke Philips Electronics NV*		949,836
	22,500	Koza Altin Isletmeleri*		194,390
	4,000	Krones AG*		382,320
	870	KWS Saat AG*		315,271
	5,100	L’Oreal S.A.*		841,400
	1,900	Linde AG*		380,430
	2,570	LVMH Moet Hennessy Louis Vuitton S.A.*		465,715
	8,900	Mekonomen AB*		245,793
	651	Nemetschek AG*		53,762
	13,100	Nestle S.A.*		986,032
	2,600	Novartis AG*		220,761
	5,000	Novozymes AS, Class B*		219,795
	5,000	Nutreco NV*		222,209
	6,400	Obrascon Huarte Lain S.A.*		278,444
	5,800	Pernod Ricard S.A.*		674,975
	4,100	Pfeiffer Vacuum Technology AG*		500,356
	11,000	Plastic Omnium S.A.*		407,865

SCHEDULE OF INVESTMENTS 7

Shares or Principal Amount			Value
	40,000	QSC AG*	$	199,461
	1,170	Rational AG*		416,956
	44,900	Rolls-Royce Holdings PLC†*		803,770
	10,100	Rubis SCA*		726,936
	16,000	Salmar ASA†*		228,940
	7,400	Sanofi*		773,293
	12,600	SAP AG*		1,022,056
	10,200	Schneider Electric S.A.*		903,988
	13,600	Seadrill, Ltd.*(a)		478,816
	4,100	SHW AG*		263,429
	7,700	Siemens AG*		1,038,442
	10,000	SKF AB, Class B*		256,050
	640	Swatch Group AG*		401,493
	3,800	Symrise AG*		189,848
	49,000	Tate & Lyle PLC*		545,740
	3,000	Tecan Group AG*		360,394
	53,400	Telenor ASA*		1,181,893
	16,600	Teleperformance*		961,912
	3,719	Tikkurila Oyj**		87,611
	18,400	Trelleborg AB, Class B*		371,356
	15,000	Zodiac Aerospace*		529,967
	Total Common Stocks (Cost $33,636,512)			36,868,997

Shares or Principal Amount			Value
	Preferred Stocks (3.1%)
	3,300	Fuchs Petrolub SE*(a)	$	331,546
	4,000	Henkel AG & Co. KGaA*		430,568
	4,200	Porsche Automobil Holding SE*		431,791
	Total Preferred Stocks (Cost $887,732)			1,193,905
	Collateral for Securities on Loan (1.0%)
	383,003	State Street Navigator Prime Portfolio, 0.16%		383,003
	Total Collateral for Securities on Loan (Cost $383,003)			383,003
	Short-Term Investments (2.1%)
$	830,701	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		830,701
	Total Short-Term Investments (Cost $830,701)			830,701
	Total Investments 101.5% (Cost $35,737,948)			39,276,606
	Liabilities Less Other Assets (1.5%)			(596,752	)
	Net Assets 100.0%		$	38,679,854

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, 2014 was 96.8% of net assets.

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

(a) All or a portion of the security was on loan as of March 31, 2014.

8 SCHEDULE OF INVESTMENTS

ICON Europe Fund

Country Composition

March 31, 2014 (unaudited)

Germany	29.2%
France	26.4%
United Kingdom	10.7%
Switzerland	8.3%
Netherlands	6.2%
Sweden	4.4%
Norway	3.7%
Denmark	2.8%
Austria	1.7%
Bermuda	1.2%
Belgium	0.9%
Spain	0.7%
United Arab Emirates	0.6%
Luxembourg	0.5%
Turkey	0.5%
Ireland	0.4%
Finland	0.2%
	98.4%

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

ICON Europe Fund

Sector Composition

March 31, 2014 (unaudited)

Industrials	28.8%
Consumer Staples	17.9%
Health Care	13.7%
Information Technology	8.9%
Consumer Discretionary	8.6%
Energy	6.5%
Materials	5.5%
Utilities	5.0%
Financial	2.0%
Telecommunication	1.5%
	98.4%

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

SCHEDULE OF INVESTMENTS 9

ICON Europe Fund

Industry Composition

March 31, 2014 (unaudited)

Industrial Conglomerates	6.5%
Industrial Machinery	6.4%
Packaged Foods & Meats	5.6%
Pharmaceuticals	5.2%
Aerospace & Defense	5.1%
Apparel, Accessories & Luxury Goods	4.5%
Application Software	4.1%
Research & Consulting Services	3.7%
Distillers & Vintners	3.5%
Personal Products	3.2%
Integrated Telecommunication Services	3.1%
Integrated Oil & Gas	3.0%
Oil & Gas Drilling	2.9%
Specialty Chemicals	2.9%
Auto Parts & Equipment	2.4%
Life Sciences Tools & Services	2.4%
Electrical Components & Equipment	2.3%
IT Consulting & Other Services	2.3%
Health Care Equipment	2.1%
Health Care Supplies	2.1%
Diversified Capital Markets	2.0%

Brewers	1.9%
Electronic Equipment & Instruments	1.9%
Gas Utilities	1.9%
Health Care Services	1.9%
Trucking	1.7%
Construction & Engineering	1.6%
Alternative Carriers	1.5%
Agricultural Products	1.4%
Tobacco	1.2%
Automobile Manufacturers	1.1%
Commodity Chemicals	1.1%
Household Products	1.1%
Industrial Gases	1.0%
Trading Companies & Distributors	1.0%
Other Industries (each less than 1%)	2.8%
	98.4%

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, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (87.0%)
	7,300	ABC-Mart, Inc.*	$	316,689
	38,000	AIA Group Ltd.*		180,734
	6,000	Airbus Group NV*		429,726
	2,300	Anheuser-Busch InBev NV*		242,225
	2,700	AtoS*		243,995
	7,300	Aveva Group PLC*		254,996
	2,500	Bayer AG*		338,559
	5,000	BayWa AG*		284,533
	3,700	Beiersdorf AG*		360,875
	1,800	Bertrandt AG*		275,697
	25,000	BG Group PLC*		466,733
	59,000	BP PLC*		474,068
	470	Burckhardt Compression Holding AG*		244,609
	15,000	Calbee, Inc.*		353,438
	4,000	CANCOM SE*		189,962
	12,545	Carl Zeiss Meditec AG*		352,559
	2,800	Carlsberg A/S, Class B*		278,342
	22,300	CAT Oil AG*		466,537
	1,702,000	Chaoda Modern Agriculture Holdings, Ltd.†***(a)		-
	1,200	Christian Dior S.A.*		230,479
	5,000	Cie Financiere Richemont S.A.*		477,691
	12,000	COOKPAD, Inc.*(b)		285,039
	4,600	Daikin Industries Ltd.*		257,965
	14,000	Daiseki Co. Ltd.*		242,108
	7,700	Danone*		543,984
	2,000	Dassault Systemes S.A.*		234,031
	12,000	Deutsche Bank AG*		537,822
	18,100	Diageo PLC*		562,169

Shares or Principal Amount			Value
	7,000	DMG Mori Seiki AG*(b)	$	214,942
	8,500	Dollarama, Inc.**		647,553
	25,000	Dragon Oil PLC*		236,109
	12,800	DSV A/S*		412,740
	45,000	DuluxGroup Ltd.*		239,614
	7,000	Enbridge, Inc.**		317,929
	7,400	Essilor International S.A.*		746,794
	1,116,000	Ezion Holdings, Ltd.*		1,919,859
	4,800	Fresenius SE & Co. KGaA*		753,449
	22,000	Galaxy Entertainment Group Ltd.†*		192,162
	6,200	Gerresheimer AG*		402,451
	7,800	Getinge AB, Class B*(b)		220,220
	155,000	GPT Group, REIT*		526,812
	4,500	Grammer AG*		220,328
	22,200	Groupe Steria SCA*		447,612
	4,100	Heineken NV*		285,308
	8,500	Hexagon AB, Class B*		288,988
	3,200	Hexpol AB*		282,772
	69,000	Hitachi, Ltd.*		510,742
	11,500	Honda Motor Co., Ltd.*		404,647
	50,000	Horizon North Logistics, Inc.**		378,109
	1,200	Iliad S.A.**		346,010
	9,800	Indus Holding AG*		431,797
	3,700	Ingenico*(b)		345,813
	14,000	Innox Corp.†*		294,965
	67,000	Insurance Australia Group, Ltd.*		346,528
	19,000	ITOCHU Corp.*		222,308
	9,000	Japan Tobacco, Inc.*		282,487
	13,070	Jenoptik AG*		237,307

SCHEDULE OF INVESTMENTS 11

Shares or Principal Amount			Value
	25,000	Kakaku.com, Inc.*(b)	$	406,444
	10,400	Kintetsu World Express, Inc.*		462,096
	504	Kolao Holdings*		11,749
	6,400	Koninklijke DSM*		438,961
	24,800	Koninklijke Philips Electronics NV*		872,442
	24,000	Korean Reinsurance Co.*		232,822
	20,000	Koza Altin Isletmeleri*		172,792
	3,500	Krones AG*		334,530
	18,200	KT Skylife Co. Ltd.*		408,620
	940	KWS Saat AG*		340,638
	3,200	L’Oreal S.A.*		527,937
	1,500	LVMH Moet Hennessy Louis Vuitton S.A.*		271,818
	80,000	Mazda Motor Corp.*		355,408
	7,100	Mekonomen AB*		196,082
	35,000	Mitsubishi Corp.*		649,243
	40,000	Mitsubishi Gas Chemical Co., Inc.*		225,496
	18,000	Mitsui & Co., Ltd.*		254,404
	600,000	Nam Cheong Ltd.*		159,930
	723	Nemetschek AG*		59,708
	9,800	Nestle S.A.*		737,642
	25,000	NHK Spring Co., Ltd.*		232,489
	23,000	Nippon Meat Packers, Inc.*(b)		342,374
	110,000	Nippon Steel & Sumitomo Metal Corp.*		300,165
	13,500	NKSJ Holdings, Inc.*		346,605
	5,600	Nutreco NV*		248,874
	25,000	ORIX Corp.†*		352,350
	15,000	Park24 Co. Ltd.†*		285,017
	4,800	Pernod Ricard S.A.*		558,600
	3,100	Pfeiffer Vacuum Technology AG*		378,318
	8,800	Pigeon Corp.*		396,504
	8,400	Plastic Omnium S.A.*		311,461
	11,600	Pola Orbis Holdings, Inc.*		462,785
	35,000	Premier Investments Ltd.*		320,223
	42,000	QSC AG*		209,434

Shares or Principal Amount			Value
	18,600	Quebecor, Inc., Class B**(b)	$	454,274
	32,900	Rolls-Royce Holdings PLC†*		588,954
	8,200	Rubis SCA*		590,186
	4,000	Ryohin Keikaku Co. Ltd.*		385,675
	250,000	S.A. SA International Holdings, Ltd.*		200,257
	305	Samsung Electronics Co., Ltd.*		385,573
	5,230	Sanofi*		546,530
	7,500	Santen Pharmaceutical Co. Ltd.*		331,853
	36,000	Santos Ltd.*		451,319
	10,500	SAP AG*		851,714
	6,900	Schneider Electric S.A.*		611,522
	9,300	Seadrill, Ltd.*(b)		327,426
	3,800	SHW AG*		244,153
	7,600	Siemens AG*		1,024,956
	50,000	Sky Network Television Ltd.*		271,498
	6,000	Softbank Corp.*		453,409
	700,000	SPT Energy Group, Inc.*		347,716
	35,000	Super Retail Group Ltd.*		358,959
	530	Swatch Group AG*		332,487
	18,800	Sysmex Corp.*		599,389
	85,000	Taiheiyo Cement Corp.*(b)		306,114
	42,000	Tate & Lyle PLC*		467,777
	3,000	Tecan Group AG*		360,394
	49,000	Telenor ASA*		1,084,509
	11,600	Teleperformance*		672,179
	2,535	Tikkurila Oyj**		59,719
	19,000	TK Corp.†*		353,262
	17,100	Tokio Marine Holdings, Inc.*		512,835
	11,000	Tokyo Ohka Kogyo Co., Ltd.*		242,840
	9,500	Toyota Motor Corp.*		535,741
	24,000	Trelleborg AB, Class B*		484,378
	10,000	TV Asahi Corp.*		181,143
	17,000	WestJet Airlines Ltd.**		373,216

12 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	9,300	Zodiac Aerospace*	$	328,579
	Total Common Stocks (Cost $46,957,309)			48,466,417
	Preferred Stocks (1.3%)
	3,600	Fuchs Petrolub SE*		361,686
	3,400	Henkel AG & Co. KGaA*		365,983
	Total Preferred Stocks (Cost $646,102)			727,669
	Collateral for Securities on Loan (5.2%)
	2,873,864	State Street Navigator Prime Portfolio, 0.16%		2,873,864
	Total Collateral for Securities on Loan (Cost $2,873,864)			2,873,864

Shares or Principal Amount			Value
	Short-Term Investments (15.2%)
$	8,454,854	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14	$	8,454,854
	Total Short-Term Investments (Cost $8,454,854)			8,454,854
	Total Investments 108.7% (Cost $58,932,129)			60,522,804
	Liabilities Less Other Assets (8.7%)			(4,841,698	)
	Net Assets 100.0%		$	55,681,106

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, 2014 was 83.7% 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) This security is considered to be illiquid. The value of this security at March 31, 2014 was $0, which represents 0.0% of the Fund’s Net Assets.

(b) All or a portion of the security was on loan as of March 31, 2014.

REIT Real Estate Investment Trust

SCHEDULE OF INVESTMENTS 13

ICON International Equity Fund

Country Composition

March 31, 2014 (unaudited)

Japan	20.4%
Germany	15.7%
France	14.4%
United Kingdom	5.1%
Australia	4.0%
Canada	4.0%
Switzerland	3.9%
Singapore	3.5%
Netherlands	3.4%
South Korea	2.9%
Sweden	2.7%
Norway	2.0%
Denmark	1.2%
Hong Kong	1.1%
Austria	0.8%
Bermuda	0.6%
China	0.6%
New Zealand	0.5%
Belgium	0.4%
United Arab Emirates	0.4%
Malaysia	0.3%
Turkey	0.3%
Finland	0.1%
	88.3%

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

ICON International Equity Fund

Sector Composition

March 31, 2014 (unaudited)

Industrials	20.3%
Consumer Discretionary	14.2%
Consumer Staples	13.2%
Energy	9.0%
Health Care	8.4%
Information Technology	8.3%
Financial	5.4%
Materials	4.6%
Utilities	3.9%
Telecommunication	1.0%
	88.3%

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

14 SCHEDULE OF INVESTMENTS

ICON International Equity Fund

Industry Composition

March 31, 2014 (unaudited)

Packaged Foods & Meats	4.3%
Industrial Conglomerates	4.2%
Oil & Gas Equipment & Services	4.1%
Industrial Machinery	3.6%
Trading Companies & Distributors	2.6%
Aerospace & Defense	2.5%
Application Software	2.5%
Personal Products	2.5%
Apparel, Accessories & Luxury Goods	2.4%
Electronic Equipment & Instruments	2.4%
Automobile Manufacturers	2.3%
Pharmaceuticals	2.2%
Health Care Equipment	2.1%
Property & Casualty Insurance	2.1%
Specialty Chemicals	2.1%
Cable & Satellite	2.0%
Distillers & Vintners	2.0%
Integrated Telecommunication Services	2.0%
General Merchandise Stores	1.9%
Auto Parts & Equipment	1.8%
Integrated Oil & Gas	1.7%
Research & Consulting Services	1.7%

IT Consulting & Other Services	1.5%
Brewers	1.4%
Health Care Services	1.4%
Household Products	1.4%
Life Sciences Tools & Services	1.4%
Oil & Gas Drilling	1.4%
Health Care Supplies	1.3%
Apparel Retail	1.2%
Oil & Gas Exploration & Production	1.2%
Agricultural Products	1.1%
Electrical Components & Equipment	1.1%
Gas Utilities	1.1%
Alternative Carriers	1.0%
Automotive Retail	1.0%
Diversified Capital Markets	1.0%
Diversified REIT’s	1.0%
Other Industries (each less than 1%)	13.8%
	88.3%

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

SCHEDULE OF INVESTMENTS 15

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2014 (UNAUDITED)

	ICON Asia-Pacific Region Fund		ICON Europe Fund		ICON International Equity Fund
Assets
Investments, at cost	$	16,953,586	$	35,737,948	$	58,932,129
Investments, at value†		18,052,786		39,276,606		60,522,804
Foreign currency, at value(a)		4,285		77,578		-
Receivables:
Fund shares sold		160		14,461		32,758
Investments sold		329,988		1,891,400		1,657,036
Dividends		112,355		38,901		126,383
Expense reimbursements due from Adviser		20,323		17,007		7,189
Foreign tax reclaims		3,801		40,583		40,678
Other assets		19,040		21,523		21,661
Total Assets		18,542,738		41,378,059		62,408,509
Liabilities
Payables:
Due to custodian bank		-		-		208,743
Investments purchased		-		2,196,697		3,450,501
Payable for collateral received on securities loaned		-		383,003		2,873,864
Fund shares redeemed		8,124		42,303		84,545
Advisory fees		17,659		32,662		45,465
Accrued distribution fees		719		354		5,674
Fund accounting fees		1,142		1,637		1,739
Transfer agent fees		11,976		7,861		15,821
Administration fees		880		1,629		2,267
Trustee fees		1,196		1,102		1,880
Accrued expenses		35,794		30,957		36,904
Total Liabilities		77,490		2,698,205		6,727,403
Net Assets - all share classes	$	18,465,248	$	38,679,854	$	55,681,106
Net Assets - Class S	$	17,294,052	$	37,514,319	$	45,167,503
Net Assets - Class C	$	734,210	$	111,657	$	5,447,146
Net Assets - Class A	$	436,986	$	1,053,878	$	5,066,457

16 FINANCIAL STATEMENTS

	ICON Asia-Pacific Region Fund			ICON Europe Fund			ICON International Equity Fund
Net Assets Consist of
Paid-in capital	$	26,447,378		$	82,688,310		$	140,685,880
Accumulated undistributed net investment income/(loss)		(58,404	)		(115,142	)		(150,713	)
Accumulated undistributed net realized gain/(loss)		(9,021,875	)		(47,427,439	)		(86,444,626	)
Unrealized appreciation/(depreciation)		1,098,149			3,534,125			1,590,565
Net Assets	$	18,465,248		$	38,679,854		$	55,681,106
Shares outstanding (unlimited shares authorized, no par value)
Class S		1,281,372			2,329,807			3,576,576
Class C		56,361			7,081			470,172
Class A		32,372			65,416			403,877
Net asset value (offering and redemption price per share)
Class S	$	13.50		$	16.10		$	12.63
Class C	$	13.03		$	15.77		$	11.59
Class A	$	13.50		$	16.11		$	12.54
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	14.32		$	17.09		$	13.31
†  Includes securities on loan of	$	-		$	368,475		$	2,741,347
(a)  Foreign currency, at cost	$	4,306		$	81,874		$	-

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

FINANCIAL STATEMENTS 17

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2014 (UNAUDITED)

	ICON Asia-Pacific Region Fund			ICON Europe Fund			ICON International Equity Fund
Investment Income
Interest	$	123		$	124		$	281
Dividends		220,388			168,431			288,585
Income from securities lending, net		3,666			4,788			14,229
Foreign taxes withheld		(24,127	)		(15,896	)		(30,417	)
Total Investment Income		200,050			157,447			272,678
Expenses
Advisory fees		136,158			179,958			264,264
Distribution fees:
Class C		3,854			628			28,274
Class A		802			636			6,391
Fund accounting fees		2,817			3,699			5,443
Transfer agent fees		25,004			19,430			36,071
Administration fees		6,793			8,977			13,183
Custody fees		10,058			7,282			15,314
Registration fees:
Class S		8,053			8,562			5,278
Class C		5,429			5,217			5,294
Class A		4,647			4,583			5,498
Insurance expense		2,147			1,777			3,488
Trustee fees and expenses		1,871			1,987			3,100
Audit and tax service expense		17,517			16,873			17,517
Interest expense		27			1			-
Other expenses		29,472			23,119			31,447
Total expenses before expense reimbursement		254,649			282,729			440,562
Expense reimbursement by Adviser due to expense limitation agreement		(11,625	)		(9,807	)		(16,163	)
Net Expenses		243,024			272,922			424,399
Net Investment Income/(Loss)		(42,974	)		(115,475	)		(151,721	)
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		1,118,402			2,882,910			4,714,778
Foreign currency		(17,915	)		(36,664	)		(69,820	)
Net realized capital gains tax		(52,013	)		-			(35,013	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(1,138,591	)		369,911			(913,831	)
Net unrealized capital gains tax		53,802			-			36,253
Net realized and unrealized gain/(loss)		(36,315	)		3,216,157			3,732,367
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(79,289	)	$	3,100,682		$	3,580,646

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, 2014 (unaudited)			Year ended September 30, 2013
Operations
Net investment income/(loss)	$	(42,974	)	$	166,249
Net realized gain/(loss)		1,118,402			1,463,941
Net realized gain/(loss) from foreign currency		(17,915	)		(71,832	)
Net realized capital gains tax		(52,013	)		(7,727	)
Change in net unrealized appreciation/(depreciation)		(1,084,789	)		2,743,851
Net increase/(decrease) in net assets resulting from operations		(79,289	)		4,294,482
Dividends and Distributions to Shareholders
Net investment income
Class S		(59,305	)		(268,567	)
Class C		-			(1,055	)
Class A		(1,490	)		(1,610	)
Net decrease from dividends and distributions		(60,795	)		(271,232	)
Fund Share Transactions
Shares sold
Class S		5,360,199			7,722,364
Class C		13,489			382,870
Class A		53,850			657,009
Reinvested dividends and distributions
Class S		56,463			261,722
Class C		-			983
Class A		1,270			1,367
Shares repurchased
Class S		(17,035,213	)		(20,783,912	)
Class C		(111,687	)		(514,739	)
Class A		(405,870	)		(605,518	)
Net increase/(decrease) from fund share transactions		(12,067,499	)		(12,877,854	)
Total net increase/(decrease) in net assets		(12,207,583	)		(8,854,604	)
Net Assets
Beginning of period		30,672,831			39,527,435
End of period	$	18,465,248		$	30,672,831

20 FINANCIAL STATEMENTS

ICON Europe Fund
Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
$	(115,475	)	$	283,190
	2,882,910			3,720,650
	(36,664	)		(171,711	)
	-			-
	369,911			1,380,021
	3,100,682			5,212,150
	(162,412	)		(334,776	)
	-			(453	)
	(655	)		(1,730	)
	(163,067	)		(336,959	)
	4,720,474			11,536,691
	120,602			37,719
	898,623			97,066
	159,435			330,615
	-			359
	623			1,696
	(3,608,098	)		(11,523,558	)
	(91,794	)		(38,499	)
	(25,951	)		(58,262	)
	2,173,914			383,827
	5,111,529			5,259,018
	33,568,325			28,309,307
$	38,679,854		$	33,568,325

FINANCIAL STATEMENTS 21

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Asia-Pacific Region Fund
	Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
Transactions in Fund Shares
Shares sold
Class S		386,700			591,915
Class C		1,052			31,082
Class A		3,936			47,998
Reinvested dividends and distributions
Class S		4,198			20,871
Class C		-			81
Class A		94			109
Shares repurchased
Class S		(1,259,786	)		(1,573,311	)
Class C		(8,359	)		(40,887	)
Class A		(30,026	)		(46,439	)
Net increase/(decrease)		(902,191	)		(968,581	)
Shares outstanding, beginning of period		2,272,296			3,240,877
Shares outstanding, end of period		1,370,105			2,272,296
Accumulated undistributed net investment income/(loss)	$	(58,404	)	$	45,365

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

22 FINANCIAL STATEMENTS

ICON Europe Fund
Period ended March 31, 2014 (unaudited)			Year ended September 30, 2013
	299,686			845,385
	7,768			2,884
	56,030			7,146
	10,306			25,142
	-			27
	40			129
	(231,888	)		(837,167	)
	(6,019	)		(2,824	)
	(1,660	)		(4,235	)
	134,263			36,487
	2,268,041			2,231,554
	2,402,304			2,268,041
$	(115,142	)	$	163,400

FINANCIAL STATEMENTS 23

STATEMENTS OF CHANGES IN NET ASSETS

	ICON International Equity Fund
	Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
Operations
Net investment income/(loss)	$	(151,721	)	$	308,378
Net realized gain/(loss)		4,714,778			2,688,672
Net realized gain/(loss) from foreign currency		(69,820	)		(330,659	)
Net realized capital gains tax		(35,013	)		(62,403	)
Change in net unrealized appreciation/(depreciation)		(877,578	)		1,946,719
Net increase/(decrease) in net assets resulting from operations		3,580,646			4,550,707
Dividends and Distributions to Shareholders
Net investment income
Class S		-			(9,742	)
Class A		-			(252	)
Return of Capital
Class S		-			(223,901	)
Class A		-			(5,798	)
Net decrease from dividends and distributions		-			(239,693	)
Fund Share Transactions
Shares sold
Class S		6,186,504			9,502,457
Class C		80,029			98,284
Class A		180,197			474,307
Reinvested dividends and distributions
Class S		-			228,381
Class A		-			5,066
Shares repurchased
Class S		(6,017,637	)		(27,357,099	)
Class C		(639,399	)		(1,585,047	)
Class A		(493,710	)		(2,106,904	)
Net increase/(decrease) from fund share transactions		(704,016	)		(20,740,555	)
Total net increase/(decrease) in net assets		2,876,630			(16,429,541	)
Net Assets
Beginning of period		52,804,476			69,234,017
End of period	$	55,681,106		$	52,804,476

24 FINANCIAL STATEMENTS

	ICON International Equity Fund
	Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
Transactions in Fund Shares
Shares sold
Class S		495,172			846,277
Class C		7,016			9,335
Class A		14,521			41,741
Reinvested dividends and distributions
Class S		-			20,247
Class A		-			450
Shares repurchased
Class S		(484,364	)		(2,383,691	)
Class C		(56,203	)		(150,212	)
Class A		(39,841	)		(186,779	)
Net increase/(decrease)		(63,699	)		(1,802,632	)
Shares outstanding, beginning of period		4,514,324			6,316,956
Shares outstanding, end of period		4,450,625			4,514,324
Accumulated undistributed net investment income/(loss)	$	(150,713	)	$	1,008

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, 2014†	$	13.51	$	(0.02	)	$	0.04		$	0.02		$	(0.03	)	$	-
Year ended September 30, 2013		12.21		0.06			1.33			1.39			(0.09	)		-
Year ended September 30, 2012		10.12		0.11			2.02			2.13			(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	)		-
Class C
Period ended March 31, 2014†		13.06		(0.06	)		0.03			(0.03	)		-			-
Year ended September 30, 2013		11.84		(0.05	)		1.28			1.23			(0.01	)		-
Year ended September 30, 2012		9.88		0.01			1.95			1.96			-			-
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	)		-
Class A
Period ended March 31, 2014†		13.51		(0.02	)		0.04			0.02			(0.03	)		-
Year ended September 30, 2013		12.17		0.04			1.33			1.37			(0.03	)		-
Year ended September 30, 2012		10.10		0.09			2.00			2.09			(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	)		-
ICON Europe Fund
Class S
Period ended March 31, 2014†		14.80		(0.05	)		1.42			1.37			(0.07	)		-
Year ended September 30, 2013		12.69		0.13			2.14			2.27			(0.16	)		-
Year ended September 30, 2012		10.27		0.19			2.41			2.60			(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	)		-
Class C
Period ended March 31, 2014†		14.50		(0.12	)		1.39			1.27			-			-
Year ended September 30, 2013		12.47		–	(d)		2.10			2.10			(0.07	)		-
Year ended September 30, 2012		10.07		0.07			2.38			2.45			(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	)		-
Class A
Period ended March 31, 2014†		14.81		(0.04	)		1.39			1.35			(0.05	)		-
Year ended September 30, 2013		12.71		0.09			2.16			2.25			(0.15	)		-
Year ended September 30, 2012		10.28		0.15			2.42			2.57			(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	)		-

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 credits			After expense limitation/ and transfer agent earnings credits			Before expense limitation/ and transfer agent earnings credits			After expense limitation/ and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.03	)	$	13.50		0.08	%	$	17,294		1.76	%		1.76	%		(0.30	)%		(0.30	)%		35.98	%
	(0.09	)		13.51		11.44	%		29,053		1.64	%		1.64	%		0.46	%		0.46	%		59.98	%
	(0.04	)		12.21		21.16	%		37,969		1.50	%		1.50	%		0.96	%		0.96	%		71.84	%
	-			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	%
	-			13.03		(0.31	)%		734		4.18	%		2.55	%(c)		(2.50	)%		(0.88	)%		35.98	%
	(0.01	)		13.06		10.44	%		832		3.76	%		2.56	%(c)		(1.63	)%		(0.43	)%		59.98	%
	-			11.84		19.84	%		869		3.91	%		2.55	%(c)		(1.28	)%		0.08	%		71.84	%
	-			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	%
	(0.03	)		13.50		0.05	%		437		3.47	%		1.80	%(c)		(2.03	)%		(0.35	)%		35.98	%
	(0.03	)		13.51		11.29	%		789		2.97	%		1.81	%(c)		(0.82	)%		0.34	%		59.98	%
	(0.02	)		12.17		20.73	%		690		2.88	%		1.80	%(c)		(0.31	)%		0.77	%		71.84	%
	-			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	%
	(0.07	)		16.10		9.30	%		37,514		1.51	%		1.51	%		(0.64	)%		(0.64	)%		58.80	%
	(0.16	)		14.80		18.02	%		33,328		1.58	%		1.58	%		0.93	%		0.93	%		138.15	%
	(0.18	)		12.69		25.69	%		28,143		1.56	%		1.56	%		1.61	%		1.61	%		89.78	%
	(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	%
	-			15.77		8.76	%		112		11.17	%		2.55	%(c)		(10.19	)%		(1.57	)%		58.80	%
	(0.07	)		14.50		16.89	%		77		12.20	%		2.55	%(c)		(9.67	)%		(0.02	)%		138.15	%
	(0.05	)		12.47		24.46	%		65		21.20	%		2.55	%(c)		(18.00	)%		0.65	%		89.78	%
	(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	%
	(0.05	)		16.11		9.16	%		1,054		3.53	%		1.80	%(c)		(2.30	)%		(0.57	)%		58.80	%
	(0.15	)		14.81		17.82	%		163		7.00	%		1.80	%(c)		(4.52	)%		0.68	%		138.15	%
	(0.14	)		12.71		25.26	%		101		13.30	%		1.80	%(c)		(10.23	)%		1.27	%		89.78	%
	(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	%

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 Return of Capital
ICON International Equity Fund
Class S**
Period ended March 31, 2014†	$	11.81	$	(0.03	)	$	0.85		$	0.82		$	-		$	-
Year ended September 30, 2013		11.05		0.07			0.74			0.81			-	(d)		(0.05	)
Year ended September 30, 2012		9.22		0.16			1.78			1.94			(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	)		-
Class C
Period ended March 31, 2014†		10.89		(0.09	)		0.79			0.70			-			-
Year ended September 30, 2013		10.26		(0.04	)		0.67			0.63			-			-
Year ended September 30, 2012		8.56		(0.02	)		1.72			1.70			-			-
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	)		-
Class A***
Period ended March 31, 2014†		11.75		(0.05	)		0.84			0.79			-			-
Year ended September 30, 2013		10.99		0.04			0.73			0.77			-	(d)		(0.01	)
Year ended September 30, 2012		9.16		0.11			1.77			1.88			(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	)		-

(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 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 the 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, C and 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, C, and A, respectively.

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 credits			After expense limitation/ and transfer agent earnings credits(c)			Before expense limitation/ and transfer agent earnings credits			After expense limitation/ and transfer agent earnings credits			Portfolio turnover rate(b)
$	-		$	12.63		6.86	%	$	45,168		1.46	%		1.46	%		(0.42	)%		(0.42	)%		87.69	%
	(0.05	)		11.81		7.33	%		42,105		1.45	%		1.45	%		0.65	%		0.65	%		137.83	%
	(0.11	)		11.05		21.19	%		56,152		1.39	%		1.39	%		1.47	%		1.47	%		121.82	%
	(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	%
	-			11.59		6.34	%		5,447		2.80	%		2.55	%		(1.79	)%		(1.54	)%		87.69	%
	-			10.89		6.14	%		5,657		2.77	%		2.56	%		(0.63	)%		(0.42	)%		137.83	%
	-			10.26		19.86	%		6,773		2.72	%		2.55	%		(0.41	)%		(0.24	)%		121.82	%
	-			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	%
	-			12.54		6.72	%		5,066		2.16	%		1.80	%		(1.14	)%		(0.78	)%		87.69	%
	(0.01	)		11.75		7.03	%		5,043		2.19	%		1.81	%		(0.06	)%		0.32	%		137.83	%
	(0.05	)		10.99		20.61	%		6,309		2.01	%		1.80	%		0.85	%		1.06	%		121.82	%
	(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	%

FINANCIAL HIGHLIGHTS 29

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2014 (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 offers 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 fifteen other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

Each Fund is authorized to issue an unlimited number of no par shares. The Funds primarily invest in foreign securities; the 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, 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.

30 NOTES TO FINANCIAL STATEMENTS

The Asia-Pacific Region Fund has a significant weighting in Japan and the Europe Fund has a significant weighting in France and Germany which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that country.

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

2.  Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The 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 at the closing price as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. 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 is considered inaccurate or does not in the Funds’ judgment 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

NOTES TO FINANCIAL STATEMENTS 31

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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

Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.

The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the 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.

32 NOTES TO FINANCIAL STATEMENTS

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

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

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

Level 3 — significant unobservable inputs.

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2014:

	Level 1		Level 2		Level 3			Total
ICON Asia-Pacific Region Fund*
Assets
Common Stocks
Japan	$	-	$	6,356,913	$	-		$	6,356,913
Australia		-		3,257,560		-			3,257,560
South Korea		-		2,099,153		-			2,099,153
Hong Kong		-		1,851,737		0	**		1,851,737
Other Countries		-		3,358,860		-			3,358,860
Short-Term Investments		-		1,128,563		-			1,128,563
Total	$	-	$	18,052,786	$	0		$	18,052,786

NOTES TO FINANCIAL STATEMENTS 33

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

	Level 1		Level 2		Level 3			Total
ICON Europe Fund*
Assets
Common Stocks
France	$	550,346	$	9,664,742	$	-		$	10,215,088
Germany		-		10,071,532		-			10,071,532
United Kingdom		-		4,136,201		-			4,136,201
Switzerland		-		3,267,097		-			3,267,097
Netherlands		-		2,322,741		-			2,322,741
Other Countries		87,611		6,768,727		-			6,856,338
Preferred Stocks
Germany		-		1,193,905		-			1,193,905
Collateral for Securities on Loan		-		383,003		-			383,003
Short-Term Investments		-		830,701		-			830,701
Total	$	637,957	$	38,638,649	$	-		$	39,276,606
ICON International Equity Fund*
Assets
Common Stocks
Japan	$	-	$	11,495,802	$	-		$	11,495,802
Germany		-		8,043,732		-			8,043,732
Hong Kong		-		573,153		0	**		573,153
France		346,010		7,641,246		-			7,987,256
United Kingdom		-		2,814,697		-			2,814,697
Other Countries		2,230,800		15,320,977		-			17,551,777
Preferred Stocks
Germany		-		727,669		-			727,669
Collateral for Securities on Loan		-		2,873,864		-			2,873,864
Short-Term Investments		-		8,454,854		-			8,454,854
Total	$	2,576,810	$	57,945,994	$	0		$	60,522,804

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

** Chaoda Modern Agriculture Holdings, Ltd. is illiquid and valued with a zero market value for the year ended March 31, 2014.

There were no significant Level 3 securities held in any of the Funds at September 30, 2013.

34 NOTES TO FINANCIAL STATEMENTS

For the period ended March 31, 2014, there was no transfer activity between Level 1 and Level 2. The end of period timing recognition is used for the transfers between levels of the Fund’s assets and liabilities.

The end of year timing recognition is used for the transfers between levels of the Fund’s assets and liabilities.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the Period ended March 31, 2014 for the Asia-Pacific Region Fund and the International Equity Fund, is as follows:

	Common Stocks Hong Kong
ICON Asia-Pacific Region Fund
Beginning balance 9/30/13	$	0	*
Purchases		-
Sales		-
Accrued discounts/(premiums)		-
Total realized gains/(losses)		-
Total change in unrealized appreciation/(depreciation)		-
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/14	$	0	*
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/14	$	-
ICON International Equity Fund
Beginning balance 9/30/13	$	0	*
Purchases		-
Sales		-
Accrued discounts/(premiums)		-
Total realized gains/(losses)		-
Total change in unrealized appreciation/(depreciation)		-
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/14	$	0	*
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/14	$	-

* Chaoda Modern Agriculture Holdings, Ltd. is illiquid and valued with a zero market value for the year ended March 31, 2014.

NOTES TO FINANCIAL STATEMENTS 35

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Fund Share Valuation

Fund shares are sold and redeemed on a daily basis at net asset value. Net asset value per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

Foreign Currency Translation

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

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

Forward Foreign Currency Contracts

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

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

36 NOTES TO FINANCIAL STATEMENTS

These contracts are marked-to-market daily. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. At March 31, 2014, the Asia-Pacific Region Fund, Europe Fund and International Equity Fund had no outstanding forward foreign currency contracts.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but give up other rights including the right to vote proxies. The Funds retain the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that generally exceeds the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day.

Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2014.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Gross Asset Amounts Presented in Statement of Assets and Liabilities(a)		Financial Instrument		Collateral Received(b)			Net Amount (not less than 0)
ICON Europe Fund	$	368,475		-	$	(368,475	)	$	0
ICON International Equity Fund		2,741,347		-		(2,741,347	)		0

(a) Represents market value of loaned securities at period end.

(b) The actual collateral received is greater than the amount shown here due to overcollateralization.

NOTES TO FINANCIAL STATEMENTS 37

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

The Funds have elected to invest the cash collateral in the State Street Navigator Prime Portfolio which is disclosed on the Schedule of Investments. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the period ended March 31, 2014, is included in the Statement of Operations.

For the period ended March 31, 2014, the following Funds had securities with the following values on loan:

Fund	Loaned Securities		Collateral
ICON Europe Fund	$	368,475	$	383,003
ICON International Equity Fund		2,741,347		2,873,864

Income Taxes, Dividends, and Distributions

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

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 three years, no examinations are in progress or anticipated at this time. The Funds are not

38 NOTES TO FINANCIAL STATEMENTS

aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

Investment Income

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

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.

NOTES TO FINANCIAL STATEMENTS 39

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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	$	980	$	7,363	$	23,371
Class C		29		235		897
Class A		24		301		736
ICON Europe Fund
Class S		1,113		7,236		18,934
Class C		4		127		222
Class A		15		152		274
ICON International Equity Fund
Class S		1,355		7,310		20,105
Class C		182		1,375		7,505
Class A		164		1,556		8,461

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

40 NOTES TO FINANCIAL STATEMENTS

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, 2014 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2014		2015		2016		2017
ICON Asia-Pacific Region Fund	$	16,625	$	22,319	$	18,421	$	11,625
ICON Europe Fund		14,653		23,519		15,332		9,807
ICON International Equity Fund		8,665		25,950		33,867		16,163

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 net 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 Trust’s first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2014, each Fund’s 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

NOTES TO FINANCIAL STATEMENTS 41

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 under 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 net 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 and for other shareholder services. 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. There is no annual distribution and service fee for Class S shares. The total amount paid under the 12b-1 plans by the Funds, if any, 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 Trust paid $120,000 of the CCO’s salary and the remaining portion is paid by ICON Advisers. For the period ended March 31, 2014, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Fund may reimburse ICON Advisers for legal work performed for the Fund by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2014, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

42 NOTES TO FINANCIAL STATEMENTS

4.  Borrowings

The Trust has entered into a Line of Credit agreement/arrangement 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 a rate quoted and determined by State Street. The average interest rate charged for the period ended March 31, 2014 was 1.30%.

For the period ended March 31, 2014 the average outstanding loan by Fund was as follows:

Fund*	Average Borrowing (10/1/13-3/31/14)
ICON Asia-Pacific Region Fund	$	4,817
ICON Europe Fund		275

* There were no outstanding loans at March 31, 2014.

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2014, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term securities) was as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ICON Asia-Pacific Region Fund	$	8,696,791	$	20,198,045
ICON Europe Fund		22,627,121		20,044,059
ICON International Equity Fund		41,876,505		45,105,018

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 deferrals of wash sale losses, foreign currency transactions, and net investment losses.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses generated by a fund may be carried over indefinitely, 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.

NOTES TO FINANCIAL STATEMENTS 43

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

For the year ended September 30, 2013 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Asia-Pacific Region Fund	$	9,482,596		2017
		619,899		Unlimited
ICON Europe Fund		23,659,246		2017
		26,614,409		2018
ICON International Equity Fund		53,195,839		2017
		27,012,993		2018
		10,856,071		Unlimited

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, 2013 the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Europe Fund	$	1,387,041

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2013, were as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Return of Capital		Total Distributions Paid
ICON Asia-Pacific Region Fund	$	271,232	$	-	$	271,232
ICON Europe Fund		336,959		-		336,959
ICON International Equity Fund		9,994		229,699		239,693

As of September 30, 2013, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Late Year Loss Deferral**		Capital Loss Carryover			Unrealized Appreciation/ (Depreciation)*		Total Accumulated Earnings/ (Deficit)
ICON Asia-Pacific Region Fund	$	60,794	$	-	$	(10,102,495	)	$	2,199,655	$	(7,842,046	)
ICON Europe Fund		163,067		-		(50,273,655	)		3,164,517		(46,946,071	)
ICON International Equity Fund		-		-		(91,064,903	)		2,479,483		(88,585,420	)

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

** The Funds have elected to defer certain qualified late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year.

44 NOTES TO FINANCIAL STATEMENTS

As of March 31, 2014, 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	$	16,953,586	$	2,488,534	$	(1,389,334	)	$	1,099,200
ICON Europe Fund		35,737,948		4,047,458		(508,800	)		3,538,658
ICON International Equity Fund		58,932,129		4,599,118		(3,008,443	)		1,590,675

7.  Accounting Pronouncement

In June 2013, FASB issued Accounting Standards Update 2013-08 Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”) which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. ASU 2013-08 sets forth a methodology for determining whether an entity should be characterized as an investment company and prescribes fair value accounting for an investment company’s non-controlling ownership interest in another investment company. FASB has determined that a fund registered under the Investment Company Act of 1940 automatically meets ASU 2013-08’s criteria for an investment company. Although still evaluating the potential impacts of ASU 2013-08 to the Fund, management expects that the impact of the Fund’s adoption will be limited to additional financial statement disclosures.

8. Subsequent Events

Effective May 5, 2014, the ICON Europe Fund closed to new investors.

Also effective May 5, 2014, the ICON Asia-Pacific Region Fund changed its name to the ICON Emerging Markets Fund and changed its principal investment strategy from investing in the Asia-Pacific region to investing in emerging markets. Under normal market conditions, the ICON Emerging Markets Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of issuers whose principal activities are in an emerging market, or are economically tied to an emerging market country. In addition, effective May 5, 2014, ICON Advisers has contractually agreed to limit the total expenses of the Class S shares of the ICON Emerging Markets Fund (excluding interest, taxes, brokerage and extraordinary expenses) to an annual rate of 1.55% until January 31, 2016.

NOTES TO FINANCIAL STATEMENTS 45

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2014 (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 (10/1/13 – 3/31/14).

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),

46 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 10/1/13		Ending Account Value 3/31/14		Expense Paid During Period 10/1/13 - 3/31/14*		Annualized Expense Ratio 10/1/13 - 3/31/14*
Actual Expenses
ICON Asia-Pacific Region Fund
Class S	$	1,000	$	1,000.80	$	8.78		1.76%
Class C		1,000		996.90		12.70		2.55%
Class A		1,000		1,000.50		8.98		1.80%
ICON Europe Fund
Class S		1,000		1,093.00		7.88		1.51%
Class C		1,000		1,087.60		13.27		2.55%
Class A		1,000		1,091.60		9.39		1.80%
ICON International Equity Fund
Class S		1,000		1,068.60		7.53		1.46%
Class C		1,000		1,063.40		13.12		2.55%
Class A		1,000		1,067.20		9.28		1.80%
Hypothetical (assuming a 5% return before expenses)
ICON Asia-Pacific Region Fund
Class S		1,000		1,016.16		8.85
Class C		1,000		1,012.22		12.79
Class A		1,000		1,015.96		9.05
ICON Europe Fund
Class S		1,000		1,017.40		7.59
Class C		1,000		1,012.22		12.79
Class A		1,000		1,015.96		9.05
ICON International Equity Fund
Class S		1,000		1,017.65		7.34
Class C		1,000		1,012.22		12.79
Class A		1,000		1,015.96		9.05

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

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

EXPENSE EXAMPLE 47

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.

48 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 49

ICON FUNDS PRIVACY INFORMATION

FACTS	WHAT DOES ICON DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: n  Social Security number and account balances n  income and transaction history n  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons ICON chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does ICON share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-764-0442 for the ICON Funds and 1-800-828-4881 for ICON Advisers, Inc. and ICON Distributors, Inc.

50 FUNDS PRIVACY INFORMATION

Page 2

Who we are
Who is providing this notice?	ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON”)
What we do
How does ICON protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Contracts with our service providers require them to restrict access to your non-public personal information, and to maintain physical, electronic and procedural safeguards against unintended disclosure.
How does ICON collect my personal information?	We collect your personal information, for example, when you n  open an account or enter into an investment advisory contract n  provide account information or give us your contact information n  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only n  sharing for affiliates’ everyday business purposes — information about your creditworthiness n  affiliates from using your information to market to you n  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. n  Our affiliates include financial companies such as ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. n  Nonaffiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers and nonfinancial companies such as fulfillment, proxy voting, and class action service providers
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n  ICON doesn’t jointly market

FUNDS PRIVACY INFORMATION 51

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For more information about the ICON Funds, contact us:

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

2014 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

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

SAR-SECT-14 B95216

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	6
ICON Energy Fund	8
ICON Financial Fund	11
ICON Healthcare Fund	13
ICON Industrials Fund	15
ICON Information Technology Fund	17
ICON Materials Fund	19
ICON Utilities Fund	21
Financial Statements (Unaudited)	24
Financial Highlights (Unaudited)	40
Notes to Financial Statements (Unaudited)	50
Six Month Hypothetical Expense Example (Unaudited)	67
Other Information (Unaudited)	71
Funds Privacy Information	73

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, 2014, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

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

2 ABOUT THIS REPORT

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, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (84.9%)
	1,200	AutoZone, Inc.†	$	644,520
	52,200	Comcast Corp., Class A		2,611,044
	20,800	Conn’s, Inc.†(a)		808,080
	9,600	Dick’s Sporting Goods, Inc.		524,256
	12,900	DIRECTV†		985,818
	14,600	Discovery Communications, Inc., Class A†		1,207,420
	20,400	Dollar Tree, Inc.†		1,064,472
	40,300	Finish Line, Inc., Class A		1,091,727
	9,600	GNC Holdings, Inc., Class A		422,592
	11,100	Harley-Davidson, Inc.		739,371
	31,500	Home Depot, Inc.		2,492,595
	6,800	Honda Motor Co. Ltd., ADR(a)		240,312
	2,850	Jarden Corp.†		170,515
	2,400	Las Vegas Sands Corp.		193,872
	51,400	LKQ Corp.†		1,354,390
	4,000	Lumber Liquidators Holdings, Inc.†		375,200
	24,900	MarineMax, Inc.†		378,231
	7,100	Multimedia Games Holding Co., Inc.†		206,184
	6,000	Nordstrom, Inc.		374,700
	1,200	O’Reilly Automotive, Inc.†		178,068
	17,200	PetSmart, Inc.		1,184,908
	900	priceline.com, Inc.†		1,072,701
	20,000	PulteGroup, Inc.		383,800
	12,800	Red Robin Gourmet Burgers, Inc.†		917,504

Shares or Principal Amount			Value
	30,400	Ross Stores, Inc.	$	2,175,120
	3,500	Scripps Networks Interactive, Inc., Class A		265,685
	170,000	Sirius XM Holdings, Inc.†		544,000
	24,200	Starbucks Corp.		1,775,796
	6,200	TJX Cos., Inc.		376,030
	15,800	Toll Brothers, Inc.†		567,220
	2,200	Toyota Motor Corp., ADR		248,380
	5,100	Tractor Supply Co.		360,213
	7,300	Urban Outfitters, Inc.†		266,231
	39,600	Walt Disney Co.		3,170,772
	2,500	Whirlpool Corp.		373,650
	37,000	Wolverine World Wide, Inc.(a)		1,056,350
	15,600	Yum! Brands, Inc.		1,176,084
	Total Common Stocks (Cost $28,536,278)			31,977,811
	Collateral for Securities on Loan (5.5%)
	2,078,550	State Street Navigator Prime Portfolio, 0.16%		2,078,550
	Total Collateral for Securities on Loan (Cost $2,078,550)			2,078,550
	Short-Term Investments (19.6%)
$	7,365,406	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		7,365,406
	Total Short-Term Investments (Cost $7,365,406)			7,365,406
	Total Investments 110.0% (Cost $37,980,234)			41,421,767
	Liabilities Less Other Assets (10.0)%			(3,757,993	)
	Net Assets 100.0%		$	37,663,774

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, 2014.

ADR American Depositary Receipt

4 SCHEDULE OF INVESTMENTS

ICON Consumer Discretionary Fund

Sector Composition

March 31, 2014 (unaudited)

Consumer Discretionary	84.9%
	84.9%

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

ICON Consumer Discretionary Fund

Industry Composition

March 31, 2014 (unaudited)

Cable & Satellite	10.9%
Apparel Retail	10.4%
Restaurants	10.2%
Movies & Entertainment	8.4%
Specialty Stores	7.7%
Home Improvement Retail	7.6%
Broadcasting	3.9%
Distributors	3.6%
Internet Retail	2.9%
Footwear	2.8%
General Merchandise Stores	2.8%
Homebuilding	2.5%
Automotive Retail	2.2%
Computer & Electronics Retail	2.1%
Motorcycle Manufacturers	2.0%
Automobile Manufacturers	1.3%
Casinos & Gaming	1.1%
Department Stores	1.0%
Household Appliances	1.0%
Housewares & Specialties	0.5%
	84.9%

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

SCHEDULE OF INVESTMENTS 5

ICON CONSUMER STAPLES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.9%)
	6,700	Boston Beer Co., Inc., Class A†	$	1,639,691
	17,600	Brown-Forman Corp., Class B		1,578,544
	13,100	Bunge, Ltd.		1,041,581
	4,800	Casey’s General Stores, Inc.		324,432
	26,400	Church & Dwight Co., Inc.		1,823,448
	112,600	Coca-Cola Co.		4,353,116
	23,200	Colgate-Palmolive Co.		1,504,984
	49,600	ConAgra Foods, Inc.		1,539,088
	27,900	Costco Wholesale Corp.		3,115,872
	18,800	CVS Caremark Corp.		1,407,368
	16,900	Dr. Pepper Snapple Group, Inc.		920,374
	4,600	Energizer Holdings, Inc.		463,404
	21,300	Ingredion, Inc.		1,450,104
	17,400	J.M. Smucker Co.		1,691,976
	2,800	Kimberly-Clark Corp.		308,700
	19,100	Lorillard, Inc.		1,032,928
	12,700	McCormick & Co., Inc.		911,098
	4,900	Mead Johnson Nutrition Co.		407,386
	16,600	PepsiCo, Inc.		1,386,100

Shares or Principal Amount			Value
	31,500	Philip Morris International, Inc.	$	2,578,905
	31,800	Procter & Gamble Co.		2,563,080
	43,500	Reynolds American, Inc.		2,323,770
	7,200	TreeHouse Foods, Inc.†		518,328
	39,200	Tyson Foods, Inc., Class A		1,725,192
	2,800	United Natural Foods, Inc.†		198,576
	24,900	Wal-Mart Stores, Inc.		1,903,107
	10,800	Whole Foods Market, Inc.		547,668
	Total Common Stocks (Cost $35,627,238)			39,258,820
	Short-Term Investments (1.4%)
$	534,555	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		534,555
	Total Short-Term Investments (Cost $534,555)			534,555
	Total Investments 100.3% (Cost $36,161,793)			39,793,375
	Liabilities Less Other Assets (0.3)%			(112,320	)
	Net Assets 100.0%		$	39,681,055

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

† Non-income producing security.

6 SCHEDULE OF INVESTMENTS

ICON Consumer Staples Fund

Sector Composition

March 31, 2014 (unaudited)

Consumer Staples	98.9%
	98.9%

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

ICON Consumer Staples Fund

Industry Composition

March 31, 2014 (unaudited)

Packaged Foods & Meats	17.1%
Household Products	16.9%
Soft Drinks	16.8%
Tobacco	15.0%
Hypermarkets & Super Centers	12.6%
Agricultural Products	6.2%
Brewers	4.1%
Distillers & Vintners	4.0%
Drug Retail	3.5%
Food Retail	2.2%
Food Distributors	0.5%
	98.9%

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

SCHEDULE OF INVESTMENTS 7

ICON ENERGY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (97.4%)
	171,800	Alliance Resource Partners L.P.	$	14,455,252
	93,600	Anadarko Petroleum Corp.		7,933,536
	229,700	Atmos Energy Corp.		10,825,761
	436,400	Atwood Oceanics, Inc.†		21,990,196
	200,000	Bristow Group, Inc.		15,104,000
	166,600	Cameron International Corp.†		10,290,882
	328,800	Chesapeake Energy Corp.		8,423,856
	373,900	Chevron Corp.		44,460,449
	629,400	CMS Energy Corp.		18,428,832
	495,200	ConocoPhillips		34,837,320
	37,500	Core Laboratories NV		7,441,500
	102,100	Dresser-Rand Group, Inc.†		5,963,661
	224,700	Dril-Quip, Inc.†		25,188,870
	110,100	Ensco PLC, Class A		5,811,078
	134,300	EQT Corp.		13,023,071
	1,076,700	Exxon Mobil Corp.		105,172,056
	380,300	FMC Technologies, Inc.†		19,885,887
	122,300	Geospace Technologies Corp.†		8,092,591
	410,300	Halliburton Co.		24,162,567
	413,300	HollyFrontier Corp.		19,664,814
	38,100	Integrys Energy Group, Inc.		2,272,665
	267,500	Laclede Group, Inc.		12,612,625
	308,100	LUKOIL OAO, ADR		17,230,493

Shares or Principal Amount			Value
	348,900	Marathon Petroleum Corp.	$	30,368,256
	95,200	National Oilwell Varco, Inc.		7,413,224
	302,000	Newpark Resources, Inc.†		3,457,900
	250,500	Noble Corp. PLC		8,201,370
	226,200	Noble Energy, Inc.		16,069,248
	516,300	Oceaneering International, Inc.		37,101,318
	386,550	Phillips 66		29,787,543
	85,800	Piedmont Natural Gas Co., Inc.		3,036,462
	219,400	SM Energy Co.		15,641,026
	546,700	Southwestern Energy Co.†		25,153,667
	423,400	Tesoro Corp.		21,419,806
	162,900	TransCanada Corp.(a)		7,415,208
	265,900	UGI Corp.		12,127,699
	231,900	Ultrapar Participacoes S.A., ADR		5,586,471
	218,600	Valero Energy Corp.		11,607,660
	274,900	Western Refining, Inc.(a)		10,611,140
	191,100	Whiting Petroleum Corp.†		13,260,429
	Total Common Stocks (Cost $613,141,692)			711,530,389
	Collateral for Securities on Loan (1.8%)
	13,051,011	State Street Navigator Prime Portfolio, 0.16%		13,051,011
	Total Collateral for Securities on Loan (Cost $13,051,011)			13,051,011

8 SCHEDULE OF INVESTMENTS

Shares or Principal Amount			Value
	Short-Term Investments (2.7%)
$	20,118,397	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14	$	20,118,397
	Total Short-Term Investments (Cost $20,118,397)			20,118,397
	Total Investments 101.9% (Cost $646,311,100)			744,699,797
	Liabilities Less Other Assets (1.9)%			(13,849,051	)
	Net Assets 100.0%		$	730,850,746

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, 2014.

ADR American Depositary Receipt

SCHEDULE OF INVESTMENTS 9

ICON Energy Fund Sector Composition

March 31, 2014 (unaudited)

Energy	89.3%
Utilities	8.1%
	97.4%

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

ICON Energy Fund Industry Composition

March 31, 2014 (unaudited)

Integrated Oil & Gas	27.7%
Oil & Gas Equipment & Services	22.4%
Oil & Gas Refining & Marketing	16.9%
Oil & Gas Exploration & Production	13.6%
Gas Utilities	5.3%
Oil & Gas Drilling	4.9%
Multi-Utilities	2.8%
Coal & Consumable Fuels	2.0%
Oil & Gas Storage & Transportation	1.8%
	97.4%

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

10 SCHEDULE OF INVESTMENTS

ICON FINANCIAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (71.7%)
	500	Affiliated Managers Group, Inc.†	$	100,025
	3,600	Allstate Corp.		203,688
	3,700	Aon PLC		311,836
	5,800	BB&T Corp.		232,986
	7,900	Brown & Brown, Inc.		243,004
	2,000	Credicorp, Ltd.		275,840
	7,900	Discover Financial Services		459,701
	6,000	Eaton Vance Corp.		228,960
	5,500	Encore Capital Group, Inc.†(a)		251,350
	1,400	Everest Re Group, Ltd.		214,270
	4,700	First Cash Financial Services, Inc.†		237,162
	2,400	FirstService Corp.		114,024
	2,600	Franklin Resources, Inc.		140,868
	8,200	Glacier Bancorp, Inc.		238,374
	7,400	HCP, Inc., REIT		287,046
	1,100	Intercontinental Exchange Group, Inc.		217,613
	10,100	Invesco, Ltd.		373,700
	1,800	Jones Lang LaSalle, Inc.		213,300
	7,000	Main Street Capital Corp.(a)		230,020
	2,500	MarketAxess Holdings, Inc.		148,050
	4,600	Moody’s Corp.		364,872
	4,300	Northern Trust Corp.		281,908
	7,800	Omega Healthcare Investors, Inc., REIT		261,456
	3,900	Portfolio Recovery Associates, Inc.†		225,654

Shares or Principal Amount			Value
	3,100	RenaissanceRe Holdings, Ltd.	$	302,560
	5,300	SEI Investments Co.		178,133
	1,700	Signature Bank†		213,503
	2,800	State Street Corp.		194,740
	1,800	T Rowe Price Group, Inc.		148,230
	3,700	Travelers Cos., Inc.		314,870
	4,800	Ventas, Inc., REIT		290,736
	1,800	Visa, Inc., Class A		388,548
	6,300	Walter Investment Management Corp.†(a)		187,929
	4,700	World Acceptance Corp.†(a)		352,876
	5,100	WR Berkley Corp.		212,262
	4,000	XL Group PLC		125,000
	Total Common Stocks (Cost $7,902,833)			8,765,094
	Collateral for Securities on Loan (9.8%)
	1,197,650	State Street Navigator Prime Portfolio, 0.16%		1,197,650
	Total Collateral for Securities on Loan (Cost $1,197,650)			1,197,650
	Short-Term Investments (26.7%)
$	3,267,817	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		3,267,817
	Total Short-Term Investments (Cost $3,267,817)			3,267,817
	Total Investments 108.2% (Cost $12,368,300)			13,230,561
	Liabilities Less Other Assets (8.2)%			(1,003,598	)
	Net Assets 100.0%		$	12,226,963

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, 2014.

REIT Real Estate Investment Trust

SCHEDULE OF INVESTMENTS 11

ICON Financial Fund

Sector Composition

March 31, 2014 (unaudited)

Financial	68.5%
Information Technology	3.2%
	71.7%

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

ICON Financial Fund

Industry Composition

March 31, 2014 (unaudited)

Asset Management & Custody Banks	17.0%
Consumer Finance	10.7%
Specialized Finance	7.8%
Property & Casualty Insurance	7.0%
Health Care REITs	6.8%
Regional Banks	5.5%
Insurance Brokers	4.5%
Reinsurance	4.3%
Data Processing & Outsourced Services	3.2%
Real Estate Services	2.6%
Diversified Banks	2.3%
	71.7%

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

12 SCHEDULE OF INVESTMENTS

ICON HEALTHCARE FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (68.8%)
	72,700	Abbott Laboratories	$	2,799,677
	84,000	AbbVie, Inc.		4,317,600
	5,375	Actavis PLC†		1,106,444
	41,000	Aetna, Inc.		3,073,770
	94,000	Akorn, Inc.†		2,068,000
	48,000	Amerisource-Bergen Corp.		3,148,320
	56,000	Baxter International, Inc.		4,120,480
	8,800	Bayer AG, ADR		1,190,288
	55,000	Cantel Medical Corp.		1,854,600
	65,400	Celgene Corp.†		9,129,840
	82,000	CIGNA Corp.		6,865,860
	27,000	Edwards Lifesciences Corp.†		2,002,590
	27,000	Emergent Biosolutions, Inc.†		682,290
	43,000	Envision Healthcare Holdings, Inc.†		1,454,690
	20,000	Express Scripts Holding Co.†		1,501,800
	128,982	Gilead Sciences, Inc.†		9,139,664

Shares or Principal Amount			Value
	35,000	Haemonetics Corp.†	$	1,140,650
	145,900	Johnson & Johnson		14,331,757
	13,400	McKesson Corp.		2,366,038
	6,400	Perrigo Co. PLC		989,824
	61,000	Sucampo Pharmaceuticals, Inc., Class A†		436,150
	16,000	Thoratec Corp.†		572,960
	74,000	UnitedHealth Group, Inc.		6,067,260
	Total Common Stocks (Cost $70,738,131)			80,360,552
	Short-Term Investments (32.3%)
$	37,717,383	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		37,717,383
	Total Short-Term Investments (Cost $37,717,383)			37,717,383
	Total Investments 101.1% (Cost $108,455,514)			118,077,935
	Liabilities Less Other Assets (1.1)%			(1,316,245	)
	Net Assets 100.0%		$	116,761,690

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

† Non-income producing security.

ADR American Depositary Receipt

SCHEDULE OF INVESTMENTS 13

ICON Healthcare Fund

Sector Composition

March 31, 2014 (unaudited)

Health Care	68.8%
	68.8%

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

ICON Healthcare Fund

Industry Composition

March 31, 2014 (unaudited)

Pharmaceuticals	21.0%
Biotechnology	16.2%
Managed Health Care	13.7%
Health Care Equipment	9.7%
Health Care Distributors	4.7%
Health Care Services	2.5%
Health Care Supplies	1.0%
	68.8%

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

14 SCHEDULE OF INVESTMENTS

ICON INDUSTRIALS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (93.7%)
	15,000	Alaska Air Group, Inc.	$	1,399,650
	5,000	Boeing Co.		627,450
	10,000	Caterpillar, Inc.		993,700
	5,600	Corporate Executive Board Co.		415,688
	11,100	Crane Co.		789,765
	20,000	CSX Corp.		579,400
	11,000	Danaher Corp.		825,000
	8,700	Dover Corp.		711,225
	10,000	Eaton Corp. PLC		751,200
	15,000	Flowserve Corp.		1,175,100
	15,000	Fluor Corp.		1,165,950
	94,500	General Electric Co.		2,446,605
	15,000	Genesee & Wyoming, Inc., Class A†		1,459,800
	40,000	Healthcare Services Group, Inc.		1,162,400
	5,000	Honeywell International, Inc.		463,800
	5,000	IDEX Corp.		364,450
	12,500	Jacobs Engineering Group, Inc.†		793,750
	5,500	JB Hunt Transport Services, Inc.		395,560
	5,000	Landstar System, Inc.		296,100
	15,000	MSC Industrial Direct Co., Class A		1,297,800
	11,000	Norfolk Southern Corp.		1,068,870
	5,000	Pall Corp.		447,350

Shares or Principal Amount			Value
	5,000	Precision Castparts Corp.	$	1,263,800
	8,000	Raytheon Co.		790,320
	7,000	Ryder System, Inc.		559,440
	5,800	Snap-on, Inc.		658,184
	7,100	Spirit Aerosystems Holdings, Inc., Class A†		200,149
	35,000	Tyco International, Ltd.		1,484,000
	13,000	Union Pacific Corp.		2,439,580
	33,000	United Technologies Corp.		3,855,720
	5,300	Wabtec Corp.		410,750
	5,000	WESCO International, Inc.†		416,100
	8,000	WW Grainger, Inc.		2,021,280
	Total Common Stocks (Cost $23,784,980)			33,729,936
	Short-Term Investments (6.4%)
$	2,303,236	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		2,303,236
	Total Short-Term Investments (Cost $2,303,236)			2,303,236
	Total Investments 100.1% (Cost $26,088,216)			36,033,172
	Liabilities Less Other Assets (0.1)%			(50,346	)
	Net Assets 100.0%		$	35,982,826

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

† Non-income producing security.

SCHEDULE OF INVESTMENTS 15

ICON Industrials Fund

Sector Composition

March 31, 2014 (unaudited)

Industrials	93.7%
	93.7%

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

ICON Industrials Fund

Industry Composition

March 31, 2014 (unaudited)

Aerospace & Defense	20.0%
Railroads	15.5%
Industrial Machinery	11.5%
Trading Companies & Distributors	10.4%
Industrial Conglomerates	9.1%
Construction & Engineering	5.4%
Security & Alarm Services	4.1%
Airlines	3.9%
Construction & Farm Machinery & Heavy Trucks	3.9%
Trucking	3.4%
Diversified Support Services	3.2%
Electrical Components & Equipment	2.1%
Research & Consulting Services	1.2%
	93.7%

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

16 SCHEDULE OF INVESTMENTS

ICON INFORMATION TECHNOLOGY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (91.5%)
	38,600	Accenture PLC, Class A	$	3,077,192
	20,000	Amdocs, Ltd.		929,200
	11,600	Apple, Inc.		6,226,184
	21,300	CA, Inc.		659,661
	12,100	Coherent, Inc.†		790,735
	58,700	eBay, Inc.†		3,242,588
	38,800	Facebook, Inc.†		2,337,312
	8,300	Fidelity National Information Services, Inc.		443,635
	13,000	Gartner, Inc.†		902,720
	6,625	Google, Inc., Class A†		7,383,629
	26,400	Informatica Corp.†		997,392
	10,300	International Business Machines Corp.		1,982,647
	12,100	Intuit, Inc.		940,533
	6,800	j2 Global, Inc.		340,340
	16,700	KLA-Tencor Corp.		1,154,638
	23,800	Mastercard, Inc., Class A		1,777,860
	18,000	MAXIMUS, Inc.		807,480
	76,400	Mentor Graphics Corp.		1,682,328
	23,200	Methode Electronics, Inc.		711,312
	46,700	Micron Technology, Inc.†		1,104,922
	29,500	Microsoft Corp.		1,209,205

Shares or Principal Amount			Value
	11,900	MTS Systems Corp.	$	815,031
	84,900	Oracle Corp.		3,473,259
	21,600	OSI Systems, Inc.†		1,292,976
	50,600	Perficient, Inc.†		916,872
	13,300	SAP AG, ADR		1,081,423
	35,277	ScanSource, Inc.†		1,438,243
	41,800	Semtech Corp.†		1,059,212
	15,600	SINA Corp.†		942,396
	87,200	Skyworks Solutions, Inc.†		3,271,744
	25,400	SYNNEX Corp.†		1,539,494
	57,000	Total System Services, Inc.		1,733,370
	37,800	Trimble Navigation Ltd.†		1,469,286
	17,445	Visa, Inc., Class A		3,765,678
	21,300	VistaPrint†		1,048,386
	Total Common Stocks (Cost $46,568,926)			62,548,883
	Short-Term Investments (10.7%)
$	7,294,511	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		7,294,511
	Total Short-Term Investments (Cost $7,294,511)			7,294,511
	Total Investments 102.2% (Cost $53,863,437)			69,843,394
	Liabilities Less Other Assets (2.2)%			(1,509,111	)
	Net Assets 100.0%		$	68,334,283

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

† Non-income producing security.

ADR American Depositary Receipt

SCHEDULE OF INVESTMENTS 17

ICON Information Technology Fund

Sector Composition

March 31, 2014 (unaudited)

Information Technology	91.5%
	91.5%

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

ICON Information Technology Fund

Industry Composition

March 31, 2014 (unaudited)

Internet Software & Services	23.6%
IT Consulting & Other Services	11.3%
Data Processing & Outsourced Services	11.2%
Technology Hardware, Storage & Peripherals	9.1%
Semiconductors	7.9%
Systems Software	7.9%
Application Software	7.0%
Technology Distributors	4.4%
Electronic Equipment & Instruments	4.3%
Electronic Manufacturing Services	3.1%
Semiconductor Equipment	1.7%
	91.5%

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

18 SCHEDULE OF INVESTMENTS

ICON MATERIALS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (86.5%)
	10,000	Airgas, Inc.	$	1,065,100
	20,000	Aptargroup, Inc.		1,322,000
	7,000	Ashland, Inc.		696,360
	15,000	Bemis Co., Inc.		588,600
	10,000	Cabot Corp.		590,600
	20,000	Celanese Corp.		1,110,200
	2,500	CF Industries Holdings, Inc.		651,600
	90,000	Dow Chemical Co.		4,373,100
	65,000	E.I. du Pont de Nemours & Co.		4,361,500
	30,000	Eagle Materials, Inc.		2,659,800
	25,000	Eastman Chemical Co.		2,155,250
	40,000	Ecolab, Inc.		4,319,600
	60,000	FMC Corp.		4,593,600
	125,000	Freeport-McMoRan Copper & Gold, Inc.		4,133,750
	50,000	Goldcorp, Inc.		1,224,000
	40,000	HB Fuller Co.		1,931,200
	20,000	Innospec, Inc.		904,600
	70,000	KapStone Paper and Packaging Corp.†		2,018,800
	20,000	Koppers Holdings, Inc.		824,600
	80,000	Landec Corp.†		892,800
	50,000	LSB Industries, Inc.†		1,871,000
	75,000	LyondellBasell Industries, Class A		6,670,500

Shares or Principal Amount			Value
	45,000	Methanex Corp.	$	2,877,300
	65,000	Monsanto Co.		7,395,050
	10,000	Newmont Mining Corp.		234,400
	60,000	Nucor Corp.		3,032,400
	10,000	Praxair, Inc.		1,309,700
	25,000	Reliance Steel & Aluminum Co.		1,766,500
	20,000	Sherwin-Williams Co.		3,942,600
	35,000	Silgan Holdings, Inc.		1,733,200
	25,000	Southern Copper Corp.		727,750
	100,000	Steel Dynamics, Inc.		1,779,000
	5,000	Union Pacific Corp.		938,300
	10,000	Valspar Corp.		721,200
	20,000	Westlake Chemical Corp.		1,323,600
	Total Common Stocks (Cost $56,093,904)			76,739,560
	Short-Term Investments (13.5%)
$	11,932,297	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		11,932,297
	Total Short-Term Investments (Cost $11,932,297)			11,932,297
	Total Investments 100.0% (Cost $68,026,201)			88,671,857
	Other Assets Less Liabilities 0.0%			18,719
	Net Assets 100.0%		$	88,690,576

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

† Non-income producing security.

SCHEDULE OF INVESTMENTS 19

ICON Materials Fund

Sector Composition

March 31, 2014 (unaudited)

Materials	85.4%
Industrials	1.1%
	86.5%

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

ICON Materials Fund

Industry Composition

March 31, 2014 (unaudited)

Diversified Chemicals	20.2%
Specialty Chemicals	16.3%
Commodity Chemicals	13.1%
Fertilizers & Agricultural Chemicals	9.0%
Steel	7.4%
Diversified Metals & Mining	5.5%
Metal & Glass Containers	3.5%
Construction Materials	3.0%
Industrial Gases	2.7%
Paper Products	2.3%
Gold	1.7%
Railroads	1.1%
Paper Packaging	0.7%
	86.5%

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

20 SCHEDULE OF INVESTMENTS

ICON UTILITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2014 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.1%)
	22,800	AES Corp.	$	325,584
	25,300	American Water Works Co., Inc.		1,148,620
	27,525	Aqua America, Inc.		690,052
	34,000	Atmos Energy Corp.		1,602,420
	57,400	Avista Corp.		1,759,310
	46,000	Cleco Corp.		2,326,680
	88,800	CMS Energy Corp.		2,600,064
	13,100	Duke Energy Corp.		932,982
	6,600	Edison International		373,626
	26,400	Laclede Group, Inc.		1,244,760
	11,800	NextEra Energy, Inc.		1,128,316
	16,500	Northeast Utilities		750,750
	48,000	OGE Energy Corp.		1,764,480
	31,200	PG&E Corp.		1,347,840
	40,000	Piedmont Natural Gas Co., Inc.		1,415,600
	49,900	SCANA Corp.		2,560,868
	12,500	South Jersey Industries, Inc.		701,125

Shares or Principal Amount			Value
	38,900	Southern Co.	$	1,709,266
	68,400	UIL Holdings Corp.		2,517,804
	76,700	Westar Energy, Inc.(a)		2,696,772
	55,300	Wisconsin Energy Corp.		2,574,215
	82,000	Xcel Energy, Inc.		2,489,520
	Total Common Stocks (Cost $32,211,259)			34,660,654
	Collateral for Securities on Loan (7.7%)
	2,722,850	State Street Navigator Prime Portfolio, 0.16%		2,722,850
	Total Collateral for Securities on Loan (Cost $2,722,850)			2,722,850
	Short-Term Investments (1.7%)
$	601,395	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/14		601,395
	Total Short-Term Investments (Cost $601,395)			601,395
	Total Investments 107.5% (Cost $35,535,504)			37,984,899
	Liabilities Less Other Assets (7.5)%			(2,637,063	)
	Net Assets 100.0%		$	35,347,836

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, 2014.

SCHEDULE OF INVESTMENTS 21

ICON Utilities Fund

Sector Composition

March 31, 2014 (unaudited)

Utilities	89.1%
Telecommunication	9.0%
	98.1%

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

ICON Utilities Fund

Industry Composition

March 31, 2014 (unaudited)

Multi-Utilities	42.8%
Electric Utilities	35.1%
Gas Utilities	14.0%
Water Utilities	5.3%
Independent Power Producers & Energy Traders	0.9%
	98.1%

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

22 SCHEDULE OF INVESTMENTS

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STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2014 (UNAUDITED)

	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Assets
Investments, at cost	$	37,980,234	$	36,161,793	$	646,311,100
Investments, at value†		41,421,767		39,793,375		744,699,797
Receivables:
Fund shares sold		95,973		43,316		752,965
Investments sold		230,801		-		-
Dividends		17,375		130,219		280,399
Expense reimbursements due from Adviser		1,467		2,320		-
Foreign tax reclaims		-		-		29,517
Other assets		17,827		13,438		88,025
Total Assets		41,785,210		39,982,668		745,850,703
Liabilities
Payables:
Investments purchased		1,876,070		194,170		-
Payable for collateral received on securities loaned		2,078,550		-		13,051,011
Fund shares redeemed		87,086		36,252		923,248
Advisory fees		31,787		33,329		602,715
Accrued distribution fees		1,044		1,924		20,577
Fund accounting fees		1,841		1,720		30,876
Transfer agent fees		20,095		12,814		234,128
Administration fees		1,585		1,661		30,518
Trustee fees		1,826		1,323		22,988
Accrued expenses		21,552		18,420		83,896
Total Liabilities		4,121,436		301,613		14,999,957
Net Assets - all share classes	$	37,663,774	$	39,681,055	$	730,850,746
Net Assets - Class S	$	34,523,646	$	35,484,247	$	683,986,541
Net Assets - Class C	$	562,726	$	1,633,525	$	17,422,245
Net Assets - Class A	$	2,577,402	$	2,563,283	$	29,441,960

24 FINANCIAL STATEMENTS

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund		ICON Energy Fund
Net Assets Consist of
Paid-in capital	$	29,712,498		$	35,182,975	$	603,272,508
Accumulated undistributed net investment income/(loss)		(273,476	)		93,277		1,473,949
Accumulated undistributed net realized gain/(loss)		4,783,219			773,221		27,715,573
Unrealized appreciation/(depreciation)		3,441,533			3,631,582		98,388,716
Net Assets	$	37,663,774		$	39,681,055	$	730,850,746
Shares outstanding (unlimited shares authorized, no par value)
Class S		2,182,917			3,226,937		29,875,769
Class C		36,938			151,372		776,297
Class A		166,019			232,322		1,290,493
Net asset value (offering and redemption price per share)
Class S	$	15.82		$	11.00	$	22.89
Class C	$	15.23		$	10.79	$	22.44
Class A	$	15.52		$	11.03	$	22.81
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	16.47		$	11.70	$	24.20
†  Includes securities on loan of	$	2,041,130		$	-	$	12,806,393

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

FINANCIAL STATEMENTS 25

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2014 (UNAUDITED)

	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Assets
Investments, at cost	$	12,368,300	$	108,455,514	$	26,088,216
Investments, at value†		13,230,561		118,077,935		36,033,172
Receivables:
Fund shares sold		3,200		58,029		8,410
Investments sold		214,456		-		-
Dividends		5,251		33,947		44,111
Expense reimbursements due from Adviser		18,294		2,169		2,704
Foreign tax reclaims		336		5,884		-
Other assets		14,964		28,447		12,008
Total Assets		13,487,062		118,206,411		36,100,405
Liabilities
Payables:
Investments purchased		-		1,138,560		-
Payable for collateral received on securities loaned		1,197,650		-		-
Fund shares redeemed		250		116,639		49,340
Advisory fees		10,341		100,116		32,730
Accrued distribution fees		270		783		231
Fund accounting fees		888		5,148		1,676
Transfer agent fees		24,664		45,138		10,099
Administration fees		515		4,992		1,632
Trustee fees		1,069		3,396		1,262
Accrued expenses		24,452		29,949		20,609
Total Liabilities		1,260,099		1,444,721		117,579
Net Assets - all share classes	$	12,226,963	$	116,761,690	$	35,982,826
Net Assets - Class S	$	11,079,273	$	114,396,918	$	35,543,428
Net Assets - Class C	$	71,290	$	408,994	$	235,788
Net Assets - Class A	$	1,076,400	$	1,955,778	$	203,610

26 FINANCIAL STATEMENTS

	ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund
Net Assets Consist of
Paid-in capital	$	100,475,706		$	89,898,338		$	53,697,593
Accumulated undistributed net investment income/(loss)		(1,350	)		(288,850	)		12,468
Accumulated undistributed net realized gain/(loss)		(89,109,654	)		17,529,781			(27,672,188	)
Unrealized appreciation/(depreciation)		862,261			9,622,421			9,944,956
Net Assets	$	12,226,963		$	116,761,690		$	35,982,829
Shares outstanding (unlimited shares authorized, no par value)
Class S		1,422,366			5,723,645			3,004,385
Class C		9,191			21,356			20,330
Class A		136,921			99,461			17,309
Net asset value (offering and redemption price per share)
Class S	$	7.79		$	19.99		$	11.83
Class C	$	7.76		$	19.15		$	11.60
Class A	$	7.86		$	19.66		$	11.76
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	8.34		$	20.86		$	12.48
†  Includes securities on loan of	$	1,022,175		$	-		$	-

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

FINANCIAL STATEMENTS 27

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2014 (UNAUDITED)

	ICON Information Technology Fund		ICON Materials Fund		ICON Utilities Fund
Assets
Investments, at cost	$	53,863,437	$	68,026,201	$	35,535,504
Investments, at value†		69,843,394		88,671,857		37,984,899
Cash		-		7,739		-
Receivables:
Fund shares sold		25,505		66,142		19,656
Dividends		7,732		105,303		169,816
Expense reimbursements due from Adviser		2,444		2,139		445
Foreign tax reclaims		-		-		4,916
Other assets		16,887		19,031		14,950
Total Assets		69,895,962		88,872,211		38,194,682
Liabilities
Payables:
Expense recoupment due to adviser		46		2,739		1,360
Investments purchased		1,354,247		-		-
Payable for collateral received on securities loaned		-		-		2,722,850
Fund shares redeemed		87,539		52,997		38,601
Distributions due to shareholders		-		-		15,606
Advisory fees		59,688		74,932		29,659
Accrued distribution fees		353		1,655		2,698
Fund accounting fees		3,129		3,495		1,548
Transfer agent fees		26,477		21,250		15,368
Administration fees		2,976		3,736		1,479
Trustee fees		2,515		2,135		1,128
Accrued expenses		24,709		18,696		16,549
Total Liabilities		1,561,679		181,635		2,846,846
Net Assets - all share classes	$	68,334,283	$	88,690,576	$	35,347,836
Net Assets - Class S	$	67,750,559	$	82,137,199	$	30,603,247
Net Assets - Class C	$	358,979	$	533,120	$	2,691,336
Net Assets - Class A	$	224,745	$	6,020,257	$	2,053,253

28 FINANCIAL STATEMENTS

	ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
Net Assets Consist of
Paid-in capital	$	67,412,251		$	82,164,155		$	36,953,866
Accumulated undistributed net investment income/(loss)		(501,846	)		83,050			6,547
Accumulated undistributed net realized gain/(loss)		(14,556,079	)		(14,202,285	)		(4,062,080	)
Unrealized appreciation/(depreciation)		15,979,957			20,645,656			2,449,503
Net Assets	$	68,334,283		$	88,690,576		$	35,347,836
Shares outstanding (unlimited shares authorized, no par value)
Class S		5,399,459			5,543,333			3,884,578
Class C		29,737			36,541			346,387
Class A		18,184			409,145			263,646
Net asset value (offering and redemption price per share)
Class S	$	12.55		$	14.82		$	7.88
Class C	$	12.07		$	14.59		$	7.77
Class A	$	12.36		$	14.71		$	7.79
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	13.11		$	15.61		$	8.27
†  Includes securities on loan of	$	-		$	-		$	2,696,772

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

FINANCIAL STATEMENTS 29

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2014 (UNAUDITED)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Investment Income
Interest	$	300		$	32		$	1,657
Dividends		163,724			483,335			6,883,323
Income from securities lending, net		2,090			-			41,949
Foreign taxes withheld		-			-			(81,632	)
Total Investment Income		166,114			483,367			6,845,297
Expenses
Advisory fees		188,999			195,935			3,566,643
Distribution fees:
Class C		2,587			8,829			80,294
Class A		3,453			3,306			35,338
Fund accounting fees		3,913			4,034			74,559
Transfer agent fees		41,073			34,232			563,079
Administration fees		9,428			9,774			180,733
Custody fees		1,938			1,127			10,142
Registration fees:
Class S		8,316			7,661			19,596
Class C		2,831			2,605			8,995
Class A		1,492			1,077			2,921
Insurance expense		3,633			2,414			36,079
Trustee fees and expenses		2,584			2,280			42,140
Audit and tax service expense		12,410			12,480			12,410
Interest expense		586			2			-
Recoupment of previously reimbursed expenses		-			-			-
Other expenses		13,669			12,763			124,774
Total expenses before expense reimbursement		296,912			298,519			4,757,703
Expense reimbursement by Adviser due to expense limitation agreement		(2,101	)		(3,060	)		-
Net Expenses		294,811			295,459			4,757,703
Net Investment Income/(Loss)		(128,697	)		187,908			2,087,594
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		5,516,801			1,285,053			37,993,951
Foreign currency		-			-			-
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(1,899,871	)		1,470,422			(8,309,087	)
Net realized and unrealized gain/(loss)		3,616,930			2,755,475			29,684,864
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	3,488,233		$	2,943,383		$	31,772,458

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

30 FINANCIAL STATEMENTS

ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund			ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
$	185		$	1,303		$	195		$	373		$	2,404		$	18
	93,790			479,902			277,997			296,838			621,115			683,156
	2,005			22,017			-			-			592			2,000
	-			-			-			-			-			(5,490	)
	95,980			503,222			278,192			297,211			624,111			679,684
	64,151			579,448			188,024			364,538			398,683			172,008
	375			1,661			826			1,704			1,759			13,648
	1,264			5,263			1,328			1,894			4,610			2,821
	1,337			11,892			3,872			7,512			8,182			3,541
	32,321			101,929			24,954			62,386			60,508			33,974
	3,200			28,903			9,379			18,185			19,887			8,581
	3,509			2,693			895			1,710			1,296			1,220
	7,546			9,391			7,369			8,412			7,471			7,084
	1,680			3,639			2,401			3,011			3,691			2,477
	1,678			1,672			647			1,121			1,211			2,029
	2,432			6,296			1,977			4,358			2,702			1,868
	1,001			5,931			2,219			4,423			4,240			2,012
	12,410			12,410			12,410			12,410			12,445			12,515
	-			-			-			438			-			27
	-			-			1,101			1,019			3,767			1,395
	10,022			24,544			12,192			18,879			14,158			11,376
	142,926			795,672			269,594			512,000			544,610			276,576
	(45,597	)		(3,600	)		(3,871	)		(3,577	)		(3,549	)		(2,067	)
	97,329			792,072			265,723			508,423			541,061			274,509
	(1,349	)		(288,850	)		12,469			(211,212	)		83,050			405,175
	1,017,119			22,213,475			3,069,848			10,053,811			1,126,442			539,145
	-			-			(3	)		-			-			(550	)
	(165,625	)		(4,539,909	)		1,318,271			(2,879,848	)		6,746,309			2,484,850
	851,494			17,673,566			4,388,116			7,173,963			7,872,751			3,023,445
$	850,145		$	17,384,716		$	4,400,585		$	6,962,751		$	7,955,801		$	3,428,620

FINANCIAL STATEMENTS 31

STATEMENTS OF CHANGES IN NET ASSETS

	ICON Consumer Discretionary Fund						ICON Consumer Staples Fund
	Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
Operations
Net investment income/(loss)	$	(128,697	)	$	(144,778	)	$	187,908		$	747,097
Net realized gain/(loss)		5,516,801			17,367,080			1,285,053			5,151,989
Change in net unrealized appreciation/(depreciation)		(1,899,871	)		(5,298,877	)		1,470,422			(1,187,254	)
Net increase/(decrease) in net assets resulting from operations		3,488,233			11,923,425			2,943,383			4,711,832
Dividends and Distributions to Shareholders
Net investment income
Class S		-			(107,081	)		(90,346	)		(705,385	)
Class C		-			-			-			(14,925	)
Class A		-			-			(4,612	)		(34,332	)
Net realized gains
Class S		-			-			(3,012,548	)		-
Class C		-			-			(170,527	)		-
Class A		-			-			(227,301	)		-
Net decrease from dividends and distributions		-			(107,081	)		(3,505,334	)		(754,642	)
Fund Share Transactions
Shares sold
Class S		8,965,417			43,652,744			2,396,626			21,836,090
Class C		83,359			401,289			255,634			813,655
Class A		560,847			4,395,182			158,596			3,932,331
Reinvested dividends and distributions
Class S		-			105,010			3,053,902			692,727
Class C		-			-			44,192			4,317
Class A		-			-			194,753			29,553
Shares repurchased
Class S		(17,515,588	)		(73,391,087	)		(3,300,131	)		(30,093,447	)
Class C		(33,740	)		(36,831	)		(354,907	)		(124,117	)
Class A		(2,939,820	)		(1,812,004	)		(500,795	)		(2,752,989	)
Net increase/(decrease) from fund share transactions		(10,879,525	)		(26,685,697	)		1,947,870			(5,661,880	)
Total net increase/(decrease) in net assets		(7,391,292	)		(14,869,353	)		1,385,919			(1,704,690	)
Net Assets
Beginning of period		45,055,066			59,924,419			38,295,136			39,999,826
End of period	$	37,663,774		$	45,055,066		$	39,681,055		$	38,295,136

32 FINANCIAL STATEMENTS

ICON Energy Fund						ICON Financial Fund						ICON Healthcare Fund
Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
$	2,087,594		$	5,159,129		$	(1,349	)	$	281,353		$	(288,850	)	$	130,524
	37,993,951			51,204,122			1,017,119			12,374,185			22,213,475			26,892,462
	(8,309,087	)		51,972,292			(165,625	)		(2,638,068	)		(4,539,909	)		68,512
	31,772,458			108,335,543			850,145			10,017,470			17,384,716			27,091,498
	(1,893,617	)		(7,939,013	)		(278,278	)		(212,181	)		(127,305	)		(960,315	)
	-			(40,680	)		-			(2,641	)		-			(830	)
	(21,999	)		(198,437	)		-			(87,060	)		(3,215	)		(4,814	)
	(19,835,437	)		-			-			-			(28,562,134	)		-
	(474,214	)		-			-			-			(77,969	)		-
	(826,812	)		-			-			-			(1,764,297	)		-
	(23,052,079	)		(8,178,130	)		(278,278	)		(301,882	)		(30,534,920	)		(965,959	)
	96,583,682			198,302,565			1,794,739			29,654,752			42,889,174			43,127,373
	3,489,948			6,783,056			63,439			243,546			180,716			146,690
	6,026,237			17,708,600			143,638			819,285			8,681,572			11,232,441
	20,337,410			7,493,213			264,617			206,388			26,680,676			908,195
	353,635			32,808			-			2,641			56,771			494
	691,659			156,316			-			71,977			1,607,097			3,781
	(100,732,420	)		(208,619,981	)		(3,329,441	)		(54,045,138	)		(35,303,470	)		(77,710,064	)
	(1,257,875	)		(1,988,902	)		(301,046	)		(4,217	)		(55,561	)		(28,984	)
	(3,802,826	)		(10,731,767	)		(66,428	)		(10,555,135	)		(11,002,799	)		(9,058,937	)
	21,689,450			9,135,908			(1,430,482	)		(33,605,901	)		33,734,176			(31,379,011	)
	30,409,829			109,293,321			(858,615	)		(23,890,313	)		20,583,972			(5,253,472	)
	700,440,917			591,147,596			13,085,578			36,975,891			96,177,718			101,431,190
$	730,850,746		$	700,440,917		$	12,226,963		$	13,085,578		$	116,761,690		$	96,177,718

FINANCIAL STATEMENTS 33

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Consumer Discretionary Fund						ICON Consumer Staples Fund
	Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
Transactions in Fund Shares
Shares sold
Class S		581,868			3,395,262			218,842			2,043,041
Class C		5,481			30,502			23,142			76,170
Class A		37,247			332,826			13,733			342,500
Reinvested dividends and distributions
Class S		-			9,147			282,148			64,320
Class C		-			-			4,161			403
Class A		-			-			17,945			2,678
Shares repurchased
Class S		(1,150,320	)		(5,587,832	)		(297,487	)		(2,766,875	)
Class C		(2,215	)		(2,785	)		(33,619	)		(11,686	)
Class A		(200,949	)		(135,510	)		(43,726	)		(247,161	)
Net increase/(decrease)		(728,888	)		(1,958,390	)		185,139			(496,610	)
Shares outstanding, beginning of period		3,114,762			5,073,152			3,425,492			3,922,102
Shares outstanding, end of period		2,385,874			3,114,762			3,610,631			3,425,492
Accumulated undistributed net investment income/(loss)	$	(273,476	)	$	(144,779	)	$	93,277		$	327

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

34 FINANCIAL STATEMENTS

ICON Energy Fund						ICON Financial Fund						ICON Healthcare Fund
Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
	4,219,825			9,319,960			231,980			4,375,423			1,941,642			2,183,690
	156,324			319,293			8,177			40,854			9,001			7,542
	264,398			838,402			18,584			124,095			370,136			584,040
	893,167			401,996			34,681			34,227			1,412,423			51,749
	15,794			1,776			-			450			3,126			29
	30,456			8,404			-			12,036			86,356			217
	(4,435,605	)		(10,092,638	)		(432,116	)		(7,408,147	)		(1,787,114	)		(3,826,521	)
	(57,152	)		(97,341	)		(40,140	)		(582	)		(2,783	)		(1,548	)
	(167,616	)		(511,867	)		(8,599	)		(1,557,301	)		(528,021	)		(435,642	)
	919,591			187,985			(187,433	)		(4,378,945	)		1,504,766			(1,436,444	)
	31,022,968			30,834,983			1,755,911			6,134,856			4,339,696			5,776,140
	31,942,559			31,022,968			1,568,478			1,755,911			5,844,462			4,339,696
$	1,473,949		$	1,301,971		$	(1,350	)	$	278,277		$	(288,850	)	$	130,520

FINANCIAL STATEMENTS 35

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Industrials Fund						ICON Information Technology Fund
	Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
Operations
Net investment income/(loss)	$	12,469		$	205,307		$	(211,212	)	$	(170,402	)
Net realized gain/(loss)		3,069,845			5,370,830			10,053,811			5,389,992
Change in net unrealized appreciation/(depreciation)		1,318,271			3,471,242			(2,879,848	)		(1,444,372	)
Net increase/(decrease) in net assets resulting from operations		4,400,585			9,047,379			6,962,751			3,775,218
Dividends and Distributions to Shareholders
Net investment income
Class S		(197,919	)		(420,405	)		-			-
Class C		(974	)		-			-			-
Class A		-			(217	)		-			-
Net realized gains
Net decrease from dividends and distributions		(198,893	)		(420,622	)		-			-
Fund Share Transactions
Shares sold
Class S		5,817,642			7,173,504			2,988,734			17,162,900
Class C		136,629			74,596			52,744			181,126
Class A		27,794			4,283,513			26,003			2,303,876
Reinvested dividends and distributions
Class S		194,267			414,890			-			-
Class C		803			-			-			-
Class A		-			175			-			-
Shares repurchased
Class S		(8,913,086	)		(21,215,368	)		(15,826,083	)		(30,428,290	)
Class C		(4,578	)		(6,000	)		(37,858	)		(177,556	)
Class A		(4,296,923	)		(328,907	)		(2,328,233	)		(1,345,123	)
Net increase/(decrease) from fund share transactions		(7,037,452	)		(9,603,597	)		(15,124,693	)		(12,303,067	)
Total net increase/(decrease) in net assets		(2,835,760	)		(976,840	)		(8,161,942	)		(8,527,849	)
Net Assets
Beginning of period		38,818,586			39,795,426			76,496,225			85,024,074
End of period	$	35,982,826		$	38,818,586		$	68,334,283		$	76,496,225

36 FINANCIAL STATEMENTS

ICON Materials Fund						ICON Utilities Fund
Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
$	83,050		$	347,887		$	405,175		$	868,173
	1,126,442			3,216,292			538,595			4,937,104
	6,746,309			7,021,570			2,484,850			(2,498,233	)
	7,955,801			10,585,749			3,428,620			3,307,044
	(335,560	)		(562,814	)		(360,197	)		(720,511	)
	-			(522	)		(18,486	)		(63,357	)
	(12,325	)		(6,559	)		(23,346	)		(86,104	)
	(347,885	)		(569,895	)		(402,029	)		(869,972	)
	23,311,552			38,528,676			2,288,414			34,316,231
	289,479			39,207			66,268			94,411
	3,985,294			3,429,905			299,858			817,380
	301,996			518,793			344,704			654,271
	-			473			5,127			19,963
	11,008			5,232			17,892			46,543
	(14,517,764	)		(24,745,973	)		(3,745,335	)		(31,490,277	)
	(9,530	)		(51,875	)		(449,290	)		(715,484	)
	(172,360	)		(2,218,510	)		(859,465	)		(5,719,639	)
	13,199,675			15,505,928			(2,031,827	)		(1,976,601	)
	20,807,591			25,521,782			994,764			460,471
	67,882,985			42,361,203			34,353,072			33,892,601
$	88,690,576		$	67,882,985		$	35,347,836		$	34,353,072

FINANCIAL STATEMENTS 37

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

	ICON Industrials Fund						ICON Information Technology Fund
	Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
Transactions in Fund Shares
Shares sold
Class S		508,262			770,135			243,274			1,627,939
Class C		12,322			7,472			4,491			17,981
Class A		2,520			426,449			2,148			204,149
Reinvested dividends and distributions
Class S		17,330			49,628			-			-
Class C		73			-			-			-
Class A		-			21			-			-
Shares repurchased
Class S		(779,244	)		(2,361,282	)		(1,299,667	)		(2,944,037	)
Class C		(416	)		(570	)		(3,212	)		(17,570	)
Class A		(398,848	)		(32,904	)		(190,059	)		(129,555	)
Net increase/(decrease)		(638,001	)		(1,141,051	)		(1,243,025	)		(1,241,093	)
Shares outstanding, beginning of period		3,680,025			4,821,076			6,690,405			7,931,498
Shares outstanding, end of period		3,042,024			3,680,025			5,447,380			6,690,405
Accumulated undistributed net investment income/(loss)	$	12,468		$	198,892		$	(501,846	)	$	(290,634	)

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

38 FINANCIAL STATEMENTS

ICON Materials Fund						ICON Utilities Fund
Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013			Period Ended March 31, 2014 (unaudited)			Year Ended September 30, 2013
	1,637,777			3,213,924			306,322			4,739,990
	20,778			3,256			8,728			13,503
	279,368			268,253			40,043			111,218
	21,282			47,903			45,275			91,047
	-			44			684			2,846
	780			484			2,377			6,655
	(1,015,113	)		(2,106,268	)		(500,445	)		(4,252,491	)
	(687	)		(4,677	)		(61,097	)		(103,007	)
	(11,987	)		(176,505	)		(115,419	)		(838,700	)
	932,198			1,246,414			(273,532	)		(228,939	)
	5,056,821			3,810,407			4,768,143			4,997,082
	5,989,019			5,056,821			4,494,611			4,768,143
$	83,050		$	347,882		$	6,547		$	3,401

FINANCIAL STATEMENTS 39

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, 2014†	$	14.50	$	(0.05	)	$	1.37		$	1.32		$	-		$	-
Year ended September 30, 2013		11.82		(0.03	)		2.73			2.70			(0.02	)		-
Year ended September 30, 2012		8.79		0.03			3.00			3.03			-			-
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	)		-			-
Class C
Period ended March 31, 2014†		14.05		(0.13	)		1.31			1.18			-			-
Year ended September 30, 2013		11.57		(0.24	)		2.72			2.48			-			-
Year ended September 30, 2012		8.72		(0.12	)		2.97			2.85			-			-
Year ended September 30, 2011		7.92		(0.12	)		0.92			0.80			-			-
Class A
Period ended March 31, 2014†		14.25		(0.07	)		1.34			1.27			-			-
Year ended September 30, 2013		11.65		(0.09	)		2.69			2.60			-			-
Year ended September 30, 2012		8.75		(0.02	)		2.92			2.90			-			-
Year ended September 30, 2011		7.92		(0.06	)		0.89			0.83			-			-
ICON Consumer Staples Fund
Class S
Period ended March 31, 2014†		11.18		0.06			0.81			0.87			(0.03	)		(1.02	)
Year ended September 30, 2013		10.20		0.21			0.98			1.19			(0.21	)		-
Year ended September 30, 2012		8.61		0.14			1.69			1.83			(0.24	)		-
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)
Class C
Period ended March 31, 2014†		11.02		-	(d)		0.79			0.79			-			(1.02	)
Year ended September 30, 2013		10.06		0.08			0.99			1.07			(0.11	)		-
Year ended September 30, 2012		8.53		0.05			1.66			1.71			(0.18	)		-
Year ended September 30, 2011		8.08		0.04			0.50			0.54			(0.09	)		-
Class A
Period ended March 31, 2014†		11.23		0.04			0.80			0.84			(0.02	)		(1.02	)
Year ended September 30, 2013		10.24		0.14			1.03			1.17			(0.18	)		-
Year ended September 30, 2012		8.68		0.11			1.68			1.79			(0.23	)		-
Year ended September 30, 2011		8.08		0.11			0.58			0.69			(0.09	)		-

40 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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	-		$	15.82		9.10	%	$	34,524		1.52	%		1.52	%(c)		(0.65	)%		(0.65	)%		92.00	%
	(0.02	)		14.50		22.91	%		39,883		1.38	%		1.38	%(c)		(0.21	)%		(0.21	)%		87.00	%
	-			11.82		34.47	%		58,314		1.40	%		1.40	%(c)		0.26	%		0.26	%		91.24	%
	-			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	%
	-			15.23		8.40	%		563		3.56	%		2.74	%(c)		(2.60	)%		(1.78	)%		92.00	%
	-			14.05		21.43	%		473		3.68	%		2.75	%(c)		(2.74	)%		(1.81	)%		87.00	%
	-			11.57		32.68	%		69		6.01	%		2.75	%(c)		(4.42	)%		(1.16	)%		91.24	%
	-			8.72		10.10	%		32		13.14	%		2.75	%(c)		(11.73	)%		(1.34	)%		107.57	%
	-			15.52		8.91	%		2,577		1.81	%		1.81	%(c)		(0.89	)%		(0.89	)%		92.00	%
	-			14.25		22.42	%		4,699		1.78	%		1.78	%(c)		(0.66	)%		(0.66	)%		87.00	%
	-			11.65		33.03	%		1,542		1.78	%		1.78	%(c)		(0.20	)%		(0.20	)%		91.24	%
	-			8.75		10.48	%		11		18.49	%		1.98	%(c)		(17.17	)%		(0.66	)%		107.57	%
	(1.05	)		11.00		7.92	%		35,484		1.44	%		1.44	%(c)		1.03	%		1.03	%		23.23	%
	(0.21	)		11.18		11.75	%		33,813		1.51	%		1.51	%(c)		1.92	%		1.92	%		90.51	%
	(0.24	)		10.20		21.50	%		37,567		1.55	%		1.51	%(c)		1.40	%		1.44	%		81.81	%
	(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	%
	(1.02	)		10.79		7.30	%		1,634		2.68	%		2.50	%(c)		(0.23	)%		(0.05	)%		23.23	%
	(0.11	)		11.02		10.69	%		1,738		2.61	%		2.50	%(c)		0.61	%		0.72	%		90.51	%
	(0.18	)		10.06		20.26	%		934		3.33	%		2.51	%(c)		(0.35	)%		0.47	%		81.81	%
	(0.09	)		8.53		6.65	%		55		7.00	%		2.50	%(c)		(4.09	)%		0.41	%		109.56	%
	(1.04	)		11.03		7.62	%		2,563		1.86	%		1.75	%(c)		0.58	%		0.69	%		23.23	%
	(0.18	)		11.23		11.52	%		2,744		1.84	%		1.75	%(c)		1.20	%		1.29	%		90.51	%
	(0.23	)		10.24		20.94	%		1,499		2.05	%		1.77	%(c)		0.82	%		1.10	%		81.81	%
	(0.09	)		8.68		8.52	%		24		7.60	%		1.75	%(c)		(4.60	)%		1.25	%		109.56	%

FINANCIAL HIGHLIGHTS 41

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 Energy Fund
Class S
Period ended March 31, 2014†	$	22.59	$	0.07		$	0.96		$	1.03		$	(0.06	)	$	(0.67	)
Year ended September 30, 2013		19.18		0.18			3.51			3.69			(0.28	)		-
Year ended September 30, 2012		16.64		0.16			2.93			3.09			(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	)
Class C
Period ended March 31, 2014†		22.21		(0.05	)		0.95			0.90			-			(0.67	)
Year ended September 30, 2013		18.87		(0.05	)		3.48			3.43			(0.09	)		-
Year ended September 30, 2012		16.47		(0.04	)		2.88			2.84			(0.04	)		(0.40	)
Year ended September 30, 2011		16.69		(0.10	)		0.09			(0.01	)		(0.21	)		-
Class A
Period ended March 31, 2014†		22.50		0.04			0.96			1.00			(0.02	)		(0.67	)
Year ended September 30, 2013		19.12		0.11			3.51			3.62			(0.24	)		-
Year ended September 30, 2012		16.59		0.11			2.91			3.02			(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, 2014†		7.47		-	(d)		0.50			0.50			(0.18	)		-
Year ended September 30, 2013		6.04		0.04			1.44			1.48			(0.05	)		-
Year ended September 30, 2012		4.69		0.04			1.34			1.38			(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	)		-
Class C
Period ended March 31, 2014†		7.20		(0.03	)		0.59			0.56			-			-
Year ended September 30, 2013		5.91		(0.03	)		1.39			1.36			(0.07	)		-
Year ended September 30, 2012		4.64		(0.02	)		1.31			1.29			(0.02	)		-
Year ended September 30, 2011		5.55		(0.02	)		(0.87	)		(0.89	)		(0.02	)		-
Class A
Period ended March 31, 2014†		7.37		(0.01	)		0.50			0.49			-			-
Year ended September 30, 2013		5.99		0.06			1.38			1.44			(0.06	)		-
Year ended September 30, 2012		4.68		0.01			1.33			1.34			(0.03	)		-
Year ended September 30, 2011		5.55		0.01			(0.86	)		(0.85	)		(0.02	)		-

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.73	)	$	22.89		4.61	%	$	683,987		1.28	%		1.28	%(c)		0.61	%		0.61	%		37.96	%
	(0.28	)		22.59		19.55	%		659,581		1.29	%		1.29	%(c)		0.85	%		0.85	%		88.16	%
	(0.55	)		19.18		18.87	%		567,054		1.23	%		1.23	%(c)		0.87	%		0.87	%		74.41	%
	(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	%
	(0.67	)		22.44		4.08	%		17,422		2.37	%		2.37	%(c)		(0.47	)%		(0.47	)%		37.96	%
	(0.09	)		22.21		18.30	%		14,691		2.35	%		2.35	%(c)		(0.25	)%		(0.25	)%		88.16	%
	(0.44	)		18.87		17.50	%		8,257		2.36	%		2.36	%(c)		(0.20	)%		(0.20	)%		74.41	%
	(0.21	)		16.47		(0.23	)%		4,718		2.47	%		2.47	%(c)		(0.47	)%		(0.47	)%		88.31	%
	(0.69	)		22.81		4.46	%		29,442		1.54	%		1.54	%(c)		0.36	%		0.36	%		37.96	%
	(0.24	)		22.50		19.21	%		26,170		1.61	%		1.61	%(c)		0.51	%		0.51	%		88.16	%
	(0.49	)		19.12		18.47	%		15,836		1.55	%		1.55	%(c)		0.61	%		0.61	%		74.41	%
	(0.21	)		16.59		0.49	%		6,005		1.70	%		1.70	%(c)		0.38	%		0.38	%		88.31	%
	(0.18	)		7.79		6.73	%		11,079		2.16	%		1.50	%(c)		(0.66	)%		-	%(e)		36.67	%
	(0.05	)		7.47		24.68	%		11,853		1.47	%		1.47	%(c)		0.65	%		0.65	%		95.21	%
	(0.03	)		6.04		29.54	%		27,696		1.39	%		1.39	%(c)		0.70	%		0.70	%		95.47	%
	(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	%
	-			7.76		7.93	%		71		7.70	%		2.50	%(c)		(5.95	)%		(0.75	)%		36.67	%
	(0.07	)		7.20		23.18	%		296		3.19	%		2.51	%(c)		(1.07	)%		(0.40	)%		95.21	%
	(0.02	)		5.91		27.79	%		3		23.96	%		2.51	%(c)		(21.84	)%		(0.39	)%		95.47	%
	(0.02	)		4.64		(16.08	)%		9		35.28	%		2.50	%(c)		(33.22	)%		(0.44	)%		100.23	%
	-			7.86		6.79	%		1,076		2.74	%		1.75	%(c)		(1.23	)%		(0.24	)%		36.67	%
	(0.06	)		7.37		24.20	%		936		1.88	%		1.76	%(c)		0.82	%		0.94	%		95.21	%
	(0.03	)		5.99		28.83	%		9,278		1.80	%		1.77	%(c)		0.09	%		0.12	%		95.47	%
	(0.02	)		4.68		(15.36	)%		24		7.37	%		1.75	%(c)		(5.50	)%		0.12	%		100.23	%

FINANCIAL HIGHLIGHTS 43

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, 2014†	$	22.17	$	(0.05	)	$	3.69		$	3.64		$	(0.03	)	$	(5.79	)
Year ended September 30, 2013		17.56		0.03			4.75			4.78			(0.17	)		-
Year ended September 30, 2012		13.56		0.17			3.97			4.14			(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	)		-			-
Class C
Period ended March 31, 2014†		21.55		(0.16	)		3.55			3.39			-			(5.79	)
Year ended September 30, 2013		17.21		(0.21	)		4.67			4.46			(0.12	)		-
Year ended September 30, 2012		13.43		(0.01	)		3.91			3.90			(0.12	)		-
Year ended September 30, 2011		12.78		(0.01	)		0.73			0.72			(0.07	)		-
Class A
Period ended March 31, 2014†		21.92		(0.07	)		3.61			3.54			(0.01	)		(5.79	)
Year ended September 30, 2013		17.42		(0.03	)		4.69			4.66			(0.16	)		-
Year ended September 30, 2012		13.53		0.11			3.94			4.05			(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, 2014†		10.56		-	(d)		1.33			1.33			(0.06	)		-
Year ended September 30, 2013		8.26		0.06			2.35			2.41			(0.11	)		-
Year ended September 30, 2012		6.80		0.07			1.48			1.55			(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	)		-
Class C
Period ended March 31, 2014†		10.41		(0.06	)		1.31			1.25			(0.06	)		-
Year ended September 30, 2013		8.12		(0.06	)		2.35			2.29			-			-
Year ended September 30, 2012		6.72		(0.01	)		1.46			1.45			(0.05	)		-
Year ended September 30, 2011		7.47		(0.02	)		(0.66	)		(0.68	)		(0.07	)		-
Class A
Period ended March 31, 2014†		10.45		(0.02	)		1.33			1.31			-			-
Year ended September 30, 2013		8.10		-	(d)		2.36			2.36			(0.01	)		-
Year ended September 30, 2012		6.76		0.08			1.35			1.43			(0.09	)		-
Year ended September 30, 2011		7.47		0.05			(0.69	)		(0.64	)		(0.07	)		-

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(5.82	)	$	19.99		17.94	%	$	114,397		1.36	%		1.36	%(c)		(0.49	)%		(0.49	)%		81.00	%
	(0.17	)		22.17		27.48	%		92,171		1.39	%		1.39	%(c)		0.13	%		0.13	%		111.86	%
	(0.14	)		17.56		30.76	%		100,938		1.34	%		1.34	%(c)		1.08	%		1.08	%		47.59	%
	(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	%
	(5.79	)		19.15		17.20	%		409		4.67	%		2.50	%(c)		(3.80	)%		(1.63	)%		81.00	%
	(0.12	)		21.55		26.11	%		259		4.42	%		2.50	%(c)		(2.98	)%		(1.06	)%		111.86	%
	(0.12	)		17.21		29.24	%		103		11.81	%		2.51	%(c)		(9.38	)%		(0.08	)%		47.59	%
	(0.07	)		13.43		5.64	%		22		31.38	%		2.50	%(c)		(28.98	)%		(0.10	)%		83.63	%
	(5.80	)		19.66		17.65	%		1,956		1.56	%		1.56	%(c)		(0.62	)%		(0.62	)%		81.00	%
	(0.16	)		21.92		26.95	%		3,748		1.69	%		1.69	%(c)		(0.15	)%		(0.15	)%		111.86	%
	(0.16	)		17.42		30.19	%		390		2.89	%		1.76	%(c)		(0.46	)%		0.67	%		47.59	%
	(0.07	)		13.53		6.42	%		126		7.15	%		1.75	%(c)		(4.58	)%		0.82	%		83.63	%
	(0.06	)		11.83		12.66	%		35,543		1.40	%		1.40	%(c)		0.08	%		0.08	%		10.52	%
	(0.11	)		10.56		29.52	%		34,409		1.46	%		1.46	%(c)		0.60	%		0.60	%		45.66	%
	(0.09	)		8.26		22.99	%		39,621		1.40	%		1.40	%(c)		0.91	%		0.91	%		33.73	%
	(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	%
	(0.06	)		11.60		12.08	%		236		5.40	%		2.50	%(c)		(3.94	)%		(1.04	)%		10.52	%
	-			10.41		28.20	%		87		9.86	%		2.50	%(c)		(8.02	)%		(0.66	)%		45.66	%
	(0.05	)		8.12		21.58	%		12		13.40	%		2.51	%(c)		(11.07	)%		(0.18	)%		33.73	%
	(0.07	)		6.72		(9.29	)%		15		13.56	%		2.50	%(c)		(11.29	)%		(0.23	)%		55.87	%
	-			11.76		12.54	%		204		2.03	%		1.75	%(c)		(0.57	)%		(0.29	)%		10.52	%
	(0.01	)		10.45		29.20	%		4,322		2.09	%		1.75	%(c)		(0.32	)%		0.02	%		45.66	%
	(0.09	)		8.10		21.21	%		163		2.50	%		1.75	%(c)		0.18	%		0.93	%		33.73	%
	(0.07	)		6.76		(8.75	)%		122		3.46	%		1.75	%(c)		(1.12	)%		0.59	%		55.87	%

FINANCIAL HIGHLIGHTS 45

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 Information Technology Fund
Class S
Period ended March 31, 2014†	$	11.44	$	(0.03	)	$	1.14		$	1.11		$	-		$	-
Year ended September 30, 2013		10.72		(0.02	)		0.74			0.72			-			-
Year ended September 30, 2012		8.22		(0.02	)		2.52			2.50			-			-
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	)		-			-
Class C
Period ended March 31, 2014†		11.07		(0.10	)		1.10			1.00			-			-
Year ended September 30, 2013		10.49		(0.14	)		0.72			0.58			-			-
Year ended September 30, 2012		8.13		(0.13	)		2.49			2.36			-			-
Year ended September 30, 2011		8.05		(0.13	)		0.21			0.08			-			-
Class A
Period ended March 31, 2014†		11.30		(0.05	)		1.11			1.06			-			-
Year ended September 30, 2013		10.65		(0.05	)		0.70			0.65			-			-
Year ended September 30, 2012		8.20		(0.06	)		2.51			2.45			-			-
Year ended September 30, 2011		8.05		(0.05	)		0.20			0.15			-			-
ICON Materials Fund
Class S
Period ended March 31, 2014†		13.43		0.02			1.43			1.45			(0.06	)		-
Year ended September 30, 2013		11.12		0.09			2.40			2.49			(0.18	)		-
Year ended September 30, 2012		9.00		0.11			2.11			2.22			(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	)		-
Class C
Period ended March 31, 2014†		13.24		(0.06	)		1.41			1.35			-			-
Year ended September 30, 2013		10.94		(0.04	)		2.38			2.34			(0.04	)		-
Year ended September 30, 2012		8.92		-	(d)		2.08			2.08			(0.06	)		-
Year ended September 30, 2011		10.06		(0.03	)		(1.05	)		(1.08	)		(0.06	)		-
Class A
Period ended March 31, 2014†		13.36		(0.01	)		1.42			1.41			(0.06	)		-
Year ended September 30, 2013		11.07		0.05			2.38			2.43			(0.14	)		-
Year ended September 30, 2012		8.97		0.08			2.10			2.18			(0.08	)		-
Year ended September 30, 2011		10.06		0.05			(1.08	)		(1.03	)		(0.06	)		-

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	-		$	12.55		9.70	%	$	67,751		1.38	%		1.38	%(c)		(0.57	)%		(0.57	)%		29.53	%
	-			11.44		6.72	%		73,851		1.38	%		1.38	%(c)		(0.22	)%		(0.22	)%		51.71	%
	-			10.72		30.41	%		83,330		1.34	%		1.34	%(c)		(0.20	)%		(0.20	)%		35.22	%
	-			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	%
	-			12.07		9.03	%		359		4.24	%		2.50	%(c)		(3.46	)%		(1.72	)%		29.53	%
	-			11.07		5.53	%		315		3.31	%		2.50	%(c)		(2.16	)%		(1.36	)%		51.71	%
	-			10.49		29.03	%		294		4.46	%		2.50	%(c)		(3.22	)%		(1.26	)%		35.22	%
	-			8.13		0.99	%		1		115.00	%		2.51	%(c)		(113.96	)%		(1.47	)%		44.84	%
	-			12.36		9.38	%		225		1.83	%		1.75	%(c)		(0.98	)%		(0.90	)%		29.53	%
	-			11.30		6.10	%		2,330		2.23	%		1.75	%(c)		(0.94	)%		(0.45	)%		51.71	%
	-			10.65		29.88	%		1,400		2.87	%		1.75	%(c)		(1.71	)%		(0.59	)%		35.22	%
	-			8.20		1.86	%		1		215.56	%		1.75	%(c)		(214.36	)%		(0.55	)%		44.84	%
	(0.06	)		14.82		10.84	%		82,137		1.34	%		1.34	%(c)		0.23	%		0.23	%		7.18	%
	(0.18	)		13.43		22.73	%		65,782		1.45	%		1.45	%(c)		0.72	%		0.72	%		55.66	%
	(0.10	)		11.12		24.85	%		41,627		1.39	%		1.39	%(c)		1.00	%		1.00	%		40.89	%
	(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	%
	-			14.59		10.20	%		533		4.52	%		2.50	%(c)		(2.90	)%		(0.88	)%		7.18	%
	(0.04	)		13.24		21.43	%		218		4.12	%		2.50	%(c)		(1.95	)%		(0.33	)%		55.66	%
	(0.06	)		10.94		23.36	%		195		4.29	%		2.51	%(c)		(1.82	)%		(0.04	)%		40.89	%
	(0.06	)		8.92		(10.87	)%		120		4.11	%		2.50	%(c)		(1.91	)%		(0.30	)%		62.97	%
	(0.06	)		14.71		10.60	%		6,020		1.75	%		1.75	%(c)		(0.15	)%		(0.15	)%		7.18	%
	(0.14	)		13.36		22.24	%		1,883		2.02	%		1.75	%(c)		0.17	%		0.44	%		55.66	%
	(0.08	)		11.07		24.44	%		539		2.12	%		1.76	%(c)		0.34	%		0.70	%		40.89	%
	(0.06	)		8.97		(10.37	)%		487		2.26	%		1.74	%(c)		(0.07	)%		0.45	%		62.97	%

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 Utilities Fund
Class S
Period ended March 31, 2014†	$	7.22	$	0.09	$	0.66		$	0.75		$	(0.09	)	$	-
Year ended September 30, 2013		6.81		0.20		0.43			0.63			(0.22	)		-
Year ended September 30, 2012		6.29		0.20		0.55			0.75			(0.23	)		-
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	)		-
Class C
Period ended March 31, 2014†		7.12		0.05		0.65			0.70			(0.05	)		-
Year ended September 30, 2013		6.72		0.13		0.42			0.55			(0.15	)		-
Year ended September 30, 2012		6.21		0.14		0.57			0.71			(0.20	)		-
Year ended September 30, 2011		6.15		0.25		0.22			0.47			(0.41	)		-
Class A
Period ended March 31, 2014†		7.14		0.08		0.65			0.73			(0.08	)		-
Year ended September 30, 2013		6.73		0.18		0.42			0.60			(0.19	)		-
Year ended September 30, 2012		6.24		0.20		0.53			0.73			(0.24	)		-
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) 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) Amount less than $0.005.

(e) Percentage less than 0.005%.

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.09	)	$	7.88		10.47	%	$	30,603		1.51	%		1.50	%(c)		2.45	%		2.46	%		21.79	%
	(0.22	)		7.22		9.25	%		29,117		1.62	%		1.51	%(c)		2.71	%		2.81	%		121.14	%
	(0.23	)		6.81		12.01	%		23,524		1.53	%		1.51	%(c)		3.00	%		3.02	%		50.92	%
	(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	%
	(0.05	)		7.77		9.89	%		2,691		2.51	%		2.50	%(c)		1.44	%		1.45	%		21.79	%
	(0.15	)		7.12		8.16	%		2,834		2.47	%		2.47	%(c)		1.89	%		1.89	%		121.14	%
	(0.20	)		6.72		11.53	%		3,256		2.47	%		2.47	%(c)		2.17	%		2.17	%		50.92	%
	(0.41	)		6.21		7.77	%		24		122.08	%		2.50	%(c)		(115.58	)%		4.00	%		114.73	%
	(0.08	)		7.79		10.28	%		2,053		1.81	%		1.75	%(c)		2.07	%		2.13	%		21.79	%
	(0.19	)		7.14		8.96	%		2,402		1.74	%		1.74	%(c)		2.55	%		2.55	%		121.14	%
	(0.24	)		6.73		11.81	%		7,113		1.70	%		1.70	%(c)		3.03	%		3.03	%		50.92	%
	(0.42	)		6.24		8.56	%		449		185.34	%		1.75	%(c)		(178.27	)%		5.32	%		114.73	%

FINANCIAL HIGHLIGHTS 49

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2014 (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 are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end non-diversified investment management company. Each Fund offers 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 nine 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.

50 NOTES TO FINANCIAL STATEMENTS

The ICON Energy Fund has a significant weighting in the Integrated Oil & Gas industry, and the ICON Utilities Fund has a significant weighting in the Electric Utilities industry and the Multi-Utilities industry which may cause the Funds’ performance to be susceptible to the economic, business and/or other developments that may affect those industries.

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

2.  Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The 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 at the closing price as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. 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 is considered inaccurate or does not in the Funds’ judgment reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market

NOTES TO FINANCIAL STATEMENTS 51

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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

Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end of day net asset value per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.

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

52 NOTES TO FINANCIAL STATEMENTS

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 1quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).

Level 3 — significant unobservable inputs.

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2014:

	Level 1		Level 2		Total
ICON Consumer Discretionary Fund*
Assets
Common Stocks	$	31,977,811	$	-	$	31,977,811
Collateral for Securities on Loan		-		2,078,550		2,078,550
Short-Term Investments		-		7,365,406		7,365,406
Total	$	31,977,811	$	9,443,956	$	41,421,767
ICON Consumer Staples Fund*
Assets
Common Stocks	$	39,258,820	$	-	$	39,258,820
Short-Term Investments		-		534,555		534,555
Total	$	39,258,820	$	534,555	$	39,793,375
ICON Energy Fund*
Assets
Common Stocks	$	711,530,389	$	-	$	711,530,389
Collateral for Securities on Loan		-		13,051,011		13,051,011
Short-Term Investments		-		20,118,397		20,118,397
Total	$	711,530,389	$	33,169,408	$	744,699,797

NOTES TO FINANCIAL STATEMENTS 53

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

	Level 1		Level 2		Total
ICON Financial Fund*
Assets
Common Stocks	$	8,765,094	$	-	$	8,765,094
Collateral for Securities on Loan		-		1,197,650		1,197,650
Short-Term Investments		-		3,267,817		3,267,817
Total	$	8,765,094	$	4,465,467	$	13,230,561
ICON Healthcare Fund*
Assets
Common Stocks	$	80,360,552	$	-	$	80,360,552
Short-Term Investments		-		37,717,383		37,717,383
Total	$	80,360,552	$	37,717,383	$	118,077,935
ICON Industrials Fund*
Assets
Common Stocks	$	33,729,936	$	-	$	33,729,936
Short-Term Investments		-		2,303,236		2,303,236
Total	$	33,729,936	$	2,303,236	$	36,033,172
ICON Information Technology Fund*
Assets
Common Stocks	$	62,548,883	$	-	$	62,548,883
Short-Term Investments		-		7,294,511		7,294,511
Total	$	62,548,883	$	7,294,511	$	69,843,394
ICON Materials Fund*
Assets
Common Stocks	$	76,739,560	$	-	$	76,739,560
Short-Term Investments		-		11,932,297		11,932,297
Total	$	76,739,560	$	11,932,297	$	88,671,857
ICON Utilities Fund*
Assets
Common Stocks	$	34,660,654	$	-	$	34,660,654
Collateral for Securities on Loan		-		2,722,850		2,722,850
Short-Term Investments		-		601,395		601,395
Total	$	34,660,654	$	3,324,245	$	37,984,899

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

No Level 3 securities were held in any of the Funds at March 31, 2014.

54 NOTES TO FINANCIAL STATEMENTS

For the period ended March 31, 2014, there was no transfer activity between Level 1, Level 2 or Level 3. The end of period timing recognition is used for transfers between levels of the Fund’s assets and liabilities.

Fund Share Valuation

Fund shares are sold and redeemed on a daily basis at net asset value. Net asset value per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

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 certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but give up other rights including the right to vote proxies. The Funds retain the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that generally exceeds the value of the securities on loan. The market value of the loaned securities is determined daily at the

NOTES TO FINANCIAL STATEMENTS 55

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day.

Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2014.

Securities Lending Offsetting Table

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Gross Asset Amounts Presented in Statement of Assets and Liabilities(a)		Financial Instrument		Collateral Received(b)			Net Amount (not less than 0)
ICON Consumer Discretionary Fund	$	2,041,130		-	$	(2,041,130	)	$	0
ICON Energy Fund		12,806,393		-		(12,806,393	)		0
ICON Financial Fund		1,022,175		-		(1,022,175	)		0
ICON Utilities Fund		2,696,772		-		(2,696,772	)		0

(a) Represents market value of loaned securities at period end.

(b) The actual collateral received is greater than the amount shown here due to overcollateralization.

The Funds have elected to invest the cash collateral in the State Street Navigator Prime Portfolio which is disclosed on the Schedule of Investments. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds for the period ended March 31, 2014, is included in the Statement of Operations.

For the period ended March 31, 2014, the following Funds had securities with the following values on loan:

Fund	Loaned Securities		Collateral
ICON Consumer Discretionary Fund	$	2,041,130	$	2,078,550
ICON Energy Fund		12,806,393		13,051,011
ICON Financial Fund		1,022,175		1,197,650
ICON Utilities Fund		2,696,772		2,722,850

56 NOTES TO FINANCIAL STATEMENTS

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2014. It may also include collateral received from the pre-funding of security loans.

Income Taxes, Dividends, and Distributions

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

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 three years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

NOTES TO FINANCIAL STATEMENTS 57

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Investment Income

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

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	$	1,254	$	6,152	$	37,711
Class C		18		133		483
Class A		97		366		2,879
ICON Consumer Staples Fund
Class S		1,128		5,905		28,658
Class C		58		243		1,463
Class A		86		280		4,111

58 NOTES TO FINANCIAL STATEMENTS

Fund	Legal Expense		Printing and Postage Expense		Transfer Agent Expense
ICON Energy Fund
Class S	$	22,650	$	45,840	$	531,260
Class C		533		988		11,103
Class A		940		1,972		20,716
ICON Financial Fund
Class S		551		4,952		29,563
Class C		4		115		172
Class A		45		1,060		2,586
ICON Healthcare Fund
Class S		3,177		11,403		99,676
Class C		9		126		430
Class A		126		297		1,823
ICON Industrials Fund
Class S		1,218		5,464		23,722
Class C		6		110		132
Class A		38		222		1,100
ICON Information Technology Fund
Class S		2,421		8,240		61,228
Class C		12		132		391
Class A		53		352		767
ICON Materials Fund
Class S		2,380		5,876		58,976
Class C		11		128		343
Class A		113		238		1,189
ICON Utilities Fund
Class S		973		4,695		31,104
Class C		91		362		1,329
Class A		75		468		1,541

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.

NOTES TO FINANCIAL STATEMENTS 59

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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, 2015. 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, 2014 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2014		2015		2016		2017
ICON Consumer Discretionary Fund	$	765	$	1,981	$	1,881	$	2,101
ICON Consumer Staples Fund		1,309		6,526		3,344		3,060
ICON Financial Fund		981		2,094		8,359		45,597
ICON Healthcare Fund		1,525		3,689		3,191		3,600
ICON Industrials Fund		869		2,990		4,711		3,871
ICON Information Technology Fund		1,068		4,024		5,822		3,577
ICON Materials Fund		1,276		3,598		5,169		3,549
ICON Utilities Fund		1,320		5,758		25,930		2,067

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 net assets of the Trust.

60 NOTES TO FINANCIAL STATEMENTS

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 Trust’s first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2014, each Fund’s 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 under 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 net 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

NOTES TO FINANCIAL STATEMENTS 61

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

distribution and service fee of 1.00% of average daily net assets. There is no annual distribution and service fee for Class S shares. 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 Trust paid $120,000 of the CCO’s salary and the remaining portion is paid by ICON Advisers. For the period ended March 31, 2014, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Fund may reimburse ICON Advisers for legal work performed for the Fund by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2014, 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 a Line of Credit agreement/arrangement 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 a rate quoted and determined by State Street. The average interest rate charged for the Period ended March 31, 2014 was 1.30%.

For the period ended March 31, 2014 the average outstanding loan by Fund was as follows:

Fund*	Average Borrowing (10/1/13-3/31/14)
ICON Consumer Discretionary Fund	$	85,676
ICON Consumer Staples Fund		437
ICON Information Technology Fund		64,015
ICON Utilities Fund		4,113

* There were no outstanding loans as of March 31, 2014.

62 NOTES TO FINANCIAL STATEMENTS

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2014, 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	$	29,655,134	$	38,244,546
ICON Consumer Staples Fund		8,987,786		10,362,319
ICON Energy Fund		276,547,626		263,523,001
ICON Financial Fund		3,369,317		5,631,362
ICON Healthcare Fund		72,242,833		101,268,791
ICON Industrials Fund		3,561,396		9,652,383
ICON Information Technology Fund		19,303,356		32,421,557
ICON Materials Fund		13,817,204		4,958,128
ICON Utilities Fund		7,464,048		9,904,657

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 deferrals of wash sale losses, foreign currency transactions, and net investment losses.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses generated by a fund may be carried over indefinitely, 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.

NOTES TO FINANCIAL STATEMENTS 63

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

For the year ended September 30, 2013 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Consumer Discretionary Fund	$	724,922		2017
ICON Financial Fund		46,411,353		2017
		43,715,782		2018
ICON Industrials Fund		2,696,930		2016
		28,045,106		2017
ICON Information Technology Fund		17,922,126		2017
		6,573,259		2018
ICON Materials Fund		7,882,389		2017
		7,349,690		2018
ICON Utilities Fund		755,843		2017
		3,844,832		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, 2013 the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Consumer Discretionary Fund	$	16,583,749
ICON Consumer Staples Fund		2,185,922
ICON Financial Fund		11,320,296
ICON Healthcare Fund		862,678
ICON Industrials Fund		4,479,569
ICON Information Technology Fund		3,971,552
ICON Materials Fund		2,674,405
ICON Utilities Fund		4,903,430

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2013, were as follows:

	Distributions Paid from
Fund	Ordinary Income		Net Long- Term Gains		Total Distributions Paid
ICON Consumer Discretionary Fund	$	107,081	$	-	$	107,081
ICON Consumer Staples Fund		754,642		-		754,642
ICON Energy Fund		8,178,130		-		8,178,130
ICON Financial Fund		301,882		-		301,882
ICON Healthcare Fund		965,959		-		965,959
ICON Industrials Fund		420,622		-		420,622
ICON Materials Fund		569,895		-		569,895
ICON Utilities Fund		869,972		-		869,972

64 NOTES TO FINANCIAL STATEMENTS

As of September 30, 2013, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Capital Gains		Late Year Loss Deferral**			Capital Loss Carryover			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
ICON Consumer Discretionary Fund	$	-	$	-	$	(144,779	)	$	(724,922	)	$	5,332,744		$	4,463,043
ICON Consumer Staples Fund		93,743		2,814,535		-			-			2,151,753			5,060,031
ICON Energy Fund		1,301,971		11,645,709		-			-			105,910,179			118,857,859
ICON Financial Fund		278,277		-		-			(90,127,135	)		1,028,248			(88,820,610	)
ICON Healthcare Fund		5,937,539		20,004,875		-			-			14,071,142			40,013,556
ICON Industrials Fund		198,892		-		-			(30,742,036	)		8,626,685			(21,916,459	)
ICON Information Technology Fund		-		-		(333,536	)		(24,495,385	)		18,788,202			(6,040,719	)
ICON Materials Fund		347,882		-		-			(15,232,079	)		13,802,699			(1,081,498	)
ICON Utilities Fund		3,401		-		-			(4,600,675	)		(35,347	)		(4,632,621	)

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

** The Funds have elected to defer certain qualified late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year.

NOTES TO FINANCIAL STATEMENTS 65

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

As of March 31, 2014, 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	$	37,980,234	$	3,760,820	$	(319,287	)	$	3,441,533
ICON Consumer Staples Fund		36,161,793		4,122,298		(490,716	)		3,631,582
ICON Energy Fund		646,311,100		109,118,391		(10,729,694	)		98,388,697
ICON Financial Fund		12,368,300		981,867		(119,606	)		862,261
ICON Healthcare Fund		108,455,514		10,613,439		(991,018	)		9,622,421
ICON Industrials Fund		26,088,216		10,029,762		(84,806	)		9,944,956
ICON Information Technology Fund		53,863,437		17,115,873		(1,135,916	)		15,979,957
ICON Materials Fund		68,026,201		21,139,571		(493,915	)		20,645,656
ICON Utilities Fund		35,535,504		2,660,386		(210,991	)		2,449,395

7.  Accounting Pronouncement

In June 2013, FASB issued Accounting Standards Update 2013-08 Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”) which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. ASU 2013-08 sets forth a methodology for determining whether an entity should be characterized as an investment company and prescribes fair value accounting for an investment company’s non-controlling ownership interest in another investment company. FASB has determined that a fund registered under the Investment Company Act of 1940 automatically meets ASU 2013-08’s criteria for an investment company. Although still evaluating the potential impacts of ASU 2013-08 to the Fund, management expects that the impact of the Fund’s adoption will be limited to additional financial statement disclosures.

8.  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.

66 NOTES TO FINANCIAL STATEMENTS

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2014 (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 (10/1/13 – 3/31/14).

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

EXPENSE EXAMPLE 67

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

	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Expense Paid During Period 10/1/13-3/31/14*		Annualized Expense Ratio 10/1/13-3/31/14*
Actual Expenses
ICON Consumer Discretionary Fund
Class S	$	1,000	$	1,091.00	$	7.92		1.52%
Class C		1,000		1,084.00		14.24		2.74%
Class A		1,000		1,089.10		9.43		1.81%
ICON Consumer Staples Fund
Class S		1,000		1,079.20		7.46		1.44%
Class C		1,000		1,073.00		12.92		2.50%
Class A		1,000		1,076.20		9.06		1.75%
ICON Energy Fund
Class S		1,000		1,046.10		6.53		1.28%
Class C		1,000		1,040.80		12.06		2.37%
Class A		1,000		1,044.60		7.85		1.54%
ICON Financial Fund
Class S		1,000		1,067.30		7.73		1.50%
Class C		1,000		1,079.30		12.96		2.50%
Class A		1,000		1,067.90		9.02		1.75%
ICON Healthcare Fund
Class S		1,000		1,179.40		7.39		1.36%
Class C		1,000		1,172.00		13.54		2.50%
Class A		1,000		1,176.50		8.47		1.56%
ICON Industrials Fund
Class S		1,000		1,126.60		7.42		1.40%
Class C		1,000		1,120.80		13.22		2.50%
Class A		1,000		1,125.40		9.27		1.75%
ICON Information Technology Fund
Class S		1,000		1,097.00		7.21		1.38%
Class C		1,000		1,090.30		13.03		2.50%
Class A		1,000		1,093.80		9.14		1.75%
ICON Materials Fund
Class S		1,000		1,108.40		7.04		1.34%
Class C		1,000		1,102.00		13.10		2.50%
Class A		1,000		1,106.00		9.19		1.75%

68 EXPENSE EXAMPLE

	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Expense Paid During Period 10/1/13-3/31/14*		Annualized Expense Ratio 10/1/13-3/31/14*
ICON Utilities Fund
Class S	$	1,000	$	1,104.70	$	7.87		1.50%
Class C		1,000		1,098.90		13.08		2.50%
Class A		1,000		1,102.80		9.17		1.75%
Hypothetical (assuming a 5% return before expenses)
ICON Consumer Discretionary Fund
Class S		1,000		1,017.35		7.64
Class C		1,000		1,011.27		13.74
Class A		1,000		1,015.91		9.10
ICON Consumer Staples Fund
Class S		1,000		1,017.75		7.24
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
ICON Energy Fund
Class S		1,000		1,018.55		6.44
Class C		1,000		1,013.11		11.89
Class A		1,000		1,017.25		7.75
ICON Financial Fund
Class S		1,000		1,017.45		7.54
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
ICON Healthcare Fund
Class S		1,000		1,018.15		6.84
Class C		1,000		1,012.47		12.54
Class A		1,000		1,017.15		7.85
ICON Industrials Fund
Class S		1,000		1,017.95		7.04
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
ICON Information Technology Fund
Class S		1,000		1,018.05		6.94
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
ICON Materials Fund
Class S		1,000		1,018.25		6.74
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80

EXPENSE EXAMPLE 69

	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Expense Paid During Period 10/1/13-3/31/14*		Annualized Expense Ratio 10/1/13-3/31/14*
ICON Utilities Fund
Class S	$	1,000	$	1,017.45	$	7.54
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80

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

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

70 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 71

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.

72 OTHER INFORMATION

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ICON FUNDS PRIVACY INFORMATION

FACTS	WHAT DOES ICON DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: n  Social Security number and account balances n  income and transaction history n  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons ICON chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does ICON share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-764-0442 for the ICON Funds and 1-800-828-4881 for ICON Advisers, Inc. and ICON Distributors, Inc.

FUNDS PRIVACY INFORMATION 73

Page 2

Who we are
Who is providing this notice?	ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc. (collectively “ICON”)
What we do
How does ICON protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Contracts with our service providers require them to restrict access to your non-public personal information, and to maintain physical, electronic and procedural safeguards against unintended disclosure.
How does ICON collect my personal information?	We collect your personal information, for example, when you n  open an account or enter into an investment advisory contract n  provide account information or give us your contact information n  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only n  sharing for affiliates’ everyday business purposes — information about your creditworthiness n  affiliates from using your information to market to you n  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. n  Our affiliates include financial companies such as ICON Funds, ICON Advisers, Inc., and ICON Distributors, Inc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. n  Nonaffiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers and nonfinancial companies such as fulfillment, proxy voting, and class action service providers
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n  ICON doesn’t jointly market

74 FUNDS PRIVACY INFORMATION

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For more information about the ICON Funds, contact us:

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

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 29, 2014                        

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 29, 2014                        

By (Signature and Title)*	/s/ Carrie M. Schoffman
	Carrie M. Schoffman, Vice President, Treasurer (Principal Financial Officer and Principal Accounting Officer)

Date    May 29, 2014                        

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

EX-99.CERT

CERTIFICATIONS

I, Craig T. Callahan, certify that:

1. I have reviewed this report on Form N-CSR of ICON Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 29, 2014	/s/ Craig T. Callahan
Date	Craig T. Callahan President and Chief Executive Officer (Principal Executive Officer)

CERTIFICATIONS

I, Carrie M. Schoffman, certify that:

1. I have reviewed this report on Form N-CSR of ICON Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 29, 2014	/s/ Carrie M. Schoffman
Date	Carrie M. Schoffman Vice President, Treasurer (Principal Financial Officer and Principal Accounting Officer)

EX-99.906CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2014 of ICON Funds (the “Registrant”).

I, Craig T. Callahan, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

May 29, 2014                            

Date

/s/ Craig T. Callahan                        

Craig T. Callahan

President and Chief Executive Officer

(Principal Executive Officer)

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2014 of ICON Funds (the “Registrant”).

I, Carrie M. Schoffman, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

May 29, 2014                            

Date

/s/ Carrie M. Schoffman                            

Carrie M. Schoffman

Vice President, Treasurer

(Principal Financial Officer and Principal Accounting Officer)

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.