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)

Brian D. Harding 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, 2018

Date of reporting period: March 31, 2018

Table of Contents

Item 1. Reports to Stockholders.

 

	SEMI-ANNUAL REPORT March 31, 2018
Diversified Funds ICON Equity Income Fund ICON Flexible Bond Fund ICON Fund ICON Long/Short Fund ICON Opportunities Fund ICON Risk-Managed Balanced Fund

 

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

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

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

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

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

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Equity Income Fund	3
ICON Flexible Bond Fund	7
ICON Fund	10
ICON Long/Short Fund	12
ICON Opportunities Fund	14
ICON Risk-Managed Balanced Fund	16
Financial Statements (Unaudited)	21
Financial Highlights (Unaudited)	30
Notes to Financial Statements (Unaudited)	46
Disclosure of Fund Expenses (Unaudited)	60
Additional Information (Unaudited)	62
Privacy Policy	63

Table of Contents

ICON Diversified Funds About this Report

March 31, 2018 (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, 2018, 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 Equity Income Fund and ICON Flexible Bond Fund may invest up to 25% and 35% 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

ICON Equity Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (4.89%)
Consumer Discretionary (0.84%)
Lee Enterprises, Inc.
9.50%, 03/15/22(a)	$	250,000	$	261,250
Reliance Intermediate Holdings LP
6.50%, 04/01/23(a)		400,000		415,480
				676,730
Consumer Staples (0.46%)
Central Garden & Pet Co.
6.13%, 11/15/23		100,000		104,375
Kraft Heinz Foods Co.
4.88%, 02/15/25(a)		250,000		260,613
				364,988
Energy (0.64%)
MPLX LP
5.50%, 02/15/23		500,000		513,125
Health Care (0.25%)
Molina Healthcare, Inc.
5.38%, 11/15/22		200,000		197,500
Industrials (1.37%)
Spirit AeroSystems, Inc.
5.25%, 03/15/22		1,066,000		1,096,697
Information Technology (0.32%)
NXP BV / NXP Funding LLC
4.63%, 06/01/23(a)		250,000		254,450
Materials (0.32%)
Westlake Chemical Corp.
4.88%, 05/15/23		250,000		256,250
Real Estate (0.12%)
Iron Mountain, Inc.
5.75%, 08/15/24		100,000		96,875
Telecommunication Services (0.25%)
Level 3 Parent LLC
5.75%, 12/01/22		200,000		199,876
Utilities (0.32%)
DPL, Inc.
6.75%, 10/01/19		250,000		258,125
Total Corporate Bonds (Cost $3,974,590)				3,914,616
Common Stocks (81.74%)
Auto Parts & Equipment (2.39%)
Magna International, Inc.		34,000		1,915,900

	Shares or Principal Amount	Value
Brewers (1.02%)
Anheuser-Busch InBev SA/NV, Sponsored ADR	7,400	$	813,556
Construction Machinery & Heavy Trucks (1.46%)
Cummins, Inc.	7,200		1,167,048
Consumer Finance (1.34%)
American Express Co.	11,500		1,072,720
Diversified Banks (5.83%)
Bank of America Corp.	65,500		1,964,345
JPMorgan Chase & Co.	18,000		1,979,460
U.S. Bancorp	14,400		727,200
			4,671,005
Diversified Chemicals (1.86%)
Eastman Chemical Co.	14,100		1,488,678
Electric Utilities (3.49%)
Avangrid, Inc.	22,100		1,129,752
Edison International	26,200		1,667,892
			2,797,644
Gas Utilities (1.88%)
National Fuel Gas Co.	29,300		1,507,485
Health Care REITs (1.56%)
Senior Housing Properties Trust	79,800		1,249,668
Homebuilding (2.62%)
MDC Holdings, Inc.	26,400		737,088
PulteGroup, Inc.	46,100		1,359,489
			2,096,577
Hotel & Resort REITs (1.29%)
Hospitality Properties Trust	40,900		1,036,406
Hotels, Resorts & Cruise Lines (0.86%)
Wyndham Worldwide Corp.	6,000		686,580
Housewares & Specialties (1.59%)
Tupperware Brands Corp.	26,300		1,272,394
Integrated Oil & Gas (2.34%)
TOTAL SA, Sponsored ADR	32,500		1,874,925
Integrated Telecommunication Services (1.98%)
AT&T, Inc.	44,500		1,586,425
Internet Software & Services (1.82%)
LogMeIn, Inc.	12,600		1,455,930
Investment Banking & Brokerage (2.45%)
Morgan Stanley	36,400		1,964,144

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

Semi-Annual Report | March 31, 2018 3

Table of Contents

ICON Equity Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
IT Consulting & Other Services (2.63%)
Booz Allen Hamilton Holding Corp.	26,000	$	1,006,720
DXC Technology Co.	10,900		1,095,777
			2,102,497
Life & Health Insurance (1.74%)
Sun Life Financial, Inc.(b)	33,900		1,393,968
Multi-Utilities (3.80%)
CenterPoint Energy, Inc.	35,700		978,180
DTE Energy Co.	12,100		1,263,240
Sempra Energy	7,200		800,784
			3,042,204
Oil & Gas Equipment & Services (1.00%)
RPC, Inc.(b)	44,500		802,335
Oil & Gas Exploration & Production (3.76%)
Cimarex Energy Co.	3,900		364,650
Diamondback Energy, Inc.(c)	13,500		1,708,020
SRC Energy, Inc.(c)	100,300		945,829
			3,018,499
Oil & Gas Refining & Marketing (2.32%)
Andeavor	8,200		824,592
Marathon Petroleum Corp.	14,100		1,030,851
			1,855,443
Oil & Gas Storage & Transportation (1.05%)
Pembina Pipeline Corp.	26,900		840,087
Packaged Foods & Meats (1.14%)
Hershey Co.	9,200		910,432
Pharmaceuticals (5.79%)
Eli Lilly & Co.	15,400		1,191,498
Merck & Co., Inc.	29,600		1,612,312
Pfizer, Inc.	51,700		1,834,833
			4,638,643
Property & Casualty Insurance (2.24%)
Stewart Information Services Corp.	40,800		1,792,752
Regional Banks (8.10%)
Fifth Third Bancorp	58,400		1,854,200
First Commonwealth Financial Corp.	83,100		1,174,203
First Midwest Bancorp, Inc.	35,100		863,109
Valley National Bancorp	142,800		1,779,288
Webster Financial Corp.	14,600		808,840
			6,479,640
Semiconductors (3.85%)
Broadcom, Ltd.	5,600		1,319,640
Cypress Semiconductor Corp.	104,000		1,763,840
			3,083,480

	Shares or Principal Amount	Value
Specialized REITs (1.15%)
EPR Properties	16,600	$	919,640
Technology Hardware, Storage & Peripherals (4.38%)
Apple, Inc.	13,900		2,332,142
HP, Inc.	53,600		1,174,912
			3,507,054
Tobacco (1.03%)
Altria Group, Inc.	13,300		828,856
Water Utilities (1.98%)
Consolidated Water Co., Ltd.	109,196		1,588,802
Total Common Stocks (Cost $59,867,235)			65,461,417
Preferred Stocks (3.13%)
Diversified Banks (0.38%)
Wells Fargo & Co., Series V
6.00%(b)(d)	11,786		307,025
Diversified REITs (1.05%)
Gramercy Property Trust, Inc., Series A
7.13%(d)(e)	32,747		839,960
Financial Services (0.23%)
Cabco Series 2004-101 Trust Goldman Sachs Capital I, Series GS
3M US L + 0.85%, 02/15/34(f)	7,865		180,895
Property & Casualty Insurance (1.47%)
Argo Group U.S., Inc.
6.50%, 09/15/42	46,594		1,175,567
Total Preferred Stocks (Cost $2,516,368)			2,503,447
Convertible Preferred Stocks (1.73%)
Diversified Banks (0.64%)
Wells Fargo & Co., Series L
7.50%(b)(d)	400		516,000
Office REITs (1.09%)
Equity Commonwealth, Series D
6.50%(d)	33,473		869,963
Total Convertible Preferred Stocks (Cost $1,358,876)			1,385,963

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

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Table of Contents

ICON Equity Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Closed-End Mutual Funds (5.13%)
BlackRock Income Trust, Inc.	5,724	$	33,600
Deutsche Multi-Market Income Trust	80,270		704,771
Eaton Vance High Income 2021 Target Term Trust	48,932		483,448
Federated Premier Municipal Income Fund	7,381		98,610
Managed Duration Investment Grade Municipal Fund	26,112		355,123
Morgan Stanley Income Securities, Inc.(e)	82,760		1,558,371
Nuveen High Income December 2018 Target Term Fund	78,960		773,018
Nuveen High Income December 2019 Target Term Fund	10,000		98,500
Total Closed-End Mutual Funds (Cost $4,022,417)			4,105,441

Underlying Security/Expiration
Date/Exercise Price/ Notional Amount	Contracts		Value
Put Options Purchased (0.33%)
S&P 500 Index
04/20/18, 2,650, $9,243,045		35		180,250
06/15/18, 2,500, $5,281,740		20		83,700
				263,950
Total Put Options Purchased (Cost $129,335)				263,950

	Shares or Principal Amount	Value
Collateral for Securities on Loan (4.77%)
State Street Navigator Securities Lending Government Money Market Portfolio,
7-Day Yield 1.73%	3,820,304		3,820,304
Total Collateral for Securities on Loan (Cost $3,820,304)			3,820,304
Total Investments (101.72%) (Cost $75,689,125)		$	81,455,138
Liabilities Less Other Assets (-1.72%)			(1,374,102	)
Net Assets (100.00%)		$	80,081,036

Investment Abbreviations:

ADR - American Depositary Receipt

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

LIBOR Rates:

3M US L - 3 Month LIBOR as of March 31, 2018 was 2.31%

^(a) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2018, these securities had a total aggregate market value of $1,191,793.

^(b) All or a portion of the security was on loan as of March 31, 2018.

^(c) Non-income producing security.

^(d) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(e) These securities are considered, by management, to be illiquid. The aggregate value of these securities at March 31, 2018 was $2,398,331, which represent 2.99% of the Fund’s net assets.

^(f) Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 2018 is based on the reference rate plus the displayed spread as of the security’s last reset date.

Sector Composition (March 31, 2018) (Unaudited)
Financials	24.42	%
Information Technology	13.00	%
Utilities	11.47	%
Energy	11.11	%
Consumer Discretionary	8.30	%
Real Estate	6.26	%
Health Care	6.04	%
Consumer Staples	3.65	%
Industrials	2.83	%
Telecommunication Services	2.23	%
Materials	2.18	%
	91.49	%

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

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

Semi-Annual Report | March 31, 2018 5

Table of Contents

ICON Equity Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Industry Composition (March 31, 2018) (Unaudited)
Regional Banks	8.10	%
Diversified Banks	6.85	%
Pharmaceuticals	5.79	%
Technology Hardware, Storage & Peripherals	4.38	%
Semiconductors	4.17	%
Multi-Utilities	3.80	%
Oil & Gas Exploration & Production	3.76	%
Property & Casualty Insurance	3.71	%
Electric Utilities	3.49	%
IT Consulting & Other Services	2.63	%
Homebuilding	2.62	%
Investment Banking & Brokerage	2.45	%
Auto Parts & Equipment	2.39	%
Integrated Oil & Gas	2.34	%
Oil & Gas Refining & Marketing	2.32	%
Water Utilities	1.98	%
Integrated Telecommunication Services	1.98	%
Gas Utilities	1.88	%
Diversified Chemicals	1.86	%
Internet Software & Services	1.82	%
Life & Health Insurance	1.74	%
Oil & Gas Storage & Transportation	1.69	%
Housewares & Specialties	1.59	%
Health Care REITs	1.56	%
Construction Machinery & Heavy Trucks	1.46	%
Aerospace & Defense	1.37	%
Consumer Finance	1.34	%
Hotel & Resort REITs	1.29	%
Specialized REITs	1.27	%
Packaged Foods & Meats	1.14	%
Office REITs	1.09	%
Diversified REITs	1.05	%
Tobacco	1.03	%
Brewers	1.02	%
Oil & Gas Equipment & Services	1.00	%
Other Industries (each less than 1%)	3.53	%
	91.49	%

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

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

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Table of Contents

ICON Flexible Bond Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (64.27%)
Consumer Discretionary (9.94%)
Dollar Tree, Inc.
5.75%, 03/01/23	$	250,000	$	261,310
Foot Locker, Inc.
8.50%, 01/15/22		1,250,000		1,440,625
Ford Motor Credit Co. LLC
3.66%, 09/08/24		750,000		722,862
Lee Enterprises, Inc.
9.50%, 03/15/22(a)(b)		1,400,000		1,463,000
M/I Homes, Inc.
6.75%, 01/15/21		816,000		839,460
Nexteer Automotive Group, Ltd.
5.88%, 11/15/21(a)		200,000		206,000
Reliance Intermediate Holdings LP
6.50%, 04/01/23(a)		4,000,000		4,154,800
				9,088,057
Consumer Staples (8.22%)
Central Garden & Pet Co.
6.13%, 11/15/23		1,750,000		1,826,562
Darling Ingredients, Inc.
5.38%, 01/15/22		1,369,000		1,392,958
Kraft Heinz Foods Co.
4.88%, 02/15/25(a)		4,121,000		4,295,946
				7,515,466
Energy (8.65%)
Andeavor Logistics LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/22		2,522,000		2,645,074
6.38%, 05/01/24		1,645,000		1,747,812
Continental Resources, Inc.
4.38%, 01/15/28(a)		500,000		487,500
MPLX LP
5.50%, 02/15/23		2,950,000		3,027,438
				7,907,824
Financial (10.25%)
Credit Acceptance Corp.
6.13%, 02/15/21		1,685,000		1,697,132
Delphi Financial Group, Inc.
7.88%, 01/31/20		800,000		864,833
GFI Group, Inc.
8.38%, 07/19/18		2,000,000		2,030,000
International Lease Finance Corp.
8.25%, 12/15/20		1,113,000		1,239,741
Nationwide Mutual Insurance Co.
7.88%, 04/01/33(a)		2,000,000		2,733,194
Newbridge Bancorp, Series AI
7.25%, 03/14/24(a)(c)		500,000		509,868
Radian Group, Inc.
5.50%, 06/01/19		293,000		298,128
				9,372,896
Health Care (4.90%)
Catholic Health Initiatives
2.95%, 11/01/22		1,000,000		978,314

	Shares or Principal Amount		Value
Health Care (continued)
Hill-Rom Holdings, Inc.
5.75%, 09/01/23(a)	$	1,200,000	$	1,242,000
Horizon Pharma, Inc. / Horizon  Pharma USA, Inc.
8.75%, 11/01/24(a)(b)		500,000		532,500
Molina Healthcare, Inc.
5.38%, 11/15/22		1,000,000		987,500
Universal Health Services, Inc.
4.75%, 08/01/22(a)		730,000		741,421
				4,481,735
Industrials (9.21%)
Aircastle, Ltd.
5.00%, 04/01/23		1,895,000		1,954,219
Covanta Holding Corp.
6.38%, 10/01/22		1,573,000		1,600,527
EnPro Industries, Inc.
5.88%, 09/15/22		722,000		746,368
JB Poindexter & Co., Inc.
9.00%, 04/01/22(a)		701,000		722,906
Spirit AeroSystems, Inc.
5.25%, 03/15/22		2,392,000		2,460,880
XPO Logistics, Inc.
6.50%, 06/15/22(a)		900,000		928,125
				8,413,025
Information Technology (7.52%)
Activision Blizzard, Inc.
6.13%, 09/15/23(a)		1,750,000		1,830,451
Amkor Technology, Inc.
6.38%, 10/01/22		1,000,000		1,026,250
Dell International LLC / EMC Corp.
7.13%, 06/15/24(a)(b)		852,000		909,510
NXP BV / NXP Funding LLC
4.63%, 06/01/23(a)		3,050,000		3,104,290
				6,870,501
Materials (1.44%)
Westlake Chemical Corp.
4.88%, 05/15/23		1,285,000		1,317,125
Real Estate (1.21%)
Iron Mountain, Inc.
5.75%, 08/15/24		1,144,000		1,108,250
Telecommunication Services (0.22%)
Level 3 Parent LLC
5.75%, 12/01/22		200,000		199,876
Utilities (2.71%)
DPL, Inc.
6.75%, 10/01/19		1,250,000		1,290,625

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

Semi-Annual Report  |  March 31, 2018 7

Table of Contents

ICON Flexible Bond Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Utilities (continued)
Dynegy, Inc.
7.63%, 11/01/24	$	1,100,000	$	1,186,625
				2,477,250
Total Corporate Bonds (Cost $59,775,332)				58,752,005
Asset-Backed Securities (3.72%)
SMB Private Education Loan Trust  Series 2014-A, Class C
4.50%, 11/15/25(a)(c)		3,500,000		3,397,880
Total Asset-Backed Securities (Cost $3,377,558)				3,397,880
Preferred Stocks (7.67%)
Diversified Banks (1.49%)
Wells Fargo & Co., Series V
6.00%(b)(d)		52,448		1,366,270
Diversified REITs (2.98%)
Gramercy Property Trust, Series A
7.13%(c)(d)		106,071		2,720,721
Financial Services (0.32%)
Cabco Series 2004-101 Trust Goldman Sachs Capital I, Series GS
3M US L + 0.85%, 02/15/34(e)		12,884		296,332
Property & Casualty Insurance (2.88%)
Argo Group U.S., Inc.
6.50%, 09/15/42		104,268		2,630,682
Total Preferred Stocks (Cost $7,034,833)				7,014,005
Convertible Preferred Stocks (1.93%)
Office REITs (1.93%)
Equity Commonwealth, Series D
6.50%(b)(d)		67,992		1,767,112
Total Convertible Preferred Stocks (Cost $1,786,634)				1,767,112
Closed-End Mutual Funds (8.77%)
Deutsche Multi-Market Income  Trust		34,644		304,174
Deutsche Strategic Income Trust		11,313		138,811
Federated Premier Municipal Income Fund(b)		16,395		219,037

	Shares or Principal Amount		Value
Closed-End Mutual Funds (continued)
Managed Duration Investment  Grade Municipal Fund		106,621	$	1,450,046
MFS Investment Grade Municipal Trust		31,385		294,705
Morgan Stanley Income Securities, Inc.(c)		183,287		3,451,294
Nuveen High Income December 2018 Target Term Fund		158,708		1,553,751
Nuveen High Income December 2019 Target Term Fund		61,308		603,884
Total Closed-End Mutual Funds (Cost $7,954,008)				8,015,702
Collateral for Securities on Loan (2.55%)
State Street Navigator Securities Lending Government Money Market Portfolio,
7-Day Yield 1.73%		2,333,120		2,333,120
Total Collateral for Securities on Loan (Cost $2,333,120)				2,333,120
Total Investments (88.91%) (Cost $82,261,485)			$	81,279,824
Other Assets Less Liabilities (11.09%)				10,138,294
Net Assets (100.00%)			$	91,418,118

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

LIBOR Rates:

3M  US L - 3 Month LIBOR as of March 31, 2018 was 2.31%

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

8 www.iconfunds.com

Table of Contents

ICON Flexible Bond Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

^(a) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2018, these securities had a total aggregate market value of $27,259,391.

^(b) All or a portion of the security was on loan as of March 31, 2018.

^(c) These securities are considered, by management, to be illiquid. The aggregate value of these securities at March 31, 2018 was $10,079,763, which represent 11.03% of the Fund’s net assets.

^(d) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(e) Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 2018 is based on the reference rate plus the displayed spread as of the security’s last reset date.

Credit Diversification (March 31, 2018) (Unaudited)
Ba2	11.28	%
Ba1	11.15	%
B1	11.06	%
Baa3	9.31	%
Baa2	7.49	%
NR*	4.28	%
A3	2.99	%
B3	2.96	%
B2	2.81	%
Ba3	1.85	%
Baa1	1.07	%
BBB	0.95	%
BB-	0.79	%
Total:	67.99	%

Percentages are based upon corporate bond and asset-backed securities investments as a percentage of net assets. Ratings based on Moody’s Investors Service, Inc where available, otherwise on Standard & Poor’s Financial Services LLC.

* NR - Not Rated

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

Semi-Annual Report | March 31, 2018 9

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ICON Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (99.95%)
Application Software (5.92%)
Adobe Systems, Inc.(a)		14,000	$	3,025,120
Auto Parts & Equipment (2.62%)
Magna International, Inc.		23,800		1,341,130
Biotechnology (5.97%)
Celgene Corp.(a)		18,500		1,650,385
Vertex Pharmaceuticals, Inc.(a)		8,600		1,401,628
				3,052,013
Building Products (3.09%)
Masco Corp.		39,000		1,577,160
Construction Materials (5.16%)
Eagle Materials, Inc.		7,700		793,485
Martin Marietta Materials, Inc.		8,900		1,844,970
				2,638,455
Data Processing & Outsourced Services (3.07%)
Total System Services, Inc.		18,200		1,569,932
Diversified Banks (12.94%)
Bank of America Corp.		182,000		5,458,180
JPMorgan Chase & Co.		10,500		1,154,685
				6,612,865
Home Improvement Retail (5.65%)
Home Depot, Inc.		16,200		2,887,488
Homebuilding (4.47%)
PulteGroup, Inc.		77,500		2,285,475
Hotels, Resorts & Cruise Lines (5.45%)
Royal Caribbean Cruises, Ltd.		11,500		1,354,010
Wyndham Worldwide Corp.		12,500		1,430,375
				2,784,385
Household Appliances (2.16%)
Whirlpool Corp.		7,200		1,102,392
Internet Software & Services (1.91%)
Facebook, Inc., Class A(a)		6,100		974,719
Multi-line Insurance (2.05%)
American International Group, Inc.		19,300		1,050,306
Oil & Gas Exploration & Production (5.32%)
Cabot Oil & Gas Corp.		28,400		681,032
Diamondback Energy, Inc.(a)		5,100		645,252
Parsley Energy, Inc., Class A(a)		48,100		1,394,419
				2,720,703
Paper Packaging (3.14%)
Avery Dennison Corp.		15,100		1,604,375

	Shares or Principal Amount		Value
Pharmaceuticals (2.98%)
Jazz Pharmaceuticals PLC(a)		10,100	$	1,524,999
Regional Banks (11.88%)
Fifth Third Bancorp		18,500		587,375
KeyCorp		58,000		1,133,900
Signature Bank(a)		16,600		2,356,370
SVB Financial Group(a)		8,300		1,992,083
				6,069,728
Semiconductor Equipment (2.43%)
Applied Materials, Inc.		22,300		1,240,103
Semiconductors (13.74%)
Broadcom, Ltd.		2,400		565,560
Cavium, Inc.(a)		5,300		420,714
Micron Technology, Inc.(a)		31,600		1,647,624
Qorvo, Inc.(a)		20,300		1,430,135
Skyworks Solutions, Inc.		29,500		2,957,670
				7,021,703
Total Common Stocks (Cost $35,787,992)				51,083,051
Total Investments (99.95%) (Cost $35,787,992)			$	51,083,051
Other Assets Less Liabilities (0.05%)				25,631
Net Assets (100.00%)			$	51,108,682

^(a) Non-income producing security.

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

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Table of Contents

ICON Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Sector Composition (March 31, 2018) (Unaudited)
Information Technology	27.07	%
Financials	26.87	%
Consumer Discretionary	20.35	%
Health Care	8.95	%
Materials	8.30	%
Energy	5.32	%
Industrials	3.09	%
	99.95	%

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

Industry Composition (March 31, 2018) (Unaudited)
Semiconductors	13.74	%
Diversified Banks	12.94	%
Regional Banks	11.88	%
Biotechnology	5.97	%
Application Software	5.92	%
Home Improvement Retail	5.65	%
Hotels, Resorts & Cruise Lines	5.45	%
Oil & Gas Exploration & Production	5.32	%
Construction Materials	5.16	%
Homebuilding	4.47	%
Paper Packaging	3.14	%
Building Products	3.09	%
Data Processing & Outsourced Services	3.07	%
Pharmaceuticals	2.98	%
Auto Parts & Equipment	2.62	%
Semiconductor Equipment	2.43	%
Household Appliances	2.16	%
Multi-line Insurance	2.05	%
Internet Software & Services	1.91	%
	99.95	%

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

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

Semi-Annual Report | March 31, 2018 11

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ICON Long/Short Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (98.56%)
Application Software (4.54%)
Adobe Systems, Inc.(a)	5,900	$	1,274,872
Auto Parts & Equipment (2.57%)
Magna International, Inc.	12,800		721,280
Biotechnology (4.48%)
Celgene Corp.(a)	7,700		686,917
Vertex Pharmaceuticals, Inc.(a)	3,500		570,430
			1,257,347
Building Products (2.82%)
Masco Corp.	19,600		792,624
Construction Materials (4.23%)
Eagle Materials, Inc.	6,700		690,435
Martin Marietta Materials, Inc.	2,400		497,520
			1,187,955
Data Processing & Outsourced Services (4.99%)
Mastercard, Inc., Class A	8,000		1,401,280
Diversified Banks (9.43%)
Bank of America Corp.	70,700		2,120,293
JPMorgan Chase & Co.	4,800		527,856
			2,648,149
Health Care Facilities (1.48%)
Universal Health Services, Inc., Class B	3,500		414,435
Home Improvement Retail (2.73%)
Home Depot, Inc.	4,300		766,432
Homebuilding (5.15%)
Installed Building Products, Inc.(a)	5,200		312,260
PulteGroup, Inc.	38,500		1,135,365
			1,447,625
Hotels, Resorts & Cruise Lines (5.91%)
Royal Caribbean Cruises, Ltd.	6,600		777,084
Wyndham Worldwide Corp.	7,700		881,111
			1,658,195
Household Appliances (2.24%)
Whirlpool Corp.	4,100		627,751
Insurance Brokers (2.86%)
Arthur J Gallagher & Co.	11,700		804,141
Internet Software & Services (1.60%)
SINA Corp.(a)	4,300		448,361
Multi-line Insurance (1.49%)
American International Group, Inc.	7,700		419,034

	Shares or Principal Amount	Value
Oil & Gas Exploration & Production (4.56%)
Cabot Oil & Gas Corp.	14,500	$	347,710
Diamondback Energy, Inc.(a)	2,400		303,648
Parsley Energy, Inc., Class A(a)	21,700		629,083
			1,280,441
Pharmaceuticals (2.64%)
Jazz Pharmaceuticals PLC(a)	4,900		739,851
Railroads (2.28%)
CSX Corp.	11,500		640,665
Regional Banks (13.23%)
Fifth Third Bancorp	8,400		266,700
First Commonwealth Financial Corp.	35,500		501,615
KeyCorp	28,500		557,175
Signature Bank(a)	9,200		1,305,940
SVB Financial Group(a)	4,500		1,080,045
			3,711,475
Semiconductor Equipment (3.74%)
Applied Materials, Inc.	12,100		672,881
Brooks Automation, Inc.	13,900		376,412
			1,049,293
Semiconductors (15.59%)
Broadcom, Ltd.	900		212,085
Cavium, Inc.(a)	9,000		714,420
Cypress Semiconductor Corp.	48,800		827,648
Micron Technology, Inc.(a)	20,400		1,063,656
Qorvo, Inc.(a)	6,300		443,835
Skyworks Solutions, Inc.	11,100		1,112,886
			4,374,530
Total Common Stocks  (Cost $20,741,222)			27,665,736
Total Investments (98.56%) (Cost $20,741,222)		$	27,665,736
Other Assets Less Liabilities (1.44%)			403,471
Net Assets (100.00%)		$	28,069,207

^(a) Non-income producing security.

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

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ICON Long/Short Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Sector Composition (March 31, 2018) (Unaudited)
Information Technology	30.46	%
Financials	27.01	%
Consumer Discretionary	18.60	%
Health Care	8.60	%
Industrials	5.10	%
Energy	4.56	%
Materials	4.23	%
	98.56	%

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

Industry Composition (March 31, 2018) (Unaudited)
Semiconductors	15.59	%
Regional Banks	13.23	%
Diversified Banks	9.43	%
Hotels, Resorts & Cruise Lines	5.91	%
Homebuilding	5.15	%
Data Processing & Outsourced Services	4.99	%
Oil & Gas Exploration & Production	4.56	%
Application Software	4.54	%
Biotechnology	4.48	%
Construction Materials	4.23	%
Semiconductor Equipment	3.74	%
Insurance Brokers	2.86	%
Building Products	2.82	%
Home Improvement Retail	2.73	%
Pharmaceuticals	2.64	%
Auto Parts & Equipment	2.57	%
Railroads	2.28	%
Household Appliances	2.24	%
Internet Software & Services	1.60	%
Multi-line Insurance	1.49	%
Health Care Facilities	1.48	%
	98.56	%

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

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

Semi-Annual Report | March 31, 2018 13

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ICON Opportunities Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (99.63%)
Auto Parts & Equipment (7.88%)
Modine Manufacturing Co.(a)	53,148	$	1,124,080
Tower International, Inc.	25,300		702,075
			1,826,155
Automobile Manufacturers (2.20%)
Winnebago Industries, Inc.	13,548		509,405
Biotechnology (2.69%)
Ligand Pharmaceuticals, Inc.(a)(b)	3,775		623,479
Building Products (12.21%)
Armstrong World Industries, Inc.(a)	9,100		512,330
Builders FirstSource, Inc.(a)	43,500		863,040
Patrick Industries, Inc.(a)	9,184		568,030
PGT Innovations, Inc.(a)	47,700		889,605
			2,833,005
Communications Equipment (3.23%)
ARRIS International PLC(a)	8,000		212,560
Extreme Networks, Inc.(a)	48,500		536,895
			749,455
Electronic Equipment & Instruments (3.24%)
Coherent, Inc.(a)	4,012		751,849
Electronic Manufacturing Services (4.93%)
IPG Photonics Corp.(a)	4,900		1,143,562
Health Care Equipment (2.77%)
NuVasive, Inc.(a)	12,300		642,183
Health Care Services (1.99%)
BioTelemetry, Inc.(a)	14,900		462,645
Homebuilding (11.04%)
KB Home	36,200		1,029,890
LGI Homes, Inc.(a)(b)	10,800		762,156
M/I Homes, Inc.(a)	24,200		770,770
			2,562,816
Leisure Products (2.94%)
Brunswick Corp.	11,500		682,985
Oil & Gas Exploration & Production (3.56%)
Ring Energy, Inc.(a)	16,300		233,905
Southwestern Energy Co.(a)	70,600		305,698
SRC Energy, Inc.(a)	30,389		286,568
			826,171
Paper Packaging (1.69%)
Avery Dennison Corp.	3,700		393,125
Pharmaceuticals (2.27%)
Innoviva, Inc.(a)	31,529		525,589

	Shares or Principal Amount	Value
Property & Casualty Insurance (2.19%)
United Insurance Holdings Corp.	26,500	$	507,210
Regional Banks (9.07%)
Bank of the Ozarks	12,100		584,067
First Commonwealth Financial Corp.	40,000		565,200
First Midwest Bancorp, Inc.	14,427		354,760
Webster Financial Corp.	10,800		598,320
			2,102,347
Semiconductor Equipment (9.03%)
Nanometrics, Inc.(a)	24,500		659,050
Photronics, Inc.(a)	47,300		390,225
Teradyne, Inc.	22,909		1,047,170
			2,096,445
Semiconductors (6.75%)
CEVA, Inc.(a)	6,800		246,160
Cypress Semiconductor Corp.	33,600		569,856
Diodes, Inc.(a)	18,813		573,044
MACOM Technology Solutions Holdings, Inc.(a)(b)	10,594		175,861
			1,564,921
Specialty Stores (2.00%)
Michaels Cos., Inc.(a)	23,565		464,466
Thrifts & Mortgage Finance (7.95%)
BofI Holding, Inc.(a)	18,000		729,540
Essent Group, Ltd.(a)	15,500		659,680
HomeStreet, Inc.(a)	15,917		456,022
			1,845,242
Total Common Stocks (Cost $18,386,727)			23,113,055
Collateral for Securities on Loan (6.78%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 1.73%	1,571,815		1,571,815
Total Collateral for Securities on Loan (Cost $1,571,815)			1,571,815
Total Investments (106.41%) (Cost $19,958,542)		$	24,684,870
Liabilities Less Other Assets (-6.41%)			(1,487,063	)
Net Assets (100.00%)		$	23,197,807

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2018.

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

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Table of Contents

ICON Opportunities Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Sector Composition (March 31, 2018) (Unaudited)
Information Technology	27.18	%
Consumer Discretionary	26.06	%
Financials	19.21	%
Industrials	12.21	%
Health Care	9.72	%
Energy	3.56	%
Materials	1.69	%
	99.63	%

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

Industry Composition (March 31, 2018) (Unaudited)
Building Products	12.21	%
Homebuilding	11.04	%
Regional Banks	9.07	%
Semiconductor Equipment	9.03	%
Thrifts & Mortgage Finance	7.95	%
Auto Parts & Equipment	7.88	%
Semiconductors	6.75	%
Electronic Manufacturing Services	4.93	%
Oil & Gas Exploration & Production	3.56	%
Electronic Equipment & Instruments	3.24	%
Communications Equipment	3.23	%
Leisure Products	2.94	%
Health Care Equipment	2.77	%
Biotechnology	2.69	%
Pharmaceuticals	2.27	%
Automobile Manufacturers	2.20	%
Property & Casualty Insurance	2.19	%
Specialty Stores	2.00	%
Health Care Services	1.99	%
Paper Packaging	1.69	%
	99.63	%

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

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

Semi-Annual Report | March 31, 2018 15

Table of Contents

ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (17.76%)
Consumer Discretionary (2.38%)
Dollar Tree, Inc.
5.75%, 03/01/23	$	250,000	$	261,310
Lee Enterprises, Inc.
9.50%, 03/15/22(a)		200,000		209,000
Reliance Intermediate Holdings LP
6.50%, 04/01/23(a)		300,000		311,610
				781,920
Consumer Staples (2.09%)
Central Garden & Pet Co.
6.13%, 11/15/23		160,000		167,000
Darling Ingredients, Inc.
5.38%, 01/15/22		100,000		101,750
Kraft Heinz Foods Co.
4.88%, 02/15/25(a)		400,000		416,981
				685,731
Energy (2.26%)
Andeavor Logistics LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/22		314,000		329,323
MPLX LP
5.50%, 02/15/23		400,000		410,500
				739,823
Financial (5.13%)
Citigroup, Inc.
6.88%, 06/01/25		250,000		293,969
Credit Acceptance Corp.
6.13%, 02/15/21		105,000		105,756
GFI Group, Inc.
8.38%, 07/19/18		150,000		152,250
Nationwide Mutual Insurance Co.
7.88%, 04/01/33(a)		253,000		345,749
RBC U.S.A. Holdco Corp.
5.25%, 09/15/20		378,000		397,959
SAFG Retirement Services, Inc.
8.13%, 04/28/23		326,000		386,002
				1,681,685
Health Care (0.62%)
Hill-Rom Holdings, Inc.
5.75%, 09/01/23(a)		100,000		103,500
Molina Healthcare, Inc.
5.38%, 11/15/22		100,000		98,750
				202,250
Industrials (2.00%)
Aircastle, Ltd.
5.00%, 04/01/23		200,000		206,250
Covanta Holding Corp.
6.38%, 10/01/22		189,000		192,308
Spirit AeroSystems, Inc.
5.25%, 03/15/22		250,000		257,199
				655,757

	Shares or Principal Amount		Value
Information Technology (2.04%)
Activision Blizzard, Inc.
6.13%, 09/15/23(a)	$	250,000	$	261,493
Amkor Technology, Inc.
6.38%, 10/01/22		100,000		102,625
NXP BV / NXP Funding LLC
4.63%, 06/01/23(a)		300,000		305,340
				669,458
Real Estate (0.45%)
Select Income REIT
4.50%, 02/01/25		150,000		148,172
Utilities (0.79%)
DPL, Inc.
6.75%, 10/01/19		250,000		258,125
Total Corporate Bonds (Cost $5,930,320)				5,822,921
Asset-Backed Securities (0.74%)
SMB Private Education Loan Trust
Series 2014-A, Class C
4.50%, 11/15/25(a)(b)		250,000		242,706
Total Asset-Backed Securities (Cost $241,254)				242,706
U.S. Treasury Obligations (5.89%)
U.S. Treasury Bond
2.25%, 02/15/27		1,200,000		1,152,543
U.S. Treasury Note
1.88%, 05/31/22		800,000		779,828
Total U.S. Treasury Obligations (Cost $1,982,573)				1,932,371
Common Stocks (59.03%)
Application Software (2.73%)
Adobe Systems, Inc.(c)		2,380		514,270
CDK Global, Inc.		6,001		380,103
				894,373
Auto Parts & Equipment (1.09%)
Magna International, Inc.		6,353		357,992
Automobile Manufacturers (1.00%)
Thor Industries, Inc.		2,833		326,277
Automotive Retail (1.57%)
AutoZone, Inc.(c)		412		267,260
O’Reilly Automotive, Inc.(c)		1,000		247,380
				514,640
Biotechnology (2.21%)
AbbVie, Inc.		2,754		260,666

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, 2018 (Unaudited)

	Shares or Principal Amount		Value
Biotechnology (continued)
Celgene Corp.(c)		2,855	$	254,695
Ligand Pharmaceuticals, Inc.(c)(d)		1,280		211,405
				726,766
Building Products (2.16%)
Johnson Controls International PLC		6,800		239,632
Masco Corp.		11,570		467,891
				707,523
Construction Materials (1.36%)
Eagle Materials, Inc.		4,318		444,970
Consumer Finance (1.00%)
Ally Financial, Inc.		12,058		327,375
Data Processing & Outsourced Services (3.29%)
Mastercard, Inc., Class A		3,300		578,028
Visa, Inc., Class A		4,200		502,404
				1,080,432
Diversified Banks (3.38%)
Bank of America Corp.		18,478		554,155
JPMorgan Chase & Co.		5,043		554,579
				1,108,734
Health Care Equipment (0.92%)
Boston Scientific Corp.(c)		11,077		302,624
Health Care Facilities (0.74%)
HCA Healthcare, Inc.		2,500		242,500
Home Entertainment Software (0.78%)
Electronic Arts, Inc.(c)		2,098		254,361
Home Improvement Retail (1.02%)
Lowe’s Cos., Inc.		3,800		333,450
Homebuilding (2.23%)
DR Horton, Inc.		7,166		314,157
PulteGroup, Inc.		14,126		416,576
				730,733
Hotels, Resorts & Cruise Lines (2.14%)
Royal Caribbean Cruises, Ltd.		2,886		339,798
Wyndham Worldwide Corp.		3,156		361,141
				700,939
Household Appliances (0.70%)
Whirlpool Corp.		1,506		230,584
Internet Software & Services (2.65%)
Alphabet, Inc., Class C(c)		201		207,390
Facebook, Inc., Class A(c)		2,323		371,192
LogMeIn, Inc.		2,513		290,377
				868,959
Investment Banking & Brokerage (0.99%)
Morgan Stanley		5,995		323,490

	Shares or Principal Amount		Value
IT Consulting & Other Services (1.21%)
Cognizant Technology Solutions Corp., Class A		4,934	$	397,187
Leisure Products (1.19%)
Brunswick Corp.		6,586		391,142
Life & Health Insurance (0.89%)
Lincoln National Corp.		4,000		292,240
Life Sciences Tools & Services (3.42%)
PerkinElmer, Inc.		4,491		340,058
PRA Health Sciences, Inc.(c)		4,600		381,616
Thermo Fisher Scientific, Inc.		1,932		398,881
				1,120,555
Managed Health Care (0.88%)
Cigna Corp.		1,728		289,855
Multi-line Insurance (0.83%)
American International Group, Inc.		4,974		270,685
Oil & Gas Exploration & Production (3.51%)
Cimarex Energy Co.		3,100		289,850
Diamondback Energy, Inc.(c)		2,700		341,604
Parsley Energy, Inc., Class A(c)		6,000		173,940
SRC Energy, Inc.(c)		37,000		348,910
				1,154,304
Oil & Gas Refining & Marketing (0.70%)
Marathon Petroleum Corp.		3,152		230,443
Paper Packaging (1.20%)
Graphic Packaging Holding Co.		25,667		393,988
Pharmaceuticals (1.29%)
Jazz Pharmaceuticals PLC(c)		2,810		424,282
Railroads (2.36%)
Canadian Pacific Railway, Ltd.		2,000		353,000
Union Pacific Corp.		3,129		420,631
				773,631
Regional Banks (4.10%)
KeyCorp		17,327		338,743
Signature Bank(c)		3,503		497,251
SVB Financial Group(c)		2,124		509,781
				1,345,775
Semiconductors (4.02%)
Broadcom, Ltd.		2,000		471,300
Monolithic Power Systems, Inc.		3,419		395,818
Skyworks Solutions, Inc.		4,466		447,761
				1,314,879
Technology Hardware, Storage & Peripherals (0.87%)
Logitech International SA(d)		7,800		286,494

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2018	17

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ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Trading Companies & Distributors (0.60%)
Air Lease Corp.		4,644	$	197,927
Total Common Stocks (Cost $17,562,045)				19,360,109
Preferred Stocks (2.21%)
Diversified Banks (0.60%)
JPMorgan Chase & Co., Series P
5.45%(e)		696		17,546
Wells Fargo & Co., Series V
6.00%(d)(e)		6,788		176,827
				194,373
Diversified REITs (0.60%)
Gramercy Property Trust, Series A
7.13%(b)(e)		7,704		197,608
Financial Services (0.10%)
Cabco Series 2004-101 Trust Goldman Sachs Capital I, Series GS
3M US L + 0.85%, 02/15/34(f)		1,452		33,396
Property & Casualty Insurance (0.91%)
Argo Group U.S., Inc.
6.50%, 09/15/42		11,816		298,118
Total Preferred Stocks (Cost $724,502)				723,495
Convertible Preferred Stocks (0.35%)
Office REITs (0.35%)
Equity Commonwealth, Series D
6.50%(e)		4,470		116,175
Total Convertible Preferred Stocks (Cost $116,320)				116,175
Closed-End Mutual Funds (8.93%)
Asia Pacific Fund, Inc.		5,479		78,952
BlackRock Enhanced Government Fund, Inc.		14,641		190,772
BlackRock Income Trust, Inc.(d)		20,915		122,771
Delaware Investments Dividend & Income Fund, Inc.		6,124		64,608
Deutsche Multi-Market Income Trust		45,019		395,267
Deutsche Strategic Income Trust		5,735		70,369
Eaton Vance High Income 2021 Target Term Trust		8,381		82,804
Madison Covered Call & Equity Strategy Fund		41,590		301,943

	Shares or Principal Amount		Value
Closed-End Mutual Funds (continued)
Madison Strategic Sector Premium Fund		15,232	$	171,208
Managed Duration Investment Grade Municipal Fund		18,244		248,118
MFS Investment Grade Municipal Trust		11,639		109,290
Morgan Stanley Income Securities, Inc.(b)		34,243		644,796
Nuveen Build America Bond Fund		1,185		24,636
Nuveen High Income December 2018 Target Term Fund		25,929		253,845
Nuveen High Income December 2019 Target Term Fund		17,156		168,987
Total Closed-End Mutual Funds (Cost $2,918,810)				2,928,366
Underlying Security/Expiration Date/Exercise Price/ Notional Amount	Contracts		Value
Put Options Purchased (0.13%)
S&P 500 Index
06/15/18, 2,500, $2,640,870		10		41,850
Total Put Options Purchased (Cost $27,519)				41,850

	Shares or Principal Amount		Value
Collateral for Securities on Loan (1.38%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 1.73%		451,122		451,122
Total Collateral for Securities on Loan (Cost $451,122)				451,122
Total Investments (96.42%) (Cost $29,954,465)			$	31,619,115
Other Assets Less Liabilities (3.58%)				1,175,423
Net Assets (100.00%)			$	32,794,538

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

LIBOR Rates:

3M  US L - 3 Month LIBOR as of March 31, 2018 was 2.31%

The accompanying notes are an integral part of the financial statements.
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ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

^(a) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2018, these securities had a total aggregate market value of $2,196,379.

^(b) These securities are considered, by management, to be illiquid. The aggregate value of these securities at March 31, 2018 was $1,085,110, which represent 3.31% of the Fund’s net assets.

^(c) Non-income producing security.

^(d) All or a portion of the security was on loan as of March 31, 2018.

^(e) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(f) Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 2018 is based on the reference rate plus the displayed spread as of the security’s last reset date.

Sector Composition (March 31, 2018) (Unaudited)
Financials	17.93	%
Information Technology	17.59	%
Consumer Discretionary	13.32	%
Health Care	10.08	%
Industrials	7.12	%
Energy	6.47	%
Government	5.89	%
Materials	2.56	%
Consumer Staples	2.09	%
Real Estate	1.40	%
Utilities	0.79	%
	85.24	%

Percentages are based upon corporate bonds, U.S. Treasury obligations, common stocks, preferred stocks and convertible preferred stocks as a percentage of net assets.

Industry Composition (March 31, 2018) (Unaudited)
Sovereigns	5.89	%
Regional Banks	5.31	%
Semiconductors	4.95	%
Diversified Banks	4.88	%
Oil & Gas Exploration & Production	3.51	%
Life Sciences Tools & Services	3.42	%
Data Processing & Outsourced Services	3.29	%
Application Software	2.73	%
Internet Software & Services	2.65	%
Railroads	2.36	%
Homebuilding	2.23	%
Biotechnology	2.21	%
Building Products	2.16	%
Hotels, Resorts & Cruise Lines	2.14	%
Property & Casualty Insurance	1.97	%
Home Entertainment Software	1.58	%
Automotive Retail	1.57	%
Investment Banking & Brokerage	1.45	%
Construction Materials	1.36	%
Consumer Finance	1.32	%
Pharmaceuticals	1.29	%
Financial Services	1.28	%
Food & Beverage	1.27	%
Oil & Gas Storage & Transportation	1.25	%
Health Care Equipment	1.24	%
Trading Companies & Distributors	1.23	%
IT Consulting & Other Services	1.21	%
Paper Packaging	1.20	%
Leisure Products	1.19	%
Managed Health Care	1.18	%
Auto Parts & Equipment	1.09	%
Diversified REITs	1.05	%
Home Improvement Retail	1.02	%
Pipeline	1.01	%
Automobile Manufacturers	1.00	%
Other Industries (each less than 1%)	10.75	%
	85.24	%

Percentages are based upon corporate bonds, U.S. Treasury obligations, common stocks, preferred stocks and convertible preferred stocks as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.
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ICON Risk-Managed Balanced Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Credit Diversification (March 31, 2018) (Unaudited)
Aaa	5.89	%
Baa3	3.29	%
Ba1	2.56	%
A3	2.27	%
Ba2	2.20	%
Baa1	2.07	%
Baa2	2.07	%
B1	2.05	%
NR*	0.74	%
B2	0.64	%
Ba3	0.31	%
B3	0.30	%
Total:	24.39	%

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

* NR - Not Rated

The accompanying notes are an integral part of the financial statements.
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ICON Diversified Funds Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	ICON Equity Income Fund			ICON Flexible Bond Fund			ICON Fund
Assets
Investments, at cost	$	75,689,125		$	82,261,485		$	35,787,992
Investments, at value(a)		81,455,138			81,279,824			51,083,051
Cash and cash equivalents		1,042,619			11,686,302			65,683
Foreign currency, at value (Cost $10,176, $– and $–, respectively)		10,176			—			—
Receivables:
Investments sold		3,043,250			373,269			—
Fund shares sold		697,485			349,802			656
Expense reimbursements due from Adviser		32,341			39,165			1,738
Interest		46,597			1,008,939			—
Dividends		301,868			58,976			19,201
Foreign tax reclaims		10,839			—			—
Other assets		23,248			20,817			19,039
Total assets		86,663,561			94,817,094			51,189,368
Liabilities
Payables:
Payable for collateral received on securities loaned		3,820,304			2,333,120			—
Loan payable, at value (Cost $955,641, $– and $–)		955,641			—			—
Investments purchased		1,583,550			696,511			—
Fund shares redeemed		96,095			26,421			957
Distributions due to shareholders		—			244,635			—
Advisory fees		51,353			45,991			33,714
Transfer agent fees		19,305			6,866			8,745
Fund accounting fees		9,399			13,411			4,771
Accrued distribution fees		16,902			3,217			12,019
Trustee fees and expenses		923			545			255
Administration fees		3,423			3,833			2,245
Accrued expenses		25,630			24,426			17,980
Total liabilities		6,582,525			3,398,976			80,686
Net Assets - all share classes	$	80,081,036		$	91,418,118		$	51,108,682
Net Assets - Class S	$	50,205,247		$	84,596,999		$	33,494,804
Net Assets - Class C	$	16,424,815		$	3,452,190		$	12,241,743
Net Assets - Class A	$	13,450,974		$	3,368,929		$	5,372,135
Net Assets Consists of
Paid-in capital	$	88,175,178		$	95,268,352		$	53,703,543
Accumulated undistributed net investment income/(loss)		(56,438	)		71,367			(267,769	)
Accumulated undistributed net realized gain/(loss)		(13,803,775	)		(2,939,940	)		(17,622,151	)
Unrealized appreciation/(depreciation)		5,766,071			(981,661	)		15,295,059
Net Assets	$	80,081,036		$	91,418,118		$	51,108,682
Shares outstanding (unlimited shares authorized, no par value)
Class S		2,797,273			9,121,111			1,684,992
Class C		907,008			370,765			708,035
Class A		751,283			364,980			287,488
Net asset value (offering and redemption price per share)
Class S	$	17.95		$	9.27		$	19.88
Class C	$	18.11		$	9.31		$	17.29
Class A	$	17.90		$	9.23		$	18.69
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	19.00		$	9.69		$	19.83
(a) Includes securities on loan of	$	3,019,328		$	2,263,391		$	—

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

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ICON Diversified Funds Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	ICON Long/Short Fund			ICON Opportunities Fund			ICON Risk-Managed Balanced Fund
Assets
Investments, at cost	$	20,741,222		$	19,958,542		$	29,954,465
Investments, at value(a)		27,665,736			24,684,870			31,619,115
Cash and cash equivalents		541,160			110,054			1,526,496
Receivables:
Investments sold		—			—			85,782
Fund shares sold		49,628			7,199			46,824
Expense reimbursements due from Adviser		10,951			—			13,212
Interest		—			—			103,177
Dividends		13,993			5,285			15,444
Foreign tax reclaims		—			—			—
Other assets		16,064			6,179			17,994
Total assets		28,297,532			24,813,587			33,428,044
Liabilities
Payables:
Payable for collateral received on securities loaned		—			1,571,815			451,122
Expense recoupment due to Adviser		—			5,842			—
Investments purchased		174,061			—			75,052
Fund shares redeemed		—			251			22,271
Advisory fees		20,572			15,174			21,495
Transfer agent fees		8,868			2,720			15,165
Fund accounting fees		3,121			3,445			11,278
Accrued distribution fees		6,101			—			15,232
Trustee fees and expenses		105			120			524
Administration fees		1,208			1,010			1,433
Accrued expenses		14,289			15,403			19,934
Total liabilities		228,325			1,615,780			633,506
Net Assets - all share classes	$	28,069,207		$	23,197,807		$	32,794,538
Net Assets - Class S	$	15,568,155		$	—		$	10,306,607
Net Assets - Class C	$	5,114,438		$	—		$	15,982,717
Net Assets - Class A	$	7,386,614		$	—		$	6,505,214
Net Assets Consists of
Paid-in capital	$	41,882,390		$	18,010,575		$	42,220,718
Accumulated undistributed net investment income/(loss)		(178,505	)		(187,217	)		30,907
Accumulated undistributed net realized gain/(loss)		(20,559,192	)		648,121			(11,121,740	)
Unrealized appreciation/(depreciation)		6,924,514			4,726,328			1,664,653
Net Assets	$	28,069,207		$	23,197,807		$	32,794,538
Shares outstanding (unlimited shares authorized, no par value)					1,228,277
Class S		579,838			—			655,036
Class C		217,396			—			1,109,984
Class A		284,603			—			423,860
Net asset value (offering and redemption price per share)				$	18.89
Class S	$	26.85		$	—		$	15.73
Class C	$	23.53		$	—		$	14.40
Class A	$	25.95		$	—		$	15.35
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	27.54		$	—		$	16.28
(a) Includes securities on loan of	$	—		$	1,561,495		$	446,399

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

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ICON Diversified Funds Statements of Operations

Period Ended March 31, 2018 (Unaudited)

	ICON Equity Income Fund			ICON Flexible Bond Fund			ICON Fund
Investment Income
Interest	$	113,057		$	1,597,279		$	56
Dividends		1,383,326			464,065			258,355
Foreign taxes withheld		(27,681	)		—			(2,160	)
Income from securities lending, net		25,509			5,886			89
Other income		970			99			—
Total investment income		1,495,181			2,067,329			256,340
Expenses
Advisory fees		317,329			267,041			196,754
Administration fees		21,153			22,250			13,104
Transfer agent fees		50,363			26,882			25,640
Distribution fees:
Class C		81,109			15,068			64,484
Class A		17,659			4,526			6,666
Registration fees		20,123			16,374			17,189
Audit and tax service expense		9,032			9,019			8,021
Fund accounting fees		19,553			21,877			11,081
Trustee fees and expenses		10,004			10,155			5,901
Insurance expense		4,280			4,318			2,479
Custody fees		4,133			5,112			1,776
Printing fees		9,031			7,704			5,318
Interest expense		1,222			—			673
Recoupment of previously reimbursed expenses		—			—			1,664
Other expenses		18,490			19,625			11,944
Total expenses before expense reimbursement		583,481			429,951			372,694
Expense reimbursement by Adviser due to expense limitation agreement		(64,798	)		(76,499	)		(4,181	)
Net Expenses		518,683			353,452			368,513
Net Investment Income/(Loss)		976,498			1,713,877			(112,173	)
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		1,753,412			(734,514	)		1,124,897
		1,753,412			(734,514	)		1,124,897
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		406,746			(805,257	)		2,145,389
		406,746			(805,257	)		2,145,389
Net realized and unrealized gain/(loss)		2,160,158			(1,539,771	)		3,270,286
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	3,136,656		$	174,106		$	3,158,113

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

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ICON Diversified Funds Statements of Operations

Period Ended March 31, 2018 (Unaudited)

	ICON Long/Short Fund			ICON Opportunities Fund			ICON Risk-Managed Balanced Fund
Investment Income
Interest	$	181		$	127		$	222,557
Dividends		131,579			56,680			213,810
Foreign taxes withheld		(877	)		—			(807	)
Income from securities lending, net		15			2,904			1,195
Other income		—			—			373
Total investment income		130,898			59,711			437,128
Expenses
Advisory fees		110,357			82,685			133,500
Administration fees		6,483			5,506			8,904
Transfer agent fees		24,099			12,548			32,042
Distribution fees:
Class C		24,789			—			82,471
Class A		9,161			—			8,321
Registration fees		16,847			8,008			16,991
Audit and tax service expense		8,779			8,014			9,786
Fund accounting fees		5,967			5,676			12,872
Trustee fees and expenses		2,792			2,355			4,323
Insurance expense		1,150			888			1,855
Custody fees		1,385			1,467			3,506
Printing fees		2,577			2,748			4,291
Interest expense		129			44			47
Recoupment of previously reimbursed expenses		—			8,103			—
Other expenses		6,866			5,458			10,232
Total expenses before expense reimbursement		221,381			143,500			329,141
Expense reimbursement by Adviser due to expense limitation agreement		(21,751	)		—			(24,922	)
Net Expenses		199,630			143,500			304,219
Net Investment Income/(Loss)		(68,732	)		(83,789	)		132,909
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		314,209			801,695			708,723
		314,209			801,695			708,723
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		1,349,951			(621,466	)		(691,083	)
		1,349,951			(621,466	)		(691,083	)
Net realized and unrealized gain/(loss)		1,664,160			180,229			17,640
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	1,595,428		$	96,440		$	150,549

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

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ICON Diversified Funds Statements of Changes in Net Assets

	ICON Equity Income Fund						ICON Flexible Bond Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited) (a)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	976,498		$	2,681,634		$	1,713,877		$	3,209,047
Net realized gain/(loss)		1,753,412			4,311,704			(734,514	)		(397,218	)
Net realized gain/(loss) on long-term capital gain distributions from other investment companies		—			880,899			—			701,891
Change in net unrealized appreciation/(depreciation)		406,746			3,717,072			(805,257	)		(1,372,818	)
Net increase/(decrease) in net assets resulting from operations		3,136,656			11,591,309			174,106			2,140,902
Dividends and Distributions to Shareholders
Net investment income
Class S		(860,963	)		(1,775,156	)		(1,580,607	)		(2,969,591	)
Class C		(178,559	)		(329,600	)		(55,132	)		(127,097	)
Class A		(206,159	)		(437,435	)		(66,146	)		(194,557	)
Net decrease from dividends and distributions		(1,245,681	)		(2,542,191	)		(1,701,885	)		(3,291,245	)
Fund Share Transactions
Shares sold
Class S		6,463,578			29,442,641			12,562,531			30,021,531
Class C		1,333,577			6,193,719			276,399			852,689
Class A		814,663			3,883,597			183,790			1,653,201
Reinvested dividends and distributions
Class S		822,987			1,707,580			1,454,179			2,665,363
Class C		160,753			284,548			47,125			106,129
Class A		177,078			372,453			60,433			125,313
Shares repurchased
Class S		(15,436,081	)		(17,771,448	)		(8,484,780	)		(27,853,530	)
Class C		(1,250,458	)		(2,642,506	)		(547,859	)		(1,757,578	)
Class A		(2,041,590	)		(8,549,319	)		(670,750	)		(3,943,785	)
Net increase/(decrease) from fund share transactions		(8,955,493	)		12,921,265			4,881,068			1,869,333
Total net increase/(decrease) in net assets		(7,064,518	)		21,970,383			3,353,289			718,990
Net Assets
Beginning of period		87,145,554			65,175,171			88,064,829			87,345,839
End of period	$	80,081,036		$	87,145,554		$	91,418,118		$	88,064,829
Accumulated undistributed net investment income/(loss)	$	(56,438	)	$	212,745		$	71,367		$	59,375

^(a) Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund.

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

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ICON Diversified Funds Statements of Changes in Net Assets

	ICON Equity Income Fund						ICON Flexible Bond Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited) (a)			Year Ended September 30, 2017
Transactions in Fund Shares
Shares sold
Class S		357,262			1,767,858			1,343,925			3,177,562
Class C		73,049			366,818			29,370			90,115
Class A		45,266			232,232			19,732			176,894
Issued to shareholders in reinvestment of distributions
Class S		45,696			100,137			155,652			282,927
Class C		8,849			16,505			5,022			11,215
Class A		9,858			21,926			6,496			13,352
Shares repurchased
Class S		(846,673	)		(1,052,089	)		(907,303	)		(2,956,814	)
Class C		(68,805	)		(157,844	)		(58,186	)		(185,691	)
Class A		(112,714	)		(522,274	)		(72,097	)		(420,853	)
Net increase/(decrease)		(488,212	)		773,269			522,611			188,707
Shares outstanding, beginning of period		4,943,776			4,170,507			9,334,245			9,145,538
Shares outstanding, end of period		4,455,564			4,943,776			9,856,856			9,334,245

^(a) Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund.

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

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Table of Contents

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Fund						ICON Long/Short Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	(112,173	)	$	(181,146	)	$	(68,732	)	$	(102,810	)
Net realized gain/(loss)		1,124,897			1,912,935			314,209			558,053
Change in net unrealized appreciation/(depreciation)		2,145,389			11,527,848			1,349,951			5,059,321
Net increase/(decrease) in net assets resulting from operations		3,158,113			13,259,637			1,595,428			5,514,564
Fund Share Transactions
Shares sold
Class S		1,709,318			8,371,228			4,878,196			4,418,722
Class C		149,629			737,337			561,092			231,078
Class A		388,025			726,755			1,061,622			2,993,488
Shares repurchased
Class S		(3,204,937	)		(12,871,498	)		(1,408,189	)		(2,770,776	)
Class C		(1,313,309	)		(2,880,211	)		(411,129	)		(1,023,107	)
Class A		(480,832	)		(2,547,491	)		(1,141,087	)		(3,071,503	)
Net increase/(decrease) from fund share transactions		(2,752,106	)		(8,463,880	)		3,540,505			777,902
Total net increase in net assets		406,007			4,795,757			5,135,933			6,292,466
Net Assets
Beginning of period		50,702,675			45,906,918			22,933,274			16,640,808
End of period	$	51,108,682		$	50,702,675		$	28,069,207		$	22,933,274
Accumulated undistributed net investment income/(loss)	$	(267,769	)	$	(155,596	)	$	(178,505	)	$	(109,773	)
Transactions in Fund Shares
Shares sold
Class S		85,798			507,732			184,177			192,376
Class C		8,703			48,906			24,054			11,293
Class A		20,561			45,694			41,026			138,114
Shares repurchased
Class S		(161,207	)		(800,369	)		(52,390	)		(124,649	)
Class C		(75,529	)		(198,758	)		(17,683	)		(53,192	)
Class A		(26,080	)		(165,063	)		(44,285	)		(142,928	)
Net increase/(decrease)		(147,754	)		(561,858	)		134,899			21,014
Shares outstanding, beginning of period		2,828,269			3,390,127			946,938			925,924
Shares outstanding, end of period		2,680,515			2,828,269			1,081,837			946,938

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

Semi-Annual Report | March 31, 2018 27

Table of Contents

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Opportunities Fund						ICON Risk-Managed Balanced Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	(83,789	)	$	(133,644	)	$	132,909		$	376,709
Net realized gain/(loss)		801,695			255,312			708,723			1,047,257
Net realized gain/(loss) on long-term capital gain distributions from other investment companies		—			—			—			192,193
Change in net unrealized appreciation/(depreciation)		(621,466	)		4,385,735			(691,083	)		1,967,456
Net increase/(decrease) in net assets resulting from operations		96,440			4,507,403			150,549			3,583,615
Dividends and Distributions to Shareholders
Net investment income		—			—
Class S		—			—			(62,824	)		(228,027	)
Class C		—			—			(23,509	)		(107,326	)
Class A		—			—			(27,604	)		(98,195	)
Net realized gains		(307,810	)		(221,532	)
Net decrease from dividends and distributions		(307,810	)		(221,532	)		(113,937	)		(433,548	)
Fund Share Transactions
Shares sold		5,808,923			2,342,771
Class S		—			—			1,193,596			5,789,710
Class C		—			—			1,816,995			4,874,335
Class A		—			—			819,115			742,396
Reinvested dividends and distributions		305,435			221,332
Class S		—			—			57,853			209,620
Class C		—			—			21,452			94,575
Class A		—			—			25,779			90,299
Shares repurchased		(2,074,583	)		(3,539,469	)
Class S		—			—			(6,255,793	)		(12,045,261	)
Class C		—			—			(2,431,664	)		(4,806,459	)
Class A		—			—			(1,428,966	)		(3,493,476	)
Net increase/(decrease) from fund share transactions		4,039,775			(975,366	)		(6,181,633	)		(8,544,261	)
Total net increase/(decrease) in net assets		3,828,405			3,310,505			(6,145,021	)		(5,394,194	)
Net Assets
Beginning of period		19,369,402			16,058,897			38,939,559			44,333,753
End of period	$	23,197,807		$	19,369,402		$	32,794,538		$	38,939,559
Accumulated undistributed net investment income/(loss)	$	(187,217	)	$	(103,428	)	$	30,907		$	11,935

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

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Table of Contents

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Opportunities Fund						ICON Risk-Managed Balanced Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Transactions in Fund Shares
Shares sold		292,825			139,548
Class S		—			—			73,982			386,228
Class C		—			—			124,289			350,409
Class A		—			—			52,088			50,434
Issued to shareholders in reinvestment of distributions		15,481			13,488
Class S		—			—			3,640			13,840
Class C		—			—			1,468			6,868
Class A		—			—			1,663			6,124
Shares repurchased		(105,723	)		(216,490	)
Class S		—			—			(392,686	)		(819,237	)
Class C		—			—			(165,737	)		(349,264	)
Class A		—			—			(91,165	)		(239,935	)
Net increase/(decrease)		202,583			(63,454	)		(392,458	)		(594,533	)
Shares outstanding, beginning of period		1,025,694			1,089,148			2,581,338			3,175,871
Shares outstanding, end of period		1,228,277			1,025,694			2,188,880			2,581,338

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

Semi-Annual Report | March 31, 2018 29

Table of Contents

ICON Equity Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	17.61		$	15.62		$	14.36		$	14.87		$	13.80		$	12.18
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.23			0.61			0.60			0.56			0.52			0.47
Net realized and unrealized gains/(losses) on investments		0.40			1.95			1.27			(0.56	)		1.04			1.65
Total from investment operations		0.63			2.56			1.87			(0.00	)(c)		1.56			2.12
Less dividends and distributions:
Dividends from net investment income		(0.29	)		(0.57	)		(0.61	)		(0.51	)		(0.49	)		(0.50	)
Total dividends and distributions		(0.29	)		(0.57	)		(0.61	)		(0.51	)		(0.49	)		(0.50	)
Net asset value, end of period	$	17.95		$	17.61		$	15.62		$	14.36		$	14.87		$	13.80
Total Return		3.58	%(d)		16.53	%		13.30	%		(0.17	)%		11.36	%		17.76	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	50,205		$	57,062		$	37,868		$	22,779		$	8,022		$	5,116
Ratio of expenses to average net assets
Before expense limitation		1.13	%(e)		1.15	%		1.24	%		1.25	%		1.38	%		1.53	%
After expense limitation(f)		0.99	%(e)		1.05	%(g)		1.20	%		1.20	%		1.20	%		1.21	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.40	%(e)		3.50	%		3.91	%		3.52	%		3.36	%		3.28	%
After expense limitation(f)		2.54	%(e)		3.60	%		3.95	%		3.57	%		3.54	%		3.60	%
Portfolio turnover rate		75	%(d)		206	%		145	%		174	%		148	%		163	%

^(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 class specific expenses during the period.

^(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.

^(g) Effective January 26, 2017, the annual expense limitation rate changed from 1.20% to 0.99%.

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

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Table of Contents

ICON Equity Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	17.76		$	15.76		$	14.45		$	14.96		$	13.88		$	12.25
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.14			0.45			0.45			0.40			0.36			0.35
Net realized and unrealized gains/(losses) on investments		0.41			1.95			1.28			(0.56	)		1.06			1.65
Total from investment operations		0.55			2.40			1.73			(0.16	)		1.42			2.00
Less dividends and distributions:
Dividends from net investment income		(0.20	)		(0.40	)		(0.42	)		(0.35	)		(0.34	)		(0.37	)
Total dividends and distributions		(0.20	)		(0.40	)		(0.42	)		(0.35	)		(0.34	)		(0.37	)
Net asset value, end of period	$	18.11		$	17.76		$	15.76		$	14.45		$	14.96		$	13.88
Total Return(c)		3.10	%(d)		15.34	%		12.15	%		(1.16	)%		10.26	%		16.58	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	16,425		$	15,878		$	10,532		$	6,825		$	5,481		$	5,423
Ratio of expenses to average net assets
Before expense limitation		2.15	%(e)		2.20	%		2.34	%		2.34	%		2.45	%		2.42	%
After expense limitation(f)		1.99	%(e)		2.05	%(g)		2.20	%		2.20	%		2.20	%		2.21	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		1.41	%(e)		2.49	%		2.80	%		2.40	%		2.21	%		2.49	%
After expense limitation(f)		1.57	%(e)		2.64	%		2.94	%		2.54	%		2.46	%		2.70	%
Portfolio turnover rate		75	%(d)		206	%		145	%		174	%		148	%		163	%

^(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 class specific expenses 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.

^(g) Effective January 26, 2017, the annual expense limitation rate changed from 2.20% to 1.99%.

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

Semi-Annual Report | March 31, 2018 31

Table of Contents

ICON Equity Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	17.56		$	15.58		$	14.29		$	14.79		$	13.73		$	12.12
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.21			0.54			0.56			0.50			0.47			0.45
Net realized and unrealized gains/(losses) on investments		0.40			1.96			1.26			(0.53	)		1.04			1.63
Total from investment operations		0.61			2.50			1.82			(0.03	)		1.51			2.08
Less dividends and distributions:
Dividends from net investment income		(0.27	)		(0.52	)		(0.53	)		(0.47	)		(0.45	)		(0.47	)
Total dividends and distributions		(0.27	)		(0.52	)		(0.53	)		(0.47	)		(0.45	)		(0.47	)
Net asset value, end of period	$	17.90		$	17.56		$	15.58		$	14.29		$	14.79		$	13.73
Total Return(c)		3.46	%(d)		16.20	%		12.97	%		(0.38	)%		11.07	%		17.49	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	13,451		$	14,206		$	16,775		$	13,039		$	13,847		$	12,798
Ratio of expenses to average net assets
Before expense limitation		1.45	%(e)		1.45	%		1.54	%		1.52	%		1.59	%		1.68	%
After expense limitation(f)		1.24	%(e)		1.31	%(g)		1.45	%		1.45	%		1.45	%		1.46	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.08	%(e)		3.06	%		3.64	%		3.14	%		3.08	%		3.24	%
After expense limitation(f)		2.29	%(e)		3.20	%		3.73	%		3.21	%		3.22	%		3.45	%
Portfolio turnover rate		75	%(d)		206	%		145	%		174	%		148	%		163	%

^(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 class specific expenses 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.

^(g) Effective January 26, 2017, the annual expense limitation rate changed from 1.45% to 1.24%.

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

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Table of Contents

ICON Flexible Bond Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited) (a)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	9.43		$	9.55		$	9.20		$	9.90		$	9.89		$	10.51
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		0.18			0.37			0.34			0.41			0.43	(d)		0.24
Net realized and unrealized gains/(losses) on investments		(0.16	)		(0.11	)		0.34			(0.44	)		0.15			(0.32	)
Total from investment operations		0.02			0.26			0.68			(0.03	)		0.58			(0.08	)
Less dividends and distributions:
Dividends from net investment income		(0.18	)		(0.38	)		(0.33	)		(0.51	)		(0.44	)		(0.24	)
Distributions from net realized gains		—			—			—			(0.13	)		(0.13	)		(0.30	)
Return of capital		—			—			—			(0.03	)		—			—
Total dividends and distributions		(0.18	)		(0.38	)		(0.33	)		(0.67	)		(0.57	)		(0.54	)
Net asset value, end of period	$	9.27		$	9.43		$	9.55		$	9.20		$	9.90		$	9.89
Total Return		0.22	%(e)		2.82	%		7.54	%		(0.28	)%		6.01	%		(0.84	)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	84,597		$	80,467		$	76,656		$	73,152		$	87,675		$	88,313
Ratio of expenses to average net assets
Before expense limitation		0.90	%(f)		0.91	%		0.93	%		0.91	%		0.86	%		0.89	%
After expense limitation(g)		0.75	%(f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.75	%(f)		3.80	%		3.43	%		4.10	%		4.22	%		2.19	%
After expense limitation(g)		3.90	%(f)		3.96	%		3.61	%		4.26	%		4.33	%(d)		2.33	%
Portfolio turnover rate		82	%(e)		169	%		141	%		153	%		176	%		97	%

^(a) Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond 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 class specific expenses during the period.

^(d) 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.

^(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, 2018 33

Table of Contents

ICON Flexible Bond Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2018 (Unaudited) (a)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	9.48		$	9.58		$	9.24		$	9.94		$	9.93		$	10.55
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		0.14			0.29			0.26			0.32			0.34	(d)		0.15
Net realized and unrealized gains/(losses) on investments		(0.16	)		(0.10	)		0.34			(0.43	)		0.15			(0.32	)
Total from investment operations		(0.02	)		0.19			0.60			(0.11	)		0.49			(0.17	)
Less dividends and distributions:
Dividends from net investment income		(0.15	)		(0.29	)		(0.26	)		(0.43	)		(0.35	)		(0.15	)
Distributions from net realized gains		—			—			—			(0.13	)		(0.13	)		(0.30	)
Return of capital		—			—			—			(0.03	)		—			—
Total dividends and distributions		(0.15	)		(0.29	)		(0.26	)		(0.59	)		(0.48	)		(0.45	)
Net asset value, end of period	$	9.31		$	9.48		$	9.58		$	9.24		$	9.94		$	9.93
Total Return(e)		(0.26	)%(f)		2.05	%		6.59	%		(1.10	)%		5.10	%		(1.66	)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,452		$	3,739		$	4,590		$	4,142		$	2,879		$	3,008
Ratio of expenses to average net assets
Before expense limitation		2.11	%(g)		2.13	%		2.10	%		2.19	%		2.27	%		2.06	%
After expense limitation(h)		1.60	%(g)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.53	%(g)		2.58	%		2.28	%		2.76	%		2.75	%		1.02	%
After expense limitation(h)		3.04	%(g)		3.11	%		2.78	%		3.35	%		3.42	%(d)		1.48	%
Portfolio turnover rate		82	%(f)		169	%		141	%		153	%		176	%		97	%

^(a) Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond 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 class specific expenses during the period.

^(d) 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.

^(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.

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Table of Contents

ICON Flexible Bond Fund Financial Highlights

 For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited) (a)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	9.39		$	9.51		$	9.17		$	9.86		$	9.89		$	10.51
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		0.17			0.33			0.31			0.36			0.43	(d)		0.21
Net realized and unrealized gains/(losses) on investments		(0.16	)		(0.10	)		0.34			(0.41	)		0.12			(0.32	)
Total from investment operations		0.01			0.23			0.65			(0.05	)		0.55			(0.11	)
Less dividends and distributions:
Dividends from net investment income		(0.17	)		(0.35	)		(0.31	)		(0.48	)		(0.45	)		(0.21	)
Distributions from net realized gains		—			—			—			(0.13	)		(0.13	)		(0.30	)
Return of capital		—			—			—			(0.03	)		—			—
Total dividends and distributions		(0.17	)		(0.35	)		(0.31	)		(0.64	)		(0.58	)		(0.51	)
Net asset value, end of period	$	9.23		$	9.39		$	9.51		$	9.17		$	9.86		$	9.89
Total Return(e)		0.10	%(f)		2.48	%		7.25	%		(0.44	)%		5.77	%		(1.08	)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,369		$	3,859		$	6,100		$	7,838		$	4,278		$	6,792
Ratio of expenses to average net assets
Before expense limitation		1.45	%(g)		1.41	%		1.38	%		1.36	%		1.44	%		1.34	%
After expense limitation(h)		1.00	%(g)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.19	%(g)		3.13	%		2.98	%		3.50	%		3.84	%		1.71	%
After expense limitation(h)		3.64	%(g)		3.54	%		3.36	%		3.86	%		4.28	%(d)		2.06	%
Portfolio turnover rate		82	%(f)		169	%		141	%		153	%		176	%		97	%

^(a) Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond 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 class specific expenses during the period.

^(d) 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.

^(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, 2018 35

Table of Contents

ICON Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	18.68		$	14.08		$	13.83		$	14.52		$	14.00		$	11.34
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.01	)		(0.01	)		0.05			(0.02	)		0.00	(c)		0.07
Net realized and unrealized gains/(losses) on investments		1.21			4.61			0.20			(0.67	)		0.52			2.66
Total from investment operations		1.20			4.60			0.25			(0.69	)		0.52			2.73
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—			(0.07	)
Total dividends and distributions		—			—			—			—			—			(0.07	)
Net asset value, end of period	$	19.88		$	18.68		$	14.08		$	13.83		$	14.52		$	14.00
Total Return		6.42	%(d)		32.67	%		1.81	%		(4.75	)%		3.71	%		24.27	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	33,495		$	32,883		$	28,897		$	33,695		$	41,577		$	6,986
Ratio of expenses to average net assets
Before expense limitation		1.07	%(e)		1.10	%		1.12	%		1.09	%		1.10	%		1.23	%
After expense limitation(f)		1.07	%(e)		1.10	%		1.12	%		1.09	%		1.10	%		1.23	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.09	)%(e)		(0.04	)%		0.39	%		(0.11	)%		0.02	%		0.59	%
After expense limitation(f)		(0.09	)%(e)		(0.04	)%		0.39	%		(0.11	)%		0.02	%		0.59	%
Portfolio turnover rate		9	%(d)		15	%		31	%		54	%		65	%		33	%

^(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 class specific expenses during the period.

^(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.
36	www.iconfunds.com

Table of Contents

ICON Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	16.34		$	12.46		$	12.38		$	13.15		$	12.82		$	10.42
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.11	)		(0.17	)		(0.09	)		(0.18	)		(0.14	)		(0.07	)
Net realized and unrealized gains/(losses) on investments		1.06			4.05			0.17			(0.59	)		0.47			2.47
Total from investment operations		0.95			3.88			0.08			(0.77	)		0.33			2.40
Net asset value, end of period	$	17.29		$	16.34		$	12.46		$	12.38		$	13.15		$	12.82
Total Return(c)		5.81	%(d)		31.14	%		0.65	%		(5.86	)%		2.57	%		23.03	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	12,242		$	12,663		$	11,520		$	13,745		$	17,050		$	18,848
Ratio of expenses to average net assets
Before expense limitation		2.26	%(e)		2.31	%		2.41	%		2.27	%		2.26	%		2.32	%
After expense limitation(f)		2.25	%(e)		2.25	%		2.26	%		2.25	%		2.25	%		2.26	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.29	)%(e)		(1.25	)%		(0.90	)%		(1.29	)%		(1.09	)%		(0.64	)%
After expense limitation(f)		(1.28	)%(e)		(1.19	)%		(0.75	)%		(1.27	)%		(1.08	)%		(0.58	)%
Portfolio turnover rate		9	%(d)		15	%		31	%		54	%		65	%		33	%

(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 class specific expenses 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.
Semi-Annual Report | March 31, 2018	37

Table of Contents

ICON Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	17.60		$	13.31		$	13.13		$	13.84		$	13.39		$	10.85
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.05	)		(0.07	)		0.00	(c)		(0.08	)		(0.05	)		0.02
Net realized and unrealized gains/(losses) on investments		1.14			4.36			0.18			(0.63	)		0.50			2.56
Total from investment operations		1.09			4.29			0.18			(0.71	)		0.45			2.58
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—			(0.04	)
Total dividends and distributions		—			—			—			—			—			(0.04	)
Net asset value, end of period	$	18.69		$	17.60		$	13.31		$	13.13		$	13.84		$	13.39
Total Return(d)		6.19	%(e)		32.23	%		1.37	%		(5.13	)%		3.36	%		23.90	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,372		$	5,156		$	5,490		$	6,994		$	8,076		$	10,000
Ratio of expenses to average net assets
Before expense limitation		1.63	%(f)		1.66	%		1.67	%		1.55	%		1.56	%		1.58	%
After expense limitation(g)		1.50	%(f)		1.50	%		1.51	%		1.50	%		1.50	%		1.51	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.65	)%(f)		(0.60	)%		(0.16	)%		(0.57	)%		(0.38	)%		0.12	%
After expense limitation(g)		(0.52	)%(f)		(0.44	)%		0.00	%(h)		(0.52	)%		(0.32	)%		0.19	%
Portfolio turnover rate		9	%(e)		15	%		31	%		54	%		65	%		33	%

(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 class specific expenses during the period.
(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.
(h)	Less than 0.005% of average net assets.

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

ICON Long/Short Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	25.13		$	18.70		$	18.39		$	18.41		$	17.48		$	14.56
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.03	)		(0.04	)		0.04			(0.09	)		(0.06	)		0.01
Net realized and unrealized gains/(losses) on investments		1.75			6.47			0.27			0.07			0.99			2.91
Total from investment operations		1.72			6.43			0.31			(0.02	)		0.93			2.92
Net asset value, end of period	$	26.85		$	25.13		$	18.70		$	18.39		$	18.41		$	17.48
Total Return		6.84	%(c)		34.39	%		1.69	%		(0.11	)%		5.32	%		20.05	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	15,568		$	11,259		$	7,114		$	17,196		$	16,465		$	4,774
Ratio of expenses to average net assets
Before expense limitation		1.34	%(d)		1.50	%		1.63	%		1.37	%		1.45	%		1.53	%
After expense limitation(e)		1.25	%(d)		1.25	%		1.28	%		1.28	%		1.32	%		1.32	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.33	)%(d)		(0.43	)%		(0.11	)%		(0.52	)%		(0.47	)%		(0.14	)%
After expense limitation(e)		(0.24	)%(d)		(0.18	)%		0.24	%		(0.43	)%		(0.34	)%		0.07	%
Portfolio turnover rate		9	%(c)		24	%		20	%		74	%		65	%		33	%

(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 class specific expenses during the period.
(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, 2018	39

Table of Contents

ICON Long/Short Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	22.13		$	16.65		$	16.54		$	16.74		$	16.05		$	13.52
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.15	)		(0.25	)		(0.13	)		(0.27	)		(0.24	)		(0.14	)
Net realized and unrealized gains/(losses) on investments		1.55			5.73			0.24			0.07			0.93			2.67
Total from investment operations		1.40			5.48			0.11			(0.20	)		0.69			2.53
Net asset value, end of period	$	23.53		$	22.13		$	16.65		$	16.54		$	16.74		$	16.05
Total Return(c)		6.33	%(d)		32.91	%		0.67	%		(1.19	)%		4.30	%		18.71	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,114		$	4,671		$	4,211		$	6,300		$	6,932		$	6,108
Ratio of expenses to average net assets
Before expense limitation		2.55	%(e)		2.75	%		2.76	%		2.53	%		2.57	%		2.62	%
After expense limitation(f)		2.30	%(e)		2.30	%		2.33	%		2.33	%		2.38	%		2.37	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.55	)%(e)		(1.69	)%		(1.21	)%		(1.68	)%		(1.58	)%		(1.21	)%
After expense limitation(f)		(1.30	)%(e)		(1.24	)%		(0.78	)%		(1.48	)%		(1.39	)%		(0.96	)%
Portfolio turnover rate		9	%(d)		24	%		20	%		74	%		65	%		33	%

(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 class specific expenses 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 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.
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Table of Contents

ICON Long/Short Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	24.33		$	18.16		$	17.91		$	17.99		$	17.13		$	14.31
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.07	)		(0.11	)		(0.01	)		(0.15	)		(0.12	)		(0.02	)
Net realized and unrealized gains/(losses) on investments		1.69			6.28			0.26			0.07			0.98			2.84
Total from investment operations		1.62			6.17			0.25			(0.08	)		0.86			2.82
Net asset value, end of period	$	25.95		$	24.33		$	18.16		$	17.91		$	17.99		$	17.13
Total Return(c)		6.66	%(d)		33.98	%		1.40	%		(0.44	)%		5.02	%		19.71	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	7,387		$	7,003		$	5,316		$	9,186		$	11,160		$	8,813
Ratio of expenses to average net assets
Before expense limitation		1.81	%(e)		1.93	%		1.95	%		1.73	%		1.81	%		1.91	%
After expense limitation(f)		1.55	%(e)		1.55	%		1.58	%		1.58	%		1.63	%		1.61	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.81	)%(e)		(0.87	)%		(0.40	)%		(0.89	)%		(0.82	)%		(0.45	)%
After expense limitation(f)		(0.55	)%(e)		(0.49	)%		(0.03	)%		(0.74	)%		(0.64	)%		(0.16	)%
Portfolio turnover rate		9	%(d)		24	%		20	%		74	%		65	%		33	%

^(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 class specific expenses 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 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, 2018	41

Table of Contents

ICON Opportunities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013 (a)
Net asset value, beginning of period	$	18.88		$	14.74		$	13.32		$	13.04		$	13.02		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)(b)		(0.07	)		(0.13	)		(0.03	)		(0.09	)		(0.12	)		(0.01	)
Net realized and unrealized gains/(losses) on investments		0.37			4.48			1.46			0.58			0.41	(c)		3.03
Total from investment operations		0.30			4.35			1.43			0.49			0.29			3.02
Less dividends and distributions:
Distributions from net realized gains		(0.29	)		(0.21	)		(0.01	)		(0.21	)		(0.27	)		–
Total dividends and distributions		(0.29	)		(0.21	)		(0.01	)		(0.21	)		(0.27	)		–
Net asset value, end of period	$	18.89		$	18.88		$	14.74		$	13.32		$	13.04		$	13.02
Total Return		1.55	%(d)		29.75	%		10.76	%		3.75	%		2.19	%		30.20	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	23,198		$	19,369		$	16,059		$	11,047		$	12,133		$	442
Ratio of expenses to average net assets
Before expense limitation		1.30	%(e)		1.47	%		1.53	%		1.58	%		2.44	%		12.47	%
After expense limitation(f)		1.30	%(e)		1.45	%(g)		1.51	%		1.50	%		1.50	%		1.52	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.76	)%(e)		(0.80	)%		(0.27	)%		(0.72	)%		(1.81	)%		(11.02	)%
After expense limitation(f)		(0.76	)%(e)		(0.78	)%		(0.25	)%		(0.65	)%		(0.87	)%		(0.07	)%
Portfolio turnover rate		27	%(d)		26	%		95	%		76	%		46	%		52	%

^(a) Commenced operations on October 1, 2012.

^(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 capital transactions.

^(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.

^(g) Effective June 30, 2017, the annual expense limitation rate changed from 1.50% to 1.30%.

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

ICON Risk-Managed Balanced Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	15.74		$	14.46		$	14.02		$	13.98		$	13.40		$	12.32
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.10			0.21			0.19			0.18			0.24			0.24
Net realized and unrealized gains/(losses) on investments		(0.02	)		1.30			0.42			0.01			0.56			1.04
Total from investment operations		0.08			1.51			0.61			0.19			0.80			1.28
Less dividends and distributions:
Dividends from net investment income		(0.09	)		(0.23	)		(0.17	)		(0.15	)		(0.22	)		(0.20	)
Total dividends and distributions		(0.09	)		(0.23	)		(0.17	)		(0.15	)		(0.22	)		(0.20	)
Net asset value, end of period	$	15.73		$	15.74		$	14.46		$	14.02		$	13.98		$	13.40
Total Return		0.48	%(c)		10.53	%		4.39	%		1.35	%		6.02	%		10.51	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	10,307		$	15,272		$	20,087		$	26,677		$	20,071		$	43,350
Ratio of expenses to average net assets
Before expense limitation		1.40	%(d)		1.36	%		1.27	%		1.34	%		1.22	%		1.43	%
After expense limitation(e)		1.20	%(d)		1.20	%		1.20	%		1.20	%		1.20	%		1.21	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		1.04	%(d)		1.26	%		1.27	%		1.09	%		1.72	%		1.65	%
After expense limitation(e)		1.24	%(d)		1.42	%		1.34	%		1.23	%		1.74	%		1.87	%
Portfolio turnover rate		54	%(c)		83	%		109	%		119	%		137	%		98	%

^(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 class specific expenses during the period.

^(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.
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ICON Risk-Managed Balanced Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	14.42		$	13.27		$	12.89		$	12.90		$	12.39		$	11.41
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.02			0.06			0.04			0.03			0.09			0.09
Net realized and unrealized gains/(losses) on investments		(0.02	)		1.19			0.39			0.01			0.54			0.98
Total from investment operations		(0.00	)		1.25			0.43			0.04			0.63			1.07
Less dividends and distributions:
Dividends from net investment income		(0.02	)		(0.10	)		(0.05	)		(0.05	)		(0.12	)		(0.09	)
Total dividends and distributions		(0.02	)		(0.10	)		(0.05	)		(0.05	)		(0.12	)		(0.09	)
Net asset value, end of period	$	14.40		$	14.42		$	13.27		$	12.89		$	12.90		$	12.39
Total Return(c)		—	%(d)		9.44	%		3.35	%		0.31	%		5.06	%		9.45	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	15,983		$	16,583		$	15,151		$	13,061		$	9,469		$	5,667
Ratio of expenses to average net assets
Before expense limitation		2.27	%(e)		2.30	%		2.29	%		2.38	%		2.33	%		2.72	%
After expense limitation(f)		2.20	%(e)		2.20	%		2.20	%		2.20	%		2.20	%		2.22	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.20	%(e)		0.35	%		0.24	%		0.06	%		0.61	%		0.22	%
After expense limitation(f)		0.27	%(e)		0.45	%		0.33	%		0.24	%		0.74	%		0.72	%
Portfolio turnover rate		54	%(d)		83	%		109	%		119	%		137	%		98	%

^(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 class specific expenses 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.
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ICON Risk-Managed Balanced Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	15.36		$	14.11		$	13.68		$	13.69		$	13.12		$	12.06
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.08			0.17			0.15			0.14			0.20			0.18
Net realized and unrealized gains/(losses) on investments		(0.02	)		1.27			0.42			0.00	(c)		0.57			1.05
Total from investment operations		0.06			1.44			0.57			0.14			0.77			1.23
Less dividends and distributions:
Dividends from net investment income		(0.07	)		(0.19	)		(0.14	)		(0.15	)		(0.20	)		(0.17	)
Total dividends and distributions		(0.07	)		(0.19	)		(0.14	)		(0.15	)		(0.20	)		(0.17	)
Net asset value, end of period	$	15.35		$	15.36		$	14.11		$	13.68		$	13.69		$	13.12
Total Return(d)		0.36	%(e)		10.29	%		4.18	%		1.00	%		5.88	%		10.28	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,505		$	7,084		$	9,095		$	8,446		$	7,014		$	7,819
Ratio of expenses to average net assets
Before expense limitation		1.66	%(f)		1.64	%		1.60	%		1.70	%		1.65	%		2.12	%
After expense limitation(g)		1.45	%(f)		1.45	%		1.45	%		1.45	%		1.45	%		1.47	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.81	%(f)		0.98	%		0.93	%		0.71	%		1.29	%		0.81	%
After expense limitation(g)		1.02	%(f)		1.17	%		1.08	%		0.96	%		1.49	%		1.46	%
Portfolio turnover rate		54	%(e)		83	%		109	%		119	%		137	%		98	%

^(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 class specific expenses during the period.

^(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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ICON Diversified Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

1. ORGANIZATION

The ICON Equity Income Fund (“Equity Income Fund”), ICON Flexible Bond Fund (“Flexible Bond Fund”)(prior to January 23, 2018, known as the ICON Bond 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 Equity Income Fund is modest capital appreciation and income. The investment objective of the Flexible Bond Fund is to maximize total return. The investment objective of the ICON Fund is long-term capital appreciation with a secondary objective of capital preservation to provide long-term growth. The investment objective of the Opportunities Fund is to provide capital appreciation. The investment objective of the Long/Short Fund is to provide 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 Equity Income Fund, Flexible Bond Fund and 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. Reduced liquidity may adversely affect the market price of, and ability of a Fund to value and sell particular securities at certain times, thereby making it difficult to make specific valuation determinations.

The Equity Income Fund, Flexible Bond 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 Equity Income Fund, Flexible Bond 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 or other asset-backed 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 may engage 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 involves certain risks, such as limiting 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

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ICON Diversified Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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 Equity Income Fund has a significant weighting in the Financials sector, the ICON Fund has a significant weighting in the Information Technology, Financials and Consumer Discretionary sectors, the Long/Short Fund has a significant weighting in the Information Technology and Financial sectors, the Opportunities Fund has a significant weighting in the Information Technology and Consumer Discretionary sectors which may cause the Funds’ performance to be susceptible to the economic, business and/or other developments that may affect those sectors.

In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be 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 financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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 under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

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 NYSE is open for trading.

The Funds use pricing services to obtain the fair 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 fair 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’ Pricing Committee pursuant to procedures approved by the Funds’ Board of Trustees (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 are 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 fair 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, including money market funds, that are not traded on an exchange are valued at the end of day net asset value (“NAV”) per share of such fund. Securities in the underlying funds, including restricted securities are valued in accordance with the valuation policy of such fund.

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ICON Diversified Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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 Funds’ Pricing Committee 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 NAV. The valuation assigned to fair-value securities for purposes of calculating each 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, 2018:

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	$	—	$	3,914,616	$	—	$	3,914,616
Common Stocks		65,461,417		—		—		65,461,417
Preferred Stocks		2,503,447		—		—		2,503,447
Convertible Preferred Stocks		1,385,963		—		—		1,385,963
Closed-End Mutual Funds		4,105,441		—		—		4,105,441
Put Options Purchased		263,950		—		—		263,950
Collateral for Securities on Loan		—		3,820,304		—		3,820,304
Total	$	73,720,218	$	7,734,920	$	—	$	81,455,138

ICON Flexible 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	$	—	$	58,752,005	$	—	$	58,752,005
Asset-Backed Securities		—		3,397,880		—		3,397,880
Preferred Stocks		7,014,005		—		—		7,014,005
Convertible Preferred Stocks		1,767,112		—		—		1,767,112
Closed-End Mutual Funds		8,015,702		—		—		8,015,702
Collateral for Securities on Loan		—		2,333,120		—		2,333,120
Total	$	16,796,819	$	64,483,005	$	—	$	81,279,824

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	$	51,083,051	$	—	$	—	$	51,083,051
Total	$	51,083,051	$	—	$	—	$	51,083,051

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ICON Diversified Funds Notes to Financial Statements

March 31, 2018 (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	$	27,665,736	$	—	$	—	$	27,665,736
Total	$	27,665,736	$	—	$	—	$	27,665,736

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	$	23,113,055	$	—	$	—	$	23,113,055
Collateral for Securities on Loan		—		1,571,815		—		1,571,815
Total	$	23,113,055	$	1,571,815	$	—	$	24,684,870

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	$	—	$	5,822,921	$	—	$	5,822,921
Asset-Backed Securities		—		242,706		—		242,706
U.S. Treasury Obligations		—		1,932,371		—		1,932,371
Common Stocks		19,360,109		—		—		19,360,109
Preferred Stocks		723,495		—		—		723,495
Convertible Preferred Stocks		116,175		—		—		116,175
Closed-End Mutual Funds		2,928,366		—		—		2,928,366
Put Options Purchased		41,850		—		—		41,850
Collateral for Securities on Loan		—		451,122		—		451,122
Total	$	23,169,995	$	8,449,120	$	—	$	31,619,115

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

There were no Level 3 securities held in any of the Funds at March 31, 2018.

For the six months ended March 31, 2018, 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 each Fund’s assets and liabilities.

Fund Share Valuation

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

Cash and Cash Equivalents

Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

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ICON Diversified Funds Notes to Financial Statements

March 31, 2018 (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 six months ended March 31, 2018 was limited to purchased 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. A Fund may use derivatives to hedge risks inherent in its portfolio, to enhance the potential return of its portfolio, to diversify its portfolio, as a substitute for taking a position in an underlying asset, to reduce transaction costs associated with managing a portfolio, or to implement an investment strategy through investments that may be more tax-efficient than a direct equity investment.

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 Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current fair 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 fair 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 limiting 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 fair 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 fair value of the index. Written and purchased options are non-income producing securities.

For the six months ended March 31, 2018, the Equity Income Fund engaged in purchased put option transactions and the Risk-Managed Balanced Fund engaged in purchased put options transactions. All open option contracts are included on each Fund’s Schedule of Investments. The Risk-Managed Balanced Fund’s written options, if any, were collateralized by cash and/or securities held in a segregated account at the Fund’s custodian during the year. The securities pledged as collateral would be included on the Schedule of Investments if they were held at year end. Such collateral is restricted from the Fund’s use. The cash collateral held for the custodian and/or borrowings from the custodian, if any, is included on the Statements of Assets and Liabilities.

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2018 (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	$	263,950	N/A		N/A
Total		$	263,950		$	—

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	$	41,850	N/A		N/A
Total		$	41,850		$	—

ICON Equity Income Fund Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Equity Contracts (Purchased Options)	Net realized gain/(loss) on Investments and foreign currency translations/ Change in unrealized net appreciation/(depreciation) on Investments and foreign currency	$	(58,796	)	$	276,831
Total		$	(58,796	)	$	276,831

ICON Risk-Managed Balanced Fund Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Equity Contracts (Purchased Options)	Net realized gain/(loss) on Investments and foreign currency translations/ Change in unrealized net appreciation/(depreciation) on Investments and foreign currency	$	(75,404	)	$	54,507
Total		$	(75,404	)	$	54,507

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

The average purchased and written option contracts during the six months ended March 31, 2018, was as follows:

ICON Equity Income Fund

Derivative Type	Unit of Measurement	Average Contracts+	Days Held
Purchased Options	Contracts	78	182

ICON Risk-Managed Balanced Fund

Derivative Type	Unit of Measurement	Average Contracts+	Days Held
Purchased Options	Contracts	14	182

+ The average is calculated based on the actual number of days with outstanding derivatives.

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 Funds’ prime broker. The collateral required is determined daily by reference to the fair 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 Statements 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 Statements 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 and for the six months ended March 31, 2018, 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. Cash collateral is received in exchange for securities on loan in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. 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 fair 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 received from lending in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedules 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 six months ended March 31, 2018, is included in the Statements of Operations.

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2018 (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 Funds as of March 31, 2018:

	Remaining contractual maturity of the lending agreement
	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Fair Value		Collateral Received		Excess amount due to counterparty
Securities Lending Transactions
ICON Equity Income Fund
Equity Securities	$	3,019,328	$	—	$	—	$	—	$	3,019,328	$	3,019,328	$	800,976
ICON Flexible Bond Fund
Corporate Securities		821,455		—		—		—		821,455		821,455		39,968
Equity Securities		1,441,936		—		—		—		1,441,936		1,441,936		29,761
Total				—		—		—		2,263,391		2,263,391		69,729
ICON Opportunites Fund
Equity Securities		1,561,495		—		—		—		1,561,495		1,561,495		10,320
ICON Risk-Managed Balanced Fund
Equity Securities		446,399		—		—		—		446,399		446,399		4,723

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. As of and during the six months ended March 31, 2018, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize the interest and penalties, if any, related to the unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

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 Flexible 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 GAAP.

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 and is included in capital gains tax in the Statements of Operations.

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 based on the effective yield. 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, 2018 (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.

Withholding Tax

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in specific country or region.

Other

The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

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 or number of shareholder accounts. 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 or number of shareholder accounts. 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 additional class level expenses for the six months ended March 31, 2018 that are included on the Statements of Operations: 

Fund	Printing Fees*		Transfer Agent Fees*		Registration Fees
ICON Equity Income Fund
Class S	$	2,959	$	25,974	$	8,964
Class C		576		7,598		4,995
Class A		699		8,379		6,164
ICON Flexible Bond Fund
Class S		2,300		17,400		7,958
Class C		179		3,034		4,414
Class A		208		2,500		4,002
ICON Fund
Class S		1,744		5,696		6,767
Class C		457		10,879		4,803
Class A		297		4,635		5,619
ICON Long/Short Fund
Class S		537		8,267		5,028
Class C		263		5,046		4,735
Class A		438		7,686		7,084
ICON Risk-Managed Balanced Fund
Class S		1,073		13,160		5,425
Class C		684		8,456		5,617
Class A		399		4,320		5,949

* Printing and Transfer agent out of pocket fees are a Fund level expense.

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

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 Flexible 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 Equity Income Fund		—		0.99	%		1.99	%		1.24	%
ICON Flexible Bond Fund		—		0.75	%		1.60	%		1.00	%
ICON Fund		—		1.25	%		2.25	%		1.50	%
ICON Long/Short Fund		—		1.25	%		2.30	%		1.55	%
ICON Opportunities Fund		1.30%		—			—			—
ICON Risk-Managed Balanced Fund		—		1.20	%		2.20	%		1.45	%

The Funds’ expense limitations, excluding the Flexible Bond Fund Class A, all classes of the Equity Income Fund, all classes of the ICON Fund and the Opportunities Fund, will continue in effect until at least January 31, 2021. The expense limitations for the Flexible Bond Fund Class A, all classes of the Equity Income Fund, and all classes of the ICON Fund will continue in effect until at least January 31, 2019. The expense limitation for the Opportunities Fund will continue in effect until at least January 31, 2019. 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 these payments are proposed. 

As of March 31, 2018, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates: 

Fund	Expires 2018		Expires 2019		Expires 2020		Expires 2021
ICON Equity Income Fund	$	19,263	$	35,317	$	92,199	$	64,798
ICON Flexible Bond Fund		105,383		180,193		162,616		76,499
ICON Fund		2,172		27,727		16,031		4,181
ICON Long/Short Fund		30,862		80,331		66,063		21,751
ICON Opportunities Fund		724		3,029		3,673		—
ICON Risk-Managed Balanced Fund		61,973		44,620		53,919		24,922

Accounting, Custody and Transfer Agent Fees

ALPS Fund Services, Inc. (“ALPS”) serves as the fund accounting agent for the Trust. 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. 

ALPS is the Trust’s transfer agent. For these services, the Trust pays an annual fee plus annual base fee per Fund, per account fees and out-of-pocket expenses.

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 six months ended March 31, 2018, each Fund’s payment for administrative services to ICON Advisers is included on the Statements of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment,

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.

ICON Advisers has a sub-administration agreement, with 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.

Distribution Fees

ICON Distributors, Inc. (“IDI” or “Distributor”), a wholly-owned subsidiary of ICON Management and Research and affiliate of ICON Advisers, Inc., serves the Trust as Distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate or reimburse the Distributor for the sale and distribution of shares and for other shareholder services. The Flexible Bond Fund Class C shareholders pay an annual distribution fee of 0.85% of average daily net assets and Class A shareholders pay an annual distribution fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual distribution fee of 1.00% of average daily net assets for Class C shares and an annual distribution fee of 0.25% of average daily net assets for Class A shares. There is no annual distribution fee for Class S shares. The total amount paid by each Fund under the 12b-1 Plan is shown on the Statements of Operations.

Class A Shares are subject to an initial sales charge and the public offering price of Class A shares equals net asset value plus the applicable sales charge, which is a maximum of 5.75% (4.75% for Class A shares of the ICON Flexible Bond Fund). For the six months ended March 31, 2018, IDI collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries, as follows: 

Fund	Sales Charges Collected (Unaudited)
ICON Equity Income Fund Class A	$	3,558
ICON Flexible Bond Fund Class A		316
ICON Fund Class A		1,379
ICON Long/Short Fund Class A		2,595
ICON Risk-Managed Balanced Fund Class A		939

In addition, IDI receives a contingent deferred sales charge of 1.00% of the purchase price on redemptions of Class C shares made within one year following the date of purchase. A 1.00% contingent deferred sales charge may also apply to certain redemptions of Class A shares made within one year following the purchase of $1 million or more without an initial sales charge. For the six months ended March 31, 2018, IDI collected the following contingent deferred sales charges:

Fund	Contingent Deferred Sales Charges Collected (Unaudited)
ICON Equity Income Fund Class C	$	310
ICON Flexible Bond Fund Class C		83
ICON Fund Class C		476
ICON Long/Short Fund Class C		6
ICON Risk-Managed Balanced Fund Class C		767

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 pays a portion of the CCO’s salary and the remaining portion, along with other employee related expenses, is paid by ICON Advisers. For the six months ended March 31, 2018, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements 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 reviews and approves such reimbursements. For the six months ended March 31, 2018, the total related amounts accrued or paid by the Funds under this arrangement was $1,563 and is included in Other Expenses on the Statements of Operations. 

During the six months ended March 31, 2018, the Funds did not engaged in a cross trade transaction, pursuant to Rule 17a-7 under the 1940 Act, with an investment portfolio that is sub-advised by ICON Advisers. Generally, cross trading is the buying or selling of portfolio securities between funds or investment portfolios to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions between the Funds and its affiliates pursuant to Rule 17a-7. At its regularly scheduled meetings, the Board reviews such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and the Funds’ procedures. The 

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ICON Diversified Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of each Fund.

4. BORROWINGS

The Trust has entered into an uncommitted, unsecured, revolving Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. The maximum borrowing limit is $50 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2018 was 3.13%. The Line of Credit agreement/arrangement expires on March 19, 2019. 

As of March 31, 2018, the Equity Income Fund had an outstanding borrowing in the amount of $955,641. 

For the six months ended March 31, 2018, the average outstanding loan by Fund was as follows: 

Fund	Maximum Borrowing  (10/01/17 - 03/31/18)		Average Borrowing  (10/01/17 - 03/31/18)^		Average Interest Rates  (10/01/17 - 03/31/18)^
ICON Equity Income Fund	$	1,436,361	$	791,410		2.84%
ICON Fund*		362,520		98,568		2.65%
ICON Long/Short Fund*		267,280		187,622		2.77%
ICON Opportunities Fund*		113,570		35,255		2.85%
ICON Risk-Managed Balanced Fund*		498,101		348,552		2.66%

* There were no outstanding borrowings under this agreement/arrangement as of March 31, 2018.

^ The average is calculated based on the actual number of days with outstanding borrowings.

5.  PURCHASES AND SALES OF INVESTMENT SECURITIES

For the six months ended March 31, 2018, 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 Equity Income Fund	$	62,423,356	$	73,049,428	$	—	$	—
ICON Flexible Bond Fund		63,282,060		65,749,644		6,419,560		9,350,234
ICON Fund		4,902,325		7,560,699		—		—
ICON Long/Short Fund		5,601,822		2,366,591		—		—
ICON Opportunities Fund		9,431,537		5,795,675		—		—
ICON Risk-Managed Balanced Fund		17,291,308		19,566,508		1,283,031		4,166,340

6. FEDERAL INCOME TAX

The following information is presented on an income tax basis. Differences between 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 primarily due to differing treatments for items such as deferrals of wash sale losses, foreign currency transactions, expiring capital losses, partnership adjustments, net investment losses, and the treatment of TIPS, trust preferred securities, and paydowns. 

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. 

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ICON Diversified Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

For the year ended September 30, 2017, the following Funds had capital loss carryforwards: 

Fund	Expiring in 2018
ICON Equity Income Fund	$	15,697,877
ICON Fund		17,897,797
ICON Long/Short Fund		19,325,857
ICON Risk-Managed Balanced Fund		11,869,984

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, 2017, the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Equity Income Fund	$	3,326,391
ICON Flexible Bond Fund		67,069
ICON Fund		584,499
ICON Risk-Managed Balanced Fund		1,106,682

The following Funds elect to defer to the period ending September 30, 2018, capital losses recognized during the period November 1, 2016 to September 30, 2017:

Fund	Capital Losses Recognized
ICON Flexible Bond Fund	$	180,901
ICON Opportunities Fund		65,537

The following Funds elect to defer to the period ending September 30, 2018, late year ordinary losses:

Fund	Ordinary Losses Recognized
ICON Fund	$	155,596
ICON Long/Short Fund		24,615
ICON Opportunities Fund		103,428

The capital losses with no expiration were as follows:

Fund	Short-Term		Long-Term
ICON Flexible Bond Fund	$	710,170	$	1,305,310
ICON Fund		849,251		—
ICON Long/Short Fund		1,547,544		—

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2017, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains
ICON Equity Income Fund	$	2,542,191	$	—
ICON Flexible Bond Fund		3,291,245		—
ICON Opportunities Fund		—		221,532
ICON Risk-Managed Balanced Fund		433,548		—

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ICON Diversified Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

As of September 30, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Accumulated Capital Gains/(Losses)			Other Cumulative Effect of Timing Differences			Unrealized Appreciation/(Depreciation)*			Total Accumulated Earnings/(Deficit)
ICON Equity Income Fund	$	209,345	$	(15,697,877	)	$	3,400		$	5,500,015		$	(9,985,117	)
ICON Flexible Bond Fund		64,493		(2,196,381	)		(5,118	)		(185,449	)		(2,322,455	)
ICON Fund		—		(18,747,048	)		(155,596	)		13,149,670			(5,752,974	)
ICON Long/Short Fund		—		(20,873,401	)		(24,615	)		5,489,405			(15,408,611	)
ICON Opportunities Fund		—		227,029			(168,965	)		5,340,538			5,398,602
ICON Risk-Managed Balanced Fund		10,980		(11,869,984	)		955			2,395,257			(9,462,792	)

* Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and mark-to-market adjustments on passive foreign investment companies and options.

As of March 31, 2018, 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 Equity Income Fund	$	7,218,368	$	(1,452,355	)	$	5,766,013		$	75,689,125
ICON Flexible Bond Fund		207,037		(1,201,844	)		(994,807	)		82,274,631
ICON Fund		15,784,075		(489,016	)		15,295,059			35,787,992
ICON Long/Short Fund		7,256,205		(331,691	)		6,924,514			20,741,222
ICON Opportunities Fund		5,783,611		(1,057,283	)		4,726,328			19,958,542
ICON Risk-Managed Balanced Fund		2,554,032		(891,592	)		1,662,440			29,956,675

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ICON Diversified Funds Disclosure of Fund Expenses 

March 31, 2018 (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 (10/01/17 – 3/31/18).

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, 2017		Ending Account Value March 31, 2018		Expense Ratio(a)		Expenses Paid During period October 1, 2017 - March 31, 2018(b)
ICON Equity Income Fund
Class S
Actual	$	1,000.00	$	1,035.80	0.99	%	$	5.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.00	0.99	%	$	4.99
Class C
Actual	$	1,000.00	$	1,031.00	1.99	%	$	10.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.01	1.99	%	$	10.00
Class A
Actual	$	1,000.00	$	1,034.60	1.24	%	$	6.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	1.24	%	$	6.24
ICON Flexible Bond Fund
Class S
Actual	$	1,000.00	$	1,002.20	0.75	%	$	3.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	0.75	%	$	3.78
Class C
Actual	$	1,000.00	$	997.40	1.60	%	$	7.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.95	1.60	%	$	8.05
Class A
Actual	$	1,000.00	$	1,001.00	1.00	%	$	4.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	1.00	%	$	5.04

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ICON Diversified Funds Disclosure of Fund Expenses 

March 31, 2018 (Unaudited)

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Expense Ratio(a)			Expenses Paid During period October 1, 2017 - March 31, 2018(b)
ICON Fund
Class S
Actual	$	1,000.00	$	1,064.20		1.07	%	$	5.51
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60		1.07	%	$	5.39
Class C
Actual	$	1,000.00	$	1,058.10		2.25	%	$	11.55
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.71		2.25	%	$	11.30
Class A
Actual	$	1,000.00	$	1,061.90		1.50	%	$	7.71
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45		1.50	%	$	7.54
ICON Long/Short Fund
Class S
Actual	$	1,000.00	$	1,068.40		1.25	%	$	6.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70		1.25	%	$	6.29
Class C
Actual	$	1,000.00	$	1,063.30		2.30	%	$	11.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.46		2.30	%	$	11.55
Class A
Actual	$	1,000.00	$	1,066.60		1.55	%	$	7.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.20		1.55	%	$	7.80
ICON Opportunities Fund
Actual	$	1,000.00	$	1,015.50		1.30	%	$	6.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45		1.30	%	$	6.54
ICON Risk-Managed Balanced Fund
Class S
Actual	$	1,000.00	$	1,004.80		1.20	%	$	6.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95		1.20	%	$	6.04
Class C
Actual	$	1,000.00	$	1,000.00		2.20	%	$	10.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.96		2.20	%	$	11.05
Class A
Actual	$	1,000.00	$	1,003.60		1.45	%	$	7.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70		1.45	%	$	7.29

^(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 182/365 (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, 2018 61

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ICON Diversified Funds Additional Information

March 31, 2018 (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.

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ICON Diversified Funds	Privacy Policy
	March 31, 2018 (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, 2018 63

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ICON Diversified Funds	Privacy Policy
	March 31, 2018 (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

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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

 

SEMI-ANNUAL REPORT

March 31, 2018

 

International Funds

ICON Emerging Markets Fund
ICON International Equity Fund

 

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

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

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

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

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

TABLE OF CONTENTS
About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Emerging Markets Fund	3
ICON International Equity Fund	6
Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	13
Notes to Financial Statements (Unaudited)	18
Disclosure of Fund Expenses (Unaudited)	27
Additional Information (Unaudited)	28
Privacy Policy	29

Table of Contents

ICON International Funds	About This Report
	March 31, 2018 (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, 2018, 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.

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ICON Emerging Markets Fund Schedule of Investments

March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (95.50%)
Building Products (1.69%)
China Lesso Group Holdings, Ltd.		1,460,000	$	1,116,136
Coal & Consumable Fuels (3.62%)
Bukit Asam Persero Tbk PT		5,050,000		1,085,611
Indo Tambangraya Megah Tbk PT		630,000		1,307,498
				2,393,109
Commodity Chemicals (2.80%)
Hanwha Chemical Corp.		20,000		559,645
Indorama Ventures PLC		190,000		346,121
Mexichem SAB de CV		170,246		522,069
PTT Global Chemical PCL		140,000		425,562
				1,853,397
Construction & Engineering (2.90%)
PP Persero Tbk PT		3,177,573		606,019
Waskita Karya Persero Tbk PT		4,266,000		769,598
Wijaya Karya Persero Tbk PT		4,381,809		537,437
				1,913,054
Construction Materials (5.17%)
China Resources Cement Holdings, Ltd.		664,000		580,836
Cimsa Cimento Sanayi VE Ticaret AS		142,000		483,958
Waskita Beton Precast Tbk PT		21,000,000		635,030
West China Cement, Ltd.(a)		9,000,000		1,718,575
				3,418,399
Diversified Banks (22.50%)
Agricultural Bank of China, Ltd., Class H		3,364,000		1,931,755
Akbank Turk AS		360,000		875,353
Banco do Brasil SA		20,500		256,696
Bank Negara Indonesia Persero Tbk PT		524,000		331,845
Bank of China, Ltd., Class H		3,462,000		1,891,150
Bank Pan Indonesia Tbk PT(a)		13,827,400		1,077,088
China Construction Bank Corp., Class H		1,750,000		1,827,882
Grupo Financiero Banorte SAB de CV, Class O		55,000		333,570
Industrial Bank of Korea		52,000		765,929
Metropolitan Bank & Trust Co.		563,179		927,389
OTP Bank PLC		18,000		808,774
Sberbank of Russia PJSC, Sponsored ADR		88,000		1,643,611
Shinhan Financial Group Co., Ltd.		28,000		1,194,460
Turkiye Garanti Bankasi AS		360,000		998,220
				14,863,722
Electronic Components (1.42%)
Sunny Optical Technology Group Co., Ltd.		50,000		938,215

	Shares or Principal Amount		Value
Electronic Equipment & Instruments (2.59%)
China Railway Signal & Communication Corp., Ltd., Class H		797,000	$	625,843
SFA Engineering Corp.		33,000		1,085,911
				1,711,754
Electronic Manufacturing Services (1.28%)
AAC Technologies Holdings, Inc.		46,000		842,930
Environmental & Facilities Services (1.21%)
China Everbright International, Ltd.		566,000		799,180
Highways & Railtracks (1.30%)
Shenzhen Expressway Co., Ltd., Class H		840,000		857,943
Independent Power Producers & Energy Traders (1.76%)
Aboitiz Power Corp.		642,000		477,609
Electricity Generating PCL		94,000		689,128
				1,166,737
Industrial Machinery (2.18%)
China Conch Venture Holdings, Ltd.		470,000		1,442,268
Integrated Oil & Gas (6.99%)
China Petroleum & Chemical Corp., Class H		1,574,000		1,396,269
LUKOIL PJSC, Sponsored ADR		20,000		1,380,871
MOL Hungarian Oil & Gas PLC		77,600		846,670
Rosneft Oil Co. PJSC, GDR		182,000		999,706
				4,623,516
Internet Software & Services (5.64%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)		4,400		807,576
Momo, Inc., Sponsored ADR(a)		34,000		1,270,920
SINA Corp.(a)		3,728		388,719
Tencent Holdings, Ltd.		23,545		1,263,886
				3,731,101
IT Consulting & Other Services (0.96%)
Infosys, Ltd.		36,244		634,205
Oil & Gas Exploration & Production (3.14%)
CNOOC, Ltd.		1,053,000		1,559,166
Diamondback Energy, Inc.(a)		4,075		515,569
				2,074,735
Oil & Gas Refining & Marketing (4.62%)
Petron Corp.		6,350,000		1,125,725
SK Innovation Co., Ltd.		5,500		1,093,173
Tupras Turkiye Petrol Rafinerileri AS		30,000		837,949
				3,056,847

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

Semi-Annual Report | March 31, 2018 3

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ICON Emerging Markets Fund Schedule of Investments

March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Oil & Gas Storage & Transportation (1.10%)
Sinopec Kantons Holdings, Ltd.		1,470,000	$	729,467
Paper Packaging (2.63%)
DS Smith PLC		54,000		356,838
Smurfit Kappa Group PLC		34,000		1,380,314
				1,737,152
Paper Products (4.55%)
Lee & Man Paper Manufacturing, Ltd.		1,387,000		1,481,010
Mondi PLC		26,000		698,832
Nine Dragons Paper Holdings, Ltd.		544,000		824,488
				3,004,330
Regional Banks (5.54%)
Bank Tabungan Negara Persero Tbk PT		1,424,000		394,309
Banregio Grupo Financiero SAB de CV		223,800		1,383,054
DGB Financial Group, Inc.		127,000		1,398,178
Grupo Financiero Interacciones SA de CV, Class O		98,666		479,762
				3,655,303
Renewable Electricity (1.59%)
China Everbright Greentech, Ltd.(a)		1,004,792		1,010,301
Energy Development Corp.		375,361		40,295
				1,050,596
Semiconductor Equipment (0.60%)
ASM Pacific Technology, Ltd.		28,000		394,473
Semiconductors (2.06%)
Nanya Technology Corp		292,000		935,595
Taiwan Semiconductor Manufacturing Co., Ltd.		50,000		423,510
				1,359,105
Steel (2.03%)
POSCO		4,200		1,340,643
Technology Hardware, Storage & Peripherals (0.53%)
Samsung Electronics Co., Ltd.		150		350,471
Water Utilities (0.93%)
TTW PCL		1,599,400		613,208
Wireless Telecommunication Services (2.17%)
China Mobile, Ltd.		71,000		650,743
TIM Participacoes SA		72,000		313,608
Turkcell Iletisim Hizmetleri AS		120,000		459,837
				1,424,188
Total Common Stocks (Cost $56,241,138)				63,096,184

	Shares or Principal Amount		Value
Preferred Stocks (1.82%)
Diversified Banks (0.61%)
Banco Bradesco SA	$	34,000	$	406,997
Integrated Telecommunication Services (1.21%)
Telefonica Brasil SA		52,000		798,401
Total Preferred Stocks (Cost $1,181,894)				1,205,398
Total Investments (97.32%) (Cost $57,423,032)			$	64,301,582
Other Assets Less Liabilities (2.68%)				1,771,220
Net Assets (100.00%)			$	66,072,802

^(a) Non-income producing security.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

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

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ICON Emerging Markets Fund Schedule of Investments

March 31, 2018 (Unaudited)

Country Composition (March 31, 2018) (Unaudited)
China	30.08	%
South Korea	11.79	%
Indonesia	10.21	%
Hong Kong	9.80	%
Russia	6.09	%
Turkey	5.54	%
Mexico	4.12	%
Philippines	3.88	%
Thailand	3.13	%
Brazil	2.69	%
Hungary	2.50	%
Ireland	2.09	%
Taiwan	2.06	%
United Kingdom	1.60	%
India	0.96	%
United States	0.78	%
	97.32	%

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

Sector Composition (March 31, 2018) (Unaudited)
Financials	28.65	%
Energy	19.47	%
Materials	17.18	%
Information Technology	15.08	%
Industrials	9.28	%
Utilities	4.28	%
Telecommunication Services	3.38	%
	97.32	%

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

Industry Composition (March 31, 2018) (Unaudited)
Diversified Banks	23.11	%
Integrated Oil & Gas	6.99	%
Internet Software & Services	5.64	%
Regional Banks	5.54	%
Construction Materials	5.17	%
Oil & Gas Refining & Marketing	4.62	%
Paper Products	4.55	%
Coal & Consumable Fuels	3.62	%
Oil & Gas Exploration & Production	3.14	%
Construction & Engineering	2.90	%
Commodity Chemicals	2.80	%
Paper Packaging	2.63	%
Electronic Equipment & Instruments	2.59	%
Industrial Machinery	2.18	%
Wireless Telecommunication Services	2.17	%
Semiconductors	2.06	%
Steel	2.03	%
Independent Power Producers & Energy Traders	1.76	%
Building Products	1.69	%
Renewable Electricity	1.59	%
Electronic Components	1.42	%
Highways & Railtracks	1.30	%
Electronic Manufacturing Services	1.28	%
Environmental & Facilities Services	1.21	%
Integrated Telecommunication Services	1.21	%
Oil & Gas Storage & Transportation	1.10	%
Other Industries (each less than 1%)	3.02	%
	97.32	%

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

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

Semi-Annual Report | March 31, 2018 5

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ICON International Equity Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or
	Principal
	Amount		Value
Common Stocks (96.26%)
Aerospace & Defense (0.43%)
Airbus SE		2,000	$	231,516
Apparel Retail (0.35%)
IT, Ltd.		400,000		186,097
Apparel, Accessories & Luxury Goods (0.77%)
adidas AG		1,322		321,640
Nameson Holdings, Ltd.		420,000		90,393
				412,033
Application Software (1.10%)
Open Text Corp.		17,000		591,408
Asset Management & Custody Banks (0.36%)
Amundi SA		2,400		192,738
Automotive Retail (0.59%)
China ZhengTong Auto Services Holdings, Ltd.		430,000		315,847
Building Products (4.22%)
China Lesso Group Holdings, Ltd.		950,000		726,253
Cie de Saint-Gobain		12,800		675,905
Sanwa Holdings Corp.		22,000		283,679
Tyman PLC		139,054		581,377
				2,267,214
Commodity Chemicals (1.75%)
Hanwha Chemical Corp.		12,700		355,374
Indorama Ventures PLC		100,000		182,169
Mexichem SAB de CV		82,654		253,463
PTT Global Chemical PCL		50,000		151,987
				942,993
Construction & Engineering (1.28%)
PP Persero Tbk PT		2,542,527		484,905
Waskita Karya Persero Tbk PT		1,140,000		205,659
				690,564
Construction Materials (3.01%)
Buzzi Unicem SpA(a)		8,600		201,439
Cimsa Cimento Sanayi VE Ticaret AS		55,000		187,449
Waskita Beton Precast Tbk PT		16,950,000		512,560
West China Cement, Ltd.(b)		3,780,000		721,801
				1,623,249
Diversified Banks (15.68%)
ABN AMRO Group NV		7,200		217,104
Agricultural Bank of China, Ltd., Class H		500,000		287,122
Akbank Turk AS		183,000		444,971
Banco Bilbao Vizcaya Argentaria SA		16,000		126,713
Banco do Brasil SA		12,800		160,279
Banco Santander SA		115,000		752,719
Bank of China, Ltd., Class H		1,060,000		579,035

	Shares or
	Principal
	Amount		Value
Diversified Banks (continued)
BNP Paribas SA		6,200	$	459,797
Danske Bank A/S		6,800		254,784
DNB ASA		7,700		151,669
HSBC Holdings PLC		35,000		328,675
ING Groep NV		19,600		330,754
KB Financial Group, Inc.		8,200		475,577
Lloyds Banking Group PLC		286,000		260,154
Metropolitan Bank & Trust Co.		125,150		206,085
OTP Bank PLC		8,000		359,455
Oversea-Chinese Banking Corp., Ltd.		34,000		334,934
Sberbank of Russia PJSC, Sponsored ADR		42,000		784,451
Shinhan Financial Group Co., Ltd.		3,200		136,510
Societe Generale SA		4,400		238,966
Swedbank AB, Class A		13,500		303,350
Turkiye Garanti Bankasi AS		126,000		349,377
UniCredit SpA(b)		43,584		910,956
				8,453,437
Diversified Chemicals (0.94%)
BASF SE		5,000		507,087
Diversified Metals & Mining (0.28%)
Rio Tinto PLC		3,000		152,232
Electric Utilities (2.84%)
CK Infrastructure Holdings, Ltd.		54,000		442,600
Enel SpA		46,000		281,484
Iberdrola SA		110,000		808,874
				1,532,958
Electronic Components (0.52%)
Sunny Optical Technology Group Co., Ltd.		15,000		281,465
Electronic Equipment & Instruments (1.64%)
China Railway Signal & Communication Corp., Ltd., Class H		660,000		518,264
SFA Engineering Corp.		11,200		368,551
				886,815
Electronic Manufacturing Services (0.75%)
AAC Technologies Holdings, Inc.		22,000		403,141
Environmental & Facilities Services (1.28%)
China Everbright International, Ltd.		486,000		686,221
Gold (1.86%)
Randgold Resources, Ltd.		7,500		623,071
SEMAFO, Inc.(b)		131,000		377,234
				1,000,305

The accompanying notes are an integral part of the financial statements.
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ICON International Equity Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or
	Principal
	Amount		Value
Highways & Railtracks (1.18%)
Shenzhen Expressway Co., Ltd., Class H		620,000	$	633,243
Home Improvement Retail (0.37%)
Kingfisher PLC		48,000		196,911
Homebuilding (0.39%)
Redrow PLC		25,000		208,896
Independent Power Producers & Energy Traders (2.28%)
Aboitiz Power Corp.		290,000		215,743
Electric Power Development Co., Ltd.		24,400		628,933
Electricity Generating PCL		52,000		381,219
				1,225,895
Industrial Machinery (1.03%)
China Conch Venture Holdings, Ltd.		180,000		552,358
Integrated Oil & Gas (5.81%)
China Petroleum & Chemical Corp., Class H		638,000		565,959
LUKOIL PJSC, Sponsored ADR		6,700		462,591
MOL Hungarian Oil & Gas PLC		21,600		235,671
Repsol SA		8,200		145,760
Rosneft Oil Co. PJSC, GDR		75,700		415,812
Royal Dutch Shell PLC, Class B		19,500		627,480
TOTAL SA(a)		11,700		670,641
				3,123,914
Integrated Telecommunication Services (0.79%)
Telecom Italia SpA(b)		450,000		427,273
Internet Software & Services (2.40%)
Alibaba Group Holding, Ltd., Sponsored ADR(b)		1,500		275,310
Momo, Inc., Sponsored ADR(b)		10,000		373,800
SINA Corp.(b)		1,172		122,204
Tencent Holdings, Ltd.		9,700		520,692
				1,292,006
Leisure Products (0.40%)
Bandai Namco Holdings, Inc.		6,700		216,837
Life & Health Insurance (1.54%)
Legal & General Group PLC		99,000		358,703
NN Group NV		5,986		265,958
Prudential PLC		8,200		204,907
				829,568
Metal & Glass Containers (1.50%)
RPC Group PLC		74,000		804,522
Multi-line Insurance (4.59%)
Allianz SE		4,500		1,017,258
Assicurazioni Generali SpA		28,300		543,990

	Shares or
	Principal
	Amount		Value
Multi-line Insurance (continued)
Aviva PLC		77,000	$	537,390
AXA SA		14,000		372,163
				2,470,801
Multi-Utilities (0.43%)
RWE AG(b)		9,400		232,351
Oil & Gas Exploration & Production (4.42%)
CNOOC, Ltd.		282,000		417,554
Diamondback Energy, Inc.(b)		2,076		262,656
Encana Corp.		35,100		386,050
Jagged Peak Energy, Inc.(a)(b)		17,000		240,210
Newfield Exploration Co.(b)		14,200		346,764
Parsley Energy, Inc., Class A(b)		11,530		334,255
Seven Generations Energy, Ltd., Class A(b)		31,200		387,472
				2,374,961
Oil & Gas Refining & Marketing (4.60%)
Idemitsu Kosan Co., Ltd.		9,300		355,825
JXTG Holdings, Inc.		134,000		816,942
Petron Corp.		2,780,000		492,837
SK Innovation Co., Ltd.		2,400		477,021
Tupras Turkiye Petrol Rafinerileri AS		11,700		326,800
				2,469,425
Oil & Gas Storage & Transportation (2.39%)
Pembina Pipeline Corp.		13,000		405,635
Sinopec Kantons Holdings, Ltd.		1,780,000		883,301
				1,288,936
Other Diversified Financial Services (0.87%)
ORIX Corp.		26,000		465,945
Paper Packaging (3.45%)
DS Smith PLC		117,300		775,131
Smurfit Kappa Group PLC		26,700		1,083,953
				1,859,084
Paper Products (4.05%)
Lee & Man Paper Manufacturing, Ltd.		410,000		437,790
Mondi PLC		31,800		854,725
Nine Dragons Paper Holdings, Ltd.		586,000		888,143
				2,180,658
Regional Banks (2.11%)
Banregio Grupo Financiero SAB de CV		66,000		407,871
DGB Financial Group, Inc.		38,000		418,353
Grupo Financiero Interacciones SA de CV, Class O		62,955		306,118
				1,132,342
Renewable Electricity (1.30%)
China Everbright Greentech, Ltd.(b)		695,009		698,820

The accompanying notes are an integral part of the financial statements.
Semi-Annual Report | March 31, 2018	7

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ICON International Equity Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount		Value
Semiconductor Equipment (2.99%)
ASM Pacific Technology, Ltd.		42,000	$	591,710
SUMCO Corp.		38,900		1,015,973
				1,607,683
Semiconductors (0.73%)
Nanya Technology Corp		122,000		390,899
Specialty Chemicals (3.16%)
Borregaard ASA		39,128		370,913
Covestro AG		1,400		137,854
Shin-Etsu Chemical Co., Ltd.		11,400		1,189,125
				1,697,892
Steel (0.83%)
POSCO		1,400		446,881
Tobacco (1.36%)
British American Tobacco PLC		12,700		734,148
Wireless Telecommunication Services (1.64%)
SoftBank Group Corp.		9,200		686,240
Turkcell Iletisim Hizmetleri AS		50,000		191,599
				877,839
Total Common Stocks (Cost $51,352,562)				51,797,408
Preferred Stocks (0.42%)
Diversified Banks (0.42%)
Banco Bradesco SA		18,800		225,045
Total Preferred Stocks (Cost $217,101)				225,045
Collateral for Securities on Loan (0.82%)
State Street Navigator Securities
Lending Government Money Market Portfolio, 7-Day Yield 1.73%		438,918		438,918
Total Collateral for Securities on Loan (Cost $438,918)				438,918
Total Investments (97.50%) (Cost $52,008,581)			$	52,461,371
Other Assets Less Liabilities (2.50%)				1,345,034
Net Assets (100.00%)			$	53,806,405

^(a) All or a portion of the security was on loan as of March 31, 2018.

^(b) Non-income producing security.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

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

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ICON International Equity Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Country Composition (March 31, 2018) (Unaudited)
China	13.56	%
United Kingdom	12.32	%
Japan	10.53	%
Hong Kong	9.12	%
France	5.28	%
South Korea	4.97	%
Italy	4.38	%
Germany	4.12	%
Canada	3.99	%
Spain	3.41	%
Russia	3.09	%
Turkey	2.80	%
Indonesia	2.23	%
United States	2.20	%
Ireland	2.01	%
Mexico	1.80	%
Philippines	1.70	%
Netherlands	1.50	%
Thailand	1.33	%
Jersey	1.16	%
Hungary	1.11	%
Norway	0.97	%
Taiwan	0.73	%
Brazil	0.72	%
Singapore	0.62	%
Sweden	0.56	%
Denmark	0.47	%
	96.68	%

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

Sector Composition (March 31, 2018) (Unaudited)
Financials	25.57	%
Materials	20.83	%
Energy	17.22	%
Information Technology	10.13	%
Industrials	9.42	%
Utilities	6.85	%
Consumer Discretionary	2.87	%
Telecommunication Services	2.43	%
Consumer Staples	1.36	%
	96.68	%

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

Industry Composition (March 31, 2018) (Unaudited)
Diversified Banks	16.10	%
Integrated Oil & Gas	5.81	%
Oil & Gas Refining & Marketing	4.60	%
Multi-line Insurance	4.59	%
Oil & Gas Exploration & Production	4.42	%
Building Products	4.22	%
Paper Products	4.05	%
Paper Packaging	3.45	%
Specialty Chemicals	3.16	%
Construction Materials	3.01	%
Semiconductor Equipment	2.99	%
Electric Utilities	2.84	%
Internet Software & Services	2.40	%
Oil & Gas Storage & Transportation	2.39	%
Independent Power Producers & Energy Traders	2.28	%
Regional Banks	2.11	%
Gold	1.86	%
Commodity Chemicals	1.75	%
Electronic Equipment & Instruments	1.64	%
Wireless Telecommunication Services	1.64	%
Life & Health Insurance	1.54	%
Metal & Glass Containers	1.50	%
Tobacco	1.36	%
Renewable Electricity	1.30	%
Construction & Engineering	1.28	%
Environmental & Facilities Services	1.28	%
Highways & Railtracks	1.18	%
Application Software	1.10	%
Industrial Machinery	1.03	%
Other Industries (each less than 1%)	9.80	%
	96.68	%

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

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

Semi-Annual Report | March 31, 2018 9

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ICON International Funds	Statements of Assets and Liabilities
	March 31, 2018 (Unaudited)

	ICON Emerging Markets Fund		ICON International Equity Fund
Assets
Investments, at cost	$	57,423,032	$	52,008,581
Investments, at value(a)		64,301,582		52,461,371
Cash and cash equivalents		648,453		479,372
Foreign currency, at value (Cost $622,413 and $142,602, respectively)		618,025		142,046
Receivables:
Investments sold		565,993		962,398
Fund shares sold		200,922		33,551
Expense reimbursements due from Adviser		4,125		5,538
Dividends		362,916		228,549
Foreign tax reclaims		—		55,715
Other assets		17,219		21,550
Total assets		66,719,235		54,390,090
Liabilities
Payables:
Payable for collateral received on securities loaned		—		438,918
Investments purchased		398,229		780
Capital gains tax		16,380		4,871
Fund shares redeemed		76,129		10,966
Advisory fees		56,205		46,247
Transfer agent fees		26,581		6,652
Fund accounting fees		21,760		29,667
Accrued distribution fees		2,495		2,593
Trustee fees and expenses		524		105
Administration fees		2,808		2,311
Accrued expenses		45,322		40,575
Total liabilities		646,433		583,685
Net Assets - all share classes	$	66,072,802	$	53,806,405
Net Assets - Class S	$	54,420,840	$	49,158,229
Net Assets - Class C	$	—	$	2,419,595
Net Assets - Class A	$	11,651,962	$	2,228,581
Net Assets Consists of
Paid-in capital	$	58,051,209	$	85,491,477
Accumulated undistributed net investment income/(loss)		57,711		(82,926	)
Accumulated undistributed net realized gain/(loss)		1,103,760		(32,052,747	)
Unrealized appreciation/(depreciation)		6,860,122		450,601
Net Assets	$	66,072,802	$	53,806,405
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,116,037		3,556,698
Class C		—		199,057
Class A		672,256		164,393
Net asset value (offering and redemption price per share)
Class S	$	17.46	$	13.82
Class C	$	—	$	12.16
Class A	$	17.33	$	13.56
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	18.39	$	14.38
(a) Includes securities on loan of	$	—	$	446,104

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

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ICON International Funds	Statements of Operations
	Period Ended March 31, 2018 (Unaudited)

	ICON Emerging Markets Fund			ICON International Equity Fund
Investment Income
Interest	$	545		$	1,615
Dividends		682,985			485,581
Foreign taxes withheld		(104,316	)		(58,258	)
Income from securities lending, net		514			3,341
Total investment income		579,728			432,279
Expenses
Advisory fees		325,674			264,248
Administration fees		16,268			13,201
Transfer agent fees		65,820			20,519
Distribution fees:
Class C		—			12,700
Class A		15,054			2,903
Registration fees		16,558			17,566
Audit and tax service expense		11,047			11,045
Fund accounting fees		25,634			30,477
Trustee fees and expenses		7,502			5,787
Insurance expense		3,167			2,435
Custody fees		18,639			15,068
Printing fees		8,251			4,691
Interest expense		2,098			—
Recoupment of previously reimbursed expenses		355			7,877
Other expenses		22,678			21,637
Total expenses before expense reimbursement		538,745			430,154
Expense reimbursement by Adviser due to expense limitation agreement		(16,752	)		(17,017	)
Net Expenses		521,993			413,137
Net Investment Income/(Loss)		57,735			19,142
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		1,125,317			2,925,359
Capital gains tax		(21,557	)		(10,856	)
		1,103,760			2,914,503
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		5,064,536			(450,036	)
Capital gains tax		(16,380	)		(3,297	)
		5,048,156			(453,333	)
Net realized and unrealized gain/(loss)		6,151,916			2,461,170
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	6,209,651		$	2,480,312

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

Semi-Annual Report | March 31, 2018 11

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ICON International Funds Statements of Changes in Net Assets

	ICON Emerging Markets Fund						ICON International Equity Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	57,735		$	235,593		$	19,142		$	127,641
Net realized gain/(loss)		1,103,760			4,069,531			2,914,503			2,500,826
Change in net unrealized appreciation/(depreciation)		5,048,156			794,783			(453,333	)		1,846,476
Net increase/(decrease) in net assets resulting from operations		6,209,651			5,099,907			2,480,312			4,474,943
Dividends and Distributions to Shareholders
Net investment income
Class S		(100,052	)		—			—			—
Class A		(478	)		—			—			—
Net decrease from dividends and distributions		(100,530	)		—			—			—
Fund Share Transactions
Shares sold
Class S		10,118,861			26,312,322			4,771,738			4,368,367
Class C(a)		—			43,641			88,936			123,670
Class A(a)		2,086,401			9,477,499			37,231			168,244
Reinvested dividends and distributions
Class S		95,422			—			—			—
Class A		424			—			—			—
Shares repurchased
Class S		(12,590,996	)		(24,352,508	)		(3,015,333	)		(13,299,835	)
Class C(a)		—			(995,637	)		(267,260	)		(784,395	)
Class A(a)		(4,466,049	)		(6,735,963	)		(193,644	)		(921,210	)
Net increase/(decrease) from fund share transactions		(4,755,937	)		3,749,354			1,421,668			(10,345,159	)
Total net increase/(decrease) in net assets		1,353,184			8,849,261			3,901,980			(5,870,216	)
Net Assets
Beginning of period		64,719,618			55,870,357			49,904,425			55,774,641
End of period	$	66,072,802		$	64,719,618		$	53,806,405		$	49,904,425
Accumulated undistributed net investment income/(loss)	$	57,711		$	100,506		$	(82,926	)	$	(102,068	)
Transactions in Fund Shares
Shares sold
Class S		595,570			1,779,885			349,100			350,531
Class C(a)		—			3,312			7,502			11,284
Class A(a)		124,326			652,238			2,699			13,905
Issued to shareholders in reinvestment of distributions
Class S		5,942			—			—			—
Class A		26			—			—			—
Shares repurchased
Class S		(745,144	)		(1,727,057	)		(220,635	)		(1,110,895	)
Class C(a)		—			(78,688	)		(21,847	)		(73,749	)
Class A(a)		(269,262	)		(474,151	)		(14,235	)		(78,612	)
Net increase/(decrease)		(288,542	)		155,539			102,584			(887,536	)
Shares outstanding, beginning of period		4,076,835			3,921,296			3,817,564			4,705,100
Shares outstanding, end of period		3,788,293			4,076,835			3,920,148			3,817,564

^(a) Emerging Markets Fund Class C shares merged into Class A shares on January 10, 2017. The information presented includes the activity for Class C prior to the merger as well as Class C shares redeemed, 67,738 shares, and Class A shares issued, 63,928 shares, in connection with the merger of $853,918.

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

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ICON Emerging Markets Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	15.90		$	14.28		$	12.95		$	13.72		$	13.51		$	12.21
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.02			0.07			(0.00	)(c)		(0.03	)		(0.03	)		0.06
Net realized and unrealized gains/(losses) on investments		1.57			1.55			1.33			(0.74	)		0.27			1.33
Total from investment operations		1.59			1.62			1.33			(0.77	)		0.24			1.39
Less dividends and distributions:
Dividends from net investment income		(0.03	)		—			—			—			(0.03	)		(0.09	)
Total dividends and distributions		(0.03	)		—			—			—			(0.03	)		(0.09	)
Net asset value, end of period	$	17.46		$	15.90		$	14.28		$	12.95		$	13.72		$	13.51
Total Return		10.03	%(d)		11.34	%		10.27	%		(5.61	)%		1.78	%		11.44	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	54,421		$	51,833		$	45,786		$	16,123		$	8,942		$	29,053
Ratio of expenses to average net assets
Before expense limitation		1.58	%(e)		1.72	%		1.85	%		2.44	%		2.11	%		1.64	%
After expense limitation		1.56	%(e)(f)		1.55	%(f)		1.55	%(f)		1.55	%(f)		1.88	%(g)		1.64	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.21	%(e)		0.29	%		(0.32	)%		(1.08	)%		(0.42	)%		0.46	%
After expense limitation		0.23	%(e)(f)		0.46	%(f)		(0.02	)%(f)		(0.19	)%(f)		(0.19	)%(g)		0.46	%
Portfolio turnover rate		40	%(d)		169	%		156	%		76	%		92	%		60	%

^(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 class specific expenses during the period.

^(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.

^(g) Effective May 5, 2014, Class S’s operating expenses, not including interest expense, were contractually limited to the amounts discussed in Note 3 of the 2014 Annual Report. 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, 2018 13

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ICON Emerging Markets Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	15.77		$	14.20		$	12.91		$	13.71		$	13.51		$	12.17
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.01	)		0.06			(0.01	)		(0.07	)		(0.04	)		0.04
Net realized and unrealized gains/(losses) on investments		1.57			1.51			1.30			(0.73	)		0.27			1.33
Total from investment operations		1.56			1.57			1.29			(0.80	)		0.23			1.37
Less dividends and distributions:
Dividends from net investment income		(0.00	)(d)		—			—			—			(0.03	)		(0.03	)
Total dividends and distributions		(0.00	)		—			—			—			(0.03	)		(0.03	)
Net asset value, end of period	$	17.33		$	15.77		$	14.20		$	12.91		$	13.71		$	13.51
Total Return(e)		9.90	%(f)		11.06	%		9.99	%		(5.84	)%		1.68	%		11.29	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	11,652		$	12,887		$	9,072		$	725		$	305		$	789
Ratio of expenses to average net assets
Before expense limitation		1.97	%(g)		2.12	%		2.16	%		4.75	%		4.32	%		2.97	%
After expense limitation(h)		1.81	%(g)		1.80	%		1.80	%		1.80	%		1.95	%		1.81	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.23	)%(g)		0.08	%		(0.43	)%		(3.44	)%		(2.65	)%		(0.82	)%
After expense limitation(h)		(0.07	)%(g)		0.40	%		(0.07	)%		(0.49	)%		(0.28	)%		0.34	%
Portfolio turnover rate		40	%(f)		169	%		156	%		76	%		92	%		60	%

^(a) Class C shares were merged into Class A on January 10, 2017. 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 class specific expenses 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.

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ICON International Equity Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	13.17		$	11.94		$	11.37		$	11.75		$	11.81		$	11.05
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.01			0.04			0.05			0.00	(c)		0.06			0.07
Net realized and unrealized gains/(losses) on investments		0.64			1.19			0.52			(0.37	)		(0.12	)		0.74
Total from investment operations		0.65			1.23			0.57			(0.37	)		(0.06	)		0.81
Less dividends and distributions:
Dividends from net investment income		—			—			—			(0.01	)		—			(0.00	)(d)
Distributions from net realized gains		—			—			—			—			—			(0.05	)
Total dividends and distributions		—			—			—			(0.01	)		—			(0.05	)
Net asset value, end of period	$	13.82		$	13.17		$	11.94		$	11.37		$	11.75		$	11.81
Total Return		4.94	%(e)		10.30	%		5.01	%		(3.15	)%		(0.51	)%		7.33	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	49,158		$	45,144		$	50,005		$	67,201		$	80,356		$	42,105
Ratio of expenses to average net assets
Before expense limitation		1.50	%(f)		1.57	%		1.45	%		1.41	%		1.41	%		1.45	%
After expense limitation(g)		1.50	%(f)		1.55	%		1.45	%		1.41	%		1.41	%		1.45	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.14	%(f)		0.31	%		0.45	%		0.00	%(h)		0.44	%		0.65	%
After expense limitation(g)		0.14	%(f)		0.33	%		0.45	%		0.00	%(h)		0.44	%		0.65	%
Portfolio turnover rate		66	%(e)		209	%		198	%		204	%		193	%		138	%

^(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 class specific expenses during the period.

^(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.

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ICON International Equity Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	11.64		$	10.66		$	10.27		$	10.72		$	10.89		$	10.26
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.06	)		(0.07	)		(0.09	)		(0.12	)		(0.08	)		(0.04	)
Net realized and unrealized gains/(losses) on investments		0.58			1.05			0.48			(0.33	)		(0.09	)		0.67
Total from investment operations		0.52			0.98			0.39			(0.45	)		(0.17	)		0.63
Net asset value, end of period	$	12.16		$	11.64		$	10.66		$	10.27		$	10.72		$	10.89
Total Return(c)		4.47	%(d)		9.19	%		3.80	%		(4.20	)%		(1.56	)%		6.14	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,420		$	2,484		$	2,941		$	3,299		$	4,597		$	5,657
Ratio of expenses to average net assets
Before expense limitation		3.17	%(e)		3.35	%		3.13	%		2.96	%		2.82	%		2.77	%
After expense limitation(f)		2.55	%(e)		2.55	%		2.55	%		2.55	%		2.56	%		2.56	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.57	)%(e)		(1.48	)%		(1.40	)%		(1.56	)%		(0.99	)%		(0.63	)%
After expense limitation(f)		(0.95	)%(e)		(0.68	)%		(0.82	)%		(1.15	)%		(0.73	)%		(0.42	)%
Portfolio turnover rate		66	%(d)		209	%		198	%		204	%		193	%		138	%

^(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 class specific expenses 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.

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ICON International Equity Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	12.94		$	11.76		$	11.24		$	11.65		$	11.75		$	10.99
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.01	)		0.01			0.05			(0.04	)		0.00	(c)		0.04
Net realized and unrealized gains/(losses) on investments		0.63			1.17			0.47			(0.37	)		(0.10	)		0.73
Total from investment operations		0.62			1.18			0.52			(0.41	)		(0.10	)		0.77
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—			(0.00	)(d)
Distributions from net realized gains		—			—			—			—			—			(0.01	)
Total dividends and distributions		—			—			—			—			—			(0.01	)
Net asset value, end of period	$	13.56		$	12.94		$	11.76		$	11.24		$	11.65		$	11.75
Total Return(e)		4.79	%(f)		10.03	%		4.63	%		(3.52	)%		(0.85	)%		7.03	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,229		$	2,276		$	2,829		$	3,725		$	4,089		$	5,043
Ratio of expenses to average net assets
Before expense limitation		2.59	%(g)		2.67	%		2.43	%		2.25	%		2.12	%		2.19	%
After expense limitation(h)		1.80	%(g)		1.80	%		1.80	%		1.80	%		1.81	%		1.81	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.99	)%(g)		(0.80	)%		(0.19	)%		(0.77	)%		(0.27	)%		(0.06	)%
After expense limitation(h)		(0.20	)%(g)		0.07	%		0.44	%		(0.32	)%		0.04	%		0.32	%
Portfolio turnover rate		66	%(f)		209	%		198	%		204	%		193	%		138	%

^(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 class specific expenses during the period.

^(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.

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ICON International Funds Notes to Financial Statements

March 31, 2018 (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 two classes of shares: Class S and Class A. The International Equity Fund also offers a Class C share. On January 10, 2017, the Class C shares of the Emerging Markets Fund merged into the Class A shares of the Emerging Markets Fund. The Class C shares of the Emerging Markets Fund were closed. The merger activity is shown in the Statements 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 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. Securities of emerging or developing market companies may be less liquid and more volatile than securities in countries with more mature markets. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity, and small market share.

In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure 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 financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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 under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

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 NYSE is open for trading.

The Funds use pricing services to obtain the fair 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 fair 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’ Pricing Committee pursuant to procedures approved by the Funds’ Board of Trustees (the “Board”).

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ICON International Funds Notes to Financial Statements

March 31, 2018 (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 are 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 fair 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, including money market funds, that are not traded on an exchange are valued at the end of day net asset value (“NAV”) 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 Funds’ Pricing Committee 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 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, 2018:

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
Commodity Chemicals	$	522,069	$	1,331,328	$	—	$	1,853,397
Diversified Banks		590,266		14,273,456		—		14,863,722
Internet Software & Services		2,467,215		1,263,886		—		3,731,101
Oil & Gas Exploration & Production		515,569		1,559,166		—		2,074,735
Oil & Gas Refining & Marketing		1,125,725		1,931,122		—		3,056,847
Regional Banks		1,862,816		1,792,487		—		3,655,303
Wireless Telecommunication Services		313,608		1,110,580		—		1,424,188
Other		—		32,436,891		—		32,436,891
Preferred Stocks		1,205,398		—		—		1,205,398
Total	$	8,602,666	$	55,698,916	$	—	$	64,301,582

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ICON International Funds Notes to Financial Statements

March 31, 2018 (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
Building Products	$	581,377	$	1,685,837	$	—	$	2,267,214
Commodity Chemicals		253,463		689,530		—		942,993
Diversified Banks		160,279		8,293,158		—		8,453,437
Gold		377,234		623,071		—		1,000,305
Internet Software & Services		771,314		520,692		—		1,292,006
Oil & Gas Exploration & Production		1,957,407		417,554		—		2,374,961
Oil & Gas Refining & Marketing		492,837		1,976,588		—		2,469,425
Oil & Gas Storage & Transportation		405,635		883,301		—		1,288,936
Regional Banks		713,989		418,353		—		1,132,342
Other		591,408		29,984,381		—		30,575,789
Preferred Stocks		225,045		—		—		225,045
Collateral for Securities on Loan		—		438,918		—		438,918
Total	$	6,529,988	$	45,931,383	$	—	$	52,461,371

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

There were no Level 3 securities held in any of the Funds at March 31, 2018.

For the Emerging Markets Fund and International Equity Fund, there was no transfer activity between Level 1 and Level 2 for the six months ended March 31, 2018.

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

Fund Share Valuation

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

Cash and Cash Equivalents

Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

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.

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ICON International Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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 may use forward foreign currency contracts to manage foreign currency exposure with respect to transactional hedging, positional hedging, cross hedging and proxy hedging.

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

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 Statements of Operations. At March 31, 2018 and for the six months 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. Cash collateral is received in exchange for securities on loan in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. 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 fair 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 received from lending in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedules 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 six months ended March 31, 2018, is included in the Statements of Operations.

The value of the collateral could include collateral held for securities that were sold on or before March 31, 2018. 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, 2018:

	Remaining contractual maturity of the lending agreement
	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Fair Value		Collateral Received		Amount due from counterparty
Securities Lending Transactions
ICON International Equity Fund
Equity Securities	$	446,104	$	—	$	—	$	—	$	446,104	$	438,918	$	(7,186	)

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. As of and during the six months ended March 31, 2018, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize the interest and penalties, if any, related to the unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

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

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ICON International Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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 GAAP.

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

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past three years, no examinations are in progress or anticipated at this time. The Funds are not 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 and is included in capital gains tax in the Statements of Operations.

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 based on effective yield.

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.

Withholding Tax

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in specific country or region.

Other

The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

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 or number of shareholder accounts. 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 or number of shareholder accounts. 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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ICON International Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

Below are additional class level expenses for the six months ended March 31, 2018 that are included on the Statements of Operations:

Fund	Printing Fees*		Transfer Agent Fees*		Registration Fees
ICON Emerging Markets Fund
Class S	$	3,571	$	41,335	$	8,959
Class A		758		12,067		7,599
ICON International Equity Fund
Class S		1,271		7,380		7,433
Class C		158		5,016		4,600
Class A		282		5,068		5,533

* Printing and Transfer agent out of pocket fees are a Fund level expense.

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%	—	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 the Emerging Markets Fund Class A and all classes of the International Equity Fund. The expense limitation for the Emerging Markets Fund Class S will continue in effect until at least January 31, 2019. 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 these payments are proposed.

As of March 31, 2018, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2018		Expires 2019		Expires 2020			Expires 2021
ICON Emerging Markets Fund	$	54,836	$	106,751	$	106,329	(a)	$	16,753
ICON International Equity Fund		19,055		38,568		41,389			17,017

^(a) Emerging Markets Fund Class C shares merged into Class A shares on January 10, 2017. The Class C amount is not available for recoupment.

Accounting, Custody and Transfer Agent Fees

ALPS Fund Services, Inc. (“ALPS”) serves as the fund accounting agent for the Trust. 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.

ALPS is the Trust’s transfer agent. For these services, the Trust pays an annual fee plus annual base fee per Fund, per account fees and out-of-pocket expenses. 

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ICON International Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

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 six months ended March 31, 2018, each Fund’s payment for administrative services to ICON Advisers is included on the Statements of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.

ICON Advisers has a sub-administration agreement, with 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.

Distribution Fees

ICON Distributors, Inc. (“IDI” or “Distributor”), a wholly-owned subsidiary of ICON Management and Research and affiliate of ICON Advisers, Inc., serves the Trust as Distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate or reimburse the Distributor for the sale and distribution of shares and for other shareholder services. The shareholders of the Funds pay an annual distribution fee of 1.00% of average daily net assets for Class C shares and an annual distribution fee of 0.25% of average daily net assets for Class A shares. There is no annual distribution fee for Class S shares. The total amount paid by each Fund under the 12b-1 Plan is shown on the Statements of Operations.

Class A Shares are subject to an initial sales charge and the public offering price of Class A shares equals net asset value plus the applicable sales charge, which is a maximum of 5.75%. For the six months ended March 31, 2018, IDI collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries, as follows:

Fund	Sales Charges Collected (Unaudited)
ICON Emerging Markets Fund Class A	$	914
ICON International Equity Fund Class A		102

In addition, IDI receives a contingent deferred sales charge of 1.00% of the purchase price on redemptions of Class C shares made within one year following the date of purchase. A 1.00% contingent deferred sales charge may also apply to certain redemptions of Class A shares made within one year following the purchase of $1 million or more without an initial sales charge. For the six months ended March, 31, 2018, IDI collected the following contingent deferred sales charges:

Fund	Contingent Deferred Sales Charges Collected (Unaudited)
ICON International Equity Fund Class C	$	2

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 pays a portion of the CCO’s salary and the remaining portion, along with other employee related expenses, is paid by ICON Advisers. For the six months ended March 31, 2018, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements 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 six months ended March 31, 2018, the total related amounts accrued or paid by the Funds under this arrangement was $616 and is included in Other Expenses on the Statements of Operations.

The Funds did not engage in cross trades with each other, during the six months ended March 31, 2018, pursuant to Rule 17a-7 under the 1940 Act. Generally, cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds and its affiliates pursuant to Rule 17a-7. At its regularly scheduled meetings, the Board reviews such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and the Funds’ procedures. The procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of each Fund.

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ICON International Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

4. BORROWINGS

The Trust has entered into an uncommitted, unsecured, revolving Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. The maximum borrowing limit is $50 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2018 was 3.13%. The Line of Credit agreement/arrangement expires on March 19, 2019.

For the six months ended March 31, 2018, the average outstanding loan by Fund was as follows: 

Fund	Maximum Borrowing (10/01/17 – 03/31/18)		Average Borrowing (10/01/17 – 03/31/18)*		Average Interest Rates (10/01/17 – 03/31/18)*
ICON Emerging Markets Fund	$	1,130,391	$	473,060		2.70%

* The average is calculated based on the actual number of days with outstanding borrowings.

For the six months ended March 31, 2018, there were no outstanding borrowings under this agreement/arrangement for these funds.

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the six months ended March 31, 2018, 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	$	25,600,583	$	30,306,804
ICON International Equity Fund		33,280,716		32,958,841

6. FEDERAL INCOME TAX

The following information is presented on an income tax basis. Differences between 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, foreign capital gain tax treatment, expiring capital loss carryforwards and net investment losses.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses generated by a Fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years there may be a greater likelihood that all or a portion of each Fund’s pre-enactment capital losses will expire unused.

For the year ended September 30, 2017 the following Funds had capital loss carryforwards:

Fund	Expiring in 2018
ICON International Equity Fund	$	27,012,993

For Emerging Markets Fund and the International Equity Fund, the capital loss carryovers used during the year ended September 30, 2017 were $4,083,021 and $1,685,270, respectively.

For International Equity Fund, the short-term and long-term capital losses with no expiration were $4,016,565 and $3,533,938, respectively.

The International Equity Fund elects to defer to the period ending September 30, 2018, capital losses recognized during the period November 1, 2016 to September 30, 2017 in the amount of $403,754.

The International Equity Fund elects to defer to the period ending September 30, 2018, late year ordinary losses in the amount of $102,068.

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ICON International Funds	Notes to Financial Statements
	March 31, 2018 (Unaudited)

The Funds did not pay distributions to shareholders during the fiscal years ended September 30, 2017.

As of September 30, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed   Ordinary Income		Accumulated Capital Gains/(Losses)			Other Cumulative   Effect of Timing Differences			Unrealized Appreciation/(Depreciation)		Total Accumulated Earnings/(Deficit)
ICON Emerging Markets Fund	$	100,506	$	—		$	—		$	1,811,966	$	1,912,472
ICON International Equity Fund		—		(34,967,250	)		(102,068	)		903,934		(34,165,384	)

As of March 31, 2018, 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	$	8,825,097	$	(1,946,547	)	$	6,878,550	$	57,423,032
ICON International Equity Fund		3,432,491		(2,979,701	)		452,790		52,008,581

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ICON International Funds	Disclosure of Fund Expenses
	March 31, 2018 (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 (10/01/17 – 03/31/18).

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, 2017	Ending Account Value March 31, 2018	Expense Ratio(a)	Expenses Paid During period October 1, 2017 - March 31, 2018(b)
ICON Emerging Markets Fund
Class S
Actual	$ 1,000.00	$ 1,100.30	1.56%	$8.17
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.15	1.56%	$7.85
Class A
Actual	$ 1,000.00	$ 1,099.00	1.81%	$9.47
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.91	1.81%	$9.10
ICON International Equity Fund
Class S
Actual	$ 1,000.00	$ 1,049.40	1.50%	$7.66
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.45	1.50%	$7.54
Class C
Actual	$ 1,000.00	$ 1,044.70	2.55%	$13.00
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,012.22	2.55%	$12.79
Class A
Actual	$ 1,000.00	$ 1,047.90	1.80%	$9.19
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.96	1.80%	$9.05

^(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 182/365 (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, 2018 27

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ICON International Funds	Additional Information
	March 31, 2018 (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.

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ICON International Funds	Privacy Policy
	March 31, 2018 (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, 2018 29

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ICON International Funds	Privacy Policy
	March 31, 2018 (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

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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

 

	SEMI-ANNUAL REPORT March 31, 2018
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

 

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

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

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

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

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

TABLE OF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Consumer Discretionary Fund	3
ICON Consumer Staples Fund	5
ICON Energy Fund	6
ICON Financial Fund	7
ICON Healthcare Fund	9
ICON Industrials Fund	10
ICON Information Technology Fund	11
ICON Natural Resources Fund	13
ICON Utilities Fund	15
Financial Statements (Unaudited)	16
Financial Highlights (Unaudited)	28
Notes to Financial Statements (Unaudited)	48
Disclosure of Fund Expenses (Unaudited)	61
Additional Information (Unaudited)	64
Privacy Policy	65

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ICON Sector Funds	About This Report
	March 31, 2018 (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, 2018, 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.

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ICON Consumer Discretionary Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (94.61%)
Apparel Retail (7.90%)
Ross Stores, Inc.	8,500	$	662,830
TJX Cos., Inc.	13,801		1,125,609
			1,788,439
Auto Parts & Equipment (3.39%)
Horizon Global Corp.(a)	37,100		305,704
Modine Manufacturing Co.(a)	21,800		461,070
			766,774
Automotive Retail (10.56%)
AutoZone, Inc.(a)	500		324,345
Lithia Motors, Inc., Class A	4,800		482,496
O’Reilly Automotive, Inc.(a)	6,400		1,583,232
			2,390,073
Broadcasting (8.85%)
CBS Corp., Class B	25,200		1,295,028
Gray Television, Inc.(a)	18,500		234,950
Nexstar Media Group, Inc., Class A	7,100		472,150
			2,002,128
Cable & Satellite (7.38%)
Comcast Corp., Class A	48,900		1,670,913
Construction Machinery & Heavy Trucks (1.61%)
Meritor, Inc.(a)	17,700		363,912
Home Improvement Retail (6.18%)
Home Depot, Inc.	4,200		748,608
Lowe’s Cos., Inc.	7,400		649,350
			1,397,958
Homebuilding (8.18%)
DR Horton, Inc.	10,000		438,400
Lennar Corp., Class A	9,400		554,036
M/I Homes, Inc.(a)	7,600		242,060
PulteGroup, Inc.	8,200		241,818
Toll Brothers, Inc.	5,100		220,575
TopBuild Corp.(a)	2,000		153,040
			1,849,929
Homefurnishing Retail (4.18%)
Aaron’s, Inc.	20,300		945,980
Hotels, Resorts & Cruise Lines (2.26%)
Norwegian Cruise Line Holdings, Ltd.(a)	5,000		264,850
Royal Caribbean Cruises, Ltd.	2,100		247,254
			512,104
Movies & Entertainment (10.98%)
Time Warner, Inc.	7,600		718,808
Twenty-First Century Fox, Inc., Class A	7,600		278,844
Viacom, Inc., Class B	11,300		350,978
Walt Disney Co.	11,300		1,134,972
			2,483,602

	Shares or Principal Amount	Value
Restaurants (6.57%)
Dave & Buster’s Entertainment, Inc.(a)	5,282	$	220,471
McDonald’s Corp.	8,100		1,266,678
			1,487,149
Specialty Stores (14.46%)
Michaels Cos., Inc.(a)	70,500		1,389,555
Party City Holdco, Inc.(a)(b)	36,601		570,976
Tractor Supply Co.	4,000		252,080
Ulta Beauty, Inc.(a)	5,200		1,062,204
			3,274,815
Tires & Rubber (2.11%)
Goodyear Tire & Rubber Co.	18,000		478,440
Total Common Stocks (Cost $22,095,990)			21,412,216
Collateral for Securities on Loan (0.88%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 1.73%	198,510		198,510
Total Collateral for Securities on Loan (Cost $198,510)			198,510
Total Investments (95.49%) (Cost $22,294,500)		$	21,610,726
Other Assets Less Liabilities (4.51%)			1,020,541
Net Assets (100.00%)		$	22,631,267

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2018.

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

Semi-Annual Report | March 31, 2018 3

Table of Contents

ICON Consumer Discretionary Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Sector Composition (March 31, 2018) (Unaudited)
Consumer Discretionary	93.00	%
Industrials	1.61	%
	94.61	%

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

Industry Composition (March 31, 2018) (Unaudited)
Specialty Stores	14.46	%
Movies & Entertainment	10.98	%
Automotive Retail	10.56	%
Broadcasting	8.85	%
Homebuilding	8.18	%
Apparel Retail	7.90	%
Cable & Satellite	7.38	%
Restaurants	6.57	%
Home Improvement Retail	6.18	%
Homefurnishing Retail	4.18	%
Auto Parts & Equipment	3.39	%
Hotels, Resorts & Cruise Lines	2.26	%
Tires & Rubber	2.11	%
Construction Machinery & Heavy Trucks	1.61	%
	94.61	%

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

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

4 www.iconfunds.com

Table of Contents

ICON Consumer Staples Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (98.08%)
Brewers (4.53%)
Anheuser-Busch InBev SA/NV, Sponsored ADR	4,073	$	447,786
Distillers & Vintners (3.03%)
Constellation Brands, Inc., Class A	1,315		299,715
Drug Retail (5.99%)
CVS Health Corp.	5,100		317,271
Walgreens Boots Alliance, Inc.	4,200		274,974
			592,245
Food Distributors (3.13%)
Performance Food Group Co.(a)	939		28,029
Sysco Corp.	2,300		137,908
U.S. Foods Holding Corp.(a)	4,400		144,188
			310,125
Food Retail (0.97%)
Kroger Co.	4,000		95,760
Household Products (12.52%)
Colgate-Palmolive Co.	7,200		516,096
Procter & Gamble Co.	9,100		721,448
			1,237,544
Hypermarkets & Super Centers (0.27%)
Wal-Mart, Inc.	300		26,691
Managed Health Care (0.85%)
Cigna Corp.	500		83,870
Packaged Foods & Meats (37.81%)
Conagra Foods, Inc.	20,838		768,505
J.M. Smucker Co.	1,400		173,614
Kellogg Co.	4,500		292,545
Kraft Heinz Co.	1,400		87,206
Lamb Weston Holdings, Inc.	5,405		314,679
Mondelez International, Inc., Class A	20,100		838,773
Pinnacle Foods, Inc.	8,800		476,080
Post Holdings, Inc.(a)	6,600		500,016
Tyson Foods, Inc., Class A	3,900		285,441
			3,736,859
Pharmaceuticals (2.72%)
Johnson & Johnson	2,100		269,115
Soft Drinks (9.57%)
Coca-Cola Co.	4,200		182,406
National Beverage Corp.	1,086		96,676
PepsiCo, Inc.	6,100		665,815
			944,897
Tobacco (16.69%)
Altria Group, Inc.	9,000		560,880
British American Tobacco PLC, Sponsored ADR	7,500		432,675

	Shares or Principal Amount	Value
Tobacco (continued)
Philip Morris International, Inc.	6,600	$	656,040
			1,649,595
Total Common Stocks (Cost $10,010,602)			9,694,202
Total Investments (98.08%) (Cost $10,010,602)		$	9,694,202
Other Assets Less Liabilities (1.92%)			189,435
Net Assets (100.00%)		$	9,883,637

^(a) Non-income producing security.

ADR - American Depositary Receipt

Sector Composition (March 31, 2018) (Unaudited)
Consumer Staples	94.51	%
Health Care	3.57	%
	98.08	%

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

Industry Composition (March 31, 2018) (Unaudited)
Packaged Foods & Meats	37.81	%
Tobacco	16.69	%
Household Products	12.52	%
Soft Drinks	9.57	%
Drug Retail	5.99	%
Brewers	4.53	%
Food Distributors	3.13	%
Distillers & Vintners	3.03	%
Pharmaceuticals	2.72	%
Other Industries (each less than 1%)	2.09	%
	98.08	%

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

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

Semi-Annual Report | March 31, 2018 5

Table of Contents

ICON Energy Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (99.05%)
Integrated Oil & Gas (22.54%)
Chevron Corp.	139,100	$	15,862,964
Exxon Mobil Corp.	251,700		18,779,337
TOTAL SA, Sponsored ADR	115,300		6,651,657
			41,293,958
Oil & Gas Equipment & Services (5.76%)
RPC, Inc.(a)	316,300		5,702,889
Smart Sand, Inc.(a)(b)	296,500		1,725,630
U.S. Silica Holdings, Inc.(a)	122,800		3,133,856
			10,562,375
Oil & Gas Exploration & Production (52.08%)
Cabot Oil & Gas Corp.	325,600		7,807,888
Carrizo Oil & Gas, Inc.(b)	418,800		6,700,800
Centennial Resource Development, Inc., Class A(b)	155,900		2,860,765
Chesapeake Energy Corp.(a)(b)	890,450		2,689,159
Cimarex Energy Co.	93,900		8,779,650
Concho Resources, Inc.(b)	12,500		1,879,125
Diamondback Energy, Inc.(b)	124,250		15,720,110
EQT Corp.	114,200		5,425,642
Laredo Petroleum, Inc.(b)	587,950		5,121,044
Matador Resources Co.(b)	107,300		3,209,343
Newfield Exploration Co.(b)	293,800		7,174,596
Parsley Energy, Inc., Class A(b)	287,200		8,325,928
Ring Energy, Inc.(b)	474,100		6,803,335
SM Energy Co.	104,800		1,889,544
SRC Energy, Inc.(b)	1,061,850		10,013,246
W&T Offshore, Inc.(b)	228,800		1,013,584
			95,413,759
Oil & Gas Refining & Marketing (13.31%)
Andeavor	56,200		5,651,472
HollyFrontier Corp.	44,700		2,184,042
Marathon Petroleum Corp.	86,400		6,316,704
Phillips 66	28,900		2,772,088
Valero Energy Corp.	80,300		7,449,431
			24,373,737
Oil & Gas Storage & Transportation (5.36%)
Magellan Midstream Partners LP	74,000		4,317,900
Pembina Pipeline Corp.(a)	176,100		5,499,603
			9,817,503
Total Common Stocks (Cost $182,297,626)			181,461,332

Underlying Security/Expiration
Date/Exercise Price/ Notional Amount	Contracts	Value
Put Options Purchased (0.03%)
SPDR® S&P® Oil & Gas Exploration & Production 04/20/18, 36, $1,408,800	400		54,400
Total Put Options Purchased (Cost $43,054)			54,400

Underlying Security/Expiration
Date/Exercise Price/ Notional Amount	Contracts	Value
Collateral for Securities on Loan (8.20%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 1.73%	15,023,763	$	15,023,763
Total Collateral for Securities on Loan (Cost $15,023,763)			15,023,763
Total Investments (107.28%) (Cost $197,364,443)		$	196,539,495
Liabilities Less Other Assets (-7.28%)			(13,329,110	)
Net Assets (100.00%)		$	183,210,385

^(a) All or a portion of the security was on loan as of March 31, 2018.

^(b) Non-income producing security.

ADR - American Depositary Receipt

Sector Composition (March 31, 2018) (Unaudited)
Energy	99.05	%
	99.05	%

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

Industry Composition (March 31, 2018) (Unaudited)
Oil & Gas Exploration & Production	52.08	%
Integrated Oil & Gas	22.54	%
Oil & Gas Refining & Marketing	13.31	%
Oil & Gas Equipment & Services	5.76	%
Oil & Gas Storage & Transportation	5.36	%
	99.05	%

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

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

6 www.iconfunds.com

Table of Contents

ICON Financial Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (96.54%)
Asset Management & Custody Banks (5.31%)
Ameriprise Financial, Inc.	5,600	$	828,464
Financial Engines, Inc.	18,400		644,000
State Street Corp.	9,600		957,408
			2,429,872
Consumer Finance (8.52%)
Ally Financial, Inc.	34,100		925,815
American Express Co.	15,400		1,436,512
Discover Financial Services	21,400		1,539,302
			3,901,629
Diversified Banks (34.44%)
Bank of America Corp.	156,200		4,684,438
Citigroup, Inc.	46,300		3,125,250
JPMorgan Chase & Co.	43,300		4,761,701
U.S. Bancorp	38,100		1,924,050
Wells Fargo & Co.	24,300		1,273,563
			15,769,002
Financial Exchanges & Data (1.93%)
MSCI, Inc.	5,900		881,873
Insurance Brokers (2.73%)
Health Insurance Innovations, Inc., Class A(a)	43,200		1,248,480
Investment Banking & Brokerage (6.51%)
Goldman Sachs Group, Inc.	5,600		1,410,416
Morgan Stanley	29,100		1,570,236
			2,980,652
Life & Health Insurance (6.79%)
CNO Financial Group, Inc.	55,200		1,196,184
Lincoln National Corp.	13,300		971,698
Sun Life Financial, Inc.(b)	22,900		941,648
			3,109,530
Multi-line Insurance (1.66%)
American International Group, Inc.	14,000		761,880
Other Diversified Financial Services (2.55%)
Voya Financial, Inc.	23,100		1,166,550
Property & Casualty Insurance (3.72%)
Stewart Information Services Corp.	13,800		606,372
United Insurance Holdings Corp.	57,400		1,098,636
			1,705,008
Regional Banks (16.40%)
Bank of the Ozarks	17,500		844,725
Fifth Third Bancorp	32,600		1,035,050
First Horizon National Corp.	60,200		1,133,566
First Midwest Bancorp, Inc.	46,200		1,136,058
KeyCorp	57,100		1,116,305
Synovus Financial Corp.	18,700		933,878

	Shares or Principal Amount	Value
Regional Banks (continued)
Webster Financial Corp.	23,600	$	1,307,440
			7,507,022
Thrifts & Mortgage Finance (5.98%)
BofI Holding, Inc.(a)(b)	24,800		1,005,144
Essent Group, Ltd.(a)	20,400		868,224
Radian Group, Inc.	45,400		864,416
			2,737,784
Total Common Stocks (Cost $35,059,213)			44,199,282
Collateral for Securities on Loan (4.28%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 1.73%	1,960,950		1,960,950
Total Collateral for Securities on Loan (Cost $1,960,950)			1,960,950
Total Investments (100.82%) (Cost $37,020,163)		$	46,160,232
Liabilities Less Other Assets (-0.82%)			(376,805	)
Net Assets (100.00%)		$	45,783,427

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2018.

Sector Composition (March 31, 2018) (Unaudited)

Financials	96.54	%
	96.54	%

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

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

Semi-Annual Report  |  March 31, 2018 7

Table of Contents

ICON Financial Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Industry Composition (March 31, 2018) (Unaudited)
Diversified Banks	34.44	%
Regional Banks	16.40	%
Consumer Finance	8.52	%
Life & Health Insurance	6.79	%
Investment Banking & Brokerage	6.51	%
Thrifts & Mortgage Finance	5.98	%
Asset Management & Custody Banks	5.31	%
Property & Casualty Insurance	3.72	%
Insurance Brokers	2.73	%
Other Diversified Financial Services	2.55	%
Financial Exchanges & Data	1.93	%
Multi-line Insurance	1.66	%
	96.54	%

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

The accompanying notes are an integral part of the financial statements.
8	www.iconfunds.com

Table of Contents

ICON Healthcare Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (97.76%)
Biotechnology (25.35%)
AbbVie, Inc.	41,600	$	3,937,440
Alexion Pharmaceuticals, Inc.(a)	36,400		4,057,144
Celgene Corp.(a)	27,600		2,462,196
Exelixis, Inc.(a)	74,149		1,642,400
Regeneron Pharmaceuticals, Inc.(a)	3,000		1,033,080
Vertex Pharmaceuticals, Inc.(a)	26,253		4,278,714
			17,410,974
Health Care Equipment (16.33%)
Abbott Laboratories	54,374		3,258,090
Becton, Dickinson and Co.	10,300		2,232,010
Edwards Lifesciences Corp.(a)	13,000		1,813,760
Integra LifeSciences Holdings Corp.(a)	17,000		940,780
Medtronic PLC	22,723		1,822,839
NuVasive, Inc.(a)	6,500		339,365
Teleflex, Inc.	3,200		815,936
			11,222,780
Health Care Facilities (1.11%)
Universal Health Services, Inc., Class B	6,419		760,074
Health Care Services (8.87%)
BioTelemetry, Inc.(a)	132,595		4,117,075
Premier, Inc., Class A(a)	63,132		1,976,663
			6,093,738
Life Sciences Tools & Services (17.48%)
IQVIA Holdings, Inc.(a)	17,238		1,691,220
PRA Health Sciences, Inc.(a)	59,100		4,902,936
Thermo Fisher Scientific, Inc.	26,200		5,409,252
			12,003,408
Managed Health Care (18.81%)
Aetna, Inc.	6,056		1,023,464
Anthem, Inc.	9,100		1,999,270
Centene Corp.(a)	11,211		1,198,120
Cigna Corp.	6,300		1,056,762
Humana, Inc.	7,100		1,908,693
UnitedHealth Group, Inc.	23,300		4,986,200
WellCare Health Plans, Inc.(a)	3,881		751,478
			12,923,987
Pharmaceuticals (9.81%)
Eli Lilly & Co.	21,200		1,640,244
Merck & Co., Inc.	83,000		4,521,010
Mylan NV(a)	14,000		576,380
			6,737,634
Total Common Stocks (Cost $63,008,451)			67,152,595

	Value
Total Investments (97.76%) (Cost $63,008,451)	$	67,152,595
Other Assets Less Liabilities (2.24%)		1,537,015
Net Assets (100.00%)	$	68,689,610

^(a) Non-income producing security.

Sector Composition (March 31, 2018) (Unaudited)
Health Care	97.76	%
	97.76	%

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

Industry Composition (March 31, 2018) (Unaudited)
Biotechnology	25.35	%
Managed Health Care	18.81	%
Life Sciences Tools & Services	17.48	%
Health Care Equipment	16.33	%
Pharmaceuticals	9.81	%
Health Care Services	8.87	%
Health Care Facilities	1.11	%
	97.76	%

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

The accompanying notes are an integral part of the financial statements.
Semi-Annual | March 31, 2018	9

Table of Contents

ICON Industrials Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (98.42%)
Air Freight & Logistics (8.82%)
FedEx Corp.	2,000	$	480,220
United Parcel Service, Inc., Class B	9,000		941,940
			1,422,160
Building Products (14.43%)
Armstrong World Industries, Inc.(a)	5,000		281,500
Fortune Brands Home & Security, Inc.	16,500		971,685
Masco Corp.	26,500		1,071,660
			2,324,845
Commercial Printing (9.13%)
Deluxe Corp.	10,700		791,907
RR Donnelley & Sons Co.	78,000		680,940
			1,472,847
Construction Machinery & Heavy Trucks (24.32%)
Allison Transmission Holdings, Inc.	38,400		1,499,904
Cummins, Inc.	8,000		1,296,720
PACCAR, Inc.	17,000		1,124,890
			3,921,514
Construction Materials (2.56%)
Eagle Materials, Inc.	4,000		412,200
Diversified Support Services (2.51%)
Matthews International Corp., Class A	8,000		404,800
Human Resource & Employment Services (1.07%)
ManpowerGroup, Inc.	1,500		172,650
Industrial Conglomerates (4.53%)
Carlisle Cos., Inc.	7,000		730,870
Industrial Machinery (7.75%)
Ingersoll-Rand PLC	6,000		513,060
Snap-on, Inc.	5,000		737,700
			1,250,760
Railroads (18.09%)
Canadian Pacific Railway, Ltd.	4,700		829,550
CSX Corp.	14,000		779,940
Kansas City Southern	7,500		823,875
Union Pacific Corp.	3,600		483,948
			2,917,313
Trading Companies & Distributors (5.21%)
Air Lease Corp.	12,000		511,440
United Rentals, Inc.(a)	1,900		328,187
			839,627
Total Common Stocks (Cost $15,200,670)			15,869,586

	Value
Total Investments (98.42%) (Cost $15,200,670)	$	15,869,586
Other Assets Less Liabilities (1.58%)		254,238
Net Assets (100.00%)	$	16,123,824

^(a) Non-income producing security.

Sector Composition (March 31, 2018) (Unaudited)
Industrials	95.86	%
Materials	2.56	%
	98.42	%

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

Industry Composition (March 31, 2018) (Unaudited)
Construction Machinery & Heavy Trucks	24.32	%
Railroads	18.09	%
Building Products	14.43	%
Commercial Printing	9.13	%
Air Freight & Logistics	8.82	%
Industrial Machinery	7.75	%
Trading Companies & Distributors	5.21	%
Industrial Conglomerates	4.53	%
Construction Materials	2.56	%
Diversified Support Services	2.51	%
Human Resource & Employment Services	1.07	%
	98.42	%

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

The accompanying notes are an integral part of the financial statements.
10	www.iconfunds.com

Table of Contents

ICON Information Technology Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (97.56%)
Application Software (3.15%)
CDK Global, Inc.	31,800	$	2,014,212
Communications Equipment (2.07%)
Extreme Networks, Inc.(a)	119,400		1,321,758
Data Processing & Outsourced Services (14.39%)
Alliance Data Systems Corp.	3,500		745,010
Euronet Worldwide, Inc.(a)	19,300		1,523,156
Genpact, Ltd.	43,000		1,375,570
Global Payments, Inc.	9,700		1,081,744
Mastercard, Inc., Class A	9,100		1,593,956
Visa, Inc., Class A	24,180		2,892,412
			9,211,848
Electronic Equipment & Instruments (4.04%)
Coherent, Inc.(a)	5,900		1,105,660
Electro Scientific Industries, Inc.(a)	76,600		1,480,678
			2,586,338
Electronic Manufacturing Services (5.54%)
KEMET Corp.(a)	88,200		1,599,066
Methode Electronics, Inc.	49,700		1,943,270
			3,542,336
Internet Software & Services (13.29%)
Blucora, Inc.(a)	56,800		1,397,280
Facebook, Inc., Class A(a)	22,000		3,515,380
LogMeIn, Inc.	15,500		1,791,025
Momo, Inc., Sponsored ADR(a)	48,200		1,801,716
			8,505,401
IT Consulting & Other Services (9.89%)
Booz Allen Hamilton Holding Corp.	34,000		1,316,480
Cognizant Technology Solutions Corp., Class A	25,200		2,028,600
DXC Technology Co.	19,900		2,000,547
Leidos Holdings, Inc.	15,000		981,000
			6,326,627
Semiconductor Equipment (11.93%)
Applied Materials, Inc.	29,600		1,646,056
Ichor Holdings, Ltd.(a)(b)	45,200		1,094,292
Lam Research Corp.	4,800		975,168
MKS Instruments, Inc.	10,900		1,260,585
Rudolph Technologies, Inc.(a)	26,000		720,200
Teradyne, Inc.	16,900		772,499
Ultra Clean Holdings, Inc.(a)	60,600		1,166,550
			7,635,350
Semiconductors (11.69%)
Broadcom, Ltd.	5,600		1,319,640
Diodes, Inc.(a)	36,000		1,096,560
Micron Technology, Inc.(a)	11,100		578,754
Monolithic Power Systems, Inc.	6,500		752,505
Qorvo, Inc.(a)	19,600		1,380,820
Skyworks Solutions, Inc.	9,900		992,574

	Shares or Principal Amount	Value
Semiconductors (continued)
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR	31,000	$	1,356,560
			7,477,413
Technology Distributors (6.11%)
CDW Corp.	18,400		1,293,704
Insight Enterprises, Inc.(a)	36,000		1,257,480
ScanSource, Inc.(a)	19,500		693,225
Systemax, Inc.	23,400		668,070
			3,912,479
Technology Hardware, Storage & Peripherals (15.46%)
Apple, Inc.	46,800		7,852,104
HP, Inc.	29,700		651,024
NCR Corp.(a)	19,500		614,640
Western Digital Corp.	8,400		775,068
			9,892,836
Total Common Stocks (Cost $53,153,685)			62,426,598
Collateral for Securities on Loan (1.68%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 1.73%	1,073,500		1,073,500
Total Collateral for Securities on Loan (Cost $1,073,500)			1,073,500
Total Investments (99.24%) (Cost $54,227,185)		$	63,500,098
Other Assets Less Liabilities (0.76%)			485,642
Net Assets (100.00%)		$	63,985,740

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2018.

ADR - American Depositary Receipt 

Sector Composition (March 31, 2018) (Unaudited)
Information Technology	97.56	%
	97.56	%

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

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

Semi-Annual Report  |  March 31, 2018 11

Table of Contents

ICON Information Technology Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Industry Composition (March 31, 2018) (Unaudited)
Technology Hardware, Storage & Peripherals	15.46	%
Data Processing & Outsourced Services	14.39	%
Internet Software & Services	13.29	%
Semiconductor Equipment	11.93	%
Semiconductors	11.69	%
IT Consulting & Other Services	9.89	%
Technology Distributors	6.11	%
Electronic Manufacturing Services	5.54	%
Electronic Equipment & Instruments	4.04	%
Application Software	3.15	%
Communications Equipment	2.07	%
	97.56	%

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

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

12 www.iconfunds.com

Table of Contents

ICON Natural Resources Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (98.79%)
Building Products (2.14%)
Fortune Brands Home & Security, Inc.	14,500	$	853,905
Masco Corp.	25,000		1,011,000
			1,864,905
Coal & Consumable Fuels (8.81%)
Adaro Energy Tbk PT	27,000,000		4,206,864
Indo Tambangraya Megah Tbk PT	1,678,700		3,483,965
			7,690,829
Commodity Chemicals (1.89%)
Koppers Holdings, Inc.(a)	20,000		822,000
Olin Corp.	27,339		830,832
			1,652,832
Construction Machinery & Heavy Trucks (2.10%)
Allison Transmission Holdings, Inc.	47,000		1,835,820
Construction Materials (5.33%)
Buzzi Unicem SpA(b)	60,000		1,405,392
Eagle Materials, Inc.	16,000		1,648,800
Vulcan Materials Co.	14,000		1,598,380
			4,652,572
Diversified Chemicals (9.37%)
BASF SE	33,000		3,346,776
DowDuPont, Inc.	28,745		1,831,344
Eastman Chemical Co.	20,000		2,111,600
Huntsman Corp.	30,000		877,500
			8,167,220
Diversified Metals & Mining (2.67%)
Rio Tinto PLC	46,000		2,334,229
Integrated Oil & Gas (19.84%)
BP PLC	140,000		944,316
Gazprom PJSC, Sponsored ADR(a)	820,000		3,998,439
LUKOIL PJSC, Sponsored ADR	60,000		4,142,612
MOL Hungarian Oil & Gas PLC	240,000		2,618,568
Rosneft Oil Co. PJSC, GDR	674,000		3,702,207
Royal Dutch Shell PLC, Class A, Sponsored ADR	30,000		1,914,300
			17,320,442
Oil & Gas Exploration & Production (17.56%)
Carrizo Oil & Gas, Inc.(a)	80,000		1,280,000
Cimarex Energy Co.	22,000		2,057,000
CNOOC, Ltd.	1,900,000		2,813,309
Diamondback Energy, Inc.(a)	18,700		2,365,924
Newfield Exploration Co.(a)	50,000		1,221,000
Parsley Energy, Inc., Class A(a)	95,000		2,754,050
SRC Energy, Inc.(a)	300,000		2,829,000
			15,320,283
Oil & Gas Refining & Marketing (6.31%)
Andeavor	10,000		1,005,600
Marathon Petroleum Corp.	15,000		1,096,650

	Shares or Principal Amount	Value
Oil & Gas Refining & Marketing (continued)
Tupras Turkiye Petrol Rafinerileri AS	122,000	$	3,407,660
			5,509,910
Oil & Gas Storage & Transportation (2.77%)
Sinopec Kantons Holdings, Ltd.	4,876,000		2,419,648
Paper Packaging (4.31%)
DS Smith PLC	176,000		1,163,027
Smurfit Kappa Group PLC	64,000		2,598,239
			3,761,266
Paper Products (10.99%)
Lee & Man Paper Manufacturing, Ltd.	2,930,000		3,128,593
Mondi PLC	150,000		4,031,720
Nine Dragons Paper Holdings, Ltd.	1,601,000		2,426,480
			9,586,793
Steel (4.70%)
POSCO, Sponsored ADR	52,000		4,100,200
Total Common Stocks (Cost $81,020,020)			86,216,949
Collateral for Securities on Loan (0.17%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 1.73%	148,892		148,892
Total Collateral for Securities on Loan (Cost $148,892)			148,892
Total Investments (98.96%) (Cost $81,168,912)		$	86,365,841
Other Assets Less Liabilities (1.04%)			903,417
Net Assets (100.00%)		$	87,269,258

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2018.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

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

Semi-Annual Report  |  March 31, 2018 13

Table of Contents

ICON Natural Resources Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Country Composition (March 31, 2018) (Unaudited)
United States	32.13	%
Russia	13.57	%
United Kingdom	9.70	%
Hong Kong	9.14	%
Indonesia	8.81	%
South Korea	4.70	%
Turkey	3.90	%
Germany	3.84	%
China	3.22	%
Hungary	3.00	%
Ireland	2.98	%
Netherlands	2.19	%
Italy	1.61	%
	98.79	%

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

Sector Composition (March 31, 2018) (Unaudited)
Energy	55.29	%
Materials	39.26	%
Industrials	4.24	%
	98.79	%

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

Industry Composition (March 31, 2018) (Unaudited)
Integrated Oil & Gas	19.84	%
Oil & Gas Exploration & Production	17.56	%
Paper Products	10.99	%
Diversified Chemicals	9.37	%
Coal & Consumable Fuels	8.81	%
Oil & Gas Refining & Marketing	6.31	%
Construction Materials	5.33	%
Steel	4.70	%
Paper Packaging	4.31	%
Oil & Gas Storage & Transportation	2.77	%
Diversified Metals & Mining	2.67	%
Building Products	2.14	%
Construction Machinery & Heavy Trucks	2.10	%
Commodity Chemicals	1.89	%
	98.79	%

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

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

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ICON Utilities Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

	Shares or Principal Amount	Value
Common Stocks (99.75%)
Electric Utilities (41.23%)
American Electric Power Co., Inc.	15,100	$	1,035,709
Avangrid, Inc.	39,300		2,009,016
Edison International	36,600		2,329,956
Eversource Energy	44,000		2,592,480
OGE Energy Corp.	45,200		1,481,204
Otter Tail Corp.	24,400		1,057,740
PPL Corp.	38,100		1,077,849
Westar Energy, Inc.	39,800		2,093,082
			13,677,036
Gas Utilities (6.65%)
Atmos Energy Corp.	7,100		598,104
National Fuel Gas Co.	31,300		1,610,385
			2,208,489
Independent Power Producers & Energy Traders (1.03%)
AES Corp.	30,000		341,100
Integrated Telecommunication Services (1.99%)
AT&T, Inc.	18,500		659,525
Multi-Utilities (34.68%)
Ameren Corp.	29,500		1,670,585
CenterPoint Energy, Inc.	72,600		1,989,240
CMS Energy Corp.	33,576		1,520,657
Dominion Resources, Inc.	16,700		1,126,081
DTE Energy Co.	22,500		2,349,000
NiSource, Inc.	57,300		1,370,043
Sempra Energy	13,300		1,479,226
			11,504,832
Oil & Gas Exploration & Production (8.07%)
Carrizo Oil & Gas, Inc.(a)	17,300		276,800
Cimarex Energy Co.	5,900		551,650
Diamondback Energy, Inc.(a)	7,600		961,552
SRC Energy, Inc.(a)	94,300		889,249
			2,679,251
Oil & Gas Storage & Transportation (1.44%)
TransCanada Corp.	11,600		479,196
Water Utilities (2.82%)
Consolidated Water Co., Ltd.	64,346		936,234
Wireless Telecommunication Services (1.84%)
T-Mobile U.S., Inc.(a)	10,000		610,400
Total Common Stocks (Cost $31,579,658)			33,096,063

	Value
Total Investments (99.75%) (Cost $31,579,658)	$	33,096,063
Other Assets Less Liabilities (0.25%)		81,733
Net Assets (100.00%)	$	33,177,796

^(a) Non-income producing security.

Sector Composition (March 31, 2018) (Unaudited)
Utilities	86.41	%
Energy	9.51	%
Telecommunication Services	3.83	%
	99.75	%

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

Industry Composition (March 31, 2018) (Unaudited)
Electric Utilities	41.23	%
Multi-Utilities	34.68	%
Oil & Gas Exploration & Production	8.07	%
Gas Utilities	6.65	%
Water Utilities	2.82	%
Integrated Telecommunication Services	1.99	%
Wireless Telecommunication Services	1.84	%
Oil & Gas Storage & Transportation	1.44	%
Independent Power Producers & Energy Traders	1.03	%
	99.75	%

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

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

Semi-Annual Report  |  March 31, 2018 15

Table of Contents

ICON Sector Funds Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Assets
Investments, at cost	$	22,294,500		$	10,010,602		$	197,364,443
Investments, at value(a)		21,610,726			9,694,202			196,539,495
Cash and cash equivalents		452,012			349,415			1,441,331
Receivables:
Investments sold		772,849			—			2,348,441
Fund shares sold		15,911			1,415			78,432
Expense reimbursements due from Adviser		919			24,809			2,101
Dividends		10,779			24,418			103,454
Foreign tax reclaims		—			—			24,280
Other assets		14,253			13,478			68,807
Total assets		22,877,449			10,107,737			200,606,341
Liabilities
Payables:
Payable for collateral received on securities loaned		198,510			—			15,023,763
Investments purchased		—			36,438			1,793,563
Fund shares redeemed		560			136,634			211,175
Advisory fees		20,756			8,160			157,315
Transfer agent fees		6,939			23,240			130,002
Fund accounting fees		3,069			2,248			14,658
Accrued distribution fees		238			636			5,945
Trustee fees and expenses		170			1,366			3,314
Administration fees		1,037			408			7,842
Accrued expenses		14,903			14,970			48,379
Total liabilities		246,182			224,100			17,395,956
Net Assets - all share classes	$	22,631,267		$	9,883,637		$	183,210,385
Net Assets - Class S	$	21,553,359		$	6,193,393		$	171,016,861
Net Assets - Class C	$	—		$	—		$	5,166,354
Net Assets - Class A	$	1,077,908		$	3,690,244		$	7,027,170
Net Assets Consists of
Paid-in capital	$	24,344,074		$	10,479,919		$	365,243,005
Accumulated undistributed net investment income/(loss)		(63,173	)		54,753			(1,159,925	)
Accumulated undistributed net realized gain/(loss)		(965,860	)		(334,635	)		(180,047,809	)
Unrealized appreciation/(depreciation)		(683,774	)		(316,400	)		(824,886	)
Net Assets	$	22,631,267		$	9,883,637		$	183,210,385
Shares outstanding (unlimited shares authorized, no par value)
Class S		1,719,103			944,825			14,947,523
Class C		—			—			476,286
Class A		90,244			566,211			618,770
Net asset value (offering and redemption price per share)
Class S	$	12.54		$	6.56		$	11.44
Class C	$	—		$	—		$	10.85
Class A	$	11.94		$	6.52		$	11.36
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	12.67		$	6.92		$	12.05
(a) Includes securities on loan of	$	190,570		$	—		$	14,947,323

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

16 www.iconfunds.com

Table of Contents

ICON Sector Funds Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund
Assets
Investments, at cost	$	37,020,163		$	63,008,451		$	15,200,670
Investments, at value(a)		46,160,232			67,152,595			15,869,586
Cash and cash equivalents		1,550,085			62,576			153,502
Foreign currency, at value (Cost $6,874, $– and $–, respectively)		6,874			—			—
Receivables:
Investments sold		—			1,472,216			594,718
Fund shares sold		51,189			60,264			4,174
Expense reimbursements due from Adviser		1,052			1,008			9,450
Dividends		39,156			63,107			6,647
Foreign tax reclaims		—			3,493			—
Other assets		16,378			18,589			13,014
Total assets		47,824,966			68,833,848			16,651,091
Liabilities
Payables:
Payable for collateral received on securities loaned		1,960,950			—			—
Investments purchased		—			—			485,320
Fund shares redeemed		10,617			19,681			455
Advisory fees		39,774			60,871			13,844
Transfer agent fees		5,984			27,252			9,486
Fund accounting fees		5,208			6,887			2,860
Accrued distribution fees		495			679			288
Trustee fees and expenses		37			1,205			249
Administration fees		1,989			3,045			691
Accrued expenses		16,485			24,618			14,074
Total liabilities		2,041,539			144,238			527,267
Net Assets - all share classes	$	45,783,427		$	68,689,610		$	16,123,824
Net Assets - Class S	$	43,527,848		$	65,660,743		$	14,822,704
Net Assets - Class A	$	2,255,579		$	3,028,867		$	1,301,120
Net Assets Consists of
Paid-in capital	$	79,486,796		$	65,052,197		$	29,327,549
Accumulated undistributed net investment income/(loss)		57,659			(256,563	)		(39,666	)
Accumulated undistributed net realized gain/(loss)		(42,901,097	)		(250,168	)		(13,832,980	)
Unrealized appreciation/(depreciation)		9,140,069			4,144,144			668,921
Net Assets	$	45,783,427		$	68,689,610		$	16,123,824
Shares outstanding (unlimited shares authorized, no par value)
Class S		4,044,607			4,088,786			1,000,366
Class A		209,120			197,098			89,041
Net asset value (offering and redemption price per share)
Class S	$	10.76		$	16.06		$	14.82
Class A	$	10.79		$	15.37		$	14.61
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	11.44		$	16.30		$	15.50
(a) Includes securities on loan of	$	1,946,792		$	—		$	—

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

Semi-Annual Report | March 31, 2018 17

Table of Contents

ICON Sector Funds Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	ICON Information Technology Fund			ICON Natural Resources Fund		ICON Utilities Fund
Assets
Investments, at cost	$	54,227,185		$	81,168,912	$	31,579,658
Investments, at value(a)		63,500,098			86,365,841		33,096,063
Cash and cash equivalents		1,631,138			1,095,990		580,203
Receivables:
Fund shares sold		19,036			92,382		284,840
Expense reimbursements due from Adviser		1,434			—		32,190
Dividends		13,896			452,297		159,730
Foreign tax reclaims		—			2,572		3,047
Other assets		17,983			20,030		14,970
Total assets		65,183,585			88,029,112		34,171,043
Liabilities
Payables:
Payable for collateral received on securities loaned		1,073,500			148,892		—
Investments purchased		—			447,123		658,330
Fund shares redeemed		21,371			11,285		260,198
Advisory fees		56,895			86,237		27,765
Transfer agent fees		14,066			31,611		18,156
Fund accounting fees		6,274			8,400		3,725
Accrued distribution fees		514			2,561		1,358
Trustee fees and expenses		843			—		1,094
Administration fees		2,841			3,724		1,388
Accrued expenses		21,541			20,021		21,233
Total liabilities		1,197,845			759,854		993,247
Net Assets - all share classes	$	63,985,740		$	87,269,258	$	33,177,796
Net Assets - Class S	$	61,705,196		$	80,309,911	$	26,609,088
Net Assets - Class C	$	—		$	1,570,332	$	—
Net Assets - Class A	$	2,280,544		$	5,389,015	$	6,568,708
Net Assets Consists of
Paid-in capital	$	49,436,984		$	75,753,898	$	32,840,981
Accumulated undistributed net investment income/(loss)		(703,143	)		236,922		44,433
Accumulated undistributed net realized gain/(loss)		5,978,986			6,080,477		(1,224,040	)
Unrealized appreciation/(depreciation)		9,272,913			5,197,961		1,516,422
Net Assets	$	63,985,740		$	87,269,258	$	33,177,796
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,840,881			5,042,927		3,141,729
Class C		—			103,712		—
Class A		147,254			342,256		789,143
Net asset value (offering and redemption price per share)
Class S	$	16.07		$	15.93	$	8.47
Class C	$	—		$	15.14	$	—
Class A	$	15.49		$	15.75	$	8.32
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	16.43		$	16.71	$	8.83
(a) Includes securities on loan of	$	1,094,292		$	141,006	$	—

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

18 www.iconfunds.com

Table of Contents

ICON Sector Funds Statements of Operations

Period Ended March 31, 2018 (Unaudited)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Investment Income
Interest	$	951		$	218		$	4,636
Dividends		129,014			155,477			1,748,566
Foreign taxes withheld		—			—			(11,310	)
Income from securities lending, net		8,632			11,867			183,714
Total investment income		138,597			167,562			1,925,606
Expenses
Advisory fees		131,005			71,698			1,072,810
Administration fees		6,547			3,605			53,623
Transfer agent fees		21,719			39,886			272,193
Distribution fees:
Class C		—			—			31,456
Class A		1,641			3,753			9,929
Registration fees		11,204			12,497			21,356
Audit and tax service expense		8,018			8,019			22,632
Fund accounting fees		6,202			3,789			42,831
Trustee fees and expenses		2,995			2,731			26,254
Insurance expense		1,296			1,381			10,846
Custody fees		1,904			1,788			5,492
Printing fees		3,957			3,526			30,214
Interest expense		100			2,227			341
Other expenses		6,999			6,022			45,541
Total expenses before expense reimbursement		203,587			160,922			1,645,518
Expense reimbursement by Adviser due to expense limitation agreement		(1,817	)		(48,115	)		(4,470	)
Net Expenses		201,770			112,807			1,641,048
Net Investment Income/(Loss)		(63,173	)		54,755			284,558
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		(965,844	)		38,303			(7,523,878	)
		(965,844	)		38,303			(7,523,878	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(750,878	)		(216,298	)		(7,405,839	)
		(750,878	)		(216,298	)		(7,405,839	)
Net realized and unrealized gain/(loss)		(1,716,722	)		(177,995	)		(14,929,717	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(1,779,895	)	$	(123,240	)	$	(14,645,159	)

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

Semi-Annual Report | March 31, 2018 19

Table of Contents

ICON Sector Funds Statements of Operations

Period Ended March 31, 2018 (Unaudited)

	ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund
Investment Income
Interest	$	635		$	1,734		$	386
Dividends		384,675			314,187			129,897
Foreign taxes withheld		(2,438	)		—			(622	)
Income from securities lending, net		12,907			866			12
Total investment income		395,779			316,787			129,673
Expenses
Advisory fees		228,862			398,975			87,129
Administration fees		11,437			19,959			4,352
Transfer agent fees		24,216			69,185			22,171
Distribution fees:
Class A		2,775			4,377			2,253
Registration fees		10,788			12,789			11,925
Audit and tax service expense		8,018			8,015			8,019
Fund accounting fees		10,256			16,744			4,710
Trustee fees and expenses		4,917			9,824			2,078
Insurance expense		2,032			4,385			888
Custody fees		2,004			3,453			1,531
Printing fees		4,916			9,017			3,620
Interest expense		19			474			73
Other expenses		10,123			18,156			5,436
Total expenses before expense reimbursement		320,363			575,353			154,185
Expense reimbursement by Adviser due to expense limitation agreement		(2,249	)		(2,003	)		(21,245	)
Net Expenses		318,114			573,350			132,940
Net Investment Income/(Loss)		77,665			(256,563	)		(3,267	)
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		1,308,362			(250,164	)		672,784
		1,308,362			(250,164	)		672,784
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		2,161,401			(1,513,138	)		(867,914	)
		2,161,401			(1,513,138	)		(867,914	)
Net realized and unrealized gain/(loss)		3,469,763			(1,763,302	)		(195,130	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	3,547,428		$	(2,019,865	)	$	(198,397	)

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

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Table of Contents

ICON Sector Funds	Statements of Operations
	Period Ended March 31, 2018 (Unaudited)

	ICON Information Technology Fund			ICON Natural Resources Fund			ICON Utilities Fund
Investment Income
Interest	$	910		$	2,163		$	260
Dividends		214,539			987,020			723,692
Foreign taxes withheld		—			(95,529	)		(12,832	)
Income from securities lending, net		2,387			2,979			1,010
Other income		—			150			—
Total investment income		217,836			896,783			712,130
Expenses
Advisory fees		348,734			429,398			192,132
Administration fees		17,434			21,451			9,610
Transfer agent fees		42,795			86,419			43,257
Distribution fees:
Class C		—			8,502			—
Class A		3,206			6,838			9,201
Registration fees		13,353			17,279			13,385
Audit and tax service expense		8,018			8,015			8,019
Fund accounting fees		14,868			18,937			8,518
Trustee fees and expenses		8,325			8,894			5,209
Insurance expense		3,478			3,549			2,279
Custody fees		3,110			3,192			2,620
Printing fees		7,266			10,333			6,218
Interest expense		483			—			523
Recoupment of previously reimbursed expenses		—			24,604			—
Other expenses		15,546			17,099			10,565
Total expenses before expense reimbursement		486,616			664,510			311,536
Expense reimbursement by Adviser due to expense limitation agreement		(2,683	)		(4,649	)		(67,781	)
Net Expenses		483,933			659,861			243,755
Net Investment Income/(Loss)		(266,097	)		236,922			468,375
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		5,996,003			6,080,484			(1,212,858	)
		5,996,003			6,080,484			(1,212,858	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(2,217,813	)		(2,251,848	)		(77,979	)
		(2,217,813	)		(2,251,848	)		(77,979	)
Net realized and unrealized gain/(loss)		3,778,190			3,828,636			(1,290,837	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	3,512,093		$	4,065,558		$	(822,462	)

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

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ICON Sector Funds Statements of Changes in Net Assets

	ICON Consumer Discretionary Fund						ICON Consumer Staples Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	(63,173	)	$	(155,209	)	$	54,755		$	57,811
Net realized gain/(loss)		(965,844	)		1,102,738			38,303			1,494,029
Change in net unrealized appreciation/(depreciation)		(750,878	)		2,370,464			(216,298	)		(51,630	)
Net increase/(decrease) in net assets resulting from operations		(1,779,895	)		3,317,993			(123,240	)		1,500,210
Dividends and Distributions to Shareholders
Net investment income
Class S		—			—			(7,627	)		(73,624	)
Class A		—			—			(2,158	)		(7,526	)
Net realized gains
Class S		(897,131	)		(2,138,950	)		(815,295	)		(3,218,507	)
Class A		(49,825	)		(116,512	)		(330,540	)		(543,760	)
Net decrease from dividends and distributions		(946,956	)		(2,255,462	)		(1,155,620	)		(3,843,417	)
Fund Share Transactions
Shares sold
Class S		3,557,532			9,497,500			2,489,751			11,907,619
Class A		21,375			246,883			1,307,080			2,671,835
Reinvested dividends and distributions
Class S		890,044			2,120,009			813,554			3,170,250
Class A		45,382			100,528			281,512			405,750
Shares repurchased
Class S		(4,861,676	)		(25,345,622	)		(20,248,586	)		(20,882,818	)
Class A		(334,395	)		(1,272,734	)		(1,023,381	)		(7,594,959	)
Net decrease from fund share transactions		(681,738	)		(14,653,436	)		(16,380,070	)		(10,322,323	)
Total net decrease in net assets		(3,408,589	)		(13,590,905	)		(17,658,930	)		(12,665,530	)
Net Assets
Beginning of period		26,039,856			39,630,761			27,542,567			40,208,097
End of period	$	22,631,267		$	26,039,856		$	9,883,637		$	27,542,567
Accumulated undistributed net investment income/(loss)	$	(63,173	)	$	—		$	54,753		$	9,783
Transactions in Fund Shares
Shares sold
Class S		259,377			681,550			338,804			1,568,687
Class A		1,669			18,527			199,261			359,812
Issued to shareholders in reinvestment of distributions
Class S		62,768			155,218			117,058			450,960
Class A		3,357			7,662			40,681			57,882
Shares repurchased
Class S		(361,908	)		(1,827,935	)		(2,749,271	)		(2,764,087	)
Class A		(25,097	)		(97,189	)		(143,244	)		(1,004,810	)
Net decrease		(59,834	)		(1,062,167	)		(2,196,711	)		(1,331,556	)
Shares outstanding, beginning of period		1,869,181			2,931,348			3,707,747			5,039,303
Shares outstanding, end of period		1,809,347			1,869,181			1,511,036			3,707,747

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

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Table of Contents

ICON Sector Funds Statements of Changes in Net Assets

	ICON Energy Fund						ICON Financial Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	284,558		$	1,268,204		$	77,665		$	118,093
Net realized gain/(loss)		(7,523,878	)		(10,044,040	)		1,308,362			4,547,025
Change in net unrealized appreciation/(depreciation)		(7,405,839	)		4,187,058			2,161,401			8,265,316
Net increase/(decrease) in net assets resulting from operations		(14,645,159	)		(4,588,778	)		3,547,428			12,930,434
Dividends and Distributions to Shareholders
Net investment income
Class S		(3,237,108	)		(1,879,265	)		(92,213	)		(509,224	)
Class C		(89,725	)		(30,917	)		—			—
Class A		(119,376	)		(67,792	)		(2,629	)		(21,428	)
Net decrease from dividends and distributions		(3,446,209	)		(1,977,974	)		(94,842	)		(530,652	)
Fund Share Transactions
Shares sold
Class S		9,040,463			46,169,160			5,981,647			8,827,182
Class C		191,175			443,280			—			—
Class A		901,842			1,527,261			478,168			1,061,317
Reinvested dividends and distributions
Class S		3,129,585			1,809,660			90,005			500,838
Class C		77,225			26,876			—			—
Class A		82,657			51,520			2,397			18,938
Shares repurchased
Class S		(46,984,189	)		(146,633,212	)		(4,908,369	)		(25,448,695	)
Class C		(1,894,590	)		(3,069,723	)		—			—
Class A		(2,594,786	)		(6,674,244	)		(504,180	)		(2,063,563	)
Net increase/(decrease) from fund share transactions		(38,050,618	)		(106,349,422	)		1,139,668			(17,103,983	)
Total net increase/(decrease) in net assets		(56,141,986	)		(112,916,174	)		4,592,254			(4,704,201	)
Net Assets
Beginning of period		239,352,371			352,268,545			41,191,173			45,895,374
End of period	$	183,210,385		$	239,352,371		$	45,783,427		$	41,191,173
Accumulated undistributed net investment income/(loss)	$	(1,159,925	)	$	2,001,726		$	57,659		$	74,836
Transactions in Fund Shares
Shares sold
Class S		725,821			3,633,098			570,370			997,694
Class C		16,178			35,320			—			—
Class A		75,788			120,649			42,690			116,684
Issued to shareholders in reinvestment of distributions
Class S		251,574			137,774			8,357			54,796
Class C		6,533			2,223			—			—
Class A		6,692			3,966			222			2,061
Shares repurchased
Class S		(3,807,358	)		(11,866,130	)		(459,783	)		(2,780,941	)
Class C		(161,876	)		(256,061	)		—			—
Class A		(212,099	)		(538,667	)		(46,048	)		(236,075	)
Net increase/(decrease)		(3,098,747	)		(8,727,828	)		115,808			(1,845,781	)
Shares outstanding, beginning of period		19,141,326			27,869,154			4,137,919			5,983,700
Shares outstanding, end of period		16,042,579			19,141,326			4,253,727			4,137,919

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

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ICON Sector Funds Statements of Changes in Net Assets

	ICON Healthcare Fund						ICON Industrials Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	(256,563	)	$	(295,023	)	$	(3,267	)	$	(76,821	)
Net realized gain/(loss)		(250,164	)		2,483,501			672,784			3,708,253
Change in net unrealized appreciation/(depreciation)		(1,513,138	)		7,387,024			(867,914	)		196,291
Net increase/(decrease) in net assets resulting from operations		(2,019,865	)		9,575,502			(198,397	)		3,827,723
Dividends and Distributions to Shareholders
Net realized gains
Class S		(1,986,286	)		(1,138,922	)		—			—
Class A		(90,235	)		(76,949	)		—			—
Net decrease from dividends and distributions		(2,076,521	)		(1,215,871	)		—			—
Fund Share Transactions
Shares sold
Class S		3,409,798			22,175,488			3,766,017			15,170,976
Class A		67,430			1,114,090			144,895			3,385,400
Reinvested dividends and distributions
Class S		1,910,895			1,092,964			—			—
Class A		81,619			69,063			—			—
Shares repurchased
Class S		(18,993,367	)		(24,240,347	)		(4,213,575	)		(27,048,093	)
Class A		(912,800	)		(2,487,427	)		(1,262,648	)		(2,403,341	)
Net decrease from fund share transactions		(14,436,425	)		(2,276,169	)		(1,565,311	)		(10,895,058	)
Total net increase/(decrease) in net assets		(18,532,811	)		6,083,462			(1,763,708	)		(7,067,335	)
Net Assets
Beginning of period		87,222,421			81,138,959			17,887,532			24,954,867
End of period	$	68,689,610		$	87,222,421		$	16,123,824		$	17,887,532
Accumulated undistributed net investment income/(loss)	$	(256,563	)	$	—		$	(39,666	)	$	(36,399	)
Transactions in Fund Shares
Shares sold
Class S		202,260			1,440,106			247,596			1,120,214
Class A		4,230			74,903			9,833			250,786
Issued to shareholders in reinvestment of distributions
Class S		116,648			73,403			—			—
Class A		5,202			4,823			—			—
Shares repurchased
Class S		(1,133,903	)		(1,557,432	)		(281,103	)		(2,039,881	)
Class A		(57,224	)		(166,432	)		(83,469	)		(170,333	)
Net decrease		(862,787	)		(130,629	)		(107,143	)		(839,214	)
Shares outstanding, beginning of period		5,148,671			5,279,300			1,196,550			2,035,764
Shares outstanding, end of period		4,285,884			5,148,671			1,089,407			1,196,550

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

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ICON Sector Funds Statements of Changes in Net Assets

	ICON Information Technology Fund						ICON Natural Resources Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	(266,097	)	$	(348,460	)	$	236,922		$	27,777
Net realized gain/(loss)		5,996,003			14,152,932			6,080,484			6,414,936
Change in net unrealized appreciation/(depreciation)		(2,217,813	)		1,556,770			(2,251,848	)		7,243,434
Net increase/(decrease) in net assets resulting from operations		3,512,093			15,361,242			4,065,558			13,686,147
Dividends and Distributions to Shareholders
Net investment income
Class S		(271,418	)		—			—			(388,278	)
Class C		—			—			—			(5,892	)
Class A		(467	)		—			—			(22,709	)
Net realized gains
Class S		(13,017,409	)		(8,893,473	)		(926,151	)		—
Class C		—			—			(20,983	)		—
Class A		(488,196	)		(461,260	)		(64,170	)		—
Net decrease from dividends and distributions		(13,777,490	)		(9,354,733	)		(1,011,304	)		(416,879	)
Fund Share Transactions
Shares sold
Class S		4,020,616			28,195,461			19,349,674			23,396,295
Class C		—			—			187,875			537,226
Class A		280,455			801,128			710,565			3,523,369
Reinvested dividends and distributions
Class S		12,849,470			8,699,541			896,662			378,212
Class C		—			—			19,514			5,266
Class A		431,663			403,556			54,020			19,756
Shares repurchased
Class S		(16,508,564	)		(20,398,791	)		(12,167,586	)		(32,337,540	)
Class C		—			—			(450,553	)		(496,670	)
Class A		(906,893	)		(1,206,856	)		(1,214,691	)		(3,138,040	)
Net increase/(decrease) from fund share transactions		166,747			16,494,039			7,385,480			(8,112,126	)
Total net increase/(decrease) in net assets		(10,098,650	)		22,500,548			10,439,734			5,157,142
Net Assets
Beginning of period		74,084,390			51,583,842			76,829,524			71,672,382
End of period	$	63,985,740		$	74,084,390		$	87,269,258		$	76,829,524
Accumulated undistributed net investment income/(loss)	$	(703,143	)	$	(165,161	)	$	236,922		$	—

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

Semi-Annual Report | March 31, 2018 25

Table of Contents

ICON Sector Funds Statements of Changes in Net Assets

	ICON Information Technology Fund						ICON Natural Resources Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Transactions in Fund Shares
Shares sold
Class S		227,637			1,640,887			1,216,598			1,669,498
Class C		—			—			12,247			39,885
Class A		16,177			48,922			44,198			251,811
Issued to shareholders in reinvestment of distributions
Class S		798,104			574,606			57,149			27,073
Class C		—			—			1,304			391
Class A		27,778			27,453			3,481			1,425
Shares repurchased
Class S		(906,723	)		(1,219,807	)		(762,372	)		(2,294,834	)
Class C		—			—			(29,689	)		(36,440	)
Class A		(49,595	)		(73,420	)		(76,414	)		(231,822	)
Net increase/(decrease)		113,378			998,641			466,502			(573,013	)
Shares outstanding, beginning of period		3,874,757			2,876,116			5,022,393			5,595,406
Shares outstanding, end of period		3,988,135			3,874,757			5,488,895			5,022,393

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

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ICON Sector Funds Statements of Changes in Net Assets

	ICON Utilities Fund
	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Operations
Net investment income/(loss)	$	468,375		$	1,419,409
Net realized gain/(loss)		(1,212,858	)		2,393,910
Change in net unrealized appreciation/(depreciation)		(77,979	)		556,216
Net increase/(decrease) in net assets resulting from operations		(822,462	)		4,369,535
Dividends and Distributions to Shareholders
Net investment income
Class S		(531,924	)		(1,153,157	)
Class A		(117,970	)		(256,453	)
Net realized gains
Class S		(1,706,037	)		(3,388,000	)
Class A		(394,368	)		(880,434	)
Net decrease from dividends and distributions		(2,750,299	)		(5,678,044	)
Fund Share Transactions
Shares sold
Class S		2,982,819			17,370,144
Class A		322,436			2,115,878
Reinvested dividends and distributions
Class S		2,174,851			4,286,520
Class A		287,137			729,618
Shares repurchased
Class S		(11,452,473	)		(28,830,643	)
Class A		(1,673,988	)		(9,984,766	)
Net decrease from fund share transactions		(7,359,218	)		(14,313,249	)
Total net decrease in net assets		(10,931,979	)		(15,621,758	)
Net Assets
Beginning of period		44,109,775			59,731,533
End of period	$	33,177,796		$	44,109,775
Accumulated undistributed net investment income/(loss)	$	44,433		$	225,952
Transactions in Fund Shares
Shares sold
Class S		332,906			1,896,662
Class A		37,415			234,414
Issued to shareholders in reinvestment of distributions
Class S		249,472			482,202
Class A		33,501			83,540
Shares repurchased
Class S		(1,296,041	)		(3,147,439	)
Class A		(189,093	)		(1,107,673	)
Net decrease		(831,840	)		(1,558,294	)
Shares outstanding, beginning of period		4,762,712			6,321,006
Shares outstanding, end of period		3,930,872			4,762,712

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

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ICON Consumer Discretionary Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	13.97		$	13.55		$	14.27		$	15.55		$	14.50		$	11.82
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.03	)		(0.06	)		(0.03	)		(0.07	)		(0.07	)		(0.03	)
Net realized and unrealized gains/(losses) on investments		(0.90	)		1.25			0.65			1.03			1.12			2.73
Total from investment operations		(0.93	)		1.19			0.62			0.96			1.05			2.70
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—			(0.02	)
Distributions from net realized gains		(0.50	)		(0.77	)		(1.34	)		(2.24	)		—			—
Total dividends and distributions		(0.50	)		(0.77	)		(1.34	)		(2.24	)		—			(0.02	)
Net asset value, end of period	$	12.54		$	13.97		$	13.55		$	14.27		$	15.55		$	14.50
Total Return		(7.05	)%(c)		8.93	%		4.49	%		5.80	%		7.24	%		22.91	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	21,553		$	24,566		$	37,263		$	44,913		$	55,476		$	39,883
Ratio of expenses to average net assets
Before expense limitation		1.52	%(d)		1.46	%		1.42	%		1.43	%		1.46	%		1.38	%
After expense limitation(e)		1.52	%(d)		1.46	%		1.42	%		1.43	%		1.46	%		1.38	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.46	)%(d)		(0.43	)%		(0.22	)%		(0.44	)%		(0.47	)%		(0.21	)%
After expense limitation(e)		(0.46	)%(d)		(0.43	)%		(0.22	)%		(0.44	)%		(0.47	)%		(0.21	)%
Portfolio turnover rate		74	%(c)		152	%		158	%		201	%		202	%		87	%

^(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 class specific expenses during the period.

^(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.
28	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, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	13.36		$	13.06		$	13.88		$	15.24		$	14.25		$	11.65
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.06	)		(0.13	)		(0.10	)		(0.14	)		(0.12	)		(0.09	)
Net realized and unrealized gains/(losses) on investments		(0.86	)		1.20			0.62			1.02			1.11			2.69
Total from investment operations		(0.92	)		1.07			0.52			0.88			0.99			2.60
Less dividends and distributions:
Distributions from net realized gains		(0.50	)		(0.77	)		(1.34	)		(2.24	)		—			—
Total dividends and distributions		(0.50	)		(0.77	)		(1.34	)		(2.24	)		—			—
Net asset value, end of period	$	11.94		$	13.36		$	13.06		$	13.88		$	15.24		$	14.25
Total Return(d)		(7.31	)%(e)		8.32	%		3.86	%		5.34	%		6.95	%		22.42	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,078		$	1,474		$	2,368		$	2,999		$	2,492		$	4,699
Ratio of expenses to average net assets
Before expense limitation		2.27	%(f)		2.22	%		2.13	%		1.91	%		1.76	%		1.78	%
After expense limitation(g)		1.99	%(f)		1.99	%		1.99	%		1.91	%		1.76	%		1.78	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.22	)%(f)		(1.20	)%		(0.92	)%		(0.97	)%		(0.80	)%		(0.66	)%
After expense limitation(g)		(0.94	)%(f)		(0.97	)%		(0.78	)%		(0.97	)%		(0.80	)%		(0.66	)%
Portfolio turnover rate		74	%(e)		152	%		158	%		201	%		202	%		87	%

^(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 class specific expenses during the period.

^(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, 2018	29

Table of Contents

ICON Consumer Staples Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	7.43		$	7.98		$	9.20		$	11.55		$	11.18		$	10.20
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.03			0.02			0.02			0.04			0.11			0.21
Net realized and unrealized gains/(losses) on investments		(0.06	)		0.41			0.96			0.98			1.31			0.98
Total from investment operations		(0.03	)		0.43			0.98			1.02			1.42			1.19
Less dividends and distributions:
Dividends from net investment income		(0.01	)		(0.02	)		(0.00	)(c)		(0.22	)		(0.03	)		(0.21	)
Distributions from net realized gains		(0.83	)		(0.96	)		(2.20	)		(3.15	)		(1.02	)		—
Total dividends and distributions		(0.84	)		(0.98	)		(2.20	)		(3.37	)		(1.05	)		(0.21	)
Net asset value, end of period	$	6.56		$	7.43		$	7.98		$	9.20		$	11.55		$	11.18
Total Return		(1.00	)%(d)		6.15	%		12.09	%		8.66	%		13.32	%		11.75	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,193		$	24,069		$	31,799		$	8,651		$	25,731		$	33,813
Ratio of expenses to average net assets
Before expense limitation		2.25	%(e)		1.70	%		1.74	%		1.87	%		1.45	%		1.51	%
After expense limitation(f)		1.53	%(e)		1.50	%		1.51	%		1.51	%		1.45	%		1.51	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.06	%(e)		0.04	%		0.00	%(g)		(0.01	)%		0.94	%		1.92	%
After expense limitation(f)		0.78	%(e)		0.24	%		0.23	%		0.35	%		0.94	%		1.92	%
Portfolio turnover rate		33	%(d)		118	%		125	%		16	%		52	%		91	%

^(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 class specific expenses during the period.

^(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.

^(g) Less than 0.005% of average net assets.

The accompanying notes are an integral part of the financial statements.
30	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, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	7.40		$	7.96		$	9.19		$	11.58		$	11.23		$	10.24
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		0.03			(0.01	)		(0.00	)(d)		0.02			0.07			0.14
Net realized and unrealized gains/(losses) on investments		(0.07	)		0.42			0.97			0.97			1.32			1.03
Total from investment operations		(0.04	)		0.41			0.97			0.99			1.39			1.17
Less dividends and distributions:
Dividends from net investment income		(0.01	)		(0.01	)		(0.00	)(d)		(0.23	)		(0.02	)		(0.18	)
Distributions from net realized gains		(0.83	)		(0.96	)		(2.20	)		(3.15	)		(1.02	)		—
Total dividends and distributions		(0.84	)		(0.97	)		(2.20	)		(3.38	)		(1.04	)		(0.18	)
Net asset value, end of period	$	6.52		$	7.40		$	7.96		$	9.19		$	11.58		$	11.23
Total Return(e)		(1.19	)%(f)		5.91	%		11.93	%		8.32	%		12.99	%		11.52	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,690		$	3,473		$	8,409		$	3,602		$	2,740		$	2,744
Ratio of expenses to average net assets
Before expense limitation		2.31	%(g)		1.97	%		1.97	%		2.12	%		2.04	%		1.84	%
After expense limitation(h)		1.78	%(g)		1.75	%		1.76	%		1.76	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.20	%(g)		(0.30	)%		(0.23	)%		(0.15	)%		0.35	%		1.20	%
After expense limitation(h)		0.73	%(g)		(0.08	)%		(0.02	)%		0.21	%		0.64	%		1.29	%
Portfolio turnover rate		33	%(f)		118	%		125	%		16	%		52	%		91	%

^(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 class specific expenses 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, 2018	31

Table of Contents

ICON Energy Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	12.53		$	12.66		$	11.17		$	22.30		$	22.59		$	19.18
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.02			0.06			0.24			0.11			0.11			0.18
Net realized and unrealized gains/(losses) on investments		(0.91	)		(0.11	)		1.36			(7.42	)		0.33			3.51
Total from investment operations		(0.89	)		(0.05	)		1.60			(7.31	)		0.44			3.69
Less dividends and distributions:
Dividends from net investment income		(0.20	)		(0.08	)		(0.11	)		(0.09	)		(0.06	)		(0.28	)
Distributions from net realized gains		—			—			—			(3.73	)		(0.67	)		—
Total dividends and distributions		(0.20	)		(0.08	)		(0.11	)		(3.82	)		(0.73	)		(0.28	)
Net asset value, end of period	$	11.44		$	12.53		$	12.66		$	11.17		$	22.30		$	22.59
Total Return		(7.25	)%(c)		(0.44	)%		14.55	%		(36.37	)%		1.92	%		19.55	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	171,017		$	222,707		$	327,497		$	320,486		$	615,541		$	659,581
Ratio of expenses to average net assets
Before expense limitation		1.49	%(d)		1.41	%		1.44	%		1.42	%		1.28	%		1.29	%
After expense limitation(e)		1.49	%(d)		1.41	%		1.44	%		1.42	%		1.28	%		1.29	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.30	%(d)		0.46	%		2.04	%		0.74	%		0.46	%		0.85	%
After expense limitation(e)		0.30	%(d)		0.46	%		2.04	%		0.74	%		0.46	%		0.85	%
Portfolio turnover rate		31	%(c)		74	%		99	%		154	%		97	%		88	%

^(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 class specific expenses during the period.

^(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.
32	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, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	11.92		$	12.14		$	10.77		$	21.74		$	22.21		$	18.87
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.04	)		(0.07	)		0.11			(0.04	)		(0.15	)		(0.05	)
Net realized and unrealized gains/(losses) on investments		(0.86	)		(0.11	)		1.31			(7.20	)		0.35			3.48
Total from investment operations		(0.90	)		(0.18	)		1.42			(7.24	)		0.20			3.43
Less dividends and distributions:
Dividends from net investment income		(0.17	)		(0.04	)		(0.05	)		—			—			(0.09	)
Distributions from net realized gains		—			—			—			(3.73	)		(0.67	)		—
Total dividends and distributions		(0.17	)		(0.04	)		(0.05	)		(3.73	)		(0.67	)		(0.09	)
Net asset value, end of period	$	10.85		$	11.92		$	12.14		$	10.77		$	21.74		$	22.21
Total Return(c)		(7.70	)%(d)		(1.46	)%		13.31	%		(36.99	)%		0.83	%		18.30	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,166		$	7,333		$	10,124		$	9,972		$	17,170		$	14,691
Ratio of expenses to average net assets
Before expense limitation		2.58	%(e)		2.47	%		2.49	%		2.43	%		2.38	%		2.35	%
After expense limitation(f)		2.50	%(e)		2.47	%		2.49	%		2.43	%		2.38	%		2.35	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.77	)%(e)		(0.61	)%		0.99	%		(0.26	)%		(0.65	)%		(0.25	)%
After expense limitation(f)		(0.69	)%(e)		(0.61	)%		0.99	%		(0.26	)%		(0.65	)%		(0.25	)%
Portfolio turnover rate		31	%(d)		74	%		99	%		154	%		97	%		88	%

^(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 class specific expenses 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.
Semi-Annual Report | March 31, 2018	33

Table of Contents

ICON Energy Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	12.44		$	12.60		$	11.11		$	22.20		$	22.50		$	19.12
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.00	(c)		0.02			0.21			0.07			0.04			0.11
Net realized and unrealized gains/(losses) on investments		(0.89	)		(0.11	)		1.35			(7.39	)		0.35			3.51
Total from investment operations		(0.89	)		(0.09	)		1.56			(7.32	)		0.39			3.62
Less dividends and distributions:
Dividends from net investment income		(0.19	)		(0.07	)		(0.07	)		(0.04	)		(0.02	)		(0.24	)
Distributions from net realized gains		—			—			—			(3.73	)		(0.67	)		—
Total dividends and distributions		(0.19	)		(0.07	)		(0.07	)		(3.77	)		(0.69	)		(0.24	)
Net asset value, end of period	$	11.36		$	12.44		$	12.60		$	11.11		$	22.20		$	22.50
Total Return(d)		(7.29	)%(e)		(0.76	)%		14.19	%		(36.55	)%		1.67	%		19.21	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	7,027		$	9,312		$	14,648		$	14,588		$	26,695		$	26,170
Ratio of expenses to average net assets
Before expense limitation		1.80	%(f)		1.72	%		1.73	%		1.66	%		1.55	%		1.61	%
After expense limitation(g)		1.75	%(f)		1.72	%		1.73	%		1.66	%		1.55	%		1.61	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.01	%(f)		0.15	%		1.77	%		0.50	%		0.19	%		0.51	%
After expense limitation(g)		0.06	%(f)		0.15	%		1.77	%		0.50	%		0.19	%		0.51	%
Portfolio turnover rate		31	%(e)		74	%		99	%		154	%		97	%		88	%

^(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 class specific expenses during the period.

^(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 Financial Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	9.95		$	7.67		$	7.74		$	7.83		$	7.47		$	6.04
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.02			0.03			0.08			0.04			0.00	(c)		0.04
Net realized and unrealized gains/(losses) on investments		0.81			2.34			(0.15	)		(0.08	)		0.54			1.44
Total from investment operations		0.83			2.37			(0.07	)		(0.04	)		0.54			1.48
Less dividends and distributions:
Dividends from net investment income		(0.02	)		(0.09	)		—			(0.05	)		(0.18	)		(0.05	)
Total dividends and distributions		(0.02	)		(0.09	)		—			(0.05	)		(0.18	)		(0.05	)
Net asset value, end of period	$	10.76		$	9.95		$	7.67		$	7.74		$	7.83		$	7.47
Total Return		8.37	%(d)		30.96	%		(0.90	)%		(0.55	)%		7.27	%		24.68	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	43,528		$	39,072		$	43,354		$	49,106		$	32,286		$	11,853
Ratio of expenses to average net assets
Before expense limitation		1.37	%(e)		1.40	%		1.40	%		1.49	%		1.64	%		1.47	%
After expense limitation(f)		1.37	%(e)		1.40	%		1.40	%		1.49	%		1.50	%		1.47	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.36	%(e)		0.28	%		1.00	%		0.52	%		(0.20	)%		0.65	%
After expense limitation(f)		0.36	%(e)		0.28	%		1.00	%		0.52	%		(0.06	)%		0.65	%
Portfolio turnover rate		18	%(d)		68	%		49	%		51	%		79	%		95	%

^(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 class specific expenses during the period.

^(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, 2018	35

Table of Contents

ICON Financial Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	9.99		$	7.71		$	7.82		$	7.89		$	7.37		$	5.99
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.00	)(d)		(0.01	)		0.05			0.02			(0.02	)		0.06
Net realized and unrealized gains/(losses) on investments		0.81			2.37			(0.16	)		(0.07	)		0.54			1.38
Total from investment operations		0.81			2.36			(0.11	)		(0.05	)		0.52			1.44
Less dividends and distributions:
Dividends from net investment income		(0.01	)		(0.08	)		—			(0.02	)		—			(0.06	)
Total dividends and distributions		(0.01	)		(0.08	)		—			(0.02	)		—			(0.06	)
Net asset value, end of period	$	10.79		$	9.99		$	7.71		$	7.82		$	7.89		$	7.37
Total Return(e)		8.14	%(f)		30.68	%		(1.41	)%		(0.69	)%		7.20	%		24.20	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,256		$	2,119		$	2,542		$	1,974		$	541		$	936
Ratio of expenses to average net assets
Before expense limitation		1.95	%(g)		2.05	%		2.12	%		2.19	%		2.35	%		1.88	%
After expense limitation(h)		1.75	%(g)		1.75	%		1.75	%		1.75	%		1.75	%		1.76	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.22	)%(g)		(0.37	)%		0.26	%		(0.15	)%		(0.86	)%		0.82	%
After expense limitation(h)		(0.02	)%(g)		(0.07	)%		0.63	%		0.29	%		(0.26	)%		0.94	%
Portfolio turnover rate		18	%(f)		68	%		49	%		51	%		79	%		95	%

^(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 class specific expenses 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.

36 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, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	16.97		$	15.40		$	17.83		$	22.42		$	22.17		$	17.56
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.05	)		(0.05	)		(0.04	)		(0.09	)		(0.11	)		0.03
Net realized and unrealized gains/(losses) on investments		(0.44	)		1.86			1.54			1.02			6.18			4.75
Total from investment operations		(0.49	)		1.81			1.50			0.93			6.07			4.78
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			(0.03	)		(0.17	)
Distributions from net realized gains		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.79	)		—
Total dividends and distributions		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.82	)		(0.17	)
Net asset value, end of period	$	16.06		$	16.97		$	15.40		$	17.83		$	22.42		$	22.17
Total Return		(2.95	)%(c)		11.94	%		9.44	%		2.55	%		32.27	%		27.48	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	65,661		$	83,234		$	76,218		$	95,109		$	148,261		$	92,171
Ratio of expenses to average net assets
Before expense limitation		1.42	%(d)		1.41	%		1.44	%		1.36	%		1.36	%		1.39	%
After expense limitation(e)		1.42	%(d)		1.41	%		1.44	%		1.36	%		1.36	%		1.39	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.63	)%(d)		(0.33	)%		(0.26	)%		(0.45	)%		(0.53	)%		0.13	%
After expense limitation(e)		(0.63	)%(d)		(0.33	)%		(0.26	)%		(0.45	)%		(0.53	)%		0.13	%
Portfolio turnover rate		26	%(c)		174	%		107	%		141	%		188	%		112	%

^(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 class specific expenses during the period.

^(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, 2018 37

Table of Contents

ICON Healthcare Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	16.29		$	14.84		$	17.37		$	22.01		$	21.92		$	17.42
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.08	)		(0.10	)		(0.09	)		(0.14	)		(0.14	)		(0.03	)
Net realized and unrealized gains/(losses) on investments		(0.42	)		1.79			1.49			1.02			6.03			4.69
Total from investment operations		(0.50	)		1.69			1.40			0.88			5.89			4.66
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			(0.01	)		(0.16	)
Distributions from net realized gains		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.79	)		—
Total dividends and distributions		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.80	)		(0.16	)
Net asset value, end of period	$	15.37		$	16.29		$	14.84		$	17.37		$	22.01		$	21.92
Total Return(d)		(3.13	)%(e)		11.58	%		9.03	%		2.33	%		31.72	%		26.95	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,029		$	3,989		$	4,921		$	15,317		$	10,878		$	3,748
Ratio of expenses to average net assets
Before expense limitation		1.86	%(f)		1.86	%		1.79	%		1.62	%		1.62	%		1.69	%
After expense limitation(g)		1.75	%(f)		1.75	%		1.75	%		1.62	%		1.62	%		1.69	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.08	)%(f)		(0.78	)%		(0.63	)%		(0.69	)%		(0.66	)%		(0.15	)%
After expense limitation(g)		(0.97	)%(f)		(0.67	)%		(0.59	)%		(0.69	)%		(0.66	)%		(0.15	)%
Portfolio turnover rate		26	%(e)		174	%		107	%		141	%		188	%		112	%

^(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 class specific expenses during the period.

^(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 Industrials Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	14.97		$	12.26		$	10.94		$	11.67		$	10.56		$	8.26
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.00	)(c)		(0.04	)		(0.02	)		0.01			0.01			0.06
Net realized and unrealized gains/(losses) on investments		(0.15	)		2.75			1.34			(0.73	)		1.16			2.35
Total from investment operations		(0.15	)		2.71			1.32			(0.72	)		1.17			2.41
Less dividends and distributions:
Dividends from net investment income		—			—			—			(0.01	)		(0.06	)		(0.11	)
Total dividends and distributions		—			—			—			(0.01	)		(0.06	)		(0.11	)
Net asset value, end of period	$	14.82		$	14.97		$	12.26		$	10.94		$	11.67		$	10.56
Total Return		(1.00	)%(d)		22.10	%		12.07	%		(6.15	)%		11.14	%		29.52	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	14,823		$	15,482		$	23,957		$	14,251		$	35,883		$	34,409
Ratio of expenses to average net assets
Before expense limitation		1.71	%(e)		1.69	%		1.73	%		1.53	%		1.41	%		1.46	%
After expense limitation(f)		1.50	%(e)		1.51	%		1.50	%		1.50	%		1.41	%		1.46	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.22	)%(e)		(0.50	)%		(0.37	)%		0.07	%		0.07	%		0.60	%
After expense limitation(f)		(0.01	)%(e)		(0.32	)%		(0.14	)%		0.10	%		0.07	%		0.60	%
Portfolio turnover rate		59	%(d)		75	%		87	%		23	%		30	%		46	%

^(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 class specific expenses during the period.

^(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, 2018 39

Table of Contents

ICON Industrials Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	14.79		$	12.14		$	10.86		$	11.58		$	10.45		$	8.10
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.02	)		(0.07	)		(0.04	)		(0.02	)		(0.03	)		0.00	(d)
Net realized and unrealized gains/(losses) on investments		(0.16	)		2.72			1.32			(0.70	)		1.16			2.36
Total from investment operations		(0.18	)		2.65			1.28			(0.72	)		1.13			2.36
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—			(0.01	)
Total dividends and distributions		—			—			—			—			—			(0.01	)
Net asset value, end of period	$	14.61		$	14.79		$	12.14		$	10.86		$	11.58		$	10.45
Total Return(e)		(1.22	)%(f)		21.83	%		11.79	%		(6.22	)%		10.81	%		29.20	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,301		$	2,406		$	998		$	596		$	298		$	4,322
Ratio of expenses to average net assets
Before expense limitation		2.30	%(g)		2.05	%		2.96	%		2.67	%		2.02	%		2.09	%
After expense limitation(h)		1.75	%(g)		1.76	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.83	)%(g)		(0.79	)%		(1.59	)%		(1.11	)%		(0.56	)%		(0.32	)%
After expense limitation(h)		(0.28	)%(g)		(0.50	)%		(0.38	)%		(0.19	)%		(0.29	)%		0.02	%
Portfolio turnover rate		59	%(f)		75	%		87	%		23	%		30	%		46	%

^(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 class specific expenses 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.

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Table of Contents

ICON Information Technology Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	19.14		$	17.96		$	14.95		$	13.55		$	11.44		$	10.72
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.07	)		(0.10	)		(0.07	)		(0.09	)		(0.07	)		(0.02	)
Net realized and unrealized gains/(losses) on investments		0.94			4.53			3.08			1.49			2.18			0.74
Total from investment operations		0.87			4.43			3.01			1.40			2.11			0.72
Less dividends and distributions:
Dividends from net investment income		(0.08	)		—			—			—			—			—
Distributions from net realized gains		(3.86	)		(3.25	)		—			—			—			—
Total dividends and distributions		(3.94	)		(3.25	)		—			—			—			—
Net asset value, end of period	$	16.07		$	19.14		$	17.96		$	14.95		$	13.55		$	11.44
Total Return		4.53	%(c)		29.46	%		20.13	%		10.33	%		18.44	%		6.72	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	61,705		$	71,249		$	48,953		$	45,343		$	50,363		$	73,851
Ratio of expenses to average net assets
Before expense limitation		1.37	%(d)		1.42	%		1.49	%		1.44	%		1.40	%		1.38	%
After expense limitation(e)		1.37	%(d)		1.42	%		1.49	%		1.44	%		1.40	%		1.38	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.75	)%(d)		(0.58	)%		(0.46	)%		(0.62	)%		(0.56	)%		(0.22	)%
After expense limitation(e)		(0.75	)%(d)		(0.58	)%		(0.46	)%		(0.62	)%		(0.56	)%		(0.22	)%
Portfolio turnover rate		49	%(c)		116	%		94	%		43	%		48	%		52	%

^(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 class specific expenses during the period.

^(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, 2018 41

Table of Contents

ICON Information Technology Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	18.55		$	17.55		$	14.65		$	13.32		$	11.30		$	10.65
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.10	)		(0.15	)		(0.11	)		(0.14	)		(0.11	)		(0.05	)
Net realized and unrealized gains/(losses) on investments		0.90			4.40			3.01			1.47			2.13			0.70
Total from investment operations		0.80			4.25			2.90			1.33			2.02			0.65
Less dividends and distributions:
Dividends from net investment income		(0.00	)(d)		—			—			—			—			—
Distributions from net realized gains		(3.86	)		(3.25	)		—			—			—			—
Total dividends and distributions		(3.86	)		(3.25	)		—			—			—			—
Net asset value, end of period	$	15.49		$	18.55		$	17.55		$	14.65		$	13.32		$	11.30
Total Return(e)		4.29	%(f)		29.08	%		19.80	%		9.99	%		17.88	%		6.10	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,281		$	2,836		$	2,631		$	3,170		$	455		$	2,330
Ratio of expenses to average net assets
Before expense limitation		1.96	%(g)		2.01	%		2.17	%		1.90	%		1.94	%		2.23	%
After expense limitation(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		(1.33	)%(g)		(1.16	)%		(1.12	)%		(1.07	)%		(1.10	)%		(0.94	)%
After expense limitation(h)		(1.12	)%(g)		(0.90	)%		(0.70	)%		(0.92	)%		(0.91	)%		(0.45	)%
Portfolio turnover rate		49	%(f)		116	%		94	%		43	%		48	%		52	%

^(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 class specific expenses 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.

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Table of Contents

ICON Natural Resources Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016 (a)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	15.32		$	12.82		$	11.86		$	15.09		$	13.43		$	11.12
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		0.05			0.01			0.10			0.04			0.04			0.09
Net realized and unrealized gains/(losses) on investments		0.75			2.56			1.80			(3.23	)		1.68			2.40
Total from investment operations		0.80			2.57			1.90			(3.19	)		1.72			2.49
Less dividends and distributions:
Dividends from net investment income		—			(0.07	)		(0.06	)		(0.04	)		(0.06	)		(0.18	)
Distributions from net realized gains		(0.19	)		—			(0.88	)		—			—			—
Total dividends and distributions		(0.19	)		(0.07	)		(0.94	)		(0.04	)		(0.06	)		(0.18	)
Net asset value, end of period	$	15.93		$	15.32		$	12.82		$	11.86		$	15.09		$	13.43
Total Return		5.24	%(d)		20.13	%		17.24	%		(21.22	)%		12.85	%		22.73	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	80,310		$	69,444		$	65,787		$	60,404		$	93,610		$	65,782
Ratio of expenses to average net assets
Before expense limitation		1.50	%(e)		1.52	%		1.59	%		1.42	%		1.36	%		1.45	%
After expense limitation(f)		1.50	%(e)		1.50	%		1.50	%		1.42	%		1.36	%		1.45	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.59	%(e)		0.06	%		0.70	%		0.27	%		0.26	%		0.72	%
After expense limitation(f)		0.59	%(e)		0.08	%		0.79	%		0.27	%		0.26	%		0.72	%
Portfolio turnover rate		68	%(d)		68	%		81	%		48	%		33	%		56	%

^(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 class specific expenses during the period.

^(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, 2018 43

Table of Contents

ICON Natural Resources Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016 (a)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	14.65		$	12.36		$	11.51		$	14.77		$	13.24		$	10.94
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.04	)		(0.13	)		(0.03	)		(0.11	)		(0.12	)		(0.04	)
Net realized and unrealized gains/(losses) on investments		0.72			2.47			1.76			(3.15	)		1.65			2.38
Total from investment operations		0.68			2.34			1.73			(3.26	)		1.53			2.34
Less dividends and distributions:
Dividends from net investment income		—			(0.05	)		—			—			—			(0.04	)
Distributions from net realized gains		(0.19	)		—			(0.88	)		—			—			—
Total dividends and distributions		(0.19	)		(0.05	)		(0.88	)		—			—			(0.04	)
Net asset value, end of period	$	15.14		$	14.65		$	12.36		$	11.51		$	14.77		$	13.24
Total Return(d)		4.66	%(e)		18.97	%		16.11	%		(22.07	)%		11.56	%		21.43	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,570		$	1,756		$	1,435		$	834		$	675		$	218
Ratio of expenses to average net assets
Before expense limitation		2.73	%(f)		2.85	%		3.01	%		2.94	%		4.17	%		4.12	%
After expense limitation(g)		2.50	%(f)		2.50	%		2.51	%		2.50	%		2.50	%		2.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.72	)%(f)		(1.27	)%		(0.73	)%		(1.22	)%		(2.51	)%		(1.95	)%
After expense limitation(g)		(0.49	)%(f)		(0.92	)%		(0.23	)%		(0.78	)%		(0.84	)%		(0.33	)%
Portfolio turnover rate		68	%(e)		68	%		81	%		48	%		33	%		56	%

^(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 class specific expenses during the period.

^(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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ICON Natural Resources Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016 (a)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	15.17		$	12.73		$	11.75		$	14.96		$	13.36		$	11.07
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		0.02			(0.03	)		0.06			(0.01	)		(0.01	)		0.05
Net realized and unrealized gains/(losses) on investments		0.75			2.54			1.81			(3.20	)		1.67			2.38
Total from investment operations		0.77			2.51			1.87			(3.21	)		1.66			2.43
Less dividends and distributions:
Dividends from net investment income		—			(0.07	)		(0.01	)		—			(0.06	)		(0.14	)
Distributions from net realized gains		(0.19	)		—			(0.88	)		—			—			—
Total dividends and distributions		(0.19	)		(0.07	)		(0.89	)		—			(0.06	)		(0.14	)
Net asset value, end of period	$	15.75		$	15.17		$	12.73		$	11.75		$	14.96		$	13.36
Total Return(d)		5.09	%(e)		19.81	%		17.05	%		(21.46	)%		12.47	%		22.24	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,389		$	5,629		$	4,451		$	3,078		$	8,229		$	1,883
Ratio of expenses to average net assets
Before expense limitation		1.85	%(f)		1.91	%		2.02	%		1.76	%		1.72	%		2.02	%
After expense limitation(g)		1.75	%(f)		1.75	%		1.75	%		1.75	%		1.72	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.21	%(f)		(0.35	)%		0.24	%		(0.06	)%		(0.07	)%		0.17	%
After expense limitation(g)		0.31	%(f)		(0.19	)%		0.51	%		(0.05	)%		(0.07	)%		0.44	%
Portfolio turnover rate		68	%(e)		68	%		81	%		48	%		33	%		56	%

^(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 class specific expenses during the period.

^(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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ICON Utilities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	9.29		$	9.49		$	8.03		$	7.90		$	7.22		$	6.81
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.11			0.27			0.30			0.28			0.22			0.20
Net realized and unrealized gains/(losses) on investments		(0.29	)		0.59			1.43			0.11			0.69			0.43
Total from investment operations		(0.18	)		0.86			1.73			0.39			0.91			0.63
Less dividends and distributions:
Dividends from net investment income		(0.16	)		(0.27	)		(0.27	)		(0.26	)		(0.23	)		(0.22	)
Distributions from net realized gains		(0.48	)		(0.79	)		—			—			—			—
Total dividends and distributions		(0.64	)		(1.06	)		(0.27	)		(0.26	)		(0.23	)		(0.22	)
Net asset value, end of period	$	8.47		$	9.29		$	9.49		$	8.03		$	7.90		$	7.22
Total Return		(2.05	)%(c)		9.88	%		21.74	%		4.93	%		12.69	%		9.25	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	26,609		$	35,816		$	43,864		$	19,107		$	17,920		$	29,117
Ratio of expenses to average net assets
Before expense limitation		1.58	%(d)		1.54	%		1.59	%		1.70	%		1.52	%		1.62	%
After expense limitation(e)		1.22	%(d)		1.44	%(f)		1.50	%		1.50	%		1.50	%		1.51	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.13	%(d)		2.83	%		3.15	%		3.12	%		2.84	%		2.71	%
After expense limitation(e)		2.49	%(d)		2.93	%		3.24	%		3.32	%		2.86	%		2.81	%
Portfolio turnover rate		49	%(c)		160	%		168	%		243	%		107	%		121	%

^(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 class specific expenses during the period.

^(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.

^(f) Effective July 1, 2017, the annual expense limitation rate changed from 1.50% to 1.22%.

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

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ICON Utilities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of period	$	9.14		$	9.35		$	7.92		$	7.81		$	7.14		$	6.73
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		0.10			0.24			0.28			0.26			0.21			0.18
Net realized and unrealized gains/(losses) on investments		(0.30	)		0.59			1.40			0.11			0.68			0.42
Total from investment operations		(0.20	)		0.83			1.68			0.37			0.89			0.60
Less dividends and distributions:
Dividends from net investment income		(0.14	)		(0.25	)		(0.25	)		(0.26	)		(0.22	)		(0.19	)
Distributions from net realized gains		(0.48	)		(0.79	)		—			—			—			—
Total dividends and distributions		(0.62	)		(1.04	)		(0.25	)		(0.26	)		(0.22	)		(0.19	)
Net asset value, end of period	$	8.32		$	9.14		$	9.35		$	7.92		$	7.81		$	7.14
Total Return(d)		(2.22	)%(e)		9.63	%		21.29	%		4.63	%		12.44	%		8.96	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,569		$	8,293		$	15,868		$	5,679		$	2,517		$	2,402
Ratio of expenses to average net assets
Before expense limitation		1.78	%(f)		1.84	%		1.79	%		1.89	%		1.81	%		1.74	%
After expense limitation(g)		1.47	%(f)		1.69	%(h)		1.75	%		1.75	%		1.75	%		1.74	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		1.93	%(f)		2.48	%		3.10	%		3.04	%		2.69	%		2.55	%
After expense limitation(g)		2.24	%(f)		2.63	%		3.14	%		3.18	%		2.75	%		2.55	%
Portfolio turnover rate		49	%(e)		160	%		168	%		243	%		107	%		121	%

^(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 class specific expenses during the period.

^(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.

^(h) Effective July 1, 2017, the annual expense limitation rate changed from 1.75% to 1.47%.

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

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

1. ORGANIZATION

The ICON Consumer Discretionary Fund (“Consumer Discretionary Fund”), ICON Consumer Staples Fund (“Consumer Staples Fund”), ICON Energy Fund (“Energy Fund”), ICON Financial Fund (“Financial Fund”), ICON Healthcare Fund (“Healthcare Fund”), ICON Industrials Fund (“Industrials Fund”), ICON Information Technology Fund (“Information Technology Fund”), ICON Natural Resources Fund (formerly ICON Materials Fund) (“Natural Resources Fund”) and ICON Utilities Fund (“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 S and Class A. The Energy Fund and the Natural Resources Fund also offer a Class C share. 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 Consumer Staples Fund has a significant weighting in the Packaged Foods & Meats industry, the Energy Fund has a significant weighting in the Oil & Gas Exploration & Production industry and the Integrated Oil & Gas Industry, the Financial Fund has a significant weighting in the Diversified Banks industry, the Healthcare Fund has a significant weighting in the Biotechnology industry, the Industrials Fund has a significant weighting in the Construction Machinery & Heavy Trucks industry and the 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 financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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 under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. 

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 NYSE is open for trading.

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March 31, 2018 (Unaudited)

The Funds use pricing services to obtain the fair 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 fair 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’ Pricing Committee pursuant to procedures approved by the Funds’ Board of Trustees (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 are 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 fair 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, including money market funds, that are not traded on an exchange are valued at the end of day net asset value (“NAV”) 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 Funds’ Pricing Committee 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 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, 2018: 

ICON Consumer Discretionary 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	$	21,412,216	$	—	$	—	$	21,412,216
Collateral for Securities on Loan		—		198,510		—		198,510
Total	$	21,412,216	$	198,510	$	—	$	21,610,726

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	$	9,694,202	$	—	$	—	$	9,694,202
Total	$	9,694,202	$	—	$	—	$	9,694,202

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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	$	181,461,332	$	—	$	—	$	181,461,332
Put Options Purchased		54,400		—		—		54,400
Collateral for Securities on Loan		—		15,023,763		—		15,023,763
Total	$	181,515,732	$	15,023,763	$	—	$	196,539,495

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	$	44,199,282	$	—	$	—	$	44,199,282
Collateral for Securities on Loan		—		1,960,950		—		1,960,950
Total	$	44,199,282	$	1,960,950	$	—	$	46,160,232

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	$	67,152,595	$	—	$	—	$	67,152,595
Total	$	67,152,595	$	—	$	—	$	67,152,595

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	$	15,869,586	$	—	$	—	$	15,869,586
Total	$	15,869,586	$	—	$	—	$	15,869,586

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	$	62,426,598	$	—	$	—	$	62,426,598
Collateral for Securities on Loan		—		1,073,500		—		1,073,500
Total	$	62,426,598	$	1,073,500	$	—	$	63,500,098

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
Construction Materials	$	3,247,180	$	1,405,392	$	—	$	4,652,572
Diversified Chemicals		4,820,444		3,346,776		—		8,167,220
Integrated Oil & Gas		1,914,300		15,406,142		—		17,320,442
Oil & Gas Exploration & Production		12,506,974		2,813,309		—		15,320,283
Oil & Gas Refining & Marketing		2,102,250		3,407,660		—		5,509,910
Other		9,453,757		25,792,765		—		35,246,522
Collateral for Securities on Loan		—		148,892		—		148,892
Total	$	34,044,905	$	52,320,936	$	—	$	86,365,841

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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	$	33,096,063	$	—	$	—	$	33,096,063
Total	$	33,096,063	$	—	$	—	$	33,096,063

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

There were no Level 3 securities held in any of the Funds at March 31, 2018. 

For the six months ended March 31, 2018, there was no transfer activity between Level 1, Level 2 or Level 3. 

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

Fund Share Valuation

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

Cash and Cash Equivalents

Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day. 

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 six months ended March 31, 2018 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 Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current fair 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 fair 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

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limiting 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 fair 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 fair value of the index. Written and purchased options are non-income producing securities. 

As of March 31, 2018, the Energy Fund engaged in purchased option transactions. All open option contracts are included on each Fund’s Schedule of Investments. 

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	$	54,400	N/A		N/A
Total			$	54,400		$	—

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

ICON Energy Fund
Risk Exposure	Statements of Operations Location		Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Equity Contracts (Purchased Options)	Net realized gain/(loss) on Investments and foreign currency translations/ Change in unrealized net appreciation/(depreciation) on Investments and foreign currency	$	234,618	$	11,346
Total		$	234,618	$	11,346

The average purchased option contracts during the six months ended March 31, 2018, was as follows:

ICON Energy Fund
Derivative Type	Unit of Measurement		Average Contracts+		Days Held
Purchased Options		Contracts		678		61

+ The average is calculated based on the actual number of days with outstanding derivatives.

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. Cash collateral is received in exchange for securities on loan in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. 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

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

generally exceeds the value of the securities on loan. The fair 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 received from lending in the State Street Navigator Securities Lending Government Money Market Portfolio which is disclosed on the Schedules 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 six months ended March 31, 2018, is included in the Statements of Operations. 

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 Funds as of March 31, 2018: 

	Remaining contractual maturity of the lending agreement
	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Fair Value		Collateral Received		Excess amount due to / (from) counterparty
Securities Lending Transactions
ICON Consumer Discretionary Fund
Equity Securities	$	190,570	$	—	$	—	$	—	$	190,570	$	190,570	$	7,940
ICON Energy Fund
Equity Securities		14,947,323		—		—		—		14,947,323		14,947,323		76,440
ICON Financial Fund
Equity Securities		1,946,792		—		—		—		1,946,792		1,946,792		14,158
ICON Information Technology
Equity Securities		1,094,292		—		—		—		1,094,292		1,073,500		(20,792	)
ICON Natural Resources
Equity Securities		141,006		—		—		—		141,006		141,006		7,886

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. As of and during the six months ended March 31, 2018, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize the interest and penalties, if any, related to the unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

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 GAAP. 

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 and is included in capital gains tax in the Statements of Operations.

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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 based on the effective yield.

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.

Withholding Tax

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in specific country or region.

Other

The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively. 

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 or number of shareholder accounts. 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 or number of shareholder accounts. 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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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

Below are additional class level expenses for the six months ended March 31, 2018 that are included on the Statements of Operations: 

Fund	Printing Fees*		Transfer Agent Fees*		Registration Fees
ICON Consumer Discretionary Fund
Class S	$	2,476	$	17,179	$	8,439
Class A		130		1,857		2,765
ICON Consumer Staples Fund
Class S		2,067		32,469		8,778
Class A		286		4,100		3,719
ICON Energy Fund
Class S		17,563		218,174		13,008
Class C		571		5,369		4,473
Class A		776		7,542		3,875
ICON Financial Fund
Class S		2,543		18,979		7,851
Class A		181		2,066		2,937
ICON Healthcare Fund
Class S		4,513		52,659		9,668
Class A		267		3,015		3,121
ICON Industrials Fund
Class S		2,475		18,189		7,510
Class A		133		1,753		4,415
ICON Information Technology Fund
Class S		3,496		33,310		9,539
Class A		166		2,089		3,814
ICON Natural Resources Fund
Class S		5,681		68,597		10,399
Class C		102		1,135		3,086
Class A		400		6,074		3,794
ICON Utilities Fund
Class S		3,215		32,301		9,288
Class A		730		3,766		4,097

* Printing and Transfer agent out of pocket fees are a Fund level expense.

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.

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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	1.22%		—	1.47%

The Funds’ expense limitations will continue in effect until at least January 31, 2019. 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 these payments are proposed.

As of March 31, 2018, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2018		Expires 2019		Expires 2020		Expires 2021
ICON Consumer Discretionary Fund	$	—	$	3,370	$	4,198	$	1,817
ICON Consumer Staples Fund		24,357		51,650		63,487		48,115
ICON Energy Fund		—		—		—		4,470
ICON Financial Fund		1,477		8,903		6,790		2,249
ICON Healthcare Fund		—		1,898		4,986		2,003
ICON Industrials Fund		4,177		44,625		44,703		21,245
ICON Information Technology Fund		918		8,637		6,814		2,683
ICON Natural Resources Fund		1,585		32,171		26,508		4,649
ICON Utilities Fund		10,689		31,946		57,017		67,781

Accounting, Custody and Transfer Agent Fees

ALPS Fund Services (“ALPS”) serves as the fund accounting agent for the Trust. 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.

ALPS is the Trust’s transfer agent. For these services, the Trust pays an annual fee plus annual base fee per Fund, per account fees and out-of-pocket expenses.

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 six months ended March 31, 2018, each Fund’s payment for administrative services to ICON Advisers is included on the Statements 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.

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

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.

Distribution Fees

ICON Distributors, Inc. (“IDI” or “Distributor”), a wholly-owned subsidiary of ICON Management and Research and affiliate of ICON Advisers, Inc., serves the Trust as Distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate or reimburse the Distributor for the sale and distribution of shares and for other shareholder services. The shareholders of the Funds pay an annual distribution fee of 1.00% of average daily net assets for Class C shares and an annual distribution fee of 0.25% of average daily net assets for Class A shares. There is no annual distribution fee for Class S shares. The total amount paid by each Fund under the 12b-1 Plan is shown on the Statements of Operations.

Class A Shares are subject to an initial sales charge and the public offering price of Class A shares equals net asset value plus the applicable sales charge, which is a maximum of 5.75%. For the six months ended March 31, 2018, IDI collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries, as follows:

Fund	Sales Charges Collected (Unaudited)
ICON Consumer Discretionary Fund Class A	$	100
ICON Consumer Staples Fund Class A		407
ICON Energy Fund Class A		723
ICON Financial Fund Class A		2,352
ICON Healthcare Fund Class A		262
ICON Industrials Fund Class A		192
ICON Information Technology Fund Class A		1,197
ICON Natural Resources Fund Class A		2,340
ICON Utilities Fund Class A		824

In addition, IDI receives a contingent deferred sales charge of 1.00% of the purchase price on redemptions of Class C shares made within one year following the date of purchase. A 1.00% contingent deferred sales charge may also apply to certain redemptions of Class A shares made within one year following the purchase of $1 million or more without an initial sales charge. For the six months ended March 31, 2018, IDI collected the following contingent deferred sales charges:

Fund	Contingent Deferred Sales Charges Collected (Unaudited)
ICON Energy Fund Class C	$	190
ICON Natural Resources Fund Class C		40

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 pays a portion of the CCO’s salary and the remaining portion, along with other employee related expenses, is paid by ICON Advisers. For the six months ended March 31, 2018, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements 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 reviews and approves such reimbursements. For the six months ended March 31, 2018, the total related amounts accrued or paid by the Funds under this arrangement was $2,821 and is included in Other Expenses on the Statements of Operations.

The Funds did not engage in cross trades with each other, during the six months ended March 31, 2018, pursuant to Rule 17a-7 under the 1940 Act. Generally, cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds and its affiliates pursuant to Rule 17a-7. At its regularly scheduled meetings, the Board reviews such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and the Funds’ procedures. The procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of each Fund.

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

4. BORROWINGS

The Trust has entered into an uncommitted, unsecured, revolving Line of Credit agreement/arrangement with State Street to provide temporary funding for redemption requests. The maximum borrowing limit is $50 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2018 was 3.13%. The Line of Credit agreement/arrangement expires on March 19, 2019.

For the six months ended March 31, 2018, the average outstanding loan by Fund was as follows:

Fund	Maximum Borrowing (10/01/17 - 03/31/18)		Average Borrowing (10/01/17 - 03/31/18)^		Average Interest Rates (10/01/17 - 03/31/18)^
ICON Consumer Discretionary Fund*	$	1,150,488	$	642,715		3.12	%
ICON Consumer Staples Fund*		3,387,748		559,575		2.67	%
ICON Energy Fund*		2,652,175		606,745		2.66	%
ICON Financial Fund*		156,560		55,359		2.49	%
ICON Healthcare Fund*		1,984,721		502,207		2.86	%
ICON Industrials Fund*		437,192		172,983		2.67	%
ICON Information Technology Fund*		937,636		482,240		2.77	%
ICON Utilities Fund*		515,104		181,168		2.75	%

* There were no outstanding borrowings under this agreement/arrangement as of March 31, 2018.

^ The average is calculated based on the actual number of days with outstanding borrowings.

5. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the six months ended March 31, 2018, 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	$	18,033,220	$	19,187,997
ICON Consumer Staples Fund		4,958,468		22,163,749
ICON Energy Fund		64,428,913		102,007,175
ICON Financial Fund		8,344,383		8,229,004
ICON Healthcare Fund		19,516,328		34,533,556
ICON Industrials Fund		9,822,272		10,908,081
ICON Information Technology Fund		33,478,487		47,394,680
ICON Natural Resources Fund		66,936,003		56,320,515
ICON Utilities Fund		18,897,224		28,119,972

6. FEDERAL INCOME TAX

The following information is presented on an income tax basis. Differences between 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, equalization, excise tax paid, expiring capital losses, distribution adjustments, partnership adjustments, and net investment losses.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses generated by a Fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years there may be a greater likelihood that all or a portion of each Fund’s pre-enactment capital losses will expire unused.

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

For the year ended September 30, 2017, the following Funds had capital loss carryforwards:

Fund	Expiring in 2018
ICON Financial Fund	$	43,715,782
ICON Industrials Fund		14,505,764

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, 2017, the following Funds utilized capital loss carryforwards:

Fund	Amount
ICON Industrials Fund	$	3,708,253

For Energy Fund, the short-term and long-term capital losses with no expiration were $86,007,958 and $65,788,384, respectively. For Financial Fund, the short-term capital losses with no expiration were $493,677, capital losses of $42,575,056 expired on September 30, 2017.

The Energy Fund elects to defer to the period ending September 30, 2018, capital losses recognized during the period November 1, 2016 to September 30, 2017 in the amount of $18,358,462.

The Industrials Fund elects to defer to the period ending September 30, 2018, late year ordinary losses in the amount of $36,399.

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2017, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains
ICON Consumer Discretionary Fund	$	585,099	$	1,670,363
ICON Consumer Staples Fund		2,065,125		1,778,292
ICON Energy Fund		1,977,974		—
ICON Financial Fund		530,652		—
ICON Healthcare Fund		—		1,215,871
ICON Information Technology Fund		629,475		8,725,258
ICON Natural Resources Fund		416,879		—
ICON Utilities Fund		4,557,628		1,120,416

As of September 30, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Accumulated Capital Gains/(Losses)			Other Cumulative Effect of Timing Differences			Unrealized Appreciation/(Depreciation)*			Total Accumulated Earnings/(Deficit)
ICON Consumer Discretionary Fund	$	946,940	$	—		$	—		$	67,104		$	1,014,044
ICON Consumer Staples Fund		500,273		282,407			—			(100,102	)		682,578
ICON Energy Fund		3,396,071		(170,154,804	)		(1,959,875	)		4,777,356			(163,941,252	)
ICON Financial Fund		74,836		(44,209,459	)		—			6,978,668			(37,155,955	)
ICON Healthcare Fund		833,111		1,243,406			—			5,657,282			7,733,799
ICON Industrials Fund		—		(14,505,764	)		(36,399	)		1,536,835			(13,005,328	)
ICON Information Technology Fund		3,404,832		10,355,627			—			11,053,694			24,814,153
ICON Natural Resources Fund		1,011,297		—			—			7,449,809			8,461,106
ICON Utilities Fund		1,121,252		1,205,110			—			1,583,214			3,909,576

* Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax treatment of partnerships and passive foreign investment companies, and tax deferral of losses on wash sales.

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ICON Sector Funds Notes to Financial Statements

March 31, 2018 (Unaudited)

As of March 31, 2018, 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	$	1,181,409	$	(1,865,183	)	$	(683,774	)	$	22,294,500
ICON Consumer Staples Fund		138,366		(468,365	)		(329,999	)		10,368,705
ICON Energy Fund		18,280,989		(21,261,197	)		(2,980,208	)		199,519,703
ICON Financial Fund		9,483,336		(343,267	)		9,140,069			37,020,163
ICON Healthcare Fund		7,329,853		(3,185,709	)		4,144,144			63,008,451
ICON Industrials Fund		1,110,130		(441,214	)		668,916			15,200,670
ICON Information Technology Fund		10,860,526		(1,664,314	)		9,196,212			54,303,886
ICON Natural Resources Fund		9,042,705		(3,845,776	)		5,196,929			81,168,912
ICON Utilities Fund		2,220,631		(874,429	)		1,346,202			31,749,861

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ICON Sector Funds Disclosure of Fund Expenses

March 31, 2018 (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 (10/01/17 – 03/31/18).

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, 2017	Ending Account Value March 31, 2018	Expense Ratio(a)	Expenses Paid During period October 1, 2017 - March 31, 2018(b)
ICON Consumer Discretionary Fund
Class S
Actual	$  1,000.00	$     929.50	1.52%	$    7.31
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.35	1.52%	$    7.64
Class A
Actual	$  1,000.00	$     926.90	1.99%	$    9.56
Hypothetical (5% return before expenses)	$  1,000.00	$  1,015.01	1.99%	$  10.00
ICON Consumer Staples Fund
Class S
Actual	$  1,000.00	$     990.00	1.53%	$    7.59
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.30	1.53%	$    7.70
Class A
Actual	$  1,000.00	$     988.10	1.78%	$    8.82
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.06	1.78%	$    8.95

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ICON Sector Funds Disclosure of Fund Expenses

March 31, 2018 (Unaudited)

	Beginning Account Value October 1, 2017	Ending Account Value March 31, 2018	Expense Ratio(a)	Expenses Paid During period October 1, 2017 - March 31, 2018(b)
ICON Energy Fund
Class S
Actual	$  1,000.00	$     927.50	1.49%	$  7.16
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.50	1.49%	$  7.49
Class C
Actual	$  1,000.00	$     923.00	2.50%	$ 11.99
Hypothetical (5% return before expenses)	$  1,000.00	$  1,012.47	2.50%	$ 12.54
Class A
Actual	$  1,000.00	$     927.10	1.75%	$  8.41
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.21	1.75%	$  8.80
ICON Financial Fund
Class S
Actual	$  1,000.00	$  1,083.70	1.37%	$  7.12
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.10	1.37%	$  6.89
Class A
Actual	$  1,000.00	$  1,081.40	1.75%	$  9.08
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.21	1.75%	$  8.80
ICON Healthcare Fund
Class S
Actual	$  1,000.00	$     970.50	1.42%	$  6.98
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.85	1.42%	$  7.14
Class A
Actual	$  1,000.00	$     968.70	1.75%	$  8.59
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.21	1.75%	$  8.80
ICON Industrials Fund
Class S
Actual	$  1,000.00	$     990.00	1.50%	$  7.44
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.45	1.50%	$  7.54
Class A
Actual	$  1,000.00	$     987.80	1.75%	$  8.67
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.21	1.75%	$  8.80
ICON Information Technology Fund
Class S
Actual	$  1,000.00	$  1,045.30	1.37%	$  6.99
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.10	1.37%	$  6.89
Class A
Actual	$  1,000.00	$  1,042.90	1.75%	$  8.91
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.21	1.75%	$  8.80
ICON Natural Resources Fund
Class S
Actual	$  1,000.00	$  1,052.40	1.50%	$  7.68
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.45	1.50%	$  7.54
Class C
Actual	$  1,000.00	$  1,046.60	2.50%	$12.76
Hypothetical (5% return before expenses)	$  1,000.00	$  1,012.47	2.50%	$12.54
Class A
Actual	$  1,000.00	$  1,050.90	1.75%	$  8.95
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.21	1.75%	$  8.80

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ICON Sector Funds Disclosure of Fund Expenses

March 31, 2018 (Unaudited)

	Beginning Account Value October 1, 2017	Ending Account Value March 31, 2018	Expense Ratio(a)	Expenses Paid During period October 1, 2017 - March 31, 2018(b)
ICON Utilities Fund
Class S
Actual	$  1,000.00	$     979.50	1.22%	$  6.02
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.85	1.22%	$  6.14
Class A
Actual	$  1,000.00	$     977.80	1.47%	$  7.25
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.60	1.47%	$  7.39

^(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 182/365 (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, 2018 63

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ICON Sector Funds Additional Information

March 31, 2018 (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.

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ICON Sector Funds	Privacy Policy
	March 31, 2018 (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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ICON Sector Funds	Privacy Policy
	March 31, 2018 (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

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Intentionally Left Blank

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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

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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.

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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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable

Item 13. 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.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ICON Funds

By (Signature and Title)*	/s/ Craig T. Callahan
	Craig T. Callahan, President (Principal Executive Officer)

Date    May 25, 2018                        

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 (Principal Executive Officer)

Date    May 25, 2018                        

By (Signature and Title)*	/s/ Brian D. Harding
	Brian D. Harding, Treasurer (Principal Financial Officer)

Date    May 25, 2018                        

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