Table of Contents
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, 2016
Date of reporting period: March 31, 2016
Table of Contents
Item 1. Reports to Stockholders.
Table of Contents
|
SEMI-ANNUAL REPORT
March 31, 2016 |
Diversified Funds
ICON Bond Fund
ICON Equity Income Fund
ICON Fund
ICON Long/Short Fund
ICON Opportunities Fund
ICON Risk-Managed Balanced Fund
Table of Contents
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
| 2 | ||||
| Schedules of Investments (Unaudited) |
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| 3 | ||||
| 6 | ||||
| 10 | ||||
| 12 | ||||
| 14 | ||||
| 16 | ||||
| 22 | ||||
| 31 | ||||
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| 62 | ||||
| 63 | ||||
Table of Contents
| ICON Diversified Funds |
About This Report | |
|
March 31, 2016 (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, 2016, 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 to 35% and 25% of its assets in high-yield bonds that are below investment grade, respectively. 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.
| 2 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
3 | |
Table of Contents
| ICON Bond Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 4 | www.iconfunds.com | |
Table of Contents
| ICON Bond Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| (c) | All or a portion of the security was on loan as of March 31, 2016. |
| (d) | Floating Rate Security. Rate disclosed is as of March 31, 2016. |
| (e) | Non-income producing security. |
REIT - Real Estate Investment Trust
Credit Diversification (March 31, 2016)
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
5 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 6 |
www.iconfunds.com | |
Table of Contents
| ICON Equity Income Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
7 | |
Table of Contents
| ICON Equity Income Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 8 | www.iconfunds.com | |
Table of Contents
| ICON Equity Income Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
9 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 10 | www.iconfunds.com | |
Table of Contents
| ICON Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
11 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 12 | www.iconfunds.com | |
Table of Contents
| ICON Long/Short Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
13 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 14 | www.iconfunds.com | |
Table of Contents
| ICON Opportunities Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
15 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 16 | www.iconfunds.com | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
17 | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 18 | www.iconfunds.com | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
19 | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 20 | www.iconfunds.com | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
21 | |
Table of Contents
| ICON Diversified Funds |
Statements of Assets and Liabilities | |
|
March 31, 2016 (Unaudited) |
| ICON Bond Fund | ICON Equity Income Fund |
ICON Fund | ||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Investments, at cost |
$ | 87,882,198 | $ | 53,110,439 | $ | 51,644,784 | ||||||
| Investments, at value(a) |
87,320,512 | 52,153,467 | 51,215,361 | |||||||||
| Cash |
6,743 | – | – | |||||||||
| Foreign currency, at value (Cost $–, $6,713 and $–, respectively) |
– | 6,713 | – | |||||||||
| Receivables: |
||||||||||||
| Investments sold |
3,135,251 | 1,662,758 | – | |||||||||
| Fund shares sold |
597,164 | 1,433,917 | 4,322 | |||||||||
| Expense reimbursements due from Adviser |
46,403 | 10,214 | 9,491 | |||||||||
| Interest |
1,063,832 | 48,166 | 12 | |||||||||
| Dividends |
564 | 149,153 | 19,433 | |||||||||
| Foreign tax reclaims |
– | 892 | – | |||||||||
| Other Assets |
22,142 | 44,470 | 21,186 | |||||||||
| Total assets |
92,192,611 | 55,509,750 | 51,269,805 | |||||||||
| Liabilities |
||||||||||||
| Payables: |
||||||||||||
| Payable for collateral received on securities loaned |
633,023 | 6,173,434 | 1,390,200 | |||||||||
| Investments purchased |
5,745,764 | 2,098,077 | – | |||||||||
| Fund shares redeemed |
114,843 | 69,791 | 68,843 | |||||||||
| Distributions due to shareholders |
256,113 | – | – | |||||||||
| Advisory fees |
42,036 | 27,832 | 31,163 | |||||||||
| Transfer agent fees |
15,988 | 12,139 | 14,637 | |||||||||
| Fund accounting fees |
9,442 | 4,751 | 5,599 | |||||||||
| Accrued distribution fees |
4,395 | 8,613 | 11,602 | |||||||||
| Trustee fees and expenses |
4,352 | 2,215 | 2,925 | |||||||||
| Administration fees |
2,123 | 1,125 | 1,265 | |||||||||
| Accrued expenses |
26,955 | 24,243 | 26,777 | |||||||||
| Total liabilities |
6,855,034 | 8,422,220 | 1,553,011 | |||||||||
| Net Assets - all share classes |
$ | 85,337,577 | $ | 47,087,530 | $ | 49,716,794 | ||||||
| Net Assets - Class S |
$ | 73,815,261 | $ | 25,306,351 | $ | 31,121,388 | ||||||
| Net Assets - Class C |
$ | 4,793,523 | $ | 6,814,112 | $ | 12,344,662 | ||||||
| Net Assets - Class A |
$ | 6,728,793 | $ | 14,967,067 | $ | 6,250,744 | ||||||
| Net Assets Consists of |
||||||||||||
| Paid-in capital |
$ | 89,298,926 | $ | 68,209,500 | $ | 70,816,112 | ||||||
| Accumulated undistributed net investment income/(loss) |
73,045 | 83,772 | (164,908 | ) | ||||||||
| Accumulated undistributed net realized gain/(loss) |
(3,472,708 | ) | (20,249,018 | ) | (20,504,987 | ) | ||||||
| Unrealized appreciation/(depreciation) |
(561,686 | ) | (956,724 | ) | (429,423 | ) | ||||||
| Net Assets |
$ | 85,337,577 | $ | 47,087,530 | $ | 49,716,794 | ||||||
| Shares outstanding (unlimited shares authorized, no par value) |
||||||||||||
| Class S |
7,976,885 | 1,682,888 | 2,305,513 | |||||||||
| Class C |
515,970 | 448,940 | 1,027,185 | |||||||||
| Class A |
730,297 | 997,841 | 488,538 | |||||||||
| Net asset value (offering and redemption price per share) |
||||||||||||
| Class S |
$ | 9.25 | $ | 15.04 | $ | 13.50 | ||||||
| Class C |
$ | 9.29 | $ | 15.18 | $ | 12.02 | ||||||
| Class A |
$ | 9.21 | $ | 15.00 | $ | 12.79 | ||||||
| Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share |
$ | 9.67 | $ | 15.91 | $ | 13.58 | ||||||
| (a) Includes securities on loan of |
$ | 602,439 | $ | 5,700,282 | $ | 1,413,258 | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 22 | www.iconfunds.com | |
Table of Contents
| ICON Diversified Funds |
Statements of Assets and Liabilities | |
|
March 31, 2016 (Unaudited) |
| ICON Long/Short Fund |
ICON Opportunities Fund |
ICON Risk-Managed Balanced Fund |
||||||||||
| Assets |
||||||||||||
| Investments, at cost |
$ | 20,225,473 | $ | 10,180,098 | $ | 53,412,174 | ||||||
| Investments, at value(a) |
20,105,107 | 10,266,268 | 53,664,374 | |||||||||
| Receivables: |
||||||||||||
| Investments sold |
– | 149,667 | 485,293 | |||||||||
| Fund shares sold |
60 | 818 | 475,271 | |||||||||
| Expense reimbursements due from Adviser |
23,365 | – | 11,024 | |||||||||
| Interest |
– | – | 188,425 | |||||||||
| Dividends |
6,276 | 1,796 | 23,886 | |||||||||
| Foreign tax reclaims |
– | – | 500 | |||||||||
| Other Assets |
17,936 | 5,055 | 21,980 | |||||||||
| Total assets |
20,152,744 | 10,423,604 | 54,870,753 | |||||||||
| Liabilities |
||||||||||||
| Written options, at value (Premiums received $–, $– and $71,634, respectively) |
– | – | 233,550 | |||||||||
| Payables: |
||||||||||||
| Payable for collateral received on securities loaned |
200,200 | – | 356,123 | |||||||||
| Payable for interest expense on securities sold short |
53 | – | – | |||||||||
| Expense recoupment due to Adviser |
– | 985 | – | |||||||||
| Investments purchased |
– | – | 1,284,503 | |||||||||
| Fund shares redeemed |
32,693 | 23,780 | 61,028 | |||||||||
| Advisory fees |
14,503 | 6,521 | 32,979 | |||||||||
| Transfer agent fees |
18,360 | 2,318 | 9,951 | |||||||||
| Fund accounting fees |
2,869 | 1,324 | 5,812 | |||||||||
| Accrued distribution fees |
5,402 | – | 14,654 | |||||||||
| Trustee fees and expenses |
1,692 | 586 | 2,315 | |||||||||
| Administration fees |
486 | 266 | 1,348 | |||||||||
| Accrued expenses |
25,426 | 17,910 | 24,145 | |||||||||
| Total liabilities |
301,684 | 53,690 | 2,026,408 | |||||||||
| Net Assets - all share classes |
$ | 19,851,060 | $ | 10,369,914 | $ | 52,844,345 | ||||||
| Net Assets - Class S |
$ | 8,480,025 | $ | – | $ | 27,962,864 | ||||||
| Net Assets - Class C |
$ | 4,779,007 | $ | – | $ | 15,383,296 | ||||||
| Net Assets - Class A |
$ | 6,592,028 | $ | – | $ | 9,498,185 | ||||||
| Net Assets Consists of |
||||||||||||
| Paid-in capital |
$ | 75,367,792 | $ | 10,757,115 | $ | 66,250,174 | ||||||
| Accumulated undistributed net investment income/(loss) |
(208,436) | (56,611) | 79,210 | |||||||||
| Accumulated undistributed net realized gain/(loss) |
(55,187,930) | (416,760) | (13,575,389) | |||||||||
| Unrealized appreciation/(depreciation) |
(120,366) | 86,170 | 90,350 | |||||||||
| Net Assets |
$ | 19,851,060 | $ | 10,369,914 | $ | 52,844,345 | ||||||
| Shares outstanding (unlimited shares authorized, no par value) |
794,606 | |||||||||||
| Class S |
472,008 | – | 1,967,045 | |||||||||
| Class C |
297,280 | – | 1,178,519 | |||||||||
| Class A |
377,310 | – | 684,617 | |||||||||
| Net asset value (offering and redemption price per share) |
$ | 13.05 | ||||||||||
| Class S |
$ | 17.97 | $ | – | $ | 14.22 | ||||||
| Class C |
$ | 16.08 | $ | – | $ | 13.05 | ||||||
| Class A |
$ | 17.47 | $ | – | $ | 13.87 | ||||||
| Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share |
$ | 18.54 | $ | – | $ | 14.72 | ||||||
| (a) Includes securities on loan of |
$ | 197,080 | $ | – | $ | 352,913 | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
23 | |
Table of Contents
| ICON Diversified Funds |
Statements of Operations | |
|
Period Ended March 31, 2016 (Unaudited) |
| ICON Bond Fund | ICON Equity Income Fund |
ICON Fund | ||||||||||
| Investment Income |
||||||||||||
| Interest |
$ | 1,555,567 | $ | 69,709 | $ | 75 | ||||||
| Dividends |
400,815 | 1,088,858 | 383,390 | |||||||||
| Foreign taxes withheld |
– | (9,776) | (269) | |||||||||
| Income from securities lending, net |
9,097 | 89,230 | 5,499 | |||||||||
| Other Income |
– | 15 | – | |||||||||
| Total investment income |
1,965,479 | 1,238,036 | 388,695 | |||||||||
| Expenses |
||||||||||||
| Advisory fees |
251,496 | 161,240 | 194,727 | |||||||||
| Administration fees |
22,338 | 11,362 | 13,794 | |||||||||
| Transfer agent fees |
43,966 | 34,667 | 44,437 | |||||||||
| Distribution fees: |
||||||||||||
| Class C |
18,978 | 33,150 | 64,500 | |||||||||
| Class A |
8,089 | 16,683 | 8,317 | |||||||||
| Registration fees |
16,807 | 17,589 | 16,247 | |||||||||
| Audit and tax service expense |
15,715 | 15,608 | 12,097 | |||||||||
| Fund accounting fees |
11,661 | 6,043 | 6,691 | |||||||||
| Trustee fees and expenses |
7,208 | 3,726 | 4,751 | |||||||||
| Insurance expense |
5,728 | 2,586 | 4,222 | |||||||||
| Custody fees |
4,582 | 2,755 | 1,841 | |||||||||
| Printing fees |
7,857 | 6,506 | 8,137 | |||||||||
| Interest expense |
415 | 144 | 959 | |||||||||
| Recoupment of previously reimbursed expenses |
– | 30 | – | |||||||||
| Other expenses |
21,421 | 14,283 | 14,929 | |||||||||
| Total expenses before expense reimbursement |
436,261 | 326,372 | 395,649 | |||||||||
| Expense reimbursement by Adviser due to expense limitation agreement |
(94,390) | (18,356) | (14,030) | |||||||||
| Net Expenses |
341,871 | 308,016 | 381,619 | |||||||||
| Net Investment Income/(Loss) |
1,623,608 | 930,020 | 7,076 | |||||||||
| Realized and Unrealized Gain/(Loss) |
||||||||||||
| Net realized gain/(loss) on: |
||||||||||||
| Investments |
(733,959) | (524,015) | (1,173,440) | |||||||||
| Foreign currency |
– | (319) | – | |||||||||
| (733,959) | (524,334) | (1,173,440) | ||||||||||
| Change in unrealized net appreciation/(depreciation) on: |
||||||||||||
| Investments and foreign currency |
1,080,197 | 2,425,539 | (253,303) | |||||||||
| 1,080,197 | 2,425,539 | (253,303) | ||||||||||
| Net realized and unrealized gain/(loss) | 346,238 | 1,901,205 | (1,426,743) | |||||||||
| Net Increase/(Decrease) in Net Assets Resulting From Operations |
$ | 1,969,846 | $ | 2,831,225 | $ | (1,419,667) | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 24 | www.iconfunds.com | |
Table of Contents
| ICON Diversified Funds |
Statements of Operations | |
|
Period Ended March 31, 2016 (Unaudited) |
| ICON Long/Short Fund |
ICON Opportunities Fund |
ICON Risk-Managed Balanced Fund |
||||||||||
|
|
||||||||||||
| Investment Income |
||||||||||||
| Interest |
$ | 4 | $ | 13 | $ | 298,901 | ||||||
| Dividends |
185,299 | 82,149 | 393,548 | |||||||||
| Foreign taxes withheld |
– | – | (1,484) | |||||||||
| Income from securities lending, net |
2,586 | – | 10,747 | |||||||||
| Other Income |
– | – | 4,043 | |||||||||
|
|
|
|||||||||||
| Total investment income |
187,889 | 82,162 | 705,755 | |||||||||
|
|
|
|||||||||||
| Expenses |
||||||||||||
| Advisory fees |
104,820 | 40,372 | 192,563 | |||||||||
| Administration fees |
6,533 | 2,859 | 13,687 | |||||||||
| Transfer agent fees |
35,559 | 6,021 | 38,937 | |||||||||
| Distribution fees: |
||||||||||||
| Class C |
27,569 | – | 73,394 | |||||||||
| Class A |
9,816 | – | 11,251 | |||||||||
| Registration fees |
16,741 | 4,298 | 18,915 | |||||||||
| Audit and tax service expense |
14,607 | 10,671 | 18,060 | |||||||||
| Fund accounting fees |
3,494 | 1,803 | 9,085 | |||||||||
| Trustee fees and expenses |
2,624 | 967 | 4,130 | |||||||||
| Insurance expense |
2,365 | 770 | 2,033 | |||||||||
| Custody fees |
2,420 | 1,210 | 6,321 | |||||||||
| Printing fees |
5,579 | 4,685 | 5,695 | |||||||||
| Interest expense |
6,090 | 266 | 1,585 | |||||||||
| Recoupment of previously reimbursed expenses |
– | 2,725 | 1,390 | |||||||||
| Other expenses |
9,339 | 4,356 | 13,709 | |||||||||
|
|
|
|||||||||||
| Total expenses before expense reimbursement |
247,556 | 81,003 | 410,755 | |||||||||
| Expense reimbursement by Adviser due to expense limitation agreement |
(46,557) | – | (16,378) | |||||||||
|
|
|
|||||||||||
| Net Expenses |
200,999 | 81,003 | 394,377 | |||||||||
|
|
|
|||||||||||
| Net Investment Income/(Loss) |
(13,110) | 1,159 | 311,378 | |||||||||
|
|
|
|||||||||||
| Realized and Unrealized Gain/(Loss) |
||||||||||||
| Net realized gain/(loss) on: |
||||||||||||
| Investments |
(12,804) | (393,396) | (387,719) | |||||||||
| Foreign currency |
– | – | (150) | |||||||||
| Written options |
– | – | (418) | |||||||||
|
|
|
|||||||||||
| (12,804) | (393,396) | (388,287) | ||||||||||
|
|
|
|||||||||||
| Change in unrealized net appreciation/(depreciation) on: |
||||||||||||
| Investments and foreign currency |
(626,759) | 160,777 | 1,043,140 | |||||||||
| Written options |
– | – | (161,916) | |||||||||
|
|
|
|||||||||||
| (626,759) | 160,777 | 881,224 | ||||||||||
|
|
|
|||||||||||
| Net realized and unrealized gain/(loss) | (639,563) | (232,619) | 492,937 | |||||||||
|
|
|
|||||||||||
| Net Increase/(Decrease) in Net Assets Resulting From Operations |
$ | (652,673) | $ | (231,460) | $ | 804,315 | ||||||
|
|
|
|||||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
25 | |
Table of Contents
| ICON Diversified Funds |
Statements of Changes in Net Assets | |
| ICON Bond Fund | ICON Equity Income Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | 1,623,608 | $ | 3,856,226 | $ | 930,020 | $ | 1,436,199 | ||||||||
| Net realized gain/(loss) |
(733,959) | (2,721,154) | (524,334) | 2,378,033 | ||||||||||||
| Change in net unrealized appreciation/(depreciation) |
1,080,197 | (1,322,993) | 2,425,539 | (3,911,455) | ||||||||||||
| Net increase/(decrease) in net assets resulting from operations |
1,969,846 | (187,921) | 2,831,225 | (97,223) | ||||||||||||
| Dividends and Distributions to Shareholders |
|
|||||||||||||||
| Net investment income |
||||||||||||||||
| Class S |
(1,367,824) | (4,367,039) | (a) | (548,826) | (760,578) | |||||||||||
| Class C |
(66,020) | (198,438) | (a) | (100,132) | (154,918) | |||||||||||
| Class A |
(114,321) | (381,214) | (a) | (271,238) | (425,141) | |||||||||||
| Net realized gains |
||||||||||||||||
| Class S |
– | (1,100,327) | – | – | ||||||||||||
| Class C |
– | (49,999) | – | – | ||||||||||||
| Class A |
– | (96,051) | – | – | ||||||||||||
| Return of capital |
||||||||||||||||
| Class S |
– | (281,945) | – | – | ||||||||||||
| Class C |
– | (12,812) | – | – | ||||||||||||
| Class A |
– | (24,612) | – | – | ||||||||||||
| Net decrease from dividends and distributions |
(1,548,165) | (6,512,437) | (920,196) | (1,340,637) | ||||||||||||
| Fund Share Transactions |
||||||||||||||||
| Shares Sold |
||||||||||||||||
| Class S |
10,716,414 | 19,939,410 | 6,031,658 | 22,636,893 | ||||||||||||
| Class C |
1,219,168 | 2,204,299 | 876,147 | 2,336,246 | ||||||||||||
| Class A |
3,163,704 | 5,041,777 | 2,178,930 | 2,127,508 | ||||||||||||
| Reinvested dividends and distributions |
||||||||||||||||
| Class S |
782,893 | 5,264,217 | 330,082 | 715,630 | ||||||||||||
| Class C |
30,434 | 160,822 | 44,091 | 105,154 | ||||||||||||
| Class A |
38,782 | 245,318 | 136,935 | 385,989 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(11,230,687) | (33,725,086) | (4,785,008) | (7,873,137) | ||||||||||||
| Class C |
(623,081) | (843,849) | (1,266,332) | (796,100) | ||||||||||||
| Class A |
(4,313,702) | (1,286,486) | (1,012,980) | (2,907,210) | ||||||||||||
| Net increase/(decrease) from fund share transactions |
(216,075) | (2,999,578) | 2,533,523 | 16,730,973 | ||||||||||||
| Total net increase/(decrease) in net assets |
205,606 | (9,699,936) | 4,444,552 | 15,293,113 | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
85,131,971 | 94,831,907 | 42,642,978 | 27,349,865 | ||||||||||||
| End of period |
$ | 85,337,577 | $ | 85,131,971 | $ | 47,087,530 | $ | 42,642,978 | ||||||||
| Accumulated undistributed net investment income/(loss) |
$ | 73,045 | $ | (2,398) | $ | 83,772 | $ | 73,948 | ||||||||
| (a) | The ICON Bond Fund had a distribution in excess of net investment income during the fiscal year ending September 30, 2015. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 26 | www.iconfunds.com | |
Table of Contents
| ICON Diversified Funds |
Statements of Changes in Net Assets | |
| ICON Bond Fund | ICON Equity Income Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
||||||||||||||||
| Class S |
1,168,335 | 2,079,890 | 408,071 | 1,503,214 | ||||||||||||
| Class C |
132,278 | 230,646 | 59,018 | 150,250 | ||||||||||||
| Class A |
344,948 | 531,071 | 146,550 | 137,103 | ||||||||||||
| Issued to shareholders in reinvestment of distributions |
||||||||||||||||
| Class S |
85,195 | 556,451 | 23,051 | 46,951 | ||||||||||||
| Class C |
3,299 | 16,961 | 3,051 | 6,871 | ||||||||||||
| Class A |
4,237 | 26,037 | 9,589 | 25,418 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(1,224,556 | ) | (3,548,159 | ) | (334,361 | ) | (503,502 | ) | ||||||||
| Class C |
(67,811 | ) | (89,159 | ) | (85,523 | ) | (51,185 | ) | ||||||||
| Class A |
(473,534 | ) | (136,282 | ) | (70,985 | ) | (186,068 | ) | ||||||||
| Net increase/(decrease) |
(27,609 | ) | (332,544 | ) | 158,461 | 1,129,052 | ||||||||||
| Shares outstanding, beginning of period |
9,250,761 | 9,583,305 | 2,971,208 | 1,842,156 | ||||||||||||
| Shares outstanding, end of period |
9,223,152 | 9,250,761 | 3,129,669 | 2,971,208 | ||||||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
27 | |
Table of Contents
| ICON Diversified Funds |
Statements of Changes in Net Assets | |
| ICON Fund | ICON Long/Short Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | 7,076 | $ | (305,707) | $ | (13,110) | $ | (272,826) | ||||||||
| Net realized gain/(loss) |
(1,173,440) | 1,666,949 | (12,804) | 1,596,940 | ||||||||||||
| Change in net unrealized appreciation/(depreciation) |
(253,303) | (3,490,916) | (626,759) | (1,334,483) | ||||||||||||
| Net increase/(decrease) in net assets resulting from operations |
(1,419,667) | (2,129,674) | (652,673) | (10,369) | ||||||||||||
| Fund Share Transactions |
||||||||||||||||
| Shares Sold |
||||||||||||||||
| Class S |
940,066 | 2,650,530 | 832,126 | 13,446,762 | ||||||||||||
| Class C |
374,970 | 570,850 | 56,867 | 1,135,887 | ||||||||||||
| Class A |
211,943 | 673,069 | 343,989 | 2,023,326 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(2,676,208) | (9,474,040) | (9,325,634) | (12,681,757) | ||||||||||||
| Class C |
(1,384,595) | (3,146,732) | (1,387,569) | (1,710,185) | ||||||||||||
| Class A |
(764,096) | (1,412,280) | (2,698,483) | (4,078,006) | ||||||||||||
| Net decrease from fund share transactions |
(3,297,920) | (10,138,603) | (12,178,704) | (1,863,973) | ||||||||||||
| Total net decrease in net assets |
(4,717,587) | (12,268,277) | (12,831,377) | (1,874,342) | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
54,434,381 | 66,702,658 | 32,682,437 | 34,556,779 | ||||||||||||
| End of period |
$ | 49,716,794 | $ | 54,434,381 | $ | 19,851,060 | $ | 32,682,437 | ||||||||
| Accumulated undistributed net investment income/(loss) |
$ | (164,908) | $ | (171,984) | $ | (208,436) | $ | (195,326) | ||||||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
||||||||||||||||
| Class S |
66,837 | 174,791 | 44,953 | 668,902 | ||||||||||||
| Class C |
31,369 | 40,080 | 3,467 | 60,489 | ||||||||||||
| Class A |
16,195 | 44,868 | 19,761 | 100,326 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(197,959) | (601,521) | (508,120) | (627,870) | ||||||||||||
| Class C |
(114,404) | (226,313) | (87,105) | (93,775) | ||||||||||||
| Class A |
(60,326) | (95,562) | (155,427) | (207,860) | ||||||||||||
| Net decrease |
(258,288) | (663,657) | (682,471) | (99,788) | ||||||||||||
| Shares outstanding, beginning of period |
4,079,524 | 4,743,181 | 1,829,069 | 1,928,857 | ||||||||||||
| Shares outstanding, end of period |
3,821,236 | 4,079,524 | 1,146,598 | 1,829,069 | ||||||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 28 | www.iconfunds.com | |
Table of Contents
| ICON Diversified Funds |
Statements of Changes in Net Assets | |
| ICON Opportunities Fund | ICON Risk-Managed Balanced Fund | |||||||||||||||
| Period Ended March 31, 2016 |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | 1,159 | $ | (80,515) | $ | 311,378 | $ | 293,801 | ||||||||
| Net realized gain/(loss) |
(393,396) | 29,960 | (388,287) | 446,087 | ||||||||||||
| Change in net unrealized appreciation/(depreciation) |
160,777 | 587,690 | 881,224 | (1,184,909) | ||||||||||||
| Net increase/(decrease) in net assets resulting from operations |
(231,460) | 537,135 | 804,315 | (445,021) | ||||||||||||
| Dividends and Distributions to Shareholders |
| |||||||||||||||
| Net investment income |
– | (126,909) | ||||||||||||||
| Class S |
– | – | (158,222) | (195,258) | (a) | |||||||||||
| Class C |
– | – | (27,223) | (45,453) | (a) | |||||||||||
| Class A |
– | – | (43,069) | (80,740) | (a) | |||||||||||
| Net realized gains |
(10,170) | (60,583) | (b) | |||||||||||||
| Net decrease from dividends and distributions |
(10,170) | (187,492) | (228,514) | (321,451) | ||||||||||||
| Fund Share Transactions |
| |||||||||||||||
| Shares Sold |
421,967 | 1,123,562 | ||||||||||||||
| Class S |
– | – | 10,309,611 | 20,735,760 | ||||||||||||
| Class C |
– | – | 4,959,068 | 5,157,125 | ||||||||||||
| Class A |
– | – | 2,815,927 | 7,372,991 | ||||||||||||
| Reinvested dividends and distributions |
10,162 | 182,711 | ||||||||||||||
| Class S |
– | – | 43,000 | 158,420 | ||||||||||||
| Class C |
– | – | – | 36,577 | ||||||||||||
| Class A |
– | – | 9,681 | 63,152 | ||||||||||||
| Shares repurchased |
(867,552) | (2,741,644) | ||||||||||||||
| Class S |
– | – | (9,409,735) | (13,651,238) | ||||||||||||
| Class C |
– | – | (2,762,387) | (1,464,014) | ||||||||||||
| Class A |
– | – | (1,880,129) | (6,013,030) | ||||||||||||
| Net increase/(decrease) from fund share transactions |
(435,423) | (1,435,371) | 4,085,036 | 12,395,743 | ||||||||||||
| Total net increase/(decrease) in net assets |
(677,053) | (1,085,728) | 4,660,837 | 11,629,271 | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
11,046,967 | 12,132,695 | 48,183,508 | 36,554,237 | ||||||||||||
| End of period |
$ | 10,369,914 | $ | 11,046,967 | $ | 52,844,345 | $ | 48,183,508 | ||||||||
| Accumulated undistributed net investment income/(loss) |
$ | (56,611) | $ | (57,770) | $ | 79,210 | $ | (3,654) | ||||||||
| (a) | The ICON Risk-Managed Balanced Fund had a distribution in excess of net investment income during the fiscal year ending September 30, 2015. |
| (b) | The ICON Opportunities Fund had a distribution in excess of net realized gain during the fiscal year ending September 30, 2015. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
29 | |
Table of Contents
| ICON Diversified Funds |
Statements of Changes in Net Assets | |
| ICON Opportunities Fund | ICON Risk-Managed Balanced Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
31,643 | 79,579 | ||||||||||||||
| Class S |
– | – | 737,265 | 1,429,825 | ||||||||||||
| Class C |
– | – | 380,220 | 385,869 | ||||||||||||
| Class A |
– | – | 203,437 | 521,467 | ||||||||||||
| Issued to shareholders in reinvestment of distributions |
753 | 13,494 | ||||||||||||||
| Class S |
– | – | 3,009 | 11,119 | ||||||||||||
| Class C |
– | – | – | 2,801 | ||||||||||||
| Class A |
– | – | 694 | 4,524 | ||||||||||||
| Shares repurchased |
(67,095) | (194,321) | ||||||||||||||
| Class S |
– | – | (676,147) | (973,454) | ||||||||||||
| Class C |
– | – | (215,285) | (109,255) | ||||||||||||
| Class A |
– | – | (136,774) | (421,260) | ||||||||||||
| Net increase/(decrease) |
(34,699) | (101,248) | 296,419 | 851,636 | ||||||||||||
| Shares outstanding, beginning of period |
829,305 | 930,553 | 3,533,762 | 2,682,126 | ||||||||||||
| Shares outstanding, end of period |
794,606 | 829,305 | 3,830,181 | 3,533,762 | ||||||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 30 | www.iconfunds.com | |
Table of Contents
| ICON Bond Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 9.20 | $ | 9.90 | $ | 9.89 | $ | 10.51 | $ | 10.11 | $ | 10.79 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.18 | 0.41 | 0.43 | (c) | 0.24 | 0.38 | 0.47 | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.04 | (0.44) | 0.15 | (0.32) | 0.59 | (0.46) | ||||||||||||||||||
| Total from investment operations |
0.22 | (0.03) | 0.58 | (0.08) | 0.97 | 0.01 | ||||||||||||||||||
| Less dividends and distributions: |
|
|||||||||||||||||||||||
| Dividends from net investment income |
(0.17) | (0.51) | (0.44) | (0.24) | (0.40) | (0.47) | ||||||||||||||||||
| Distributions from net realized gains |
– | (0.13) | (0.13) | (0.30) | (0.17) | (0.22) | ||||||||||||||||||
| Return of capital |
– | (0.03) | – | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(0.17) | (0.67) | (0.57) | (0.54) | (0.57) | (0.69) | ||||||||||||||||||
| Net asset value, end of period |
$ | 9.25 | $ | 9.20 | $ | 9.90 | $ | 9.89 | $ | 10.51 | $ | 10.11 | ||||||||||||
| Total Return |
2.44% | (d) | (0.28) | % | 6.01 | % | (0.84) | % | 9.93 | % | 0.15 | % | ||||||||||||
| Ratios and Supplemental Data |
|
|||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 73,815 | $ | 73,152 | $ | 87,675 | $ | 88,313 | $ | 81,381 | $ | 881 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
0.94% | (e) | 0.91 | % | 0.86 | % | 0.89 | % | 0.88 | % | 1.18 | % | ||||||||||||
| After expense limitation/ recoupment (f) |
0.75% | (e) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
3.75% | (e) | 4.10 | % | 4.22 | % | 2.19 | % | 3.46 | % | 4.08 | % | ||||||||||||
| After expense limitation/ recoupment |
3.94% | (e) | 4.26 | % | 4.33% | (c) | 2.33 | % | 3.59 | % | 4.51 | % | ||||||||||||
| Portfolio turnover rate |
70% | (d) | 153 | % | 176 | % | 97 | % | 51 | % | 32 | % | ||||||||||||
| (a) | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
| (b) | Calculated using the average shares method. |
| (c) | Investment income per share of Class S reflects a large, non-recurring dividend which amounted to $0.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 3.59% for Class S. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
31 | |
Table of Contents
| ICON Bond Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 9.24 | $ | 9.94 | $ | 9.93 | $ | 10.55 | $ | 10.15 | $ | 10.83 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.14 | 0.32 | 0.34 | (b) | 0.15 | 0.31 | 0.39 | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.05 | (0.43) | 0.15 | (0.32) | 0.57 | (0.46) | ||||||||||||||||||
| Total from investment operations |
0.19 | (0.11) | 0.49 | (0.17) | 0.88 | (0.07) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.14) | (0.43) | (0.35) | (0.15) | (0.31) | (0.39) | ||||||||||||||||||
| Distributions from net realized gains |
– | (0.13) | (0.13) | (0.30) | (0.17) | (0.22) | ||||||||||||||||||
| Return of capital |
– | (0.03) | – | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(0.14) | (0.59) | (0.48) | (0.45) | (0.48) | (0.61) | ||||||||||||||||||
| Net asset value, end of period |
$ | 9.29 | $ | 9.24 | $ | 9.94 | $ | 9.93 | $ | 10.55 | $ | 10.15 | ||||||||||||
| Total Return(c) |
2.03% | (d) | (1.10) | % | 5.10 | % | (1.66) | % | 8.98 | % | (0.68) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 4,794 | $ | 4,142 | $ | 2,879 | $ | 3,008 | $ | 3,772 | $ | 3,879 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.10% | (e) | 2.19 | % | 2.27 | % | 2.06 | % | 2.28 | % | 2.16 | % | ||||||||||||
| After expense limitation/recoupment(f) |
1.60% | (e) | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.61% | (e) | 2.76 | % | 2.75 | % | 1.02 | % | 2.35 | % | 3.11 | % | ||||||||||||
| After expense limitation/recoupment |
3.11% | (e) | 3.35 | % | 3.42% | (b) | 1.48 | % | 3.03 | % | 3.67 | % | ||||||||||||
| Portfolio turnover rate |
70% | (d) | 153 | % | 176 | % | 97 | % | 51 | % | 32 | % | ||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Investment income per share of Class C reflects a large, non-recurring dividend which amounted to $0.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.84% for Class C. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 32 | www.iconfunds.com | |
Table of Contents
| ICON Bond Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 9.17 | $ | 9.86 | $ | 9.89 | $ | 10.51 | $ | 10.11 | $ | 10.81 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.17 | 0.36 | 0.43 | (c) | 0.21 | 0.36 | 0.46 | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.04 | (0.41) | 0.12 | (0.32) | 0.58 | (0.46) | ||||||||||||||||||
| Total from investment operations |
0.21 | (0.05) | 0.55 | (0.11) | 0.94 | – | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.17) | (0.48) | (0.45) | (0.21) | (0.37) | (0.48) | ||||||||||||||||||
| Distributions from net realized gains |
– | (0.13) | (0.13) | (0.30) | (0.17) | (0.22) | ||||||||||||||||||
| Return of capital |
– | (0.03) | – | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(0.17) | (0.64) | (0.58) | (0.51) | (0.54) | (0.70) | ||||||||||||||||||
| Net asset value, end of period |
$ | 9.21 | $ | 9.17 | $ | 9.86 | $ | 9.89 | $ | 10.51 | $ | 10.11 | ||||||||||||
| Total Return(d) |
2.27% | (e) | (0.44) | % | 5.77 | % | (1.08) | % | 9.66 | % | (0.02) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 6,729 | $ | 7,838 | $ | 4,278 | $ | 6,792 | $ | 7,515 | $ | 249 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.40% | (f) | 1.36 | % | 1.44 | % | 1.34 | % | 1.31 | % | 5.83 | % | ||||||||||||
| After expense limitation/recoupment(g) |
1.00% | (f) | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.01 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
3.26% | (f) | 3.50 | % | 3.84 | % | 1.71 | % | 3.13 | % | (0.38) | % | ||||||||||||
| After expense limitation/recoupment |
3.66% | (f) | 3.86 | % | 4.28% | (c) | 2.06 | % | 3.44 | % | 4.44 | % | ||||||||||||
| Portfolio turnover rate |
70% | (e) | 153 | % | 176 | % | 97 | % | 51 | % | 32 | % | ||||||||||||
| (a) | 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. |
| (b) | Calculated using the average shares method. |
| (c) | Investment income per share of Class A reflects a large, non-recurring dividend which amounted to $0.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 3.55% for Class A. |
| (d) | The total return calculation excludes any sales charges. |
| (e) | Not Annualized. |
| (f) | Annualized. |
| (g) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
33 | |
Table of Contents
| ICON Equity Income Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 14.36 | $ | 14.87 | $ | 13.80 | $ | 12.18 | $ | 10.21 | $ | 10.96 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.33 | 0.56 | 0.52 | 0.47 | 0.43 | 0.50 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.69 | (0.56) | 1.04 | 1.65 | 2.03 | (0.71) | ||||||||||||||||||
| Total from investment operations |
1.02 | (0.00) | (c) | 1.56 | 2.12 | 2.46 | (0.21) | |||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.34) | (0.51) | (0.49) | (0.50) | (0.49) | (0.54) | ||||||||||||||||||
| Total dividends and distributions |
(0.34) | (0.51) | (0.49) | (0.50) | (0.49) | (0.54) | ||||||||||||||||||
| Net asset value, end of period |
$ | 15.04 | $ | 14.36 | $ | 14.87 | $ | 13.80 | $ | 12.18 | $ | 10.21 | ||||||||||||
| Total Return |
7.22% | (d) | (0.17) | % | 11.36 | % | 17.76 | % | 24.43 | % | (2.40) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period |
$ | 25,306 | $ | 22,779 | $ | 8,022 | $ | 5,116 | $ | 7,123 | $ | 142 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.26% | (e) | 1.25 | % | 1.38 | % | 1.53 | % | 1.47 | % | 3.99 | % | ||||||||||||
| After expense limitation/recoupment (f) |
1.20% | (e) | 1.20 | % | 1.20 | % | 1.21 | % | 1.21 | % | 1.20 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
4.50% | (e) | 3.52 | % | 3.36 | % | 3.28 | % | 3.31 | % | 1.45 | % | ||||||||||||
| After expense limitation/recoupment |
4.56% | (e) | 3.57 | % | 3.54 | % | 3.60 | % | 3.57 | % | 4.24 | % | ||||||||||||
| Portfolio turnover rate |
67% | (d) | 174 | % | 148 | % | 163 | % | 122 | % | 143 | % | ||||||||||||
| (a) | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
| (b) | Calculated using the average shares method. |
| (c) | Amount less than $(0.005). |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 34 | www.iconfunds.com | |
Table of Contents
| ICON Equity Income Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 14.45 | $ | 14.96 | $ | 13.88 | $ | 12.25 | $ | 10.16 | $ | 10.85 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
0.26 | 0.40 | 0.36 | 0.35 | 0.29 | 0.37 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.69 | (0.56) | 1.06 | 1.65 | 2.06 | (0.72) | ||||||||||||||||||
| Total from investment operations |
0.95 | (0.16) | 1.42 | 2.00 | 2.35 | (0.35) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.22) | (0.35) | (0.34) | (0.37) | (0.26) | (0.34) | ||||||||||||||||||
| Total dividends and distributions |
(0.22) | (0.35) | (0.34) | (0.37) | (0.26) | (0.34) | ||||||||||||||||||
| Net asset value, end of period |
$ | 15.18 | $ | 14.45 | $ | 14.96 | $ | 13.88 | $ | 12.25 | $ | 10.16 | ||||||||||||
| Total Return(b) |
6.66% | (c) | (1.16) | % | 10.26 | % | 16.58 | % | 23.31 | % | (3.47) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 6,814 | $ | 6,825 | $ | 5,481 | $ | 5,423 | $ | 5,146 | $ | 3,874 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
2.37% | (d) | 2.34 | % | 2.45 | % | 2.42 | % | 2.62 | % | 2.53 | % | ||||||||||||
| After expense limitation/ recoupment (e) |
2.20% | (d) | 2.20 | % | 2.20 | % | 2.21 | % | 2.20 | % | 2.20 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
3.35% | (d) | 2.40 | % | 2.21 | % | 2.49 | % | 2.09 | % | 2.85 | % | ||||||||||||
| After expense limitation/ recoupment |
3.52% | (d) | 2.54 | % | 2.46 | % | 2.70 | % | 2.51 | % | 3.18 | % | ||||||||||||
| Portfolio turnover rate |
67% | (c) | 174 | % | 148 | % | 163 | % | 122 | % | 143 | % | ||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
35 | |
Table of Contents
| ICON Equity Income Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 14.29 | $ | 14.79 | $ | 13.73 | $ | 12.12 | $ | 10.15 | $ | 10.90 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.31 | 0.50 | 0.47 | 0.45 | 0.39 | 0.47 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.68 | (0.53 | ) | 1.04 | 1.63 | 2.03 | (0.71 | ) | ||||||||||||||||
| Total from investment operations |
0.99 | (0.03 | ) | 1.51 | 2.08 | 2.42 | (0.24 | ) | ||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.28 | ) | (0.47 | ) | (0.45 | ) | (0.47 | ) | (0.45 | ) | (0.51 | ) | ||||||||||||
| Total dividends and distributions |
(0.28 | ) | (0.47 | ) | (0.45 | ) | (0.47 | ) | (0.45 | ) | (0.51 | ) | ||||||||||||
| Net asset value, end of period |
$ | 15.00 | $ | 14.29 | $ | 14.79 | $ | 13.73 | $ | 12.12 | $ | 10.15 | ||||||||||||
| Total Return(c) |
7.03% | (d) | (0.38) | % | 11.07 | % | 17.49 | % | 24.10 | % | (2.66) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 14,967 | $ | 13,039 | $ | 13,847 | $ | 12,798 | $ | 10,758 | $ | 2,871 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.54% | (e) | 1.52 | % | 1.59 | % | 1.68 | % | 1.69 | % | 1.91 | % | ||||||||||||
| After expense limitation/recoupment(f) |
1.45% | (e) | 1.45 | % | 1.45 | % | 1.46 | % | 1.45 | % | 1.45 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
4.23% | (e) | 3.14 | % | 3.08 | % | 3.24 | % | 3.11 | % | 3.55 | % | ||||||||||||
| After expense limitation/recoupment |
4.32% | (e) | 3.21 | % | 3.22 | % | 3.45 | % | 3.35 | % | 4.01 | % | ||||||||||||
| Portfolio turnover rate |
67% | (d) | 174 | % | 148 | % | 163 | % | 122 | % | 143 | % | ||||||||||||
| (a) | 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. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 36 | www.iconfunds.com | |
Table of Contents
| ICON Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 13.83 | $ | 14.52 | $ | 14.00 | $ | 11.34 | $ | 8.82 | $ | 9.04 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.02 | (0.02 | ) | 0.00 | (c) | 0.07 | 0.07 | (0.07 | ) | |||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
(0.35 | ) | (0.67 | ) | 0.52 | 2.66 | 2.45 | (0.15 | ) | |||||||||||||||
| Total from investment operations |
(0.33 | ) | (0.69 | ) | 0.52 | 2.73 | 2.52 | (0.22 | ) | |||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | – | (0.07 | ) | – | – | |||||||||||||||||
| Total dividends and distributions |
– | – | – | (0.07 | ) | – | – | |||||||||||||||||
| Net asset value, end of period |
$ | 13.50 | $ | 13.83 | $ | 14.52 | $ | 14.00 | $ | 11.34 | $ | 8.82 | ||||||||||||
| Total Return |
(2.39)% | (d) | (4.75 | )% | 3.71 | % | 24.27 | % | 28.57 | % | (2.43 | )% | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 31,121 | $ | 33,695 | $ | 41,577 | $ | 6,986 | $ | 22,952 | $ | 133 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
1.15% | (e) | 1.09 | % | 1.10 | % | 1.23 | % | 1.18 | % | 2.52 | % | ||||||||||||
| After expense limitation/ recoupment (f) |
1.15% | (e) | 1.09 | % | 1.10 | % | 1.23 | % | 1.18 | % | 2.52 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
0.35% | (e) | (0.11 | )% | 0.02 | % | 0.59 | % | 0.61 | % | (0.72 | )% | ||||||||||||
| After expense limitation/ recoupment |
0.35% | (e) | (0.11 | )% | 0.02 | % | 0.59 | % | 0.61 | % | (0.72 | )% | ||||||||||||
| Portfolio turnover rate |
3% | (d) | 54 | % | 65 | % | 33 | % | 24 | % | 58 | % | ||||||||||||
| (a) | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
| (b) | Calculated using the average shares method. |
| (c) | Amount less than $0.005. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
37 | |
Table of Contents
| ICON Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 12.38 | $ | 13.15 | $ | 12.82 | $ | 10.42 | $ | 8.17 | $ | 8.36 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
(0.05) | (b) | (0.18) | (0.14) | (0.07) | (0.04) | (0.05) | |||||||||||||||||
| Net realized and unrealized |
(0.31) | (0.59) | 0.47 | 2.47 | 2.29 | (0.14) | ||||||||||||||||||
| Total from investment operations |
(0.36) | (0.77) | 0.33 | 2.40 | 2.25 | (0.19) | ||||||||||||||||||
| Net asset value, end of period |
$ | 12.02 | $ | 12.38 | $ | 13.15 | $ | 12.82 | $ | 10.42 | $ | 8.17 | ||||||||||||
| Total Return(c) |
(2.91)% | (d) | (5.86)% | 2.57% | 23.03% | 27.54% | (2.27)% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period |
$ | 12,345 | $ | 13,745 | $ | 17,050 | $ | 18,848 | $ | 18,378 | $ | 17,884 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ |
2.39% | (e) | 2.27% | 2.26% | 2.32% | 2.35% | 2.27% | |||||||||||||||||
| After expense limitation/ |
2.25% | (e) | 2.25% | 2.25% | 2.26% | 2.28% | 2.27% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ |
(0.89)% | (e) | (1.29)% | (1.09)% | (0.64)% | (0.48)% | (0.50)% | |||||||||||||||||
| After expense limitation/ |
(0.75)% | (e) | (1.27)% | (1.08)% | (0.58)% | (0.41)% | (0.50)% | |||||||||||||||||
| Portfolio turnover rate |
3% | (c) | 54% | 65% | 33% | 24% | 58% | |||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The per share amount does not correspond to activity reflected in the Statement of Operations due to timing of shareholder activity during the period. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 38 | www.iconfunds.com | |
Table of Contents
| ICON Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 13.13 | $ | 13.84 | $ | 13.39 | $ | 10.85 | $ | 8.46 | $ | 8.67 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
(0.00) | (c)(d) | (0.08) | (0.05) | 0.02 | 0.03 | (0.07) | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
(0.34) | (0.63) | 0.50 | 2.56 | 2.36 | (0.14) | ||||||||||||||||||
| Total from investment operations |
(0.34) | (0.71) | 0.45 | 2.58 | 2.39 | (0.21) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | – | (0.04) | – | – | ||||||||||||||||||
| Total dividends and distributions |
– | – | – | (0.04) | – | – | ||||||||||||||||||
| Net asset value, end of period |
$ | 12.79 | $ | 13.13 | $ | 13.84 | $ | 13.39 | $ | 10.85 | $ | 8.46 | ||||||||||||
| Total Return(e) |
(2.59)% | (f) | (5.13)% | 3.36% | 23.90% | 28.25% | (2.42)% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 6,251 | $ | 6,994 | $ | 8,076 | $ | 10,000 | $ | 12,401 | $ | 1,245 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
1.66% | (g) | 1.55% | 1.56% | 1.58% | 1.54% | 2.52% | |||||||||||||||||
| After expense limitation/ recoupment (h) |
1.50% | (g) | 1.50% | 1.50% | 1.51% | 1.54% | 2.52% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
(0.17)% | (g) | (0.57)% | (0.38)% | 0.12% | 0.27% | (0.75)% | |||||||||||||||||
| After expense limitation/ recoupment |
(0.01)% | (g) | (0.52)% | (0.32)% | 0.19% | 0.27% | (0.75)% | |||||||||||||||||
| Portfolio turnover rate |
3% | (f) | 54% | 65% | 33% | 24% | 58% | |||||||||||||||||
| (a) | 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. |
| (b) | Calculated using the average shares method. |
| (c) | The per share amount does not correspond to activity reflected in the Statement of Operations due to timing of shareholder activity during the period. |
| (d) | Amount less than $(0.005). |
| (e) | The total return calculation excludes any sales charges. |
| (f) | Not Annualized. |
| (g) | Annualized. |
| (h) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
39 | |
Table of Contents
| ICON Long/Short Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 18.39 | $ | 18.41 | $ | 17.48 | $ | 14.56 | $ | 11.61 | $ | 11.90 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.02 | (0.09) | (0.06) | 0.01 | 0.02 | 0.02 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
(0.44) | 0.07 | 0.99 | 2.91 | 2.93 | (0.31) | ||||||||||||||||||
| Total from investment operations |
(0.42) | (0.02) | 0.93 | 2.92 | 2.95 | (0.29) | ||||||||||||||||||
| Net asset value, end of period |
$ | 17.97 | $ | 18.39 | $ | 18.41 | $ | 17.48 | $ | 14.56 | $ | 11.61 | ||||||||||||
| Total Return |
(2.28)% | (c) | (0.11)% | 5.32% | 20.05% | 25.41% | (2.44)% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 8,480 | $ | 17,196 | $ | 16,465 | $ | 4,774 | $ | 3,471 | $ | 42 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.68% | (d) | 1.37% | 1.45% | 1.53% | 2.18% | 7.76% | |||||||||||||||||
| After expense limitation/recoupment (e) |
1.30% | (d) | 1.28% | 1.32% | 1.32% | 1.35% | 1.65% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.18)% | (d) | (0.52)% | (0.47)% | (0.14)% | (0.70)% | (5.96)% | |||||||||||||||||
| After expense limitation/recoupment |
0.20% | (d) | (0.43)% | (0.34)% | 0.07% | 0.13% | 0.15% | |||||||||||||||||
| Portfolio turnover rate |
3% | (c) | 74% | 65% | 33% | 54% | 67% | |||||||||||||||||
| (a) | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
| (b) | Calculated using the average shares method. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 40 | www.iconfunds.com | |
Table of Contents
| ICON Long/Short Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 16.54 | $ | 16.74 | $ | 16.05 | $ | 13.52 | $ | 10.89 | $ | 11.29 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
(0.07) | (0.27) | (0.24) | (0.14) | (0.11) | (0.11) | ||||||||||||||||||
| Net realized and unrealized |
(0.39) | 0.07 | 0.93 | 2.67 | 2.74 | (0.29) | ||||||||||||||||||
| Total from investment operations |
(0.46) | (0.20) | 0.69 | 2.53 | 2.63 | (0.40) | ||||||||||||||||||
| Net asset value, end of period |
$ | 16.08 | $ | 16.54 | $ | 16.74 | $ | 16.05 | $ | 13.52 | $ | 10.89 | ||||||||||||
| Total Return(b) |
(2.78)% | (c) | (1.19)% | 4.30% | 18.71% | 24.15% | (3.54)% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 4,779 | $ | 6,300 | $ | 6,932 | $ | 6,108 | $ | 6,004 | $ | 5,546 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ |
2.77% | (d) | 2.53% | 2.57% | 2.62% | 2.95% | 3.14% | |||||||||||||||||
| After expense limitation/ |
2.35% | (d) | 2.33% | 2.38% | 2.37% | 2.41% | 2.70% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ |
(1.23)% | (d) | (1.68)% | (1.58)% | (1.21)% | (1.44)% | (1.38)% | |||||||||||||||||
| After expense limitation/ |
(0.81)% | (d) | (1.48)% | (1.39)% | (0.96)% | (0.90)% | (0.94)% | |||||||||||||||||
| Portfolio turnover rate |
3% | (c) | 74% | 65% | 33% | 54% | 67% | |||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
41 | |
Table of Contents
| ICON Long/Short Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended 2015 |
Year Ended 2014 |
Year Ended 2013 |
Year Ended 2012 |
Year Ended 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 17.91 | $ | 17.99 | $ | 17.13 | $ | 14.31 | $ | 11.44 | $ | 11.77 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
(0.00) | (c) | (0.15) | (0.12) | (0.02) | (0.02) | (0.02) | |||||||||||||||||
| Net realized and unrealized |
(0.44) | 0.07 | 0.98 | 2.84 | 2.89 | (0.31) | ||||||||||||||||||
| Total from investment operations |
(0.44) | (0.08) | 0.86 | 2.82 | 2.87 | (0.33) | ||||||||||||||||||
| Net asset value, end of period |
$ | 17.47 | $ | 17.91 | $ | 17.99 | $ | 17.13 | $ | 14.31 | $ | 11.44 | ||||||||||||
| Total Return(d) |
(2.46)% | (e) | (0.44)% | 5.02% | 19.71% | 25.09% | (2.80)% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 6,592 | $ | 9,186 | $ | 11,160 | $ | 8,813 | $ | 15,687 | $ | 1,213 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ |
1.94% | (f) | 1.73% | 1.81% | 1.91% | 2.09% | 3.23% | |||||||||||||||||
| After expense limitation/ |
1.60% | (f) | 1.58% | 1.63% | 1.61% | 1.65% | 1.91% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ |
(0.40)% | (f) | (0.89)% | (0.82)% | (0.45)% | (0.58)% | (1.46)% | |||||||||||||||||
| After expense limitation/ |
(0.06)% | (f) | (0.74)% | (0.64)% | (0.16)% | (0.14)% | (0.14)% | |||||||||||||||||
| Portfolio turnover rate |
3% | (e) | 74% | 65% | 33% | 54% | 67% | |||||||||||||||||
| (a) | 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. |
| (b) | Calculated using the average shares method. |
| (c) | Amount less than $(0.005). |
| (d) | The total return calculation excludes any sales charges. |
| (e) | Not Annualized. |
| (f) | Annualized. |
| (g) | The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 42 | www.iconfunds.com | |
Table of Contents
| ICON Opportunities Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013(a) |
|||||||||||||
| Net asset value, beginning of period |
$ | 13.32 | $ | 13.04 | $ | 13.02 | $ | 10.00 | ||||||||
| Income/(loss) from investment operations: |
||||||||||||||||
| Net investment income/(loss)(b) |
0.00 | (c) | (0.09) | (0.12) | (0.01) | |||||||||||
| Net realized and unrealized |
(0.26) | 0.58 | 0.41 | (d) | 3.03 | |||||||||||
| Total from investment operations |
(0.26) | 0.49 | 0.29 | 3.02 | ||||||||||||
| Less dividends and distributions: |
||||||||||||||||
| Distributions from net realized |
(0.01) | (0.21) | (0.27) | – | ||||||||||||
| Total dividends and distributions |
(0.01) | (0.21) | (0.27) | – | ||||||||||||
| Net asset value, end of period |
$ | 13.05 | $ | 13.32 | $ | 13.04 | $ | 13.02 | ||||||||
| Total Return |
(1.94) | %(e) | 3.75 | % | 2.19 | % | 30.20 | % | ||||||||
| Ratios and Supplemental Data |
||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 10,370 | $ | 11,047 | $ | 12,133 | $ | 442 | ||||||||
| Ratio of expenses to average net assets |
||||||||||||||||
| Before expense limitation/ |
1.50 | %(f) | 1.58 | % | 2.44 | % | 12.47 | % | ||||||||
| After expense limitation/ |
1.50 | %(f) | 1.50 | % | 1.50 | % | 1.52 | % | ||||||||
| Ratio of net investment income/(loss) |
||||||||||||||||
| Before expense limitation/ |
0.02 | %(f) | (0.72) | % | (1.81) | % | (11.02) | % | ||||||||
| After expense limitation/ |
0.02 | %(f) | (0.65) | % | (0.87) | % | (0.07) | % | ||||||||
| Portfolio turnover rate |
24 | %(e) | 76 | % | 46 | % | 52 | % | ||||||||
| (a) | Commenced operations on October 1, 2012. |
| (b) | Calculated using the average shares method. |
| (c) | Amount less than $0.005. |
| (d) | The per share amount does not correspond to activity reflected in the Statement of Operations due to timing of shareholder activity during the period. |
| (e) | Not Annualized. |
| (f) | Annualized. |
| (g) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
43 | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 14.02 | $ | 13.98 | $ | 13.40 | $ | 12.32 | $ | 10.88 | $ | 10.96 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.11 | 0.18 | 0.24 | 0.24 | 0.15 | 0.12 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.17 | 0.01 | 0.56 | 1.04 | 1.44 | (0.05) | ||||||||||||||||||
| Total from investment operations |
0.28 | 0.19 | 0.80 | 1.28 | 1.59 | 0.07 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.08) | (0.15) | (0.22) | (0.20) | (0.15) | (0.15) | ||||||||||||||||||
| Total dividends and distributions |
(0.08) | (0.15) | (0.22) | (0.20) | (0.15) | (0.15) | ||||||||||||||||||
| Net asset value, end of period |
$ | 14.22 | $ | 14.02 | $ | 13.98 | $ | 13.40 | $ | 12.32 | $ | 10.88 | ||||||||||||
| Total Return |
2.00 | %(c) | 1.35 | % | 6.02 | % | 10.51 | % | 14.65 | % | 0.51 | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 27,963 | $ | 26,677 | $ | 20,071 | $ | 43,350 | $ | 6,692 | $ | 60 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.24 | %(d) | 1.34 | % | 1.22 | % | 1.43 | % | 1.80 | % | 7.22 | % | ||||||||||||
| After expense limitation/ |
1.21 | %(d) | 1.20 | % | 1.20 | % | 1.21 | % | 1.24 | % | 1.23 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.52 | %(d) | 1.09 | % | 1.72 | % | 1.65 | % | 0.69 | % | (4.94) | % | ||||||||||||
| After expense limitation/recoupment |
1.55 | %(d) | 1.23 | % | 1.74 | % | 1.87 | % | 1.25 | % | 1.05 | % | ||||||||||||
| Portfolio turnover rate |
62 | %(c) | 119 | % | 137 | % | 98 | % | 71 | % | 68 | % | ||||||||||||
| (a) | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
| (b) | Calculated using the average shares method. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 44 | www.iconfunds.com | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 12.89 | $ | 12.90 | $ | 12.39 | $ | 11.41 | $ | 10.09 | $ | 10.15 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(a) |
0.03 | 0.03 | 0.09 | 0.09 | 0.02 | 0.01 | ||||||||||||||||||||||||
| Net realized and unrealized |
0.15 | 0.01 | 0.54 | 0.98 | 1.34 | (0.05) | ||||||||||||||||||||||||
| gains/(losses) on investments |
||||||||||||||||||||||||||||||
| Total from investment operations |
0.18 | 0.04 | 0.63 | 1.07 | 1.36 | (0.04) | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
(0.02) | (0.05) | (0.12) | (0.09) | (0.04) | (0.02) | ||||||||||||||||||||||||
| Total dividends and distributions |
(0.02) | (0.05) | (0.12) | (0.09) | (0.04) | (0.02) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 13.05 | $ | 12.89 | $ | 12.90 | $ | 12.39 | $ | 11.41 | $ | 10.09 | ||||||||||||||||||
| Total Return(b) |
1.42 | %(c) | 0.31 | % | 5.06 | % | 9.45 | % | 13.47 | % | (0.45) | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 15,383 | $ | 13,061 | $ | 9,469 | $ | 5,667 | $ | 2,243 | $ | 2,099 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.27 | %(d) | 2.38 | % | 2.33 | % | 2.72 | % | 3.25 | % | 2.95 | % | ||||||||||||||||||
| After expense limitation/recoupment (e) |
2.21 | %(d) | 2.20 | % | 2.20 | % | 2.22 | % | 2.23 | % | 2.23 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
0.47 | %(d) | 0.06 | % | 0.61 | % | 0.22 | % | (0.79) | % | (0.66) | % | ||||||||||||||||||
| After expense limitation/recoupment |
0.53 | %(d) | 0.24 | % | 0.74 | % | 0.72 | % | 0.23 | % | 0.06 | % | ||||||||||||||||||
| Portfolio turnover rate |
62 | %(c) | 119 | % | 137 | % | 98 | % | 71 | % | 68 | % | ||||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
45 | |
Table of Contents
| ICON Risk-Managed Balanced Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 13.68 | $ | 13.69 | $ | 13.12 | $ | 12.06 | $ | 10.66 | $ | 10.72 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.09 | 0.14 | 0.20 | 0.18 | 0.11 | 0.09 | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.16 | 0.00 | (c) | 0.57 | 1.05 | 1.41 | (0.05) | |||||||||||||||||||||||
| Total from investment operations |
0.25 | 0.14 | 0.77 | 1.23 | 1.52 | 0.04 | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
(0.06) | (0.15) | (0.20) | (0.17) | (0.12) | (0.10) | ||||||||||||||||||||||||
| Total dividends and distributions |
(0.06) | (0.15) | (0.20) | (0.17) | (0.12) | (0.10) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 13.87 | $ | 13.68 | $ | 13.69 | $ | 13.12 | $ | 12.06 | $ | 10.66 | ||||||||||||||||||
| Total Return(d) |
1.86 | %(e) | 1.00 | % | 5.88 | % | 10.28 | % | 14.28 | % | 0.32 | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 9,498 | $ | 8,446 | $ | 7,014 | $ | 7,819 | $ | 4,045 | $ | 1,982 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.61 | %(f) | 1.70 | % | 1.65 | % | 2.12 | % | 2.16 | % | 2.08 | % | ||||||||||||||||||
| After expense limitation/recoupment (g) |
1.46 | %(f) | 1.45 | % | 1.45 | % | 1.47 | % | 1.48 | % | 1.48 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.13 | %(f) | 0.71 | % | 1.29 | % | 0.81 | % | 0.28 | % | 0.20 | % | ||||||||||||||||||
| After expense limitation/recoupment |
1.28 | %(f) | 0.96 | % | 1.49 | % | 1.46 | % | 0.96 | % | 0.80 | % | ||||||||||||||||||
| Portfolio turnover rate |
62 | %(e) | 119 | % | 137 | % | 98 | % | 71 | % | 68 | % | ||||||||||||||||||
| (a) | 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. |
| (b) | Calculated using the average shares method. |
| (c) | Amount less than $0.005. |
| (d) | The total return calculation excludes any sales charges. |
| (e) | Not Annualized. |
| (f) | Annualized. |
| (g) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
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Table of Contents
| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (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”) are a series of 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 eleven 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 to maximize total return. The investment objective of the Equity Income Fund is modest capital appreciation and income. The investment objective of the ICON Fund is longterm 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, like all investments in securities, have elements of risk, including risk of loss of principal. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar investment objectives. An investment concentrated in sectors and industries involves 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. High-yield bonds, also known as “junk bonds” are speculative investments and involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. Junk bonds are also less liquid (more difficult to sell) than equities and higher credit bonds. These illiquid securities are harder to sell; or value, especially in changing markets, such as periods with rising interest rates.
The Bond Fund, Equity Income Fund and Risk-Managed Balanced Fund may invest in mortgage-related securities, which are interests in pools of mortgage loans made to residential home buyers, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental and government-related organizations. The Bond Fund, Equity Income Fund and Risk-Managed Balanced Fund also may invest in debt securities that are secured with collateral consisting of mortgage related securities (a Collateralized Mortgage Obligations or “CMO”), and in other types of mortgage-related securities. CMOs are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are typically structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. The ICON Fund and Long/Short Fund also may invest in such securities for temporary defensive purposes.
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 less 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.
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
The Equity Income Fund, ICON Fund and Long/Short Fund have significant weights in the Financial Sector which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect this sector.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be 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 (“GAAP”) 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. Each Fund is considered an investment company for financial reporting purposes under GAAP.
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. If the NYSE closes unexpectedly and there is active trading on other exchanges, the securities will be valued at the Valuation Time based off of those exchanges. 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. Exchange traded options shall be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. 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.
Mortgage-related and asset-backed securities are typically issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, current market data, estimated cash flows and market based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
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.
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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, 2016:
ICON Bond Fund
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Corporate Bonds |
$ | – | $ | 57,007,955 | $ | – | $ | 57,007,955 | ||||||||
| Foreign Corporate Bonds |
– | 2,241,750 | – | 2,241,750 | ||||||||||||
| U.S. Treasury Obligations |
– | 985,977 | – | 985,977 | ||||||||||||
| Collateralized Mortgage Obligations |
– | 7,708,199 | – | 7,708,199 | ||||||||||||
| Common Stocks |
766,215 | – | – | 766,215 | ||||||||||||
| Preferred Stocks |
4,709,389 | – | – | 4,709,389 | ||||||||||||
| Closed-End Mutual Funds |
8,187,615 | – | – | 8,187,615 | ||||||||||||
| Collateral for Securities on Loan |
– | 633,023 | – | 633,023 | ||||||||||||
| Short-Term Investments |
– | 5,080,389 | – | 5,080,389 | ||||||||||||
| Total |
$ | 13,663,219 | $ | 73,657,293 | $ | – | $ | 87,320,512 | ||||||||
| ICON Equity Income Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Corporate Bonds |
$ | – | $ | 1,809,689 | $ | – | $ | 1,809,689 | ||||||||
| Common Stocks |
39,672,388 | – | – | 39,672,388 | ||||||||||||
| Preferred Stocks |
1,479,338 | – | – | 1,479,338 | ||||||||||||
| Convertible Preferred Stocks |
241,002 | – | – | 241,002 | ||||||||||||
| Closed-End Mutual Funds |
2,149,357 | – | – | 2,149,357 | ||||||||||||
| Put Options Purchased |
87,000 | – | – | 87,000 | ||||||||||||
| Collateral for Securities on Loan |
– | 6,173,434 | – | 6,173,434 | ||||||||||||
| Short-Term Investments |
– | 541,259 | – | 541,259 | ||||||||||||
| Total |
$ | 43,629,085 | $ | 8,524,382 | $ | – | $ | 52,153,467 | ||||||||
| ICON Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 43,194,118 | $ | – | $ | – | $ | 43,194,118 | ||||||||
| Exchange Traded Funds |
471,855 | – | – | 471,855 | ||||||||||||
| Collateral for Securities on Loan |
– | 1,390,200 | – | 1,390,200 | ||||||||||||
| Short-Term Investments |
||||||||||||||||
| Money Market Funds |
4,000,000 | – | – | 4,000,000 | ||||||||||||
| Time Deposits |
– | 2,159,188 | – | 2,159,188 | ||||||||||||
| Total |
$ | 47,665,973 | $ | 3,549,388 | $ | – | $ | 51,215,361 | ||||||||
|
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49 | |
Table of Contents
| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
ICON Long/Short Fund
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 18,753,103 | $ | – | $ | – | $ | 18,753,103 | ||||||||
| Exchange Traded Funds |
197,080 | – | – | 197,080 | ||||||||||||
| Collateral for Securities on Loan |
– | 200,200 | – | 200,200 | ||||||||||||
| Short-Term Investments |
– | 954,724 | – | 954,724 | ||||||||||||
| Total |
$ | 18,950,183 | $ | 1,154,924 | $ | – | $ | 20,105,107 | ||||||||
| ICON Opportunities Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 8,110,553 | $ | – | $ | – | $ | 8,110,553 | ||||||||
| Exchange Traded Funds |
94,468 | – | – | 94,468 | ||||||||||||
| Short-Term Investments |
– | 2,061,247 | – | 2,061,247 | ||||||||||||
| Total |
$ | 8,205,021 | $ | 2,061,247 | $ | – | $ | 10,266,268 | ||||||||
| ICON Risk-Managed Balanced Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Corporate Bonds |
$ | – | $ | 10,373,354 | $ | – | $ | 10,373,354 | ||||||||
| Foreign Corporate Bonds |
– | 373,625 | – | 373,625 | ||||||||||||
| U.S. Treasury Obligations |
– | 2,132,074 | – | 2,132,074 | ||||||||||||
| Collateralized Mortgage Obligations |
– | 1,389,425 | – | 1,389,425 | ||||||||||||
| Common Stocks |
27,518,338 | – | – | 27,518,338 | ||||||||||||
| Preferred Stocks |
1,769,848 | – | – | 1,769,848 | ||||||||||||
| Closed-End Mutual Funds |
4,113,281 | – | – | 4,113,281 | ||||||||||||
| Exchange Traded Funds |
1,038,451 | – | – | 1,038,451 | ||||||||||||
| Put Options Purchased |
17,550 | – | – | 17,550 | ||||||||||||
| Collateral for Securities on Loan |
– | 356,123 | – | 356,123 | ||||||||||||
| Short-Term Investments |
– | 4,582,305 | – | 4,582,305 | ||||||||||||
| Total |
$ | 34,457,468 | $ | 19,206,906 | $ | – | $ | 53,664,374 | ||||||||
| Other Financial Instruments |
||||||||||||||||
| Liabilities |
||||||||||||||||
| Written Call Options |
$ | (233,550) | – | – | $ | (233,550) | ||||||||||
| Total |
$ | (233,550) | – | – | $ | (233,550) | ||||||||||
| * | 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, 2016.
For the period ended March 31, 2016, 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.
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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, 2016 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.
When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains.
Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing 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, 2016, the Equity Income Fund engaged in purchased put option transactions, 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 RiskManaged 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 custodian and/or borrowings from the custodian are included on the Statement of Assets and Liabilities.
The number of options contracts written and the premiums received by the Risk-Managed Balanced Fund during the period ended March 31, 2016, were as follows:
| Risk-Managed Balanced Fund | ||||||||||||||
| Number of Contracts | Premiums Received | |||||||||||||
| Options outstanding, beginning of period |
– | $ | – | |||||||||||
| Options written during period |
(125 | ) | (184,011 | ) | ||||||||||
| Options closed during period |
80 | 112,377 | ||||||||||||
| Options outstanding, end of period |
(45 | ) | $ | (71,634 | ) | |||||||||
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:
| ICON Equity Income Fund | Asset Derivatives | Liability Derivatives | ||||||||||
| Risk Exposure | Statements of Assets and Liabilities Location |
Fair Value | Statements of Assets and Liabilities Location |
Fair Value | ||||||||
| Equity Contracts (Purchased Options) |
Investments, at value |
$ | 87,000 | N/A | N/A | |||||||
| Total |
$ | 87,000 | $ | – | ||||||||
| ICON Risk-Managed Balanced Fund | Asset Derivatives | Liability Derivatives | ||||||||||
| Risk Exposure | Statements of Assets and Liabilities Location |
Fair Value | Statements of Assets and Liabilities Location |
Fair Value | ||||||||
| Equity Contracts (Purchased Options) |
Investments, at value | $ | 17,550 | N/A | N/A | |||||||
| Equity Contracts (Written Options) |
N/A | N/A | Written options, at value | $ 233,550 | ||||||||
| Total |
$ | 17,550 | $ 233,550 | |||||||||
| ICON Equity Income Fund
Risk Exposure |
Statements of Operations Location |
Realized in Income |
Change in on Derivatives in Income |
|||||||
| Equity Contracts (Purchased Options) |
Net realized gain/(loss) on investments/ Change in unrealized net appreciation/(depreciation) on investments and foreign currency |
$ | – | $ | (49,135 | ) | ||||
| Total |
$ | – | $ | (49,135 | ) | |||||
| ICON Risk-Managed Balanced Fund
Risk Exposure |
Statements of Operations Location | Realized Gain/(Loss) on in Income |
Change in Unrealized Appreciation/ on Derivatives in Income |
|||||||
| Equity Contracts (Purchased Options) |
Net realized gain/(loss) on investments/Change in unrealized net appreciation/(depreciation) on investments and foreign currency |
$ | (422,918 | ) | $ | (129,858 | ) | |||
| Equity Contracts (Written Options) |
Net realized gain/(loss) on written options/Change in unrealized net appreciation/(depreciation) on written options |
(418 | ) | (161,916 | ) | |||||
| Total |
$ | (423,336 | ) | $ | (291,774 | ) | ||||
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
The average purchased and written option contracts during the period ended March 31, 2016, was as follows:
| ICON Equity Income Fund Derivative Type |
Unit of Measurement | Average+ | ||||
| Purchased Options |
Contracts | 100++ |
| ICON Risk-Managed Balanced Fund Derivative Type |
Unit of Measurement | Average+ | ||||
| Purchased Options |
Contracts | 115++ | ||||
| Written Options |
Contracts | 30++ |
| + | The average is calculated based on the actual number of days with outstanding derivatives. |
| ++ | During the period ended March 31, 2016, the Equity Income Fund had outstanding purchased option contracts for 9 days and the Risk-Managed Balanced Fund had outstanding purchased option contracts for the entire period and outstanding written option contracts for 128 days. |
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 prime broker. The collateral required is determined daily by reference to the market value of the short positions. Such collateral for the Fund is restricted from use. The cash collateral that is restricted from use is included on the Statement of Assets and Liabilities as “Deposits for short sales.” The securities pledged as collateral that are restricted from use are included on the Schedule of Investments. Dividends received on short sales are treated as an expense on the Statement of Operations. Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the Fund’s prime broker. As of March 31, 2016, the Long/Short Fund did not engage in short selling.
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 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, 2016, is included in the Statement of Operations.
The value of the collateral could include collateral held for securities that were sold on or before March 31, 2016. It may also include collateral received from the pre-funding of security loans.
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of March 31, 2016:
Remaining contractual maturity of the lending agreement
| Overnight & Continuous |
Up to 30 days | 30-90 days | Greater than 90 days |
Market Value | Collateral Received |
Amounts due counterparty |
||||||||||||||||||||||
| Securities Lending Transactions |
| |||||||||||||||||||||||||||
| ICON Bond Fund |
||||||||||||||||||||||||||||
| Corporate Securities |
$ | 494,680 | $ | – | $ | – | $ | – | $ | 494,680 | $ | 522,460 | $ | 27,780 | ||||||||||||||
| Equity Securities |
107,759 | – | – | – | 107,759 | 110,563 | 2,804 | |||||||||||||||||||||
| Total |
602,439 | 633,023 | 30,584 | |||||||||||||||||||||||||
| ICON Equity Income Fund |
||||||||||||||||||||||||||||
| Equity Securities |
5,700,282 | – | – | – | 5,700,282 | 6,173,434 | 473,152 | |||||||||||||||||||||
| ICON Fund |
||||||||||||||||||||||||||||
| Equity Securities |
1,413,258 | – | – | – | 1,413,258 | 1,390,200 | (23,058 | ) | ||||||||||||||||||||
| ICON Long/Short Fund |
||||||||||||||||||||||||||||
| Equity Securities |
197,080 | – | – | – | 197,080 | 200,200 | 3,120 | |||||||||||||||||||||
| ICON Risk-Managed Balanced Fund |
|
|||||||||||||||||||||||||||
| Equity Securities |
352,913 | – | – | – | 352,913 | 356,123 | 3,210 | |||||||||||||||||||||
| Total Loans |
$ | 8,265,972 | $ | 8,752,980 | $ | 487,008 | ||||||||||||||||||||||
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 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 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. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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 | Printing Fees | Transfer Agent Fees | Registration Fees | |||||||||||||||||
| ICON Bond Fund |
||||||||||||||||||||
| Class S |
$ | 6,656 | $ | 34,182 | $ | 7,064 | ||||||||||||||
| Class C |
502 | 4,314 | 4,874 | |||||||||||||||||
| Class A |
699 | 5,470 | 4,869 | |||||||||||||||||
| ICON Equity Income Fund |
||||||||||||||||||||
| Class S |
4,116 | 17,759 | 6,561 | |||||||||||||||||
| Class C |
686 | 5,923 | 5,241 | |||||||||||||||||
| Class A |
1,704 | 10,985 | 5,787 | |||||||||||||||||
| ICON Fund |
||||||||||||||||||||
| Class S |
4,927 | 17,330 | 5,566 | |||||||||||||||||
| Class C |
2,140 | 18,789 | 5,622 | |||||||||||||||||
| Class A |
1,070 | 8,318 | 5,059 | |||||||||||||||||
| ICON Long/Short Fund |
||||||||||||||||||||
| Class S |
2,782 | 18,003 | 4,526 | |||||||||||||||||
| Class C |
964 | 8,062 | 5,652 | |||||||||||||||||
| Class A |
1,833 | 9,494 | 6,563 | |||||||||||||||||
| ICON Risk-Managed Balanced Fund |
||||||||||||||||||||
| Class S |
2,865 | 20,973 | 5,523 | |||||||||||||||||
| Class C |
1,471 | 10,528 | 6,509 | |||||||||||||||||
| Class A |
1,359 | 7,436 | 6,883 | |||||||||||||||||
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, acquired fund fees and expenses 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% | |||||||||||||||||||||
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Notes to Financial Statements | |
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March 31, 2016 (Unaudited) |
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, 2017. 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, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
| Fund | Expires 2016 |
Expires 2017 |
Expires 2018 |
Expires 2019 |
||||||||||||
| ICON Bond Fund |
$ | 74,512 | $ | 136,560 | $ | 180,067 | $ | 94,390 | ||||||||
| ICON Equity Income Fund |
24,180 | 42,058 | 31,087 | 18,356 | ||||||||||||
| ICON Fund |
6,833 | 6,978 | 6,855 | 14,030 | ||||||||||||
| ICON Long/Short Fund |
32,062 | 50,612 | 50,987 | 46,557 | ||||||||||||
| ICON Opportunities Fund |
18,639 | 22,580 | 8,824 | – | ||||||||||||
| ICON Risk-Managed Balanced Fund |
19,515 | 28,053 | 61,973 | 16,378 | ||||||||||||
Accounting, Custody and Transfer Agent Fees
Effective March 1, 2016, ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Funds. Prior to March 1, 2016, State Street Bank and Trust Company (“State Street”) served as the fund accounting agent for the Funds. For its services, the Trust pays ALPS 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. Effective after the close of business on April 8, 2016, ALPS assumed the transfer agent services for the Trust.
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, 2016, 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.
Effective March 1, 2016, ICON Advisers has a sub-administration agreement with ALPS under which ALPS assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays ALPS a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust. Prior to March 1, 2016, the sub-administration agreement was between ICON Advisers and State Street.
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.
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Notes to Financial Statements | |
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March 31, 2016 (Unaudited) |
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 95% of the CCO’s salary and the remaining portion, along with other employee related expenses, is paid by ICON Advisers. For the period ended March 31, 2016, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.
The Funds may reimburse ICON Advisers for legal work performed for the Funds 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, 2016, the total related amounts paid by the Funds under this arrangement was $2,437 and is 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. Effective March 28, 2016, the maximum borrowing limit was changed from $75 million to $50 million. Prior to March 28, 2015, the maximum borrowing limit was $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street.
For the period ended March 31, 2016, the average outstanding loan by Fund was as follows:
| Fund* | Average Borrowing (10/1/15-3/31/16)^ |
Average Interest Rates (10/1/15-3/31/16)^ | ||||
| ICON Bond Fund |
$ | 1,201,046 | 1.38% | |||
| ICON Equity Income Fund |
642,015 | 1.57% | ||||
| ICON Fund |
224,613 | 1.54% | ||||
| ICON Long/Short Fund |
1,087,519 | 1.54% | ||||
| ICON Opportunities Fund |
22,380 | 1.55% | ||||
| * | There were no outstanding borrowings under this agreement/arrangement as of March 31, 2016. |
| ^ | The average is calculated based on the actual number of days with outstanding borrowings. |
5. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the period ended March 31, 2016, 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 |
$ | 57,093,380 | $ | 55,021,029 | $ | 968,438 | $ | 4,805,127 | ||||||||
| ICON Equity Income Fund |
31,010,101 | 28,638,460 | – | – | ||||||||||||
| ICON Fund |
1,589,890 | 10,205,433 | – | – | ||||||||||||
| ICON Long/Short Fund |
680,225 | 13,415,937 | – | – | ||||||||||||
| ICON Opportunities Fund |
2,459,134 | 4,822,596 | – | – | ||||||||||||
| ICON Risk-Managed Balanced Fund |
30,920,147 | 28,419,817 | 1,078,328 | 1,953,433 | ||||||||||||
6. FEDERAL INCOME TAX
The following information is presented on an income tax basis. Differences between U.S. GAAP and federal income tax purposes that are permanent in nature are reclassified within the capital accounts. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds. These differences are due to differing treatments for items such as deferrals of wash sale losses, foreign currency transactions, partnership adjustments, distribution recharacterization, and net investment losses.
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| ICON Diversified Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
For the year ended September 30, 2015, the following Funds had capital loss carryforwards:
| Fund | Expiring in 2017 | Expiring in 2018 | ||||||
| ICON Equity Income Fund |
$ | 633,993 | $ | 19,089,764 | ||||
| ICON Fund |
– | 17,897,797 | ||||||
| ICON Long/Short Fund |
33,675,748 | 19,325,857 | ||||||
| ICON Risk-Managed Balanced Fund |
– | 13,217,299 | ||||||
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, 2015, the following Funds utilized capital loss carryforwards:
| Fund | Amount | |||
| ICON Equity Income Fund |
$ | 2,398,174 | ||
| ICON Fund |
3,100,699 | |||
| ICON Long/Short Fund |
3,830,377 | |||
| ICON Risk-Managed Balanced Fund |
318,827 | |||
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.
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2015, were as follows:
| Fund | Ordinary Income | Long-Term Capital Gains |
Return of Capital | |||||||||
| ICON Bond Fund |
$ | 4,946,691 | $ | 1,246,377 | $ | 319,369 | ||||||
| ICON Equity Income Fund |
1,340,637 | – | – | |||||||||
| ICON Opportunities Fund |
126,909 | 60,583 | – | |||||||||
| ICON Risk-Managed Balanced Fund |
321,451 | – | – | |||||||||
As of September 30, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| Fund | Undistributed Ordinary Income |
Late Year Loss Deferral* |
Capital Loss Carryforward |
Unrealized Appreciation/ (Depreciation)** |
Total Accumulated Earnings/(Deficit) |
|||||||||||||||
| ICON Bond Fund |
$ | – | $ | (2,708,514 | ) | $ | – | $ | (1,674,516 | ) | $ | (4,383,030 | ) | |||||||
| ICON Equity Income Fund |
73,948 | – | (19,723,757 | ) | (3,383,190 | ) | (23,032,999 | ) | ||||||||||||
| ICON Fund |
– | (1,605,734 | ) | (17,897,797 | ) | (176,120 | ) | (19,679,651 | ) | |||||||||||
| ICON Long/Short Fund |
– | (2,368,847 | ) | (53,001,605 | ) | 506,393 | (54,864,059 | ) | ||||||||||||
| ICON Opportunities Fund |
– | (70,964 | ) | – | (74,607 | ) | (145,571 | ) | ||||||||||||
| ICON Risk-Managed Balanced Fund |
– | – | (13,217,299 | ) | (764,331 | ) | (13,981,630 | ) | ||||||||||||
| * | 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. |
| ** | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
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| ICON Diversified Funds |
Notes to Financial Statements | |
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March 31, 2016 (Unaudited) |
As of March 31, 2016, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
| Fund | Gross Appreciation (excess of value over tax cost) |
Gross Depreciation (excess of tax cost over value) |
Net Unrealized Appreciation/ (Depreciation) |
Cost of Investments for Income Tax Purposes |
||||||||||||
| ICON Bond Fund |
$ | 1,347,616 | $ | (1,927,917 | ) | $ | (580,301 | ) | $ | 87,900,813 | ||||||
| ICON Equity Income Fund |
2,124,815 | (3,134,129 | ) | (1,009,314 | ) | 53,162,781 | ||||||||||
| ICON Fund |
3,714,300 | (4,143,723 | ) | (429,423 | ) | 51,644,784 | ||||||||||
| ICON Long/Short Fund |
1,537,809 | (1,658,175 | ) | (120,366 | ) | 20,225,473 | ||||||||||
| ICON Opportunities Fund |
841,893 | (755,723 | ) | 86,170 | 10,180,098 | |||||||||||
| ICON Risk Managed Balanced Fund |
2,415,268 | (2,170,804 | ) | 244,464 | 53,419,910 | |||||||||||
7. SUBSEQUENT EVENTS
Effective after the close of business on April 8, 2016, ALPS became the Trust’s transfer agent.
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| ICON Diversified Funds | Disclosure of Fund Expenses | |
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March 31, 2016 (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 (10/01/15 – 3/31/16).
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), 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 October 1, 2015 |
Ending Account Value March 31, 2016 |
Expense Ratio(a) | Expenses Paid During period October 1, 2015 - March 31, 2016(b) |
|||||||
| ICON Bond Fund |
||||||||||
| Class S |
||||||||||
| Actual |
$ 1,000.00 | $ 1,024.40 | 0.75% | $ 3.80 | ||||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,021.25 | 0.75% | $ 3.79 | ||||||
| Class C |
||||||||||
| Actual |
$ 1,000.00 | $ 1,020.30 | 1.60% | $ 8.08 | ||||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.00 | 1.60% | $ 8.07 | ||||||
| Class A |
||||||||||
| Actual |
$ 1,000.00 | $ 1,022.70 | 1.00% | $ 5.06 | ||||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,020.00 | 1.00% | $ 5.05 | ||||||
| ICON Equity Income Fund |
||||||||||
| Class S |
||||||||||
| Actual |
$ 1,000.00 | $ 1,072.20 | 1.20% | $ 6.22 | ||||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,019.00 | 1.20% | $ 6.06 | ||||||
| Class C |
||||||||||
| Actual |
$ 1,000.00 | $ 1,066.60 | 2.20% | $ 11.37 | ||||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,014.00 | 2.20% | $ 11.08 | ||||||
| Class A |
||||||||||
| Actual |
$ 1,000.00 | $ 1,070.30 | 1.45% | $ 7.50 | ||||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.75 | 1.45% | $ 7.31 | ||||||
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| ICON Diversified Funds |
Disclosure of Fund Expenses | |
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March 31, 2016 (Unaudited) |
| Beginning Account Value October 1, 2015 |
Ending Account Value March 31, 2016 |
Expense Ratio(a) | Expenses Paid During period October 1, 2015 - March 31, 2016(b) | |||||
| ICON Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 976.10 | 1.15% | $ 5.68 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,019.25 | 1.15% | $ 5.81 | ||||
| Class C |
||||||||
| Actual |
$ 1,000.00 | $ 970.90 | 2.25% | $ 11.09 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,013.75 | 2.25% | $ 11.33 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 974.10 | 1.50% | $ 7.40 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.50 | 1.50% | $ 7.57 | ||||
| ICON Long/Short Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 977.20 | 1.30% | $ 6.43 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,018.50 | 1.30% | $ 6.56 | ||||
| Class C |
||||||||
| Actual |
$ 1,000.00 | $ 972.20 | 2.35% | $ 11.59 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,013.25 | 2.35% | $ 11.83 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 975.40 | 1.60% | $ 7.90 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.00 | 1.60% | $ 8.07 | ||||
| ICON Opportunities Fund |
||||||||
| Actual |
$ 1,000.00 | $ 980.60 | 1.50% | $ 7.43 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.50 | 1.50% | $ 7.57 | ||||
| ICON Risk-Managed Balanced Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,020.00 | 1.21% | $ 6.11 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,018.95 | 1.21% | $ 6.11 | ||||
| Class C |
||||||||
| Actual |
$ 1,000.00 | $ 1,014.20 | 2.21% | $ 11.13 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,013.95 | 2.21% | $ 11.13 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,018.60 | 1.46% | $ 7.37 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.70 | 1.46% | $ 7.36 | ||||
| (a) | The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses. |
| (b) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/366 (to reflect the half-year period). |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
| Semi-Annual Report | March 31, 2016 |
61 | |
Table of Contents
| ICON Diversified Funds |
Additional Information | |
|
March 31, 2016 (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.
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.
| 62 | www.iconfunds.com | |
Table of Contents
| ICON Diversified Funds |
Privacy Policy | |
|
March 31, 2016 (Unaudited) |
|
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: | |
| • Social Security number and account balances | ||
| • income and transaction history | ||
| • 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. |
| Semi-Annual Report | March 31, 2016 |
63 | |
Table of Contents
| ICON Diversified Funds |
Privacy Policy | |
|
March 31, 2016 (Unaudited) |
| 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 | |||
|
• open an account or enter into an investment advisory contract • provide account information or give us your contact information • 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 | |||
| • sharing for affiliates’ everyday business purposes — information about your creditworthiness | ||||
| • affiliates from using your information to market to you | ||||
| • 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. | |||
| • 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. | |||
|
• 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. | |||
|
• ICON doesn’t jointly market | ||||
| 64 | www.iconfunds.com | |
Table of Contents
|
|
| |||||
| For more information about the ICON Funds, contact us: | ||||||
| By Telephone |
1-800-764-0442 | |||||
| By E-Mail |
info@iconadvisers.com | |||||
| By Mail |
ICON Funds | P.O. Box 1920 | Denver, CO 80201 | |||||
| In Person |
ICON Funds | 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |||||
| On the Internet |
www.iconfunds.com | |||||
Table of Contents
|
||||
|
| ||||
| SEMI-ANNUAL REPORT | ||||
| March 31, 2016 | ||||
|
||||
| International Funds | ||||
| ICON Emerging Markets Fund | ||||
| ICON International Equity Fund | ||||
Table of Contents
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
| 2 | ||||
| Schedules of Investments (Unaudited) |
||||
| 3 | ||||
| 7 | ||||
| 12 | ||||
| 15 | ||||
| 21 | ||||
| 29 | ||||
| 31 | ||||
| 32 | ||||
Table of Contents
| ICON International Funds |
About This Report | |
|
March 31, 2016 (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, 2016, 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 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.
| 2 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
3 | |
Table of Contents
| ICON Emerging Markets Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 4 | www.iconfunds.com | |
Table of Contents
| ICON Emerging Markets Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
5 | |
Table of Contents
| ICON Emerging Markets Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 6 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
7 | |
Table of Contents
| ICON International Equity Fund | Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 8 | www.iconfunds.com | |
Table of Contents
| ICON International Equity Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
9 | |
Table of Contents
| ICON International Equity Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 10 | www.iconfunds.com | |
Table of Contents
| ICON International Equity Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
11 | |
Table of Contents
| ICON International Funds |
Statements of Assets and Liabilities | |
|
March 31, 2016 (Unaudited) |
| ICON Emerging Markets Fund |
ICON International Equity Fund |
|||||||
| Assets |
||||||||
| Investments, at cost |
$ | 32,845,083 | $ | 77,098,559 | ||||
| Investments, at value(a) |
33,402,501 | 74,465,161 | ||||||
| Foreign currency, at value (Cost $4,538 and $30,167, respectively) |
4,566 | 30,228 | ||||||
| Receivables: |
||||||||
| Investments sold |
940,117 | 2,443,690 | ||||||
| Fund shares sold |
599,028 | 920,284 | ||||||
| Expense reimbursements due from Adviser |
24,002 | 8,249 | ||||||
| Dividends |
50,106 | 99,949 | ||||||
| Foreign tax reclaims |
2,470 | 48,173 | ||||||
| Other Assets |
22,606 | 32,444 | ||||||
| Total assets |
35,045,396 | 78,048,178 | ||||||
| Liabilities |
||||||||
| Payables: |
||||||||
| Payable for collateral received on securities loaned |
– | 4,819,696 | ||||||
| Investments purchased |
1,414,976 | 2,744,055 | ||||||
| Fund shares redeemed |
16,029 | 186,381 | ||||||
| Advisory fees |
26,539 | 57,992 | ||||||
| Transfer agent fees |
2,410 | 14,601 | ||||||
| Fund accounting fees |
4,601 | 10,410 | ||||||
| Accrued distribution fees |
1,852 | 3,232 | ||||||
| Trustee fees and expenses |
931 | 3,839 | ||||||
| Administration fees |
913 | 1,744 | ||||||
| Accrued expenses |
26,112 | 40,397 | ||||||
| Total liabilities |
1,494,363 | 7,882,347 | ||||||
| Net Assets - all share classes |
$ | 33,551,033 | $ | 70,165,831 | ||||
| Net Assets - Class S |
$ | 26,481,095 | $ | 63,750,265 | ||||
| Net Assets - Class C |
$ | 822,217 | $ | 3,010,678 | ||||
| Net Assets - Class A |
$ | 6,247,721 | $ | 3,404,888 | ||||
| Net Assets Consists of |
||||||||
| Paid-in capital |
$ | 41,182,487 | $ | 164,144,861 | ||||
| Accumulated undistributed net investment income/(loss) |
(119,318) | (550,658) | ||||||
| Accumulated undistributed net realized gain/(loss) |
(8,071,071) | (90,793,274) | ||||||
| Unrealized appreciation/(depreciation) |
558,935 | (2,635,098) | ||||||
| Net Assets |
$ | 33,551,033 | $ | 70,165,831 | ||||
| Shares outstanding (unlimited shares authorized, no par value) |
||||||||
| Class S |
1,966,334 | 5,513,316 | ||||||
| Class C |
64,619 | 290,017 | ||||||
| Class A |
465,977 | 298,464 | ||||||
| Net asset value (offering and redemption price per share) |
||||||||
| Class S |
$ | 13.47 | $ | 11.56 | ||||
| Class C |
$ | 12.72 | $ | 10.38 | ||||
| Class A |
$ | 13.41 | $ | 11.41 | ||||
| Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share |
$ | 14.23 | $ | 12.10 | ||||
| (a) Includes securities on loan of |
$ | – | $ | 4,590,069 | ||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 12 | www.iconfunds.com | |
Table of Contents
| ICON International Funds |
Statements of Operations | |
|
Period Ended March 31, 2016 (Unaudited) |
| ICON Emerging Markets Fund |
ICON International Equity Fund |
|||||||
| Investment Income |
||||||||
| Interest |
$ | 882 | $ | 312 | ||||
| Dividends |
136,387 | 511,601 | ||||||
| Foreign taxes withheld |
(35,873) | (42,507) | ||||||
| Income from securities lending, net |
– | 20,980 | ||||||
| Other Income |
– | 18,479 | ||||||
| Total investment income |
101,396 | 508,865 | ||||||
| Expenses |
||||||||
| Advisory fees |
124,013 | 361,010 | ||||||
| Administration fees |
6,614 | 19,206 | ||||||
| Transfer agent fees |
19,436 | 40,120 | ||||||
| Distribution fees: |
||||||||
| Class C |
4,074 | 15,882 | ||||||
| Class A |
4,601 | 4,416 | ||||||
| Registration fees |
16,767 | 16,137 | ||||||
| Audit and tax service expense |
20,498 | 20,646 | ||||||
| Fund accounting fees |
10,598 | 20,288 | ||||||
| Trustee fees and expenses |
1,702 | 6,373 | ||||||
| Insurance expense |
705 | 5,333 | ||||||
| Custody fees |
15,838 | 20,977 | ||||||
| Printing fees |
7,238 | 10,997 | ||||||
| Other expenses |
13,627 | 23,547 | ||||||
| Total expenses before expense reimbursement |
245,711 | 564,932 | ||||||
| Expense reimbursement by Adviser due to expense limitation agreement |
(44,766) | (17,382) | ||||||
| Net Expenses |
200,945 | 547,550 | ||||||
| Net Investment Income/(Loss) |
(99,549) | (38,685) | ||||||
| Realized and Unrealized Gain/(Loss) |
||||||||
| Net realized gain/(loss) on: |
||||||||
| Investments |
(341,033) | (2,302,939) | ||||||
| Foreign currency |
(3,251) | (125,499) | ||||||
| Capital gains tax |
(1,952) | – | ||||||
| (346,236) | (2,428,438) | |||||||
| Change in unrealized net appreciation/(depreciation) on: |
||||||||
| Investments and foreign currency |
1,554,559 | 3,592,981 | ||||||
| Capital gains tax |
616 | – | ||||||
| 1,555,175 | 3,592,981 | |||||||
| Net realized and unrealized gain/(loss) |
1,208,939 | 1,164,543 | ||||||
| Net Increase/(Decrease) in Net Assets Resulting From Operations |
$ | 1,109,390 | $ | 1,125,858 | ||||
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
13 | |
Table of Contents
| ICON International Funds |
Statements of Changes in Net Assets | |
| ICON Emerging Markets Fund | ICON International Equity Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | (99,549 | ) | $ | (30,748 | ) | $ | (38,685 | ) | $ | (58,796 | ) | ||||
| Net realized gain/(loss)(a) |
(346,236 | ) | (267,920 | ) | (2,428,438 | ) | (5,163,420 | ) | ||||||||
| Change in net unrealized appreciation/(depreciation) |
1,555,175 | (787,186 | ) | 3,592,981 | 3,119,772 | |||||||||||
| Net increase/(decrease) in net assets resulting from operations |
1,109,390 | (1,085,854 | ) | 1,125,858 | (2,102,444 | ) | ||||||||||
| Dividends and Distributions to Shareholders |
|
|||||||||||||||
| Net investment income |
||||||||||||||||
| Class S |
– | – | – | (71,695 | ) | |||||||||||
| Net decrease from dividends and distributions |
– | – | – | (71,695 | ) | |||||||||||
| Fund Share Transactions |
||||||||||||||||
| Shares Sold |
||||||||||||||||
| Class S |
12,522,779 | 20,067,880 | 1,819,936 | 4,506,506 | ||||||||||||
| Class C |
530,462 | 349,016 | 52,390 | 82,616 | ||||||||||||
| Class A |
6,969,681 | 862,982 | 147,140 | 1,145,130 | ||||||||||||
| Reinvested dividends and distributions |
||||||||||||||||
| Class S |
– | – | – | 70,812 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(3,180,996 | ) | (11,885,964 | ) | (6,305,770 | ) | (15,856,511 | ) | ||||||||
| Class C |
(307,830 | ) | (468,737 | ) | (374,827 | ) | (1,251,157 | ) | ||||||||
| Class A |
(1,541,832 | ) | (398,743 | ) | (524,124 | ) | (1,339,594 | ) | ||||||||
| Net increase/(decrease) from fund share transactions |
14,992,264 | 8,526,434 | (5,185,255 | ) | (12,642,198 | ) | ||||||||||
| Total net increase/(decrease) in net assets |
16,101,654 | 7,440,580 | (4,059,397 | ) | (14,816,337 | ) | ||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
17,449,379 | 10,008,799 | 74,225,228 | 89,041,565 | ||||||||||||
| End of period |
$ | 33,551,033 | $ | 17,449,379 | $ | 70,165,831 | $ | 74,225,228 | ||||||||
| Accumulated undistributed net investment income/(loss) |
$ | (119,318 | ) | $ | (19,769 | ) | $ | (550,658 | ) | $ | (511,973 | ) | ||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
||||||||||||||||
| Class S |
966,164 | 1,456,599 | 157,859 | 382,453 | ||||||||||||
| Class C |
42,061 | 26,591 | 4,951 | 7,381 | ||||||||||||
| Class A |
530,774 | 62,831 | 13,089 | 94,725 | ||||||||||||
| Issued to shareholders in reinvestment of distributions |
||||||||||||||||
| Class S |
– | – | – | 6,089 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(244,376 | ) | (863,679 | ) | (553,625 | ) | (1,317,093 | ) | ||||||||
| Class C |
(26,335 | ) | (35,508 | ) | (36,277 | ) | (114,930 | ) | ||||||||
| Class A |
(120,941 | ) | (28,954 | ) | (46,107 | ) | (114,235 | ) | ||||||||
| Net increase/(decrease) |
1,147,347 | 617,880 | (460,110 | ) | (1,055,610 | ) | ||||||||||
| Shares outstanding, beginning of period |
1,349,583 | 731,703 | 6,561,907 | 7,617,517 | ||||||||||||
| Shares outstanding, end of period |
2,496,930 | 1,349,583 | 6,101,797 | 6,561,907 | ||||||||||||
| (a) | Prior to September 30, 2015, the Funds presented realized gain/loss by investment type. This change in presentation was made to conform to industry standards and had no effect on the Funds’ change in net assets. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 14 | www.iconfunds.com | |
Table of Contents
| ICON Emerging Markets Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 12.95 | $ | 13.72 | $ | 13.51 | $ | 12.21 | $ | 10.12 | $ | 12.35 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
(0.05) | (0.03) | (0.03) | 0.06 | 0.11 | 0.07 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.57 | (0.74) | 0.27 | 1.33 | 2.02 | (2.30) | ||||||||||||||||||
| Total from investment operations |
0.52 | (0.77) | 0.24 | 1.39 | 2.13 | (2.23) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | (0.03) | (0.09) | (0.04) | – | ||||||||||||||||||
| Total dividends and distributions |
– | – | (0.03) | (0.09) | (0.04) | – | ||||||||||||||||||
| Net asset value, end of period |
$ | 13.47 | $ | 12.95 | $ | 13.72 | $ | 13.51 | $ | 12.21 | $ | 10.12 | ||||||||||||
| Total Return |
4.02 | %(b) | (5.61) | % | 1.78 | % | 11.44 | % | 21.16 | % | (18.06) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 26,481 | $ | 16,123 | $ | 8,942 | $ | 29,053 | $ | 37,969 | $ | 55,637 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.87 | %(c) | 2.44 | % | 2.11 | % | 1.64 | % | 1.50 | % | 1.59 | % | ||||||||||||
| After expense limitation/recoupment |
1.55 | %(c) | 1.55 | % | 1.88 | %(d) | 1.64 | % | 1.50 | % | 1.59 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(1.09) | %(c) | (1.08) | % | (0.42) | % | 0.46 | % | 0.96 | % | 0.55 | % | ||||||||||||
| After expense limitation/recoupment |
(0.77) | %(c) | (0.19) | % | (0.19) | % | 0.46 | % | 0.96 | % | 0.55 | % | ||||||||||||
| Portfolio turnover rate |
63 | %(b) | 76 | % | 92 | % | 60 | % | 72 | % | 71 | % | ||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Not Annualized. |
| (c) | Annualized. |
| (d) | Effective May 5, 2014, Class S’s operating expenses, not including interest expense, were contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
15 | |
Table of Contents
| ICON Emerging Markets Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 12.30 | $ | 13.18 | $ | 13.06 | $ | 11.84 | $ | 9.88 | $ | 12.17 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/ |
(0.11) | (0.17) | (0.11) | (0.05) | 0.01 | (0.02) | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.53 | (0.71) | 0.23 | 1.28 | 1.95 | (2.27) | ||||||||||||||||||||||||
| Total from investment operations |
0.42 | (0.88) | 0.12 | 1.23 | 1.96 | (2.29) | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
– | – | – | (0.01) | – | – | ||||||||||||||||||||||||
| Total dividends and distributions |
– | – | – | (0.01) | – | – | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 12.72 | $ | 12.30 | $ | 13.18 | $ | 13.06 | $ | 11.84 | $ | 9.88 | ||||||||||||||||||
| Total Return(b) |
3.41 | %(c) | (6.68) | % | 0.92 | % | 10.44 | % | 19.84 | % | (18.82) | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 822 | $ | 601 | $ | 762 | $ | 832 | $ | 869 | $ | 792 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/ recoupment |
3.91 | %(d) | 5.11 | % | 4.65 | % | 3.76 | % | 3.91 | % | 4.40 | % | ||||||||||||||||||
| After expense limitation/ recoupment |
2.55 | %(d) | 2.55 | %(e) | 2.78 | %(e) | 2.56 | %(e) | 2.55 | %(e) | 2.55 | %(e) | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/ recoupment |
(3.13) | %(d) | (3.88) | % | (2.70) | % | (1.63) | % | (1.28) | % | (2.02) | % | ||||||||||||||||||
| After expense limitation/ recoupment |
(1.77) | %(d) | (1.32) | % | (0.83) | % | (0.43) | % | 0.08 | % | (0.17) | % | ||||||||||||||||||
| Portfolio turnover rate |
63 | %(c) | 76 | % | 92 | % | 60 | % | 72 | % | 71 | % | ||||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 16 | www.iconfunds.com | |
Table of Contents
| ICON Emerging Markets Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 12.91 | $ | 13.71 | $ | 13.51 | $ | 12.17 | $ | 10.10 | $ | 12.35 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/ |
(0.05) | (0.07) | (0.04) | 0.04 | 0.09 | 0.04 | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.55 | (0.73) | 0.27 | 1.33 | 2.00 | (2.29) | ||||||||||||||||||||||||
| Total from investment operations |
0.50 | (0.80) | 0.23 | 1.37 | 2.09 | (2.25) | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
– | – | (0.03) | (0.03) | (0.02) | – | ||||||||||||||||||||||||
| Total dividends and distributions |
– | – | (0.03) | (0.03) | (0.02) | – | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 13.41 | $ | 12.91 | $ | 13.71 | $ | 13.51 | $ | 12.17 | $ | 10.10 | ||||||||||||||||||
| Total Return(b) |
3.87 | %(c) | (5.84) | % | 1.68 | % | 11.29 | % | 20.73 | % | (18.22) | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 6,248 | $ | 725 | $ | 305 | $ | 789 | $ | 690 | $ | 768 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.17 | %(d) | 4.75 | % | 4.32 | % | 2.97 | % | 2.88 | % | 3.05 | % | ||||||||||||||||||
| After expense limitation/recoupment |
1.80 | %(d) | 1.80 | %(e) | 1.95 | %(e) | 1.81 | %(e) | 1.80 | %(e) | 1.81 | %(e) | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
(1.14) | %(d) | (3.44) | % | (2.65) | % | (0.82) | % | (0.31) | % | (0.97) | % | ||||||||||||||||||
| After expense limitation/recoupment |
(0.77) | %(d) | (0.49) | % | (0.28) | % | 0.34 | % | 0.77 | % | 0.27 | % | ||||||||||||||||||
| Portfolio turnover rate |
63 | %(c) | 76 | % | 92 | % | 60 | % | 72 | % | 71 | % | ||||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
17 | |
Table of Contents
| ICON International Equity Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.37 | $ | 11.75 | $ | 11.81 | $ | 11.05 | $ | 9.22 | $ | 12.11 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(b) |
(0.00) | (c) | 0.00 | (d) | 0.06 | 0.07 | 0.16 | 0.14 | ||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.19 | (0.37) | (0.12) | 0.74 | 1.78 | (2.95) | ||||||||||||||||||||||||
| Total from investment operations |
0.19 | (0.37) | (0.06) | 0.81 | 1.94 | (2.81) | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
– | (0.01) | – | (0.00) | (c) | (0.11) | (0.08) | |||||||||||||||||||||||
| Distributions from net realized gains |
– | – | – | (0.05) | – | – | ||||||||||||||||||||||||
| Total dividends and distributions |
– | (0.01) | – | (0.05) | (0.11) | (0.08) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 11.56 | $ | 11.37 | $ | 11.75 | $ | 11.81 | $ | 11.05 | $ | 9.22 | ||||||||||||||||||
| Total Return |
1.67 | %(e) | (3.15) | % | (0.51) | % | 7.33 | % | 21.19 | % | (23.38) | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 63,750 | $ | 67,201 | $ | 80,356 | $ | 42,105 | $ | 56,152 | $ | 6,826 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/ recoupment |
1.45 | %(f) | 1.41 | % | 1.41 | % | 1.45 | % | 1.39 | % | 1.45 | % | ||||||||||||||||||
| After expense limitation/ recoupment |
1.45 | %(f) | 1.41 | %(g) | 1.41 | %(g) | 1.45 | %(g) | 1.39 | %(g) | 1.45 | %(g) | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/ recoupment |
(0.06) | %(f) | 0.00 | %(h) | 0.44 | % | 0.65 | % | 1.47 | % | 1.12 | % | ||||||||||||||||||
| After expense limitation/ recoupment |
(0.06) | %(f) | 0.00 | %(h) | 0.44 | % | 0.65 | % | 1.47 | % | 1.12 | % | ||||||||||||||||||
| Portfolio turnover rate |
88 | %(e) | 204 | % | 193 | % | 138 | % | 122 | % | 91 | % | ||||||||||||||||||
| (a) | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
| (b) | Calculated using the average shares method. |
| (c) | Amount less than $(0.005). |
| (d) | Amount less than $0.005. |
| (e) | Not Annualized. |
| (f) | Annualized. |
| (g) | 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, when applicable. |
| (h) | Less than 0.005% of average net assets. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 18 | www.iconfunds.com | |
Table of Contents
| ICON International Equity Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 10.27 | $ | 10.72 | $ | 10.89 | $ | 10.26 | $ | 8.56 | $ | 11.30 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
(0.07) | (0.12) | (0.08) | (0.04) | (0.02) | 0.00 | (b) | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.18 | (0.33) | (0.09) | 0.67 | 1.72 | (2.74) | ||||||||||||||||||
| Total from investment operations |
0.11 | (0.45) | (0.17) | 0.63 | 1.70 | (2.74) | ||||||||||||||||||
| Net asset value, end of period |
$ | 10.38 | $ | 10.27 | $ | 10.72 | $ | 10.89 | $ | 10.26 | $ | 8.56 | ||||||||||||
| Total Return(c) |
1.07 | %(d) | (4.20) | % | (1.56) | % | 6.14 | % | 19.86 | % | (24.25) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 3,011 | $ | 3,299 | $ | 4,597 | $ | 5,657 | $ | 6,773 | $ | 8,050 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
3.08 | %(e) | 2.96 | % | 2.82 | % | 2.77 | % | 2.72 | % | 2.64 | % | ||||||||||||
| After expense limitation/ recoupment |
2.55 | %(e) | 2.55 | %(f) | 2.56 | %(f) | 2.56 | %(f) | 2.55 | %(f) | 2.55 | %(f) | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
(1.97) | %(e) | (1.56) | % | (0.99) | % | (0.63) | % | (0.41) | % | (0.11) | % | ||||||||||||
| After expense limitation/ recoupment |
(1.44) | %(e) | (1.15) | % | (0.73) | % | (0.42) | % | (0.24) | % | (0.02) | % | ||||||||||||
| Portfolio turnover rate |
88 | %(d) | 204 | % | 193 | % | 138 | % | 122 | % | 91 | % | ||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
19 | |
Table of Contents
| ICON International Equity Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.24 | $ | 11.65 | $ | 11.75 | $ | 10.99 | $ | 9.16 | $ | 12.04 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.01 | (c) | (0.04) | 0.00 | (d) | 0.04 | 0.11 | 0.10 | ||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.16 | (0.37) | (0.10) | 0.73 | 1.77 | (2.94) | ||||||||||||||||||
| Total from investment operations |
0.17 | (0.41) | (0.10) | 0.77 | 1.88 | (2.84) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | – | (0.00) | (e) | (0.05) | (0.04) | |||||||||||||||||
| Distributions from net realized gains |
– | – | – | (0.01) | – | – | ||||||||||||||||||
| Total dividends and distributions |
– | – | – | (0.01) | (0.05) | (0.04) | ||||||||||||||||||
| Net asset value, end of period |
$ | 11.41 | $ | 11.24 | $ | 11.65 | $ | 11.75 | $ | 10.99 | $ | 9.16 | ||||||||||||
| Total Return(f) |
1.51 | %(g) | (3.52) | % | (0.85) | % | 7.03 | % | 20.61 | % | (23.65) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 3,405 | $ | 3,725 | $ | 4,089 | $ | 5,043 | $ | 6,309 | $ | 2,640 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.31 | %(h) | 2.25 | % | 2.12 | % | 2.19 | % | 2.01 | % | 2.03 | % | ||||||||||||
| After expense limitation/recoupment |
1.80 | %(h) | 1.80 | %(i) | 1.81 | %(i) | 1.81 | %(i) | 1.80 | %(i) | 1.80 | %(i) | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.27) | %(h) | (0.77) | % | (0.27) | % | (0.06) | % | 0.85 | % | 0.56 | % | ||||||||||||
| After expense limitation/recoupment |
0.24 | %(h) | (0.32) | % | 0.04 | % | 0.32 | % | 1.06 | % | 0.79 | % | ||||||||||||
| Portfolio turnover rate |
88 | %(g) | 204 | % | 193 | % | 138 | % | 122 | % | 91 | % | ||||||||||||
| (a) | 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. |
| (b) | Calculated using the average shares method. |
| (c) | The per share amount does not correspond to activity reflected in the Statement of Operations due to timing of shareholder activity during the period. |
| (d) | Amount less than $0.005. |
| (e) | Amount less than $(0.005). |
| (f) | The total return calculation excludes any sales charges. |
| (g) | Not Annualized. |
| (h) | Annualized. |
| (i) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 20 | www.iconfunds.com | |
Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
1. ORGANIZATION
The ICON Emerging Markets Fund (“Emerging Markets 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 Emerging Markets Fund primarily invests in securities of issuers whose principal activities are in emerging markets, or are economically tied to an emerging market country. The International Equity Fund primarily invests in foreign equity securities. Foreign equity securities refer to securities of issuers, wherever organized, whose securities are listed or traded principally on a recognized stock exchange or over-the-counter market outside the United States. The investment objective of each Fund is to provide long-term capital appreciation.
The Funds, like all investments in securities, have elements of risk, including risk of loss of principal. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar investment objectives. An investment concentrated in sectors and industries involves 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 less 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. Securities of emerging or developing market companies may be less liquid and more volatile than securities in countries with more mature markets.
The ICON Emerging Markets Fund has a significant weighting in South Korea 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 (“GAAP”) 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. Each Fund is considered an investment company for financial reporting purposes under GAAP.
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. If the NYSE closes unexpectedly and there is active trading on other exchanges, the securities will be valued at the Valuation Time based off of those exchanges. 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.
|
| ||
| Semi-Annual Report | March 31, 2016 |
21 | |
Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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. Exchange traded options shall be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. 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.
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, 2016:
ICON Emerging Markets Fund
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
||||||||||||||||
| Diversified Banks |
$ | 137,170 | $ | 2,701,186 | $ | – | $ | 2,838,356 | ||||||||
| Paper Products |
210,671 | 255,699 | – | 466,370 | ||||||||||||
| Pharmaceuticals |
160,530 | 610,004 | – | 770,534 | ||||||||||||
| Other |
898,013 | 20,883,849 | – | 21,781,862 | ||||||||||||
| Short-Term Investments |
||||||||||||||||
| Money Market Funds |
3,000,000 | – | – | 3,000,000 | ||||||||||||
| Time Deposits |
– | 4,545,379 | – | 4,545,379 | ||||||||||||
| Total |
$ | 4,406,384 | $ | 28,996,117 | $ | – | $ | 33,402,501 | ||||||||
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| 22 | www.iconfunds.com | |
Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
ICON International Equity Fund
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
||||||||||||||||
| Auto Parts & Equipment |
$ | 260,697 | $ | 673,884 | $ | – | $ | 934,581 | ||||||||
| Cable & Satellite |
708,912 | 274,339 | – | 983,251 | ||||||||||||
| Data Processing & Outsourced Services |
232,996 | 789,767 | – | 1,022,763 | ||||||||||||
| Environmental & Facilities Services |
181,950 | 457,860 | – | 639,810 | ||||||||||||
| Health Care Supplies |
398,526 | 507,010 | – | 905,536 | ||||||||||||
| Oil & Gas Equipment & Services |
94,293 | 394,254 | – | 488,547 | ||||||||||||
| Paper Products |
219,098 | 363,342 | – | 582,440 | ||||||||||||
| Pharmaceuticals |
315,709 | 4,116,956 | – | 4,432,665 | ||||||||||||
| Trucking |
275,095 | 6,678 | – | 281,773 | ||||||||||||
| Other |
414,390 | 45,549,735 | – | 45,964,125 | ||||||||||||
| Preferred Stocks |
– | 517,036 | – | 517,036 | ||||||||||||
| Collateral for Securities on Loan |
– | 4,819,696 | – | 4,819,696 | ||||||||||||
| Short-Term Investments |
– | 12,892,938 | – | 12,892,938 | ||||||||||||
| Total |
$ | 3,101,666 | $ | 71,363,495 | $ | – | $ | 74,465,161 | ||||||||
| * | Please refer to the Schedule of Investments and the Sector/Industry Classification and Country Composition tables for additional security details. |
There were no significant Level 3 securities held in any of the Funds at March 31, 2016.
For the ICON Emerging Markets Fund, there was no transfer activity between Level 1 and Level 2 for the period ended March 31, 2016.
For the ICON International Equity Fund, common stocks valued at $1,291,967 were transferred from Level 1 to Level 2 during the period ended March 31, 2016. At September 30, 2015, these securities were valued using quoted market prices in active markets without using fair value adjustment factors; at March 31, 2016, these securities were valued using quoted market prices in active markets with fair value adjustment factors.
The end of period timing recognition is used for the 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.
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.
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| Semi-Annual Report | March 31, 2016 |
23 | |
Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
These contracts involve market risk and do not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of those securities decline. The Funds could be exposed to risk if the value of the currency changes unfavorably. Additionally, the Funds could be exposed to counterparty risk if the counterparties are unable to meet the terms of the contracts.
These contracts are marked-to-market daily. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. At March 31, 2016 and for the period then ended, the Emerging Markets 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 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, 2016, is included in the Statement of Operations.
The value of the collateral could include collateral held for securities that were sold on or before March 31, 2016. It may also include collateral received from the pre-funding of security loans.
The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of March 31, 2016:
| Remaining contractual maturity of the lending agreement | ||||||||||||||||||||||||||||
| Overnight & Continuous |
Up to 30 days | 30-90 days | Greater than 90 days |
Market Value | Collateral Received |
Amounts due to/(from) counterparty |
||||||||||||||||||||||
| Securities Lending Transactions |
|
|||||||||||||||||||||||||||
| ICON International Equity Fund |
|
|||||||||||||||||||||||||||
| Equity Securities |
$ | 4,590,069 | $ | – | $ | – | $ | – | $ | 4,590,069 | $ | 4,819,696 | $ | 229,627 | ||||||||||||||
| Total Loans |
$ | 4,590,069 | $ | 4,819,696 | $ | 229,627 | ||||||||||||||||||||||
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.
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24 |
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Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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 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 | Printing Fees | Transfer Agent Fees | Registration Fees | |||||||||
| ICON Emerging Markets Fund |
||||||||||||
| Class S |
$ | 6,559 | $ | 17,476 | $ | 7,432 | ||||||
| Class C |
266 | 716 | 4,545 | |||||||||
| Class A |
413 | 1,244 | 4,790 | |||||||||
| ICON International Equity Fund |
||||||||||||
| Class S |
7,680 | 27,934 | 6,594 | |||||||||
| Class C |
1,477 | 5,956 | 4,551 | |||||||||
| Class A |
1,840 | 6,230 | 4,992 | |||||||||
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, acquired fund fees and expenses 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 Emerging Markets Fund |
1.55% | 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 for Class A, Class C and International Equity Fund Class S. Effective May 5, 2014, ICON Advisers contractually agreed to limit the total expenses of the Emerging Markets Fund Class S shares to an annual rate of 1.55% in effect until at least January 31, 2017. 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.
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| Semi-Annual Report | March 31, 2016 |
25 | |
Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
As of March 31, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
| Fund | Expires 2016 |
Expires 2017 |
Expires 2018 |
Expires 2019 |
||||||||||||
| ICON Emerging Markets Fund |
$ | 11,152 | $ | 62,550 | $ | 128,006 | $ | 44,766 | ||||||||
| ICON International Equity Fund |
15,927 | 29,665 | 34,662 | 17,382 | ||||||||||||
Accounting, Custody and Transfer Agent Fees
Effective March 1, 2016, ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Funds. Prior to March 1, 2016, State Street Bank and Trust Company (“State Street”) served as the fund accounting agent for the Funds. For its services, the Trust pays ALPS 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. Effective after the close of business on April 8, 2016, ALPS assumed the transfer agent services for the Trust.
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, 2016, 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.
Effective March 1, 2016, ICON Advisers has a sub-administration agreement with ALPS under which ALPS assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays ALPS a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust. Prior to March 1, 2016, the sub-administration agreement was between ICON Advisers and State Street.
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 95% of the CCO’s salary and the remaining portion, along with other employee related expenses, is paid by ICON Advisers. For the period ended March 31, 2016, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.
The Funds may reimburse ICON Advisers for legal work performed for the Funds 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, 2016, the total related amounts paid by the Funds under this arrangement was $832 and is included in Other Expenses on the Statement of Operations.
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| 26 | www.iconfunds.com | |
Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
4. BORROWINGS
The Trust has entered into a Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. Effective March 28, 2016, the maximum borrowing limit was changed from $75 million to $50 million. Prior to March 28, 2015, the maximum borrowing limit was $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street.
For the period ended March 31, 2016, there were no outstanding borrowings under this agreement/arrangement.
5. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the period ended March 31, 2016, 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 Emerging Markets Fund |
$ | 22,236,164 | $ | 12,425,261 | ||||
| ICON International Equity Fund |
53,840,223 | 66,276,349 | ||||||
6. FEDERAL INCOME TAX
The following information is presented on an income tax basis. Differences between U.S. GAAP and federal income tax purposes that are permanent in nature are reclassified within the capital accounts. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds. These differences are due to differing treatments for items such as passive foreign investment companies, foreign currency transactions, and net investment losses.
For the year ended September 30, 2015 the following Funds had capital loss carryforwards:
| Fund | Expiring in 2017 | Expiring in 2018 | Unlimited | |||||||||
| ICON Emerging Markets Fund |
$ | 7,143,674 | $ | – | $ | 332,861 | ||||||
| ICON International Equity Fund |
53,195,839 | 27,012,993 | 4,334,930 | |||||||||
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.
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2015, were as follows:
| Fund | Ordinary Income | Long-Term Capital Gains |
||||||
| ICON International Equity Fund |
$ | 71,689 | $ | – | ||||
As of September 30, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| Fund | Undistributed Ordinary Income |
Late Year Loss Deferral* |
Capital Loss Carryforward |
Unrealized Appreciation/ (Depreciation)** |
Total Accumulated Earnings/(Deficit) |
|||||||||||||||
| ICON Emerging Markets Fund |
$ | – | $ | (249,486) | $ | (7,476,535) | $ | (1,014,823) | $ | (8,740,844) | ||||||||||
| ICON International Equity Fund |
– | (4,317,244) | (84,543,762) | (6,243,882) | (95,104,888) | |||||||||||||||
| * | 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. |
| ** | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to investments in passive foreign investment companies. |
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| Semi-Annual Report | March 31, 2016 |
27 | |
Table of Contents
| ICON International Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
As of March 31, 2016, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
| Fund | Gross Appreciation (excess of value over tax cost) |
Gross Depreciation (excess of tax cost over value) |
Net Unrealized Appreciation/ (Depreciation) |
Cost of Investments for Income Tax Purposes |
||||||||||||
| ICON Emerging Markets Fund |
$ | 2,263,061 | $ | (1,705,643 | ) | $ | 557,418 | $ | 32,845,083 | |||||||
| ICON International Equity Fund |
3,368,386 | (6,001,784 | ) | (2,633,398 | ) | 77,098,559 | ||||||||||
7. SUBSEQUENT EVENTS
Effective after the close of business on April 8, 2016, ALPS became the Trust’s transfer agent.
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| 28 | www.iconfunds.com | |
Table of Contents
| ICON International Funds |
Disclosure of Fund Expenses | |
|
March 31, 2016 (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 (10/01/15 – 3/31/16).
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), 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 October 1, 2015 |
Ending Account March 31, 2016 |
Expense Ratio(a) | Expenses Paid During period October 1, 2015 - March 31, 2016(b) |
|||||||||||||
| ICON Emerging Markets Fund |
||||||||||||||||
| Class S |
||||||||||||||||
| Actual |
$1,000.00 | $1,040.20 | 1.55 | % | $7.91 | |||||||||||
| Hypothetical (5% return before expenses) |
$1,000.00 | $1,017.25 | 1.55 | % | $7.82 | |||||||||||
| Class C |
||||||||||||||||
| Actual |
$1,000.00 | $1,034.10 | 2.55 | % | $12.97 | |||||||||||
| Hypothetical (5% return before expenses) |
$1,000.00 | $1,012.25 | 2.55 | % | $12.83 | |||||||||||
| Class A |
||||||||||||||||
| Actual |
$1,000.00 | $1,038.70 | 1.80 | % | $9.17 | |||||||||||
| Hypothetical (5% return before expenses) |
$1,000.00 | $1,016.00 | 1.80 | % | $9.07 | |||||||||||
| ICON International Equity Fund |
||||||||||||||||
| Class S |
||||||||||||||||
| Actual |
$1,000.00 | $1,016.70 | 1.45 | % | $7.31 | |||||||||||
| Hypothetical (5% return before expenses) |
$1,000.00 | $1,017.75 | 1.45 | % | $7.31 | |||||||||||
| Class C |
||||||||||||||||
| Actual |
$1,000.00 | $1,010.70 | 2.55 | % | $12.82 | |||||||||||
| Hypothetical (5% return before expenses) |
$1,000.00 | $1,012.25 | 2.55 | % | $12.83 | |||||||||||
| Class A |
||||||||||||||||
| Actual |
$1,000.00 | $1,015.10 | 1.80 | % | $9.07 | |||||||||||
| Hypothetical (5% return before expenses) |
$1,000.00 | $1,016.00 | 1.80 | % | $9.07 | |||||||||||
|
| ||
| Semi-Annual Report | March 31, 2016 |
29 | |
Table of Contents
| ICON International Funds |
Disclosure of Fund Expenses | |
|
March 31, 2016 (Unaudited) |
| (a) | The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses. |
| (b) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/366 (to reflect the half-year period). |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
|
| ||
| 30 | www.iconfunds.com | |
Table of Contents
| ICON International Funds |
Additional Information | |
|
March 31, 2016 (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.
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.
|
| ||
| Semi-Annual Report | March 31, 2016 |
31 | |
Table of Contents
| ICON International Funds |
Privacy Policy | |
|
March 31, 2016 (Unaudited) |
| 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: | |||
| • Social Security number and account balances | ||||
| • income and transaction history | ||||
| • 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. |
| 32 | www.iconfunds.com | |
Table of Contents
| ICON International Funds |
Privacy Policy | |
|
March 31, 2016 (Unaudited) |
| 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 | |||
|
• open an account or enter into an investment advisory contract | ||||
| • provide account information or give us your contact information | ||||
| • 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 | |||
| • sharing for affiliates’ everyday business purposes — information about your creditworthiness | ||||
| • affiliates from using your information to market to you | ||||
| • 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. | |||
| • 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. | |||
| • 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. | |||
| • ICON doesn’t jointly market | ||||
| Semi-Annual Report | March 31, 2016 |
33 | |
Table of Contents
|
|
| |||||
| For more information about the ICON Funds, contact us: | ||||||
| By Telephone |
1-800-764-0442 | |||||
| By E-Mail |
info@iconadvisers.com | |||||
| By Mail |
ICON Funds | P.O. Box 1920 | Denver, CO 80201 | |||||
| In Person |
ICON Funds | 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |||||
| On the Internet |
www.iconfunds.com | |||||
Table of Contents
|
| ||||
|
| ||||
|
|
SEMI-ANNUAL REPORT March 31, 2016 | |||
| Sector Funds | ||||
| 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 Natural Resources Fund ICON Utilities Fund | ||||
Table of Contents
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
| 2 | ||||
| Schedules of Investments (Unaudited) |
||||
| 3 | ||||
| 5 | ||||
| 7 | ||||
| 9 | ||||
| 11 | ||||
| 12 | ||||
| 14 | ||||
| 16 | ||||
| 18 | ||||
| 19 | ||||
| 36 | ||||
| 56 | ||||
| 68 | ||||
| 71 | ||||
| 72 | ||||
Table of Contents
| ICON Sector Funds |
About This Report | |
|
March 31, 2016 (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, 2016, 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.
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.
| 2 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
3 | |
Table of Contents
| ICON Consumer Discretionary Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 4 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
5 | |
Table of Contents
| ICON Consumer Staples Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 6 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
7 | |
Table of Contents
| ICON Energy Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 8 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
9 | |
Table of Contents
| ICON Financial Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 10 | www.iconfunds.com | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
11 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 12 | www.iconfunds.com | |
Table of Contents
| ICON Industrials Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
13 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 14 | www.iconfunds.com | |
Table of Contents
| ICON Information Technology Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
15 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 16 | www.iconfunds.com | |
Table of Contents
| ICON Natural Resources Fund |
Schedule of Investments | |
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
17 | |
Table of Contents
| Schedule of Investments | ||
|
March 31, 2016 (Unaudited) |
| The accompanying notes are an integral part of the financial statements.
| ||
| 18 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Assets and Liabilities | |
|
March 31, 2016 (Unaudited) |
| ICON Consumer Discretionary Fund |
ICON Consumer Staples Fund |
ICON Energy Fund | ||||||||||
| Assets |
||||||||||||
| Investments, at cost |
$ | 46,937,888 | $ | 20,169,577 | $ | 425,226,576 | ||||||
| Investments, at value(a) |
47,523,466 | 21,764,448 | 381,862,314 | |||||||||
| Receivables: |
||||||||||||
| Investments sold |
323,930 | – | 4,482,917 | |||||||||
| Fund shares sold |
38,286 | 73,494 | 520,139 | |||||||||
| Expense reimbursements due from Adviser |
767 | 9,900 | – | |||||||||
| Dividends |
16,275 | 29,267 | 221,598 | |||||||||
| Foreign tax reclaims |
– | – | 14,318 | |||||||||
| Other Assets |
22,358 | 20,040 | 128,752 | |||||||||
| Total assets |
47,925,082 | 21,897,149 | 387,230,038 | |||||||||
| Liabilities |
||||||||||||
| Payables: |
||||||||||||
| Payable for collateral received on securities loaned |
1,229,214 | 153,950 | 39,957,778 | |||||||||
| Expense recoupment due to Adviser |
– | – | 211 | |||||||||
| Investments purchased |
– | – | 3,992,419 | |||||||||
| Fund shares redeemed |
62,647 | 30,862 | 713,874 | |||||||||
| Advisory fees |
39,023 | 17,131 | 285,673 | |||||||||
| Transfer agent fees |
23,269 | 9,832 | 234,444 | |||||||||
| Fund accounting fees |
5,144 | 1,791 | 35,442 | |||||||||
| Accrued distribution fees |
686 | 2,150 | 10,668 | |||||||||
| Trustee fees and expenses |
2,532 | 604 | 17,952 | |||||||||
| Administration fees |
1,198 | 641 | 9,397 | |||||||||
| Accrued expenses |
22,218 | 16,151 | 73,697 | |||||||||
| Total liabilities |
1,385,931 | 233,112 | 45,331,555 | |||||||||
| Net Assets - all share classes |
$ | 46,539,151 | $ | 21,664,037 | $ | 341,898,483 | ||||||
| Net Assets - Class S |
$ | 43,258,388 | $ | 11,415,041 | $ | 318,753,212 | ||||||
| Net Assets - Class C |
$ | – | $ | – | $ | 9,246,728 | ||||||
| Net Assets - Class A |
$ | 3,280,763 | $ | 10,248,996 | $ | 13,898,543 | ||||||
| Net Assets Consists of |
||||||||||||
| Paid-in capital |
$ | 45,308,366 | $ | 19,087,598 | $ | 537,814,712 | ||||||
| Accumulated undistributed net investment income/(loss) |
(55,593) | 8,707 | 1,845,325 | |||||||||
| Accumulated undistributed net realized gain/(loss) |
700,800 | 972,861 | (154,397,564) | |||||||||
| Unrealized appreciation/(depreciation) |
585,578 | 1,594,871 | (43,363,990) | |||||||||
| Net Assets |
$ | 46,539,151 | $ | 21,664,037 | $ | 341,898,483 | ||||||
| Shares outstanding (unlimited shares authorized, no par value) |
||||||||||||
| Class S |
3,099,522 | 1,459,993 | 28,276,959 | |||||||||
| Class C |
– | – | 850,747 | |||||||||
| Class A |
243,189 | 1,313,968 | 1,236,621 | |||||||||
| Net asset value (offering and redemption price per share) |
||||||||||||
| Class S |
$ | 13.96 | $ | 7.82 | $ | 11.27 | ||||||
| Class C |
$ | – | $ | – | $ | 10.87 | ||||||
| Class A |
$ | 13.49 | $ | 7.80 | $ | 11.24 | ||||||
| Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share |
$ | 14.31 | $ | 8.28 | $ | 11.92 | ||||||
| (a) Includes securities on loan of | $ | 1,230,242 | $ | 148,458 | $ | 39,325,928 | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
19 | |
Table of Contents
| ICON Sector Funds |
Statements of Assets and Liabilities | |
|
March 31, 2016 (Unaudited) |
| ICON Financial Fund | ICON Healthcare Fund |
ICON Industrials Fund |
||||||||||
| Assets |
||||||||||||
| Investments, at cost |
$ | 60,545,784 | $ | 80,191,511 | $ | 12,616,418 | ||||||
| Investments, at value(a) |
54,324,163 | 76,154,733 | 14,294,575 | |||||||||
| Foreign currency, at value (Cost $8,678, $– and $–, respectively) |
8,678 | – | – | |||||||||
| Receivables: |
||||||||||||
| Investments sold |
1,161,728 | 917,831 | 550,598 | |||||||||
| Fund shares sold |
146,880 | 12,554 | 51,586 | |||||||||
| Expense reimbursements due from Adviser |
2,484 | 6,154 | 11,813 | |||||||||
| Dividends |
84,542 | 94,399 | 3,941 | |||||||||
| Foreign tax reclaims |
1,980 | 4,543 | – | |||||||||
| Other Assets |
22,827 | 33,895 | 15,128 | |||||||||
| Total assets |
55,753,282 | 77,224,109 | 14,927,641 | |||||||||
| Liabilities |
||||||||||||
| Payables: |
||||||||||||
| Payable for collateral received on securities loaned |
3,856,881 | 359,700 | – | |||||||||
| Investments purchased |
1,511,921 | – | 779,836 | |||||||||
| Fund shares redeemed |
74,782 | 111,368 | 19,259 | |||||||||
| Advisory fees |
42,329 | 65,494 | 11,710 | |||||||||
| Transfer agent fees |
14,268 | 65,779 | 14,612 | |||||||||
| Fund accounting fees |
5,478 | 10,630 | 1,832 | |||||||||
| Accrued distribution fees |
523 | 1,240 | 124 | |||||||||
| Trustee fees and expenses |
2,691 | 6,408 | 848 | |||||||||
| Administration fees |
1,260 | 1,825 | 362 | |||||||||
| Accrued expenses |
19,514 | 33,895 | 18,052 | |||||||||
| Total liabilities |
5,529,647 | 656,339 | 846,635 | |||||||||
| Net Assets - all share classes |
$ | 50,223,635 | $ | 76,567,770 | $ | 14,081,006 | ||||||
| Net Assets - Class S |
$ | 47,565,204 | $ | 71,108,544 | $ | 13,457,908 | ||||||
| Net Assets - Class A |
$ | 2,658,431 | $ | 5,459,226 | $ | 623,098 | ||||||
| Net Assets Consists of |
||||||||||||
| Paid-in capital |
$ | 144,506,648 | $ | 85,554,050 | $ | 31,783,343 | ||||||
| Accumulated undistributed net investment income/(loss) |
330,664 | (122,218) | 3,037 | |||||||||
| Accumulated undistributed net realized gain/(loss) |
(88,392,056) | (4,827,284) | (19,383,531) | |||||||||
| Unrealized appreciation/(depreciation) |
(6,221,621) | (4,036,778) | 1,678,157 | |||||||||
| Net Assets |
$ | 50,223,635 | $ | 76,567,770 | $ | 14,081,006 | ||||||
| Shares outstanding (unlimited shares authorized, no par value) |
||||||||||||
| Class S |
6,486,262 | 5,134,480 | 1,173,413 | |||||||||
| Class A |
359,805 | 408,384 | 54,816 | |||||||||
| Net asset value (offering and redemption price per share) |
||||||||||||
| Class S |
$ | 7.33 | $ | 13.85 | $ | 11.47 | ||||||
| Class A |
$ | 7.39 | $ | 13.37 | $ | 11.37 | ||||||
| Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share |
$ | 7.84 | $ | 14.18 | $ | 12.06 | ||||||
| (a) Includes securities on loan of |
$ | 3,200,616 | $ | 366,564 | $ | – | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 20 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Assets and Liabilities | |
|
March 31, 2016 (Unaudited) |
| ICON Information Technology Fund |
ICON Natural Resources Fund |
ICON Utilities Fund | ||||||||||
| Assets |
||||||||||||
| Investments, at cost |
$ | 39,605,848 | $ | 78,504,940 | $ | 46,250,714 | ||||||
| Investments, at value(a) |
46,593,040 | 75,110,299 | 49,805,577 | |||||||||
| Receivables: |
||||||||||||
| Investments sold |
405,634 | 534,278 | 1,515,981 | |||||||||
| Fund shares sold |
129,383 | 82,251 | 780,497 | |||||||||
| Expense reimbursements due from Adviser |
5,390 | 5,085 | – | |||||||||
| Dividends |
1,680 | 66,063 | 152,615 | |||||||||
| Foreign tax reclaims |
– | – | – | |||||||||
| Other Assets |
19,173 | 30,343 | 17,793 | |||||||||
| Total assets |
47,154,300 | 75,828,319 | 52,272,463 | |||||||||
| Liabilities |
||||||||||||
| Payables: |
||||||||||||
| Payable for collateral received on securities loaned |
653,350 | 4,531,692 | 4,924,300 | |||||||||
| Expense recoupment due to Adviser |
– | – | 2,198 | |||||||||
| Investments purchased |
847,444 | 1,854,106 | 3,924,793 | |||||||||
| Fund shares redeemed |
56,101 | 68,350 | 69,562 | |||||||||
| Advisory fees |
36,581 | 56,904 | 34,072 | |||||||||
| Transfer agent fees |
24,922 | 35,338 | 6,111 | |||||||||
| Fund accounting fees |
5,040 | 7,239 | 3,427 | |||||||||
| Accrued distribution fees |
358 | 1,497 | 2,314 | |||||||||
| Trustee fees and expenses |
2,403 | 3,640 | 1,261 | |||||||||
| Administration fees |
1,122 | 1,856 | 1,187 | |||||||||
| Accrued expenses |
19,545 | 15,963 | 13,118 | |||||||||
| Total liabilities |
1,646,866 | 6,576,585 | 8,982,343 | |||||||||
| Net Assets - all share classes |
$ | 45,507,434 | $ | 69,251,734 | $ | 43,290,120 | ||||||
| Net Assets - Class S |
$ | 43,677,670 | $ | 64,695,518 | $ | 32,194,172 | ||||||
| Net Assets - Class C |
$ | – | $ | 1,027,802 | $ | – | ||||||
| Net Assets - Class A |
$ | 1,829,764 | $ | 3,528,414 | $ | 11,095,948 | ||||||
| Net Assets Consists of |
||||||||||||
| Paid-in capital |
$ | 30,513,762 | $ | 79,512,810 | $ | 38,646,222 | ||||||
| Accumulated undistributed net investment income/(loss) |
(402,568) | 167,176 | 30,232 | |||||||||
| Accumulated undistributed net realized gain/(loss) |
8,409,048 | (7,033,611) | 1,058,468 | |||||||||
| Unrealized appreciation/(depreciation) |
6,987,192 | (3,394,641) | 3,555,198 | |||||||||
| Net Assets |
$ | 45,507,434 | $ | 69,251,734 | $ | 43,290,120 | ||||||
| Shares outstanding (unlimited shares authorized, no par value) |
||||||||||||
| Class S |
2,643,318 | 5,436,321 | 3,454,029 | |||||||||
| Class C |
– | 89,140 | – | |||||||||
| Class A |
113,170 | 298,558 | 1,207,259 | |||||||||
| Net asset value (offering and redemption price per share) |
||||||||||||
| Class S |
$ | 16.52 | $ | 11.90 | $ | 9.32 | ||||||
| Class C |
$ | – | $ | 11.53 | $ | – | ||||||
| Class A |
$ | 16.17 | $ | 11.82 | $ | 9.19 | ||||||
| Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share |
$ | 17.15 | $ | 12.54 | $ | 9.75 | ||||||
| (a) Includes securities on loan of |
$ | 639,334 | $ | 4,420,875 | $ | 4,835,708 | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
21 | |
Table of Contents
| ICON Sector Funds |
Statements of Operations | |
|
Period Ended March 31, 2016 (Unaudited) |
| ICON Consumer Discretionary Fund |
ICON Consumer Staples Fund |
ICON Energy Fund | ||||||||||
| Investment Income |
||||||||||||
| Interest |
$ | 294 | $ | 204 | $ | 493 | ||||||
| Dividends |
283,469 | 122,575 | 6,079,957 | |||||||||
| Foreign taxes withheld |
(2,841) | – | (105,394) | |||||||||
| Income from securities lending, net |
19,908 | 2,830 | 272,442 | |||||||||
| Total investment income |
300,830 | 125,609 | 6,247,498 | |||||||||
| Expenses |
||||||||||||
| Advisory fees |
237,429 | 71,325 | 1,664,359 | |||||||||
| Administration fees |
12,625 | 3,782 | 88,104 | |||||||||
| Transfer agent fees |
41,784 | 21,313 | 463,126 | |||||||||
| Distribution fees: |
||||||||||||
| Class C |
– | – | 47,088 | |||||||||
| Class A |
4,134 | 7,530 | 17,003 | |||||||||
| Registration fees |
13,906 | 10,648 | 26,399 | |||||||||
| Audit and tax service expense |
11,845 | 11,756 | 12,630 | |||||||||
| Fund accounting fees |
6,203 | 2,137 | 41,091 | |||||||||
| Trustee fees and expenses |
4,186 | 1,014 | 29,697 | |||||||||
| Insurance expense |
3,676 | 1,065 | 30,515 | |||||||||
| Custody fees |
2,606 | 1,388 | 7,595 | |||||||||
| Printing fees |
7,161 | 3,061 | 43,407 | |||||||||
| Interest expense |
94 | – | 764 | |||||||||
| Recoupment of previously reimbursed expenses |
– | 690 | – | |||||||||
| Other expenses |
12,896 | 4,498 | 79,413 | |||||||||
| Total expenses before expense reimbursement |
358,545 | 140,207 | 2,551,191 | |||||||||
| Expense reimbursement by Adviser due to expense limitation agreement |
(2,174) | (25,614) | – | |||||||||
| Net Expenses |
356,371 | 114,593 | 2,551,191 | |||||||||
| Net Investment Income/(Loss) |
(55,541) | 11,016 | 3,696,307 | |||||||||
| Realized and Unrealized Gain/(Loss) |
||||||||||||
| Net realized gain/(loss) on: |
||||||||||||
| Investments |
700,803 | 972,861 | (48,871,516) | |||||||||
| Foreign currency |
– | – | 12,323 | |||||||||
| 700,803 | 972,861 | (48,859,193) | ||||||||||
| Change in unrealized net appreciation/(depreciation) on: |
||||||||||||
| Investments and foreign currency |
2,684,029 | 491,425 | 54,858,485 | |||||||||
| 2,684,029 | 491,425 | 54,858,485 | ||||||||||
| Net realized and unrealized gain/(loss) |
3,384,832 | 1,464,286 | 5,999,292 | |||||||||
| Net Increase/(Decrease) in Net Assets Resulting From Operations |
$ | 3,329,291 | $ | 1,475,302 | $ | 9,695,599 | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 22 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Operations | |
|
Period Ended March 31, 2016 (Unaudited) |
| ICON Financial Fund | ICON Healthcare Fund |
ICON Industrials Fund |
||||||||||
| Investment Income |
||||||||||||
| Interest |
$ | 35 | $ | 84 | $ | 43 | ||||||
| Dividends |
679,233 | 582,827 | 112,261 | |||||||||
| Foreign taxes withheld |
(2,959) | – | – | |||||||||
| Income from securities lending, net |
27,499 | 634 | 1,566 | |||||||||
| Other Income |
– | 11,826 | – | |||||||||
| Total investment income |
703,808 | 595,371 | 113,870 | |||||||||
| Expenses |
||||||||||||
| Advisory fees |
261,342 | 467,280 | 71,905 | |||||||||
| Administration fees |
13,923 | 24,813 | 3,818 | |||||||||
| Transfer agent fees |
36,424 | 113,644 | 20,797 | |||||||||
| Distribution fees: |
||||||||||||
| Class A |
2,711 | 14,282 | 762 | |||||||||
| Registration fees |
12,841 | 21,017 | 10,542 | |||||||||
| Audit and tax service expense |
11,819 | 12,042 | 11,791 | |||||||||
| Fund accounting fees |
6,782 | 11,817 | 2,143 | |||||||||
| Trustee fees and expenses |
4,555 | 9,818 | 1,282 | |||||||||
| Insurance expense |
2,562 | 9,690 | 2,196 | |||||||||
| Custody fees |
2,193 | 3,277 | 1,468 | |||||||||
| Printing fees |
6,565 | 10,534 | 5,964 | |||||||||
| Interest expense |
508 | 2,362 | – | |||||||||
| Other expenses |
14,205 | 27,549 | 4,980 | |||||||||
| Total expenses before expense reimbursement |
376,430 | 728,125 | 137,648 | |||||||||
| Expense reimbursement by Adviser due to expense limitation agreement |
(3,286) | (10,536) | (29,003) | |||||||||
| Net Expenses |
373,144 | 717,589 | 108,645 | |||||||||
| Net Investment Income/(Loss) |
330,664 | (122,218) | 5,225 | |||||||||
| Realized and Unrealized Gain/(Loss) |
||||||||||||
| Net realized gain/(loss) on: |
||||||||||||
| Investments |
(1,921,907) | (4,827,281) | 70,883 | |||||||||
| Foreign currency |
(94) | – | – | |||||||||
| (1,922,001) | (4,827,281) | 70,883 | ||||||||||
| Change in unrealized net appreciation/(depreciation) on: |
||||||||||||
| Investments and foreign currency |
(2,065,411) | 4,061,716 | 548,346 | |||||||||
| (2,065,411) | 4,061,716 | 548,346 | ||||||||||
| Net realized and unrealized gain/(loss) |
(3,987,412) | (765,565) | 619,229 | |||||||||
| Net Increase/(Decrease) in Net Assets Resulting From Operations |
$ | (3,656,748) | $ | (887,783) | $ | 624,454 | ||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
23 | |
Table of Contents
| ICON Sector Funds |
Statements of Operations | |
|
Period Ended March 31, 2016 (Unaudited) |
| ICON Information Technology Fund |
ICON Natural Resources Fund (a) |
ICON Utilities Fund | ||||||||||
| Investment Income |
||||||||||||
| Interest |
$ | 78 | $ | 137 | $ | 35 | ||||||
| Dividends |
227,378 | 768,035 | 795,966 | |||||||||
| Foreign taxes withheld |
– | (10,184) | (7,640) | |||||||||
| Income from securities lending, net |
9,257 | 15,125 | 5,445 | |||||||||
| Other Income |
1,175 | 6 | – | |||||||||
| Total investment income |
237,888 | 773,119 | 793,806 | |||||||||
| Expenses |
||||||||||||
| Advisory fees |
233,873 | 324,964 | 158,392 | |||||||||
| Administration fees |
12,401 | 17,237 | 8,437 | |||||||||
| Transfer agent fees |
50,228 | 75,655 | 25,688 | |||||||||
| Distribution fees: |
||||||||||||
| Class C |
– | 3,993 | – | |||||||||
| Class A |
2,478 | 3,626 | 9,344 | |||||||||
| Registration fees |
11,608 | 15,323 | 10,999 | |||||||||
| Audit and tax service expense |
11,841 | 12,699 | 11,767 | |||||||||
| Fund accounting fees |
6,077 | 8,405 | 4,173 | |||||||||
| Trustee fees and expenses |
4,133 | 5,847 | 2,200 | |||||||||
| Insurance expense |
3,457 | 5,642 | 1,240 | |||||||||
| Custody fees |
2,141 | 2,269 | 2,092 | |||||||||
| Printing fees |
7,267 | 10,695 | 4,305 | |||||||||
| Interest expense |
699 | 539 | 115 | |||||||||
| Recoupment of previously reimbursed expenses |
525 | 10 | 10,116 | |||||||||
| Other expenses |
12,777 | 17,177 | 8,221 | |||||||||
| Total expenses before expense reimbursement |
359,505 | 504,081 | 257,089 | |||||||||
| Expense reimbursement by Adviser due to expense limitation agreement |
(5,438) | (10,068) | (9,595) | |||||||||
| Net Expenses |
354,067 | 494,013 | 247,494 | |||||||||
| Net Investment Income/(Loss) |
(116,179) | 279,106 | 546,312 | |||||||||
| Realized and Unrealized Gain/(Loss) |
||||||||||||
| Net realized gain/(loss) on: |
||||||||||||
| Investments |
8,767,081 | (6,189,353) | 1,222,914 | |||||||||
| Foreign currency |
– | (7,595) | (235) | |||||||||
| 8,767,081 | (6,196,948) | 1,222,679 | ||||||||||
| Change in unrealized net appreciation/(depreciation) on: |
||||||||||||
| Investments and foreign currency |
(4,013,199) | 11,622,994 | 4,390,351 | |||||||||
| (4,013,199) | 11,622,994 | 4,390,351 | ||||||||||
| Net realized and unrealized gain/(loss) |
4,753,882 | 5,426,046 | 5,613,030 | |||||||||
| Net Increase/(Decrease) in Net Assets Resulting From Operations |
$ | 4,637,703 | $ | 5,705,152 | $ | 6,159,342 | ||||||
| (a) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 24 | www.iconfunds.com | |
Table of Contents
Intentionally Left Blank
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | |||||||||||||||
|
|
||||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
|
|
||||||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | (55,541) | $ | (279,889) | $ | 11,016 | $ | 37,316 | ||||||||
| Net realized gain/(loss) |
700,803 | 5,384,667 | 972,861 | 2,707,892 | ||||||||||||
| Change in net unrealized appreciation/(depreciation) |
2,684,029 | (1,319,349) | 491,425 | (738,309) | ||||||||||||
|
|
|
|||||||||||||||
| Net increase/(decrease) in net assets resulting from operations |
3,329,291 | 3,785,429 | 1,475,302 | 2,006,899 | ||||||||||||
|
|
|
|||||||||||||||
| Dividends and Distributions to Shareholders |
|
|||||||||||||||
| Net investment income |
||||||||||||||||
| Class S |
(45) | – | (2,776) | (182,080) | ||||||||||||
| Class C(a) |
– | – | – | (27,681) | ||||||||||||
| Class A(a) |
(7) | – | (282) | (55,273) | ||||||||||||
| Net realized gains |
||||||||||||||||
| Class S |
(4,142,558) | (7,437,716) | (1,689,533) | (2,549,485) | ||||||||||||
| Class C(a) |
– | (61,165) | – | (526,066) | ||||||||||||
| Class A(a) |
(324,738) | (598,384) | (1,018,358) | (758,214) | ||||||||||||
|
|
|
|||||||||||||||
| Net decrease from dividends and distributions |
(4,467,348) | (8,097,265) | (2,710,949) | (4,098,799) | ||||||||||||
|
|
|
|||||||||||||||
| Fund Share Transactions |
||||||||||||||||
| Shares Sold |
||||||||||||||||
| Class S |
2,664,118 | 21,689,352 | 6,398,234 | 9,344,934 | ||||||||||||
| Class C(a) |
– | 409,813 | – | 1,255,133 | ||||||||||||
| Class A(a) |
773,022 | 3,370,795 | 7,913,696 | 2,230,956 | ||||||||||||
| Reinvested dividends and distributions |
||||||||||||||||
| Class S |
4,104,729 | 7,360,142 | 1,604,272 | 2,554,153 | ||||||||||||
| Class C(a) |
– | 52,431 | – | 201,008 | ||||||||||||
| Class A(a) |
289,861 | 539,623 | 808,132 | 688,039 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(7,405,299) | (35,671,860) | (4,397,498) | (27,906,883) | ||||||||||||
| Class C(a) |
– | (952,038) | – | (2,486,008) | ||||||||||||
| Class A(a) |
(661,278) | (3,081,029) | (1,680,583) | (1,473,943) | ||||||||||||
|
|
|
|||||||||||||||
| Net increase/(decrease) from fund share transactions |
(234,847) | (6,282,771) | 10,646,253 | (15,592,611) | ||||||||||||
|
|
|
|||||||||||||||
| Total net increase/(decrease) in net assets |
(1,372,904) | (10,594,607) | 9,410,606 | (17,684,511) | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
47,912,055 | 58,506,662 | 12,253,431 | 29,937,942 | ||||||||||||
|
|
|
|||||||||||||||
| End of period |
$ | 46,539,151 | $ | 47,912,055 | $ | 21,664,037 | $ | 12,253,431 | ||||||||
|
|
|
|||||||||||||||
| Accumulated undistributed net investment income/(loss) |
$ | (55,593) | $ | – | $ | 8,707 | $ | 749 | ||||||||
|
|
|
|||||||||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 26 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
||||||||||||||||
| Class S |
183,333 | 1,413,797 | 807,610 | 914,672 | ||||||||||||
| Class C(a) |
– | 29,106 | – | 124,315 | ||||||||||||
| Class A(a) |
55,170 | 218,030 | 1,020,854 | 234,942 | ||||||||||||
| Issued to shareholders in reinvestment of distributions |
||||||||||||||||
| Class S |
307,240 | 502,056 | 212,768 | 275,267 | ||||||||||||
| Class C(a) |
– | 3,777 | – | 22,384 | ||||||||||||
| Class A(a) |
22,418 | 37,710 | 107,322 | 74,225 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(537,608) | (2,336,434) | (500,553) | (2,476,966) | ||||||||||||
| Class C(a) |
– | (69,108) | – | (276,761) | ||||||||||||
| Class A(a) |
(50,569) | (203,013) | (206,150) | (153,867) | ||||||||||||
| Net increase/(decrease) |
(20,016) | (404,079) | 1,441,851 | (1,261,789) | ||||||||||||
| Shares outstanding, beginning of period |
3,362,727 | 3,766,806 | 1,332,110 | 2,593,899 | ||||||||||||
| Shares outstanding, end of period |
3,342,711 | 3,362,727 | 2,773,961 | 1,332,110 | ||||||||||||
| (a) | Class C shares merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
27 | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Energy Fund | ICON Financial Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 |
Year Ended September 30, 2015 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | 3,696,307 | $ | 3,185,299 | $ | 330,664 | $ | 228,338 | ||||||||
| Net realized gain/(loss) |
(48,859,193) | (91,275,818) | (1,922,001) | 2,241,254 | ||||||||||||
| Change in net unrealized appreciation/(depreciation) |
54,858,485 | (125,848,879) | (2,065,411) | (4,690,498) | ||||||||||||
| Net increase/(decrease) in net assets resulting from operations |
9,695,599 | (213,939,398) | (3,656,748) | (2,220,906) | ||||||||||||
| Dividends and Distributions to Shareholders |
|
|||||||||||||||
| Net investment income |
||||||||||||||||
| Class S |
(3,080,659) | (2,185,262) | – | (297,167) | (a) | |||||||||||
| Class C(b) |
(46,988) | – | – | (1,205) | (a) | |||||||||||
| Class A(b) |
(87,124) | (46,508) | – | (2,530) | (a) | |||||||||||
| Net realized gains |
||||||||||||||||
| Class S |
– | (91,546,420) | – | – | ||||||||||||
| Class C(b) |
– | (2,566,539) | – | – | ||||||||||||
| Class A(b) |
– | (4,344,666) | – | – | ||||||||||||
| Net decrease from dividends and distributions |
(3,214,771) | (100,689,395) | – | (300,902) | ||||||||||||
| Fund Share Transactions |
||||||||||||||||
| Shares Sold |
||||||||||||||||
| Class S |
69,003,755 | 155,430,206 | 8,956,358 | 33,196,366 | ||||||||||||
| Class C(b) |
1,036,369 | 6,608,035 | – | 710,046 | ||||||||||||
| Class A(b) |
2,822,339 | 9,095,784 | 1,250,093 | 2,012,530 | ||||||||||||
| Reinvested dividends and distributions |
||||||||||||||||
| Class S |
2,963,225 | 89,035,364 | – | 294,149 | ||||||||||||
| Class C(b) |
40,797 | 2,100,297 | – | 1,038 | ||||||||||||
| Class A(b) |
66,909 | 3,519,414 | – | 1,970 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(79,776,225) | (246,946,411) | (6,953,099) | (14,305,860) | ||||||||||||
| Class C(b) |
(1,910,642) | (7,362,690) | – | (716,985) | ||||||||||||
| Class A(b) |
(3,875,062) | (11,211,290) | (453,026) | (489,118) | ||||||||||||
| Net increase/(decrease) from fund share transactions |
(9,628,535) | 268,709 | 2,800,326 | 20,704,136 | ||||||||||||
| Total net increase/(decrease) in net assets |
(3,147,707) | (314,360,084) | (856,422) | 18,182,328 | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
345,046,190 | 659,406,274 | 51,080,057 | 32,897,729 | ||||||||||||
| End of period |
$ | 341,898,483 | $ | 345,046,190 | $ | 50,223,635 | $ | 51,080,057 | ||||||||
| Accumulated undistributed net investment income/(loss) |
$ | 1,845,325 | $ | 1,363,789 | $ | 330,664 | $ | – | ||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 28 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Energy Fund | ICON Financial Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
||||||||||||||||
| Class S |
6,512,777 | 11,026,018 | 1,097,344 | 3,898,005 | ||||||||||||
| Class C(b) |
98,511 | 467,829 | – | 83,078 | ||||||||||||
| Class A(b) |
261,438 | 602,723 | 168,253 | 244,185 | ||||||||||||
| Issued to shareholders in reinvestment of distributions |
||||||||||||||||
| Class S |
278,237 | 6,310,086 | – | 37,808 | ||||||||||||
| Class C(b) |
3,961 | 153,195 | – | 135 | ||||||||||||
| Class A(b) |
6,294 | 250,314 | – | 251 | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(7,198,736) | (16,249,675) | (951,867) | (1,717,118) | ||||||||||||
| Class C(b) |
(177,792) | (484,637) | – | (92,318) | ||||||||||||
| Class A(b) |
(343,751) | (743,141) | (61,066) | (60,426) | ||||||||||||
| Net increase/(decrease) |
(559,061) | 1,332,712 | 252,664 | 2,393,600 | ||||||||||||
| Shares outstanding, beginning of period |
30,923,388 | 29,590,676 | 6,593,403 | 4,199,803 | ||||||||||||
| Shares outstanding, end of period |
30,364,327 | 30,923,388 | 6,846,067 | 6,593,403 | ||||||||||||
| (a) | The ICON Financial Fund had a distribution in excess of net investment income during the fiscal year ending September 30, 2015. |
| (b) | Class C shares of the ICON Financial Fund merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
29 | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Healthcare Fund | ICON Industrials Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | (122,218) | $ | (757,081) | $ | 5,225 | $ | 27,024 | ||||||||
| Net realized gain/(loss) |
(4,827,281) | 24,437,743 | 70,883 | 6,859,443 | ||||||||||||
| Change in net unrealized appreciation/(depreciation) |
4,061,716 | (16,999,189) | 548,346 | (7,128,021) | ||||||||||||
|
|
|
|||||||||||||||
| Net increase/(decrease) in net assets resulting from operations |
(887,783) | 6,681,473 | 624,454 | (241,554) | ||||||||||||
|
|
|
|||||||||||||||
| Dividends and Distributions to Shareholders |
||||||||||||||||
| Net investment income |
||||||||||||||||
| Class S |
– | – | – | (26,242) | ||||||||||||
| Net realized gains |
||||||||||||||||
| Class S |
(18,074,606) | (29,325,742) | – | – | ||||||||||||
| Class C(a) |
– | (255,243) | – | – | ||||||||||||
| Class A(a) |
(2,959,679) | (3,330,588) | – | – | ||||||||||||
|
|
|
|||||||||||||||
| Net decrease from dividends and distributions |
(21,034,285) | (32,911,573) | – | (26,242) | ||||||||||||
|
|
|
|||||||||||||||
| Fund Share Transactions |
||||||||||||||||
| Shares Sold |
||||||||||||||||
| Class S |
2,402,025 | 82,146,215 | 610,389 | 7,116,799 | ||||||||||||
| Class C(a) |
– | 2,116,107 | – | 136,307 | ||||||||||||
| Class A(a) |
652,368 | 12,844,606 | 200,386 | 520,264 | ||||||||||||
| Reinvested dividends and distributions |
||||||||||||||||
| Class S |
17,161,571 | 27,557,080 | – | 25,951 | ||||||||||||
| Class C(a) |
– | 226,826 | – | – | ||||||||||||
| Class A(a) |
2,747,924 | 3,195,114 | – | – | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(24,855,785) | (140,472,115) | (2,008,531) | (28,551,022) | ||||||||||||
| Class C(a) |
– | (2,684,340) | – | (389,916) | ||||||||||||
| Class A(a) |
(10,044,483) | (8,127,702) | (192,744) | (199,180) | ||||||||||||
|
|
|
|||||||||||||||
| Net decrease from fund share transactions |
(11,936,380) | (23,198,209) | (1,390,500) | (21,340,797) | ||||||||||||
|
|
|
|||||||||||||||
| Total net decrease in net assets |
(33,858,448) | (49,428,309) | (766,046) | (21,608,593) | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
110,426,218 | 159,854,527 | 14,847,052 | 36,455,645 | ||||||||||||
|
|
|
|||||||||||||||
| End of period |
$ | 76,567,770 | $ | 110,426,218 | $ | 14,081,006 | $ | 14,847,052 | ||||||||
|
|
|
|||||||||||||||
| Accumulated undistributed net investment income/(loss) |
$ | (122,218) | $ | – | $ | 3,037 | $ | (2,188) | ||||||||
|
|
|
|||||||||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 30 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Healthcare Fund | ICON Industrials Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||||||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
||||||||||||||||
| Class S |
154,062 | 3,948,413 | 53,636 | 581,655 | ||||||||||||
| Class C(a) |
– | 110,698 | – | 11,363 | ||||||||||||
| Class A(a) |
41,407 | 646,369 | 17,645 | 45,927 | ||||||||||||
| Issued to shareholders in reinvestment of distributions |
||||||||||||||||
| Class S |
1,165,868 | 1,445,049 | – | 2,223 | ||||||||||||
| Class C(a) |
– | 12,714 | – | – | ||||||||||||
| Class A(a) |
193,108 | 171,688 | – | – | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(1,519,492) | (6,673,617) | (182,589) | (2,357,106) | ||||||||||||
| Class C(a) |
– | (156,937) | – | (35,500) | ||||||||||||
| Class A(a) |
(708,126) | (430,358) | (17,712) | (16,775) | ||||||||||||
|
|
|
|||||||||||||||
| Net decrease |
(673,173) | (925,981) | (129,020) | (1,768,213) | ||||||||||||
|
|
|
|||||||||||||||
| Shares outstanding, beginning of period |
6,216,037 | 7,142,018 | 1,357,249 | 3,125,462 | ||||||||||||
|
|
|
|||||||||||||||
| Shares outstanding, end of period |
5,542,864 | 6,216,037 | 1,228,229 | 1,357,249 | ||||||||||||
|
|
|
|||||||||||||||
| (a) | Class C shares merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 | 31 | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Information Technology Fund | ICON Natural Resources Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) (a) |
Year Ended September 30, 2015 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income/(loss) |
$ | (116,179) | $ | (353,717) | $ | 279,106 | $ | 213,173 | ||||||||
| Net realized gain/(loss) |
8,767,081 | 6,605,486 | (6,196,948) | 13,500,660 | ||||||||||||
| Change in net unrealized appreciation/(depreciation) |
(4,013,199) | (1,368,701) | 11,622,994 | (32,304,609) | ||||||||||||
| Net increase/(decrease) in net assets resulting from operations |
4,637,703 | 4,883,068 | 5,705,152 | (18,590,776) | ||||||||||||
| Dividends and Distributions to Shareholders |
|
|||||||||||||||
| Net investment income |
||||||||||||||||
| Class S |
– | – | (322,749) | (208,262) | ||||||||||||
| Class A(b) |
– | – | (2,353) | – | ||||||||||||
| Net realized gains |
||||||||||||||||
| Class S |
– | – | (4,489,113) | – | ||||||||||||
| Class C(b) |
– | – | (52,186) | – | ||||||||||||
| Class A(b) |
– | – | (201,365) | – | ||||||||||||
| Net decrease from dividends and distributions |
– | – | (5,067,766) | (208,262) | ||||||||||||
| Fund Share Transactions |
||||||||||||||||
| Shares Sold |
||||||||||||||||
| Class S |
8,653,658 | 21,010,894 | 9,347,332 | 21,981,237 | ||||||||||||
| Class C(b) |
– | 499,734 | 406,462 | 609,433 | ||||||||||||
| Class A(b) |
869,969 | 4,813,274 | 1,287,644 | 1,846,097 | ||||||||||||
| Reinvested dividends and distributions |
||||||||||||||||
| Class S |
– | – | 4,690,853 | 200,552 | ||||||||||||
| Class C(b) |
– | – | 43,566 | – | ||||||||||||
| Class A(b) |
– | – | 183,313 | – | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(14,617,303) | (30,795,176) | (10,252,165) | (37,934,905) | ||||||||||||
| Class C(b) |
– | (929,352) | (299,948) | (216,420) | ||||||||||||
| Class A(b) |
(2,549,094) | (2,189,088) | (1,109,030) | (5,884,751) | ||||||||||||
| Net increase/(decrease) from fund share transactions |
(7,642,770) | (7,589,714) | 4,298,027 | (19,398,757) | ||||||||||||
| Total net increase/(decrease) in net assets |
(3,005,067) | (2,706,646) | 4,935,413 | (38,197,795) | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
48,512,501 | 51,219,147 | 64,316,321 | 102,514,116 | ||||||||||||
| End of period |
$ | 45,507,434 | $ | 48,512,501 | $ | 69,251,734 | $ | 64,316,321 | ||||||||
| Accumulated undistributed net investment income/(loss) |
$ | (402,568) | $ | (286,389) | $ | 167,176 | $ | 213,172 | ||||||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 32 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Information Technology Fund | ICON Natural Resources Fund | |||||||||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Period Ended March 31, 2016 (Unaudited) (a) |
Year Ended September 30, 2015 |
|||||||||||||
| Transactions in Fund Shares |
||||||||||||||||
| Shares sold |
||||||||||||||||
| Class S |
538,074 | 1,431,875 | 812,088 | 1,483,591 | ||||||||||||
| Class C(b) |
– | 34,317 | 37,546 | 41,945 | ||||||||||||
| Class A(b) |
56,416 | 324,948 | 114,996 | 125,254 | ||||||||||||
| Issued to shareholders in reinvestment of distributions |
||||||||||||||||
| Class S |
– | – | 422,219 | 13,699 | ||||||||||||
| Class C(b) |
– | – | 4,038 | – | ||||||||||||
| Class A(b) |
– | – | 16,605 | – | ||||||||||||
| Shares repurchased |
||||||||||||||||
| Class S |
(926,789 | ) | (2,116,872 | ) | (891,058 | ) | (2,608,199 | ) | ||||||||
| Class C(b) |
– | (65,286 | ) | (24,903 | ) | (15,147 | ) | |||||||||
| Class A(b) |
(159,650 | ) | (142,668 | ) | (95,119 | ) | (413,339 | ) | ||||||||
| Net increase/(decrease) |
(491,949 | ) | (533,686 | ) | 396,412 | (1,372,196 | ) | |||||||||
| Shares outstanding, beginning of period |
3,248,437 | 3,782,123 | 5,427,607 | 6,799,803 | ||||||||||||
| Shares outstanding, end of period |
2,756,488 | 3,248,437 | 5,824,019 | 5,427,607 | ||||||||||||
| (a) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
| (b) | Class C shares of the ICON Information Technology Fund merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
33 | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Utilities Fund | ||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||
| Operations |
||||||||
| Net investment income/(loss) |
$ | 546,312 | $ | 646,343 | ||||
| Net realized gain/(loss) |
1,222,679 | 940,502 | ||||||
| Change in net unrealized appreciation/(depreciation) |
4,390,351 | (758,094) | ||||||
| Net increase/(decrease) in net assets resulting from operations |
6,159,342 | 828,751 | ||||||
| Dividends and Distributions to Shareholders |
||||||||
| Net investment income |
||||||||
| Class S |
(428,235) | (485,422) | ||||||
| Class C(a) |
– | (44,880) | ||||||
| Class A(a) |
(113,003) | (92,640) | ||||||
| Net decrease from dividends and distributions |
(541,238) | (622,942) | ||||||
| Fund Share Transactions |
||||||||
| Shares Sold |
||||||||
| Class S |
13,333,515 | 12,850,414 | ||||||
| Class C(a) |
– | 1,076,770 | ||||||
| Class A(a) |
5,659,192 | 4,507,405 | ||||||
| Reinvested dividends and distributions |
||||||||
| Class S |
206,242 | 455,862 | ||||||
| Class C(a) |
– | 7,444 | ||||||
| Class A(a) |
24,115 | 80,869 | ||||||
| Shares repurchased |
||||||||
| Class S |
(4,534,815) | (12,269,919) | ||||||
| Class C(a) |
– | (3,353,179) | ||||||
| Class A(a) |
(1,802,521) | (1,458,476) | ||||||
| Net increase from fund share transactions |
12,885,728 | 1,897,190 | ||||||
| Total net increase in net assets |
18,503,832 | 2,102,999 | ||||||
| Net Assets |
||||||||
| Beginning of period |
24,786,288 | 22,683,289 | ||||||
| End of period |
$ | 43,290,120 | $ | 24,786,288 | ||||
| Accumulated undistributed net investment income/(loss) |
$ | 30,232 | $ | 25,158 | ||||
| The accompanying notes are an integral part of the financial statements.
| ||
| 34 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Statements of Changes in Net Assets | |
| ICON Utilities Fund | ||||||||
| Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
|||||||
| Transactions in Fund Shares |
||||||||
| Shares sold |
||||||||
| Class S |
1,598,105 | 1,524,522 | ||||||
| Class C(a) |
– | 132,246 | ||||||
| Class A(a) |
694,413 | 563,149 | ||||||
| Issued to shareholders in reinvestment of distributions |
||||||||
| Class S |
25,780 | 55,665 | ||||||
| Class C(a) |
– | 929 | ||||||
| Class A(a) |
3,056 | 9,994 | ||||||
| Shares repurchased |
||||||||
| Class S |
(547,899) | (1,469,244) | ||||||
| Class C(a) |
– | (421,473) | ||||||
| Class A(a) |
(207,221) | (178,414) | ||||||
| Net increase |
1,566,234 | 217,374 | ||||||
| Shares outstanding, beginning of period |
3,095,054 | 2,877,680 | ||||||
| Shares outstanding, end of period |
4,661,288 | 3,095,054 | ||||||
| (a) | Class C shares merged into Class A shares on September 25, 2015. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed and Class A shares issued in connection with the merger. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
35 | |
Table of Contents
| ICON Consumer Discretionary Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 14.27 | $ | 15.55 | $ | 14.50 | $ | 11.82 | $ | 8.79 | $ | 7.92 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
(0.01) | (0.07) | (0.07) | (0.03) | 0.03 | (0.02) | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
1.04 | 1.03 | 1.12 | 2.73 | 3.00 | 0.89 | ||||||||||||||||||
| Total from investment operations |
1.03 | 0.96 | 1.05 | 2.70 | 3.03 | 0.87 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | – | (0.02) | – | – | ||||||||||||||||||
| Distributions from net realized gains |
(1.34) | (2.24) | – | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(1.34) | (2.24) | – | (0.02) | – | – | ||||||||||||||||||
| Net asset value, end of period |
$ | 13.96 | $ | 14.27 | $ | 15.55 | $ | 14.50 | $ | 11.82 | $ | 8.79 | ||||||||||||
| Total Return |
7.65% | (b) | 5.80% | 7.24% | 22.91% | 34.47% | 10.98% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 43,258 | $ | 44,913 | $ | 55,476 | $ | 39,883 | $ | 58,314 | $ | 34,123 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.46% | (c) | 1.43% | 1.46% | 1.38% | 1.40% | 1.54% | |||||||||||||||||
| After expense limitation/recoupment (d) |
1.46% | (c) | 1.43% | 1.46% | 1.38% | 1.40% | 1.54% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.20)% | (c) | (0.44)% | (0.47)% | (0.21)% | 0.26% | (0.23)% | |||||||||||||||||
| After expense limitation/recoupment |
(0.20)% | (c) | (0.44)% | (0.47)% | (0.21)% | 0.26% | (0.23)% | |||||||||||||||||
| Portfolio turnover rate |
65% | (b) | 201% | 202% | 87% | 91% | 108% | |||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Not Annualized. |
| (c) | Annualized. |
| (d) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 36 | www.iconfunds.com | |
Table of Contents
| ICON Consumer Discretionary Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 13.88 | $ | 15.24 | $ | 14.25 | $ | 11.65 | $ | 8.75 | $ | 7.92 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
(0.05) | (0.14) | (0.12) | (0.09) | (0.02) | (0.06) | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
1.00 | 1.02 | 1.11 | 2.69 | 2.92 | 0.89 | ||||||||||||||||||
| Total from investment operations |
0.95 | 0.88 | 0.99 | 2.60 | 2.90 | 0.83 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Distributions from net realized gains |
(1.34) | (2.24) | – | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(1.34) | (2.24) | – | – | – | – | ||||||||||||||||||
| Net asset value, end of period |
$ | 13.49 | $ | 13.88 | $ | 15.24 | $ | 14.25 | $ | 11.65 | $ | 8.75 | ||||||||||||
| Total Return(c) |
7.28% | (d) | 5.34% | 6.95% | 22.42% | 33.03% | 10.48% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 3,281 | $ | 2,999 | $ | 2,492 | $ | 4,699 | $ | 1,542 | $ | 11 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.12% | (e) | 1.91% | 1.76% | 1.78% | 1.78% | 18.49% | |||||||||||||||||
| After expense limitation/recoupment (f) |
1.99% | (e) | 1.91% | 1.76% | 1.78% | 1.78% | 1.98% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.84)% | (e) | (0.97)% | (0.80)% | (0.66)% | (0.20)% | (17.17)% | |||||||||||||||||
| After expense limitation/recoupment |
(0.71)% | (e) | (0.97)% | (0.80)% | (0.66)% | (0.20)% | (0.66)% | |||||||||||||||||
| Portfolio turnover rate |
65% | (d) | 201% | 202% | 87% | 91% | 108% | |||||||||||||||||
| (a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
37 | |
Table of Contents
| ICON Consumer Staples Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 9.20 | $ | 11.55 | $ | 11.18 | $ | 10.20 | $ | 8.61 | $ | 8.08 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
0.01 | 0.04 | 0.11 | 0.21 | 0.14 | 0.10 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.81 | 0.98 | 1.31 | 0.98 | 1.69 | 0.52 | ||||||||||||||||||
| Total from investment operations |
0.82 | 1.02 | 1.42 | 1.19 | 1.83 | 0.62 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.00) | (b) | (0.22) | (0.03) | (0.21) | (0.24) | (0.09) | |||||||||||||||||
| Distributions from net realized gains |
(2.20) | (3.15) | (1.02) | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(2.20) | (3.37) | (1.05) | (0.21) | (0.24) | (0.09) | ||||||||||||||||||
| Net asset value, end of period |
$ | 7.82 | $ | 9.20 | $ | 11.55 | $ | 11.18 | $ | 10.20 | $ | 8.61 | ||||||||||||
| Total Return |
9.84% | (c) | 8.66% | 13.32% | 11.75% | 21.50% | 7.64% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 11,415 | $ | 8,651 | $ | 25,731 | $ | 33,813 | $ | 37,567 | $ | 20,614 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.00% | (d) | 1.87% | 1.45% | 1.51% | 1.55% | 1.57% | |||||||||||||||||
| After expense limitation/recoupment (e) |
1.50% | (d) | 1.51% | 1.45% | 1.51% | 1.51% | 1.50% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.29)% | (d) | (0.01)% | 0.94% | 1.92% | 1.40% | 1.03% | |||||||||||||||||
| After expense limitation/recoupment |
0.21% | (d) | 0.35% | 0.94% | 1.92% | 1.44% | 1.10% | |||||||||||||||||
| Portfolio turnover rate |
62% | (c) | 16% | 52% | 91% | 82% | 110% | |||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $(0.005). |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 38 | www.iconfunds.com | |
Table of Contents
| ICON Consumer Staples Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 9.19 | $ | 11.58 | $ | 11.23 | $ | 10.24 | $ | 8.68 | $ | 8.08 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.00 | (c) | 0.02 | 0.07 | 0.14 | 0.11 | 0.11 | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.81 | 0.97 | 1.32 | 1.03 | 1.68 | 0.58 | ||||||||||||||||||
| Total from investment operations |
0.81 | 0.99 | 1.39 | 1.17 | 1.79 | 0.69 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.00) | (d) | (0.23) | (0.02) | (0.18) | (0.23) | (0.09) | |||||||||||||||||
| Distributions from net realized gains |
(2.20) | (3.15) | (1.02) | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(2.20) | (3.38) | (1.04) | (0.18) | (0.23) | (0.09) | ||||||||||||||||||
| Net asset value, end of period |
$ | 7.80 | $ | 9.19 | $ | 11.58 | $ | 11.23 | $ | 10.24 | $ | 8.68 | ||||||||||||
| Total Return(e) |
9.68% | (f) | 8.32% | 12.99% | 11.52% | 20.94% | 8.52% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 10,249 | $ | 3,602 | $ | 2,740 | $ | 2,744 | $ | 1,499 | $ | 24 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.91% | (g) | 2.12% | 2.04% | 1.84% | 2.05% | 7.60% | |||||||||||||||||
| After expense limitation/recoupment (h) |
1.75% | (g) | 1.76% | 1.75% | 1.75% | 1.77% | 1.75% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.08)% | (g) | (0.15)% | 0.35% | 1.20% | 0.82% | (4.60)% | |||||||||||||||||
| After expense limitation/recoupment |
0.08% | (g) | 0.21% | 0.64% | 1.29% | 1.10% | 1.25% | |||||||||||||||||
| Portfolio turnover rate |
62% | (f) | 16% | 52% | 91% | 82% | 110% | |||||||||||||||||
| (a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
| (b) | Calculated using the average shares method. |
| (c) | Amount less than $0.005. |
| (d) | Amount less than $(0.005). |
| (e) | The total return calculation excludes any sales charges. |
| (f) | Not Annualized. |
| (g) | Annualized. |
| (h) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
39 | |
Table of Contents
| ICON Energy Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.17 | $ | 22.30 | $ | 22.59 | $ | 19.18 | $ | 16.64 | $ | 16.69 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
0.13 | 0.11 | 0.11 | 0.18 | 0.16 | 0.16 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.08 | (7.42) | 0.33 | 3.51 | 2.93 | – | ||||||||||||||||||
| Total from investment operations |
0.21 | (7.31) | 0.44 | 3.69 | 3.09 | 0.16 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.11) | (0.09) | (0.06) | (0.28) | (0.15) | (0.21) | ||||||||||||||||||
| Distributions from net realized gains |
– | (3.73) | (0.67) | – | (0.40) | – | ||||||||||||||||||
| Total dividends and distributions |
(0.11) | (3.82) | (0.73) | (0.28) | (0.55) | (0.21) | ||||||||||||||||||
| Net asset value, end of period |
$ | 11.27 | $ | 11.17 | $ | 22.30 | $ | 22.59 | $ | 19.18 | $ | 16.64 | ||||||||||||
| Total Return |
1.98% | (b) | (36.37)% | 1.92% | 19.55% | 18.87% | 0.80% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 318,753 | $ | 320,486 | $ | 615,541 | $ | 659,581 | $ | 567,054 | $ | 556,393 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.49% | (c) | 1.42% | 1.28% | 1.29% | 1.23% | 1.20% | |||||||||||||||||
| After expense limitation/recoupment (d) |
1.49% | (c) | 1.42% | 1.28% | 1.29% | 1.23% | 1.20% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.26% | (c) | 0.74% | 0.46% | 0.85% | 0.87% | 0.77% | |||||||||||||||||
| After expense limitation/recoupment |
2.26% | (c) | 0.74% | 0.46% | 0.85% | 0.87% | 0.77% | |||||||||||||||||
| Portfolio turnover rate |
63% | (b) | 154% | 97% | 88% | 74% | 88% | |||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Not Annualized. |
| (c) | Annualized. |
| (d) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 40 | www.iconfunds.com | |
Table of Contents
| ICON Energy Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 10.77 | $ | 21.74 | $ | 22.21 | $ | 18.87 | $ | 16.47 | $ | 16.69 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
0.07 | (0.04 | ) | (0.15 | ) | (0.05 | ) | (0.04 | ) | (0.10 | ) | |||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.08 | (7.20 | ) | 0.35 | 3.48 | 2.88 | 0.09 | |||||||||||||||||
| Total from investment operations |
0.15 | (7.24 | ) | 0.20 | 3.43 | 2.84 | (0.01 | ) | ||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.05 | ) | – | – | (0.09 | ) | (0.04 | ) | (0.21 | ) | ||||||||||||||
| Distributions from net realized gains |
– | (3.73 | ) | (0.67 | ) | – | (0.40 | ) | – | |||||||||||||||
| Total dividends and distributions |
(0.05 | ) | (3.73 | ) | (0.67 | ) | (0.09 | ) | (0.44 | ) | (0.21 | ) | ||||||||||||
| Net asset value, end of period |
$ | 10.87 | $ | 10.77 | $ | 21.74 | $ | 22.21 | $ | 18.87 | $ | 16.47 | ||||||||||||
| Total Return(b) |
1.46% | (c) | (36.99)% | 0.83% | 18.30% | 17.50% | (0.23)% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 9,247 | $ | 9,972 | $ | 17,170 | $ | 14,691 | $ | 8,257 | $ | 4,718 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.50% | (d) | 2.43% | 2.38% | 2.35% | 2.36% | 2.47% | |||||||||||||||||
| After expense |
2.50% | (d) | 2.43% | 2.38% | 2.35% | 2.36% | 2.47% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.23% | (d) | (0.26)% | (0.65)% | (0.25)% | (0.20)% | (0.47)% | |||||||||||||||||
| After expense limitation/recoupment |
1.23% | (d) | (0.26)% | (0.65)% | (0.25)% | (0.20)% | (0.47)% | |||||||||||||||||
| Portfolio turnover rate |
63% | (c) | 154% | 97% | 88% | 74% | 88% | |||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
41 | |
Table of Contents
| ICON Energy Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.11 | $ | 22.20 | $ | 22.50 | $ | 19.12 | $ | 16.59 | $ | 16.69 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/(loss)(a) |
0.11 | 0.07 | 0.04 | 0.11 | 0.11 | 0.08 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.09 | (7.39) | 0.35 | 3.51 | 2.91 | 0.03 | ||||||||||||||||||
| Total from investment operations |
0.20 | (7.32) | 0.39 | 3.62 | 3.02 | 0.11 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.07) | (0.04) | (0.02) | (0.24) | (0.09) | (0.21) | ||||||||||||||||||
| Distributions from net realized gains |
– | (3.73) | (0.67) | – | (0.40) | – | ||||||||||||||||||
| Total dividends and distributions |
(0.07) | (3.77) | (0.69) | (0.24) | (0.49) | (0.21) | ||||||||||||||||||
| Net asset value, end of period |
$ | 11.24 | $ | 11.11 | $ | 22.20 | $ | 22.50 | $ | 19.12 | $ | 16.59 | ||||||||||||
| Total Return(b) |
1.87% | (c) | (36.55)% | 1.67% | 19.21% | 18.47% | 0.49% | |||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 13,899 | $ | 14,588 | $ | 26,695 | $ | 26,170 | $ | 15,836 | $ | 6,005 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.75% | (d) | 1.66% | 1.55% | 1.61% | 1.55% | 1.70% | |||||||||||||||||
| After expense limitation/recoupment (e) |
1.75% | (d) | 1.66% | 1.55% | 1.61% | 1.55% | 1.70% | |||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.02% | (d) | 0.50% | 0.19% | 0.51% | 0.61% | 0.38% | |||||||||||||||||
| After expense limitation/recoupment |
2.02% | (d) | 0.50% | 0.19% | 0.51% | 0.61% | 0.38% | |||||||||||||||||
| Portfolio turnover rate |
63% | (c) | 154% | 97% | 88% | 74% | 88% | |||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | The total return calculation excludes any sales charges. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 42 | www.iconfunds.com | |
Table of Contents
| ICON Financial Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 7.74 | $ | 7.83 | $ | 7.47 | $ | 6.04 | $ | 4.69 | $ | 5.55 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.05 | 0.04 | 0.00 | (b) | 0.04 | 0.04 | 0.03 | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
(0.46) | (0.08) | 0.54 | 1.44 | 1.34 | (0.87) | ||||||||||||||||||
| Total from investment operations |
(0.41) | (0.04) | 0.54 | 1.48 | 1.38 | (0.84) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | (0.05) | (0.18) | (0.05) | (0.03) | (0.02) | ||||||||||||||||||
| Total dividends and distributions |
– | (0.05) | (0.18) | (0.05) | (0.03) | (0.02) | ||||||||||||||||||
| Net asset value, end of period |
$ | 7.33 | $ | 7.74 | $ | 7.83 | $ | 7.47 | $ | 6.04 | $ | 4.69 | ||||||||||||
| Total Return |
(5.30)% | (c) | (0.55) | % | 7.27 | % | 24.68 | % | 29.54 | % | (15.18) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 47,565 | $ | 49,106 | $ | 32,286 | $ | 11,853 | $ | 27,696 | $ | 32,432 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
1.41% | (d) | 1.49 | % | 1.64 | % | 1.47 | % | 1.39 | % | 1.40 | % | ||||||||||||
| After expense limitation/recoupment (e) |
1.41% | (d) | 1.49 | % | 1.50 | % | 1.47 | % | 1.39 | % | 1.40 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
1.28% | (d) | 0.52 | % | (0.20) | % | 0.65 | % | 0.70 | % | 0.44 | % | ||||||||||||
| After expense limitation/ recoupment |
1.28% | (d) | 0.52 | % | (0.06) | % | 0.65 | % | 0.70 | % | 0.44 | % | ||||||||||||
| Portfolio turnover rate |
28% | (c) | 51 | % | 79 | % | 95 | % | 95 | % | 100 | % | ||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
43 | |
Table of Contents
| ICON Financial Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 7.82 | $ | 7.89 | $ | 7.37 | $ | 5.99 | $ | 4.68 | $ | 5.55 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.04 | 0.02 | (0.02) | 0.06 | 0.01 | 0.01 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
(0.47) | (0.07) | 0.54 | 1.38 | 1.33 | (0.86) | ||||||||||||||||||
| Total from investment operations |
(0.43) | (0.05) | 0.52 | 1.44 | 1.34 | (0.85) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | (0.02) | – | (0.06) | (0.03) | (0.02) | ||||||||||||||||||
| Total dividends and distributions |
– | (0.02) | – | (0.06) | (0.03) | (0.02) | ||||||||||||||||||
| Net asset value, end of period |
$ | 7.39 | $ | 7.82 | $ | 7.89 | $ | 7.37 | $ | 5.99 | $ | 4.68 | ||||||||||||
| Total Return(c) |
(5.50)% | (d) | (0.69) | % | 7.20 | % | 24.20 | % | 28.83 | % | (15.36) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 2,658 | $ | 1,974 | $ | 541 | $ | 936 | $ | 9,278 | $ | 24 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
2.06% | (e) | 2.19 | % | 2.35 | % | 1.88 | % | 1.80 | % | 7.37 | % | ||||||||||||
| After expense limitation/ recoupment (f) |
1.75% | (e) | 1.75 | % | 1.75 | % | 1.76 | % | 1.77 | % | 1.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
0.66% | (e) | (0.15) | % | (0.86) | % | 0.82 | % | 0.09 | % | (5.50) | % | ||||||||||||
| After expense limitation/ recoupment |
0.97% | (e) | 0.29 | % | (0.26) | % | 0.94 | % | 0.12 | % | 0.12 | % | ||||||||||||
| Portfolio turnover rate |
28% | (d) | 51 | % | 79 | % | 95 | % | 95 | % | 100 | % | ||||||||||||
| (a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 44 | www.iconfunds.com | |
Table of Contents
| ICON Healthcare Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 17.83 | $ | 22.42 | $ | 22.17 | $ | 17.56 | $ | 13.56 | $ | 12.78 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
(0.02) | (0.09) | (0.11) | 0.03 | 0.17 | 0.12 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
(0.03) | 1.02 | 6.18 | 4.75 | 3.97 | 0.73 | ||||||||||||||||||
| Total from investment operations |
(0.05) | 0.93 | 6.07 | 4.78 | 4.14 | 0.85 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | (0.03) | (0.17) | (0.14) | (0.07) | ||||||||||||||||||
| Distributions from net realized gains |
(3.93) | (5.52) | (5.79) | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(3.93) | (5.52) | (5.82) | (0.17) | (0.14) | (0.07) | ||||||||||||||||||
| Net asset value, end of period |
$ | 13.85 | $ | 17.83 | $ | 22.42 | $ | 22.17 | $ | 17.56 | $ | 13.56 | ||||||||||||
| Total Return |
(1.58)% | (b) | 2.55 | % | 32.27 | % | 27.48 | % | 30.76 | % | 6.66 | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 71,109 | $ | 95,109 | $ | 148,261 | $ | 92,171 | $ | 100,938 | $ | 75,116 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
1.53% | (c) | 1.36 | % | 1.36 | % | 1.39 | % | 1.34 | % | 1.36 | % | ||||||||||||
| After expense limitation/recoupment (d) |
1.51% | (c) | 1.36 | % | 1.36 | % | 1.39 | % | 1.34 | % | 1.36 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/ recoupment |
(0.25)% | (c) | (0.45) | % | (0.53) | % | 0.13 | % | 1.08 | % | 0.85 | % | ||||||||||||
| After expense limitation/ recoupment |
(0.23)% | (c) | (0.45) | % | (0.53) | % | 0.13 | % | 1.08 | % | 0.85 | % | ||||||||||||
| Portfolio turnover rate |
8% | (b) | 141 | % | 188 | % | 112 | % | 48 | % | 84 | % | ||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Not Annualized. |
| (c) | Annualized. |
| (d) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
45 | |
Table of Contents
| ICON Healthcare Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ |
17.37 |
|
$ |
22.01 |
|
$ |
21.92 |
|
$ |
17.42 |
|
$ |
13.53 |
|
$ |
12.78 |
| ||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
(0.04) | (0.14) | (0.14) | (0.03) | 0.11 | 0.12 | ||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
(0.03) | 1.02 | 6.03 | 4.69 | 3.94 | 0.70 | ||||||||||||||||||
| Total from investment operations |
(0.07) | 0.88 | 5.89 | 4.66 | 4.05 | 0.82 | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | (0.01) | (0.16) | (0.16) | (0.07) | ||||||||||||||||||
| Distributions from net realized gains |
(3.93) | (5.52) | (5.79) | – | – | – | ||||||||||||||||||
| Total dividends and distributions |
(3.93) | (5.52) | (5.80) | (0.16) | (0.16) | (0.07) | ||||||||||||||||||
| Net asset value, end of period |
$ | 13.37 | $ | 17.37 | $ | 22.01 | $ | 21.92 | $ | 17.42 | $ | 13.53 | ||||||||||||
| Total Return(c) |
(1.77)% | (d) | 2.33 | % | 31.72 | % | 26.95 | % | 30.19 | % | 6.42 | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 5,459 | $ | 15,317 | $ | 10,878 | $ | 3,748 | $ | 390 | $ | 126 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.75% | (e) | 1.62 | % | 1.62 | % | 1.69 | % | 2.89 | % | 7.15 | % | ||||||||||||
| After expense limitation/recoupment (f) |
1.75% | (e) | 1.62 | % | 1.62 | % | 1.69 | % | 1.76 | % | 1.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.53)% | (e) | (0.69) | % | (0.66) | % | (0.15) | % | (0.46) | % | (4.58) | % | ||||||||||||
| After expense limitation/recoupment |
(0.53)% | (e) | (0.69) | % | (0.66) | % | (0.15) | % | 0.67 | % | 0.82 | % | ||||||||||||
| Portfolio turnover rate |
8% | (d) | 141 | % | 188 | % | 112 | % | 48 | % | 84 | % | ||||||||||||
| (a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 46 | www.iconfunds.com | |
Table of Contents
| ICON Industrials Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 10.94 | $ | 11.67 | $ | 10.56 | $ | 8.26 | $ | 6.80 | $ | 7.47 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
0.00 | (b) | 0.01 | 0.01 | 0.06 | 0.07 | 0.07 | |||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.53 | (0.73) | 1.16 | 2.35 | 1.48 | (0.67) | ||||||||||||||||||
| Total from investment operations |
0.53 | (0.72) | 1.17 | 2.41 | 1.55 | (0.60) | ||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | (0.01) | (0.06) | (0.11) | (0.09) | (0.07) | ||||||||||||||||||
| Total dividends and distributions |
– | (0.01) | (0.06) | (0.11) | (0.09) | (0.07) | ||||||||||||||||||
| Net asset value, end of period |
$ | 11.47 | $ | 10.94 | $ | 11.67 | $ | 10.56 | $ | 8.26 | $ | 6.80 | ||||||||||||
| Total Return |
4.84% | (c) | (6.15) | % | 11.14 | % | 29.52 | % | 22.99 | % | (8.21) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 13,458 | $ | 14,251 | $ | 35,883 | $ | 34,409 | $ | 39,621 | $ | 50,653 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.86% | (d) | 1.53 | % | 1.41 | % | 1.46 | % | 1.40 | % | 1.36 | % | ||||||||||||
| After expense limitation/recoupment (e) |
1.50% | (d) | 1.50 | % | 1.41 | % | 1.46 | % | 1.40 | % | 1.36 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.28)% | (d) | 0.07 | % | 0.07 | % | 0.60 | % | 0.91 | % | 0.80 | % | ||||||||||||
| After expense limitation/recoupment |
0.08% | (d) | 0.10 | % | 0.07 | % | 0.60 | % | 0.91 | % | 0.80 | % | ||||||||||||
| Portfolio turnover rate |
32% | (c) | 23 | % | 30 | % | 46 | % | 34 | % | 56 | % | ||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Amount less than $0.005. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
47 | |
Table of Contents
| ICON Industrials Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 |
||||||||||||||||||
| Net asset value, beginning of period |
$ | 10.86 | $ | 11.58 | $ | 10.45 | $ | 8.10 | $ | 6.76 | $ | 7.47 | ||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income/ |
(0.01 | )(c) | (0.02 | ) | (0.03 | ) | 0.00 | (d) | 0.08 | 0.05 | ||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.52 | (0.70 | ) | 1.16 | 2.36 | 1.35 | (0.69 | ) | ||||||||||||||||
| Total from investment operations |
0.51 | (0.72 | ) | 1.13 | 2.36 | 1.43 | (0.64 | ) | ||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||
| Dividends from net investment income |
– | – | – | (0.01 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||||
| Total dividends and distributions |
– | – | – | (0.01 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||||
| Net asset value, end of period |
$ | 11.37 | $ | 10.86 | $ | 11.58 | $ | 10.45 | $ | 8.10 | $ | 6.76 | ||||||||||||
| Total Return(e) |
4.70% | (f) | (6.22) | % | 10.81 | % | 29.20 | % | 21.21 | % | (8.75) | % | ||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 623 | $ | 596 | $ | 298 | $ | 4,322 | $ | 163 | $ | 122 | ||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
3.04% | (g) | 2.67 | % | 2.02 | % | 2.09 | % | 2.50 | % | 3.46 | % | ||||||||||||
| After expense limitation/recoupment (h) |
1.75% | (g) | 1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||
| Before expense limitation/recoupment |
(1.47)% | (g) | (1.11) | % | (0.56) | % | (0.32) | % | 0.18 | % | (1.12) | % | ||||||||||||
| After expense limitation/recoupment |
(0.18)% | (g) | (0.19) | % | (0.29) | % | 0.02 | % | 0.93 | % | 0.59 | % | ||||||||||||
| Portfolio turnover rate |
32% | (f) | 23 | % | 30 | % | 46 | % | 34 | % | 56 | % | ||||||||||||
| (a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
| (b) | Calculated using the average shares method. |
| (c) | The per share amount does not correspond to activity reflected in the Statement of Operations due to timing of shareholder activity during the period. |
| (d) | Amount less than $0.005. |
| (e) | The total return calculation excludes any sales charges. |
| (f) | Not Annualized. |
| (g) | Annualized. |
| (h) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 48 | www.iconfunds.com | |
Table of Contents
| ICON Information Technology Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 14.95 | $ | 13.55 | $ | 11.44 | $ | 10.72 | $ | 8.22 | $ | 8.05 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/ |
(0.04) | (0.09) | (0.07) | (0.02) | (0.02) | (0.04) | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
1.61 | 1.49 | 2.18 | 0.74 | 2.52 | 0.21 | ||||||||||||||||||||||||
| Total from investment operations |
1.57 | 1.40 | 2.11 | 0.72 | 2.50 | 0.17 | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 16.52 | $ | 14.95 | $ | 13.55 | $ | 11.44 | $ | 10.72 | $ | 8.22 | ||||||||||||||||||
| Total Return |
10.50% | (b) | 10.33 | % | 18.44 | % | 6.72 | % | 30.41 | % | 2.11 | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period |
$ | 43,678 | $ | 45,343 | $ | 50,363 | $ | 73,851 | $ | 83,330 | $ | 61,081 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.51% | (c) | 1.44 | % | 1.40 | % | 1.38 | % | 1.34 | % | 1.34 | % | ||||||||||||||||||
| After expense limitation/recoupment (d) |
1.50% | (c) | 1.44 | % | 1.40 | % | 1.38 | % | 1.34 | % | 1.34 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.50)% | (c) | (0.62) | % | (0.56) | % | (0.22) | % | (0.20) | % | (0.40) | % | ||||||||||||||||||
| After expense limitation/recoupment |
(0.49)% | (c) | (0.62) | % | (0.56) | % | (0.22) | % | (0.20) | % | (0.40) | % | ||||||||||||||||||
| Portfolio turnover rate |
56% | (b) | 43 | % | 48 | % | 52 | % | 35 | % | 45 | % | ||||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Not Annualized. |
| (c) | Annualized. |
| (d) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
49 | |
Table of Contents
| ICON Information Technology Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 14.65 | $ | 13.32 | $ | 11.30 | $ | 10.65 | $ | 8.20 | $ | 8.05 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(b) |
(0.05) | (0.14) | (0.11) | (0.05) | (0.06) | (0.05) | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
1.57 | 1.47 | 2.13 | 0.70 | 2.51 | 0.20 | ||||||||||||||||||||||||
| Total from investment operations |
1.52 | 1.33 | 2.02 | 0.65 | 2.45 | 0.15 | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 16.17 | $ | 14.65 | $ | 13.32 | $ | 11.30 | $ | 10.65 | $ | 8.20 | ||||||||||||||||||
| Total Return(c) |
10.38% | (d) | 9.99% | 17.88% | 6.10% | 29.88% | 1.86% | |||||||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 1,830 | $ | 3,170 | $ | 455 | $ | 2,330 | $ | 1,400 | $ | 1 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.07% | (e) | 1.90% | 1.94% | 2.23% | 2.87% | 215.56% | |||||||||||||||||||||||
| After expense limitation/recoupment (f) |
1.75% | (e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | |||||||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.99)% | (e) | (1.07)% | (1.10)% | (0.94)% | (1.71)% | (214.36)% | |||||||||||||||||||||||
| After expense limitation/recoupment |
(0.67)% | (e) | (0.92)% | (0.91)% | (0.45)% | (0.59)% | (0.55)% | |||||||||||||||||||||||
| Portfolio turnover rate |
56% | (d) | 43% | 48% | 52% | 35% | 45% | |||||||||||||||||||||||
| (a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 50 | www.iconfunds.com | |
Table of Contents
| ICON Natural Resources Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) (a) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.86 | $ | 15.09 | $ | 13.43 | $ | 11.12 | $ | 9.00 | $ | 10.06 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.05 | 0.04 | 0.04 | 0.09 | 0.11 | 0.08 | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.93 | (3.23) | 1.68 | 2.40 | 2.11 | (1.08) | ||||||||||||||||||||||||
| Total from investment operations |
0.98 | (3.19) | 1.72 | 2.49 | 2.22 | (1.00) | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
(0.06) | (0.04) | (0.06) | (0.18) | (0.10) | (0.06) | ||||||||||||||||||||||||
| Distributions from net realized gains |
(0.88) | – | – | – | – | – | ||||||||||||||||||||||||
| Total dividends and distributions |
(0.94) | (0.04) | (0.06) | (0.18) | (0.10) | (0.06) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 11.90 | $ | 11.86 | $ | 15.09 | $ | 13.43 | $ | 11.12 | $ | 9.00 | ||||||||||||||||||
| Total Return |
8.83% | (c) | (21.22) | % | 12.85 | % | 22.73 | % | 24.85 | % | (10.07) | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 64,696 | $ | 60,404 | $ | 93,610 | $ | 65,782 | $ | 41,627 | $ | 59,068 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.51% | (d) | 1.42 | % | 1.36 | % | 1.45 | % | 1.39 | % | 1.33 | % | ||||||||||||||||||
| After expense limitation/recoupment (e) |
1.50% | (d) | 1.42 | % | 1.36 | % | 1.45 | % | 1.39 | % | 1.33 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
0.87% | (d) | 0.27 | % | 0.26 | % | 0.72 | % | 1.00 | % | 0.73 | % | ||||||||||||||||||
| After expense limitation/recoupment |
0.88% | (d) | 0.27 | % | 0.26 | % | 0.72 | % | 1.00 | % | 0.73 | % | ||||||||||||||||||
| Portfolio turnover rate |
45% | (c) | 48 | % | 33 | % | 56 | % | 41 | % | 63 | % | ||||||||||||||||||
| (a) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
| (b) | Calculated using the average shares method. |
| (c) | Not Annualized. |
| (d) | Annualized. |
| (e) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
51 | |
Table of Contents
| ICON Natural Resources Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class C |
Period Ended March 31, 2016 (Unaudited) (a) |
Year Ended September 30, 2015 |
Year Ended September 30, |
Year Ended September 30, |
Year Ended September 30, |
Year Ended September 30, | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.51 | $ | 14.77 | $ | 13.24 | $ | 10.94 | $ | 8.92 | $ | 10.06 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(b) |
(0.01) | (c) | (0.11) | (0.12) | (0.04) | 0.00 | (d) | (0.03) | ||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.91 | (3.15) | 1.65 | 2.38 | 2.08 | (1.05) | ||||||||||||||||||||||||
| Total from investment operations |
0.90 | (3.26) | 1.53 | 2.34 | 2.08 | (1.08) | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
– | – | – | (0.04) | (0.06) | (0.06) | ||||||||||||||||||||||||
| Distributions from net realized gains |
(0.88) | – | – | – | – | – | ||||||||||||||||||||||||
| Total dividends and distributions |
(0.88) | – | – | (0.04) | (0.06) | (0.06) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 11.53 | $ | 11.51 | $ | 14.77 | $ | 13.24 | $ | 10.94 | $ | 8.92 | ||||||||||||||||||
| Total Return(e) |
8.32% | (f) | (22.07) | % | 11.56 | % | 21.43 | % | 23.36 | % | (10.87) | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 1,028 | $ | 834 | $ | 675 | $ | 218 | $ | 195 | $ | 120 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.91% | (g) | 2.94 | % | 4.17 | % | 4.12 | % | 4.29 | % | 4.11 | % | ||||||||||||||||||
| After expense |
2.50% | (g) | 2.50 | % | 2.50 | % | 2.50 | % | 2.51 | % | 2.50 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
(0.56)% | (g) | (1.22) | % | (2.51) | % | (1.95) | % | (1.82) | % | (1.91) | % | ||||||||||||||||||
| After expense |
(0.15)% | (g) | (0.78) | % | (0.84) | % | (0.33) | % | (0.04) | % | (0.30) | % | ||||||||||||||||||
| Portfolio turnover rate |
45% | (f) | 48 | % | 33 | % | 56 | % | 41 | % | 63 | % | ||||||||||||||||||
| (a) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
| (b) | Calculated using the average shares method. |
| (c) | The per share amount does not correspond to activity reflected in the Statement of Operations due to timing of shareholder activity during the period. |
| (d) | Amount less than $0.005. |
| (e) | The total return calculation excludes any sales charges. |
| (f) | Not Annualized. |
| (g) | Annualized. |
| (h) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 52 | www.iconfunds.com | |
Table of Contents
| ICON Natural Resources Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A | Period Ended March 31, 2016 (Unaudited) (a) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.75 | $ | 14.96 | $ | 13.36 | $ | 11.07 | $ | 8.97 | $ | 10.06 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.03 | (0.01) | (0.01) | 0.05 | 0.08 | 0.05 | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
0.93 | (3.20) | 1.67 | 2.38 | 2.10 | (1.08) | ||||||||||||||||||||||||
| Total from investment operations |
0.96 | (3.21) | 1.66 | 2.43 | 2.18 | (1.03) | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
(0.01) | – | (0.06) | (0.14) | (0.08) | (0.06) | ||||||||||||||||||||||||
| Distributions from net realized gains |
(0.88) | – | – | – | – | – | ||||||||||||||||||||||||
| Total dividends and distributions |
(0.89) | – | (0.06) | (0.14) | (0.08) | (0.06) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 11.82 | $ | 11.75 | $ | 14.96 | $ | 13.36 | $ | 11.07 | $ | 8.97 | ||||||||||||||||||
| Total Return(c) |
8.68% | (d) | (21.46) | % | 12.47 | % | 22.24 | % | 24.44 | % | (10.37) | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 3,528 | $ | 3,078 | $ | 8,229 | $ | 1,883 | $ | 539 | $ | 487 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
2.02% | (e) | 1.76 | % | 1.72 | % | 2.02 | % | 2.12 | % | 2.26 | % | ||||||||||||||||||
| After expense limitation/ |
1.75% | (e) | 1.75 | % | 1.72 | % | 1.75 | % | 1.76 | % | 1.74 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
0.33% | (e) | (0.06) | % | (0.07) | % | 0.17 | % | 0.34 | % | (0.07) | % | ||||||||||||||||||
| After expense limitation/recoupment |
0.60% | (e) | (0.05) | % | (0.07) | % | 0.44 | % | 0.70 | % | 0.45 | % | ||||||||||||||||||
| Portfolio turnover rate |
45% | (d) | 48 | % | 33 | % | 56 | % | 41 | % | 63 | % | ||||||||||||||||||
| (a) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
53 | |
Table of Contents
| ICON Utilities Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class S | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 8.03 | $ | 7.90 | $ | 7.22 | $ | 6.81 | $ | 6.29 | $ | 6.15 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(a) |
0.14 | 0.28 | 0.22 | 0.20 | 0.20 | 0.24 | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
1.28 | 0.11 | 0.69 | 0.43 | 0.55 | 0.31 | ||||||||||||||||||||||||
| Total from investment operations |
1.42 | 0.39 | 0.91 | 0.63 | 0.75 | 0.55 | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
(0.13) | (0.26) | (0.23) | (0.22) | (0.23) | (0.41) | ||||||||||||||||||||||||
| Total dividends and distributions |
(0.13) | (0.26) | (0.23) | (0.22) | (0.23) | (0.41) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 9.32 | $ | 8.03 | $ | 7.90 | $ | 7.22 | $ | 6.81 | $ | 6.29 | ||||||||||||||||||
| Total Return |
17.86% | (b) | 4.93 | % | 12.69 | % | 9.25 | % | 12.01 | % | 9.16 | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 32,194 | $ | 19,107 | $ | 17,920 | $ | 29,117 | $ | 23,524 | $ | 21,313 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.55% | (c) | 1.70 | % | 1.52 | % | 1.62 | % | 1.53 | % | 1.61 | % | ||||||||||||||||||
| After expense limitation/ |
1.50% | (c) | 1.50 | % | 1.50 | % | 1.51 | % | 1.51 | % | 1.51 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
3.41% | (c) | 3.12 | % | 2.84 | % | 2.71 | % | 3.00 | % | 3.75 | % | ||||||||||||||||||
| After expense limitation/recoupment |
3.46% | (c) | 3.32 | % | 2.86 | % | 2.81 | % | 3.02 | % | 3.85 | % | ||||||||||||||||||
| Portfolio turnover rate |
92% | (b) | 243 | % | 107 | % | 121 | % | 51 | % | 115 | % | ||||||||||||||||||
| (a) | Calculated using the average shares method. |
| (b) | Not Annualized. |
| (c) | Annualized. |
| (d) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| 54 | www.iconfunds.com | |
Table of Contents
| ICON Utilities Fund |
Financial Highlights | |
|
For a Share Outstanding Throughout the Periods Presented |
| Class A(a) | Period Ended March 31, 2016 (Unaudited) |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
Year Ended September 30, 2013 |
Year Ended September 30, 2012 |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 7.92 | $ | 7.81 | $ | 7.14 | $ | 6.73 | $ | 6.24 | $ | 6.15 | ||||||||||||||||||
| Income/(loss) from investment operations: |
||||||||||||||||||||||||||||||
| Net investment income/(loss)(b) |
0.14 | 0.26 | 0.21 | 0.18 | 0.20 | 0.34 | ||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) on investments |
1.24 | 0.11 | 0.68 | 0.42 | 0.53 | 0.17 | ||||||||||||||||||||||||
| Total from investment operations |
1.38 | 0.37 | 0.89 | 0.60 | 0.73 | 0.51 | ||||||||||||||||||||||||
| Less dividends and distributions: |
||||||||||||||||||||||||||||||
| Dividends from net investment income |
(0.11) | (0.26) | (0.22) | (0.19) | (0.24) | (0.42) | ||||||||||||||||||||||||
| Total dividends and distributions |
(0.11) | (0.26) | (0.22) | (0.19) | (0.24) | (0.42) | ||||||||||||||||||||||||
| Net asset value, end of period |
$ | 9.19 | $ | 7.92 | $ | 7.81 | $ | 7.14 | $ | 6.73 | $ | 6.24 | ||||||||||||||||||
| Total Return(c) |
17.61% | (d) | 4.63 | % | 12.44 | % | 8.96 | % | 11.81 | % | 8.56 | % | ||||||||||||||||||
| Ratios and Supplemental Data |
||||||||||||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 11,096 | $ | 5,679 | $ | 2,517 | $ | 2,402 | $ | 7,113 | $ | 449 | ||||||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
1.86% | (e) | 1.89 | % | 1.81 | % | 1.74 | % | 1.70 | % | 185.34 | % | ||||||||||||||||||
| After expense limitation/ |
1.75% | (e) | 1.75 | % | 1.75 | % | 1.74 | % | 1.70 | % | 1.75 | % | ||||||||||||||||||
| Ratio of net investment income/(loss) to average net assets |
||||||||||||||||||||||||||||||
| Before expense limitation/recoupment |
3.31% | (e) | 3.04 | % | 2.69 | % | 2.55 | % | 3.03 | % | (178.27) | % | ||||||||||||||||||
| After expense limitation/recoupment |
3.42% | (e) | 3.18 | % | 2.75 | % | 2.55 | % | 3.03 | % | 5.32 | % | ||||||||||||||||||
| Portfolio turnover rate |
92% | (d) | 243 | % | 107 | % | 121 | % | 51 | % | 115 | % | ||||||||||||||||||
| (a) | Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger. |
| (b) | Calculated using the average shares method. |
| (c) | The total return calculation excludes any sales charges. |
| (d) | Not Annualized. |
| (e) | Annualized. |
| (f) | 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, when applicable. |
| The accompanying notes are an integral part of the financial statements.
| ||
| Semi-Annual Report | March 31, 2016 |
55 | |
Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (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 Natural Resources Fund (formerly the 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 two classes of shares: Class A and Class S. The ICON Energy Fund and the ICON Natural Resources Fund also offer a Class C share. On September 25, 2015, the Class C shares of the ICON Consumer Discretionary Fund, ICON Consumer Staples Fund, ICON Financial Fund, ICON Healthcare Fund, ICON Industrials Fund, ICON Information Technology Fund, and ICON Utilities Fund were merged into the respective Class A shares of the Fund. The Class C shares of each of the Funds noted above were closed. The merger activity is shown in the Statement of Changes in Net Assets. All classes have equal rights as to earnings, assets, and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently eight other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.
Each Fund is authorized to issue an unlimited number of no par shares. The Funds invest primarily in securities of companies whose principal business activities fall within specific sectors and industries. The investment objective of each Fund is to provide long-term capital appreciation.
The Funds, like all investments in securities, have elements of risk, including risk of loss of principal. There is no assurance that the Funds will achieve their investment objectives and may underperform funds with similar investment objectives. An investment concentrated in sectors and industries involves 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.
The ICON Energy Fund has a significant weighting in the Integrated Oil & Gas industry, the ICON Healthcare Fund has a significant weighting in the Biotechnology industry and the Pharmaceuticals industry, the ICON Industrials Fund has a significant weighting in the Aerospace & Defense 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 (“GAAP”) 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. Each Fund is considered an investment company for financial reporting purposes under GAAP.
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. If the NYSE closes unexpectedly and there is active trading on other exchanges, the securities will be valued at the Valuation Time based off of those exchanges. 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
|
| ||
| 56 | www.iconfunds.com | |
Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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. Exchange traded options shall be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. 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.
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, 2016:
ICON Consumer Discretionary Fund
| Investments in Securities at Value* |
Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 37,060,133 | $ | – | $ | – | $ | 37,060,133 | ||||||||
| Collateral for Securities on Loan |
– | 1,229,214 | – | 1,229,214 | ||||||||||||
| Short-Term Investments |
– | 9,234,119 | – | 9,234,119 | ||||||||||||
| Total |
$ | 37,060,133 | $ | 10,463,333 | $ | – | $ | 47,523,466 | ||||||||
|
| ||
| Semi-Annual Report | March 31, 2016 |
57 | |
Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
ICON Consumer Staples Fund
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 14,424,289 | $ | – | $ | – | $ | 14,424,289 | ||||||||
| Collateral for Securities on Loan |
– | 153,950 | – | 153,950 | ||||||||||||
| Short-Term Investments |
||||||||||||||||
| Money Market Funds |
5,000,000 | – | – | 5,000,000 | ||||||||||||
| Time Deposits |
– | 2,186,209 | – | 2,186,209 | ||||||||||||
| Total |
$ | 19,424,289 | $ | 2,340,159 | $ | – | $ | 21,764,448 | ||||||||
| ICON Energy Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 325,236,192 | $ | – | $ | – | $ | 325,236,192 | ||||||||
| Put Options Purchased |
347,400 | – | – | 347,400 | ||||||||||||
| Collateral for Securities on Loan |
– | 39,957,778 | – | 39,957,778 | ||||||||||||
| Short-Term Investments |
– | 16,320,944 | – | 16,320,944 | ||||||||||||
| Total |
$ | 325,583,592 | $ | 56,278,722 | $ | – | $ | 381,862,314 | ||||||||
| ICON Financial Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 49,392,747 | $ | – | $ | – | $ | 49,392,747 | ||||||||
| Collateral for Securities on Loan |
– | 3,856,881 | – | 3,856,881 | ||||||||||||
| Short-Term Investments |
– | 1,074,535 | – | 1,074,535 | ||||||||||||
| Total |
$ | 49,392,747 | $ | 4,931,416 | $ | – | $ | 54,324,163 | ||||||||
| ICON Healthcare Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 73,586,255 | $ | – | $ | – | $ | 73,586,255 | ||||||||
| Collateral for Securities on Loan |
– | 359,700 | – | 359,700 | ||||||||||||
| Short-Term Investments |
– | 2,208,778 | – | 2,208,778 | ||||||||||||
| Total |
$ | 73,586,255 | $ | 2,568,478 | $ | – | $ | 76,154,733 | ||||||||
| ICON Industrials Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 12,248,337 | $ | – | $ | – | $ | 12,248,337 | ||||||||
| Short-Term Investments |
– | 2,046,238 | – | 2,046,238 | ||||||||||||
| Total |
$ | 12,248,337 | $ | 2,046,238 | $ | – | $ | 14,294,575 | ||||||||
| ICON Information Technology Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 44,344,975 | $ | – | $ | – | $ | 44,344,975 | ||||||||
| Collateral for Securities on Loan |
– | 653,350 | – | 653,350 | ||||||||||||
| Short-Term Investments |
– | 1,594,715 | – | 1,594,715 | ||||||||||||
| Total |
$ | 44,344,975 | $ | 2,248,065 | $ | – | $ | 46,593,040 | ||||||||
|
| ||
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| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
| ICON Natural Resources Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
||||||||||||||||
| Building Products |
3,734,462 | 635,297 | – | 4,369,759 | ||||||||||||
| Construction Materials |
8,924,310 | 1,896,250 | – | 10,820,560 | ||||||||||||
| Integrated Oil & Gas |
1,695,750 | 2,076,398 | – | 3,772,148 | ||||||||||||
| Paper Packaging |
3,024,942 | 515,469 | – | 3,540,411 | ||||||||||||
| Other |
29,559,211 | – | – | 29,559,211 | ||||||||||||
| Exchange Traded Funds |
$ | 6,425,760 | $ | – | $ | – | $ | 6,425,760 | ||||||||
| Collateral for Securities on Loan |
– | 4,531,692 | – | 4,531,692 | ||||||||||||
| Short-Term Investments |
– | 12,090,758 | – | 12,090,758 | ||||||||||||
| Total |
$ | 53,364,435 | $ | 21,745,864 | $ | – | $ | 75,110,299 | ||||||||
| ICON Utilities Fund | ||||||||||||||||
| Investments in Securities at Value* | Level 1 - Quoted and Unadjusted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Common Stocks |
$ | 42,389,462 | $ | – | $ | – | $ | 42,389,462 | ||||||||
| Collateral for Securities on Loan |
– | 4,924,300 | – | 4,924,300 | ||||||||||||
| Short-Term Investments |
– | 2,491,815 | – | 2,491,815 | ||||||||||||
| Total |
$ | 42,389,462 | $ | 7,416,115 | $ | – | $ | 49,805,577 | ||||||||
| * | 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, 2016.
For the ICON Natural Resources Fund, common stocks valued at $2,076,398 were transferred from Level 1 to Level 2 during the period ended March 31, 2016. At September 30, 2015, these securities were valued using quoted market prices in active markets without using fair value adjustment factors; at March 31, 2016, these securities were valued using quoted market prices in active markets with fair value adjustment factors. No other funds had transfer activity.
The end of period timing recognition is used for the 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.
| Semi-Annual Report | March 31, 2016 |
59 | |
Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
Options Transactions
The Funds’ use of derivatives for the period ended March 31, 2016 was limited to purchased options.
The Funds may purchase and/or write (sell) call and put options on any security in which it may invest. The Funds utilize options to hedge against changes in market conditions 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.
When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains.
Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing 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, 2016, the Energy Fund engaged in purchased put option transactions. All open option contracts are included on each Fund’s Schedule of Investments.
The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:
| ICON Energy Fund | Asset Derivatives | Liability Derivatives | ||||||||||
| Risk Exposure | Statements of Assets and Liabilities Location |
Fair Value | Statements of Assets and Liabilities Location |
Fair Value | ||||||||
| Equity Contracts (Purchased Options) |
Investments, at value |
$ | 347,400 | N/A | N/A | |||||||
| Total |
$ | 347,400 | $ | – | ||||||||
| ICON Energy Fund
Risk Exposure |
Statements of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income |
Change in (Depreciation) in Income |
|||||||
| Equity Contracts |
Net realized gain/(loss) on investments/Change in unrealized net appreciation/(depreciation) on investments and foreign currency |
$ | 2,424,351 | $ | (1,048,099) | |||||
| Total |
$ | 2,424,351 | $ | (1,048,099) | ||||||
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Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
The average purchased option contracts during the period ended March 31, 2016, was as follows:
| Derivative Type | Unit of Measurement | Average+ | ||||||
| ICON Energy Fund |
||||||||
| Purchased Options |
Contracts | 9,254++ |
| + | The average is calculated based on the actual number of days with outstanding derivatives. |
| ++ | During the period ended March 31, 2016, the Energy Fund had outstanding purchased option contracts for 49 days. |
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.
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 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, 2016, is included in the Statement of Operations.
The value of the collateral could include collateral held for securities that were sold on or before March 31,2016. It may also include collateral received from the pre-funding of security loans.
The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of March 31, 2016:
| Remaining contractual maturity of the lending agreement | ||||||||||||||||||||||||||||
| Overnight & Continuous |
Up to 30 days | 30-90 days | Greater than 90 days |
Market Value | Collateral Received |
Amounts due to/(from) counterparty |
||||||||||||||||||||||
| Securities Lending Transactions |
|
|||||||||||||||||||||||||||
| ICON Consumer Discretionary Fund |
||||||||||||||||||||||||||||
| Equity Securities |
$ | 1,230,242 | $ | – | $ | – | $ | – | $ | 1,230,242 | $ | 1,229,214 | $ | (1,028) | ||||||||||||||
| ICON Consumer Staples Fund |
|
|||||||||||||||||||||||||||
| Equity Securities |
148,458 | – | – | – | 148,458 | 153,950 | 5,492 | |||||||||||||||||||||
| ICON Energy Fund |
||||||||||||||||||||||||||||
| Equity Securities |
39,325,928 | – | – | – | 39,325,928 | 39,957,778 | 631,850 | |||||||||||||||||||||
| ICON Financial Fund |
||||||||||||||||||||||||||||
| Equity Securities |
3,200,616 | – | – | – | 3,200,616 | 3,856,881 | 656,265 | |||||||||||||||||||||
| ICON Healthcare Fund |
||||||||||||||||||||||||||||
| Equity Securities |
366,564 | – | – | – | 366,564 | 359,700 | (6,864) | |||||||||||||||||||||
| ICON Information Technology Fund |
||||||||||||||||||||||||||||
| Equity Securities |
639,334 | – | – | – | 639,334 | 653,350 | 14,016 | |||||||||||||||||||||
| ICON Natural Resources Fund |
||||||||||||||||||||||||||||
| Equity Securities |
4,420,875 | – | – | – | 4,420,875 | 4,531,692 | 110,817 | |||||||||||||||||||||
| ICON Utilities Fund |
||||||||||||||||||||||||||||
| Equity Securities |
4,835,708 | – | – | – | 4,835,708 | 4,924,300 | 88,592 | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Total Loans |
$ | 54,167,725 | $ | 55,666,865 | $ | 1,499,140 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Semi-Annual Report | March 31, 2016 |
61 | |
Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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.
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.
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Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
Below are the class level expenses that are included on the Statement of Operations:
| Fund | Printing Fees | Transfer Agent Fees | Registration Fees | |||||||||||
| ICON Consumer Discretionary Fund |
||||||||||||||
| Class S |
$ | 6,487 | $ | 36,487 | $ | 9,253 | ||||||||
| Class A |
674 | 5,297 | 4,653 | |||||||||||
| ICON Consumer Staples Fund |
||||||||||||||
| Class S |
2,266 | 16,957 | 7,194 | |||||||||||
| Class A |
795 | 4,356 | 3,454 | |||||||||||
| ICON Energy Fund |
||||||||||||||
| Class S |
40,227 | 433,822 | 21,517 | |||||||||||
| Class C |
1,196 | 11,470 | 2,822 | |||||||||||
| Class A |
1,984 | 17,834 | 2,060 | |||||||||||
| ICON Financial Fund |
||||||||||||||
| Class S |
6,268 | 33,619 | 9,574 | |||||||||||
| Class A |
297 | 2,805 | 3,267 | |||||||||||
| ICON Healthcare Fund |
||||||||||||||
| Class S |
9,313 | 102,043 | 16,850 | |||||||||||
| Class A |
1,221 | 11,601 | 4,167 | |||||||||||
| ICON Industrials Fund |
||||||||||||||
| Class S |
5,749 | 18,865 | 8,401 | |||||||||||
| Class A |
215 | 1,932 | 2,141 | |||||||||||
| ICON Information Technology Fund |
||||||||||||||
| Class S |
6,988 | 47,519 | 9,156 | |||||||||||
| Class A |
279 | 2,709 | 2,452 | |||||||||||
| ICON Natural Resources Fund |
||||||||||||||
| Class S |
9,863 | 71,135 | 9,915 | |||||||||||
| Class C |
203 | 880 | 1,705 | |||||||||||
| Class A |
629 | 3,640 | 3,703 | |||||||||||
| ICON Utilities Fund |
||||||||||||||
| Class S |
3,770 | 21,004 | 7,102 | |||||||||||
| Class A |
535 | 4,684 | 3,897 | |||||||||||
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.
ICON Advisers has contractually agreed to limit its Funds’ expenses (exclusive of brokerage, interest, taxes, dividends on short sales, acquired fund fees and expenses 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% | – | 1.99% | |||||
| ICON Consumer Staples Fund |
1.50% | – | 1.75% | |||||
| ICON Energy Fund |
1.50% | 2.50% | 1.75% | |||||
| ICON Financial Fund |
1.50% | – | 1.75% | |||||
| ICON Healthcare Fund |
1.50% | – | 1.75% | |||||
| ICON Industrials Fund |
1.50% | – | 1.75% | |||||
| ICON Information Technology Fund |
1.50% | – | 1.75% | |||||
| ICON Natural Resources Fund |
1.50% | 2.50% | 1.75% | |||||
| ICON Utilities Fund |
1.50% | – | 1.75% |
| Semi-Annual Report | March 31, 2016 |
63 | |
Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
The Funds’ expense limitations will continue in effect until at least January 31, 2017. 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, 2016 the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:
| Fund | Expires 2016 |
Expires 2017 |
Expires 2018 |
Expires 2019 |
||||||||||||
| ICON Consumer Discretionary Fund |
$ | – | $ | – | $ | – | $ | 2,174 | ||||||||
| ICON Consumer Staples Fund |
627 | 7,639 | 51,836 | 25,614 | ||||||||||||
| ICON Financial Fund |
5,294 | 5,985 | 3,685 | 3,286 | ||||||||||||
| ICON Healthcare Fund |
– | – | – | 10,536 | ||||||||||||
| ICON Industrials Fund |
1,117 | 1,798 | 12,439 | 29,003 | ||||||||||||
| ICON Information Technology Fund |
2,832 | 1,744 | 1,632 | 5,438 | ||||||||||||
| ICON Natural Resources Fund |
1,573 | 8,051 | 3,887 | 10,068 | ||||||||||||
| ICON Utilities Fund |
18,845 | 6,592 | 31,663 | 9,595 | ||||||||||||
Accounting, Custody and Transfer Agent Fees
Effective March 1, 2016, ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Funds. Prior to March 1, 2016, State Street Bank and Trust Company (“State Street”) served as the fund accounting agent for the Funds. For its services, the Trust pays ALPS 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. Effective after the close of business on April 8, 2016, ALPS assumed the transfer agent services for the Trust.
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 31,2016, 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.
Effective March 1, 2016, ICON Advisers has a sub-administration agreement with ALPS under which ALPS assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays ALPS a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust. Prior to March 1, 2016, the sub-administration agreement was between ICON Advisers and State Street.
Distribution Fees
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual distribution and service fee of 1.00% of average daily net assets. 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.
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Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
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 95% of the CCO’s salary and the remaining portion, along with other employee related expenses, is paid by ICON Advisers. For the period ended March 31,2016, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.
The Funds may reimburse ICON Advisers for legal work performed for the Funds 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, 2016, the total related amounts paid by the Funds under this arrangement was $7,731 and is 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. Effective March 28, 2016, the maximum borrowing limit was changed from $75 million to $50 million. Prior to March 28, 2015, the maximum borrowing limit was $75 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street.
For the period ended March 31,2016, the average outstanding loan by Fund was as follows:
| Fund* | Average Borrowing (10/1/15-3/31/16)^ |
Average Interest Rates (10/1/15-3/31/16)^ | ||||
| ICON Consumer Discretionary Fund |
$ | 130,031 | 1.63% | |||
| ICON Energy Fund |
8,487,961 | 1.62% | ||||
| ICON Financial Fund |
301,933 | 1.52% | ||||
| ICON Healthcare Fund |
1,886,074 | 1.55% | ||||
| ICON Information Technology Fund |
740,150 | 1.59% | ||||
| ICON Natural Resources Fund |
420,607 | 1.57% | ||||
| ICON Utilities Fund |
328,665 | 1.42% | ||||
| * | There were no outstanding borrowings under this agreement/arrangement as of March 31, 2016. |
| ^ | The average is calculated based on the actual number of days with outstanding borrowings. |
5. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the period ended March 31, 2016, 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 |
$ | 27,414,475 | $ | 38,517,022 | ||||
| ICON Consumer Staples Fund |
8,690,754 | 7,077,528 | ||||||
| ICON Energy Fund |
204,279,787 | 212,987,163 | ||||||
| ICON Financial Fund |
17,673,581 | 14,425,600 | ||||||
| ICON Healthcare Fund |
7,120,245 | 42,293,904 | ||||||
| ICON Industrials Fund |
4,295,751 | 7,145,717 | ||||||
| ICON Information Technology Fund |
25,800,404 | 31,721,038 | ||||||
| ICON Natural Resources Fund |
28,263,238 | 39,392,681 | ||||||
| ICON Utilities Fund |
41,307,422 | 28,945,938 | ||||||
6. FEDERAL INCOME TAX
The following information is presented on an income tax basis. Differences between U.S. GAAP and federal income tax purposes that are permanent in nature are reclassified within the capital accounts. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds. These differences are due to differing treatments for items such as deferrals of wash sale losses, foreign currency transactions, partnership adjustments, and net investment losses.
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65 | |
Table of Contents
| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
For the year ended September 30, 2015, the following Funds had capital loss carryforwards:
| Fund | Expiring in 2017 | Expiring in 2018 | ||||||
| ICON Financial Fund |
$ | 42,760,779 | $ | 43,715,782 | ||||
| ICON Industrials Fund |
– | 19,454,414 | ||||||
| ICON Information Technology Fund |
– | 357,887 | ||||||
| ICON Utilities Fund |
– | 79,699 | ||||||
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, 2015, the following Funds utilized capital loss carryforwards:
| Fund | Amount | |||
| ICON Financial Fund |
$ | 2,242,158 | ||
| ICON Industrials Fund |
6,885,305 | |||
| ICON Information Technology Fund |
6,605,630 | |||
| ICON Natural Resources Fund |
9,498,011 | |||
| ICON Utilities Fund |
1,048,867 | |||
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.
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2015, were as follows:
| Fund | Ordinary Income | Long-Term Capital Gains |
||||||
| ICON Consumer Discretionary Fund |
$ | 3,159,255 | $ | 4,938,010 | ||||
| ICON Consumer Staples Fund |
1,055,012 | 3,043,787 | ||||||
| ICON Energy Fund |
5,883,708 | 94,805,687 | ||||||
| ICON Financial Fund |
300,902 | – | ||||||
| ICON Healthcare Fund |
17,398,269 | 15,513,304 | ||||||
| ICON Industrials Fund |
26,242 | – | ||||||
| ICON Natural Resources Fund |
208,262 | – | ||||||
| ICON Utilities Fund |
622,942 | – | ||||||
As of September 30, 2015, 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 Carryforward |
Unrealized Appreciation/ (Depreciation)** |
Total Accumulated Earnings/ (Deficit) |
||||||||||||||||||
| ICON Consumer Discretionary Fund |
$ | 1,967,754 | $ | 2,499,539 | $ | – | $ | – | $ | (2,098,451) | $ | 2,368,842 | ||||||||||||
| ICON Consumer Staples Fund |
526,008 | 2,182,632 | – | – | 1,103,446 | 3,812,086 | ||||||||||||||||||
| ICON Energy Fund |
1,572,544 | – | (94,470,875) | – | (109,498,726) | (203,397,057) | ||||||||||||||||||
| ICON Financial Fund |
– | – | – | (86,476,561) | (4,149,704) | (90,626,265) | ||||||||||||||||||
| ICON Healthcare Fund |
16,435,757 | 4,598,525 | – | – | (8,098,494) | 12,935,788 | ||||||||||||||||||
| ICON Industrials Fund |
– | – | (2,188) | (19,454,414) | 1,129,811 | (18,326,791) | ||||||||||||||||||
| ICON Information Technology Fund |
– | – | (286,389) | (357,889) | 11,000,247 | 10,355,969 | ||||||||||||||||||
| ICON Natural Resources Fund |
213,172 | 3,909,487 | – | – | (15,021,121) | (10,898,462) | ||||||||||||||||||
| ICON Utilities Fund |
25,158 | – | – | (79,699) | (919,665) | (974,206) | ||||||||||||||||||
| * | 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. |
| ** | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
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| ICON Sector Funds |
Notes to Financial Statements | |
|
March 31, 2016 (Unaudited) |
As of March 31, 2016, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
| Fund | Gross Appreciation (excess of value over tax cost) |
Gross Depreciation (excess of tax cost over value) |
Net Unrealized Appreciation/ (Depreciation) |
Cost of Investments for Income Tax Purposes |
||||||||||||
| ICON Consumer Discretionary Fund |
$ | 1,962,791 | $ | (1,377,213 | ) | $ | 585,578 | $ | 46,937,888 | |||||||
| ICON Consumer Staples Fund |
1,858,383 | (263,512 | ) | 1,594,871 | 20,169,577 | |||||||||||
| ICON Energy Fund |
5,018,610 | (62,651,348 | ) | (57,632,738 | ) | 439,495,052 | ||||||||||
| ICON Financial Fund |
950,576 | (7,249,631 | ) | (6,299,055 | ) | 60,623,218 | ||||||||||
| ICON Healthcare Fund |
2,397,581 | (6,434,360 | ) | (4,036,779 | ) | 80,191,512 | ||||||||||
| ICON Industrials Fund |
2,169,051 | (490,894 | ) | 1,678,157 | 12,616,418 | |||||||||||
| ICON Information Technology Fund |
8,463,737 | (1,479,894 | ) | 6,983,843 | 39,609,197 | |||||||||||
| ICON Natural Resources Fund |
3,421,012 | (6,815,653 | ) | (3,394,641 | ) | 78,504,940 | ||||||||||
| ICON Utilities Fund |
3,886,390 | (417,236 | ) | 3,469,154 | 46,336,423 | |||||||||||
7. SUBSEQUENT EVENTS
Effective after the close of business on April 8, 2016, ALPS became the Trust’s transfer agent.
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Table of Contents
| ICON Sector Funds |
Disclosure of Fund Expenses | |
|
March 31, 2016 (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 (10/01/15 – 3/31/16).
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), 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 October 1, 2015 |
Ending Account Value March 31, 2016 |
Expense Ratio(a) | Expenses Paid During period October 1, 2015 - March 31, 2016(b) | |||||
| ICON Consumer Discretionary Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,076.50 | 1.46% | $ 7.58 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.70 | 1.46% | $ 7.36 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,072.80 | 1.99% | $ 10.31 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,015.05 | 1.99% | $ 10.02 | ||||
| ICON Consumer Staples Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,098.40 | 1.50% | $ 7.87 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.50 | 1.50% | $ 7.57 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,096.80 | 1.75% | $ 9.17 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 | ||||
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| ICON Sector Funds |
Disclosure of Fund Expenses | |
|
March 31, 2016 (Unaudited) |
| Beginning Account Value October 1, 2015 |
Ending Account Value March 31, 2016 |
Expense Ratio(a) | Expenses Paid During period October 1, 2015 - March 31, 2016(b) | |||||
| ICON Energy Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,019.80 | 1.49% | $ 7.52 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.55 | 1.49% | $ 7.52 | ||||
| Class C |
||||||||
| Actual |
$ 1,000.00 | $ 1,014.60 | 2.50% | $ 12.59 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,012.50 | 2.50% | $ 12.58 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,018.70 | 1.75% | $ 8.83 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 | ||||
| ICON Financial Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 947.00 | 1.41% | $ 6.86 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.95 | 1.41% | $ 7.11 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 945.00 | 1.75% | $ 8.51 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 | ||||
| ICON Healthcare Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 984.20 | 1.51% | $ 7.49 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.45 | 1.51% | $ 7.62 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 982.30 | 1.75% | $ 8.67 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 | ||||
| ICON Industrials Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,048.40 | 1.50% | $ 7.68 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.50 | 1.50% | $ 7.57 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,047.00 | 1.75% | $ 8.96 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 | ||||
| ICON Information Technology Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,105.00 | 1.50% | $ 7.89 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.50 | 1.50% | $ 7.57 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,103.80 | 1.75% | $ 9.20 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 | ||||
| ICON Natural Resources Fund(c) |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,088.30 | 1.50% | $ 7.83 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.50 | 1.50% | $ 7.57 | ||||
| Class C |
||||||||
| Actual |
$ 1,000.00 | $ 1,083.20 | 2.50% | $ 13.02 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,012.50 | 2.50% | $ 12.58 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,086.80 | 1.75% | $ 9.13 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 | ||||
| Semi-Annual Report | March 31, 2016 |
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| ICON Sector Funds |
Disclosure of Fund Expenses | |
|
March 31, 2016 (Unaudited) |
| Beginning Account Value October 1, 2015 |
Ending Account Value March 31, 2016 |
Expense Ratio(a) | Expenses Paid During period October 1, 2015 - March 31, 2016(b) | |||||
| ICON Utilities Fund |
||||||||
| Class S |
||||||||
| Actual |
$ 1,000.00 | $ 1,178.60 | 1.50% | $ 8.17 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,017.50 | 1.50% | $ 7.57 | ||||
| Class A |
||||||||
| Actual |
$ 1,000.00 | $ 1,176.10 | 1.75% | $ 9.52 | ||||
| Hypothetical (5% return before expenses) |
$ 1,000.00 | $ 1,016.25 | 1.75% | $ 8.82 |
| (a) | The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses. |
| (b) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/366 (to reflect the half-year period). |
| (c) | Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund. |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
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Table of Contents
| ICON Sector Funds |
Additional Information | |
|
March 31, 2016 (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.
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.
| Semi-Annual Report | March 31, 2016 |
71 | |
Table of Contents
| ICON Sector Funds |
Privacy Policy | |
|
March 31, 2016 (Unaudited) |
|
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:
• Social Security number and account balances • income and transaction history • 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. |
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Table of Contents
| ICON Sector Funds |
Privacy Policy | |
|
March 31, 2016 (Unaudited) |
|
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
• open an account or enter into an investment advisory contract • provide account information or give us your contact information • 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
• sharing for affiliates’ everyday business purposes — information about your creditworthiness • affiliates from using your information to market to you • 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.
• 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.
• 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.
• ICON doesn’t jointly market |
| Semi-Annual Report | March 31, 2016 |
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Table of Contents
| For more information about the ICON Funds, contact us: | ||||
| By Telephone |
1-800-764-0442 |
|||
| By E-Mail |
info@iconadvisers.com |
|||
| By Mail |
ICON Funds | P.O. Box 1920 | Denver, CO 80201 |
|||
| In Person |
ICON Funds | 5299 DTC Boulevard, 12th Floor |
|||
| Greenwood Village, CO 80111 |
||||
| On the Internet |
www.iconfunds.com |
|||
Table of Contents
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.
Table of Contents
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.
Table of Contents
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 June 3, 2016
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 June 3, 2016
| By (Signature and Title)* |
/s/ Carrie M. Schoffman | |
| Carrie M. Schoffman, Vice President, Treasurer (Principal Financial Officer and Principal Accounting Officer) |
Date June 3, 2016
| * | Print the name and title of each signing officer under his or her signature. |