N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07883

ICON Funds

(Exact name of registrant as specified in charter)

5299 DTC Blvd. Suite 1200 Greenwood Village, CO 80111

(Address of principal executive offices) (Zip code)

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, 2019

Date of reporting period: March 31, 2019

Table of Contents

Item 1. Reports to Stockholders.

 

SEMI-ANNUAL REPORT March 31, 2019

Diversified Funds

ICON Equity Income Fund (IOEZX, IOECX, IEQAX)
ICON Flexible Bond Fund (IOBZX, IOBCX, IOBAX)
ICON Fund (ICNZX, ICNCX, ICNAX)
ICON Long/Short Fund (IOLZX, IOLCX, ISTAX)
ICON Opportunities Fund (ICONX)

ICON Risk-Managed Balanced Fund (IOCZX, IOCCX, IOCAX)

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.

Beginning on January 1, 2021, ICON will no longer send paper copies of the Funds’ annual and semi-annual shareholder reports by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and given a website address of where to access the report.

If you have already opted to receive e-delivery, this change will not affect you and you do not need to take any action. At any time, shareholders who invest directly in the ICON Funds may generally elect to receive reports or other communications electronically by enrolling at www.iconfunds.com or calling 1-800-764-0442 or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary.

You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with ICON, please call 1-800-764-0442. If you are a retirement plan sponsor or invest in the ICON Funds through a financial intermediary, please contact your representative or financial intermediary. Your election to receive reports as a paper copy will apply to all ICON Funds held in your account. Your election can be changed at any time in the future.

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)	20
Financial Highlights (Unaudited)	27
Notes to Financial Statements (Unaudited)	43
Disclosure of Fund Expenses (Unaudited)	57
Additional Information (Unaudited)	59
Privacy Policy	60

ICON Diversified Funds About this Report

March 31, 2019 (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, 2019, 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

ICON Equity Income Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (7.17%)
Communication Services (0.82%)
CSC Holdings LLC
10.88%, 10/15/25(a)	$	350,000	$	404,075
Lee Enterprises, Inc.
9.50%, 03/15/22(a)		250,000		255,312
				659,387
Consumer Discretionary (2.22%)
Foot Locker, Inc.
8.50%, 01/15/22		500,000		550,000
M/I Homes, Inc.
6.75%, 01/15/21		200,000		202,750
Reliance Intermediate Holdings LP
6.50%, 04/01/23(a)		650,000		671,125
William Lyon Homes, Inc.
7.00%, 08/15/22		350,000		350,875
				1,774,750
Consumer Staples (0.78%)
Central Garden & Pet Co.
6.13%, 11/15/23		600,000		626,250
Energy (0.63%)
Antero Resources Corp.
5.38%, 11/01/21		250,000		250,938
Continental Resources, Inc.
5.00%, 09/15/22		250,000		251,868
				502,806
Health Care (0.59%)
HCA, Inc.
5.00%, 03/15/24		250,000		264,723
Molina Healthcare, Inc.
5.38%, 11/15/22		200,000		207,622
				472,345
Industrials (0.59%)
Air Canada
7.75%, 04/15/21(a)		200,000		214,250
RR Donnelley & Sons Co.
7.88%, 03/15/21		155,000		159,069
USG Corp.
5.50%, 03/01/25(a)		100,000		101,550
				474,869
Information Technology (0.33%)
NXP BV / NXP Funding LLC
4.63%, 06/01/23(a)		250,000		259,625
Materials (0.80%)
First Quantum Minerals, Ltd.
7.00%, 02/15/21(a)		67,000		68,130
Freeport-McMoRan, Inc.
6.88%, 02/15/23		244,000		258,640
Teck Resources, Ltd.
8.50%, 06/01/24(a)		292,000		313,087
				639,857

		Shares or Principal  Amount		Value
Telecommunication Services (0.25%)
Level 3 Parent LLC
5.75%, 12/01/22	$	200,000	$	202,060
Utilities (0.16%)
DPL, Inc.
6.75%, 10/01/19		124,000		124,620
Total Corporate Bonds (Cost $5,739,473)				5,736,569
Common Stocks (88.44%)
Aerospace & Defense (2.85%)
Boeing Co.		2,200		839,124
Lockheed Martin Corp.		4,800		1,440,768
				2,279,892
Apparel, Accessories & Luxury Goods (3.48%)
Ralph Lauren Corp.		9,600		1,244,928
VF Corp.		17,700		1,538,307
				2,783,235
Auto Parts & Equipment (1.45%)
Magna International, Inc.		23,800		1,158,822
Automobile Manufacturers (0.98%)
Nissan Motor Co., Ltd., Sponsored ADR(b)		47,600		781,592
Biotechnology (1.51%)
AbbVie, Inc.		15,000		1,208,850
Broadcasting (1.02%)
CBS Corp., Class B		17,200		817,516
Building Products (1.80%)
Fortune Brands Home & Security, Inc.		30,200		1,437,822
Construction Machinery & Heavy Trucks (1.92%)
Cummins, Inc.		9,700		1,531,339
Consumer Finance (1.86%)
Navient Corp.		128,400		1,485,588
Diversified Banks (6.12%)
Bank of America Corp.		65,500		1,807,145
JPMorgan Chase & Co.		18,000		1,822,140
US Bancorp		26,300		1,267,397
				4,896,682
Diversified Chemicals (2.20%)
DowDuPont, Inc.		12,900		687,699
Eastman Chemical Co.		14,100		1,069,908
				1,757,607
Electric Utilities (4.03%)
Avangrid, Inc.		24,400		1,228,540

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

Semi-Annual Report | March 31, 2019 3

ICON Equity Income Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal  Amount		Value
Electric Utilities (continued)
Evergy, Inc.		14,500	$	841,725
Otter Tail Corp.		23,100		1,150,842
				3,221,107
Electronic Manufacturing Services (1.46%)
TE Connectivity, Ltd.		14,500		1,170,875
Hotels, Resorts & Cruise Lines (1.79%)
Royal Caribbean Cruises, Ltd.		12,500		1,432,750
Integrated Oil & Gas (1.42%)
TOTAL SA, Sponsored ADR		20,400		1,135,260
Integrated Telecommunication Services (2.02%)
AT&T, Inc.		51,400		1,611,904
Investment Banking & Brokerage (1.92%)
Morgan Stanley		36,400		1,536,080
IT Consulting & Other Services (3.36%)
International Business Machines Corp.		7,500		1,058,250
Leidos Holdings, Inc.		25,500		1,634,295
				2,692,545
Life & Health Insurance (4.97%)
CNO Financial Group, Inc.		49,000		792,820
MetLife, Inc.		37,400		1,592,118
Prudential Financial, Inc.		17,300		1,589,524
				3,974,462
Managed Health Care (1.42%)
UnitedHealth Group, Inc.		4,600		1,137,396
Multi-Utilities (1.06%)
CenterPoint Energy, Inc.		27,700		850,390
Oil & Gas Exploration & Production (3.73%)
Cabot Oil & Gas Corp.		29,600		772,560
Cimarex Energy Co.		14,900		1,041,510
Diamondback Energy, Inc.		11,500		1,167,595
				2,981,665
Oil & Gas Refining & Marketing (2.72%)
Marathon Petroleum Corp.		19,800		1,185,030
Phillips 66		10,400		989,768
				2,174,798
Paper Packaging (3.26%)
Avery Dennison Corp.		7,000		791,000
International Paper Co.		17,300		800,471
Packaging Corp. of America		10,200		1,013,676
				2,605,147
Pharmaceuticals (5.70%)
Allergan PLC		10,300		1,508,023
Johnson & Johnson		10,400		1,453,816
Merck & Co., Inc.		19,100		1,588,547
				4,550,386

	Shares or Principal Amount		Value
Property & Casualty Insurance (1.86%)
Axis Capital Holdings, Ltd.		27,200	$	1,490,016
Railroads (2.24%)
CSX Corp.		12,100		905,322
Union Pacific Corp.		5,300		886,160
				1,791,482
Regional Banks (4.93%)
Fifth Third Bancorp		67,400		1,699,828
KeyCorp		61,900		974,925
Webster Financial Corp.		24,900		1,261,683
				3,936,436
Security & Alarm Services (1.78%)
ADT, Inc.(b)		223,300		1,426,887
Semiconductor Equipment (1.11%)
Cabot Microelectronics Corp.		7,900		884,484
Semiconductors (2.06%)
Broadcom, Inc.		2,751		827,253
Intel Corp.		15,300		821,610
				1,648,863
Systems Software (2.05%)
Microsoft Corp.		13,900		1,639,366
Tobacco (4.58%)
Altria Group, Inc.		36,100		2,073,223
Philip Morris International, Inc.		18,000		1,591,020
				3,664,243
Trading Companies & Distributors (1.76%)
Aircastle, Ltd.		69,600		1,408,704
Trucking (2.02%)
Ryder System, Inc.		26,100		1,617,939
Total Common Stocks  (Cost $68,858,335)				70,722,130
Preferred Stocks (1.09%)
Property & Casualty Insurance (1.09%)
Argo Group US, Inc.
6.50%, 09/15/42		34,200		872,100
Total Preferred Stocks  (Cost $864,490)				872,100

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

4 www.iconfunds.com

ICON Equity Income Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal  Amount		Value
Convertible Preferred Stocks (0.38%)
Office REITs (0.38%)
Equity Commonwealth, Series D
6.50%(c)		11,182	$	305,940
Total Convertible Preferred Stocks (Cost $262,037)				305,940
Closed-End Mutual Funds (1.30%)
Alliance California Municipal Income Fund, Inc.		22,941		339,068
BlackRock Income Trust, Inc.		36,948		219,840
Eaton Vance Municipal Bond Fund		6,302		78,144
Nuveen Mortgage Opportunity Term Fund		17,360		403,273
Total Closed-End Mutual Funds (Cost $1,020,327)				1,040,325

Underlying Security/Expiration Date/Exercise
Price/ Notional Amount	Contracts	Value
Purchased Put Options (0.06%)
S&P 500® Index
04/18/19, 2,400, $42,516,000	150		6,750
S&P 500® Index
06/21/19, 2,600, $5,668,800	20		38,800
			45,550
Total Purchased Put Options (Cost $191,065)			45,550

	Shares or Principal Amount		Value
Collateral for Securities on Loan (2.40%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46%		1,916,570		1,916,570
Total Collateral for Securities on Loan (Cost $1,916,570)				1,916,570
Total Investments (100.84%) (Cost $78,852,297)			$	80,639,184
Liabilities Less Other Assets (-0.84%)				(671,024	)
Net Assets (100.00%)			$	79,968,160

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

^(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, 2019, these securities had a total aggregate market value of $2,287,154.

^(b) All or a portion of the security was on loan as of March 31, 2019.

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

Sector Composition (March 31, 2019) (Unaudited)
Financials	22.75	%
Industrials	14.96	%
Information Technology	10.37	%
Consumer Discretionary	9.92	%
Health Care	9.22	%
Energy	8.50	%
Materials	6.26	%
Consumer Staples	5.36	%
Utilities	5.25	%
Communication Services	3.86	%
Real Estate	0.38	%
Telecommunication Services	0.25	%
	97.08	%

Percentages are based upon corporate bonds, 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.

Semi-Annual Report | March 31, 2019 5

ICON Equity Income Fund Schedule of Investments

March 31, 2019 (Unaudited)

Industry Composition (March 31, 2019) (Unaudited)
Diversified Banks	6.12	%
Pharmaceuticals	5.70	%
Life & Health Insurance	4.97	%
Regional Banks	4.93	%
Tobacco	4.58	%
Oil & Gas Exploration & Production	4.36	%
Electric Utilities	4.03	%
Apparel, Accessories & Luxury Goods	3.48	%
IT Consulting & Other Services	3.36	%
Paper Packaging	3.26	%
Property & Casualty Insurance	2.95	%
Aerospace & Defense	2.85	%
Oil & Gas Refining & Marketing	2.72	%
Semiconductors	2.39	%
Railroads	2.24	%
Diversified Chemicals	2.20	%
Systems Software	2.05	%
Trucking	2.02	%
Integrated Telecommunication Services	2.02	%
Investment Banking & Brokerage	1.92	%
Construction Machinery & Heavy Trucks	1.92	%
Building Products	1.92	%
Consumer Finance	1.86	%
Hotels, Resorts & Cruise Lines	1.79	%
Security & Alarm Services	1.78	%
Trading Companies & Distributors	1.76	%
Managed Health Care	1.68	%
Biotechnology	1.51	%
Electronic Manufacturing Services	1.46	%
Auto Parts & Equipment	1.45	%
Integrated Oil & Gas	1.42	%
Semiconductor Equipment	1.11	%
Multi-Utilities	1.06	%
Broadcasting	1.02	%
Other Industries (each less than 1%)	7.19	%
	97.08	%

Percentages are based upon corporate bonds, 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 Flexible Bond Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or
	Principal
	Amount		Value
Corporate Bonds (70.80%)
Communication Services (5.86%)
CSC Holdings LLC
10.88%, 10/15/25(a)	$	2,200,000	$	2,539,900
Lee Enterprises, Inc.
9.50%, 03/15/22(a)		1,650,000		1,685,062
Walt Disney Co.
7.75%, 02/01/24(a)		3,000,000		3,604,787
				7,829,749
Consumer Discretionary (13.35%)
Brookfield Residential Properties, Inc.
6.50%, 12/15/20(a)		100,000		100,000
Foot Locker, Inc.
8.50%, 01/15/22		3,750,000		4,125,000
KB Home
7.63%, 05/15/23		400,000		435,500
Lear Corp.
5.38%, 03/15/24		1,500,000		1,541,520
M/I Homes, Inc.
6.75%, 01/15/21		1,316,000		1,334,095
Nexteer Automotive Group, Ltd.
5.88%, 11/15/21(a)		200,000		203,029
Prime Security Services Borrower LLC / Prime Finance, Inc.
9.25%, 05/15/23(a)		700,000		735,000
Reliance Intermediate Holdings LP
6.50%, 04/01/23(a)		4,650,000		4,801,125
Silversea Cruise Finance, Ltd.
7.25%, 02/01/25(a)		1,850,000		2,000,775
William Lyon Homes, Inc.
7.00%, 08/15/22		2,550,000		2,556,375
				17,832,419
Consumer Staples (6.33%)
Central Garden & Pet Co.
6.13%, 11/15/23		2,550,000		2,661,562
Conagra Brands, Inc.
7.13%, 10/01/26		1,150,000		1,336,667
Darling Ingredients, Inc.
5.38%, 01/15/22		1,369,000		1,389,535
Kraft Heinz Foods Co.
4.88%, 02/15/25(a)		3,000,000		3,068,675
				8,456,439
Energy (12.96%)
Andeavor Logistics LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/22		4,399,000		4,519,972
6.38%, 05/01/24		3,694,000		3,869,465
Antero Resources Corp.
5.38%, 11/01/21		1,200,000		1,204,500
Continental Resources, Inc.
5.00%, 09/15/22		6,750,000		6,800,444

	Shares or
	Principal
	Amount		Value
Energy (continued)
CVR Refining LLC / Coffeyville Finance, Inc.
6.50%, 11/01/22	$	900,000	$	909,000
				17,303,381
Financial (8.83%)
Catlin Insurance Co., Ltd.
3M US L + 2.975%, (a)(b)(c)(d)		850,000		833,000
Delphi Financial Group, Inc.
7.88%, 01/31/20		800,000		830,246
Icahn Enterprises LP / Icahn
Enterprises Finance Corp.
6.00%, 08/01/20		545,000		550,178
International Lease Finance Corp.
8.25%, 12/15/20		1,852,000		2,001,417
Jefferies Finance LLC / JFIN Co.-Issuer Corp.
7.38%, 04/01/20(a)		950,000		950,000
Nationwide Mutual Insurance Co.
7.88%, 04/01/33(a)		900,000		1,247,186
NewBridge Bancorp, Series AI
7.25%, 03/14/24(a)(e)		500,000		500,709
Prudential Financial, Inc.
3M US L + 4.175%, 09/15/42(b)		3,850,000		4,071,375
Willis North America, Inc.
7.00%, 09/29/19		800,000		814,879
				11,798,990
Health Care (3.94%)
Bausch Health Cos., Inc.
7.00%, 03/15/24(a)		500,000		529,000
HCA, Inc.
5.00%, 03/15/24		1,500,000		1,588,337
Hill-Rom Holdings, Inc.
5.75%, 09/01/23(a)		1,200,000		1,237,500
Horizon Pharma USA, Inc.
8.75%, 11/01/24(a)(d)		800,000		869,000
Molina Healthcare, Inc.
5.38%, 11/15/22		1,000,000		1,038,110
				5,261,947
Industrials (5.06%)
Air Canada
7.75%, 04/15/21(a)		2,924,000		3,132,335
Oshkosh Corp.
5.38%, 03/01/25		1,069,000		1,097,062
RR Donnelley & Sons Co.
7.88%, 03/15/21		309,000		317,111
USG Corp.
5.50%, 03/01/25(a)		1,000,000		1,015,500
XPO Logistics, Inc.
6.50%, 06/15/22(a)(d)		1,175,000		1,200,850
				6,762,858
Information Technology (3.63%)
Amkor Technology, Inc.
6.38%, 10/01/22		1,280,000		1,301,632

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

Semi-Annual Report | March 31, 2019 7

ICON Flexible Bond Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or
	Principal
	Amount		Value
Information Technology (continued)
Dell International LLC / EMC Corp.
7.13%, 06/15/24(a)	$	1,352,000	$	1,433,630
Nielsen Co. Luxembourg SARL
5.50%, 10/01/21(a)		500,000		501,250
NXP BV / NXP Funding LLC
4.63%, 06/01/23(a)		1,550,000		1,609,675
				4,846,187
Materials (7.49%)
Century Aluminum Co.
7.50%, 06/01/21(a)		1,250,000		1,256,250
First Quantum Minerals, Ltd.
7.00%, 02/15/21(a)(d)		667,000		678,256
Freeport-McMoRan, Inc.
6.88%, 02/15/23		1,000,000		1,060,000
Hecla Mining Co.
6.88%, 05/01/21		500,000		500,000
Teck Resources, Ltd.
6.13%, 10/01/35		1,400,000		1,491,371
8.50%, 06/01/24(a)		4,680,000		5,017,966
				10,003,843
Utilities (3.35%)
DPL, Inc.
6.75%, 10/01/19		619,000		622,095
Vistra Energy Corp.
7.63%, 11/01/24		2,610,000		2,760,127
8.13%, 01/30/26(a)		1,000,000		1,091,250
				4,473,472
Total Corporate Bonds (Cost $94,377,850)				94,569,285
Asset-Backed Securities (2.48%)
SMB Private Education Loan Trust
Series 2014-A, Class C
4.50%, 11/15/25(a)(e)		3,500,000		3,315,624
Total Asset-Backed Securities (Cost $3,379,789)				3,315,624
Preferred Stocks (8.86%)
Financial Services (2.40%)
Cabco Series 2004-101 Trust Goldman
Sachs Capital I, Series GS
3M US L + 0.85%, 02/15/34(b)		152,281		3,205,515
Property & Casualty Insurance (6.46%)
Argo Group US, Inc.
6.50%, 09/15/42		338,435		8,630,093
Total Preferred Stocks  (Cost $11,843,940)				11,835,608

	Shares or
	Principal
	Amount		Value
Convertible Preferred Stocks (4.89%)
Diversified Banks (2.22%)
Wells Fargo & Co., Series L 7.50%(c)		2,297	$	2,968,528
Office REITs (2.67%)
Equity Commonwealth, Series D
6.50%(c)(d)		130,189		3,561,971
Total Convertible Preferred Stocks (Cost $6,258,972)				6,530,499
Closed-End Mutual Funds (9.83%)
Alliance California Municipal Income Fund, Inc.		162,068		2,395,365
BlackRock Income Trust, Inc.(d)		445,905		2,653,135
Dreyfus Municipal Income, Inc.		70,718		594,738
Duff & Phelps Utility and Corporate
Bond Trust, Inc.(d)		105,374		908,324
Eaton Vance Municipal Bond Fund(d)		330,434		4,097,387
Nuveen Mortgage Opportunity Term Fund		105,158		2,442,820
Nuveen Mortgage Opportunity Term Fund 2		1,801		40,523
Total Closed-End Mutual Funds (Cost $12,830,118)				13,132,292
Collateral for Securities on Loan (0.96%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46%		1,275,800		1,275,800
Total Collateral for Securities on Loan (Cost $1,275,800)				1,275,800
Total Investments (97.82%) (Cost $129,966,469)			$	130,659,108
Other Assets Less Liabilities (2.18%)				2,913,978
Net Assets (100.00%)			$	133,573,086

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

LIBOR Rates:

3M  US L - 3 Month LIBOR as of March 31, 2019 was 2.60%

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

8 www.iconfunds.com

ICON Flexible Bond Fund Schedule of Investments

March 31, 2019 (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, 2019, these securities had a total aggregate market value of $45,157,334.

^(b) Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2019 is based on the reference rate plus the displayed spread as of the security’s last reset date.

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

^(d) All or a portion of the security was on loan as of March 31, 2019.

^(e) These securities are considered, by management, to be illiquid. The aggregate value of these securities at March 31, 2019 was $3,816,333, which represent 2.86% of the Fund’s net assets.

Credit Diversification (March 31, 2019) (Unaudited)

Ba1	13.45	%
Baa3	10.53	%
Ba3	9.41	%
Ba2	8.91	%
Baa2	8.00	%
B1	6.78	%
B3	5.29	%
NR*	4.10	%
B2	3.18	%
A2	2.70	%
A3	0.93	%
Total:	73.28	%

Percentages are based upon corporate bonds 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, 2019 9

ICON Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or
	Principal
	Amount		Value
Common Stocks (98.69%)
Application Software (2.92%)
Adobe, Inc.(a)		4,700	$	1,252,503
Auto Parts & Equipment (2.52%)
Magna International, Inc.		22,200		1,080,918
Biotechnology (7.35%)
Alexion Pharmaceuticals, Inc.(a)		11,609		1,569,305
Vertex Pharmaceuticals, Inc.(a)		8,600		1,581,970
				3,151,275
Building Products (3.58%)
Masco Corp.		39,000		1,533,090
Construction Machinery & Heavy Trucks (3.47%)
Cummins, Inc.		9,400		1,483,978
Construction Materials (5.70%)
Eagle Materials, Inc.		7,700		649,110
Martin Marietta Materials, Inc.		8,900		1,790,502
				2,439,612
Data Processing & Outsourced Services (4.50%)
Total System Services, Inc.		20,300		1,928,703
Diversified Banks (12.22%)
Bank of America Corp.		144,978		3,999,943
JPMorgan Chase & Co.		12,200		1,235,006
				5,234,949
Footwear (3.09%)
NIKE, Inc., Class B		15,700		1,322,097
General Merchandise Stores (4.82%)
Dollar General Corp.		7,700		918,610
Dollar Tree, Inc.(a)		10,900		1,144,936
				2,063,546
Health Care Services (1.15%)
DaVita, Inc.(a)		9,100		494,039
Home Improvement Retail (2.02%)
Home Depot, Inc.		4,500		863,505
Hotels, Resorts & Cruise Lines (3.08%)
Royal Caribbean Cruises, Ltd.		11,500		1,318,130
Internet & Direct Marketing Retail (2.41%)
Expedia, Inc.		8,687		1,033,753
Oil & Gas Exploration & Production (6.29%)
Cabot Oil & Gas Corp.		37,000		965,700
Diamondback Energy, Inc.		8,600		873,158
Pioneer Natural Resources Co.		5,604		853,377
				2,692,235

	Shares or
	Principal
	Amount		Value
Oil & Gas Refining & Marketing (2.43%)
Marathon Petroleum Corp.		17,400	$	1,041,390
Pharmaceuticals (3.37%)
Jazz Pharmaceuticals PLC(a)		10,100		1,443,795
Railroads (2.55%)
Canadian Pacific Railway, Ltd.		5,303		1,092,577
Regional Banks (10.74%)
KeyCorp		30,300		477,225
Signature Bank		16,600		2,125,962
SVB Financial Group(a)		9,000		2,001,240
				4,604,427
Semiconductors (11.47%)
NXP Semiconductors NV		12,900		1,140,231
Qorvo, Inc.(a)		20,300		1,456,119
Skyworks Solutions, Inc.		28,100		2,317,688
				4,914,038
Specialty Stores (3.01%)
Ulta Beauty, Inc.(a)		3,700		1,290,301
Total Common Stocks (Cost $34,032,272)				42,278,861
Exchange Traded Funds (1.33%)
Direxion Daily S&P 500® Bull 3X(b)		12,168		568,976
Total Exchange Traded Funds (Cost $377,896)				568,976
Collateral for Securities on Loan (0.61%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46%		261,978		261,978
Total Collateral for Securities on Loan (Cost $261,978)				261,978
Total Investments (100.63%) (Cost $34,672,146)			$	43,109,815
Liabilities Less Other Assets (-0.63%)				(271,896	)
Net Assets (100.00%)			$	42,837,919

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

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

10 www.iconfunds.com

ICON Fund Schedule of Investments

March 31, 2019 (Unaudited)

Sector Composition (March 31, 2019) (Unaudited)

Financials	22.96	%
Consumer Discretionary	20.95	%
Information Technology	18.89	%
Health Care	11.87	%
Industrials	9.60	%
Energy	8.72	%
Materials	5.70	%
	98.69	%

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

Industry Composition (March 31, 2019) (Unaudited)

Diversified Banks	12.22	%
Semiconductors	11.47	%
Regional Banks	10.74	%
Biotechnology	7.35	%
Oil & Gas Exploration & Production	6.29	%
Construction Materials	5.70	%
General Merchandise Stores	4.82	%
Data Processing & Outsourced Services	4.50	%
Building Products	3.58	%
Construction Machinery & Heavy Trucks	3.47	%
Pharmaceuticals	3.37	%
Footwear	3.09	%
Hotels, Resorts & Cruise Lines	3.08	%
Specialty Stores	3.01	%
Application Software	2.92	%
Railroads	2.55	%
Auto Parts & Equipment	2.52	%
Oil & Gas Refining & Marketing	2.43	%
Internet & Direct Marketing Retail	2.41	%
Home Improvement Retail	2.02	%
Health Care Services	1.15	%
	98.69	%

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, 2019 11

ICON Long/Short Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or
	Principal
	Amount		Value
Common Stocks (98.52%)
Air Freight & Logistics (3.74%)
FedEx Corp.		4,100	$	743,781
Auto Parts & Equipment (1.84%)
Magna International, Inc.		7,500		365,175
Biotechnology (3.88%)
Vertex Pharmaceuticals, Inc.(a)		4,200		772,590
Broadcasting (2.40%)
Discovery Communications, Inc., Class A(a)		17,700		478,254
Building Products (3.77%)
Masco Corp.		19,100		750,821
Construction Materials (5.27%)
Eagle Materials, Inc.		6,700		564,810
Martin Marietta Materials, Inc.(b)		2,400		482,832
				1,047,642
Data Processing & Outsourced Services (8.73%)
Euronet Worldwide, Inc.(a)		2,761		393,691
Mastercard, Inc., Class A		5,700		1,342,065
				1,735,756
Diversified Banks (8.02%)
Bank of America Corp.		40,200		1,109,118
JPMorgan Chase & Co.		4,800		485,904
				1,595,022
Footwear (3.26%)
NIKE, Inc., Class B		7,700		648,417
General Merchandise Stores (8.43%)
Dollar General Corp.		6,400		763,520
Dollar Tree, Inc.(a)		8,700		913,848
				1,677,368
Health Care Facilities (1.88%)
Universal Health Services, Inc., Class B		2,800		374,556
Hotels, Resorts & Cruise Lines (4.09%)
Royal Caribbean Cruises, Ltd.		7,100		813,802
Insurance Brokers (3.30%)
Arthur J Gallagher & Co.		8,400		656,040
Oil & Gas Exploration & Production (6.20%)
Cabot Oil & Gas Corp.		19,700		514,170
Diamondback Energy, Inc.		2,400		243,672
Parsley Energy, Inc., Class A(a)		24,500		472,850
				1,230,692
Oil & Gas Refining & Marketing (3.19%)
Marathon Petroleum Corp.		10,600		634,410

	Shares or
	Principal
	Amount		Value
Other Diversified Financial Services (4.09%)
Voya Financial, Inc.		16,300	$	814,348
Pharmaceuticals (3.16%)
Jazz Pharmaceuticals PLC(a)		4,400		628,980
Railroads (8.16%)
CSX Corp.		12,700		950,214
Kansas City Southern		5,800		672,684
				1,622,898
Regional Banks (9.77%)
Signature Bank		8,400		1,075,788
SVB Financial Group(a)		3,900		867,204
				1,942,992
Semiconductors (3.79%)
Qorvo, Inc.(a)		6,300		451,899
Skyworks Solutions, Inc.		3,656		301,547
				753,446
Trading Companies & Distributors (1.55%)
United Rentals, Inc.(a)		2,700		308,475
Total Common Stocks (Cost $16,678,326)				19,595,465
Exchange Traded Funds (1.39%)
Direxion Daily S&P 500® Bull 3X(b)		5,926		277,100
Total Exchange Traded Funds (Cost $184,041)				277,100
Collateral for Securities on Loan (0.69%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46%		137,522		137,522
Total Collateral for Securities on Loan (Cost $137,522)				137,522
Total Investments (100.60%) (Cost $16,999,889)			$	20,010,087
Liabilities Less Other Assets (-0.60%)				(119,423	)
Net Assets (100.00%)			$	19,890,664

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

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

12 www.iconfunds.com

ICON Long/Short Fund Schedule of Investments

March 31, 2019 (Unaudited)

Sector Composition (March 31, 2019) (Unaudited)

Financials	25.18	%
Consumer Discretionary	17.62	%
Industrials	17.22	%
Information Technology	12.52	%
Energy	9.39	%
Health Care	8.92	%
Materials	5.27	%
Communication Services	2.40	%
	98.52	%

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

Industry Composition (March 31, 2019) (Unaudited)

Regional Banks	9.77	%
Data Processing & Outsourced Services	8.73	%
General Merchandise Stores	8.43	%
Railroads	8.16	%
Diversified Banks	8.02	%
Oil & Gas Exploration & Production	6.20	%
Construction Materials	5.27	%
Other Diversified Financial Services	4.09	%
Hotels, Resorts & Cruise Lines	4.09	%
Biotechnology	3.88	%
Semiconductors	3.79	%
Building Products	3.77	%
Air Freight & Logistics	3.74	%
Insurance Brokers	3.30	%
Footwear	3.26	%
Oil & Gas Refining & Marketing	3.19	%
Pharmaceuticals	3.16	%
Broadcasting	2.40	%
Health Care Facilities	1.88	%
Auto Parts & Equipment	1.84	%
Trading Companies & Distributors	1.55	%
	98.52	%

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, 2019 13

ICON Opportunities Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (98.64%)
Air Freight & Logistics (3.42%)
Forward Air Corp.		9,200	$	595,516
Application Software (2.50%)
Ebix, Inc.(a)		8,800		434,456
Building Products (9.40%)
Armstrong World Industries, Inc.		9,600		762,432
Continental Building Products, Inc.(b)		18,400		456,136
Patrick Industries, Inc.(b)		9,200		416,944
				1,635,512
Casinos & Gaming (3.06%)
Monarch Casino & Resort, Inc.(b)		12,100		531,432
Communications Equipment (1.79%)
Extreme Networks, Inc.(b)		41,600		311,584
Construction Machinery & Heavy Trucks (4.89%)
Alamo Group, Inc.		3,500		349,790
Terex Corp.		15,600		501,228
				851,018
Electronic Manufacturing Services (3.21%)
Methode Electronics, Inc.		19,400		558,332
Homebuilding (8.42%)
KB Home		25,500		616,335
LGI Homes, Inc.(b)		14,100		849,384
				1,465,719
Homefurnishing Retail (3.54%)
Aaron’s, Inc.		11,700		615,420
Industrial Machinery (4.77%)
Albany International Corp., Class A		4,900		350,791
Altra Industrial Motion Corp.		15,400		478,170
				828,961
Leisure Products (6.32%)
Brunswick Corp.		12,600		634,158
MasterCraft Boat Holdings, Inc.(b)		20,600		464,942
				1,099,100
Oil & Gas Exploration & Production (3.86%)
Matador Resources Co.(a)(b)		10,800		208,764
Ring Energy, Inc.(b)		24,400		143,228
SM Energy Co.		8,200		143,418
SRC Energy, Inc.(b)		34,189		175,048
				670,458
Oil & Gas Refining & Marketing (2.25%)
CVR Energy, Inc.		9,500		391,400
Pharmaceuticals (6.61%)
Corcept Therapeutics, Inc.(b)		54,700		642,178
Supernus Pharmaceuticals, Inc.(b)		14,500		508,080
				1,150,258

	Shares or Principal Amount		Value
Regional Banks (3.31%)
First Midwest Bancorp, Inc.		28,127	$	575,478
Semiconductor Equipment (3.09%)
Cabot Microelectronics Corp.		4,800		537,408
Semiconductors (6.75%)
Diodes, Inc.(b)		18,813		652,811
Mellanox Technologies, Ltd.(b)		4,400		520,784
				1,173,595
Specialty Chemicals (2.13%)
Ferro Corp.(b)		19,600		371,028
Specialty Stores (5.00%)
Five Below, Inc.(b)		7,000		869,750
Steel (1.24%)
Carpenter Technology Corp.		4,700		215,495
Technology Hardware, Storage & Peripherals (4.37%)
Super Micro Computer, Inc.(b)		36,000		760,590
Thrifts & Mortgage Finance (8.71%)
Axos Financial, Inc.(b)		28,600		828,256
Essent Group, Ltd.(b)		15,800		686,510
				1,514,766
Total Common Stocks (Cost $17,334,962)				17,157,276
Exchange Traded Funds (1.33%)
Direxion Daily Small Cap Bull 3X Shares(a)		3,800		232,256
Total Exchange Traded Funds (Cost $141,587)				232,256
Collateral for Securities on Loan (3.57%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46%		621,561		621,561
Total Collateral for Securities on Loan (Cost $621,561)				621,561
Total Investments (103.54%) (Cost $18,098,110)			$	18,011,093
Liabilities Less Other Assets (-3.54%)				(616,516	)
Net Assets (100.00%)			$	17,394,577

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

14 www.iconfunds.com

ICON Opportunities Fund Schedule of Investments

March 31, 2019 (Unaudited)

^(a) All or a portion of the security was on loan as of March 31, 2019. (b) Non-income producing security.

^(b) Non-income producing security.

Sector Composition (March 31, 2019) (Unaudited)
Consumer Discretionary	26.34	%
Industrials	22.48	%
Information Technology	21.71	%
Financials	12.02	%
Health Care	6.61	%
Energy	6.11	%
Materials	3.37	%
	98.64	%

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

Industry Composition (March 31, 2019) (Unaudited)
Building Products	9.40	%
Thrifts & Mortgage Finance	8.71	%
Homebuilding	8.42	%
Semiconductors	6.75	%
Pharmaceuticals	6.61	%
Leisure Products	6.32	%
Specialty Stores	5.00	%
Construction Machinery & Heavy Trucks	4.89	%
Industrial Machinery	4.77	%
Technology Hardware, Storage & Peripherals	4.37	%
Oil & Gas Exploration & Production	3.86	%
Homefurnishing Retail	3.54	%
Air Freight & Logistics	3.42	%
Regional Banks	3.31	%
Electronic Manufacturing Services	3.21	%
Semiconductor Equipment	3.09	%
Casinos & Gaming	3.06	%
Application Software	2.50	%
Oil & Gas Refining & Marketing	2.25	%
Specialty Chemicals	2.13	%
Communications Equipment	1.79	%
Steel	1.24	%
	98.64	%

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, 2019 15

ICON Risk-Managed Balanced Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Corporate Bonds (21.61%)
Communication Services (1.56%)
CSC Holdings LLC
10.88%, 10/15/25(a)	$	200,000	$	230,900
Lee Enterprises, Inc.
9.50%, 03/15/22(a)		200,000		204,250
				435,150
Consumer Discretionary (3.57%)
Foot Locker, Inc.
8.50%, 01/15/22		300,000		330,000
Reliance Intermediate Holdings LP
6.50%, 04/01/23(a)		400,000		413,000
William Lyon Homes, Inc.
7.00%, 08/15/22		250,000		250,625
				993,625
Consumer Staples (2.81%)
Central Garden & Pet Co.
6.13%, 11/15/23		260,000		271,375
Conagra Brands, Inc.
7.13%, 10/01/26		175,000		203,406
Darling Ingredients, Inc.
5.38%, 01/15/22		100,000		101,500
Kraft Heinz Foods Co.
4.88%, 02/15/25(a)		200,000		204,578
				780,859
Energy (3.29%)
Andeavor Logistics LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/22		314,000		322,635
6.38%, 05/01/24		200,000		209,500
Continental Resources, Inc.
5.00%, 09/15/22		380,000		382,840
				914,975
Financial (4.01%)
Catlin Insurance Co., Ltd.
3M US L + 2.975%, (a)(b)(c)(d)		150,000		147,000
Jefferies Finance LLC / JFIN Co.-Issuer Corp.
7.38%, 04/01/20(a)		150,000		150,000
Nationwide Mutual Insurance Co.
7.88%, 04/01/33(a)		253,000		350,598
Prudential Financial, Inc.
3M US L + 4.175%, 09/15/42(b)		250,000		264,375
Willis North America, Inc.
7.00%, 09/29/19		200,000		203,720
				1,115,693
Health Care (1.12%)
Bausch Health Cos., Inc.
7.00%, 03/15/24(a)		100,000		105,800
Hill-Rom Holdings, Inc.
5.75%, 09/01/23(a)		100,000		103,125
Molina Healthcare, Inc.
5.38%, 11/15/22		100,000		103,811
				312,736

	Shares or Principal Amount		Value
Industrials (0.64%)
USG Corp.
5.50%, 03/01/25(a)	$	175,000	$	177,712
Information Technology (1.48%)
Amkor Technology, Inc.
6.38%, 10/01/22		100,000		101,690
NXP BV / NXP Funding LLC
4.63%, 06/01/23(a)		300,000		311,550
				413,240
Materials (2.12%)
Teck Resources, Ltd.
6.13%, 10/01/35		100,000		106,526
8.50%, 06/01/24(a)		450,000		482,497
				589,023
Utilities (1.01%)
DPL, Inc.
6.75%, 10/01/19		124,000		124,620
Vistra Energy Corp.
7.63%, 11/01/24		148,000		156,513
				281,133
Total Corporate Bonds (Cost $6,020,378)				6,014,146
Asset-Backed Securities (0.85%)
SMB Private Education Loan Trust Series 2014-A, Class C
4.50%, 11/15/25(a)(e)		250,000		236,830
Total Asset-Backed Securities (Cost $241,413)				236,830
U.S. Treasury Obligations (2.75%)
U.S. Treasury Bond
2.63%, 02/15/29		750,000		764,590
Total U.S. Treasury Obligations (Cost $743,864)				764,590
Common Stocks (63.76%)
Automotive Retail (1.52%)
AutoZone, Inc.(f)		412		421,937
Biotechnology (1.32%)
AbbVie, Inc.		4,561		367,571
Building Products (3.86%)
AO Smith Corp.		10,707		570,897
Masco Corp.		12,846		504,976
				1,075,873
Construction Materials (1.31%)
Eagle Materials, Inc.		4,318		364,007

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

16 www.iconfunds.com

ICON Risk-Managed Balanced Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Data Processing & Outsourced Services (5.72%)
Mastercard, Inc., Class A		3,729	$	877,993
Visa, Inc., Class A		4,567		713,320
				1,591,313
Diversified Banks (4.63%)
Bank of America Corp.		23,362		644,558
JPMorgan Chase & Co.		6,353		643,114
				1,287,672
Footwear (2.30%)
NIKE, Inc., Class B		7,600		639,996
Health Care Services (1.30%)
Cigna Corp.		2,253		362,327
Homebuilding (1.64%)
DR Horton, Inc.		10,994		454,932
Hotels, Resorts & Cruise Lines (1.83%)
Royal Caribbean Cruises, Ltd.		4,438		508,684
Interactive Media & Services (2.46%)
Alphabet, Inc., Class C(f)		254		298,021
Facebook, Inc., Class A(f)		2,323		387,221
				685,242
Internet & Direct Marketing Retail (2.40%)
eBay, Inc.		18,000		668,520
IT Consulting & Other Services (1.56%)
Cognizant Technology Solutions Corp., Class A		5,983		433,468
Leisure Products (1.39%)
Brunswick Corp.		7,657		385,377
Life & Health Insurance (0.84%)
Lincoln National Corp.		4,000		234,800
Life Sciences Tools & Services (4.64%)
PerkinElmer, Inc.		5,812		560,044
PRA Health Sciences, Inc.(f)		2,644		291,607
Thermo Fisher Scientific, Inc.		1,605		439,321
				1,290,972
Oil & Gas Exploration & Production (3.46%)
Cimarex Energy Co.		3,100		216,690
Diamondback Energy, Inc.		3,023		306,925
Parsley Energy, Inc., Class A(f)		11,739		226,563
SRC Energy, Inc.(f)		42,030		215,194
				965,372
Oil & Gas Refining & Marketing (1.11%)
Marathon Petroleum Corp.		5,146		307,988
Paper Packaging (5.15%)
Graphic Packaging Holding Co.		25,667		324,174
International Paper Co.		11,900		550,613

	Shares or Principal Amount		Value
Paper Packaging (continued)
Packaging Corp. of America		5,600	$	556,528
				1,431,315
Pharmaceuticals (1.44%)
Jazz Pharmaceuticals PLC(f)		2,810		401,690
Railroads (3.36%)
Canadian Pacific Railway, Ltd.		2,000		412,060
Union Pacific Corp.		3,129		523,169
				935,229
Regional Banks (5.08%)
KeyCorp		21,031		331,238
Signature Bank		4,102		525,343
SVB Financial Group(f)		2,500		555,900
				1,412,481
Semiconductors (4.27%)
Monolithic Power Systems, Inc.		5,419		734,220
Skyworks Solutions, Inc.		5,515		454,877
				1,189,097
Trading Companies & Distributors (1.17%)
Air Lease Corp.		9,485		325,810
Total Common Stocks (Cost $16,431,079)				17,741,673
Preferred Stocks (0.81%)
Property & Casualty Insurance (0.81%)
Argo Group US, Inc.
6.50%, 09/15/42		8,816		224,808
Total Preferred Stocks (Cost $222,477)				224,808
Closed-End Mutual Funds (7.27%)
Alliance California Municipal Income Fund, Inc.		25,512		377,067
BlackRock Enhanced Government Fund, Inc.		10,531		137,956
BlackRock Income Trust, Inc.		72,972		434,184
Dreyfus Municipal Income, Inc.		22,281		187,383
Duff & Phelps Utility and Corporate Bond Trust, Inc.		15,858		136,696
Eaton Vance Municipal Bond Fund		32,147		398,622
Nuveen Mortgage Opportunity Term Fund		15,076		350,216
Total Closed-End Mutual Funds (Cost $1,983,785)				2,022,124

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

Semi-Annual Report | March 31, 2019 17

ICON Risk-Managed Balanced Fund Schedule of Investments

March 31, 2019 (Unaudited)

Underlying Security/Expiration Date/Exercise
Price/ Notional Amount	Contracts		Value
Purchased Put Options (0.07%)
S&P 500® Index
04/18/19, 2,400, $2,834,400		10	$	450
S&P 500® Index
06/21/19, 2,600, $2,834,400		10		19,400
				19,850
Total Purchased Put Options (Cost $64,777)				19,850
Total Investments (97.12%) (Cost $25,707,773)			$	27,024,021
Other Assets Less Liabilities (2.88%)				800,168
Net Assets (100.00%)			$	27,824,189

Investment Abbreviations:  

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

LIBOR Rates:  

3M  US L - 3 Month LIBOR as of March 31, 2019 was 2.60%

^(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, 2019, these securities had a total aggregate market value of $3,117,840.

^(b) Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2019 is based on the reference rate plus the displayed spread as of the security’s last reset date.

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

^(d) All or a portion of the security was on loan as of March 31, 2019.

^(e) These securities are considered, by management, to be illiquid. The aggregate value of these securities at March 31, 2019 was $236,830, which represent 0.85% of the Fund’s net assets.

^(f) Non-income producing security.

Sector Composition (March 31, 2019) (Unaudited)
Financials	15.37	%
Consumer Discretionary	14.65	%
Information Technology	13.03	%
Health Care	9.82	%
Industrials	9.03	%
Materials	8.58	%
Energy	7.86	%
Communication Services	4.02	%
Consumer Staples	2.81	%
Government	2.75	%
Utilities	1.01	%
	88.93	%

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

Industry Composition (March 31, 2019) (Unaudited)
Data Processing & Outsourced Services	5.72	%
Semiconductors	5.39	%
Paper Packaging	5.15	%
Regional Banks	5.08	%
Oil & Gas Exploration & Production	4.84	%
Life Sciences Tools & Services	4.64	%
Diversified Banks	4.63	%
Building Products	4.50	%
Railroads	3.36	%
Property & Casualty Insurance	3.33	%
Sovereigns	2.75	%
Interactive Media & Services	2.46	%
Internet & Direct Marketing Retail	2.40	%
Footwear	2.30	%
Diversified Metals & Mining	2.12	%
Pipeline	1.91	%
Hotels, Resorts & Cruise Lines	1.83	%
Pharmaceuticals	1.82	%
Life & Health Insurance	1.79	%
Homebuilding	1.64	%
IT Consulting & Other Services	1.56	%
Automotive Retail	1.52	%
Retail	1.48	%
Leisure Products	1.39	%
Biotechnology	1.32	%
Construction Materials	1.31	%
Health Care Services	1.30	%
Apparel Retail	1.19	%
Trading Companies & Distributors	1.17	%
Oil & Gas Refining & Marketing	1.11	%
Other Industries (each less than 1%)	7.92	%
	88.93	%

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

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

18 www.iconfunds.com

ICON Risk-Managed Balanced Fund Schedule of Investments

March 31, 2019 (Unaudited)

Credit Diversification (March 31, 2019) (Unaudited)
Baa3	4.70	%
Ba1	3.74	%
Ba2	3.69	%
Aaa	2.75	%
B1	1.88	%
Baa2	1.69	%
B2	1.63	%
NR*	1.38	%
Ba3	1.30	%
A3	1.26	%
B3	1.20	%
Total:	25.22	%

Percentages are based upon corporate bonds, 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.

Semi-Annual Report | March 31, 2019 19

ICON Diversified Funds Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	ICON Equity Income Fund		ICON Flexible Bond Fund			ICON Fund
Assets
Investments, at cost	$	78,852,297	$	129,966,469		$	34,672,146
Investments, at value(a)		80,639,184		130,659,108			43,109,815
Cash and cash equivalents		243,670		1,033			38,915
Receivables:
Investments sold		928,035		3,776,870			—
Fund shares sold		575,467		922,233			29,039
Expense reimbursements due from Adviser		43,714		60,960			6,521
Interest		98,660		1,631,481			3
Dividends		194,222		4,495			20,870
Foreign tax reclaims		7,935		—			—
Other assets		21,931		28,401			19,987
Total assets		82,752,818		137,084,581			43,225,150
Liabilities
Payables:
Payable for collateral received on securities loaned		1,916,570		1,275,800			261,978
Loan payable, at value (Cost $–, $242,456 and $–)		—		242,456			—
Investments purchased		43,281		1,447,526			2
Fund shares redeemed		109,336		55,400			50,667
Distributions due to shareholders		583,373		356,918			—
Advisory fees		51,019		66,703			27,469
Transfer agent fees		28,435		17,768			15,572
Fund accounting fees		7,698		12,244			4,069
Accrued distribution fees		17,703		3,804			9,723
Trustee fees and expenses		3,826		6,115			2,123
Administration fees		3,401		5,559			1,831
Accrued expenses		20,016		21,202			13,797
Total liabilities		2,784,658		3,511,495			387,231
Net Assets - all share classes	$	79,968,160	$	133,573,086		$	42,837,919
Net Assets - Class S	$	52,289,875	$	125,125,529		$	27,837,190
Net Assets - Class C	$	18,338,075	$	4,106,374		$	10,146,639
Net Assets - Class A	$	9,340,210	$	4,341,183		$	4,854,090
Net Assets Consists of
Paid-in capital	$	77,342,955	$	136,611,980		$	32,871,482
Total distributable earnings		2,625,205		(3,038,894	)		9,966,437
Net Assets	$	79,968,160	$	133,573,086		$	42,837,919
Shares outstanding (unlimited shares authorized, no par value)
Class S		2,986,073		13,436,571			1,484,626
Class C		1,037,444		439,524			630,201
Class A		534,639		468,506			276,517
Net asset value (offering and redemption price per share)
Class S	$	17.51	$	9.31		$	18.75
Class C	$	17.68	$	9.34		$	16.10
Class A	$	17.47	$	9.27		$	17.55
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	18.54	$	9.73		$	18.63
(a) Includes securities on loan of	$	2,084,672	$	2,888,385		$	260,640

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

20 www.iconfunds.com

ICON Diversified Funds Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	ICON Long/Short Fund		ICON Opportunities Fund			ICON Risk-Managed Balanced Fund
Assets
Investments, at cost	$	16,999,889	$	18,098,110		$	25,707,773
Investments, at value(a)		20,010,087		18,011,093			27,024,021
Cash and cash equivalents		50,311		26,483			848,414
Receivables:
Investments sold		5,266		—			16,708
Fund shares sold		1,850		13,005			107,987
Expense reimbursements due from Adviser		23,074		6,565			19,395
Interest		26		36			114,041
Dividends		11,417		8,419			12,650
Foreign tax reclaims		—		—			—
Other assets		18,833		6,219			18,562
Total assets		20,120,864		18,071,820			28,161,778
Liabilities
Payables:
Payable for collateral received on securities loaned		137,522		621,561			—
Investments purchased		—		23			269,717
Fund shares redeemed		43,939		15,630			1,189
Advisory fees		14,397		11,152			17,652
Transfer agent fees		12,463		11,465			11,328
Fund accounting fees		2,418		2,509			5,580
Accrued distribution fees		4,466		—			13,962
Trustee fees and expenses		1,007		859			1,367
Administration fees		847		743			1,177
Accrued expenses		13,141		13,301			15,617
Total liabilities		230,200		677,243			337,589
Net Assets - all share classes	$	19,890,664	$	17,394,577		$	27,824,189
Net Assets - Class S	$	11,405,515	$	—		$	8,463,974
Net Assets - Class C	$	4,042,376	$	—		$	15,642,893
Net Assets - Class A	$	4,442,773	$	—		$	3,717,322
Net Assets Consists of
Paid-in capital	$	16,577,261	$	17,470,353		$	26,606,879
Total distributable earnings		3,313,403		(75,776	)		1,217,310
Net Assets	$	19,890,664	$	17,394,577		$	27,824,189
Shares outstanding (unlimited shares authorized, no par value)				1,334,485
Class S		443,101		—			542,498
Class C		181,479		—			1,097,408
Class A		179,158		—			244,192
Net asset value (offering and redemption price per share)			$	13.03
Class S	$	25.74	$	—		$	15.60
Class C	$	22.27	$	—		$	14.25
Class A	$	24.80	$	—		$	15.22
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	26.31	$	—		$	16.15
(a) Includes securities on loan of	$	302,190	$	824,032		$	147,000

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

Semi-Annual Report | March 31, 2019  21

ICON Diversified Funds Statements of Operations

Period Ended March 31, 2019 (Unaudited)

	ICON Equity Income  Fund			ICON Flexible Bond  Fund			ICON Fund
Investment Income
Interest	$	104,930		$	1,379,825		$	41
Dividends		1,480,833			975,088			279,156
Foreign taxes withheld		(21,047	)		—			(3,183	)
Income from securities lending, net		3,839			29,396			2,361
Other income		17,275			77,175			—
Total investment income		1,585,830			2,461,484			278,375
Expenses
Advisory fees		282,848			345,178			160,059
Administration fees		18,858			28,765			10,672
Transfer agent fees		61,814			47,413			34,865
Distribution fees:
Class C		86,789			14,702			49,958
Class A		12,165			5,031			5,894
Registration fees		19,748			20,914			18,163
Audit and tax service expense		8,975			8,971			7,974
Fund accounting fees		20,055			30,523			10,869
Trustee fees and expenses		13,289			19,530			7,673
Insurance expense		4,299			5,353			2,742
Custody fees		3,730			5,846			1,840
Printing fees		7,750			7,900			4,790
Interest expense		268			191			1,018
Other expenses		18,915			24,378			11,845
Total expenses before expense reimbursement		559,503			564,695			328,362
Expense reimbursement by Adviser due to expense limitation agreement		(86,916	)		(112,367	)		(10,954	)
Net Expenses		472,587			452,328			317,408
Net Investment Income/(Loss)		1,113,243			2,009,156			(39,033	)
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:		852,057			(196,672	)		2,274,620
Investments and foreign currency translations		852,057			(196,672	)		2,274,620
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(2,593,239	)		1,800,466			(4,744,983	)
		(2,593,239	)		1,800,466			(4,744,983	)
Net realized and unrealized gain/(loss)		(1,741,182	)		1,603,794			(2,470,363	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(627,939	)	$	3,612,950		$	(2,509,396	)

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

22 www.iconfunds.com

ICON Diversified Funds Statements of Operations

Period Ended March 31, 2019 (Unaudited)

	ICON Long/Short  Fund			ICON Opportunities  Fund			ICON Risk-Managed  Balanced Fund
Investment Income
Interest	$	—		$	30		$	108,491
Dividends		134,402			59,632			207,689
Foreign taxes withheld		(782	)		—			(720	)
Income from securities lending, net		1,029			3,298			608
Total investment income		134,649			62,960			316,068
Expenses
Advisory fees		94,924			64,882			105,683
Administration fees		5,584			4,326			7,046
Transfer agent fees		28,455			22,454			27,520
Distribution fees:
Class C		21,505			—			75,513
Class A		5,720			—			4,907
Registration fees		18,665			8,999			18,907
Audit and tax service expense		8,721			7,975			9,715
Fund accounting fees		6,234			5,423			10,405
Trustee fees and expenses		4,070			3,135			5,023
Insurance expense		1,502			1,190			1,662
Custody fees		1,611			1,843			2,319
Printing fees		3,702			3,377			3,861
Interest expense		2,300			338			—
Other expenses		7,814			5,785			9,246
Total expenses before expense reimbursement		210,807			129,727			281,807
Expense reimbursement by Adviser due to expense limitation agreement		(40,039	)		(17,177	)		(32,559	)
Net Expenses		170,768			112,550			249,248
Net Investment Income/(Loss)		(36,119	)		(49,590	)		66,820
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		805,334			538,729			(84,301	)
		805,334			538,729			(84,301	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(2,625,497	)		(2,834,987	)		(1,480,358	)
		(2,625,497	)		(2,834,987	)		(1,480,358	)
Net realized and unrealized gain/(loss)		(1,820,163	)		(2,296,258	)		(1,564,659	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(1,856,282	)	$	(2,345,848	)	$	(1,497,839	)

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

Semi-Annual Report | March 31, 2019 23

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Equity Income Fund						ICON Flexible Bond Fund
	Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018			Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018 (a)
Operations
Net investment income/(loss)	$	1,113,243		$	2,241,678		$	2,009,156		$	3,522,028
Net realized gain/(loss)		852,057			3,050,654			(196,672	)		(877,235	)
Change in net unrealized appreciation/(depreciation)		(2,593,239	)		(979,199	)		1,800,466			(931,423	)
Net increase/(decrease) in net assets resulting from operations		(627,939	)		4,313,133			3,612,950			1,713,370
Total Dividends and Distributions to Shareholders
Class S		(935,456	)		(1,607,191	)		(2,497,563	)		(3,164,850	)
Class C		(247,796	)		(342,652	)		(65,659	)		(100,341	)
Class A		(173,825	)		(365,825	)		(89,101	)		(125,245	)
Net decrease from dividends and distributions		(1,357,077	)		(2,315,668	)		(2,652,323	)		(3,390,436	)
Fund Share Transactions
Shares sold
Class S		9,562,081			14,018,260			45,044,455			36,821,738
Class C		2,133,561			3,350,835			1,123,485			585,449
Class A		840,083			2,012,996			884,974			993,823
Reinvested dividends and distributions
Class S		897,575			1,536,440			2,292,414			2,912,727
Class C		230,616			310,512			56,193			85,079
Class A		148,356			310,987			83,161			115,309
Shares repurchased
Class S		(8,037,033	)		(22,765,862	)		(20,412,963	)		(21,361,079	)
Class C		(1,107,985	)		(2,388,940	)		(377,075	)		(1,067,548	)
Class A		(2,044,243	)		(6,198,082	)		(342,535	)		(1,212,911	)
Net increase/(decrease) from fund share transactions		2,623,011			(9,812,854	)		28,352,109			17,872,587
Total net increase/(decrease) in net assets		637,995			(7,815,389	)		29,312,736			16,195,521
Net Assets
Beginning of period		79,330,165			87,145,554			104,260,350			88,064,829
End of period	$	79,968,160		$	79,330,165		$	133,573,086		$	104,260,350
Transactions in Fund Shares
Shares sold
Class S		557,992			771,961			4,905,813			3,961,759
Class C		124,348			183,047			121,942			62,589
Class A		49,167			111,347			96,928			107,547
Issued to shareholders in reinvestment of distributions
Class S		54,743			85,666			249,603			313,069
Class C		13,994			17,162			6,100			9,103
Class A		9,108			17,383			9,105			12,448
Shares repurchased
Class S		(475,852	)		(1,249,425	)		(2,226,474	)		(2,296,036	)
Class C		(64,034	)		(130,988	)		(40,694	)		(114,075	)
Class A		(119,832	)		(341,407	)		(37,440	)		(130,931	)
Net increase/(decrease)		149,634			(535,254	)		3,084,883			1,925,473
Shares outstanding, beginning of period		4,408,522			4,943,776			11,259,718			9,334,245
Shares outstanding, end of period		4,558,156			4,408,522			14,344,601			11,259,718

^(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.

24 www.iconfunds.com

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Fund						ICON Long/Short Fund
	Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018			Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018
Operations
Net investment income/(loss)	$	(39,033	)	$	(226,954	)	$	(36,119	)	$	(131,995	)
Net realized gain/(loss)		2,274,620			3,356,674			805,334			1,840,083
Change in net unrealized appreciation/(depreciation)		(4,744,983	)		32,995			(2,625,497	)		61,132
Net increase/(decrease) in net assets resulting from operations		(2,509,396	)		3,162,715			(1,856,282	)		1,769,220
Total Dividends and Distributions to Shareholders
Class S		(340,838	)		—			(171,949	)		—
Class C		(140,023	)		—			(71,049	)		—
Class A		(60,635	)		—			(69,039	)		—
Net decrease from dividends and distributions		(541,496	)		—			(312,037	)		—
Fund Share Transactions
Shares sold
Class S		449,504			3,873,962			2,784,827			10,816,178
Class C		194,118			547,780			138,453			761,410
Class A		248,435			1,140,529			278,387			2,733,365
Reinvested dividends and distributions
Class S		333,895			—			158,276			—
Class C		134,839			—			68,167			—
Class A		60,061			—			61,419			—
Shares repurchased
Class S		(3,551,826	)		(6,326,048	)		(8,563,098	)		(4,397,179	)
Class C		(890,862	)		(2,476,705	)		(890,962	)		(711,148	)
Class A		(527,809	)		(1,186,452	)		(943,659	)		(4,937,947	)
Net increase/(decrease) from fund share transactions		(3,549,645	)		(4,426,934	)		(6,908,190	)		4,264,679
Total net increase/(decrease) in net assets		(6,600,537	)		(1,264,219	)		(9,076,509	)		6,033,899
Net Assets
Beginning of period		49,438,456			50,702,675			28,967,173			22,933,274
End of period	$	42,837,919		$	49,438,456		$	19,890,664		$	28,967,173
Transactions in Fund Shares
Shares sold
Class S		24,990			192,622			112,240			399,467
Class C		12,225			31,789			7,161			32,406
Class A		14,926			59,973			11,694			103,610
Issued to shareholders in reinvestment of distributions
Class S		21,159			—			7,355			—
Class C		9,922			—			3,651			—
Class A		4,064			—			2,960			—
Shares repurchased
Class S		(199,249	)		(315,297	)		(361,962	)		(162,050	)
Class C		(57,352	)		(141,244	)		(42,477	)		(30,287	)
Class A		(31,911	)		(63,542	)		(40,014	)		(186,954	)
Net increase/(decrease)		(201,226	)		(235,699	)		(299,392	)		156,192
Shares outstanding, beginning of period		2,592,570			2,828,269			1,103,130			946,938
Shares outstanding, end of period		2,391,344			2,592,570			803,738			1,103,130

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

Semi-Annual Report | March 31, 2019 25

ICON Diversified Funds Statements of Changes in Net Assets

	ICON Opportunities Fund						ICON Risk-Managed Balanced Fund
	Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018			Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018
Operations
Net investment income/(loss)	$	(49,590	)	$	(166,742	)	$	66,820		$	159,711
Net realized gain/(loss)		538,729			3,637,781			(84,301	)		783,256
Change in net unrealized appreciation/(depreciation)		(2,834,987	)		(2,599,824	)		(1,480,358	)		440,875
Net increase/(decrease) in net assets resulting from operations		(2,345,848	)		871,215			(1,497,839	)		1,383,842
Total Dividends and Distributions to Shareholders
Dividends and distributions		(3,835,809	)		(307,810	)
Class S		—			—			(54,349	)		(101,832	)
Class C		—			—			(25,803	)		(23,510	)
Class A		—			—			(17,981	)		(41,068	)
Net decrease from dividends and distributions		(3,835,809	)		(307,810	)		(98,133	)		(166,410	)
Fund Share Transactions
Shares sold		901,305			8,215,056
Class S		—			—			455,839			3,005,177
Class C		—			—			1,501,709			3,137,593
Class A		—			—			67,142			1,309,983
Reinvested dividends and distributions		3,766,342			305,435
Class S		—			—			51,421			94,076
Class C		—			—			24,572			21,452
Class A		—			—			16,047			38,578
Shares repurchased		(2,175,822	)		(7,368,889	)
Class S		—			—			(2,171,490	)		(8,100,020	)
Class C		—			—			(1,511,554	)		(3,902,945	)
Class A		—			—			(947,445	)		(3,826,965	)
Net increase/(decrease) from fund share transactions		2,491,825			1,151,602			(2,513,759	)		(8,223,071	)
Total net increase/(decrease) in net assets		(3,689,832	)		1,715,007			(4,109,731	)		(7,005,639	)
Net Assets
Beginning of period		21,084,409			19,369,402			31,933,920			38,939,559
End of period	$	17,394,577		$	21,084,409		$	27,824,189		$	31,933,920
Transactions in Fund Shares
Shares sold		65,006			417,657
Class S		—			—			30,376			185,151
Class C		—			—			107,251			214,005
Class A		—			—			4,740			83,430
Issued to shareholders in reinvestment of distributions		340,230			15,481
Class S		—			—			3,559			5,890
Class C		—			—			1,927			1,468
Class A		—			—			1,138			2,482
Shares repurchased		(151,642	)		(377,941	)
Class S		—			—			(145,472	)		(507,106	)
Class C		—			—			(111,505	)		(265,702	)
Class A		—			—			(66,137	)		(242,735	)
Net increase/(decrease)		253,594			55,197			(174,123	)		(523,117	)
Shares outstanding, beginning of period		1,080,891			1,025,694			2,058,221			2,581,338
Shares outstanding, end of period		1,334,485			1,080,891			1,884,098			2,058,221

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

26 www.iconfunds.com

ICON Equity Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	17.96		$	17.61		$	15.62		$	14.36		$	14.87		$	13.80
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.27			0.53			0.61			0.60			0.56			0.52
Net realized and unrealized gains/(losses) on investments		(0.38	)		0.38			1.95			1.27			(0.56	)		1.04
Total from investment operations		(0.11	)		0.91			2.56			1.87			(0.00	)(b)		1.56
Less dividends and distributions:
Dividends from net investment income		(0.32	)		(0.56	)		(0.57	)		(0.61	)		(0.51	)		(0.49	)
Distributions from net realized gains		(0.02	)		—			—			—			—			—
Total dividends and distributions		(0.34	)		(0.56	)		(0.57	)		(0.61	)		(0.51	)		(0.49	)
Net asset value, end of period	$	17.51		$	17.96		$	17.61		$	15.62		$	14.36		$	14.87
Total Return		(0.53	)%(c)		5.19	%		16.53	%		13.30	%		(0.17	)%		11.36	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	52,290		$	51,185		$	57,062		$	37,868		$	22,779		$	8,022
Ratio of expenses to average net assets
Before expense limitation		1.22	%(d)		1.16	%		1.15	%		1.24	%		1.25	%		1.38	%
After expense limitation(e)		0.99	%(d)		0.99	%		1.05	%(f)		1.20	%		1.20	%		1.20	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.99	%(d)		2.76	%		3.50	%		3.91	%		3.52	%		3.36	%
After expense limitation(e)		3.22	%(d)		2.93	%		3.60	%		3.95	%		3.57	%		3.54	%
Portfolio turnover rate		86	%(c)		171	%		206	%		145	%		174	%		148	%

^(a) Calculated using the average shares method.

^(b) Amount less than $(0.005).

^(c) Not Annualized.

^(d) Annualized.

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

^(f) 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.

Semi-Annual Report | March 31, 2019 27

ICON Equity Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	18.13		$	17.76		$	15.76		$	14.45		$	14.96		$	13.88
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.19			0.36			0.45			0.45			0.40			0.36
Net realized and unrealized gains/(losses) on investments		(0.39	)		0.38			1.95			1.28			(0.56	)		1.06
Total from investment operations		(0.20	)		0.74			2.40			1.73			(0.16	)		1.42
Less dividends and distributions:
Dividends from net investment income		(0.23	)		(0.37	)		(0.40	)		(0.42	)		(0.35	)		(0.34	)
Distributions from net realized gains		(0.02	)		—			—			—			—			—
Total dividends and distributions		(0.25	)		(0.37	)		(0.40	)		(0.42	)		(0.35	)		(0.34	)
Net asset value, end of period	$	17.68		$	18.13		$	17.76		$	15.76		$	14.45		$	14.96
Total Return(b)		(1.03	)%(c)		4.21	%		15.34	%		12.15	%		(1.16	)%		10.26	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	18,338		$	17,460		$	15,878		$	10,532		$	6,825		$	5,481
Ratio of expenses to average net assets
Before expense limitation		2.20	%(d)		2.17	%		2.20	%		2.34	%		2.34	%		2.45	%
After expense limitation(e)		1.99	%(d)		1.99	%		2.05	%(f)		2.20	%		2.20	%		2.20	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.00	%(d)		1.81	%		2.49	%		2.80	%		2.40	%		2.21	%
After expense limitation(e)		2.21	%(d)		1.99	%		2.64	%		2.94	%		2.54	%		2.46	%
Portfolio turnover rate		86	%(c)		171	%		206	%		145	%		174	%		148	%

^(a) Calculated using the average shares method.

^(b) The total return calculation excludes any sales charges.

^(c) Not Annualized.

^(d) Annualized.

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

^(f) 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.

28 www.iconfunds.com

ICON Equity Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	17.92		$	17.56		$	15.58		$	14.29		$	14.79		$	13.73
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.25			0.49			0.54			0.56			0.50			0.47
Net realized and unrealized gains/(losses) on investments		(0.39	)		0.38			1.96			1.26			(0.53	)		1.04
Total from investment operations		(0.14	)		0.87			2.50			1.82			(0.03	)		1.51
Less dividends and distributions:
Dividends from net investment income		(0.29	)		(0.51	)		(0.52	)		(0.53	)		(0.47	)		(0.45	)
Distributions from net realized gains		(0.02	)		—			—			—			—			—
Total dividends and distributions		(0.31	)		(0.51	)		(0.52	)		(0.53	)		(0.47	)		(0.45	)
Net asset value, end of period	$	17.47		$	17.92		$	17.56		$	15.58		$	14.29		$	14.79
Total Return(b)		(0.66	)%(c)		4.98	%		16.20	%		12.97	%		(0.38	)%		11.07	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	9,340		$	10,685		$	14,206		$	16,775		$	13,039		$	13,847
Ratio of expenses to average net assets
Before expense limitation		1.54	%(d)		1.45	%		1.45	%		1.54	%		1.52	%		1.59	%
After expense limitation(e)		1.24	%(d)		1.24	%		1.31	%(f)		1.45	%		1.45	%		1.45	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.65	%(d)		2.48	%		3.06	%		3.64	%		3.14	%		3.08	%
After expense limitation(e)		2.95	%(d)		2.69	%		3.20	%		3.73	%		3.21	%		3.22	%
Portfolio turnover rate		86	%(c)		171	%		206	%		145	%		174	%		148	%

^(a) Calculated using the average shares method.

^(b) The total return calculation excludes any sales charges.

^(c) Not Annualized.

^(d) Annualized.

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

^(f) 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.

Semi-Annual Report | March 31, 2019 29

ICON Flexible Bond Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018 (a)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	9.26		$	9.43		$	9.55		$	9.20		$	9.90		$	9.89
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.16			0.36			0.37			0.34			0.41			0.43	(c)
Net realized and unrealized gains/(losses) on investments		0.10			(0.19	)		(0.11	)		0.34			(0.44	)		0.15
Total from investment operations		0.26			0.17			0.26			0.68			(0.03	)		0.58
Less dividends and distributions:
Dividends from net investment income		(0.21	)		(0.34	)		(0.38	)		(0.33	)		(0.51	)		(0.44	)
Distributions from net realized gains		—			—			—			—			(0.13	)		(0.13	)
Return of capital		—			—			—			—			(0.03	)		—
Total dividends and distributions		(0.21	)		(0.34	)		(0.38	)		(0.33	)		(0.67	)		(0.57	)
Net asset value, end of period	$	9.31		$	9.26		$	9.43		$	9.55		$	9.20		$	9.90
Total Return		2.91	%(d)		1.89	%		2.82	%		7.54	%		(0.28	)%		6.01	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	125,126		$	97,303		$	80,467		$	76,656		$	73,152		$	87,675
Ratio of expenses to average net assets
Before expense limitation		0.93	%(e)		0.92	%		0.91	%		0.93	%		0.91	%		0.86	%
After expense limitation(f)		0.75	%(e)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		3.34	%(e)		3.65	%		3.80	%		3.43	%		4.10	%		4.22	%
After expense limitation(f)		3.52	%(e)		3.82	%		3.96	%		3.61	%		4.26	%		4.33	%(c)
Portfolio turnover rate		67	%(d)		153	%		169	%		141	%		153	%		176	%

^(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) Investment income per share of Class S reflects a large, non-recurring dividend which amounted to $0.07 per share. Excluding this non-recurring dividend, the ratio of net investment income/(loss) to average net assets would have been 3.59% for Class S.

^(d) Not Annualized.

^(e) Annualized.

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

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

30 www.iconfunds.com

ICON Flexible Bond Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018 (a)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	9.29		$	9.48		$	9.58		$	9.24		$	9.94		$	9.93
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.12			0.28			0.29			0.26			0.32			0.34	(c)
Net realized and unrealized gains/(losses) on investments		0.11			(0.19	)		(0.10	)		0.34			(0.43	)		0.15
Total from investment operations		0.23			0.09			0.19			0.60			(0.11	)		0.49
Less dividends and distributions:
Dividends from net investment income		(0.18	)		(0.28	)		(0.29	)		(0.26	)		(0.43	)		(0.35	)
Distributions from net realized gains		—			—			—			—			(0.13	)		(0.13	)
Return of capital		—			—			—			—			(0.03	)		—
Total dividends and distributions		(0.18	)		(0.28	)		(0.29	)		(0.26	)		(0.59	)		(0.48	)
Net asset value, end of period	$	9.34		$	9.29		$	9.48		$	9.58		$	9.24		$	9.94
Total Return(d)		2.48	%(e)		0.92	%		2.05	%		6.59	%		(1.10	)%		5.10	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,106		$	3,272		$	3,739		$	4,590		$	4,142		$	2,879
Ratio of expenses to average net assets
Before expense limitation		2.15	%(f)		2.20	%		2.13	%		2.10	%		2.19	%		2.27	%
After expense limitation(g)		1.60	%(f)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.15	%(f)		2.36	%		2.58	%		2.28	%		2.76	%		2.75	%
After expense limitation(g)		2.70	%(f)		2.96	%		3.11	%		2.78	%		3.35	%		3.42	%(c)
Portfolio turnover rate		67	%(e)		153	%		169	%		141	%		153	%		176	%

^(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) 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.

^(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, 2019 31

ICON Flexible Bond Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018 (a)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	9.21		$	9.39		$	9.51		$	9.17		$	9.86		$	9.89
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.15			0.33			0.33			0.31			0.36			0.43	(c)
Net realized and unrealized gains/(losses) on investments		0.11			(0.19	)		(0.10	)		0.34			(0.41	)		0.12
Total from investment operations		0.26			0.14			0.23			0.65			(0.05	)		0.55
Less dividends and distributions:
Dividends from net investment income		(0.20	)		(0.32	)		(0.35	)		(0.31	)		(0.48	)		(0.45	)
Distributions from net realized gains		—			—			—			—			(0.13	)		(0.13	)
Return of capital		—			—			—			—			(0.03	)		—
Total dividends and distributions		(0.20	)		(0.32	)		(0.35	)		(0.31	)		(0.64	)		(0.58	)
Net asset value, end of period	$	9.27		$	9.21		$	9.39		$	9.51		$	9.17		$	9.86
Total Return(d)		2.90	%(e)		1.55	%		2.48	%		7.25	%		(0.44	)%		5.77	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,341		$	3,685		$	3,859		$	6,100		$	7,838		$	4,278
Ratio of expenses to average net assets
Before expense limitation		1.42	%(f)		1.45	%		1.41	%		1.38	%		1.36	%		1.44	%
After expense limitation(g)		1.00	%(f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.87	%(f)		3.13	%		3.13	%		2.98	%		3.50	%		3.84	%
After expense limitation(g)		3.29	%(f)		3.58	%		3.54	%		3.36	%		3.86	%		4.28	%(c)
Portfolio turnover rate		67	%(e)		153	%		169	%		141	%		153	%		176	%

^(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) Investment income per share of Class A reflects a large, non-recurring dividend which amounted to $0.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 3.55% for Class A.

^(d) The total return calculation excludes any sales charges.

^(e) Not Annualized.

^(f) Annualized.

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

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

32 www.iconfunds.com

ICON Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	19.90		$	18.68		$	14.08		$	13.83		$	14.52		$	14.00
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		0.01			(0.02	)		(0.01	)		0.05			(0.02	)		0.00	(c)
Net realized and unrealized gains/(losses) on investments		(0.94	)		1.24			4.61			0.20			(0.67	)		0.52
Total from investment operations		(0.93	)		1.22			4.60			0.25			(0.69	)		0.52
Less dividends and distributions:
Distributions from net realized gains		(0.22	)		—			—			—			—			—
Total dividends and distributions		(0.22	)		—			—			—			—			—
Net asset value, end of period	$	18.75		$	19.90		$	18.68		$	14.08		$	13.83		$	14.52
Total Return		(4.47	)%(d)		6.53	%		32.67	%		1.81	%		(4.75	)%		3.71	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	27,837		$	32,583		$	32,883		$	28,897		$	33,695		$	41,577
Ratio of expenses to average net assets
Before expense limitation		1.21	%(e)		1.11	%		1.10	%		1.12	%		1.09	%		1.10	%
After expense limitation(f)		1.21	%(e)		1.11	%		1.10	%		1.12	%		1.09	%		1.10	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.09	%(e)		(0.12	)%		(0.04	)%		0.39	%		(0.11	)%		0.02	%
After expense limitation(f)		0.09	%(e)		(0.12	)%		(0.04	)%		0.39	%		(0.11	)%		0.02	%
Portfolio turnover rate		23	%(d)		25	%		15	%		31	%		54	%		65	%

^(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, 2019 33

ICON Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	17.21		$	16.34		$	12.46		$	12.38		$	13.15		$	12.82
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.07	)		(0.22	)		(0.17	)		(0.09	)		(0.18	)		(0.14	)
Net realized and unrealized gains/(losses) on investments		(0.82	)		1.09			4.05			0.17			(0.59	)		0.47
Total from investment operations		(0.89	)		0.87			3.88			0.08			(0.77	)		0.33
Less dividends and distributions:
Distributions from net realized gains		(0.22	)		—			—			—			—			—
Total dividends and distributions		(0.22	)		—			—			—			—			—
Net asset value, end of period	$	16.10		$	17.21		$	16.34		$	12.46		$	12.38		$	13.15
Total Return(b)		(4.94	)%(c)		5.32	%		31.14	%		0.65	%		(5.86	)%		2.57	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	10,147		$	11,452		$	12,663		$	11,520		$	13,745		$	17,050
Ratio of expenses to average net assets
Before expense limitation		2.35	%(d)		2.27	%		2.31	%		2.41	%		2.27	%		2.26	%
After expense limitation(e)		2.25	%(d)		2.25	%		2.25	%		2.26	%		2.25	%		2.25	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.05	)%(d)		(1.28	)%		(1.25	)%		(0.90	)%		(1.29	)%		(1.09	)%
After expense limitation(e)		(0.95	)%(d)		(1.26	)%		(1.19	)%		(0.75	)%		(1.27	)%		(1.08	)%
Portfolio turnover rate		23	%(c)		25	%		15	%		31	%		54	%		65	%

^(a) Calculated using the average shares method.

^(b) The total return calculation excludes any sales charges.

^(c) Not Annualized.

^(d) Annualized.

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

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

34 www.iconfunds.com

ICON Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	18.67		$	17.60		$	13.31		$	13.13		$	13.84		$	13.39
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.02	)		(0.10	)		(0.07	)		0.00	(b)		(0.08	)		(0.05	)
Net realized and unrealized gains/(losses) on investments		(0.88	)		1.17			4.36			0.18			(0.63	)		0.50
Total from investment operations		(0.90	)		1.07			4.29			0.18			(0.71	)		0.45
Less dividends and distributions:
Distributions from net realized gains		(0.22	)		—			—			—			—			—
Total dividends and distributions		(0.22	)		—			—			—			—			—
Net asset value, end of period	$	17.55		$	18.67		$	17.60		$	13.31		$	13.13		$	13.84
Total Return(c)		(4.61	)%(d)		6.08	%		32.23	%		1.37	%		(5.13	)%		3.36	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,854		$	5,404		$	5,156		$	5,490		$	6,994		$	8,076
Ratio of expenses to average net assets
Before expense limitation		1.75	%(e)		1.63	%		1.66	%		1.67	%		1.55	%		1.56	%
After expense limitation(f)		1.50	%(e)		1.50	%		1.50	%		1.51	%		1.50	%		1.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.45	)%(e)		(0.64	)%		(0.60	)%		(0.16	)%		(0.57	)%		(0.38	)%
After expense limitation(f)		(0.20	)%(e)		(0.51	)%		(0.44	)%		0.00	%(g)		(0.52	)%		(0.32	)%
Portfolio turnover rate		23	%(d)		25	%		15	%		31	%		54	%		65	%

^(a) Calculated using the average shares method.

^(b) Amount less than $0.005.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

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

Semi-Annual Report | March 31, 2019 35

ICON Long/Short Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	27.11		$	25.13		$	18.70		$	18.39		$	18.41		$	17.48
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.01	)		(0.06	)		(0.04	)		0.04			(0.09	)		(0.06	)
Net realized and unrealized gains/(losses) on investments		(1.01	)		2.04			6.47			0.27			0.07			0.99
Total from investment operations		(1.02	)		1.98			6.43			0.31			(0.02	)		0.93
Less dividends and distributions:
Distributions from net realized gains		(0.35	)		—			—			—			—			—
Total dividends and distributions		(0.35	)		—			—			—			—			—
Net asset value, end of period	$	25.74		$	27.11		$	25.13		$	18.70		$	18.39		$	18.41
Total Return		(3.53	)%(b)		7.88	%		34.39	%		1.69	%		(0.11	)%		5.32	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	11,406		$	18,580		$	11,259		$	7,114		$	17,196		$	16,465
Ratio of expenses to average net assets
Before expense limitation		1.55	%(c)		1.38	%		1.50	%		1.63	%		1.37	%		1.45	%
After expense limitation(d)		1.27	%(c)		1.25	%		1.25	%		1.28	%		1.28	%		1.32	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.34	)%(c)		(0.33	)%		(0.43	)%		(0.11	)%		(0.52	)%		(0.47	)%
After expense limitation(d)		(0.06	)%(c)		(0.20	)%		(0.18	)%		0.24	%		(0.43	)%		(0.34	)%
Portfolio turnover rate		16	%(b)		36	%		24	%		20	%		74	%		65	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

^(d) 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. 

36 www.iconfunds.com

ICON Long/Short Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	23.63		$	22.13		$	16.65		$	16.54		$	16.74		$	16.05
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.12	)		(0.30	)		(0.25	)		(0.13	)		(0.27	)		(0.24	)
Net realized and unrealized gains/(losses) on investments		(0.89	)		1.80			5.73			0.24			0.07			0.93
Total from investment operations		(1.01	)		1.50			5.48			0.11			(0.20	)		0.69
Less dividends and distributions:
Distributions from net realized gains		(0.35	)		—			—			—			—			—
Total dividends and distributions		(0.35	)		—			—			—			—			—
Net asset value, end of period	$	22.27		$	23.63		$	22.13		$	16.65		$	16.54		$	16.74
Total Return(b)		(4.01	)%(c)		6.78	%		32.91	%		0.67	%		(1.19	)%		4.30	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,042		$	5,036		$	4,671		$	4,211		$	6,300		$	6,932
Ratio of expenses to average net assets
Before expense limitation		2.75	%(d)		2.60	%		2.75	%		2.76	%		2.53	%		2.57	%
After expense limitation(e)		2.32	%(d)		2.30	%		2.30	%		2.33	%		2.33	%		2.38	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.54	)%(d)		(1.57	)%		(1.69	)%		(1.21	)%		(1.68	)%		(1.58	)%
After expense limitation(e)		(1.11	)%(d)		(1.27	)%		(1.24	)%		(0.78	)%		(1.48	)%		(1.39	)%
Portfolio turnover rate		16	%(c)		36	%		24	%		20	%		74	%		65	%

^(a) Calculated using the average shares method.

^(b) The total return calculation excludes any sales charges.

^(c) Not Annualized.

^(d) Annualized.

^(e) The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable.

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

Semi-Annual Report | March 31, 2019 37

ICON Long/Short Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	26.16		$	24.33		$	18.16		$	17.91		$	17.99		$	17.13
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.04	)		(0.14	)		(0.11	)		(0.01	)		(0.15	)		(0.12	)
Net realized and unrealized gains/(losses) on investments		(0.97	)		1.97			6.28			0.26			0.07			0.98
Total from investment operations		(1.01	)		1.83			6.17			0.25			(0.08	)		0.86
Less dividends and distributions:
Distributions from net realized gains		(0.35	)		—			—			—			—			—
Total dividends and distributions		(0.35	)		—			—			—			—			—
Net asset value, end of period	$	24.80		$	26.16		$	24.33		$	18.16		$	17.91		$	17.99
Total Return(b)		(3.62	)%(c)		7.52	%		33.98	%		1.40	%		(0.44	)%		5.02	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,443		$	5,351		$	7,003		$	5,316		$	9,186		$	11,160
Ratio of expenses to average net assets
Before expense limitation		2.11	%(d)		1.83	%		1.93	%		1.95	%		1.73	%		1.81	%
After expense limitation(e)		1.57	%(d)		1.55	%		1.55	%		1.58	%		1.58	%		1.63	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.91	)%(d)		(0.80	)%		(0.87	)%		(0.40	)%		(0.89	)%		(0.82	)%
After expense limitation(e)		(0.37	)%(d)		(0.52	)%		(0.49	)%		(0.03	)%		(0.74	)%		(0.64	)%
Portfolio turnover rate		16	%(c)		36	%		24	%		20	%		74	%		65	%

^(a) Calculated using the average shares method.

^(b) The total return calculation excludes any sales charges.

^(c) Not Annualized.

^(d) Annualized.

^(e) The Fund’s operating expenses, not including interest expense or dividends on short positions, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense and dividends on short positions, when applicable.

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

38 www.iconfunds.com

ICON Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	19.51		$	18.88		$	14.74		$	13.32		$	13.04		$	13.02
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.04	)		(0.15	)		(0.13	)		(0.03	)		(0.09	)		(0.12	)
Net realized and unrealized gains/(losses) on investments		(2.74	)		1.07			4.48			1.46			0.58			0.41
Total from investment operations		(2.78	)		0.92			4.35			1.43			0.49			0.29
Less dividends and distributions:
Distributions from net realized gains		(3.70	)		(0.29	)		(0.21	)		(0.01	)		(0.21	)		(0.27	)
Total dividends and distributions		(3.70	)		(0.29	)		(0.21	)		(0.01	)		(0.21	)		(0.27	)
Net asset value, end of period	$	13.03		$	19.51		$	18.88		$	14.74		$	13.32		$	13.04
Total Return		(10.88	)%(b)		4.88	%		29.75	%		10.76	%		3.75	%		2.19	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	17,395		$	21,084		$	19,369		$	16,059		$	11,047		$	12,133
Ratio of expenses to average net assets
Before expense limitation		1.50	%(c)		1.35	%		1.47	%		1.53	%		1.58	%		2.44	%
After expense limitation(d)		1.30	%(c)		1.30	%		1.45	%(e)		1.51	%		1.50	%		1.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.77	)%(c)		(0.80	)%		(0.80	)%		(0.27	)%		(0.72	)%		(1.81	)%
After expense limitation(d)		(0.57	)%(c)		(0.75	)%		(0.78	)%		(0.25	)%		(0.65	)%		(0.87	)%
Portfolio turnover rate		32	%(b)		87	%		26	%		95	%		76	%		46	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

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

^(e) 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.

Semi-Annual Report | March 31, 2019 39

ICON Risk-Managed Balanced Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	16.32		$	15.74		$	14.46		$	14.02		$	13.98		$	13.40
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.08			0.16			0.21			0.19			0.18			0.24
Net realized and unrealized gains/(losses) on investments		(0.71	)		0.57			1.30			0.42			0.01			0.56
Total from investment operations		(0.63	)		0.73			1.51			0.61			0.19			0.80
Less dividends and distributions:
Dividends from net investment income		(0.09	)		(0.15	)		(0.23	)		(0.17	)		(0.15	)		(0.22	)
Total dividends and distributions		(0.09	)		(0.15	)		(0.23	)		(0.17	)		(0.15	)		(0.22	)
Net asset value, end of period	$	15.60		$	16.32		$	15.74		$	14.46		$	14.02		$	13.98
Total Return		(3.80	)%(b)		4.64	%		10.53	%		4.39	%		1.35	%		6.02	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	8,464		$	10,676		$	15,272		$	20,087		$	26,677		$	20,071
Ratio of expenses to average net assets
Before expense limitation		1.47	%(c)		1.38	%		1.36	%		1.27	%		1.34	%		1.22	%
After expense limitation(d)		1.20	%(c)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.79	%(c)		0.82	%		1.26	%		1.27	%		1.09	%		1.72	%
After expense limitation(d)		1.06	%(c)		1.00	%		1.42	%		1.34	%		1.23	%		1.74	%
Portfolio turnover rate		33	%(b)		87	%		83	%		109	%		119	%		137	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

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

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

40 www.iconfunds.com

ICON Risk-Managed Balanced Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	14.92		$	14.42		$	13.27		$	12.89		$	12.90		$	12.39
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.00	(b)		(0.00	)(c)		0.06			0.04			0.03			0.09
Net realized and unrealized gains/(losses) on investments		(0.65	)		0.52			1.19			0.39			0.01			0.54
Total from investment operations		(0.65	)		0.52			1.25			0.43			0.04			0.63
Less dividends and distributions:
Dividends from net investment income		(0.02	)		(0.02	)		(0.10	)		(0.05	)		(0.05	)		(0.12	)
Total dividends and distributions		(0.02	)		(0.02	)		(0.10	)		(0.05	)		(0.05	)		(0.12	)
Net asset value, end of period	$	14.25		$	14.92		$	14.42		$	13.27		$	12.89		$	12.90
Total Return(d)		(4.32	)%(e)		3.61	%		9.44	%		3.35	%		0.31	%		5.06	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	15,643		$	16,409		$	16,583		$	15,151		$	13,061		$	9,469
Ratio of expenses to average net assets
Before expense limitation		2.37	%(f)		2.28	%		2.30	%		2.29	%		2.38	%		2.33	%
After expense limitation(g)		2.20	%(f)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.12	)%(f)		(0.08	)%		0.35	%		0.24	%		0.06	%		0.61	%
After expense limitation(g)		0.05	%(f)		0.00	%(h)		0.45	%		0.33	%		0.24	%		0.74	%
Portfolio turnover rate		33	%(e)		87	%		83	%		109	%		119	%		137	%

^(a) Calculated using the average shares method.

^(b) Amount less than $0.005.

^(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.

Semi-Annual Report | March 31, 2019 41

ICON Risk-Managed Balanced Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	15.93		$	15.36		$	14.11		$	13.68		$	13.69		$	13.12
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.06			0.12			0.17			0.15			0.14			0.20
Net realized and unrealized gains/(losses) on investments		(0.70	)		0.55			1.27			0.42			0.00	(b)		0.57
Total from investment operations		(0.64	)		0.67			1.44			0.57			0.14			0.77
Less dividends and distributions:
Dividends from net investment income		(0.07	)		(0.10	)		(0.19	)		(0.14	)		(0.15	)		(0.20	)
Total dividends and distributions		(0.07	)		(0.10	)		(0.19	)		(0.14	)		(0.15	)		(0.20	)
Net asset value, end of period	$	15.22		$	15.93		$	15.36		$	14.11		$	13.68		$	13.69
Total Return(c)		(3.97	)%(d)		4.40	%		10.29	%		4.18	%		1.00	%		5.88	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,717		$	4,849		$	7,084		$	9,095		$	8,446		$	7,014
Ratio of expenses to average net assets
Before expense limitation		1.86	%(e)		1.64	%		1.64	%		1.60	%		1.70	%		1.65	%
After expense limitation(f)		1.45	%(e)		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.39	%(e)		0.56	%		0.98	%		0.93	%		0.71	%		1.29	%
After expense limitation(f)		0.80	%(e)		0.75	%		1.17	%		1.08	%		0.96	%		1.49	%
Portfolio turnover rate		33	%(d)		87	%		83	%		109	%		119	%		137	%

^(a) Calculated using the average shares method.

^(b) Less than $0.005.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

42 www.iconfunds.com

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

1. ORGANIZATION

The ICON Equity Income Fund (“Equity Income Fund”), ICON Flexible Bond Fund (“Flexible 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 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.

The Funds may invest in other investment companies. As with other investments, investments in other investment companies, including closed-end funds (which include business development companies (BDCs)), unit investment trusts, open-end investment companies, and exchange traded funds, are subject to many of the same risks as investing directly in the underlying instruments, including market risk and, for non-index strategies, selection risk. In addition, if a Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (including management and advisory fees). If a Fund acquires shares of one or more underlying funds, shareholders bear both their proportionate share of expenses in the Fund (excluding management and advisory fees attributable to those assets of the Fund invested in the underlying funds) and, indirectly, the expenses of the underlying funds (including management and advisory fees). Further, the closed-end fund market is inefficient. Many closed-end funds (CEFs), including many in which the Funds invest, are small or microcap securities. There is little independent research published on CEFs and limited availability of data makes research difficult and time consuming. CEFs may trade unpredictably. The underlying assets may be unknown and their value not readily determinable. The Funds often purchase CEFs believing they are trading at a discount to NAV, and an ongoing corporate action will cause the discount to narrow or disappear. With little independent analysis of the CEFs’ individual assets, the Fund essentially makes a value based arbitrage strategy. The Fund will look to events like pending or proposed tender offers, liquidations, take-over plays etc. If the event is not preceded by an official announcement — and is, instead, “pending” or “anticipated” — this strategy can be very risky. If the event is announced, there is still the possibility that it will not happen. In sum, investing in CEFs in general, and CEF arbitrage plays in particular carry unique and arguably heightened risks.

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

Semi-Annual Report | March 31, 2019 43

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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 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 and Financials sectors, the Long/Short Fund has a significant weighting in the Financial sector, the Opportunities Fund has a significant weighting in the Information Technology and Financials 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’ Valuation 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

44 www.iconfunds.com

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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.

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’ Valuation Committee determines that use of another valuation methodology is appropriate. The purpose of daily fair valuation is 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, 2019:

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	$	—	$	5,736,569	$	—	$	5,736,569
Common Stocks		70,722,130		—		—		70,722,130
Preferred Stocks		872,100		—		—		872,100
Convertible Preferred Stocks		305,940		—		—		305,940
Closed-End Mutual Funds		1,040,325		—		—		1,040,325
Purchased Put Options		45,550		—		—		45,550
Collateral for Securities on Loan		—		1,916,570		—		1,916,570
Total	$	72,986,045	$	7,653,139	$	—	$	80,639,184

Semi-Annual Report | March 31, 2019 45

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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	$	—	$	94,569,285	$	—	$	94,569,285
Asset-Backed Securities		—		3,315,624		—		3,315,624
Preferred Stocks		11,835,608		—		—		11,835,608
Convertible Preferred Stocks		6,530,499		—		—		6,530,499
Closed-End Mutual Funds		13,132,292		—		—		13,132,292
Collateral for Securities on Loan		—		1,275,800		—		1,275,800
Total	$	31,498,399	$	99,160,709	$	—	$	130,659,108

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	$	42,278,861	$	—	$	—	$	42,278,861
Exchange Traded Funds		568,976		—		—		568,976
Collateral for Securities on Loan		—		261,978		—		261,978
Total	$	42,847,837	$	261,978	$	—	$	43,109,815

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	$	19,595,465	$	—	$	—	$	19,595,465
Exchange Traded Funds		277,100		—		—		277,100
Collateral for Securities on Loan		—		137,522		—		137,522
Total	$	19,872,565	$	137,522	$	—	$	20,010,087

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	$	17,157,276	$	—	$	—	$	17,157,276
Exchange Traded Funds		232,256		—		—		232,256
Collateral for Securities on Loan		—		621,561		—		621,561
Total	$	17,389,532	$	621,561	$	—	$	18,011,093

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	$	—	$	6,014,146	$	—	$	6,014,146
Asset-Backed Securities		—		236,830		—		236,830
U.S. Treasury Obligations		—		764,590		—		764,590
Common Stocks		17,741,673		—		—		17,741,673
Preferred Stocks		224,808		—		—		224,808
Closed-End Mutual Funds		2,022,124		—		—		2,022,124
Purchased Put Options		19,850		—		—		19,850
Total	$	20,008,455	$	7,015,566	$	—	$	27,024,021

* 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, 2019.

46 www.iconfunds.com

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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 an overnight demand deposit account 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, 2019 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.

Semi-Annual Report | March 31, 2019 47

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, the Equity Income Fund and the Risk-Managed Balanced Fund engaged in purchased put option transactions. All open option contracts are included on each Fund’s Schedule of Investments.

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

ICON 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	$	45,550	N/A		N/A
Total		$	45,550		$	—

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	$	19,850	N/A		N/A
Total		$	19,850		$	—

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	$	84,908	$	(2,600	)
Total		$	84,908	$	(2,600	)

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	$	1,501	$	(36,269	)
Total		$	1,501	$	(36,269	)

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ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

The average purchased option contracts during the six months ended March 31, 2019, was as follows:

ICON Equity Income Fund

Derivative Type	Unit of Measurement	Average Contracts+	Days Held
Purchased Options	Contracts	68	149

ICON Risk-Managed Balanced Fund

Derivative Type	Unit of Measurement	Average Contracts+	Days Held
Purchased Options	Contracts	9	104

+ 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, 2019, 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. 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 assets that generally exceed the value of the securities on loan. Collateral may consist of cash or securities issued or guaranteed by the United States government or its agencies or instrumentalities. 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.

The following is a summary of the Funds’ securities lending positions and related cash and non-cash collateral received as of March 31, 2019:

	Market Value of  Securities on Loan		Market Value of  Cash Collateral  Received		Market Value of  Non-Cash Collateral  Received		Total Collateral  Received		Excess Collateral
ICON Equity Income Fund	$	2,084,672	$	1,916,570	$	215,900	$	2,132,470	$	47,798
ICON Flexible Bond Fund		2,888,385		1,275,800		1,678,072		2,953,872		65,487
ICON Fund		260,640		261,978		—		261,978		1,338
ICON Long/Short Fund		302,190		137,522		166,044		303,566		1,376
ICON Opportunities Fund		824,032		621,561		218,700		840,261		16,229
ICON Risk-Managed Balanced Fund		147,000		—		150,000		150,000		3,000

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.

Semi-Annual Report | March 31, 2019 49

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

The Funds have elected to invest 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 cash collateral. The State Street Navigator Securities Lending Government Money Market Portfolio is a Government Money Market Portfolio designed to provide continuous daily liquidity. Non-Cash collateral received consists of securities issued or guaranteed by the United States government or its agencies or instrumentalities with remaining maturities ranging from overnight to 30 years. Non-cash collateral is not disclosed on the Funds’ Schedules of Investments or their Statements of Assets and Liabilities as the Funds do not have the ability to re-hypothecate these securities. The net securities lending income earned by the Funds for the six months ended March 31, 2019, is included in the Statements of Operations.

Security loans consist of equity and corporate fixed income securities and generally do not have a stated maturity date. The Funds may recall a loaned security at any time.

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, 2019, 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.

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.

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ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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.

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.

The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

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, 2019 that are included on the Statements of Operations:

Fund	Printing Fees*		Transfer Agent Fees*		Registration Fees
ICON Equity Income Fund
Class S	$	2,435	$	37,515	$	8,039
Class C		631		9,368		5,505
Class A		532		6,327		6,204
ICON Flexible Bond Fund
Class S		2,159		37,062		11,643
Class C		308		2,551		5,264
Class A		134		2,602		4,007
ICON Fund
Class S		1,257		15,622		7,095
Class C		383		9,938		5,294
Class A		207		4,913		5,774
ICON Long/Short Fund
Class S		729		13,727		5,995
Class C		268		4,935		5,672
Class A		484		6,532		6,998
ICON Risk-Managed Balanced Fund
Class S		607		9,144		5,915
Class C		674		10,764		6,752
Class A		230		3,026		6,240

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

Semi-Annual Report | March 31, 2019 51

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (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 investments. 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, all classes of the ICON Fund and the Opportunities Fund, will continue in effect until at least January 31, 2020. 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, 2019, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2019		Expires 2020		Expires 2021		Expires 2022
ICON Equity Income Fund	$	16,960	$	92,199	$	146,948	$	86,916
ICON Flexible Bond Fund		85,804		162,616		184,480		112,367
ICON Fund		14,487		16,031		9,658		10,954
ICON Long/Short Fund		33,774		66,063		54,396		40,039
ICON Opportunities Fund		2,957		3,673		11,238		17,177
ICON Risk-Managed Balanced Fund		28,242		53,919		45,213		32,559

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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.

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, 2019, 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, 2019 (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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.

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 or the ICON Opportunities Fund. 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, 2019, 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
ICON Equity Income Fund Class A	$	3,859
ICON Flexible Bond Fund Class A		4,665
ICON Fund Class A		825
ICON Long/Short Fund Class A		1,334
ICON Risk-Managed Balanced Fund Class A		115

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, 2019, IDI collected the following contingent deferred sales charges:

Fund	Contingent Deferred Sales Charges Collected
ICON Equity Income Fund Class C	$	129
ICON Fund Class C		162
ICON Long/Short Fund Class C		282
ICON Risk-Managed Balanced Fund Class C		335

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, 2019, 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, 2019, the total related amounts accrued by the Funds under this arrangement was $1,837 and is included in Other Expenses on the Statements of Operations.

The Flexible Bond Fund engaged in two cross trade transactions during the six months ended March 31, 2019, pursuant to Rule 17a-7 under the 1940 Act. The first cross trade was between the Flexible Bond Fund and the Equity Income Fund on January 15, 2019. The second cross trade was between the Flexible Bond Fund and a separate investment portfolio that is sub-advised by ICON Advisers on February 21, 2019. 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

Semi-Annual Report | March 31, 2019 53

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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.

Transactions related to cross trades during the six months ended March 31, 2019 were as follows:

Fund	Transaction	Date	Security	Shares	Execution Price		Realized Gain/(Loss)
ICON Equity Income Fund	Sale	January 15, 2019	Equity Commonwealth	10,000.00	$	25.60	$	(3,721	)
			6.5% Perpetual Pfd
ICON Flexible Bond Fund	Purchase	January 15, 2019	Equity Commonwealth	10,000.00		25.60	$	—
			6.5% Perpetual Pfd
ICON Flexible Bond Fund	Purchase	February 21, 2019	Argo Group US, Inc.	10,000.00		25.50	$	—
			6.5% 9/15/42 Pfd

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 $30 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2019 was 3.74%. The Line of Credit agreement/arrangement expires on March 17, 2020.

As of March 31, 2019, the Flexible Bond Fund had an outstanding borrowing in the amount of $242,456.

For the six months ended March 31, 2019, the average outstanding loan by Fund was as follows:

Fund	Maximum Borrowing (10/01/18 - 03/31/19)		Average Borrowing (10/01/18 - 03/31/19)^		Average Interest Rates (10/01/18 - 03/31/19)^
ICON Equity Income Fund*	$	529,450	$	203,639	3.71%
ICON Flexible Bond Fund		811,248		204,815	3.71%
ICON Fund*		338,117		85,078	3.66%
ICON Long/Short Fund*		2,859,202		299,118	3.69%
ICON Opportunities Fund*		421,781		108,101	3.65%

* There were no outstanding borrowings under this agreement/arrangement as of March 31, 2019.

^ 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, 2019, 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	$	67,636,905	$	65,089,089	$	—	$	—
ICON Flexible Bond Fund		91,476,191		57,104,640		8,648,711		17,073,406
ICON Fund		9,906,175		14,003,493		—		—
ICON Long/Short Fund		3,648,190		10,745,221		—		—
ICON Opportunities Fund		5,654,474		7,022,341		—		—
ICON Risk-Managed Balanced Fund		7,594,341		10,058,504		1,473,546		1,740,125

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ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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, expiring capital losses, net investment losses, trust preferred securities, and mark to market of options held.

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

During the year ended September 30, 2018, the utilized/expired capital loss carryforwards were as follows:

Fund	Expired Amount		Utilized Amount
ICON Equity Income Fund		12,597,872	$	3,128,718
ICON Fund		15,390,374		3,356,674
ICON Long/Short Fund		19,033,318		1,840,083
ICON Risk-Managed Balanced Fund		11,050,333		796,953

The following Funds elect to defer to the period ending September 30, 2019, late year ordinary losses:

Fund	Ordinary Losses Recognized
ICON Fund	$	165,336
ICON Long/Short Fund		153,973
ICON Opportunities Fund		126,296

The capital losses with no expiration were as follows:

Fund	Short-Term		Long-Term
ICON Flexible Bond Fund	$	1,399,638	$	1,626,723

For the year ended September 30, 2018, the following reclassifications were made, which had no impact on results of operations or net assets.

Fund	Paid-in Capital			Total Distributable Earnings
ICON Equity Income Fund	$	(12,597,873	)	$	12,597,873
ICON Fund		(15,607,588	)		15,607,588
ICON Long/Short Fund		(19,121,113	)		19,121,113
ICON Opportunities Fund		(143,874	)		143,874
ICON Risk-Managed Balanced Fund		(11,058,642	)		11,058,642

For ICON Fund, Long/Short Fund and Opportunities Fund included in the amounts for reclassified were a net operating loss offset to paid in capital of $217,214, $87,795 and $143,874.

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2018, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains
ICON Equity Income Fund	$	2,315,668	$	—
ICON Flexible Bond Fund		3,390,436		—
ICON Opportunities Fund		—		307,810
ICON Risk-Managed Balanced Fund		166,410		—

Semi-Annual Report | March 31, 2019 55

ICON Diversified Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

As of September 30, 2018, 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	$	117,828	$	—		$	—		$	4,492,393		$	4,610,221
ICON Flexible Bond Fund		186,954		(3,026,361	)		—			(1,160,114	)		(3,999,521	)
ICON Fund		—		—			(165,336	)		13,182,665			13,017,329
ICON Long/Short Fund		—		—			(153,973	)		5,635,695			5,481,722
ICON Opportunities Fund		—		3,484,207			(126,296	)		2,747,970			6,105,881
ICON Risk-Managed Balanced Fund		9,941		—			—			2,803,341			2,813,282

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

As of March 31, 2019, 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	$	3,902,804	$	(2,458,215	)	$	1,444,589		$	79,194,595
ICON Flexible Bond Fund		1,053,515		(419,187	)		634,328			130,024,780
ICON Fund		9,337,587		(899,918	)		8,437,669			34,672,146
ICON Long/Short Fund		3,804,807		(794,609	)		3,010,198			16,999,889
ICON Opportunities Fund		1,912,803		(1,999,820	)		(87,017	)		18,098,110
ICON Risk-Managed Balanced Fund		2,673,470		(1,358,408	)		1,315,062			25,708,959

* This balance includes appreciation/(depreciation) of foreign currency.

7. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 changed the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of January 1, 2019, the amortized cost basis of investments in the Equity Income Fund was reduced by $26,513 and unrealized appreciation of investments was increased by $26,513, the amortized cost basis of investments in the Flexible Income Fund was reduced by $508,011 and unrealized appreciation of investments was increased by $508,011 and the amortized cost basis of investments in the Risk-Managed Balanced Fund was reduced by $34,982 and unrealized appreciation of investments was increased by $34,982. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, which changes the fair value measurement disclosure requirements of FASB Accounting Standards Codification Topic 820, Fair Value Measurement. The update to Topic 820 includes new, eliminated, and modified disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods. Early adoption is permitted for any eliminated or modified disclosures. Management has eliminated and modified disclosures and is currently evaluating the impact of the remaining ASU.

8. SUBSEQUENT EVENT

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2019 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

56 www.iconfunds.com

ICON Diversified Funds Disclosure of Fund Expenses

March 31, 2019 (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 sixmonth period and held for the six-month period (10/01/18 – 03/31/19).

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, 2018	Ending Account Value March 31, 2019		Expense Ratio(a)		Expenses Paid During period October 1, 2018 - March 31, 2019(b)
ICON Equity Income Fund
Class S
Actual	$1,000.00	$	994.70	0.99	%	$	4.92
Hypothetical (5% return before expenses)	$1,000.00	$	1,020.00	0.99	%	$	4.99
Class C
Actual	$1,000.00	$	989.70	1.99	%	$	9.87
Hypothetical (5% return before expenses)	$1,000.00	$	1,015.01	1.99	%	$	10.00
Class A
Actual	$1,000.00	$	993.40	1.24	%	$	6.16
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	$	1,029.10	0.75	%	$	3.79
Hypothetical (5% return before expenses)	$1,000.00	$	1,021.19	0.75	%	$	3.78
Class C
Actual	$1,000.00	$	1,024.80	1.60	%	$	8.08
Hypothetical (5% return before expenses)	$1,000.00	$	1,016.95	1.60	%	$	8.05
Class A
Actual	$1,000.00	$	1,029.00	1.00	%	$	5.06
Hypothetical (5% return before expenses)	$1,000.00	$	1,019.95	1.00	%	$	5.04

Semi-Annual Report | March 31, 2019 57

ICON Diversified Funds Disclosure of Fund Expenses

March 31, 2019 (Unaudited)

	Beginning Account Value October 1, 2018	Ending Account Value March 31, 2019		Expense Ratio(a)		Expenses Paid During period October 1, 2018 - March 31, 2019(b)
ICON Fund
Class S
Actual	$1,000.00	$	955.30	1.21	%	$	5.90
Hypothetical (5% return before expenses)	$1,000.00	$	1,018.90	1.21	%	$	6.09
Class C
Actual	$1,000.00	$	950.60	2.25	%	$	10.94
Hypothetical (5% return before expenses)	$1,000.00	$	1,013.71	2.25	%	$	11.30
Class A
Actual	$1,000.00	$	953.90	1.50	%	$	7.31
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	$	964.70	1.27	%	$	6.22
Hypothetical (5% return before expenses)	$1,000.00	$	1,018.60	1.27	%	$	6.39
Class C
Actual	$1,000.00	$	959.90	2.32	%	$	11.34
Hypothetical (5% return before expenses)	$1,000.00	$	1,013.36	2.32	%	$	11.65
Class A
Actual	$1,000.00	$	963.80	1.57	%	$	7.69
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.10	1.57	%	$	7.90
ICON Opportunities Fund
Actual	$1,000.00	$	891.20	1.30	%	$	6.13
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	$	962.00	1.20	%	$	5.87
Hypothetical (5% return before expenses)	$1,000.00	$	1,018.95	1.20	%	$	6.04
Class C
Actual	$1,000.00	$	956.80	2.20	%	$	10.73
Hypothetical (5% return before expenses)	$1,000.00	$	1,013.96	2.20	%	$	11.05
Class A
Actual	$1,000.00	$	960.30	1.45	%	$	7.09
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.

58 www.iconfunds.com

ICON Diversified Funds Additional Information

March 31, 2019 (Unaudited)

Portfolio Holdings

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

Proxy Voting

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

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

For More Information

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

ICON Distributors, Inc., Distributor.

Semi-Annual Report | March 31, 2019 59

ICON Diversified Funds Privacy Policy

March 31, 2019 (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.

60 www.iconfunds.com

ICON Diversified Funds Privacy Policy

March 31, 2019 (Unaudited)

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

Semi-Annual Report | March 31, 2019 61

 

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, Suite 1200
	Greenwood Village, CO 80111
On the Internet	www.iconfunds.com

SEMI-ANNUAL REPORT

March 31, 2019

International Funds

ICON Emerging Markets Fund (ICARX, IPCAX)
ICON International Equity Fund (ICNEX, IIQCX, IIQAX)

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.

Beginning on January 1, 2021, ICON will no longer send paper copies of the Funds’ annual and semi-annual shareholder reports by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and given a website address of where to access the report.

If you have already opted to receive e-delivery, this change will not affect you and you do not need to take any action. At any time, shareholders who invest directly in the ICON Funds may generally elect to receive reports or other communications electronically by enrolling at www.iconfunds.com or calling 1-800-764-0442 or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary.

You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with ICON, please call 1-800-764-0442. If you are a retirement plan sponsor or invest in the ICON Funds through a financial intermediary, please contact your representative or financial intermediary. Your election to receive reports as a paper copy will apply to all ICON Funds held in your account. Your election can be changed at any time in the future.

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)	9
Financial Highlights (Unaudited)	12
Notes to Financial Statements (Unaudited)	17
Disclosure of Fund Expenses (Unaudited)	26
Additional Information (Unaudited)	27
Privacy Policy	28

ICON International Funds About This Report

March 31, 2019 (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, 2019, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

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

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

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

Financial Intermediary

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

2 www.iconfunds.com

ICON Emerging Markets Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (92.70%)
Cable & Satellite (0.03%)
MultiChoice Group, Ltd.(a)		2,000	$	16,730
Commodity Chemicals (2.68%)
Indorama Ventures PCL		190,000		298,308
Kumho Petrochemical Co., Ltd.		3,000		252,102
Mexichem SAB de CV		262,246		626,896
PTT Global Chemical PCL		140,000		297,350
				1,474,656
Construction Materials (2.55%)
China Resources Cement Holdings, Ltd.		454,000		470,390
West China Cement, Ltd.		7,000,000		929,477
				1,399,867
Diversified Banks (20.37%)
Agricultural Bank of China, Ltd., Class H		3,364,000		1,555,056
Akbank T.A.S.(a)		250,000		284,658
Bank of China, Ltd., Class H		3,462,000		1,573,376
Bank of Georgia Group PLC		20,000		430,989
China Construction Bank Corp., Class H		1,750,000		1,502,145
Grupo Financiero Banorte SAB de CV, Class O		194,108		1,054,530
Industrial & Commercial Bank of China, Ltd., Class H		1,052,000		772,573
Industrial Bank of Korea		52,000		643,854
OTP Bank Nyrt		18,000		793,545
Sberbank of Russia PJSC, Sponsored ADR		88,000		1,159,840
Shinhan Financial Group Co., Ltd.		28,000		1,039,702
Turkiye Garanti Bankasi AS		260,000		391,135
				11,201,403
Diversified Real Estate Activity (1.18%)
Ayala Land, Inc.		760,000		650,313
Electric Utilities (3.76%)
Enel Americas SA		2,200,000		391,115
Kansai Electric Power Co., Inc.		54,000		796,344
Power Grid Corp. of India, Ltd.		308,000		879,891
				2,067,350
Gas Utilities (5.08%)
Beijing Enterprises Holdings, Ltd.		190,000		1,078,899
GAIL India, Ltd.		233,000		1,170,080
Rubis SCA		10,000		545,886
				2,794,865
Independent Power Producers & Energy Traders (2.37%)
Aboitiz Power Corp.		642,000		433,147
Electricity Generating PCL		94,000		865,654
				1,298,801
Industrial Machinery (2.11%)
China Conch Venture Holdings, Ltd.		324,000		1,160,204
Integrated Oil & Gas (11.22%)
Gazprom PJSC, Sponsored ADR		346,000		1,563,138
LUKOIL PJSC, Sponsored ADR		13,800		1,233,858

	Shares or Principal Amount		Value
Integrated Oil & Gas (continued)
MOL Hungarian Oil & Gas PLC		106,000	$	1,215,565
Oil & Natural Gas Corp., Ltd.		326,000		751,835
Rosneft Oil Co. PJSC, GDR		222,000		1,395,336
				6,159,732
Interactive Media & Services (5.61%)
Momo, Inc., Sponsored ADR(a)		14,000		535,360
Tencent Holdings, Ltd.		43,545		2,002,539
YY, Inc., ADR(a)		6,500		546,065
				3,083,964
Internet & Direct Marketing Retail (3.51%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)(b)		8,000		1,459,600
Naspers, Ltd., Class N		2,000		466,083
				1,925,683
IT Consulting & Other Services (3.07%)
HCL Technologies, Ltd.		57,657		905,859
Infosys, Ltd.		72,488		777,940
				1,683,799
Life & Health Insurance (0.84%)
Samsung Life Insurance Co., Ltd.		6,200		459,531
Oil & Gas Exploration & Production (7.00%)
CNOOC, Ltd.		1,017,000		1,894,346
Diamondback Energy, Inc.		7,296		740,763
EOG Resources, Inc.		5,200		494,936
Pioneer Natural Resources Co.		4,700		715,716
				3,845,761
Oil & Gas Refining & Marketing (4.11%)
Motor Oil Hellas Corinth Refineries SA		21,000		487,625
Petron Corp.		4,000,000		494,382
SK Innovation Co., Ltd.		5,500		870,065
Tupras Turkiye Petrol Rafinerileri AS		18,000		403,704
				2,255,776
Oil & Gas Storage & Transportation (2.18%)
Kunlun Energy Co., Ltd.		850,000		889,764
Petronet LNG, Ltd.		85,000		308,539
				1,198,303
Paper Packaging (0.43%)
DS Smith PLC		54,000		236,560
Paper Products (1.05%)
Mondi PLC		26,000		575,721
Real Estate Development (2.14%)
LSR Group PJSC, GDR		200,000		400,587
Megaworld Corp.		7,023,000		775,812
				1,176,399
Regional Banks (3.72%)
DGB Financial Group, Inc.		127,000		914,847
Regional SAB de CV		223,800		1,127,287
				2,042,134

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

Semi-Annual Report | March 31, 2019 3

ICON Emerging Markets Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Renewable Electricity (1.88%)
China Everbright Greentech, Ltd.		1,299,792	$	1,033,324
Semiconductors (0.73%)
Taiwan Semiconductor Manufacturing Co., Ltd.		50,000		400,453
Steel (0.81%)
POSCO		2,000		446,600
Technology Hardware, Storage & Peripherals (0.54%)
Samsung Electronics Co., Ltd.		7,500		295,822
Water Utilities (1.89%)
Beijing Enterprises Water Group, Ltd.		682,000		421,897
TTW PCL		1,599,400		614,863
				1,036,760
Wireless Telecommunication Services (1.84%)
China Mobile, Ltd.		39,000		397,969
TIM Participacoes SA		202,000		612,911
				1,010,880
Total Common Stocks (Cost $49,864,529)				50,931,391
Preferred Stocks (2.73%)
Integrated Oil & Gas (1.58%)
Petroleo Brasileiro SA		122,000		867,167
Integrated Telecommunication Services (1.15%)
Telefonica Brasil SA		52,000		630,850
Total Preferred Stocks (Cost $1,415,292)				1,498,017
Total Investments (95.43%) (Cost $51,279,821)			$	52,429,408
Other Assets Less Liabilities (4.57%)				2,511,495
Net Assets (100.00%)			$	54,940,903

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

Country Composition (March 31, 2019) (Unaudited)
China	25.35	%
Russia	10.48	%
South Korea	8.96	%
India	8.73	%
Hong Kong	7.81	%
Mexico	5.11	%
Philippines	4.28	%
Brazil	3.85	%
Thailand	3.78	%
Hungary	3.65	%
United States	3.55	%
Turkey	1.97	%
United Kingdom	1.48	%
Japan	1.45	%
France	0.99	%
Greece	0.89	%
South Africa	0.88	%
Georgia	0.78	%
Taiwan	0.73	%
Chile	0.71	%
	95.43	%

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

Sector Composition (March 31, 2019) (Unaudited)
Energy	26.09	%
Financials	24.93	%
Utilities	14.98	%
Communication Services	8.63	%
Materials	7.52	%
Information Technology	4.34	%
Consumer Discretionary	3.51	%
Real Estate	3.32	%
Industrials	2.11	%
	95.43	%

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.

4 www.iconfunds.com

ICON Emerging Markets Fund Schedule of Investments

March 31, 2019 (Unaudited)

Industry Composition (March 31, 2019) (Unaudited)
Diversified Banks	20.37	%
Integrated Oil & Gas	12.80	%
Oil & Gas Exploration & Production	7.00	%
Interactive Media & Services	5.61	%
Gas Utilities	5.08	%
Oil & Gas Refining & Marketing	4.11	%
Electric Utilities	3.76	%
Regional Banks	3.72	%
Internet & Direct Marketing Retail	3.51	%
IT Consulting & Other Services	3.07	%
Commodity Chemicals	2.68	%
Construction Materials	2.55	%
Independent Power Producers & Energy Traders	2.37	%
Oil & Gas Storage & Transportation	2.18	%
Real Estate Development	2.14	%
Industrial Machinery	2.11	%
Water Utilities	1.89	%
Renewable Electricity	1.88	%
Wireless Telecommunication Services	1.84	%
Diversified Real Estate Activity	1.18	%
Integrated Telecommunication Services	1.15	%
Paper Products	1.05	%
Other Industries (each less than 1%)	3.38	%
	95.43	%

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, 2019 5

ICON International Equity Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (91.73%)
Aerospace & Defense (1.30%)
Airbus SE		3,500	$	463,877
Application Software (0.64%)
Open Text Corp.		6,000		230,374
Biotechnology (0.53%)
Alexion Pharmaceuticals, Inc.(a)		1,400		189,252
Building Products (0.80%)
Tyman PLC		90,264		284,506
Commodity Chemicals (2.46%)
Indorama Ventures PCL		100,000		157,004
Kumho Petrochemical Co., Ltd.		2,400		201,681
Mexichem SAB de CV		129,654		309,937
PTT Global Chemical PCL		100,000		212,393
				881,015
Construction Materials (0.88%)
West China Cement, Ltd.		2,380,000		316,022
Diversified Banks (14.40%)
ABN AMRO Group NV		7,200		162,321
Agricultural Bank of China, Ltd., Class H		500,000		231,132
Banco Santander SA		115,000		534,006
Bank of China, Ltd., Class H		1,060,000		481,738
BNP Paribas SA		6,200		295,047
DNB ASA		7,700		141,832
Grupo Financiero Banorte SAB de CV, Class O		25,591		139,028
HSBC Holdings PLC		35,000		284,405
ING Groep NV		19,600		237,499
KB Financial Group, Inc.		2,700		99,906
Lloyds Banking Group PLC		286,000		231,711
OTP Bank Nyrt		8,000		352,687
Oversea-Chinese Banking Corp., Ltd.		48,000		392,428
Sberbank of Russia PJSC, Sponsored ADR		42,000		553,560
Shinhan Financial Group Co., Ltd.		3,200		118,823
Toronto-Dominion Bank		6,100		331,030
UniCredit SpA		43,584		559,858
				5,147,011
Diversified Chemicals (1.71%)
BASF SE		5,000		368,734
Mitsubishi Chemical Holdings Corp.		17,000		120,064
Sumitomo Chemical Co., Ltd.(b)		26,000		121,376
				610,174
Electric Utilities (5.54%)
CK Infrastructure Holdings, Ltd.		74,000		607,386
Enel SpA		101,600		651,033
Iberdrola SA		41,800		366,994
Kansai Electric Power Co., Inc.		24,000		353,931
				1,979,344

	Shares or Principal Amount		Value
Fertilizers & Agricultural Chemicals (0.80%)
Nutrien, Ltd.		5,400	$	284,800
Gas Utilities (2.09%)
Beijing Enterprises Holdings, Ltd.		42,000		238,494
GAIL India, Ltd.		57,400		288,251
Rubis SCA		4,000		218,354
				745,099
Independent Power Producers & Energy Traders (2.72%)
Aboitiz Power Corp.		290,000		195,658
Electric Power Development Co., Ltd.		12,200		297,502
Electricity Generating PCL		52,000		478,872
				972,032
Industrial Machinery (0.50%)
China Conch Venture Holdings, Ltd.		50,000		179,044
Integrated Oil & Gas (11.27%)
BP PLC		65,000		471,996
Eni SpA		21,000		371,039
Gazprom PJSC, Sponsored ADR		33,000		149,085
LUKOIL PJSC, Sponsored ADR		2,400		214,584
MOL Hungarian Oil & Gas PLC		31,600		362,376
Oil & Natural Gas Corp., Ltd.		85,000		196,031
Repsol SA		19,400		331,901
Rosneft Oil Co. PJSC, GDR		75,700		475,797
Royal Dutch Shell PLC, Class B		27,000		853,351
TOTAL SA(b)		10,800		601,013
				4,027,173
Interactive Media & Services (1.74%)
Momo, Inc., Sponsored ADR(a)		3,200		122,368
Tencent Holdings, Ltd.		10,900		501,267
				623,635
Internet & Direct Marketing Retail (0.76%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)(b)		1,500		273,675
Life & Health Insurance (1.16%)
NN Group NV		5,986		249,056
Prudential PLC		8,200		164,373
				413,429
Multi-line Insurance (7.07%)
Allianz SE		4,500		1,002,815
Assicurazioni Generali SpA		28,300		524,697
Aviva PLC		77,000		414,062
AXA SA		23,200		583,501
				2,525,075
Multi-Utilities (2.76%)
E.ON SE		34,000		378,360
Engie SA		17,000		253,518
National Grid PLC		31,800		352,991
				984,869
Oil & Gas Exploration & Production (6.36%)
CNOOC, Ltd.		287,000		534,589
Diamondback Energy, Inc.		7,609		772,542

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

6 www.iconfunds.com

ICON International Equity Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Oil & Gas Exploration & Production (continued)
Encana Corp., (ECA)		37,940	$	274,686
Encana Corp., (ECA:CN)		35,100		254,251
Parsley Energy, Inc., Class A(a)		11,530		222,529
Pioneer Natural Resources Co.		1,400		213,192
				2,271,789
Oil & Gas Refining & Marketing (3.32%)
JXTG Holdings, Inc.		134,000		611,702
Petron Corp.		1,580,000		195,281
SK Innovation Co., Ltd.		2,400		379,665
				1,186,648
Oil & Gas Storage & Transportation (0.71%)
Kunlun Energy Co., Ltd.		244,000		255,415
Other Diversified Financial Services (1.04%)
ORIX Corp.		26,000		373,558
Packaged Foods & Meats (1.49%)
Danone SA		6,900		531,307
Paper Packaging (2.88%)
DS Smith PLC		117,300		513,861
Rengo Co., Ltd.		55,000		516,650
				1,030,511
Paper Products (3.59%)
Mondi PLC		38,000		841,439
Oji Holdings Corp.		71,000		441,822
				1,283,261
Pharmaceuticals (1.71%)
GlaxoSmithKline PLC		9,400		195,293
Roche Holding AG		1,000		275,555
Takeda Pharmaceutical Co., Ltd.		3,400		139,238
				610,086
Real Estate Development (1.25%)
Daiwa House Industry Co., Ltd.		14,000		445,867
Regional Banks (1.70%)
DGB Financial Group, Inc.		38,000		273,734
Regional SAB de CV		66,000		332,444
				606,178
Renewable Electricity (0.94%)
China Everbright Greentech, Ltd.		423,009		336,289
Specialty Chemicals (2.26%)
Borregaard ASA		19,128		189,625
Covestro AG(c)		4,500		248,271
Shin-Etsu Chemical Co., Ltd.		4,400		370,255
				808,151
Tobacco (1.48%)
British American Tobacco PLC		12,700		529,817
Trading Companies & Distributors (1.36%)
Ashtead Group PLC		20,100		485,910

	Shares or Principal Amount		Value
Wireless Telecommunication Services (2.51%)
SoftBank Group Corp.		9,200	$	896,786
Total Common Stocks (Cost $35,766,598)				32,781,979
Preferred Stocks (0.64%)
Integrated Oil & Gas (0.64%)
Petroleo Brasileiro SA		32,300		229,586
Total Preferred Stocks (Cost $166,032)				229,586
Collateral for Securities on Loan (0.02%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46%		8,467		8,467
Total Collateral for Securities on Loan (Cost $8,467)				8,467
Total Investments (92.39%) (Cost $35,941,097)			$	33,020,032
Other Assets Less Liabilities (7.61%)				2,718,834
Net Assets (100.00%)			$	35,738,866

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

^(c) 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, 2019, these securities had a total aggregate market value of $248,271.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

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

Semi-Annual Report | March 31, 2019 7

ICON International Equity Fund Schedule of Investments

March 31, 2019 (Unaudited)

Country Composition (March 31, 2019) (Unaudited)
United Kingdom	15.74	%
Japan	13.12	%
France	8.24	%
China	7.38	%
Italy	5.90	%
Germany	5.59	%
Hong Kong	4.02	%
United States	3.91	%
Russia	3.90	%
Canada	3.85	%
Spain	3.45	%
South Korea	3.00	%
Thailand	2.37	%
Mexico	2.19	%
Hungary	2.00	%
Netherlands	1.81	%
India	1.36	%
Singapore	1.10	%
Philippines	1.10	%
Norway	0.93	%
Switzerland	0.77	%
Brazil	0.64	%
	92.37	%

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

Sector Composition (March 31, 2019) (Unaudited)
Financials	25.37	%
Energy	22.30	%
Materials	14.58	%
Utilities	14.05	%
Communication Services	4.25	%
Industrials	3.96	%
Consumer Staples	2.97	%
Health Care	2.24	%
Real Estate	1.25	%
Consumer Discretionary	0.76	%
Information Technology	0.64	%
	92.37	%

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

Industry Composition (March 31, 2019) (Unaudited)
Diversified Banks	14.40	%
Integrated Oil & Gas	11.91	%
Multi-line Insurance	7.07	%
Oil & Gas Exploration & Production	6.36	%
Electric Utilities	5.54	%
Paper Products	3.59	%
Oil & Gas Refining & Marketing	3.32	%
Paper Packaging	2.88	%
Multi-Utilities	2.76	%
Independent Power Producers & Energy Traders	2.72	%
Wireless Telecommunication Services	2.51	%
Commodity Chemicals	2.46	%
Specialty Chemicals	2.26	%
Gas Utilities	2.09	%
Interactive Media & Services	1.74	%
Diversified Chemicals	1.71	%
Pharmaceuticals	1.71	%
Regional Banks	1.70	%
Packaged Foods & Meats	1.49	%
Tobacco	1.48	%
Trading Companies & Distributors	1.36	%
Aerospace & Defense	1.30	%
Diversified Real Estate Activities	1.25	%
Life & Health Insurance	1.16	%
Other Diversified Financial Services	1.04	%
Other Industries (each less than 1%)	6.56	%
	92.37	%

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.

8 www.iconfunds.com

ICON International Funds Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	ICON Emerging  Markets Fund		ICON International  Equity Fund
Assets
Investments, at cost	$	51,279,821	$	35,941,097
Investments, at value(a)		52,429,408		33,020,032
Cash and cash equivalents		1,760,457		3,101,022
Foreign currency, at value (Cost $584,313 and $32,860, respectively)		581,659		33,122
Receivables:
Fund shares sold		69,924		2,884
Expense reimbursements due from Adviser		25,773		16,008
Interest		608		809
Dividends		301,069		151,475
Foreign tax reclaims		—		53,405
Other assets		18,203		20,327
Total assets		55,187,101		36,399,084
Liabilities
Payables:
Payable for collateral received on securities loaned		—		8,467
Investments purchased		—		531,885
Capital gains tax		53,311		—
Fund shares redeemed		64,608		31,578
Advisory fees		46,998		30,684
Transfer agent fees		36,279		13,164
Fund accounting fees		12,461		16,448
Accrued distribution fees		528		1,544
Trustee fees and expenses		2,670		1,784
Administration fees		2,350		1,534
Accrued expenses		26,993		23,130
Total liabilities		246,198		660,218
Net Assets - all share classes	$	54,940,903	$	35,738,866
Net Assets - Class S	$	52,479,414	$	32,958,695
Net Assets - Class C	$	—	$	1,469,887
Net Assets - Class A	$	2,461,489	$	1,310,284
Net Assets Consists of
Paid-in capital	$	54,468,219	$	47,901,143
Total distributable earnings		472,684		(12,162,277	)
Net Assets	$	54,940,903	$	35,738,866
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,383,791		2,802,106
Class C		—		143,495
Class A		159,418		113,861
Net asset value (offering and redemption price per share)
Class S	$	15.51	$	11.76
Class C	$	—	$	10.24
Class A	$	15.44	$	11.51
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	16.38	$	12.21
(a) Includes securities on loan of	$	1,459,600	$	305,719

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

Semi-Annual Report | March 31, 2019 9

ICON International Funds Statements of Operations

Period Ended March 31, 2019 (Unaudited)

	ICON Emerging  Markets Fund			ICON International  Equity Fund
Investment Income
Dividends		594,558			383,287
Foreign taxes withheld		(64,415	)		(36,218	)
Income from securities lending, net		406			2,696
Total investment income		530,549			349,765
Expenses
Advisory fees		265,502			185,388
Administration fees		13,275			9,269
Transfer agent fees		77,389			28,176
Distribution fees:
Class C		—			7,878
Class A		6,837			1,610
Registration fees		15,653			17,021
Audit and tax service expense		10,960			10,961
Fund accounting fees		22,579			26,033
Trustee fees and expenses		9,367			6,657
Insurance expense		3,048			2,322
Custody fees		19,949			11,818
Printing fees		8,824			4,893
Interest expense		1,042			—
Other expenses		17,289			16,231
Total expenses before expense reimbursement		471,714			328,257
Expense reimbursement by Adviser due to expense limitation agreement		(52,354	)		(31,878	)
Net Expenses		419,360			296,379
Net Investment Income/(Loss)		111,189			53,386
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		(560,126	)		(2,013,933	)
		(560,126	)		(2,013,933	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(627,057	)		(1,381,052	)
Capital gains tax		52,785			10,312
		(574,272	)		(1,370,740	)
Net realized and unrealized gain/(loss)		(1,134,398	)		(3,384,673	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(1,023,209	)	$	(3,331,287	)

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

10 www.iconfunds.com

ICON International Funds Statements of Changes in Net Assets

	ICON Emerging Markets Fund						ICON International Equity Fund
	Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018			Period Ended  March 31, 2019  (Unaudited)			Year Ended  September 30, 2018
Operations
Net investment income/(loss)	$	111,189		$	1,155,711		$	53,386		$	709,879
Net realized gain/(loss)		(560,126	)		257,464			(2,013,933	)		592,186
Change in net unrealized appreciation/(depreciation)		(574,272	)		(146,633	)		(1,370,740	)		(2,455,976	)
Net increase/(decrease) in net assets resulting from operations		(1,023,209	)		1,266,542			(3,331,287	)		(1,153,911	)
Total Dividends and Distributions to Shareholders
Class S		(1,423,899	)		(100,052	)		(484,585	)		—
Class C		—			—			(22,016	)		—
Class A		(158,692	)		(478	)		(18,087	)		—
Net decrease from dividends and distributions		(1,582,591	)		(100,530	)		(524,688	)		—
Fund Share Transactions
Shares sold
Class S		13,174,914			21,485,982			1,043,315			7,643,709
Class C		—			—			101,287			176,801
Class A		2,735,678			3,063,930			39,329			82,833
Reinvested dividends and distributions
Class S		1,374,068			95,422			477,537			—
Class C		—			—			21,671			—
Class A		142,269			424			15,393			—
Shares repurchased
Class S		(10,611,468	)		(23,337,380	)		(5,106,464	)		(11,643,496	)
Class C		—			—			(413,956	)		(664,995	)
Class A		(6,601,578	)		(9,861,188	)		(79,453	)		(849,184	)
Net increase/(decrease) from fund share transactions		213,883			(8,552,810	)		(3,901,341	)		(5,254,332	)
Total net decrease in net assets		(2,391,917	)		(7,386,798	)		(7,757,316	)		(6,408,243	)
Net Assets
Beginning of period		57,332,820			64,719,618			43,496,182			49,904,425
End of period	$	54,940,903		$	57,332,820		$	35,738,866		$	43,496,182
Transactions in Fund Shares
Shares sold
Class S		860,446			1,282,140			91,942			564,142
Class C		—			—			10,433			15,057
Class A		176,913			184,221			3,439			6,230
Issued to shareholders in reinvestment of distributions
Class S		97,521			5,942			44,881			—
Class C		—			—			2,333			—
Class A		10,133			26			1,479			—
Shares repurchased
Class S		(711,670	)		(1,410,257	)		(444,246	)		(882,846	)
Class C		—			—			(40,768	)		(56,962	)
Class A		(427,899	)		(601,142	)		(7,138	)		(66,078	)
Net increase/(decrease)		5,444			(539,070	)		(337,645	)		(420,457	)
Shares outstanding, beginning of period		3,537,765			4,076,835			3,397,107			3,817,564
Shares outstanding, end of period		3,543,209			3,537,765			3,059,462			3,397,107

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

Semi-Annual Report | March 31, 2019 11

ICON Emerging Markets Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	16.22		$	15.90		$	14.28		$	12.95		$	13.72		$	13.51
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.04			0.31			0.07			(0.00	)(b)		(0.03	)		(0.03	)
Net realized and unrealized gains/(losses) on investments		(0.28	)		0.04			1.55			1.33			(0.74	)		0.27
Total from investment operations		(0.24	)		0.35			1.62			1.33			(0.77	)		0.24
Less dividends and distributions:
Dividends from net investment income		(0.31	)		(0.03	)		—			—			—			(0.03	)
Distributions from net realized gains		(0.16	)		—			—			—			—			—
Total dividends and distributions		(0.47	)		(0.03	)		—			—			—			(0.03	)
Net asset value, end of period	$	15.51		$	16.22		$	15.90		$	14.28		$	12.95		$	13.72
Total Return		(1.21	)%(c)		2.21	%		11.34	%		10.27	%		(5.61	)%		1.78	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	52,479		$	50,897		$	51,833		$	45,786		$	16,123		$	8,942
Ratio of expenses to average net assets
Before expense limitation		1.73	%(d)		1.61	%		1.72	%		1.85	%		2.44	%		2.11	%
After expense limitation		1.55	%(d)(e)		1.55	%(e)		1.55	%(e)		1.55	%(e)		1.55	%(e)		1.88	%(f)
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.29	%(d)		1.83	%		0.29	%		(0.32	)%		(1.08	)%		(0.42	)%
After expense limitation		0.47	%(d)(e)		1.89	%(e)		0.46	%(e)		(0.02	)%(e)		(0.19	)%(e)		(0.19	)%(f)
Portfolio turnover rate		27	%(c)		63	%		169	%		156	%		76	%		92	%

^(a) Calculated using the average shares method.

^(b) Amount less than $(0.005).

^(c) Not Annualized.

^(d) Annualized.

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

^(f) 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.

12 www.iconfunds.com

ICON Emerging Markets Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	16.08		$	15.77		$	14.20		$	12.91		$	13.71		$	13.51
Income/(loss) from investment operations:
Net investment income/(loss)(b)(c)		(0.00	)(d)		0.24			0.06			(0.01	)		(0.07	)		(0.04	)
Net realized and unrealized gains/(losses) on investments		(0.25	)		0.07			1.51			1.30			(0.73	)		0.27
Total from investment operations		(0.25	)		0.31			1.57			1.29			(0.80	)		0.23
Less dividends and distributions:
Dividends from net investment income		(0.23	)		(0.00	)(d)		—			—			—			(0.03	)
Distributions from net realized gains		(0.16	)		—			—			—			—			—
Total dividends and distributions		(0.39	)		(0.00	)		—			—			—			(0.03	)
Net asset value, end of period	$	15.44		$	16.08		$	15.77		$	14.20		$	12.91		$	13.71
Total Return(e)		(1.33	)%(f)		1.97	%		11.06	%		9.99	%		(5.84	)%		1.68	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,461		$	6,436		$	12,887		$	9,072		$	725		$	305
Ratio of expenses to average net assets
Before expense limitation		2.21	%(g)		1.96	%		2.12	%		2.16	%		4.75	%		4.32	%
After expense limitation(h)		1.80	%(g)		1.80	%		1.80	%		1.80	%		1.80	%		1.95	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.43	)%(g)		1.32	%		0.08	%		(0.43	)%		(3.44	)%		(2.65	)%
After expense limitation(h)		(0.02	)%(g)		1.48	%		0.40	%		(0.07	)%		(0.49	)%		(0.28	)%
Portfolio turnover rate		27	%(f)		63	%		169	%		156	%		76	%		92	%

^(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.

Semi-Annual Report | March 31, 2019 13

ICON International Equity Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	12.89		$	13.17		$	11.94		$	11.37		$	11.75		$	11.81
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.02			0.20			0.04			0.05			0.00	(b)		0.06
Net realized and unrealized gains/(losses) on investments		(0.98	)		(0.48	)		1.19			0.52			(0.37	)		(0.12	)
Total from investment operations		(0.96	)		(0.28	)		1.23			0.57			(0.37	)		(0.06	)
Less dividends and distributions:
Dividends from net investment income		(0.17	)		—			—			—			(0.01	)		—
Total dividends and distributions		(0.17	)		—			—			—			(0.01	)		—
Net asset value, end of period	$	11.76		$	12.89		$	13.17		$	11.94		$	11.37		$	11.75
Total Return		(7.35	)%(c)		(2.13	)%		10.30	%		5.01	%		(3.15	)%		(0.51	)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	32,959		$	40,096		$	45,144		$	50,005		$	67,201		$	80,356
Ratio of expenses to average net assets
Before expense limitation		1.63	%(d)		1.49	%		1.57	%		1.45	%		1.41	%		1.41	%
After expense limitation(e)		1.55	%(d)		1.49	%		1.55	%		1.45	%		1.41	%		1.41	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.26	%(d)		1.46	%		0.31	%		0.45	%		0.00	%(f)		0.44	%
After expense limitation(e)		0.34	%(d)		1.46	%		0.33	%		0.45	%		0.00	%(f)		0.44	%
Portfolio turnover rate		14	%(c)		92	%		209	%		198	%		204	%		193	%

^(a) Calculated using the average shares method.

^(b) Amount less than $0.005.

^(c) Not Annualized.

^(d) Annualized.

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

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

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

14 www.iconfunds.com

ICON International Equity Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	11.28		$	11.64		$	10.66		$	10.27		$	10.72		$	10.89
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.03	)		0.04			(0.07	)		(0.09	)		(0.12	)		(0.08	)
Net realized and unrealized gains/(losses) on investments		(0.87	)		(0.40	)		1.05			0.48			(0.33	)		(0.09	)
Total from investment operations		(0.90	)		(0.36	)		0.98			0.39			(0.45	)		(0.17	)
Less dividends and distributions:
Dividends from net investment income		(0.14	)		—			—			—			—			—
Total dividends and distributions		(0.14	)		—			—			—			—			—
Net asset value, end of period	$	10.24		$	11.28		$	11.64		$	10.66		$	10.27		$	10.72
Total Return(c)		(7.86	)%(d)		(3.09	)%		9.19	%		3.80	%		(4.20	)%		(1.56	)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,470		$	1,934		$	2,484		$	2,941		$	3,299		$	4,597
Ratio of expenses to average net assets
Before expense limitation		3.65	%(e)		3.29	%		3.35	%		3.13	%		2.96	%		2.82	%
After expense limitation(f)		2.55	%(e)		2.55	%		2.55	%		2.55	%		2.55	%		2.56	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.77	)%(e)		(0.42	)%		(1.48	)%		(1.40	)%		(1.56	)%		(0.99	)%
After expense limitation(f)		(0.67	)%(e)		0.32	%		(0.68	)%		(0.82	)%		(1.15	)%		(0.73	)%
Portfolio turnover rate		14	%(d)		92	%		209	%		198	%		204	%		193	%

^(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, 2019 15

ICON International Equity Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	12.63		$	12.94		$	11.76		$	11.24		$	11.65		$	11.75
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.01			0.14			0.01			0.05			(0.04	)		0.00	(b)
Net realized and unrealized gains/(losses) on investments		(0.97	)		(0.45	)		1.17			0.47			(0.37	)		(0.10	)
Total from investment operations		(0.96	)		(0.31	)		1.18			0.52			(0.41	)		(0.10	)
Less dividends and distributions:
Dividends from net investment income		(0.16	)		—			—			—			—			—
Total dividends and distributions		(0.16	)		—			—			—			—			—
Net asset value, end of period	$	11.51		$	12.63		$	12.94		$	11.76		$	11.24		$	11.65
Total Return(c)		(7.48	)%(d)		(2.40	)%		10.03	%		4.63	%		(3.52	)%		(0.85	)%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,310		$	1,466		$	2,276		$	2,829		$	3,725		$	4,089
Ratio of expenses to average net assets
Before expense limitation		3.29	%(e)		2.59	%		2.67	%		2.43	%		2.25	%		2.12	%
After expense limitation(f)		1.80	%(e)		1.80	%		1.80	%		1.80	%		1.80	%		1.81	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.37	)%(e)		0.28	%		(0.80	)%		(0.19	)%		(0.77	)%		(0.27	)%
After expense limitation(f)		0.12	%(e)		1.07	%		0.07	%		0.44	%		(0.32	)%		0.04	%
Portfolio turnover rate		14	%(d)		92	%		209	%		198	%		204	%		193	%

^(a) Calculated using the average shares method.

^(b) Amount less than $0.005.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

16 www.iconfunds.com

ICON International Funds Notes to Financial Statements

March 31, 2019 (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 Class C shares. 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’ Valuation Committee pursuant to procedures approved by the Funds’ Board of Trustees (the “Board”).

Semi-Annual Report | March 31, 2019 17

ICON International Funds Notes to Financial Statements

March 31, 2019 (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’ Valuation Committee determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation is 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, 2019:

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	$	626,896	$	847,760	$	—	$	1,474,656
Diversified Banks		2,214,370		8,987,033		—		11,201,403
Electric Utilities		391,115		1,676,235		—		2,067,350
Integrated Oil & Gas		1,233,858		4,925,874		—		6,159,732
Interactive Media & Services		1,081,425		2,002,539		—		3,083,964
Internet & Direct Marketing Retail		1,459,600		466,083		—		1,925,683
Oil & Gas Exploration & Production		1,951,415		1,894,346		—		3,845,761
Oil & Gas Refining & Marketing		982,007		1,273,769		—		2,255,776
Regional Banks		1,127,287		914,847		—		2,042,134
Water Utilities		614,863		421,897		—		1,036,760
Wireless Telecommunication Services		612,911		397,969		—		1,010,880
Other		16,730		14,810,562		—		14,827,292
Preferred Stocks		1,498,017		—		—		1,498,017
Total	$	13,810,494	$	38,618,914	$	—	$	52,429,408

18 www.iconfunds.com

ICON International Funds Notes to Financial Statements

March 31, 2019 (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
Commodity Chemicals	$	309,937	$	571,078	$	—	$	881,015
Diversified Banks		1,023,618		4,123,393		—		5,147,011
Integrated Oil & Gas		214,584		3,812,589		—		4,027,173
Interactive Media & Services		122,368		501,267		—		623,635
Oil & Gas Exploration & Production		1,737,200		534,589		—		2,271,789
Oil & Gas Refining & Marketing		195,281		991,367		—		1,186,648
Regional Banks		332,444		273,734		—		606,178
Other		1,262,607		16,775,923		—		18,038,530
Preferred Stocks		229,586		—		—		229,586
Collateral for Securities on Loan		—		8,467		—		8,467
Total	$	5,427,625	$	27,592,407	$	—	$	33,020,032

* 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, 2019.

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 an overnight demand deposit account 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.

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.

Semi-Annual Report | March 31, 2019 19

ICON International Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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, 2019 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. 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 assets that generally exceed the value of the securities on loan. Collateral may consist of cash or securities issued or guaranteed by the United States government or its agencies or instrumentalities. 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.

The following is a summary of the Funds’ securities lending positions and related cash and non-cash collateral received as of March 31, 2019:

	Market Value of Securities on Loan		Market Value of Cash Collateral Received		Market Value of Non-Cash Collateral Received		Total Collateral Received		Excess Collateral
ICON Emerging Markets Fund	$	1,459,600	$	—	$	1,452,000	$	1,452,000	$	—
ICON International Equity Fund		305,719		8,467		298,029		306,496		777

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 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 cash collateral. The State Street Navigator Securities Lending Government Money Market Portfolio is a Government Money Market Portfolio designed to provide continuous daily liquidity. Non-Cash collateral received consists of securities issued or guaranteed by the United States government or its agencies or instrumentalities with remaining maturities ranging from overnight to 30 years. Non-cash collateral is not disclosed on the Funds’ Schedules of Investments or their Statements of Assets and Liabilities as the Funds do not have the ability to re-hypothecate these securities. The net securities lending income earned by the Funds for the six months ended March 31, 2019, 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, 2019. It may also include collateral received from the pre-funding of security loans.

Security loans consist of equity securities and generally do not have a stated maturity date. The Funds may recall a loaned security at any time.

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, 2019, 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.

20 www.iconfunds.com

ICON International Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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 a 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.

Semi-Annual Report | March 31, 2019 21

ICON International Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

Below are additional class level expenses for the six months ended March 31, 2019 that are included on the Statements of Operations:

Fund	Printing Fees*		Transfer Agent Fees*		Registration Fees
ICON Emerging Markets Fund
Class S	$	3,914	$	57,720	$	9,558
Class A		739		7,885		6,095
ICON International Equity Fund
Class S		1,117		16,406		7,397
Class C		273		4,768		4,127
Class A		229		4,280		5,497

* 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 investments. 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, 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	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, 2020. 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, 2019, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2019		Expires 2020			Expires 2021		Expires 2022
ICON Emerging Markets Fund	$	67,522	$	106,329	(a)	$	46,120	$	52,354
ICON International Equity Fund		21,186		41,389			34,771		31,878

^(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, which is greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.

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.

22 www.iconfunds.com

ICON International Funds Notes to Financial Statements

March 31, 2019 (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, 2019, 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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.

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 ICON International Equity Fund Class C pay an annual distribution fee of 1.00% of average daily net assets. The shareholders of the Funds Class A shares pay an annual distribution fee of 0.25% of average daily net assets. 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, 2019, 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
ICON Emerging Markets Fund Class A	$	2,516
ICON International Equity Fund Class A		41

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, 2019, IDI collected the following contingent deferred sales charges:

Fund	Contingent Deferred Sales Charges Collected
ICON International Equity Fund Class C	$	206

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, 2019, 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, 2019, the total related amounts accrued by the Funds under this arrangement was $534 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, 2019, 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.

Semi-Annual Report | March 31, 2019 23

ICON International Funds Notes to Financial Statements

March 31, 2019 (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 $30 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2019 was 3.74%. The Line of Credit agreement/arrangement expires on March 17, 2020.

For the six months ended March 31, 2019, the average outstanding loan by Fund was as follows:

Fund	Maximum Borrowing (10/01/18 – 03/31/19)		Average Borrowing (10/01/18 – 03/31/19)^		Average Interest Rates (10/01/18 – 03/31/19)^
ICON Emerging Markets Fund	$	814,771	$	524,803	3.76%

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

There were no outstanding borrowings under this agreement/arrangement as of March 31, 2019.

5.  PURCHASES AND SALES OF INVESTMENT SECURITIES

For the six months ended March 31, 2019, 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	$	13,697,432	$	14,011,653
ICON International Equity Fund		4,739,342		9,924,707

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 and expiring capital loss carryforwards.

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

For International Equity Fund, the capital loss carryovers used during the year ended September 30, 2018 were, net of short-term and long-term, $299,186 and capital losses expired/unused were $27,012,993.

For International Equity Fund, the short-term and long-term capital losses with no expiration were $2,090,791 and $5,160,526, respectively.

For the year ended September 30, 2018, the following reclassification was made, which had no impact on results of operations or net assets.

Fund	Paid-in Capital			Total Distributable Earnings
ICON International Equity Fund	$	(27,012,993	)	$	27,012,993

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2018, were as follows:

Fund	Ordinary Income
ICON Emerging Markets Fund	$	100,530

24 www.iconfunds.com

ICON International Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

As of September 30, 2018, 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	$	1,413,151	$	—		$	—	$	1,665,333		$	3,078,484
ICON International Equity Fund		495,203		(7,251,317	)		1,854		(1,552,042	)		(8,306,302	)

As of March 31, 2019, 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	$	5,016,023	$	(3,866,436	)	$	1,149,587		$	51,279,821
ICON International Equity Fund		1,515,202		(4,436,267	)		(2,921,065	)		35,941,097

* This balance includes appreciation/(depreciation) of foreign currency.

7.  RECENT ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, which changes the fair value measurement disclosure requirements of FASB Accounting Standards Codification Topic 820, Fair Value Measurement. The update to Topic 820 includes new, eliminated, and modified disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods. Early adoption is permitted for any eliminated or modified disclosures. Management has eliminated and modified disclosures and is currently evaluating the impact of the remaining ASU.

8.  SUBSEQUENT EVENT

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2019 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

Semi-Annual Report | March 31, 2019 25

ICON International Funds Disclosure of Fund Expenses

March 31, 2019 (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 (10/01/18 – 03/31/19).

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, 2018		Ending Account Value March 31, 2019		Expense Ratio(a)		Expenses Paid During period October 1, 2018 - March 31, 2019(b)
ICON Emerging Markets Fund
Class S
Actual	$	1,000.00	$	987.90	1.55	%	$	7.68
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.20	1.55	%	$	7.80
Class A
Actual	$	1,000.00	$	986.70	1.80	%	$	8.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.96	1.80	%	$	9.05
ICON International Equity Fund
Class S
Actual	$	1,000.00	$	926.50	1.55	%	$	7.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.20	1.55	%	$	7.80
Class C
Actual	$	1,000.00	$	921.40	2.55	%	$	12.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.22	2.55	%	$	12.79
Class A
Actual	$	1,000.00	$	925.20	1.80	%	$	8.64
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.

26 www.iconfunds.com

ICON International Funds Additional Information

March 31, 2019 (Unaudited)

Portfolio Holdings

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

Proxy Voting

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

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

For More Information

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

ICON Distributors, Inc., Distributor.

Semi-Annual Report | March 31, 2019 27

ICON International Funds Privacy Policy

March 31, 2019 (Unaudited)

	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.

28 www.iconfunds.com

ICON International Funds Privacy Policy

March 31, 2019 (Unaudited)

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

Semi-Annual Report | March 31, 2019 29

 

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, Suite 1200
	Greenwood Village, CO 80111
On the Internet	www.iconfunds.com

SEMI-ANNUAL REPORT March 31, 2019

Sector Funds

ICON Consumer Discretionary Fund (ICCCX, ICCAX)
ICON Consumer Staples Fund (ICLEX, ICRAX)
ICON Energy Fund (ICENX, ICEEX, ICEAX)
ICON Financial Fund (ICFSX, ICFAX)
ICON Healthcare Fund (ICHCX, ICHAX)
ICON Industrials Fund (ICTRX, ICIAX)
ICON Information Technology Fund (ICTEX, ICTTX)
ICON Natural Resources Fund (ICBMX, ICBCX, ICBAX)
ICON Utilities Fund (ICTUX, ICTVX)

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.

Beginning on January 1, 2021, ICON will no longer send paper copies of the Funds’ annual and semi-annual shareholder reports by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and given a website address of where to access the report.

If you have already opted to receive e-delivery, this change will not affect you and you do not need to take any action. At any time, shareholders who invest directly in the ICON Funds may generally elect to receive reports or other communications electronically by enrolling at www.iconfunds.com or calling 1-800-764-0442 or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary.

You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with ICON, please call 1-800-764-0442. If you are a retirement plan sponsor or invest in the ICON Funds through a financial intermediary, please contact your representative or financial intermediary. Your election to receive reports as a paper copy will apply to all ICON Funds held in your account. Your election can be changed at any time in the future.

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	8
ICON Industrials Fund	9
ICON Information Technology Fund	10
ICON Natural Resources Fund	12
ICON Utilities Fund	14
Financial Statements (Unaudited)	15
Financial Highlights (Unaudited)	26
Notes to Financial Statements (Unaudited)	46
Disclosure of Fund Expenses (Unaudited)	59
Additional Information (Unaudited)	62
Privacy Policy	63

ICON Sector Funds About This Report

March 31, 2019 (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, 2019, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

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

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

Financial Intermediary

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

2 www.iconfunds.com

ICON Consumer Discretionary Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (91.61%)
Apparel Retail (10.49%)
Children’s Place, Inc.(a)		2,812	$	273,551
Foot Locker, Inc.		14,900		902,940
Tailored Brands, Inc.(a)		27,521		215,765
TJX Cos., Inc.		13,202		702,478
Urban Outfitters, Inc.(b)		7,300		216,372
				2,311,106
Apparel, Accessories & Luxury Goods (13.96%)
Capri Holdings, Ltd.(b)		6,073		277,840
PVH Corp.		5,900		719,505
Tapestry, Inc.		8,276		268,887
VF Corp.		20,800		1,807,728
				3,073,960
Automobile Manufacturers (2.02%)
General Motors Co.		12,000		445,200
Broadcasting (6.04%)
CBS Corp., Class B		28,000		1,330,840
Cable & Satellite (3.03%)
Comcast Corp., Class A		16,700		667,666
Distributors (1.07%)
LKQ Corp.(b)		8,300		235,554
Footwear (2.83%)
NIKE, Inc., Class B		7,400		623,154
Home Furnishings (1.49%)
Mohawk Industries, Inc.(b)		2,600		327,990
Home Improvement Retail (5.47%)
Lowe’s Cos., Inc.		11,000		1,204,170
Homebuilding (2.43%)
DR Horton, Inc.		5,332		220,638
Lennar Corp., Class A		4,500		220,905
William Lyon Homes, Class A(b)		6,201		95,309
				536,852
Hotels, Resorts & Cruise Lines (7.97%)
Carnival Corp.		11,012		558,529
Norwegian Cruise Line Holdings, Ltd.(b)		8,200		450,672
Royal Caribbean Cruises, Ltd.		6,499		744,915
				1,754,116
Household Appliances (1.21%)
Helen of Troy, Ltd.(b)		2,300		266,708
Housewares & Specialties (1.36%)
Tupperware Brands Corp.		11,712		299,593
Integrated Telecommunication Services (4.22%)
AT&T, Inc.		29,621		928,915

	Shares or Principal Amount		Value
Internet & Direct Marketing Retail (26.14%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)(b)		900	$	164,205
Amazon.com, Inc.(b)		1,794		3,194,666
Booking Holdings, Inc.(b)		600		1,046,946
eBay, Inc.		7,800		289,692
Expedia, Inc.		8,900		1,059,100
				5,754,609
Movies & Entertainment (1.44%)
Viacom, Inc., Class B		11,300		317,191
Specialized Consumer Services (0.44%)
Weight Watchers International, Inc.(a)(b)		4,800		96,720
Total Common Stocks (Cost $20,903,943)				20,174,344
Total Investments (91.61%) (Cost $20,903,943)			$	20,174,344
Other Assets Less Liabilities (8.39%)				1,847,043
Net Assets (100.00%)			$	22,021,387

^(a) All or a portion of the security was on loan as of March 31, 2019.

^(b) Non-income producing security.

ADR - American Depositary Receipt

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

Semi-Annual Report | March 31, 2019 3

ICON Consumer Discretionary Fund Schedule of Investments

March 31, 2019 (Unaudited)

Sector Composition (March 31, 2019) (Unaudited)
Consumer Discretionary	76.88	%
Communication Services	14.73	%
	91.61	%

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

Industry Composition (March 31, 2019) (Unaudited)
Internet & Direct Marketing Retail	26.14	%
Apparel, Accessories & Luxury Goods	13.96	%
Apparel Retail	10.49	%
Hotels, Resorts & Cruise Lines	7.97	%
Broadcasting	6.04	%
Home Improvement Retail	5.47	%
Integrated Telecommunication Services	4.22	%
Cable & Satellite	3.03	%
Footwear	2.83	%
Homebuilding	2.43	%
Automobile Manufacturers	2.02	%
Home Furnishings	1.49	%
Movies & Entertainment	1.44	%
Housewares & Specialties	1.36	%
Household Appliances	1.21	%
Distributors	1.07	%
Specialized Consumer Services	0.44	%
	91.61	%

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

ICON Consumer Staples Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (92.70%)
Agricultural Products (1.97%)
Archer-Daniels-Midland Co.		3,094	$	133,444
Brewers (2.97%)
Anheuser-Busch InBev SA/NV, Sponsored ADR(a)		2,400		201,528
Distillers & Vintners (7.50%)
Constellation Brands, Inc., Class A		2,900		508,457
Drug Retail (4.48%)
Walgreens Boots Alliance, Inc.		4,800		303,696
Food Distributors (7.58%)
Sysco Corp.		3,300		220,308
U.S. Foods Holding Corp.(b)		5,900		205,969
United Natural Foods, Inc.(b)		6,600		87,252
				513,529
Health Care Services (1.82%)
Cigna Corp.		400		64,328
CVS Health Corp.		1,100		59,323
				123,651
Hypermarkets & Super Centers (8.15%)
Walmart, Inc.		5,664		552,410
Internet & Direct Marketing Retail (2.63%)
Amazon.com, Inc.(b)		100		178,075
Packaged Foods & Meats (12.48%)
Conagra Brands, Inc.		8,639		239,646
Kellogg Co.		1,200		68,856
Lamb Weston Holdings, Inc.		3,400		254,796
Nomad Foods, Ltd.(b)		3,000		61,350
Tyson Foods, Inc., Class A		3,200		222,176
				846,824
Personal Products (1.50%)
Medifast, Inc.(a)		800		102,040
Soft Drinks (26.44%)
Coca-Cola Co.		16,800		787,248
Coca-Cola European Partners PLC		900		46,566
Keurig Dr Pepper, Inc.(a)		8,000		223,760
PepsiCo, Inc.		6,000		735,300
				1,792,874
Tobacco (15.18%)
Altria Group, Inc.		7,600		436,468
British American Tobacco PLC, Sponsored ADR		1,700		70,924

	Shares or Principal Amount		Value
Tobacco (continued)
Philip Morris International, Inc.		5,900	$	521,501
				1,028,893
Total Common Stocks (Cost $6,250,004)				6,285,421
Total Investments (92.70%) (Cost $6,250,004)			$	6,285,421
Other Assets Less Liabilities (7.30%)				494,754
Net Assets (100.00%)			$	6,780,175

^(a) All or a portion of the security was on loan as of March 31, 2019.

^(b) Non-income producing security.

ADR - American Depositary Receipt

Sector Composition (March 31, 2019) (Unaudited)
Consumer Staples	88.25	%
Consumer Discretionary	2.63	%
Health Care	1.82	%
	92.70	%

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

Industry Composition (March 31, 2019) (Unaudited)
Soft Drinks	26.44	%
Tobacco	15.18	%
Packaged Foods & Meats	12.48	%
Hypermarkets & Super Centers	8.15	%
Food Distributors	7.58	%
Distillers & Vintners	7.50	%
Drug Retail	4.48	%
Brewers	2.97	%
Internet & Direct Marketing Retail	2.63	%
Agricultural Products	1.97	%
Health Care Services	1.82	%
Personal Products	1.50	%
	92.70	%

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, 2019 5

ICON Energy Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (98.95%)
Integrated Oil & Gas (36.16%)
Chevron Corp.		177,800	$	21,901,404
Exxon Mobil Corp.		273,500		22,098,800
TOTAL SA, Sponsored ADR		44,500		2,476,425
				46,476,629
Oil & Gas Equipment & Services (8.78%)
Baker Hughes a GE Co.(a)		68,800		1,907,136
Schlumberger, Ltd.		138,300		6,025,731
Solaris Oilfield Infrastructure, Inc., Class A		204,000		3,353,760
				11,286,627
Oil & Gas Exploration & Production (39.33%)
Cabot Oil & Gas Corp.		186,400		4,865,040
Callon Petroleum Co.(a)(b)		401,400		3,030,570
Carrizo Oil & Gas, Inc.(a)(b)		129,800		1,618,606
Centennial Resource Development, Inc., Class A(a)(b)		185,200		1,627,908
Cimarex Energy Co.		52,000		3,634,800
ConocoPhillips		74,800		4,992,152
Denbury Resources, Inc.(a)(b)		580,400		1,189,820
Diamondback Energy, Inc.		84,661		8,595,631
Encana Corp.		176,370		1,276,919
EOG Resources, Inc.		68,400		6,510,312
Gulfport Energy Corp.(a)(b)		468,600		3,758,172
Matador Resources Co.(a)(b)		122,700		2,371,791
Parsley Energy, Inc., Class A(b)		160,700		3,101,510
Pioneer Natural Resources Co.		26,100		3,974,508
				50,547,739
Oil & Gas Refining & Marketing (12.91%)
HollyFrontier Corp.		29,700		1,463,319
Marathon Petroleum Corp.		87,900		5,260,815
Phillips 66		55,200		5,253,384
Valero Energy Corp.		54,400		4,614,752
				16,592,270
Oil & Gas Storage & Transportation (1.77%)
Enterprise Products Partners LP		35,400		1,030,140
Magellan Midstream Partners LP		20,600		1,248,978
				2,279,118
Total Common Stocks (Cost $130,504,390)				127,182,383

Underlying Security/Expiration Date/Exercise Price/ Notional Amount	Contracts		Value
Purchased Call Options (0.10%)
SPDR® S&P® Oil & Gas Exploration & Production ETF 06/21/19, 30, $1,690,700		550	$	127,050
Total Purchased Call Options (Cost $93,741)				127,050
Total Investments (99.05%) (Cost $130,598,131)			$	127,309,433
Other Assets Less Liabilities (0.95%)				1,227,511
Net Assets (100.00%)			$	128,536,944

^(a) All or a portion of the security was on loan as of March 31, 2019.

^(b) Non-income producing security.

ADR - American Depositary Receipt

Sector Composition (March 31, 2019) (Unaudited)
Energy	98.95	%
	98.95	%

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

Industry Composition (March 31, 2019) (Unaudited)
Oil & Gas Exploration & Production	39.33	%
Integrated Oil & Gas	36.16	%
Oil & Gas Refining & Marketing	12.91	%
Oil & Gas Equipment & Services	8.78	%
Oil & Gas Storage & Transportation	1.77	%
	98.95	%

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

ICON Financial Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (99.56%)
Consumer Finance (12.81%)
Ally Financial, Inc.		34,100	$	937,409
American Express Co.		10,700		1,169,510
Discover Financial Services		20,498		1,458,638
Encore Capital Group, Inc.(a)		13,800		375,774
Navient Corp.		56,900		658,333
				4,599,664
Diversified Banks (38.66%)
Bank of America Corp.		148,800		4,105,392
Citigroup, Inc.		44,100		2,743,902
JPMorgan Chase & Co.		41,200		4,170,676
U.S. Bancorp		36,300		1,749,297
Wells Fargo & Co.		23,100		1,116,192
				13,885,459
Financial Exchanges & Data (2.55%)
MSCI, Inc.		4,600		914,664
Investment Banking & Brokerage (8.63%)
E*TRADE Financial Corp.		7,700		357,511
Evercore, Inc., Class A		4,800		436,800
Goldman Sachs Group, Inc.		5,600		1,075,144
Morgan Stanley		29,100		1,228,020
				3,097,475
Life & Health Insurance (9.51%)
CNO Financial Group, Inc.		55,200		893,136
Lincoln National Corp.		18,100		1,062,470
MetLife, Inc.		14,400		613,008
Prudential Financial, Inc.		9,200		845,296
				3,413,910
Multi-line Insurance (2.62%)
Hartford Financial Services Group, Inc.		18,900		939,708
Other Diversified Financial Services (3.21%)
Voya Financial, Inc.		23,100		1,154,076
Property & Casualty Insurance (2.11%)
Arch Capital Group, Ltd.(a)		23,500		759,520
Regional Banks (13.99%)
Citizens Financial Group, Inc.		10,800		351,000
East West Bancorp, Inc.		14,100		676,377
Fifth Third Bancorp		40,000		1,008,800
KeyCorp		57,100		899,325
Synovus Financial Corp.		26,000		893,360
Webster Financial Corp.		23,600		1,195,812
				5,024,674
Thrifts & Mortgage Finance (5.47%)
Axos Financial, Inc.(a)		13,400		388,064
Essent Group, Ltd.(a)		19,600		851,620

	Shares or Principal Amount		Value
Thrifts & Mortgage Finance (continued)
Radian Group, Inc.		34,900	$	723,826
				1,963,510
Total Common Stocks (Cost $31,585,835)				35,752,660
Total Investments (99.56%) (Cost $31,585,835)			$	35,752,660
Other Assets Less Liabilities (0.44%)				159,255
Net Assets (100.00%)			$	35,911,915

^(a) Non-income producing security.

Sector Composition (March 31, 2019) (Unaudited)
Financials	99.56	%
	99.56	%

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

Industry Composition (March 31, 2019) (Unaudited)
Diversified Banks	38.66	%
Regional Banks	13.99	%
Consumer Finance	12.81	%
Life & Health Insurance	9.51	%
Investment Banking & Brokerage	8.63	%
Thrifts & Mortgage Finance	5.47	%
Other Diversified Financial Services	3.21	%
Multi-line Insurance	2.62	%
Financial Exchanges & Data	2.55	%
Property & Casualty Insurance	2.11	%
	99.56	%

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, 2019 7

ICON Healthcare Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (98.42%)
Biotechnology (8.40%)
AbbVie, Inc.		21,600	$	1,740,744
Alexion Pharmaceuticals, Inc.(a)		22,181		2,998,427
Regeneron Pharmaceuticals, Inc.(a)		3,000		1,231,860
				5,971,031
Health Care Equipment (6.00%)
Becton Dickinson and Co.		5,931		1,481,149
Edwards Lifesciences Corp.(a)		9,500		1,817,635
Teleflex, Inc.		3,200		966,912
				4,265,696
Health Care Services (8.46%)
Cigna Corp.		16,278		2,617,828
DaVita, Inc.(a)		19,700		1,069,513
MEDNAX, Inc.(a)		33,600		912,912
Premier, Inc., Class A(a)		41,132		1,418,643
				6,018,896
Health Care Technology (1.03%)
Medidata Solutions, Inc.(a)(b)		10,000		732,400
Life & Health Insurance (3.44%)
CNO Financial Group, Inc.		62,200		1,006,396
Lincoln National Corp.		24,500		1,438,150
				2,444,546
Life Sciences Tools & Services (12.06%)
IQVIA Holdings, Inc.(a)		10,538		1,515,891
PerkinElmer, Inc.		19,000		1,830,840
PRA Health Sciences, Inc.(a)		22,400		2,470,496
Thermo Fisher Scientific, Inc.		10,082		2,759,645
				8,576,872
Managed Health Care (22.66%)
Anthem, Inc.		9,100		2,611,518
Centene Corp.(a)		44,822		2,380,048
HealthEquity, Inc.(a)		18,400		1,361,232
Humana, Inc.		6,000		1,596,000
UnitedHealth Group, Inc.		23,300		5,761,158
WellCare Health Plans, Inc.(a)		8,901		2,401,045
				16,111,001
Pharmaceuticals (36.37%)
Allergan PLC		12,200		1,786,202
Amneal Pharmaceuticals, Inc.(a)(b)		128,042		1,814,355
Bristol-Myers Squibb Co.		40,893		1,951,005
Corcept Therapeutics, Inc.(a)(b)		62,000		727,880
Eli Lilly & Co.		33,100		4,295,056
Jazz Pharmaceuticals PLC(a)		17,662		2,524,783
Merck & Co., Inc.		69,188		5,754,366
Mylan NV(a)		56,000		1,587,040
Supernus Pharmaceuticals, Inc.(a)		68,774		2,409,841

	Shares or Principal Amount		Value
Pharmaceuticals (continued)
Zoetis, Inc.		29,988	$	3,018,892
				25,869,420
Total Common Stocks (Cost $63,782,061)				69,989,862
Total Investments (98.42%) (Cost $63,782,061)			$	69,989,862
Other Assets Less Liabilities (1.58%)				1,123,401
Net Assets (100.00%)			$	71,113,263

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

Sector Composition (March 31, 2019) (Unaudited)
Health Care	94.98	%
Financials	3.44	%
	98.42	%

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

Industry Composition (March 31, 2019) (Unaudited)
Pharmaceuticals	36.37	%
Managed Health Care	22.66	%
Life Sciences Tools & Services	12.06	%
Health Care Services	8.46	%
Biotechnology	8.40	%
Health Care Equipment	6.00	%
Life & Health Insurance	3.44	%
Health Care Technology	1.03	%
	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.

8 www.iconfunds.com

ICON Industrials Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or  Principal  Amount		Value
Common Stocks (98.99%)
Aerospace & Defense (18.81%)
Boeing Co.		2,300	$	877,266
Lockheed Martin Corp.		1,500		450,240
Northrop Grumman Corp.		1,400		377,440
Raytheon Co.		3,250		591,760
				2,296,706
Air Freight & Logistics (16.64%)
FedEx Corp.		2,700		489,807
Forward Air Corp.		7,000		453,110
United Parcel Service, Inc., Class B		5,900		659,266
XPO Logistics, Inc.(a)(b)		8,000		429,920
				2,032,103
Building Products (11.20%)
AO Smith Corp.		5,000		266,600
Armstrong World Industries, Inc.		3,000		238,260
Fortune Brands Home & Security, Inc.		4,900		233,289
Masco Corp.		7,200		283,032
PGT Innovations, Inc.(a)		25,000		346,250
				1,367,431
Construction Machinery & Heavy Trucks (6.86%)
Allison Transmission Holdings, Inc.		9,000		404,280
Cummins, Inc.		2,750		434,143
				838,423
Electrical Components & Equipment (2.97%)
Eaton Corp. PLC		4,500		362,520
Industrial Machinery (6.02%)
Altra Industrial Motion Corp.		11,000		341,550
Ingersoll-Rand PLC		2,200		237,490
Snap-on, Inc.(b)		1,000		156,520
				735,560
Integrated Oil & Gas (3.13%)
Royal Dutch Shell PLC, Class A, Sponsored ADR		6,100		381,799
Oil & Gas Exploration & Production (4.44%)
EOG Resources, Inc.		2,500		237,950
Pioneer Natural Resources Co.		2,000		304,560
				542,510
Railroads (19.75%)
Canadian Pacific Railway, Ltd.		3,400		700,502
CSX Corp.		8,200		613,524
Kansas City Southern		6,300		730,674
Union Pacific Corp.		2,200		367,840
				2,412,540
Trading Companies & Distributors (5.16%)
Air Lease Corp.		12,000		412,200
United Rentals, Inc.(a)		1,900		217,075
				629,275

	Shares or Principal Amount		Value
Trucking (4.01%)
Knight-Swift Transportation Holdings, Inc.(b)		15,000	$	490,200
Total Common Stocks  (Cost $11,383,222)				12,089,067
Total Investments (98.99%)  (Cost $11,383,222)			$	12,089,067
Other Assets Less Liabilities (1.01%)				123,067
Net Assets (100.00%)			$	12,212,134

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

Sector Composition (March 31, 2019) (Unaudited)
Industrials	91.42	%
Energy	7.57	%
	98.99	%

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

Industry Composition (March 31, 2019) (Unaudited)
Railroads	19.75	%
Aerospace & Defense	18.81	%
Air Freight & Logistics	16.64	%
Building Products	11.20	%
Construction Machinery & Heavy Trucks	6.86	%
Industrial Machinery	6.02	%
Trading Companies & Distributors	5.16	%
Oil & Gas Exploration & Production	4.44	%
Trucking	4.01	%
Integrated Oil & Gas	3.13	%
Electrical Components & Equipment	2.97	%
	98.99	%

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, 2019 9

ICON Information Technology Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or  Principal  Amount		Value
Common Stocks (95.95%)
Aerospace & Defense (2.91%)
Lockheed Martin Corp.		3,700	$	1,110,592
Northrop Grumman Corp.		2,000		539,200
				1,649,792
Application Software (3.52%)
Adobe, Inc.(a)		4,300		1,145,907
CDK Global, Inc.		14,500		852,890
				1,998,797
Data Processing & Outsourced Services (17.13%)
Alliance Data Systems Corp.		8,300		1,452,334
Automatic Data Processing, Inc.		7,500		1,198,050
Euronet Worldwide, Inc.(a)		7,800		1,112,202
Mastercard, Inc., Class A		7,400		1,742,330
Total System Services, Inc.		13,200		1,254,132
Visa, Inc., Class A		18,980		2,964,486
				9,723,534
Electronic Components (1.95%)
II-VI, Inc.(a)(b)		29,800		1,109,752
Electronic Manufacturing Services (2.03%)
TE Connectivity, Ltd.		14,300		1,154,725
Financial Exchanges & Data (2.10%)
MSCI, Inc.		6,000		1,193,040
Integrated Telecommunication Services (2.90%)
AT&T, Inc.		52,600		1,649,536
Internet & Direct Marketing Retail (2.19%)
Amazon.com, Inc.(a)		700		1,246,525
IT Consulting & Other Services (11.48%)
Booz Allen Hamilton Holding Corp.		18,000		1,046,520
Cognizant Technology Solutions Corp., Class A		25,200		1,825,740
DXC Technology Co.		16,200		1,041,822
International Business Machines Corp.		10,400		1,467,440
Perficient, Inc.(a)		41,900		1,147,641
				6,529,163
Security & Alarm Services (1.38%)
ADT, Inc.(b)		122,400		782,136
Semiconductor Equipment (5.08%)
Applied Materials, Inc.		19,200		761,472
Cabot Microelectronics Corp.		9,900		1,108,404
MKS Instruments, Inc.		10,900		1,014,245
				2,884,121
Semiconductors (9.06%)
Diodes, Inc.(a)		21,000		728,700
Intel Corp.		22,500		1,208,250
Monolithic Power Systems, Inc.		6,500		880,685
NXP Semiconductors NV		10,800		954,612

	Shares or Principal Amount		Value
Semiconductors (continued)
Skyworks Solutions, Inc.		16,700	$	1,377,416
				5,149,663
Systems Software (11.53%)
CommVault Systems, Inc.(a)		16,100		1,042,314
Microsoft Corp.		46,700		5,507,798
				6,550,112
Technology Distributors (6.73%)
Arrow Electronics, Inc.(a)		12,800		986,368
ScanSource, Inc.(a)		44,700		1,601,154
SYNNEX Corp.		12,900		1,230,531
				3,818,053
Technology Hardware, Storage & Peripherals (13.71%)
Apple, Inc.		31,200		5,926,440
NetApp, Inc.		16,100		1,116,374
Super Micro Computer, Inc.(a)		35,200		743,688
				7,786,502
Wireless Telecommunication Services (2.25%)
T-Mobile U.S., Inc.(a)		18,500		1,278,350
Total Common Stocks (Cost $46,114,607)				54,503,801
Collateral for Securities on Loan (1.40%)
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 2.46%		795,600		795,600
Total Collateral for Securities on Loan  (Cost $795,600)				795,600
Total Investments (97.35%)  (Cost $46,910,207)			$	55,299,401
Other Assets Less Liabilities (2.65%)				1,505,667
Net Assets (100.00%)			$	56,805,068

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

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

10 www.iconfunds.com

ICON Information Technology Fund Schedule of Investments

March 31, 2019 (Unaudited)

Sector Composition (March 31, 2019) (Unaudited)
Information Technology	82.22	%
Communication Services	5.15	%
Industrials	4.29	%
Consumer Discretionary	2.19	%
Financials	2.10	%
	95.95	%

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

Industry Composition (March 31, 2019) (Unaudited)
Data Processing & Outsourced Services	17.13	%
Technology Hardware, Storage & Peripherals	13.71	%
Systems Software	11.53	%
IT Consulting & Other Services	11.48	%
Semiconductors	9.06	%
Technology Distributors	6.73	%
Semiconductor Equipment	5.08	%
Application Software	3.52	%
Aerospace & Defense	2.91	%
Integrated Telecommunication Services	2.90	%
Wireless Telecommunication Services	2.25	%
Internet & Direct Marketing Retail	2.19	%
Financial Exchanges & Data	2.10	%
Electronic Manufacturing Services	2.03	%
Electronic Components	1.95	%
Security & Alarm Services	1.38	%
	95.95	%

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, 2019 11

ICON Natural Resources Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (99.22%)
Aerospace & Defense (7.83%)
Boeing Co.		3,300	$	1,258,686
Lockheed Martin Corp.		3,000		900,480
Northrop Grumman Corp.		3,800		1,024,480
Raytheon Co.		8,400		1,529,472
				4,713,118
Diversified Chemicals (2.87%)
DowDuPont, Inc.		8,600		458,466
Eastman Chemical Co.		8,200		622,216
Huntsman Corp.		29,000		652,210
				1,732,892
Electric Utilities (2.06%)
Kansai Electric Power Co., Inc.		84,000		1,238,757
Gas Utilities (3.30%)
Beijing Enterprises Holdings, Ltd.		168,000		953,974
Rubis SCA		19,000		1,037,184
				1,991,158
Integrated Oil & Gas (37.53%)
Chevron Corp.		30,000		3,695,400
Gazprom PJSC, Sponsored ADR		815,000		3,681,957
LUKOIL PJSC, Sponsored ADR		32,000		2,861,120
MOL Hungarian Oil & Gas PLC		132,000		1,513,723
Rosneft Oil Co. PJSC, GDR		546,000		3,431,772
Royal Dutch Shell PLC, Class A, Sponsored ADR		66,000		4,130,940
TOTAL SA, Sponsored ADR		59,000		3,283,350
				22,598,262
Multi-Utilities (2.23%)
Engie SA		90,000		1,342,157
Oil & Gas Exploration & Production (23.79%)
Carrizo Oil & Gas, Inc.(a)(b)		114,000		1,421,580
CNOOC, Ltd.		1,746,000		3,252,240
Diamondback Energy, Inc.		18,700		1,898,611
EOG Resources, Inc.		31,000		2,950,580
Parsley Energy, Inc., Class A(a)		75,500		1,457,150
Pioneer Natural Resources Co.		22,000		3,350,160
				14,330,321
Oil & Gas Refining & Marketing (7.73%)
Marathon Petroleum Corp.		31,000		1,855,350
Motor Oil Hellas Corinth Refineries SA		77,000		1,787,958
Tupras Turkiye Petrol Rafinerileri AS		45,000		1,009,259
				4,652,567
Oil & Gas Storage & Transportation (2.38%)
Kunlun Energy Co., Ltd.		1,370,000		1,434,090
Paper Packaging (5.75%)
DS Smith PLC		262,000		1,147,754
International Paper Co.		50,000		2,313,500
				3,461,254

	Shares or Principal Amount		Value
Paper Products (3.24%)
Mondi PLC		88,000	$	1,948,596
Renewable Electricity (0.51%)
China Everbright Greentech, Ltd.		384,000		305,277
Total Common Stocks  (Cost $62,344,458)				59,748,449
Total Investments (99.22%) (Cost $62,344,458)			$	59,748,449
Other Assets Less Liabilities (0.78%)				467,082
Net Assets (100.00%)			$	60,215,531

^(a) Non-income producing security.

^(b) All or a portion of the security was on loan as of March 31, 2019.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

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

12 www.iconfunds.com

ICON Natural Resources Fund Schedule of Investments

March 31, 2019 (Unaudited)

Country Composition (March 31, 2019) (Unaudited)
United States	42.15	%
Russia	16.57	%
France	9.40	%
Netherlands	6.86	%
China	5.40	%
United Kingdom	5.15	%
Hong Kong	4.47	%
Greece	2.97	%
Hungary	2.51	%
Japan	2.06	%
Turkey	1.68	%
	99.22	%

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

Sector Composition (March 31, 2019) (Unaudited)
Energy	71.43	%
Materials	11.86	%
Utilities	8.10	%
Industrials	7.83	%
	99.22	%

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

Industry Composition (March 31, 2019) (Unaudited)
Integrated Oil & Gas	37.53	%
Oil & Gas Exploration & Production	23.79	%
Aerospace & Defense	7.83	%
Oil & Gas Refining & Marketing	7.73	%
Paper Packaging	5.75	%
Gas Utilities	3.30	%
Paper Products	3.24	%
Diversified Chemicals	2.87	%
Oil & Gas Storage & Transportation	2.38	%
Multi-Utilities	2.23	%
Electric Utilities	2.06	%
Renewable Electricity	0.51	%
	99.22	%

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, 2019 13

ICON Utilities Fund Schedule of Investments

March 31, 2019 (Unaudited)

	Shares or Principal Amount		Value
Common Stocks (99.36%)
Electric Utilities (32.67%)
American Electric Power Co., Inc.		20,100	$	1,683,375
Avangrid, Inc.		43,100		2,170,085
Edison International		38,300		2,371,536
Evergy, Inc.		42,300		2,455,515
NextEra Energy, Inc.		11,500		2,223,180
Otter Tail Corp.		18,300		911,706
PPL Corp.		36,600		1,161,684
Xcel Energy, Inc.		30,100		1,691,921
				14,669,002
Gas Utilities (3.95%)
National Fuel Gas Co.		29,100		1,773,936
Independent Power Producers & Energy Traders (2.35%)
AES Corp.		58,400		1,055,872
Integrated Oil & Gas (2.57%)
Chevron Corp.		3,500		431,130
TOTAL SA, Sponsored ADR		13,000		723,450
				1,154,580
Integrated Telecommunication Services (5.49%)
AT&T, Inc.		36,500		1,144,640
BCE, Inc.		29,700		1,318,383
				2,463,023
Multi-Utilities (38.93%)
Ameren Corp.		22,500		1,654,875
Avista Corp.		11,600		471,192
Black Hills Corp.		14,000		1,036,980
CenterPoint Energy, Inc.		80,300		2,465,210
Consolidated Edison, Inc.		17,100		1,450,251
Dominion Energy, Inc.		20,600		1,579,196
DTE Energy Co.		17,300		2,158,002
MDU Resources Group, Inc.		45,300		1,170,099
NiSource, Inc.		54,300		1,556,238
Sempra Energy		21,400		2,693,404
WEC Energy Group, Inc.		15,600		1,233,648
				17,469,095
Oil & Gas Exploration & Production (3.46%)
Cimarex Energy Co.		10,600		740,940
Diamondback Energy, Inc.		3,900		395,967
EOG Resources, Inc.		4,400		418,792
				1,555,699
Railroads (3.97%)
Kansas City Southern		8,600		997,428
Union Pacific Corp.		4,700		785,840
				1,783,268
Water Utilities (5.97%)
American Water Works Co., Inc.		6,400		667,264

	Shares or
	Principal
	Amount		Value
Water Utilities (continued)
Consolidated Water Co., Ltd.		156,400	$	2,012,868
				2,680,132
Total Common Stocks  (Cost $40,734,076)				44,604,607
Total Investments (99.36%)  (Cost $40,734,076)			$	44,604,607
Other Assets Less Liabilities (0.64%)				285,408
Net Assets (100.00%)			$	44,890,015

ADR - American Depositary Receipt

Sector Composition (March 31, 2019) (Unaudited)
Utilities	83.87	%
Energy	6.03	%
Communication Services	5.49	%
Industrials	3.97	%
	99.36	%

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

Industry Composition (March 31, 2019) (Unaudited)
Multi-Utilities	38.93	%
Electric Utilities	32.67	%
Water Utilities	5.97	%
Integrated Telecommunication Services	5.49	%
Railroads	3.97	%
Gas Utilities	3.95	%
Oil & Gas Exploration & Production	3.46	%
Integrated Oil & Gas	2.57	%
Independent Power Producers & Energy Traders	2.35	%
	99.36	%

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

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

14 www.iconfunds.com

ICON Sector Funds Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Assets
Investments, at cost	$	20,903,943		$	6,250,004		$	130,598,131
Investments, at value(a)		20,174,344			6,285,421			127,309,433
Cash and cash equivalents		1,205,685			442,484			1,394,321
Receivables:
Investments sold		1,095,490			—			—
Fund shares sold		11,300			30,086			54,628
Expense reimbursements due from Adviser		1,722			15,645			52,416
Interest		722			219			966
Dividends		18,873			24,291			104,874
Foreign tax reclaims		—			—			24,280
Other assets		13,133			12,540			28,684
Total assets		22,521,269			6,810,686			128,969,602
Liabilities
Payables:
Investments purchased		427,573			120			528
Fund shares redeemed		21,707			3,323			131,650
Advisory fees		18,861			5,940			109,379
Transfer agent fees		13,974			6,938			127,426
Fund accounting fees		2,859			1,679			10,744
Accrued distribution fees		130			377			4,193
Trustee fees and expenses		1,101			484			6,415
Administration fees		943			297			5,469
Accrued expenses		12,734			11,353			36,854
Total liabilities		499,882			30,511			432,658
Net Assets - all share classes	$	22,021,387		$	6,780,175		$	128,536,944
Net Assets - Class S	$	21,408,811		$	5,372,009		$	120,585,106
Net Assets - Class C	$	—		$	—		$	4,012,431
Net Assets - Class A	$	612,576		$	1,408,166		$	3,939,407
Net Assets Consists of
Paid-in capital	$	22,205,746		$	7,262,998		$	321,711,740
Total distributable earnings		(184,359	)		(482,823	)		(193,174,796	)
Net Assets	$	22,021,387		$	6,780,175		$	128,536,944
Shares outstanding (unlimited shares authorized, no par value)
Class S		1,602,850			804,678			11,532,321
Class C		—			—			407,668
Class A		48,288			211,751			380,232
Net asset value (offering and redemption price per share)
Class S	$	13.36		$	6.68		$	10.46
Class C	$	—		$	—		$	9.84
Class A	$	12.69		$	6.65		$	10.36
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	13.46		$	7.06		$	10.99
(a) Includes securities on loan of	$	750,241		$	527,328		$	14,722,097

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

Semi-Annual Report | March 31, 2019 15

ICON Sector Funds Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Assets
Investments, at cost	$	31,585,835	$	63,782,061	$	11,383,222
Investments, at value(a)		35,752,660		69,989,862		12,089,067
Cash and cash equivalents		187,281		1,262,724		130,901
Receivables:
Fund shares sold		24,143		6,310		6,155
Expense reimbursements due from Adviser		5,196		1,519		12,239
Interest		205		1,152		161
Dividends		35,701		43,920		9,931
Foreign tax reclaims		—		3,493		—
Other assets		14,837		17,624		12,276
Total assets		36,020,023		71,326,604		12,260,730
Liabilities
Payables:
Investments purchased		112		630		88
Fund shares redeemed		32,201		85,284		10,772
Advisory fees		31,496		60,715		10,824
Transfer agent fees		22,000		34,373		10,660
Fund accounting fees		3,796		6,471		1,961
Accrued distribution fees		302		517		282
Trustee fees and expenses		1,853		3,620		654
Administration fees		1,574		3,036		541
Accrued expenses		14,774		18,695		12,814
Total liabilities		108,108		213,341		48,596
Net Assets - all share classes	$	35,911,915	$	71,113,263	$	12,212,134
Net Assets - Class S	$	34,523,414	$	68,688,634	$	11,475,965
Net Assets - Class A	$	1,388,501	$	2,424,629	$	736,169
Net Assets Consists of
Paid-in capital	$	32,277,035	$	63,586,985	$	11,766,798
Total distributable earnings		3,634,880		7,526,278		445,336
Net Assets	$	35,911,915	$	71,113,263	$	12,212,134
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,498,700		4,047,662		782,363
Class A		140,620		150,251		51,004
Net asset value (offering and redemption price per share)
Class S	$	9.87	$	16.97	$	14.67
Class A	$	9.87	$	16.14	$	14.43
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	10.48	$	17.12	$	15.31
(a) Includes securities on loan of	$	—	$	3,274,635	$	638,270

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

16 www.iconfunds.com

ICON Sector Funds Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	ICON Information Technology Fund		ICON Natural Resources Fund			ICON Utilities Fund
Assets
Investments, at cost	$	46,910,207	$	62,344,458		$	40,734,076
Investments, at value(a)		55,299,401		59,748,449			44,604,607
Cash and cash equivalents		2,408,765		460,365			139,005
Receivables:
Fund shares sold		30,353		49,291			380,335
Expense reimbursements due from Adviser		—		31,637			34,952
Interest		1,655		168			185
Dividends		18,858		174,363			176,082
Foreign tax reclaims		—		13,883			3,047
Other assets		17,635		20,182			15,625
Total assets		57,776,667		60,498,338			45,353,838
Liabilities
Payables:
Payable for collateral received on securities loaned		795,600		—			—
Distributions due to shareholders		—		—			319,328
Investments purchased		905		—			—
Fund shares redeemed		72,886		127,579			64,322
Advisory fees		48,083		52,284			37,608
Transfer agent fees		26,612		55,540			17,517
Fund accounting fees		5,534		10,370			4,030
Accrued distribution fees		366		1,484			1,480
Trustee fees and expenses		2,721		3,111			2,027
Administration fees		2,395		2,614			1,880
Accrued expenses		16,497		29,825			15,631
Total liabilities		971,599		282,807			463,823
Net Assets - all share classes	$	56,805,068	$	60,215,531		$	44,890,015
Net Assets - Class S	$	55,063,241	$	56,228,344		$	37,824,018
Net Assets - Class C	$	—	$	958,906		$	—
Net Assets - Class A	$	1,741,827	$	3,028,281		$	7,065,997
Net Assets Consists of
Paid-in capital	$	46,895,857	$	66,422,933		$	40,189,505
Total distributable earnings		9,909,211		(6,207,402	)		4,700,510
Net Assets	$	56,805,068	$	60,215,531		$	44,890,015
Shares outstanding (unlimited shares authorized, no par value)
Class S		3,816,391		4,666,130			3,951,902
Class C		—		83,978			—
Class A		126,410		253,564			751,793
Net asset value (offering and redemption price per share)
Class S	$	14.43	$	12.05		$	9.57
Class C	$	—	$	11.42		$	—
Class A	$	13.78	$	11.94		$	9.40
Class A maximum offering price (100%/ (100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	14.62	$	12.67		$	9.97
(a) Includes securities on loan of	$	1,586,520	$	1,376,863		$	—

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

Semi-Annual Report | March 31, 2019 17

ICON Sector Funds Statements of Operations

Period Ended March 31, 2019 (Unaudited)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Investment Income
Interest	$	3,359		$	1,381		$	—
Dividends		153,459			106,859			1,615,522
Foreign taxes withheld		—			(589	)		(12,794	)
Income from securities lending, net		407			556			12,547
Total investment income		157,225			108,207			1,615,275
Expenses
Advisory fees		106,294			38,867			698,118
Administration fees		5,315			1,943			34,902
Transfer agent fees		29,256			17,982			253,030
Distribution fees:
Class C		—			—			20,004
Class A		828			2,739			6,050
Registration fees		10,837			10,134			17,873
Audit and tax service expense		7,974			7,974			10,363
Fund accounting fees		6,551			3,005			33,469
Trustee fees and expenses		3,783			1,456			25,603
Insurance expense		1,269			317			9,518
Custody fees		2,034			1,460			3,919
Printing fees		4,159			2,272			21,287
Interest expense		50			1,049			538
Other expenses		6,590			3,667			35,840
Total expenses before expense reimbursement		184,940			92,865			1,170,514
Expense reimbursement by Adviser due to expense limitation agreement		(3,285	)		(31,092	)		(100,091	)
Net Expenses		181,655			61,773			1,070,423
Net Investment Income/(Loss)		(24,430	)		46,434			544,852
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments, options, and foreign currency translations		942,619			14,681			(13,675,802	)
		942,619			14,681			(13,675,802	)
Change in unrealized net appreciation/(depreciation) on:
Investments, options, and foreign currency		(1,080,820	)		62,864			(20,963,124	)
		(1,080,820	)		62,864			(20,963,124	)
Net realized and unrealized gain/(loss)		(138,201	)		77,545			(34,638,926	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(162,631	)	$	123,979		$	(34,094,074	)

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

18 www.iconfunds.com

ICON Sector Funds Statements of Operations

Period Ended March 31, 2019 (Unaudited)

	ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund
Investment Income
Interest	$	—		$	839		$	366
Dividends		449,890			340,965			158,473
Foreign taxes withheld		—			—			(2,210	)
Income from securities lending, net		290			1,674			422
Total investment income		450,180			343,478			157,051
Expenses
Advisory fees		187,712			373,328			63,024
Administration fees		9,386			18,669			3,151
Transfer agent fees		41,872			80,429			21,347
Distribution fees:
Class A		1,723			3,146			2,607
Registration fees		11,108			11,495			10,550
Audit and tax service expense		7,974			7,974			7,974
Fund accounting fees		10,005			18,677			3,930
Trustee fees and expenses		6,812			13,262			2,241
Insurance expense		2,512			4,129			652
Custody fees		1,940			2,240			1,406
Printing fees		5,334			8,872			3,656
Interest expense		955			559			346
Other expenses		10,660			18,038			4,789
Total expenses before expense reimbursement		297,993			560,818			125,673
Expense reimbursement by Adviser due to expense limitation agreement		(14,351	)		(2,805	)		(28,207	)
Net Expenses		283,642			558,013			97,466
Net Investment Income/(Loss)		166,538			(214,535	)		59,585
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		(617,281	)		1,757,536			(320,102	)
		(617,281	)		1,757,536			(320,102	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(3,661,156	)		(8,341,811	)		(436,330	)
		(3,661,156	)		(8,341,811	)		(436,330	)
Net realized and unrealized gain/(loss)		(4,278,437	)		(6,584,275	)		(756,432	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(4,111,899	)	$	(6,798,810	)	$	(696,847	)

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

Semi-Annual Report | March 31, 2019 19

ICON Sector Funds Statements of Operations

Period Ended March 31, 2019 (Unaudited)

	ICON Information Technology Fund			ICON Natural Resources Fund			ICON Utilities Fund
Investment Income
Interest	$	1,649		$	—		$	1,302
Dividends		364,555			986,011			922,944
Foreign taxes withheld		(244	)		(92,535	)		(9,015	)
Income from securities lending, net		254			2,452			797
Total investment income		366,214			895,928			916,028
Expenses
Advisory fees		274,106			331,366			201,143
Administration fees		13,707			16,567			10,059
Transfer agent fees		56,117			112,172			45,518
Distribution fees:
Class C		—			5,128			—
Class A		2,204			4,098			7,340
Registration fees		11,643			15,788			10,784
Audit and tax service expense		7,974			7,974			7,974
Fund accounting fees		14,283			21,148			10,496
Trustee fees and expenses		9,809			11,955			6,819
Insurance expense		3,458			4,286			1,902
Custody fees		2,375			17,226			2,461
Printing fees		6,388			11,091			4,532
Interest expense		—			1,220			1,218
Other expenses		14,206			18,006			9,973
Total expenses before expense reimbursement		416,270			578,025			320,219
Expense reimbursement by Adviser due to expense limitation agreement		(3,624	)		(71,891	)		(66,156	)
Net Expenses		412,646			506,134			254,063
Net Investment Income/(Loss)		(46,432	)		389,794			661,965
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments and foreign currency translations		1,630,134			(4,000,170	)		1,101,568
		1,630,134			(4,000,170	)		1,101,568
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(3,267,830	)		(5,732,084	)		2,126,303
		(3,267,830	)		(5,732,084	)		2,126,303
Net realized and unrealized gain/(loss)		(1,637,696	)		(9,732,254	)		3,227,871
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(1,684,128	)	$	(9,342,460	)	$	3,889,836

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

20 www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Consumer Discretionary Fund						ICON Consumer Staples Fund
	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Operations
Net investment income/(loss)	$	(24,430	)	$	(114,346	)	$	46,434		$	102,349
Net realized gain/(loss)		942,619			(258,587	)		14,681			(206,426	)
Change in net unrealized appreciation/(depreciation)		(1,080,820	)		284,117			62,864			72,655
Net increase/(decrease) in net assets resulting from operations		(162,631	)		(88,816	)		123,979			(31,422	)
Total Dividends and Distributions to Shareholders
Class S		—			(897,131	)		(84,696	)		(822,922	)
Class A		—			(49,825	)		(17,641	)		(332,699	)
Net decrease from dividends and distributions		—			(946,956	)		(102,337	)		(1,155,621	)
Fund Share Transactions
Shares sold
Class S		2,710,018			6,793,747			4,559,037			3,369,557
Class A		48,970			917,651			4,002,701			1,568,876
Reinvested dividends and distributions
Class S		—			890,044			82,330			813,554
Class A		—			45,382			15,874			281,512
Shares repurchased
Class S		(3,924,006	)		(8,520,523	)		(4,465,924	)		(22,117,864	)
Class A		(900,419	)		(880,930	)		(4,448,327	)		(3,258,317	)
Net decrease from fund share transactions		(2,065,437	)		(754,629	)		(254,309	)		(19,342,682	)
Total net decrease in net assets		(2,228,068	)		(1,790,401	)		(232,667	)		(20,529,725	)
Net Assets
Beginning of period		24,249,455			26,039,856			7,012,842			27,542,567
End of period	$	22,021,387		$	24,249,455		$	6,780,175		$	7,012,842
Transactions in Fund Shares
Shares sold
Class S		223,636			507,945			710,078			473,310
Class A		3,988			72,430			643,150			239,901
Issued to shareholders in reinvestment of distributions
Class S		—			62,767			13,344			117,058
Class A		—			3,357			2,581			40,681
Shares repurchased
Class S		(304,968	)		(645,396	)		(710,736	)		(3,036,610	)
Class A		(72,000	)		(69,802	)		(696,891	)		(487,184	)
Net decrease		(149,344	)		(68,699	)		(38,474	)		(2,652,844	)
Shares outstanding, beginning of period		1,800,482			1,869,181			1,054,903			3,707,747
Shares outstanding, end of period		1,651,138			1,800,482			1,016,429			1,054,903

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

Semi-Annual Report | March 31, 2019 21

ICON Sector Funds Statements of Changes in Net Assets

	ICON Energy Fund						ICON Financial Fund
	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Operations
Net investment income/(loss)	$	544,852		$	499,299		$	166,538		$	183,321
Net realized gain/(loss)		(13,675,802	)		(2,764,994	)		(617,281	)		3,379,014
Change in net unrealized appreciation/(depreciation)		(20,963,124	)		11,093,473			(3,661,156	)		849,313
Net increase/(decrease) in net assets resulting from operations		(34,094,074	)		8,827,778			(4,111,899	)		4,411,648
Total Dividends and Distributions to Shareholders
Class S		(500,300	)		(3,237,108	)		(236,071	)		(92,213	)
Class C		(5,336	)		(89,725	)		—			—
Class A		(16,295	)		(119,376	)		(8,439	)		(2,629	)
Net decrease from dividends and distributions		(521,931	)		(3,446,209	)		(244,510	)		(94,842	)
Fund Share Transactions
Shares sold
Class S		5,301,848			18,098,615			2,496,501			10,035,038
Class C		509,183			241,401			—			—
Class A		515,355			1,463,565			177,429			813,466
Reinvested dividends and distributions
Class S		484,438			3,129,585			230,086			90,005
Class C		4,627			77,225			—			—
Class A		11,327			82,657			7,617			2,397
Shares repurchased, net of redemption fees
Class S		(22,477,034	)		(79,304,224	)		(7,495,818	)		(9,788,249	)
Class C		(524,119	)		(2,796,501	)		—			—
Class A		(1,667,746	)		(4,731,193	)		(159,507	)		(1,648,620	)
Net decrease from fund share transactions		(17,842,121	)		(63,738,870	)		(4,743,692	)		(495,963	)
Total net increase/(decrease) in net assets		(52,458,126	)		(58,357,301	)		(9,100,101	)		3,820,843
Net Assets
Beginning of period		180,995,070			239,352,371			45,012,016			41,191,173
End of period	$	128,536,944		$	180,995,070		$	35,911,915		$	45,012,016
Transactions in Fund Shares
Shares sold
Class S		502,027			1,437,533			254,529			938,255
Class C		55,739			20,373			—			—
Class A		48,622			120,172			18,019			73,446
Issued to shareholders in reinvestment of distributions
Class S		51,923			251,574			26,477			8,357
Class C		526			6,534			—			—
Class A		1,225			6,692			876			222
Shares repurchased
Class S		(2,127,333	)		(6,360,889	)		(748,187	)		(906,394	)
Class C		(53,174	)		(237,781	)		—			—
Class A		(167,769	)		(377,099	)		(15,990	)		(148,209	)
Net decrease		(1,688,214	)		(5,132,891	)		(464,276	)		(34,323	)
Shares outstanding, beginning of period		14,008,435			19,141,326			4,103,596			4,137,919
Shares outstanding, end of period		12,320,221			14,008,435			3,639,320			4,103,596

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

22 www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Healthcare Fund						ICON Industrials Fund
	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Operations
Net investment income/(loss)	$	(214,535	)	$	(474,043	)	$	59,585		$	(3,465	)
Net realized gain/(loss)		1,757,536			5,271,578			(320,102	)		787,164
Change in net unrealized appreciation/(depreciation)		(8,341,811	)		8,892,330			(436,330	)		(394,652	)
Net increase/(decrease) in net assets resulting from operations		(6,798,810	)		13,689,865			(696,847	)		389,047
Total Dividends and Distributions to Shareholders
Class S		(4,850,318	)		(1,986,285	)		—			—
Class A		(171,738	)		(90,235	)		—			—
Net decrease from dividends and distributions		(5,022,056	)		(2,076,520	)		—			—
Fund Share Transactions
Shares sold
Class S		6,496,741			8,386,003			2,236,269			4,277,404
Class A		118,993			246,905			1,589,693			166,793
Reinvested dividends and distributions
Class S		4,678,462			1,910,895			—			—
Class A		153,187			81,620			—			—
Shares repurchased
Class S		(10,036,331	)		(25,718,143	)		(1,868,845	)		(8,470,654	)
Class A		(265,929	)		(1,954,040	)		(1,818,154	)		(1,480,104	)
Net increase/(decrease) from fund share transactions		1,145,123			(17,046,760	)		138,963			(5,506,561	)
Total net decrease in net assets		(10,675,743	)		(5,433,415	)		(557,884	)		(5,117,514	)
Net Assets
Beginning of period		81,789,006			87,222,421			12,770,018			17,887,532
End of period	$	71,113,263		$	81,789,006		$	12,212,134		$	12,770,018
Transactions in Fund Shares
Shares sold
Class S		353,368			473,772			167,487			281,772
Class A		7,271			14,777			104,265			11,365
Issued to shareholders in reinvestment of distributions
Class S		298,181			116,647			—			—
Class A		10,260			5,202			—			—
Shares repurchased
Class S		(586,847	)		(1,511,240	)		(134,246	)		(566,523	)
Class A		(15,815	)		(116,334	)		(128,966	)		(98,337	)
Net increase/(decrease)		66,418			(1,017,176	)		8,540			(371,723	)
Shares outstanding, beginning of period		4,131,495			5,148,671			824,827			1,196,550
Shares outstanding, end of period		4,197,913			4,131,495			833,367			824,827

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

Semi-Annual Report | March 31, 2019 23

ICON Sector Funds Statements of Changes in Net Assets

	ICON Information Technology Fund						ICON Natural Resources Fund
	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Operations
Net investment income/(loss)	$	(46,432	)	$	(411,753	)	$	389,794		$	1,608,237
Net realized gain/(loss)		1,630,134			8,085,910			(4,000,170	)		9,330,986
Change in net unrealized appreciation/(depreciation)		(3,267,830	)		166,298			(5,732,084	)		(4,314,715	)
Net increase/(decrease) in net assets resulting from operations		(1,684,128	)		7,840,455			(9,342,460	)		6,624,508
Total Dividends and Distributions to Shareholders
Class S		(7,045,061	)		(13,288,826	)		(10,265,181	)		(926,150	)
Class C		—			—			(184,114	)		(20,983	)
Class A		(238,720	)		(488,662	)		(489,958	)		(64,170	)
Net decrease from dividends and distributions		(7,283,781	)		(13,777,488	)		(10,939,253	)		(1,011,303	)
Fund Share Transactions
Shares sold
Class S		1,491,734			8,513,236			6,820,565			29,189,297
Class C		—			—			428,029			358,860
Class A		184,989			471,172			460,529			2,692,213
Reinvested dividends and distributions
Class S		6,871,071			12,849,470			9,920,274			896,662
Class C		—			—			167,425			19,514
Class A		207,711			431,663			452,538			54,020
Shares repurchased
Class S		(6,125,139	)		(25,411,771	)		(18,467,147	)		(27,779,331	)
Class C		—			—			(495,399	)		(1,053,050	)
Class A		(431,941	)		(1,426,575	)		(1,112,694	)		(4,497,790	)
Net increase/(decrease) from fund share transactions		2,198,425			(4,572,805	)		(1,825,880	)		(119,605	)
Total net increase/(decrease) in net assets		(6,769,484	)		(10,509,838	)		(22,107,593	)		5,493,600
Net Assets
Beginning of period		63,574,552			74,084,390			82,323,124			76,829,524
End of period	$	56,805,068		$	63,574,552		$	60,215,531		$	82,323,124
Transactions in Fund Shares
Shares sold
Class S		107,589			490,644			529,200			1,826,509
Class C		—			—			36,770			23,436
Class A		12,840			27,989			32,393			168,035
Issued to shareholders in reinvestment of distributions
Class S		567,857			798,104			915,154			57,149
Class C		—			—			16,255			1,304
Class A		17,953			27,778			42,097			3,481
Shares repurchased
Class S		(435,315	)		(1,434,351	)		(1,452,558	)		(1,740,876	)
Class C		—			—			(44,634	)		(69,003	)
Class A		(31,355	)		(81,689	)		(81,306	)		(282,127	)
Net increase/(decrease)		239,569			(171,525	)		(6,629	)		(12,092	)
Shares outstanding, beginning of period		3,703,232			3,874,757			5,010,301			5,022,393
Shares outstanding, end of period		3,942,801			3,703,232			5,003,672			5,010,301

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

24 www.iconfunds.com

ICON Sector Funds Statements of Changes in Net Assets

	ICON Utilities Fund
	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Operations
Net investment income/(loss)	$	661,965		$	1,140,787
Net realized gain/(loss)		1,101,568			(63,162	)
Change in net unrealized appreciation/(depreciation)		2,126,303			149,787
Net increase/(decrease) in net assets resulting from operations		3,889,836			1,227,412
Total Dividends and Distributions to Shareholders
Class S		(839,502	)		(2,743,816	)
Class A		(132,109	)		(610,900	)
Net decrease from dividends and distributions		(971,611	)		(3,354,716	)
Fund Share Transactions
Shares sold
Class S		14,521,549			9,480,817
Class A		1,586,180			482,608
Reinvested dividends and distributions
Class S		816,089			2,667,776
Class A		55,189			332,205
Shares repurchased
Class S		(10,833,259	)		(15,345,698	)
Class A		(597,193	)		(3,176,944	)
Net increase/(decrease) from fund share transactions		5,548,555			(5,559,236	)
Total net increase/(decrease) in net assets		8,466,780			(7,686,540	)
Net Assets
Beginning of period		36,423,235			44,109,775
End of period	$	44,890,015		$	36,423,235
Transactions in Fund Shares
Shares sold
Class S		1,587,268			1,072,968
Class A		175,205			55,872
Issued to shareholders in reinvestment of distributions
Class S		90,844			305,598
Class A		6,250			38,729
Shares repurchased
Class S		(1,215,554	)		(1,744,614	)
Class A		(66,758	)		(364,825	)
Net increase/(decrease)		577,255			(636,272	)
Shares outstanding, beginning of period		4,126,440			4,762,712
Shares outstanding, end of period		4,703,695			4,126,440

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

Semi-Annual Report | March 31, 2019 25

ICON Consumer Discretionary Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30,  2018			Year Ended September 30,  2017			Year Ended September 30,  2016			Year Ended September 30,  2015			Year Ended September 30,  2014
Net asset value, beginning of period	$	13.51		$	13.97		$	13.55		$	14.27		$	15.55		$	14.50
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.01	)		(0.06	)		(0.06	)		(0.03	)		(0.07	)		(0.07	)
Net realized and unrealized gains/(losses) on investments		(0.14	)		0.10			1.25			0.65			1.03			1.12
Total from investment operations		(0.15	)		0.04			1.19			0.62			0.96			1.05
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	$	13.36		$	13.51		$	13.97		$	13.55		$	14.27		$	15.55
Total Return		(1.11	)%(b)		0.14	%		8.93	%		4.49	%		5.80	%		7.24	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	21,409		$	22,755		$	24,566		$	37,263		$	44,913		$	55,476
Ratio of expenses to average net assets
Before expense limitation		1.70	%(c)		1.60	%		1.46	%		1.42	%		1.43	%		1.46	%
After expense limitation(d)		1.70	%(c)		1.60	%		1.46	%		1.42	%		1.43	%		1.46	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.22	)%(c)		(0.44	)%		(0.43	)%		(0.22	)%		(0.44	)%		(0.47	)%
After expense limitation(d)		(0.22	)%(c)		(0.44	)%		(0.43	)%		(0.22	)%		(0.44	)%		(0.47	)%
Portfolio turnover rate		89	%(b)		137	%		152	%		158	%		201	%		202	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

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

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

26 www.iconfunds.com

ICON Consumer Discretionary Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30,  2018			Year Ended September 30,  2017			Year Ended September 30,  2016			Year Ended September 30,  2015			Year Ended September 30,  2014
Net asset value, beginning of period	$	12.85		$	13.36		$	13.06		$	13.88		$	15.24		$	14.25
Income/(loss) from investment operations:
Net investment income/(loss)(b)		(0.03	)		(0.11	)		(0.13	)		(0.10	)		(0.14	)		(0.12	)
Net realized and unrealized gains/(losses) on investments		(0.13	)		0.10			1.20			0.62			1.02			1.11
Total from investment operations		(0.16	)		(0.01	)		1.07			0.52			0.88			0.99
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	$	12.69		$	12.85		$	13.36		$	13.06		$	13.88		$	15.24
Total Return(c)		(1.25	)%(d)		(0.24	)%		8.32	%		3.86	%		5.34	%		6.95	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	613		$	1,495		$	1,474		$	2,368		$	2,999		$	2,492
Ratio of expenses to average net assets
Before expense limitation		2.99	%(e)		2.28	%		2.22	%		2.13	%		1.91	%		1.76	%
After expense limitation(f)		1.99	%(e)		1.99	%		1.99	%		1.99	%		1.91	%		1.76	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.47	)%(e)		(1.14	)%		(1.20	)%		(0.92	)%		(0.97	)%		(0.80	)%
After expense limitation(f)		(0.47	)%(e)		(0.85	)%		(0.97	)%		(0.78	)%		(0.97	)%		(0.80	)%
Portfolio turnover rate		89	%(d)		137	%		152	%		158	%		201	%		202	%

^(a) Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b) Calculated using the average shares method.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

Semi-Annual Report | March 31, 2019 27

ICON Consumer Staples Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30,  2018			Year Ended September 30,  2017			Year Ended September 30,  2016			Year Ended September 30,  2015			Year Ended September 30,  2014
Net asset value, beginning of period	$	6.66		$	7.43		$	7.98		$	9.20		$	11.55		$	11.18
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.04			0.06			0.02			0.02			0.04			0.11
Net realized and unrealized gains/(losses) on investments		0.07			0.01	(b)		0.41			0.96			0.98			1.31
Total from investment operations		0.11			0.07			0.43			0.98			1.02			1.42
Less dividends and distributions:
Dividends from net investment income		(0.09	)		(0.01	)		(0.02	)		(0.00	)(c)		(0.22	)		(0.03	)
Distributions from net realized gains		—			(0.83	)		(0.96	)		(2.20	)		(3.15	)		(1.02	)
Total dividends and distributions		(0.09	)		(0.84	)		(0.98	)		(2.20	)		(3.37	)		(1.05	)
Net asset value, end of period	$	6.68		$	6.66		$	7.43		$	7.98		$	9.20		$	11.55
Total Return		1.75	%(d)		0.50	%		6.15	%		12.09	%		8.66	%		13.32	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	5,372		$	5,275		$	24,069		$	31,799		$	8,651		$	25,731
Ratio of expenses to average net assets
Before expense limitation		2.35	%(e)		2.17	%		1.70	%		1.74	%		1.87	%		1.45	%
After expense limitation(f)		1.53	%(e)		1.51	%		1.50	%		1.51	%		1.51	%		1.45	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.46	%(e)		0.28	%		0.04	%		0.00	%(g)		(0.01	)%		0.94	%
After expense limitation(f)		1.28	%(e)		0.94	%		0.24	%		0.23	%		0.35	%		0.94	%
Portfolio turnover rate		115	%(d)		58	%		118	%		125	%		16	%		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) 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.

28 www.iconfunds.com

ICON Consumer Staples Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30,  2018			Year Ended September 30,  2017			Year Ended September 30,  2016			Year Ended September 30,  2015			Year Ended September 30,  2014
Net asset value, beginning of period	$	6.61		$	7.40		$	7.96		$	9.19		$	11.58		$	11.23
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.03			0.06			(0.01	)		(0.00	)(c)		0.02			0.07
Net realized and unrealized gains/(losses) on investments		0.07			(0.01	)		0.42			0.97			0.97			1.32
Total from investment operations		0.10			0.05			0.41			0.97			0.99			1.39
Less dividends and distributions:
Dividends from net investment income		(0.06	)		(0.01	)		(0.01	)		(0.00	)(c)		(0.23	)		(0.02	)
Distributions from net realized gains		—			(0.83	)		(0.96	)		(2.20	)		(3.15	)		(1.02	)
Total dividends and distributions		(0.06	)		(0.84	)		(0.97	)		(2.20	)		(3.38	)		(1.04	)
Net asset value, end of period	$	6.65		$	6.61		$	7.40		$	7.96		$	9.19		$	11.58
Total Return(d)		1.66	%(e)		0.17	%		5.91	%		11.93	%		8.32	%		12.99	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,408		$	1,738		$	3,473		$	8,409		$	3,602		$	2,740
Ratio of expenses to average net assets
Before expense limitation		2.53	%(f)		2.29	%		1.97	%		1.97	%		2.12	%		2.04	%
After expense limitation(g)		1.77	%(f)		1.77	%		1.75	%		1.76	%		1.76	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.22	%(f)		0.31	%		(0.30	)%		(0.23	)%		(0.15	)%		0.35	%
After expense limitation(g)		0.98	%(f)		0.83	%		(0.08	)%		(0.02	)%		0.21	%		0.64	%
Portfolio turnover rate		115	%(e)		58	%		118	%		125	%		16	%		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) 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.

Semi-Annual Report | March 31, 2019 29

ICON Energy Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30,  2018			Year Ended September 30,  2017			Year Ended September 30,  2016			Year Ended September 30,  2015			Year Ended September 30,  2014
Net asset value, beginning of period	$	12.95		$	12.53		$	12.66		$	11.17		$	22.30		$	22.59
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.04			0.04			0.06			0.24			0.11			0.11
Net realized and unrealized gains/(losses) on investments		(2.49	)		0.58			(0.11	)		1.36			(7.42	)		0.33
Total from investment operations		(2.45	)		0.62			(0.05	)		1.60			(7.31	)		0.44
Less dividends and distributions:
Dividends from net investment income		(0.04	)		(0.20	)		(0.08	)		(0.11	)		(0.09	)		(0.06	)
Distributions from net realized gains		—			—			—			—			(3.73	)		(0.67	)
Total dividends and distributions		(0.04	)		(0.20	)		(0.08	)		(0.11	)		(3.82	)		(0.73	)
Net asset value, end of period	$	10.46		$	12.95		$	12.53		$	12.66		$	11.17		$	22.30
Total Return		(18.88	)%(b)		4.99	%		(0.44	)%		14.55	%		(36.37	)%		1.92	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	120,585		$	169,661		$	222,707		$	327,497		$	320,486		$	615,541
Ratio of expenses to average net assets
Before expense limitation		1.64	%(c)		1.50	%		1.41	%		1.44	%		1.42	%		1.28	%
After expense limitation(d)		1.50	%(c)		1.50	%		1.41	%		1.44	%		1.42	%		1.28	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.68	%(c)		0.28	%		0.46	%		2.04	%		0.74	%		0.46	%
After expense limitation(d)		0.82	%(c)		0.28	%		0.46	%		2.04	%		0.74	%		0.46	%
Portfolio turnover rate		31	%(b)		69	%		74	%		99	%		154	%		97	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

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

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

30 www.iconfunds.com

ICON Energy Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	12.21		$	11.92		$	12.14		$	10.77		$	21.74		$	22.21
Income/(loss) from investment operations:
Net investment income/(loss)(a)(b)		(0.01	)		(0.08	)		(0.07	)		0.11			(0.04	)		(0.15	)
Net realized and unrealized gains/(losses) on investments		(2.35	)		0.54			(0.11	)		1.31			(7.20	)		0.35
Total from investment operations		(2.36	)		0.46			(0.18	)		1.42			(7.24	)		0.20
Less dividends and distributions:
Dividends from net investment income		(0.01	)		(0.17	)		(0.04	)		(0.05	)		—			—
Distributions from net realized gains		—			—			—			—			(3.73	)		(0.67	)
Total dividends and distributions		(0.01	)		(0.17	)		(0.04	)		(0.05	)		(3.73	)		(0.67	)
Redemption fees		—			0.00	(c)		—			—			—			—
Net asset value, end of period	$	9.84		$	12.21		$	11.92		$	12.14		$	10.77		$	21.74
Total Return(d)		(19.28	)%(e)		3.87	%		(1.46	)%		13.31	%		(36.99	)%		0.83	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,012		$	4,941		$	7,333		$	10,124		$	9,972		$	17,170
Ratio of expenses to average net assets
Before expense limitation		2.72	%(f)		2.55	%		2.47	%		2.49	%		2.43	%		2.38	%
After expense limitation(g)		2.50	%(f)		2.50	%		2.47	%		2.49	%		2.43	%		2.38	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.39	)%(f)		(0.76	)%		(0.61	)%		0.99	%		(0.26	)%		(0.65	)%
After expense limitation(g)		(0.17	)%(f)		(0.71	)%		(0.61	)%		0.99	%		(0.26	)%		(0.65	)%
Portfolio turnover rate		31	%(e)		69	%		74	%		99	%		154	%		97	%

^(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.

Semi-Annual Report | March 31, 2019 31

ICON Energy Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	12.83		$	12.44		$	12.60		$	11.11		$	22.20		$	22.50
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.03			0.01			0.02			0.21			0.07			0.04
Net realized and unrealized gains/(losses) on investments		(2.47	)		0.57			(0.11	)		1.35			(7.39	)		0.35
Total from investment operations		(2.44	)		0.58			(0.09	)		1.56			(7.32	)		0.39
Less dividends and distributions:
Dividends from net investment income		(0.03	)		(0.19	)		(0.07	)		(0.07	)		(0.04	)		(0.02	)
Distributions from net realized gains		—			—			—			—			(3.73	)		(0.67	)
Total dividends and distributions		(0.03	)		(0.19	)		(0.07	)		(0.07	)		(3.77	)		(0.69	)
Net asset value, end of period	$	10.36		$	12.83		$	12.44		$	12.60		$	11.11		$	22.20
Total Return(b)		(18.96	)%(c)		4.71	%		(0.76	)%		14.19	%		(36.55	)%		1.67	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,939		$	6,394		$	9,312		$	14,648		$	14,588		$	26,695
Ratio of expenses to average net assets
Before expense limitation		1.91	%(d)		1.75	%		1.72	%		1.73	%		1.66	%		1.55	%
After expense limitation(e)		1.75	%(d)		1.75	%		1.72	%		1.73	%		1.66	%		1.55	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.41	%(d)		0.06	%		0.15	%		1.77	%		0.50	%		0.19	%
After expense limitation(e)		0.57	%(d)		0.06	%		0.15	%		1.77	%		0.50	%		0.19	%
Portfolio turnover rate		31	%(c)		69	%		74	%		99	%		154	%		97	%

^(a) Calculated using the average shares method.

^(b) The total return calculation excludes any sales charges.

^(c) Not Annualized.

^(d) Annualized.

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

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

32 www.iconfunds.com

ICON Financial Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	10.97		$	9.95		$	7.67		$	7.74		$	7.83		$	7.47
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.04			0.05			0.03			0.08			0.04			0.00	(b)
Net realized and unrealized gains/(losses) on investments		(1.07	)		0.99			2.34			(0.15	)		(0.08	)		0.54
Total from investment operations		(1.03	)		1.04			2.37			(0.07	)		(0.04	)		0.54
Less dividends and distributions:
Dividends from net investment income		(0.07	)		(0.02	)		(0.09	)		—			(0.05	)		(0.18	)
Total dividends and distributions		(0.07	)		(0.02	)		(0.09	)		—			(0.05	)		(0.18	)
Net asset value, end of period	$	9.87		$	10.97		$	9.95		$	7.67		$	7.74		$	7.83
Total Return		(9.34	)%(c)		10.48	%		30.96	%		(0.90	)%		(0.55	)%		7.27	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	34,523		$	43,500		$	39,072		$	43,354		$	49,106		$	32,286
Ratio of expenses to average net assets
Before expense limitation		1.56	%(d)		1.44	%		1.40	%		1.40	%		1.49	%		1.64	%
After expense limitation(e)		1.50	%(d)		1.44	%		1.40	%		1.40	%		1.49	%		1.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.84	%(d)		0.41	%		0.28	%		1.00	%		0.52	%		(0.20	)%
After expense limitation(e)		0.90	%(d)		0.41	%		0.28	%		1.00	%		0.52	%		(0.06	)%
Portfolio turnover rate		5	%(c)		44	%		68	%		49	%		51	%		79	%

^(a) Calculated using the average shares method.

^(b) Amount less than $0.005.

^(c) Not Annualized.

^(d) Annualized.

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

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

Semi-Annual Report | March 31, 2019 33

ICON Financial Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	10.98		$	9.99		$	7.71		$	7.82		$	7.89		$	7.37
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.03			0.01			(0.01	)		0.05			0.02			(0.02	)
Net realized and unrealized gains/(losses) on investments		(1.08	)		0.99			2.37			(0.16	)		(0.07	)		0.54
Total from investment operations		(1.05	)		1.00			2.36			(0.11	)		(0.05	)		0.52
Less dividends and distributions:
Dividends from net investment income		(0.06	)		(0.01	)		(0.08	)		—			(0.02	)		—
Total dividends and distributions		(0.06	)		(0.01	)		(0.08	)		—			(0.02	)		—
Net asset value, end of period	$	9.87		$	10.98		$	9.99		$	7.71		$	7.82		$	7.89
Total Return(c)		(9.49	)%(d)		10.04	%		30.68	%		(1.41	)%		(0.69	)%		7.20	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,389		$	1,512		$	2,119		$	2,542		$	1,974		$	541
Ratio of expenses to average net assets
Before expense limitation		2.27	%(e)		1.98	%		2.05	%		2.12	%		2.19	%		2.35	%
After expense limitation(f)		1.75	%(e)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.13	%(e)		(0.13	)%		(0.37	)%		0.26	%		(0.15	)%		(0.86	)%
After expense limitation(f)		0.65	%(e)		0.10	%		(0.07	)%		0.63	%		0.29	%		(0.26	)%
Portfolio turnover rate		5	%(d)		44	%		68	%		49	%		51	%		79	%

^(a) Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b) Calculated using the average shares method.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

34 www.iconfunds.com

ICON Healthcare Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	19.83		$	16.97		$	15.40		$	17.83		$	22.42		$	22.17
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.05	)		(0.10	)		(0.05	)		(0.04	)		(0.09	)		(0.11	)
Net realized and unrealized gains/(losses) on investments		(1.62	)		3.38			1.86			1.54			1.02			6.18
Total from investment operations		(1.67	)		3.28			1.81			1.50			0.93			6.07
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—			(0.03	)
Distributions from net realized gains		(1.19	)		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.79	)
Total dividends and distributions		(1.19	)		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.82	)
Net asset value, end of period	$	16.97		$	19.83		$	16.97		$	15.40		$	17.83		$	22.42
Total Return		(7.91	)%(b)		19.84	%		11.94	%		9.44	%		2.55	%		32.27	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	68,689		$	78,975		$	83,234		$	76,218		$	95,109		$	148,261
Ratio of expenses to average net assets
Before expense limitation		1.49	%(c)		1.45	%		1.41	%		1.44	%		1.36	%		1.36	%
After expense limitation(d)		1.49	%(c)		1.45	%		1.41	%		1.44	%		1.36	%		1.36	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.57	)%(c)		(0.60	)%		(0.33	)%		(0.26	)%		(0.45	)%		(0.53	)%
After expense limitation(d)		(0.57	)%(c)		(0.60	)%		(0.33	)%		(0.26	)%		(0.45	)%		(0.53	)%
Portfolio turnover rate		22	%(b)		63	%		174	%		107	%		141	%		188	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

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

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

Semi-Annual Report | March 31, 2019 35

ICON Healthcare Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	18.95		$	16.29		$	14.84		$	17.37		$	22.01		$	21.92
Income/(loss) from investment operations:
Net investment income/(loss)(b)		(0.07	)		(0.15	)		(0.10	)		(0.09	)		(0.14	)		(0.14	)
Net realized and unrealized gains/(losses) on investments		(1.55	)		3.23			1.79			1.49			1.02			6.03
Total from investment operations		(1.62	)		3.08			1.69			1.40			0.88			5.89
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—			(0.01	)
Distributions from net realized gains		(1.19	)		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.79	)
Total dividends and distributions		(1.19	)		(0.42	)		(0.24	)		(3.93	)		(5.52	)		(5.80	)
Net asset value, end of period	$	16.14		$	18.95		$	16.29		$	14.84		$	17.37		$	22.01
Total Return(c)		(8.02	)%(d)		19.43	%		11.58	%		9.03	%		2.33	%		31.72	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,425		$	2,814		$	3,989		$	4,921		$	15,317		$	10,878
Ratio of expenses to average net assets
Before expense limitation		1.97	%(e)		1.86	%		1.86	%		1.79	%		1.62	%		1.62	%
After expense limitation(f)		1.75	%(e)		1.75	%		1.75	%		1.75	%		1.62	%		1.62	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(1.05	)%(e)		(1.01	)%		(0.78	)%		(0.63	)%		(0.69	)%		(0.66	)%
After expense limitation(f)		(0.83	)%(e)		(0.90	)%		(0.67	)%		(0.59	)%		(0.69	)%		(0.66	)%
Portfolio turnover rate		22	%(d)		63	%		174	%		107	%		141	%		188	%

^(a) Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b) Calculated using the average shares method.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

36 www.iconfunds.com

ICON Industrials Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	15.50		$	14.97		$	12.26		$	10.94		$	11.67		$	10.56
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.07			0.00	(b)		(0.04	)		(0.02	)		0.01			0.01
Net realized and unrealized gains/(losses) on investments		(0.90	)		0.53			2.75			1.34			(0.73	)		1.16
Total from investment operations		(0.83	)		0.53			2.71			1.32			(0.72	)		1.17
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			(0.01	)		(0.06	)
Total dividends and distributions		—			—			—			—			(0.01	)		(0.06	)
Net asset value, end of period	$	14.67		$	15.50		$	14.97		$	12.26		$	10.94		$	11.67
Total Return		(5.35	)%(c)		3.54	%		22.10	%		12.07	%		(6.15	)%		11.14	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	11,476		$	11,614		$	15,482		$	23,957		$	14,251		$	35,883
Ratio of expenses to average net assets
Before expense limitation		1.97	%(d)		1.80	%		1.69	%		1.73	%		1.53	%		1.41	%
After expense limitation(e)		1.50	%(d)		1.50	%		1.51	%		1.50	%		1.50	%		1.41	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.49	%(d)		(0.29	)%		(0.50	)%		(0.37	)%		0.07	%		0.07	%
After expense limitation(e)		0.96	%(d)		0.01	%		(0.32	)%		(0.14	)%		0.10	%		0.07	%
Portfolio turnover rate		45	%(c)		87	%		75	%		87	%		23	%		30	%

^(a) Calculated using the average shares method.

^(b) Amount less than $0.005.

^(c) Not Annualized.

^(d) Annualized.

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

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

Semi-Annual Report | March 31, 2019 37

ICON Industrials Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	15.27		$	14.79		$	12.14		$	10.86		$	11.58		$	10.45
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.06			(0.04	)		(0.07	)		(0.04	)		(0.02	)		(0.03	)
Net realized and unrealized gains/(losses) on investments		(0.90	)		0.52			2.72			1.32			(0.70	)		1.16
Total from investment operations		(0.84	)		0.48			2.65			1.28			(0.72	)		1.13
Net asset value, end of period	$	14.43		$	15.27		$	14.79		$	12.14		$	10.86		$	11.58
Total Return(c)		(5.50	)%(d)		3.25	%		21.83	%		11.79	%		(6.22	)%		10.81	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	736		$	1,156		$	2,406		$	998		$	596		$	298
Ratio of expenses to average net assets
Before expense limitation		2.11	%(e)		2.32	%		2.05	%		2.96	%		2.67	%		2.02	%
After expense limitation(f)		1.75	%(e)		1.75	%		1.76	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.56	%(e)		(0.85	)%		(0.79	)%		(1.59	)%		(1.11	)%		(0.56	)%
After expense limitation(f)		0.92	%(e)		(0.28	)%		(0.50	)%		(0.38	)%		(0.19	)%		(0.29	)%
Portfolio turnover rate		45	%(d)		87	%		75	%		87	%		23	%		30	%

^(a) Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b) Calculated using the average shares method.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

38 www.iconfunds.com

ICON Information Technology Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	17.19		$	19.14		$	17.96		$	14.95		$	13.55		$	11.44
Income/(loss) from investment operations:
Net investment income/(loss)(a)		(0.01	)		(0.10	)		(0.10	)		(0.07	)		(0.09	)		(0.07	)
Net realized and unrealized gains/(losses) on investments		(0.71	)		2.09			4.53			3.08			1.49			2.18
Total from investment operations		(0.72	)		1.99			4.43			3.01			1.40			2.11
Less dividends and distributions:
Dividends from net investment income		—			(0.08	)		—			—			—			—
Distributions from net realized gains		(2.04	)		(3.86	)		(3.25	)		—			—			—
Total dividends and distributions		(2.04	)		(3.94	)		(3.25	)		—			—			—
Net asset value, end of period	$	14.43		$	17.19		$	19.14		$	17.96		$	14.95		$	13.55
Total Return		(1.88	)%(b)		11.82	%		29.46	%		20.13	%		10.33	%		18.44	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	55,063		$	61,474		$	71,249		$	48,953		$	45,343		$	50,363
Ratio of expenses to average net assets
Before expense limitation		1.50	%(c)		1.41	%		1.42	%		1.49	%		1.44	%		1.40	%
After expense limitation(d)		1.50	%(c)		1.41	%		1.42	%		1.49	%		1.44	%		1.40	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.16	)%(c)		(0.60	)%		(0.58	)%		(0.46	)%		(0.62	)%		(0.56	)%
After expense limitation(d)		(0.16	)%(c)		(0.60	)%		(0.58	)%		(0.46	)%		(0.62	)%		(0.56	)%
Portfolio turnover rate		57	%(b)		98	%		116	%		94	%		43	%		48	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

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

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

Semi-Annual Report | March 31, 2019 39

ICON Information Technology Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	16.55		$	18.55		$	17.55		$	14.65		$	13.32		$	11.30
Income/(loss) from investment operations:
Net investment income/(loss)(b)		(0.03	)		(0.16	)		(0.15	)		(0.11	)		(0.14	)		(0.11	)
Net realized and unrealized gains/(losses) on investments		(0.70	)		2.02			4.40			3.01			1.47			2.13
Total from investment operations		(0.73	)		1.86			4.25			2.90			1.33			2.02
Less dividends and distributions:
Dividends from net investment income		—			(0.00	)(c)		—			—			—			—
Distributions from net realized gains		(2.04	)		(3.86	)		(3.25	)		—			—			—
Total dividends and distributions		(2.04	)		(3.86	)		(3.25	)		—			—			—
Net asset value, end of period	$	13.78		$	16.55		$	18.55		$	17.55		$	14.65		$	13.32
Total Return(d)		(2.03	)%(e)		11.43	%		29.08	%		19.80	%		9.99	%		17.88	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,742		$	2,101		$	2,836		$	2,631		$	3,170		$	455
Ratio of expenses to average net assets
Before expense limitation		2.16	%(f)		2.00	%		2.01	%		2.17	%		1.90	%		1.94	%
After expense limitation(g)		1.75	%(f)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.81	)%(f)		(1.20	)%		(1.16	)%		(1.12	)%		(1.07	)%		(1.10	)%
After expense limitation(g)		(0.40	)%(f)		(0.95	)%		(0.90	)%		(0.70	)%		(0.92	)%		(0.91	)%
Portfolio turnover rate		57	%(e)		98	%		116	%		94	%		43	%		48	%

^(a) Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b) Calculated using the average shares method.

^(c) Amount less than $(0.005).

^(d) 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.

40 www.iconfunds.com

ICON Natural Resources Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016 (a)			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	16.45		$	15.32		$	12.82		$	11.86		$	15.09		$	13.43
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.08			0.31			0.01			0.10			0.04			0.04
Net realized and unrealized gains/(losses) on investments		(2.13	)		1.01			2.56			1.80			(3.23	)		1.68
Total from investment operations		(2.05	)		1.32			2.57			1.90			(3.19	)		1.72
Less dividends and distributions:
Dividends from net investment income		(0.33	)		—			(0.07	)		(0.06	)		(0.04	)		(0.06	)
Distributions from net realized gains		(2.02	)		(0.19	)		—			(0.88	)		—			—
Total dividends and distributions		(2.35	)		(0.19	)		(0.07	)		(0.94	)		(0.04	)		(0.06	)
Net asset value, end of period	$	12.05		$	16.45		$	15.32		$	12.82		$	11.86		$	15.09
Total Return		(10.88	)%(c)		8.68	%		20.13	%		17.24	%		(21.22	)%		12.85	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	56,228		$	76,916		$	69,444		$	65,787		$	60,404		$	93,610
Ratio of expenses to average net assets
Before expense limitation		1.70	%(d)		1.58	%		1.52	%		1.59	%		1.42	%		1.36	%
After expense limitation(e)		1.50	%(d)		1.50	%		1.50	%		1.50	%		1.42	%		1.36	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		1.01	%(d)		1.86	%		0.06	%		0.70	%		0.27	%		0.26	%
After expense limitation(e)		1.21	%(d)		1.94	%		0.08	%		0.79	%		0.27	%		0.26	%
Portfolio turnover rate		34	%(c)		117	%		68	%		81	%		48	%		33	%

^(a) Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

^(b) Calculated using the average shares method.

^(c) Not Annualized.

^(d) Annualized.

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

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

Semi-Annual Report | March 31, 2019 41

ICON Natural Resources Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class C	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016 (a)			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	15.57		$	14.65		$	12.36		$	11.51		$	14.77		$	13.24
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.01			0.14			(0.13	)		(0.03	)		(0.11	)		(0.12	)
Net realized and unrealized gains/(losses) on investments		(2.01	)		0.97			2.47			1.76			(3.15	)		1.65
Total from investment operations		(2.00	)		1.11			2.34			1.73			(3.26	)		1.53
Less dividends and distributions:
Dividends from net investment income		(0.13	)		—			(0.05	)		—			—			—
Distributions from net realized gains		(2.02	)		(0.19	)		—			(0.88	)		—			—
Total dividends and distributions		(2.15	)		(0.19	)		(0.05	)		(0.88	)		—			—
Net asset value, end of period	$	11.42		$	15.57		$	14.65		$	12.36		$	11.51		$	14.77
Total Return(c)		(11.37	)%(d)		7.63	%		18.97	%		16.11	%		(22.07	)%		11.56	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	959		$	1,177		$	1,756		$	1,435		$	834		$	675
Ratio of expenses to average net assets
Before expense limitation		3.19	%(e)		2.79	%		2.85	%		3.01	%		2.94	%		4.17	%
After expense limitation(f)		2.50	%(e)		2.50	%		2.50	%		2.51	%		2.50	%		2.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		(0.47	)%(e)		0.64	%		(1.27	)%		(0.73	)%		(1.22	)%		(2.51	)%
After expense limitation(f)		0.22	%(e)		0.93	%		(0.92	)%		(0.23	)%		(0.78	)%		(0.84	)%
Portfolio turnover rate		34	%(d)		117	%		68	%		81	%		48	%		33	%

^(a) Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

^(b) Calculated using the average shares method.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

42 www.iconfunds.com

ICON Natural Resources Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30,  2018			Year Ended  September 30, 2017			Year Ended September 30, 2016 (a)			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	16.25		$	15.17		$	12.73		$	11.75		$	14.96		$	13.36
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.06			0.29			(0.03	)		0.06			(0.01	)		(0.01	)
Net realized and unrealized gains/(losses) on investments		(2.10	)		0.98			2.54			1.81			(3.20	)		1.67
Total from investment operations		(2.04	)		1.27			2.51			1.87			(3.21	)		1.66
Less dividends and distributions:
Dividends from net investment income		(0.25	)		—			(0.07	)		(0.01	)		—			(0.06	)
Distributions from net realized gains		(2.02	)		(0.19	)		—			(0.88	)		—			—
Total dividends and distributions		(2.27	)		(0.19	)		(0.07	)		(0.89	)		—			(0.06	)
Net asset value, end of period	$	11.94		$	16.25		$	15.17		$	12.73		$	11.75		$	14.96
Total Return(c)		(11.05	)%(d)		8.43	%		19.81	%		17.05	%		(21.46	)%		12.47	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,028		$	4,231		$	5,629		$	4,451		$	3,078		$	8,229
Ratio of expenses to average net assets
Before expense limitation		2.17	%(e)		1.86	%		1.91	%		2.02	%		1.76	%		1.72	%
After expense limitation(f)		1.75	%(e)		1.75	%		1.75	%		1.75	%		1.75	%		1.72	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		0.56	%(e)		1.71	%		(0.35	)%		0.24	%		(0.06	)%		(0.07	)%
After expense limitation(f)		0.98	%(e)		1.82	%		(0.19	)%		0.51	%		(0.05	)%		(0.07	)%
Portfolio turnover rate		34	%(d)		117	%		68	%		81	%		48	%		33	%

^(a) Prior to January 22, 2016, the ICON Natural Resources Fund was known as the ICON Materials Fund.

^(b) Calculated using the average shares method.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

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

Semi-Annual Report | March 31, 2019 43

ICON Utilities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class S	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	8.85		$	9.29		$	9.49		$	8.03		$	7.90		$	7.22
Income/(loss) from investment operations:
Net investment income/(loss)(a)		0.15			0.28			0.27			0.30			0.28			0.22
Net realized and unrealized gains/(losses) on investments		0.78			0.07			0.59			1.43			0.11			0.69
Total from investment operations		0.93			0.35			0.86			1.73			0.39			0.91
Less dividends and distributions:
Dividends from net investment income		(0.16	)		(0.31	)		(0.27	)		(0.27	)		(0.26	)		(0.23	)
Distributions from net realized gains		(0.05	)		(0.48	)		(0.79	)		—			—			—
Total dividends and distributions		(0.21	)		(0.79	)		(1.06	)		(0.27	)		(0.26	)		(0.23	)
Net asset value, end of period	$	9.57		$	8.85		$	9.29		$	9.49		$	8.03		$	7.90
Total Return		10.70	%(b)		4.17	%		9.88	%		21.74	%		4.93	%		12.69	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	37,824		$	30,883		$	35,816		$	43,864		$	19,107		$	17,920
Ratio of expenses to average net assets
Before expense limitation		1.57	%(c)		1.60	%		1.54	%		1.59	%		1.70	%		1.52	%
After expense limitation(d)		1.23	%(c)		1.22	%		1.44	%(e)		1.50	%		1.50	%		1.50	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.98	%(c)		2.82	%		2.83	%		3.15	%		3.12	%		2.84	%
After expense limitation(d)		3.32	%(c)		3.20	%		2.93	%		3.24	%		3.32	%		2.86	%
Portfolio turnover rate		85	%(b)		156	%		160	%		168	%		243	%		107	%

^(a) Calculated using the average shares method.

^(b) Not Annualized.

^(c) Annualized.

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

^(e) 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.

44 www.iconfunds.com

ICON Utilities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A(a)	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of period	$	8.70		$	9.14		$	9.35		$	7.92		$	7.81		$	7.14
Income/(loss) from investment operations:
Net investment income/(loss)(b)		0.14			0.25			0.24			0.28			0.26			0.21
Net realized and unrealized gains/(losses) on investments		0.76			0.08			0.59			1.40			0.11			0.68
Total from investment operations		0.90			0.33			0.83			1.68			0.37			0.89
Less dividends and distributions:
Dividends from net investment income		(0.15	)		(0.29	)		(0.25	)		(0.25	)		(0.26	)		(0.22	)
Distributions from net realized gains		(0.05	)		(0.48	)		(0.79	)		—			—			—
Total dividends and distributions		(0.20	)		(0.77	)		(1.04	)		(0.25	)		(0.26	)		(0.22	)
Net asset value, end of period	$	9.40		$	8.70		$	9.14		$	9.35		$	7.92		$	7.81
Total Return(c)		10.52	%(d)		3.97	%		9.63	%		21.29	%		4.63	%		12.44	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	7,066		$	5,540		$	8,293		$	15,868		$	5,679		$	2,517
Ratio of expenses to average net assets
Before expense limitation		1.74	%(e)		1.73	%		1.84	%		1.79	%		1.89	%		1.81	%
After expense limitation(f)		1.47	%(e)		1.47	%		1.69	%(g)		1.75	%		1.75	%		1.75	%
Ratio of net investment income/(loss) to average net assets
Before expense limitation		2.85	%(e)		2.62	%		2.48	%		3.10	%		3.04	%		2.69	%
After expense limitation(f)		3.12	%(e)		2.88	%		2.63	%		3.14	%		3.18	%		2.75	%
Portfolio turnover rate		85	%(d)		156	%		160	%		168	%		243	%		107	%

^(a) Class C shares were merged into Class A on September 25, 2015. The amounts presented represent the results of the Class A shares for the periods prior to the merger and the results of the combined share class for the period subsequent to the merger.

^(b) Calculated using the average shares method.

^(c) The total return calculation excludes any sales charges.

^(d) Not Annualized.

^(e) Annualized.

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

^(g) 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.

Semi-Annual Report | March 31, 2019 45

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (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 (“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 Discretionary Fund has a significant weighting in the Internet & Direct Marketing Retail industry, the Consumer Staples Fund has a significant weighting in the Soft Drinks 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 Pharmaceuticals industry and the Managed Health Care industry, the Natural Resources Fund has a significant weighting in the Integrated Oil & Gas industry and the Oil & Gas Exploration & Production 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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ICON Sector Funds Notes to Financial Statements

March 31, 2019 (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’ Valuation 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’ Valuation Committee determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation is 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, 2019:

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	$	20,174,344	$	—	$	—	$	20,174,344
Total	$	20,174,344	$	—	$	—	$	20,174,344

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	$	6,285,421	$	—	$	—	$	6,285,421
Total	$	6,285,421	$	—	$	—	$	6,285,421

Semi-Annual Report | March 31, 2019 47

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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	$	127,182,383	$	—	$	—	$	127,182,383
Purchased Call Options		127,050		—		—		127,050
Total	$	127,309,433	$	—	$	—	$	127,309,433

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	$	35,752,660	$	—	$	—	$	35,752,660
Total	$	35,752,660	$	—	$	—	$	35,752,660

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	$	69,989,862	$	—	$	—	$	69,989,862
Total	$	69,989,862	$	—	$	—	$	69,989,862

ICON Industrials Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	12,089,067	$	—	$	—	$	12,089,067
Total	$	12,089,067	$	—	$	—	$	12,089,067

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	$	54,503,801	$	—	$	—	$	54,503,801
Collateral for Securities on Loan		—		795,600		—		795,600
Total	$	54,503,801	$	795,600	$	—	$	55,299,401

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
Integrated Oil & Gas	$	13,970,810	$	8,627,452	$	—	$	22,598,262
Oil & Gas Exploration & Production		11,078,081		3,252,240		—		14,330,321
Oil & Gas Refining & Marketing		3,643,308		1,009,259		—		4,652,567
Paper Packaging		2,313,500		1,147,754		—		3,461,254
Other		6,446,010		8,260,035		—		14,706,045
Total	$	37,451,709	$	22,296,740	$	—	$	59,748,449

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	$	44,604,607	$	—	$	—	$	44,604,607
Total	$	44,604,607	$	—	$	—	$	44,604,607

48 www.iconfunds.com

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

* 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, 2019.

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 an overnight demand deposit account 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, 2019 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 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

Semi-Annual Report | March 31, 2019 49

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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, 2019, 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	$	127,050	N/A		N/A
Total		$	127,050		$	—

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, options, and foreign currency translations/ Change in unrealized net appreciation/(depreciation) on Investments, options, and foreign currency	$	153,326	$	24,342
Total		$	153,326	$	24,342

The average purchased option contracts during the six months ended March 31, 2019, was as follows:

ICON Energy Fund Derivative Type	Unit of Measurement	Average Contracts+	Days Held
Purchased Options	Contracts	753	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.

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. 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 assets that generally exceed the value of the securities on loan. Collateral may consist of cash or securities issued or guaranteed by the United States government or its agencies or instrumentalities. 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.

50 www.iconfunds.com

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

The following is a summary of the Funds’ securities lending positions and related cash and non-cash collateral received as of March 31, 2019:

	Market Value of Securities on Loan		Market Value of Cash Collateral Received		Market Value of Non-Cash Collateral Received		Total Collateral Received		Excess Collateral
ICON Consumer Discretionary Fund	$	750,241	$	—	$	760,362	$	760,362	$	10,121
ICON Consumer Staples Fund		527,328		—		537,200		537,200		9,872
ICON Energy Fund		14,722,097		—		15,362,286		15,362,286		640,189
ICON Healthcare Fund		3,274,635		—		3,330,109		3,330,109		55,474
ICON Industrials Fund		638,270		—		646,485		646,485		8,215
ICON Information Technology Fund		1,586,520		795,600		815,400		1,611,000		24,480
ICON Natural Resources Fund		1,376,863		—		1,435,382		1,435,382		58,519

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 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 cash collateral. The State Street Navigator Securities Lending Government Money Market Portfolio is a Government Money Market Portfolio designed to provide continuous daily liquidity. Non-Cash collateral received consists of securities issued or guaranteed by the United States government or its agencies or instrumentalities with remaining maturities ranging from overnight to 30 years. Non-cash collateral is not disclosed on the Funds’ Schedules of Investments or their Statements of Assets and Liabilities as the Funds do not have the ability to re-hypothecate these securities. The net securities lending income earned by the Funds for the six months ended March 31, 2019, is included in the Statements of Operations.

Security loans consist of equity securities and generally do not have a stated maturity date. The Funds may recall a loaned security at any time.

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, 2019, 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.

Semi-Annual Report | March 31, 2019 51

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (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.

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.

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.

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.

52 www.iconfunds.com

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

Below are additional class level expenses for the six months ended March 31, 2019 that are included on the Statements of Operations:

Fund	Printing Fees*		Transfer Agent Fees*		Registration Fees
ICON Consumer Discretionary Fund
Class S	$	2,102	$	25,098	$	8,097
Class A		63		1,739		2,740
ICON Consumer Staples Fund
Class S		691		12,638		6,713
Class A		175		3,647		3,421
ICON Energy Fund
Class S		12,416		209,691		9,721
Class C		309		4,175		4,175
Class A		359		4,665		3,977
ICON Financial Fund
Class S		2,390		36,822		8,219
Class A		240		1,817		2,889
ICON Healthcare Fund
Class S		4,327		66,334		8,387
Class A		162		2,472		3,108
ICON Industrials Fund
Class S		1,898		18,129		7,502
Class A		47		1,269		3,048
ICON Information Technology Fund
Class S		2,976		46,918		8,104
Class A		126		1,894		3,539
ICON Natural Resources Fund
Class S		6,312		93,680		8,714
Class C		73		1,139		3,075
Class A		296		5,062		3,999
ICON Utilities Fund
Class S		1,863		38,172		7,117
Class A		72		2,206		3,667

* 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 investments. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 1.00% on the first $500 million of average daily net assets, 0.95% on the next $250 million, 0.925% on the next $750 million, 0.90% on the next $3.5 billion, and 0.875% on average daily net assets over $5 billion.

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

Fund	Class S			Class C		Class A
ICON Consumer Discretionary Fund		1.74	%		—		1.99	%
ICON Consumer Staples Fund		1.50	%		—		1.75	%
ICON Energy Fund		1.50	%		2.50%		1.75	%
ICON Financial Fund		1.50	%		—		1.75	%
ICON Healthcare Fund		1.50	%		—		1.75	%
ICON Industrials Fund		1.50	%		—		1.75	%
ICON Information Technology Fund		1.50	%		—		1.75	%
ICON Natural Resources Fund		1.50	%		2.50%		1.75	%
ICON Utilities Fund		1.22	%		—		1.47	%

Semi-Annual Report | March 31, 2019 53

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

The Funds’ expense limitations will continue in effect until at least January 31, 2020. 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, 2019, the following amounts were available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	Expires 2019		Expires 2020		Expires 2021		Expires 2022
ICON Consumer Discretionary Fund	$	2,114	$	4,198	$	3,577	$	3,285
ICON Consumer Staples Fund		26,449		63,487		69,700		31,092
ICON Energy Fund		—		—		3,104		100,091
ICON Financial Fund		5,617		6,790		5,239		14,351
ICON Healthcare Fund		1,898		4,986		3,569		2,805
ICON Industrials Fund		15,621		44,703		50,110		28,207
ICON Information Technology Fund		5,482		6,814		5,978		3,624
ICON Natural Resources Fund		28,121		26,508		69,036		71,891
ICON Utilities Fund		26,247		57,017		130,032		66,156

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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.

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, 2019, 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, which is the greater of an annual rate based on the aggregate average daily net assets of the Trust or a contractual minimum annual fee.

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.

54 www.iconfunds.com

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

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, 2019, 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
ICON Consumer Discretionary Fund Class A	$	253
ICON Consumer Staples Fund Class A		1,200
ICON Energy Fund Class A		1,378
ICON Financial Fund Class A		417
ICON Healthcare Fund Class A		467
ICON Information Technology Fund Class A		1,178
ICON Natural Resources Fund Class A		1,135
ICON Utilities Fund Class A		2,395

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, 2019, IDI collected the following contingent deferred sales charges:

Fund	Contingent Deferred Sales Charges Collected
ICON Energy Fund Class C	$	11

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, 2019, 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, 2019, the total related amounts accrued by the Funds under this arrangement was $2,628 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, 2019, 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.

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 $30 million. Interest on domestic borrowings is charged at a rate quoted and determined by State Street. The interest rate as of March 31, 2019 was 3.74%. The Line of Credit agreement/arrangement expires on March 17, 2020.

Semi-Annual Report | March 31, 2019 55

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, the average outstanding loan by Fund was as follows:

Fund	Maximum Borrowing (10/01/18 - 03/31/19)		Average Borrowing (10/01/18 - 03/31/19)^		Average Interest Rates (10/01/18 - 03/31/19)^
ICON Consumer Discretionary Fund*	$	181,555	$	82,488		3.64	%
ICON Consumer Staples Fund*		2,544,861		1,262,547		3.74	%
ICON Energy Fund*		910,206		583,347		3.68	%
ICON Financial Fund*		1,754,817		804,243		3.55	%
IOCN Healthcare Fund*		794,312		298,826		3.72	%
ICON Industrials Fund*		1,350,397		302,894		3.75	%
ICON Natural Resources Fund*		896,976		463,095		3.64	%
ICON Utilities Fund*		1,517,516		582,887		3.75	%

* There were no outstanding borrowings under this agreement/arrangement as of March 31, 2019.

^ 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, 2019, 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	$	17,845,730	$	20,441,858
ICON Consumer Staples Fund		8,455,139		8,957,742
ICON Energy Fund		43,181,000		57,318,265
ICON Financial Fund		1,851,101		6,655,041
ICON Healthcare Fund		16,778,050		21,819,611
ICON Industrials Fund		5,763,287		5,564,555
ICON Information Technology Fund		30,960,857		36,487,074
ICON Natural Resources Fund		22,496,043		35,445,871
ICON Utilities Fund		39,239,330		33,621,923

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, expiring capital losses, 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.

During the year ended September 30, 2018, the utilized/expired capital loss carryforwards were as follows:

Fund	Expired Amount	Utilized Amount
ICON Financial Fund	40,830,438	$	3,388,209
ICON Industrials Fund	13,718,613		787,072

For Energy Fund, the short-term and long-term capital losses deferred were $78,442,382 and $87,999,358, respectively.

The Consumer Discretionary Fund elects to defer to the period ending September 30, 2019, capital losses recognized during the period November 1, 2017 to September 30, 2018 in the amount of $372,949.

56 www.iconfunds.com

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

The Consumer Staples Fund elects to defer to the period ending September 30, 2019, capital losses recognized during the period November 1, 2017 to September 30, 2018 in the amount of $579,354.

The Energy Fund elects to defer to the period ending September 30, 2019, capital losses recognized during the period November 1, 2017 to September 30, 2018 in the amount of $8,056,667.

For the year ended September 30, 2018, the following reclassifications were made, which had no impact on results of operations or net assets.

Fund	Paid-in Capital			Total Distributable Earnings
ICON Energy Fund	$	(892	)	$	892
ICON Financial Fund		(40,830,438	)		40,830,438
ICON Industrials Fund		(13,758,464	)		13,758,464
ICON Utilities Fund		(13	)		13

For Industrials Fund, included in the amounts reclassified was a net operating loss offset to paid in capital of $39,851.

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2018, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains
ICON Consumer Discretionary Fund	$	946,956	$	—
ICON Consumer Staples Fund		697,696		457,925
ICON Energy Fund		3,446,209		—
ICON Financial Fund		94,842		—
ICON Healthcare Fund		833,129		1,243,391
ICON Information Technology Fund		3,421,861		10,355,627
ICON Natural Resources Fund		1,011,303		—
ICON Utilities Fund		2,149,591		1,205,125

As of September 30, 2018, 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	$	—	$	(372,949	)	$	—	$	351,221		$	(21,728	)
ICON Consumer Staples Fund		102,336		(579,354	)		—		(27,447	)		(504,465	)
ICON Energy Fund		356,208		(174,498,407	)		—		15,583,408			(158,558,791	)
ICON Financial Fund		163,308		—			—		7,827,981			7,991,289
ICON Healthcare Fund		1,645,449		3,152,083			—		14,549,612			19,347,144
ICON Industrials Fund		—		—			—		1,142,183			1,142,183
ICON Information Technology Fund		5,119,639		2,164,116			—		11,593,365			18,877,120
ICON Natural Resources Fund		5,186,341		5,752,876			—		3,135,094			14,074,311
ICON Utilities Fund		85,632		112,409			—		1,584,244			1,782,285

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

Semi-Annual Report | March 31, 2019 57

ICON Sector Funds Notes to Financial Statements

March 31, 2019 (Unaudited)

As of March 31, 2019, 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	$	1,100,000	$	(1,829,599	)	$	(729,599	)	$	20,903,943
ICON Consumer Staples Fund		241,577		(277,469	)		(35,892	)		6,321,313
ICON Energy Fund		8,912,587		(12,746,650	)		(3,834,063	)		131,143,496
ICON Financial Fund		6,130,931		(2,161,560	)		3,969,371			31,783,289
ICON Healthcare Fund		11,386,126		(5,178,325	)		6,207,801			63,782,061
ICON Industrials Fund		1,255,707		(549,862	)		705,845			11,383,222
ICON Information Technology Fund		9,890,619		(1,534,408	)		8,356,211			46,943,190
ICON Natural Resources Fund		3,525,547		(6,121,556	)		(2,596,009	)		62,344,458
ICON Utilities Fund		4,204,739		(571,319	)		3,633,420			40,971,187

* This balance includes appreciation/(depreciation) of foreign currency.

7. RECENT ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, which changes the fair value measurement disclosure requirements of FASB Accounting Standards Codification Topic 820, Fair Value Measurement. The update to Topic 820 includes new, eliminated, and modified disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods. Early adoption is permitted for any eliminated or modified disclosures. Management has eliminated and modified disclosures and is currently evaluating the impact of the remaining ASU.

8. SUBSEQUENT EVENT

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2019 and through the date of issuance of the Funds’ financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Funds’ financial statements.

58 www.iconfunds.com

ICON Sector Funds Disclosure of Fund Expenses

March 31, 2019 (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-months period (10/01/18 – 03/31/19).

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, 2018	Ending Account Value March 31, 2019		Expense Ratio(a)		Expenses Paid During period October 1, 2018 - March 31, 2019(b)
ICON Consumer Discretionary Fund
Class S
Actual	$1,000.00	$	988.90	1.70	%	$	8.43
Hypothetical (5% return before expenses)	$1,000.00	$	1,016.45	1.70	%	$	8.55
Class A
Actual	$1,000.00	$	987.50	1.99	%	$	9.86
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	$	1,017.50	1.53	%	$	7.70
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.30	1.53	%	$	7.70
Class A
Actual	$1,000.00	$	1,016.60	1.77	%	$	8.90
Hypothetical (5% return before expenses)	$1,000.00	$	1,016.11	1.77	%	$	8.90

Semi-Annual Report | March 31, 2019 59

ICON Sector Funds Disclosure of Fund Expenses

March 31, 2019 (Unaudited)

	Beginning Account Value October 1, 2018	Ending Account Value March 31, 2019		Expense Ratio(a)		Expenses Paid During period October 1, 2018 - March 31, 2019(b)
ICON Energy Fund
Class S
Actual	$1,000.00	$	811.20	1.50	%	$	6.77
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.45	1.50	%	$	7.54
Class C
Actual	$1,000.00	$	807.20	2.50	%	$	11.26
Hypothetical (5% return before expenses)	$1,000.00	$	1,012.47	2.50	%	$	12.54
Class A
Actual	$1,000.00	$	810.40	1.75	%	$	7.90
Hypothetical (5% return before expenses)	$1,000.00	$	1,016.21	1.75	%	$	8.80
ICON Financial Fund
Class S
Actual	$1,000.00	$	906.60	1.50	%	$	7.13
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.45	1.50	%	$	7.54
Class A
Actual	$1,000.00	$	905.10	1.75	%	$	8.31
Hypothetical (5% return before expenses)	$1,000.00	$	1,016.21	1.75	%	$	8.80
ICON Healthcare Fund
Class S
Actual	$1,000.00	$	920.90	1.49	%	$	7.14
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.50	1.49	%	$	7.49
Class A
Actual	$1,000.00	$	919.80	1.75	%	$	8.38
Hypothetical (5% return before expenses)	$1,000.00	$	1,016.21	1.75	%	$	8.80
ICON Industrials Fund
Class S
Actual	$1,000.00	$	946.50	1.50	%	$	7.28
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.45	1.50	%	$	7.54
Class A
Actual	$1,000.00	$	945.00	1.75	%	$	8.49
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	$	981.20	1.50	%	$	7.41
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.45	1.50	%	$	7.54
Class A
Actual	$1,000.00	$	979.70	1.75	%	$	8.64
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	$	891.20	1.50	%	$	7.07
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.45	1.50	%	$	7.54
Class C
Actual	$1,000.00	$	886.30	2.50	%	$	11.76
Hypothetical (5% return before expenses)	$1,000.00	$	1,012.47	2.50	%	$	12.54
Class A
Actual	$1,000.00	$	889.50	1.75	%	$	8.24
Hypothetical (5% return before expenses)	$1,000.00	$	1,016.21	1.75	%	$	8.80

60 www.iconfunds.com

ICON Sector Funds Disclosure of Fund Expenses

March 31, 2019 (Unaudited)

	Beginning Account Value October 1, 2018	Ending Account Value March 31, 2019		Expense Ratio(a)		Expenses Paid During period October 1, 2018 - March 31, 2019(b)
ICON Utilities Fund
Class S
Actual	$1,000.00	$	1,107.00	1.23	%	$	6.46
Hypothetical (5% return before expenses)	$1,000.00	$	1,018.80	1.23	%	$	6.19
Class A
Actual	$1,000.00	$	1,105.20	1.47	%	$	7.72
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, 2019 61

ICON Sector Funds Additional Information

March 31, 2019 (Unaudited)

Portfolio Holdings

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

Proxy Voting

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

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

For More Information

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

ICON Distributors, Inc., Distributor.

62 www.iconfunds.com

ICON Sector Funds Privacy Policy

March 31, 2019 (Unaudited)

	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, 2019 63

ICON Sector Funds Privacy Policy

March 31, 2019 (Unaudited)

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

64 www.iconfunds.com

 

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, Suite 1200
	Greenwood Village, CO 80111
On the Internet	www.iconfunds.com

Table of Contents

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

Table of Contents

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. 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.

Table of Contents

SIGNATURES

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

(Registrant) ICON Funds

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

Date    May 24, 2019                        

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 24, 2019                        

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

Date    May 24, 2019                        

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

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

I, Craig T. Callahan, certify that:

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

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

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

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

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

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

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

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

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

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

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

May 23, 2019	/s/ Craig T. Callahan
Date	Craig T. Callahan
	President
	(Principal Executive Officer)

CERTIFICATIONS

I, Brian D. Harding, certify that:

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

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

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

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

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

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

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

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

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

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

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

May 23, 2019	/s/ Brian D. Harding
Date	Brian D. Harding
	Treasurer
	(Principal Financial Officer)

EX-99.906 CERT

Exhibit 99.906CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2019 of ICON Funds (the “Registrant”).

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

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

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

May 23, 2019

Date

/s/ Craig T. Callahan

Craig T. Callahan

President

(Principal Executive Officer)

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

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2019 of ICON Funds (the “Registrant”).

I, Brian D. Harding, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

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

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

May 23, 2019

Date

/s/ Brian D. Harding

Brian D. Harding

Treasurer

(Principal Financial Officer)

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