<PAGE>
ICON South Europe Region Fund
Schedule of Investments March 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
Common Stock Shares Value
France - 17.2%
AGF (Assurances Generales De) 468 $ 17,112
Alcatel-Alsthom 408 49,147
AXA UAP 1,011 66,873
Banque Nationale De Paris 613 27,238
Canal Plus FF20 187 36,745
Carrefour FF100 (a) 93 57,682
Christian Dior SA (a) 157 23,989
Cie Fin Paribas FF50 Class A Shares (a) 410 28,532
Compagnie De Saint-Gobain 266 40,265
Compagnie Generale Des Eaux 359 48,794
Eridania Beghin Say SA 104 16,352
Groupe Danone 206 32,647
Havas FF15 (a) 217 16,116
L'air Liquide 242 38,223
L'Oreal FF10 228 79,720
LaFarge 299 20,707
LeGrand SA 92 16,591
LVMH Moet Hennessy FF10 283 68,682
Michelin (CDGE) Class B 354 21,038
Peugeot SA 142 16,171
Pinault Printemps Redoute SA 75 32,247
Promodes 54 18,277
Renault SA 699 17,659
Rexel SA 46 14,547
Rhone-Poulenc-A 1,006 34,013
Sanofi SA 344 33,615
Schneider SA 397 22,712
Simco SA 177 17,296
Societe Nationale Elf Aquit FF50 756 77,501
Societe BIC SA 91 13,823
Societe Generale De France 297 34,721
Sodexho Alliance 33 17,002
Thompson CSF FF20 (a) 497 16,777
Total SA-B 695 60,122
Valeo SA 228 15,320
------------------
Total France 1,148,256
------------------
Italy - 51.0%
Alleanza Assicurazioni ITL500 (a) 11,913 79,979
Assicuraziono General ITL2000 19,186 335,820
ICON South Europe Region Fund
Shedule of Investments - March 31, 1997 (Unaudited) (continued)
Shares Value
Italy - continued
Banca Commerciale Italiana 42,377 $ 84,843
Banco Ambrosiano Veneto SPA 27,363 62,328
Banco Popolare Di Milano 8,955 50,190
Benetton Group SPA (a) 5,746 71,470
Credito Italiano ITL 63,565 90,304
Edison SPA 13,966 74,592
Ente Nazionale Idrocarburi 100,996 513,077
Fiat SPA Itl 1000 (a) 54,345 172,653
Gemina SPA (a) 9,500 3,878
Holding Di Partecipazioni (a) 85,500 49,611
Istitut Naz Assicur 79,919 107,309
Instituto Bancario San Paolo 15,408 103,720
Istitutio Mobiliare Italinao 12,761 110,877
Italgas 19,154 63,722
Mediaset SPA (a) 24,948 100,794
Mediobanca 9,138 57,350
Mondadori Editore SPA 10,992 69,184
Montedison (a) 80,570 54,333
Olivetti Group (a) 138,577 49,841
Parmalat Finanziaria SPA 48,905 67,864
Pirelli SPA 28,487 61,986
Rinascente 12,841 68,121
Riunione Adriatica Di Sicurta 6,599 59,097
Saipem SPA 9,433 43,935
SIP ITL 1000 (a) 138,037 345,041
Sirti SPA (a) 6,745 41,786
Telecom Italia Mobile Di Risp 49,406 82,627
TIM SPA 113,104 325,430
------------------
Total Italy 3,401,762
------------------
Switzerland - 17.8%
Adecco SA (a) 54 17,580
Alusisse-Lonza CHF125 28 23,634
CIBA Spezialitaten Rights 150 10,777
Credit Suisse Group 631 75,666
Danzas Holding AG 79 15,574
Grands Magasins Jelmoli SA (a) 35 20,092
Holderbank Fn Glarus SZF50 (a) 60 45,980
Nestle SA 122 142,695
Novartis (a) 184 228,112
Roche Holdings AG0 Regd 23 198,689
Schindler Holdings AG Regd 22 25,656
Schweiserische Ruckversicherungs Regd 65 69,032
Schweizerischer Bankverein 344 73,426
ICON South Europe Fund
Schedule of Investments - March 31, 1997 (Unaudited) (continued)
Shares Value
Switzerland - continued
SMH AG Neuenburg CHF 10 Regd (a) 125 16,225
Soc Gen Surveillance CHF 100 10 20,477
Sulzur Gebruder AG (a) 44 $ 28,985
Swissair-Reg SWF 350 (a) 26 23,173
UBS Schw Bankgesellsch 62 55,690
Valora Holding AG 77 16,837
Zuerich Verischerungs 256 80,499
------------------
Total Switzerland 1,188,799
------------------
TOTAL COMMON STOCKS - 86.0%
(Cost $5,819,824) 5,738,817
------------------
Mutual Fund Shares - 27%
Vista U.S. Government Money Market 1,824,607 1,824,607
------------------
Total Mutual Fund Shares
(Cost $1,824,607)
Total Investments - 113.0%
(Cost $7,644,431) 7,563,424
Other Liabilities less Assets - 13.0% (895,187)
------------------
TOTAL NET ASSETS - 100% $ 6,668,237
<FN>
==================
Legend
(a) non-income producing security
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Summary of Investments by Industry % of Net Assets
Telecommunications 11.60%
Insurance Companies 11.20%
Commercial Banks - Multi Bank Holdings 11.00%
Miscellaneous Oil, Gas & Coal 7.80%
Ethical Drug Manufacturers 3.50%
Medical 3.50%
Diversified Automotive Manufacturers 3.10%
General Diversified 2.90%
Diversified Food 2.40%
Land and Real Estate 2.00%
Diversified Electronics 1.80%
Broadcasting 1.50%
Dairy Products 1.50%
Miscellaneous Retailers 1.50%
Engineering and Contracting Services 1.30%
Cosmetics and Toiletries 1.20%
Oil Refiners and Distributors 1.20%
Apparel Manufacturers 1.10%
Electric Power and Gas Companies 1.10%
Newspaper Publishers 1.10%
Natural Gas Holding Companies 1.00%
<PAGE>
ICON South Europe Fund Schedule of Investments - March 31, 1997
(Unaudited) (continued)
Summary of Investments by Industry % of Portfolio
Liquefied Petroleum Gas Distributors 0.90%
National and Regional Food Store Chains 0.90%
Other Financial Services 0.90%
Power Transmission Equipment 0.90%
Cement Producers 0.70%
Chemicals 0.60%
Glass 0.60%
Miscellaneous Electrical 0.60%
Radio and TV Broadcasts 0.60%
Diversified Chemical Manufacturers 0.50%
Airlines 0.40%
Aluminum Producers 0.40%
Diversified Machinery 0.40%
Industrial Machinery 0.40%
Investment Banking 0.40%
Commercial Services 0.30%
Department Store Chains 0.30%
Diversified Construction Companies 0.30%
Human Resources 0.30%
Restaurant 0.30%
Rubber Tires 0.30%
Service Organizations 0.30%
Advertising Agencies 0.20%
Miscellaneous Companies 0.20%
Office Supplies 0.20%
Original Parts and Accessories Manufacturers 0.20%
Other Transportation 0.20%
Wholesalers 0.20%
Cash 14.20%
===========
100.00%
===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON South Europe Region Fund
Statement of Assets & Liabilities (Unaudited)
March 31, 1997
<S> <C>
Assets
Investment in securities, at value (cost $7,644,431) $ 7,563,424
Dividends receivable 8,871
Deferred organizational costs, net of
accumulated amortization of $394 18,021
--------------
Total assets 7,590,316
Liabilities
Due to custodian bank 895,217
Accrued investment advisory fee 5,059
Payable to investment advisor and administrator
for organizational costs 18,415
Other payables and accrued expenses 3,388
--------------
Total liabilities 922,079
--------------
Net Assets $ 6,668,237
==============
Net Assets consist of:
Paid in capital $ 6,733,992
Undistributed net investment income 15,252
Net unrealized appreciation (depreciation) of investments (81,007)
--------------
Net Assets, for 680,162 shares 6,668,237
==============
Net Asset Value Per Share
Offering price and redemption
price per share ($6,668,237/680,162)$ 9.80
==============
</TABLE>
<PAGE>
<TABLE>
ICON South Europe Region Fund
Statement of Operations (Unaudited)
For the period February 21, 1997 (inception) to March 31, 1997
<S> <C>
Investment Income
Dividend income $ 3,845
Interest income 21,114
------------------
Total Investment Income 24,959
Expenses
Investment advisory fee 4,478
Administration fee 224
Legal fees 1,332
Insurance expense 2,025
Amortization of deferred organization cost 394
Fund accounting, custodial and transfer agent fee 1,254
------------------
Total Expenses 9,707
------------------
Net Investment Income (Loss) 15,252
------------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 0
Change in net unrealized appreciation or depreciation on
investment securities (81,007)
------------------
------------------
Net gain (loss) on investments (81,007)
------------------
Net increase (decrease) in net assets resulting
from operations $ (65,755)
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON South Europe Region Fund
Statement of Changes in Net Assets (Unaudited)
For the period February 21, 1997 (inception) to March 31, 1997
<S> <C>
Increase/(Decrease) in Net Assets
Operations
Net investment income (loss) $ 15,252
Net realized gain (loss) on investment transactions 0
Change in net unrealized appreciation or depreciation
on investment securities (81,007)
--------------
Net Increase (decrease) in net assets resulting from operations (65,755)
--------------
Distributions to shareholders from:
Net investment income 0
------------
Capital share transactions:
Net proceeds from sale of shares 6,816,937
Shares issued in reinvestment of distributions 0
Shares redeemed (82,945)
--------------
Net increase (decrease) in net assets resulting
from capital share transactions 6,733,992
--------------
Total increase (decrease) in net assets 6,668,237
Net Assets
Beginning of period 0
--------------
End of period $ 6,668,237
==============
Transactions in Fund Shares:
Shares
Sold 688,711
Issued in reinvestment of distributions 0
Redeemed (8,549)
--------------
Net increase (decrease) 680,162
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON South Europe Region Fund
Financial Highlights (Unaudited)
For a share outstanding throughout the period February 21, 1997
(inception) toMarch 31, 1997 Selected Per Share Data and Ratios
<S> <C>
Net asset value,
beginning of period ............................................. $ 10.00
-----------
Income from investment
Operations
Net investment income ........................................... 0.02
Net realized and
unrealized gain (loss) .......................................... (0.22)
-----------
Total from investment operations .................................. (0.20)
-----------
Less Distributions
From net investment income ...................................... 0.00
-----------
Net asset value,
end of period ................................................... $ 9.80
===========
Total Return ...................................................... -2.**%
===========
Ratios:
Net assets, end of period (000's) ................................. $ 6,668
===========
Ratio of expenses to
average net assets .............................................. 1.500%
===========
Ratio of net investment income to
average net assets .............................................. 2.00%
===========
Portfolio turnover rate ........................................... 0.0000%
===========
Average commission rate, per share ................................ $ 0.0160
===========
<FN>
* Annualized
** Total Returns for periods less than one year are not annualized
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Asia Region Fund
Schedule of Investments March 31, 1997 (Unaudited)
<S> <C> <C>
Common Stock Shares Value
Hong Kong - 8.7%
Bank of East Asia (a) 16,800 $ 57,018
Cathay Pacific Airways (a) 22,000 32,934
Cheung Kong Holdings 13,000 114,499
Cheung Kong Infrastructure (a) 11,000 31,088
China Light & Power 12,500 55,007
Chinese Estates HL 20,000 19,745
Citic Pacific Ltd. 14,000 69,376
Cosco Pacific Ltd. 22,000 28,959
Dickson Concepts International 6,000 21,680
Guoco Group Ltd. 4,000 19,771
Hang Lung Dev. Co. (a) 10,000 18,131
Hang Seng Bank 13,700 141,437
Hong Kong & Shanghai Hotels 10,500 16,598
Hong Kong Telecom 48,400 82,759
Hong Kong & China Gas (a) 20,000 37,554
Hopewell Holdings (a) 45,000 23,808
Hutchison Whampoa Ltd. 20,000 150,342
Hysan Development (a) 8,000 23,952
Miramar Hotel 11,000 20,441
National Mutual Asia Ltd. 20,000 20,907
New World Development 13,000 70,125
Peregrine Investment Holdings 12,000 19,125
Shangri La Asis Ltd. 18,000 20,906
Shun Tak Holdings (a) 30,000 19,551
Sun Hung Kai Properties 13,000 137,566
Swire Pacific Ltd. 45,000 57,201
Television Broadcast (a) 5,000 20,325
Wharf Holdings 16,000 61,220
------------------
Total Hong Kong 1,392,025
------------------
Japan - 63.8%
All Nipon Airways Company 23,000 143,971
Asahi Glass Co. Ltd. 23,000 206,203
Bridgestone Corp. First SEC 11,000 206,122
Canon Inc. Y50 9,000 192,634
Chubu Electric Power Company 8,600 139,617
Dai Nippon Printing Co. Ltd. 11,000 183,910
Denso Corporation 11,000 215,896
<PAGE>
ICON Asia Region Fund
Schedule of Investments - March 31, 1997 (Unaudited) (Continued)
Shares Value
Japan - continued
Fuji Photo Film (a) 6,000 $ 197,238
Fujitsu Ltd. Y50 20,000 203,538
Hitachi Y50 35,000 310,961
Honda Motor Company 9,000 268,234
Industrial Bank of Japan 27,000 274,776
Ito-Yokado Co. Ltd. 4,000 177,692
Kansai Electric Power 11,200 196,301
Kawaski Steel Corporation 74,000 215,168
Kinki Nippon Railway 34,000 202,390
Kirin Brewery Co. Ltd. 19,000 156,530
Kyocera Corp. 1st SEC 2,600 147,420
Marubeni Corporation 43,000 166,707
Matsushita Electric Indl. Company 22,000 342,945
Mitsubishi Corporation 34,000 302,075
Mitsubishi Estate Co. Ltd. 17,000 181,245
Mitsubishi Hvy Indy 50 (a) 38,000 247,072
Mitsubishi Motors Y50 (a) 22,000 162,944
Mitsui Fudosan 17,000 175,753
NEC Corporation Y50 18,000 203,537
Nippon Steel Company First SEC 75,000 205,961
Nippon Telephone & Telegraph (a) 143 1,006,001
Nissan Motor Company 27,000 162,468
Nomura Securities Company 22,000 243,437
Sankyo Company Ltd. 6,000 165,253
Seibu Railway 7,000 313,222
Seven Eleven Japan 4,000 242,953
Sharp Corporation 12,000 142,476
Sony Corporation 3,600 251,515
Sumitomo Bank 25,000 296,825
Takeda Chemical 9,000 188,272
The Bank of Tokyo - Mitsubishi 20,000 311,768
Tokio Marine & Fire 21,000 213,714
Tokyo Electric Power First SEC 15,900 288,950
Toshiba Corp First SEC 37,000 204,410
Toyota Motor Corporation 24,000 606,735
------------------
Total Japan 10,264,839
------------------
Singapore/ Malaysia - 16.6%
Cerebos Pacific Ltd. 7,000 45,769
City Developments 16,000 141,699
Creative Technology Ltd. (a) 4,000 36,256
Cycle & Carriage Ltd. 6,000 60,610
<PAGE>
ICON Asia Region Fund
Schedule of Investments - March 31, 1997 (Unaudited) (Continued)
Shares Value
Singapore/Malaysia - continued
DBS Land 19,000 $ 64,941
Development Bank 15,000 174,357
Fraser & Neave (a) 8,000 65,315
Great Eastern Life Assurance 2,000 28,922
Hotel Properties SGDI 25,000 42,897
Inchcape Berhad 11,000 38,054
IPC Corporation 61,000 21,103
Keppel Corporation 13,000 81,851
Keppel Fels Ltd. 8,000 24,465
Keppel Land Ltd. 15,000 46,288
Marco Polo Developments 19,000 39,963
Metro Holdings Ltd. 11,000 33,640
Natsteel Ltd. 15,000 36,117
Neptune Orient Lines Ltd. 34,000 27,289
Overseas Chinese Bank 18,000 214,210
Overseas Union Bank 13,000 89,496
Overseas Union Enterprises 9,000 41,721
Sembawang Corporation (a) 6,000 28,852
Shangri La Hotel Ltd. (a) 19,000 56,791
Sime Singapore Ltd. 38,000 27,081
Singapore International Airlines 17,000 136,442
Singapore Land Ltd. 10,000 51,200
Singapore Press Holdings 8,000 145,574
Singapore Technologoes 22,000 53,885
Singapore Telecom 218,000 452,498
Straits Trading Company (a) 18,000 40,351
United Industrial Corp. 52,000 42,095
United Overseas Bank 21,000 215,040
Venture Manufacturing 8,000 19,594
Wing Tai Holdings (a) 16,000 47,160
------------------
Total Singapore/ Malaysia 2,671,526
------------------
TOTAL COMMON STOCK 14,328,390
Mutual Fund Shares - 9.8%
Vista U.S. Government Money Market Fund 1,582,513
Chase Manhattan 607
------------------
TOTAL MUTUAL FUNDS 1,583,120
------------------
TOTAL INVESTMENTS
Cost $16,643,039 15,911,510
Other Assets less Liabilities - 1.1% 172,043
------------------
TOTAL NET ASSETS - 100% $ 16,083,553
==================
<FN>
Legend
(a) non-income producing security
</FN>
</TABLE>
<PAGE>
<TABLE>
ICON Asia Region Fund
Summary of Investments - March 31, 1997 (Unaudited)(Continued)
<S> <C>
Summary of Investments by Industry % of Net Assets
Commercial Banks - Multi Bank Holding Companies 10.30%
Telecommunications 9.60%
Diversified Automotive Manufacturers 7.50%
Land and Real Estate 6.30%
Diversified Electronics 4.30%
Electric Power Companies 4.20%
Other Financial Services 4.00%
Business Machines and Office Equipment 2.50%
National and Regional Food Store Chains 2.40%
Airlines 2.30%
Wholesalers 2.30%
Original Parts and Accessories Manufacturers 2.20%
Ethical Drug Manufacturers 2.20%
General Diversified 2.10%
Electronic Components 1.90%
Railroad Holding Company 1.90%
Radio and TV Broadcasts 1.70%
Insurance 1.60%
Securities Brokerage 1.60%
Industrial Machinery 1.50%
Breweries 1.40%
Department Store Chain 1.30%
Diversified Metal Products Manufacturers 1.30%
Glass 1.30%
Rubber and Tire Manufacturers 1.30%
Steel Producers - Integrated 1.30%
Systems and Subsystems 1.30%
Photographic Equipment and Supplies 1.20%
Printers 1.10%
Soft Drink Producers and Bottlers 1.10%
Diversified Construction Companies 1.10%
Hotel and Motel Chains 1.10%
Press Print 0.90%
Sea Transport 0.90%
Automobiles 0.60%
Engineering and Contracting Services 0.30%
Industrial Services 0.30%
Nonferrous Metals 0.30%
Restaurant 0.30%
Specialty Retailers 0.30%
Building - Heavy Construction 0.20%
Computers 0.20%
Electronic Materials and Natural Gas Distributors 0.40%
Other and cash 8.10%
==================
100.00%
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Asia Region Fund
Statement of Assets & Liabilities (Unaudited)
March 31, 1997
<S> <C>
Assets
Investment in securities, at value (cost $16,643,039) $ 15,911,510
Cash 160,940
Dividends receivable 32,521
Deferred organizational costs, net of accumulated amortization of $3418,072
--------------
Total assets 16,123,043
Liabilities
Accrued investment advisory fee 13,411
Payable to investment advisor and administrator for organizational cost18,415
Other payables and accrued expenses 7,664
--------------
Total liabilities 39,490
--------------
Net Assets $ 16,083,553
==============
Net Assets consist of:
Paid in capital $ 16,776,081
Undistributed net investment income 39,001
Net unrealized appreciation (depreciation) of investments (731,529)
--------------
Net Assets, for 1,684,563 shares $ 16,083,553
==============
Net Asset Value Per Share
Offering price and redemption price per share
($16,083,553/$,684,563) 9.55
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Asia Region Fund
Statement of Operations (Unaudited)
For the period February 26, 1997 (inception) to March 31, 1997
<S> <C>
Investment Income
Dividend income $ 27,092
Interest income 34,037
------------------
Total Investment Income 61,129
Expenses
Investment advisory fee 13,411
Administration fee 671
Legal fees 1,332
Insurance expense 2,205
Amortization of deferred organizational costs 343
Fund accounting, custodial and transfer agent cost 3,755
Miscellaneous expense 411
------------------
Total Expenses 22,128
------------------
Net Investment Income (Loss) 39,001
------------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 0
Change in net unrealized appreciation or depreciation on
investment securities (731,529)
------------------
------------------
Net gain (loss) on investments (731,529)
------------------
Net increase (decrease) in net assets resulting
from operations $ (692,528)
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Asia Region Fund
Statement of Changes in Net Assets (Unaudited) For the period February 26, 1997
(inception) to March 31, 1997
<S> <C>
Increase/(Decrease) in Net Assets
Operations
Net investment income (loss) .................................. $ 39,001
Net realized gain (loss) on investment transactions ........... 0
Change in net unrealized appreciation or depreciation on
investment securities ....................................... (731,529)
------------
Net Increase (decrease) in net assets
resulting from operations .............. 39,001
------------
Distributions to shareholders from:
Net investment income ......................................... 0
------------
Capital share transactions:
Net proceeds from sale of shares .............................. 16,914,920
Shares issued in reinvestment of distributions ................ 0
Shares redeemed .............................................. (138,839)
------------
Net increase (decrease) in net assets resulting
from capital share transactions ............................... 16,776,081
------------
Total increase (decrease) in net assets ....................... 16,815,082
Net Assets
Begining of period ............................................ 0
------------
End of period ................................................. $ 16,815,082
============
Transactions in Fund Shares:
Shares
Sold .......................................................... 1,698,829
Issued in reinvestment of distributions ....................... 0
Redeemed ...................................................... (14,266)
------------
Net increase (decrease) ....................................... 1,684,563
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Asia Region Fund
Financial Highlights (Unaudited)
For a share outstanding throughout the period February 26, 1997 (inception) to
March 31, 1997 Selected Per Share Data and Ratios:
<S> <C>
Net asset value,
beginning of period .................. $ 10.00
------------
Income from investment
Operations
Net investment income ................ 0.02
Net realized and
unrealized gain (loss) on investments (0.47)
------------
Total from investment operations ....... (0.45)
------------
Less Distributions:
From net investment income ........... 0.00
------------
Net asset value,
end of period ........................ $ 9.55
============
Total Return ........................... -4.**%
============
Ratios and Supplemental Data
Net assets, end of period (000's) ...... $ 16,815
============
Ratio of expenses to
average net assets ................... 1.500%
============
Ratio of net investment income to
average net assets ................... 2.00%
============
Portfolio turnover rate ................ 0.00%
============
Average commission rate per share ...... $ 0.0130
============
<FN>
* Annualized
** Total Returns for periods less than one year are not annualized
</FN>
</TABLE>
<PAGE>
<TABLE>
ICON North Europe Region Fund
Schedule of Investments - March 31, 1997 (Unaudited)
<S> <C> <C>
Shares Value
Common Stocks - 86.6%
Belgium - 21.3%
Banque Bruxelles Lambert (a) ............... 820 $ 184,518
Barco NV (a) ............................... 640 110,423
Bekaert NV (a) ............................. 148 95,919
Cimenteries CBR Cementbedrijven SA (a) ..... 1,390 138,655
CMB SA-Compagnie Maritime Belge (a) ........ 961 74,126
Electrabel SA .............................. 2,351 539,935
Etablis Delhaiz Freres & Cie Le Lion ....... 2,902 161,570
Fortis AG .................................. 1,976 352,392
Gevaert-Photo Produits SA (a) .............. 1,381 102,918
Glaverbel SA (a) ........................... 736 92,839
Groupe Bruxelles Lambert SA ................ 1,232 177,733
Kredietbank NV ............................. 699 251,340
Petrofina SA (a) ........................... 1,182 411,303
Royale Belge SA (a) ........................ 773 197,254
Solvay SA .................................. 521 314,242
Tractebel SA ............................... 760 326,166
Union Miniere SA (a) ....................... 1,446 113,916
-------
Total Belgium ............................. 3,645,248
-------
Denmark - 21.4%
A/S Forsikringsselskabet Codan ............. 738 101,598
A/S Korn - OG Foderstof Kompagniet ......... 1,996 73,171
A/S Potagua - B Shs ....................... 533 75,473
Bang & Olufsen Holdings A/S - B Shs ........ 1,267 74,355
Bikuben Girobank A/S ....................... 2,820 133,105
Carlsberg - A Shs .......................... 2,908 181,181
Cheminova Holdings A/S - B shs ............. 263 69,723
DS Norden .................................. 542 74,615
DS Svenborg - A Shs ........................ 11 488,050
Danisco A/S ................................ 4,134 253,663
Danske Traelastkompagni .................... 768 71,291
Den Danske Bank A/S ........................ 4,769 429,937
Fin.Industri OG Handvaerk A/S - B Shs ...... 2,987 73,783
Finansieringsselska Gefion ................. 2,842 62,600
Fls Industries A/S - B Shs ................. 916 123,941
ISS-International Service System A/S - B Shs 2,702 78,647
J Lauritzen Holdings ....................... 1,202 138,054
Jyske Bank A/S ............................. 952 76,089
Novo Nordisk A/S - B Shs ................... 4,683 489,969
Radiometer A/S - B Shs ..................... 1,172 69,886
Sophus Berendsen A/S - B Shs ............... 1,621 212,702
Sydbank .................................... 1,563 75,495
Tele Danmark A/S - B Shs ................... 1,314 69,050
Topdanmark A/S ............................. 435 53,383
Tryg Baltica Forsikring .................... 2,112 117,963
-------
Total Denmark ............................. 3,667,722
-------
<PAGE>
ICON North Europe Region Fund
Schedule of Investments March 31, 1997 (Unaudited) (Continued)
Shares Value
Germany - 31%
Adidas AG (a) ........................... 500 56,342
Allianz AG Holding ...................... 169 347,847
Allianz Lebensversicherungs AG .......... 114 79,945
Altana AG ............................... 92 74,305
BASF AG ................................. 6,237 238,879
Bayer AG ................................ 5,967 251,070
Bayerische Hypotheken-Und Wechsel-Bank .. 2,981 104,168
Bayerische Motoren Werke AG ............. 177 144,707
Bayerische Vereinsbank AG ............... 2,785 114,846
Beiersdorf AG ........................... 930 48,774
Commerzbank AG .......................... 4,613 133,547
Daimler-Benz AG (a) ..................... 3,954 318,995
Degussa AG (a) .......................... 124 52,918
Deutsche Bank AG (a) .................... 5,111 289,494
Deutsche Telekom ........................ 17,115 394,948
Dresdner Bank AG ........................ 4,961 176,478
Heidelberger Zement AG .................. 602 53,042
Henkel KGAA (a) ......................... 2,868 148,695
Hochtief AG Vorm. Gebr.Helfmann ......... 1,128 47,327
Hoechst Aktiengesellschaft .............. 6,986 283,268
Karstadt AG (a) ......................... 155 53,652
Linde AG ................................ 82 57,652
Lufthansa ............................... 4,160 60,091
Man AG .................................. 192 54,893
Mannesmann AG ........................... 370 141,379
Metro AG (a) ........................... 841 86,324
Muenchener Rueckversicherung ............ 79 205,030
Preussag AG ............................. 194 52,443
RWE Aktiengesellschaft .................. 3,405 152,250
SAP AG .................................. 567 96,517
Schering AG ............................. 837 84,633
Siemens ................................. 5,361 288,552
Thyssen AG Vorm. August Thyssen-Huette .. 271 61,399
Veba AG ................................. 4,399 252,593
Vew AG .................................. 257 77,021
Viag AG (a) ............................. 189 89,607
Volkswagen AG ........................... 273 150,540
-------
Total Germany .......................... 5,324,170
-------
Norway - 12.8%
Aker ASA - A Shs ....................... 1,885 50,568
Alcatel Stk ASA ........................ 520 33,889
Bergesen - A Shs ....................... 4,175 92,385
Bonheur ................................ 960 42,486
Christiania Bank OG Kreditkasse ........ 26,013 95,805
Den Norske Bank ASA .................... 29,775 129,066
<PAGE>
ICON North Europe Region Fund
Schedule of Investments March 31, 1997 (Unaudited) (Continued)
Shares Value
Norway - 12.8% (Continued)
Dyno Industrier ASA .................... 1,873 49,678
Elkem A/S .............................. 3,061 57,528
Hafslund ASA - A Shs ................... 7,619 54,042
Kvaerner ASA - A Shs (a) ............... 1,764 95,714
Leif Hoegh & Co ASA .................... 2,753 55,495
Nera ................................... 932 45,485
Norsk Hydro AS ......................... 8,643 432,286
Norske Skogindustrier ASA - A Shs ...... 2,070 67,610
Nycomed - A Shs (a) .................... 5,146 81,504
Olav Thon .............................. 1,250 37,512
Orkla A/S - A Shs ...................... 2,481 199,670
Petroleum Geo-Services ASA (a) ......... 1,362 59,452
Saga Petroleum ASA - A Shs ............. 7,710 133,215
SAS Norge ASA - B Shs .................. 4,315 43,164
Schibsted ASA .......................... 3,284 66,696
Smedvig ASA - A Shs (a) ................ 1,379 34,277
Sparebanken NOR ........................ 1,235 35,564
Storebrand ASA (a) ..................... 16,578 114,072
Storli ASA - A Shs ..................... 2,189 44,126
Tomra Systems .......................... 2,239 45,135
---------
Total Norwa............................ 2,196,423
---------
Total Common Stocks - 86.6%
(Cost $14,447,118) .................... 14,833,564
---------
Mutual Fund Shares - 12.5%
Vista US Government Money Market ........ 2,136,384 2,136,384
---------
Total Investments (Cost $16,583,502)..... 16,969,948
Other Assets less Liabilities - 0.9% .... 164,082
=========
Total Net Assets - 100% ........................... $17,134,030
=========
<FN>
Legend:
(a) Non-income producing security
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Summary of Investments by Industry % of
Net Assets
Commercial Banks - Multibank Holding Companies 13.00%
Diversified chemical manufacturers 9.60%
Insurance companies 7.20%
Electric power and gas companies 6.80%
Shipping 5.80%
General diversified 5.40%
Ethical drug manufacturers 4.30%
Other financial services 4.10%
Diversified automotive manufacturers 3.50%
Telecommunications 3.00%
Diversified electronics 2.50%
Crude oil and natural gas producers 2.40%
Service organizations 2.40%
<PAGE>
ICON North Europe Region fund
Schedule of Investments March 31, 1997 (Unaudited) (Continued)
Summary of Investments by Industry (Continued) % of
Net Assets
Diversified food 1.90%
Diversifed metal producers 1.30%
Brewers 1.10%
Diversified construction companies 1.00%
Chemicals 0.90%
Food 0.9#%
Building production 0.80%
Department store chains 0.80%
Diversified machinery 0.80%
Integrated international oil producers 0.80%
Airlines 0.70%
Systems and subsystems 0.60%
Wire, chain and spring 0.60%
Glass 0.50%
Diversified paper 0.40%
Investment companies 0.40%
Medical, surgical and dental supplies 0.40%
Newspaper publishers 0.40%
Radio, TV and phonograph manufacturers 0.40%
Wholesalers 0.40%
Athletic footwear 0.30%
Cosmetics and toiletries 0.30%
Industrial machinery 0.30%
Miscellaneous machinery and equipment 0.30%
Exploration, drilling service and equipment 0.20%
Land and real estate 0.20%
Cash 13.30%
===============
100.00%
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON North Europe Region Fund
Statement of Assets & Liabilities (Unaudited)
March 31, 1997
<S> <C>
Assets
Investment in securities, at value (cost $16,583,586) $ 16,969,951
Cash 170,033
Dividends receivable 7,611
Interest receivable 9,450
Deferred organizational cost,
net of accumulated amortization of $535 17,880
----------------
Total assets 17,174,925
Liabilities
Accrued investment advisory fee 13,036
Payable to investment advisor and administrator
for organizational costs 18,415
Other payables and accrued expenses 9,444
----------------
Total liabilities 40,895
----------------
Net Assets $ 17,134,030
================
Net Assets consist of:
Paid in capital $ 16,720,175
Undistributed net investment income 4,411
Accumulated net realized gain (loss) on
investments in foreign currency translations 23,079
Net unrealized appreciation (depreciation) of investmens 386,365
----------------
Net Assets, for 1,675,294 shares $ 17,134,030
================
Net Asset Value, Per Share
Offering price and redemption price per share
($17,134,030/1,675,294) $ 10.23
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON North Europe Region Fund
Statement of Operations (Unaudited)
For the period February 19, 1997 (inception) to March 31, 1997
<S> <C>
Investment Income
Dividend income $ 20,601
Interest income 9,450
---------------------
Total Investment Income 30,051
Expenses
Investment advisory fee 15,539
Administration fee 777
Legal fees 1,332
Insurance expense 2,205
Amortization of deferred organizational costs 535
Fund accounting, custodial and transfer agent fee 4,351
Miscellaneous expense 901
---------------------
Total Expenses 25,640
---------------------
Net Investment Income (Loss) 4,411
---------------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 0
Net realized gain (loss) on foreign currency translations 23,079
Change in net unrealized appreciation or depreciation of
investment transactions 386,365
---------------------
Net gain (loss) on investments 409,444
---------------------
Net increase (decrease) in net assets resulting
from operations $ 413,855
=====================
</TABLE>
<TABLE>
<CAPTION>
ICON North Europe Region Fund
Statement of Changes in Net Assets (Unaudited)
For the period February 19, 1997 (inception) to March 31, 1997
<S> <C>
Increase/(Decrease) in Net Assets
Operations:
Net investment income (loss) $ 4,411
Net realized gain (loss) on foreign currency translations 23,079
Change in net unrealized appreciation or depreciation 386,365
-------------------
Net Increase (decrease) in net assets
resulting from operations 413,855
-------------------
Distributions to shareholders from:
Net investment income 0
-------------------
Capital Share Transactions
Net proceeds from sale of shares 16,917,750
Shares issued in reinvestment of distributions 0
Shares redeemed (197,575)
-------------------
Net increase (decrease) in net assets resulting
from share transactions 16,720,175
-------------------
Total increase (decrease) in net assets 17,134,030
Net Assets
Begining of period 0
-------------------
End of period $ 17,134,030
===================
Transactions in Fund Shares
Shares
Sold 1,695,077
Issued in reinvestment 0
Redeemed (19,783)
-------------------
Net increase (decrease) 1,675,294
===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON North Europe Region Fund
Financial Highlights (Unaudited)
For a share outstanding throughout the period
February 19, 1997 (inception) to March 31, 1997
Selected Per Share Data and Ratios
<S> <C>
Net asset value,
beginning of period $10.00
--------------
Income from investment operations:
Net investment income 0.00
Net realized and
unrealized gain (loss) 0.23
--------------
Total from investment operations 0.23
Less Distributions From:
Net investment income 0.00
--------------
Net asset value,
end of period $10.23
==============
Total Return 2.30%
==============
Ratios:
Net assets, end of period (000's) $17,134
==============
Ratio of expenses to
average net assets 1.500%
==============
Ratio of net investment income to
average net assets 1.00%
--------------
Portfolio turnover rate 0.0000%
==============
Average commission rate per share $ 0.1000
==============
* Annualized
** Total Returns for periods less than one year are not annualized
</TABLE>
<PAGE>
ICON North Europe Region Fund, ICON South Europe Region Fund, and ICON Asia
Region Fund Notes to Financial Statements
March 31, 1997
1. Organization and Significant Accounting Policies.
The ICON North Europe Region Fund (North Europe Fund), the ICON South Europe
Region Fund (South Europe Fund) and the ICON Asia Region Fund (Asia Fund) --
(The Funds) are series funds which are part of the ICON Funds (the Trust), a
Massachusetts business trust, which was registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as an open-end, non-diversified
management investment company. The Trust has sixteen funds which invest
primarily in securities of companies whose principal business activities fall
within specific industries or regions, and one short-term fixed income fund
which invests in short-term U.S. Treasury and U.S. Government instruments. Each
fund is authorized to issue an unlimited number of no par shares. The investment
objective of the above listed funds is to provide long-term capital
appreciation.
The following is a summary of significant accounting policies consistently
followed by The Funds in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles 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 could differ from these estimates.
Security Valuation. Equity securities for which quotations are readily available
are valued at the last sale price, or if no sale price, at the closing bid
price. Debt securities for which quotations are readily available are valued by
a pricing service at their market values as determined by their most recent bid
prices in the principal market (the principal market is an exchange) in which
such securities are normally traded. Securities (including restricted
securities) for which market quotations are not readily available are valued at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees. Short-term
securities with remaining maturities of sixty days or less for which quotations
are not readily available are valued at amortized cost or original cost plus
accrued interest, both of which approximate market value.
Foreign Currency Translation. The accounting records of The Funds is
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S. dollars
at the prevailing rates of exchange at period end. 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.
Net realized gains and losses on foreign currency transactions represent net
gains and losses from sales and maturities of forward currency contracts,
disposition of foreign currencies, and the difference between the amount of net
investment income accrued and the U.S. dollar amount actually received. The
effects of changes in foreign currency exchange rates on investments in
securities are included with the net realized and unrealized gain or loss on
investment securities.
Income Taxes. Each of The Funds intends to qualify as a regulated investment
company under Subchapter M of the Internal Revenue Code and, accordingly, each
fund is not subject to federal and state income taxes, or federal excise taxes
to the extent that it intends to make sufficient distributions of net investment
income and net realized capital gain.
The Funds may be subject to foreign withholding taxes Dividend and interest
income is shown net of foreign withholding taxes in the accompanying financial
statements.
<PAGE>
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. The Funds have elected to treat a portion of
distributions of both realized and unrealized gains on forward currency
contracts as capital gain distributions.
Investment Income. Dividend income is recorded on the ex-dividend date, except
certain dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as The Funds are informed of the ex-dividend date.
Non-cash dividends included in dividend income, if any, are recorded at the fair
market value of the securities received. Interest income is accrued as earned.
Investment income is recorded net of foreign taxes withheld where recovery of
such taxes is uncertain.
Expenses. Most expenses of The Funds can be directly attributed to each
specific fund. Expenses which cannot be directly attributed are apportioned
between all funds in the Trust. Deferred Organizational Costs. Meridian
Investment Management Corporation (MIMCO) and AmeriPrime Financial Services,
Inc. (AmeriPrime) paid all organizational expenses on behalf of The Funds. These
expenses will be reimbursed and are being amortized over five years. The
amortization starts once a fund has assets and begins operations.. Security
Transactions. Security transactions are accounted for as of trade date. Gains
and losses on securities sold are determined on the basis of identified cost.
The Funds may have elements of risk due to concentrated investments in foreign
issuers located in a specific country. Such concentrations may subject the Funds
to additional risks resulting from future political or economic conditions
and/or possible impositions of adverse foreign governmental laws or currency
exchange restrictions.
<TABLE>
2. Purchases and Sales of Investments.
<S> <C> <C>
Funds Purchases Sales
ICON Asia Region Fund $13,533,778 0
ICON North Europe Region Fund $ 9,907,028 0
ICON South Europe Region Fund $ 4,857,430 0
</TABLE>
3. Fees and Other Transactions with Affiliates.
Investment Advisory Fee. As The Funds' investment adviser, MIMCO receives a
monthly fee that is computed daily at an annual rate of 1.00% of The Funds'
average net assets.
Transfer Agent, Custody and Accounting Fees. Firstar Trust Company (Firstar)
provides custodial services, transfer agent services and fund accounting for The
Funds. The Funds pay a fee at an annual rate of 0.15% on the Trust's first $500
million average daily net assets, 0.13% on the next $500 million average daily
net assets, and 0.12% on the balance average daily net assets. The Funds also
pay for various out-of-pocket costs incurred by Firstar that are estimated to be
0.02% of the average daily net assets.
The Funds have also entered into an agreement with Chase Manhattan Bank (Chase)
to provide international custodial and transfer agent services. The Funds pay
0.21% of average daily net assets plus an estimated 0.02% for out-of-pocket
costs incurred by Chase.
Administrative Services. The Funds have entered into an administrative services
agreement with AmeriPrime. This agreement provides for an annual fee of 0.05% on
the Trust's first $500 million average daily net assets and 0.04% on average
daily net assets in excess of $500 million.
Related Parties. Certain officers and directors of MIMCO are also officers
and trustees of The Funds.
<PAGE>
4. Federal Income Tax
Net investment income distributions and capital gain distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are due to differing
treatments for items such as deferral of wash sales, foreign currency
transactions, net operating losses and capital loss carryforwards. The aggregate
cost of investments and the composition of unrealized appreciation and
depreciation of investment securities for federal income tax purposes as of
March 31, 1997 are as follows:
<TABLE>
<S> <C> <C> <C> <C>
Net
Unrealized Unrealized Appreciation
Fund Federal Tax Cost Appreciation (Depreciation) (Depreciation)
ICON Asia Region
Fund $16,643,037 $ 83,564 $(815,093) $(731,529)
ICON North Europe $16,583,502 $586,426 $(200,061) $ 386,365
Region Fund
ICON South Europe $ 7,644,431 $117,891 $(198,898) $ (81,007)
Region Fund
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Technology Fund
Schedule of Investments - March 31, 1997 (Unaudited)
<S> <C> <C>
Common Stocks - 74.4% Shares Value
Office Equipment & Supplies - 9.3%
American Business Products/GA 2,600 $ 62,400
General Binding Corp. 1,900 57,475
Hon Industries 3,000 111,375
IKON Office Solutions 2,600 87,100
Kimball International - CLB 3,000 114,000
Miller Herman, Inc. 1,800 122,850
Moore Corp, Inc. 5,400 108,000
Pitney Bowes, Inc. 1,900 111,625
Reynolds & Reynolds - CLA 4,100 97,888
Standard Register Co. 3,600 117,900
Wallace Computer Services, Inc. 3,500 115,938
-------------------
1,106,550
-------------------
Computer Hardware - 13.5%
Adaptec, Inc.(a) 5,500 196,625
Amdahl Corp. 7,400 69,375
Compaq Computer Corp (a) 2,500 191,563
Data General Corp. (a) 4,200 71,400
Dell Computer Corp. (a) 2,900 196,113
Digital Equipment (a) 2,400 65,700
Hewlett-Packard Co. 4,200 223,650
International Business Machines 1,500 206,063
Sequent Computer Systems, Inc. (a) 4,500 67,500
Silicon Graphics, Inc. (a) 3,300 64,350
Sun Microsystems, Inc. (a) 6,200 179,025
Tandem Computers, Inc. (a) 6,200 73,625
-------------------
1,604,988
-------------------
Computer Networking - 21.5%
3Com Corp.(a) 20,800 681,200
Bay Networks, Inc. (a) 36,500 652,438
Cabletron Systems (a) 22,800 666,900
Cisco Systems, Inc. 11,100 534,188
-------------------
2,534,725
-------------------
Peripherals - 10.1%
EMC Corp Ma. (a) 5,200 184,600
Iomega Corp (a) 8,700 141,375
Komag, Inc.(a) 2,100 63,788
Lexmark Intl. Grp., Inc. - CL A (a) 5,100 123,675
Quantum Corp (a) 3,000 115,875
Read-Rite Corp (a) 3,200 80,800
Seagate Technology (a) 4,800 215,400
Storage Technology Corp. - CL A (a) 4,800 188,400
Western Digital Corp.(a) 1,600 90,600
-------------------
1,204,513
-------------------
ICON Technology Fund
Schedule of Investments - March 31, 1997 (Unaudited) (Continued)
Shares Value
Electronics Instruments - 13.9%
Beckman Instruments, Inc. 4,400 184,800
Coherent, Inc.(a) 3,600 172,125
EG&G, Inc. 8,000 167,000
Fluke Corp. 3,900 173,063
Kla-Tencor Corp. (a) 3,900 142,350
Perkin-Elmer Corp. 2,400 154,500
Tektronix, Inc. 3,600 181,800
Thermo Instrument Systems (a) 5,100 147,900
Varian Associates, Inc.(a) 3,100 165,850
X-Rite, Inc. 10,900 163,500
-------------------
1,652,888
-------------------
Computer Systems Services - 6.1%
DST Systems, Inc. (a) 7,300 208,050
Gerber Scientific, Inc. 4,100 63,550
Policy Management Systems Co. 2,600 113,429
Shared Medical Systems Corp. 3,400 158,100
Sungard Data Systems, Inc.(a) 4,100 178,350
-------------------
721,479
-------------------
Total Common Stocks - 74.4% (Cost $9,825,512) $ 8,825,142
===================
Principal
Short-Term Commercial Notes - 35.7% Amount Value
American Family - 5.2865%, 12/31/31 590,000 $ 590,000
Eli Lilly - 5.1045%,12/31/31 576,644 576,644
General Mills - 5.275%, 12/31/31 590,000 590,000
Johnson Controls - 5.32%, 12/31/31 590,528 590,528
Pitney Bowes - 5.2854%, 12/31/31 590,206 590,206
Sara Lee - 5.2652%, 12/31/31 590,000 590,000
Wisconsin Electric - 5.3265%, 12/31/31 128,060 128,060
Warner Lambert - 5.275%, 12/31/31 590,000 590,000
-------------------
Total Short-Term Commercial Notes (Cost $4,245,438) 4,245,438
-------------------
Total Investments - Cost ($14,070,950) - 110.0% 13,070,580
Other Liabilities less other Assets - 10.0% (1,194,484)
===================
Total Net Assets - 100% $ 11,876,096
===================
<FN>
Legend:
(a) Non-Income producing security
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (Unaudited)
March 31, 1997
<S> <C>
Assets
Investment in securities, at value $13,070,580
Cash 42,984
Dividends receivable 4,326
Interest receivable 16,983
Deferred organizational costs,
net of accumulated amortization of $404 18,011
---------------
Total assets 13,152,884
---------------
Liabilities
Payable for investments purchased 1,242,938
Payable to investment advisor and
administrator for organizational costs 18,415
Accrued investment advisory fee 10,118
Other payables and accrued expenses 5,317
---------------
Total liabilities 1,276,788
---------------
Net Assets $11,876,096
===============
Net Assets consist of:
Paid in capital 12,857,195
Undistributed net investment income 11,172
Accumulated net investment loss -
Accumulated net realized gain (loss) on investments 8,099
Net unrealized appreciation (depreciation) of investments (1,000,370)
---------------
Net Assets, for 1,289,665 shares $11,876,096
===============
Net Asset Value, Per Share
Offering price and redemption price per share
($11,876,096/1,289,665) $ 9.21
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations (Unaudited)
For the period February 20, 1997 (inception) to March 31, 1997
<S> <C>
Investment Income
Dividend income $ 5,979
Interest income 24,098
----------------
Total Investment Income 30,077
Expenses
Investment advisory fee 13,038
Administration fee 652
Legal fees 1,332
Insurance expense 2,205
Amortization of deferred organizational costs 404
Fund accounting, custodial and transfer agent fees 1,274
Miscellaneous expenses 0
------------------
Total Expenses 18,905
------------------
Net Investment Income (Loss) 11,172
------------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 8,099
Change in net unrealized appreciation or depreciation on
investment securities (1,000,370)
----------------
Net gain (loss) (992,271)
------------------
Net increase (decrease) in net assets resulting
from operations $ (981,099)
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Technology Fund
Statement of Changes in Net Assets (Unaudited) For the period February 20, 1997
(inception) to March 31, 1997
<S> <C>
Increase/(Decrease) in Net Assets
Operations
Net investment income (loss) $ 11,172
Net realized gain (loss) on investment transactions 8,099
Change in net unrealized appreciation or depreciation on
investment securities (1,000,370)
----------------
Net Increase (decrease) in net assets
resulting from operations (981,099)
----------------
Distributions to shareholders from:
Net investment income 0
----------------
Capital Share Transactions:
Net proceeds from sale of shares 12,994,857
Shares issued in reinvestment of distributions 0
Shares redeemed (137,662)
----------------
Net increase (decrease) in net assets resulting
from share transactions 12,857,195
----------------
Total increase (decrease) in net assets $ 11,876,096
================
Net Assets
Beginning of period 0
----------------
End of period $ 11,876,096
================
Transactions in Fund Shares:
Shares
Sold 1,304,165
Issued in reinvestment of distributions 0
Redeemed (14,500)
----------------
Net increase (decrease) 1,289,665
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Technology Fund
Financial Highlights (Unaudited)
For a share outstanding throughout the period
February 20, 1997 (inception) to March 31, 1997
Selected Per Share Data and Ratios
<S> <C>
Net asset value,
beginning of period $10.00
--------------
Income from investment operations:
Net investment income 0.01
Net realized and
unrealized gain (loss) (0.80)
--------------
Total from investment operations (0.79)
Less Distributions:
From net investment income 0.00
--------------
Net asset value,
end of period $9.21
==============
Total Return -7.90%
==============
Ratios:
Net assets, end of period (000's) $11,876
==============
Ratio of expenses to
average net assets 1.500%
==============
Ratio of net investment income to
average net assets 0.60%
==============
Portfolio turnover rate 4.26%
==============
Average commission rate per share $ 0.0400
<FN>
==============
* Annualized
** Total Returns for periods less than one year are not annualized
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Healthcare Fund
Schedule of Investments - March 31, 1997 (Unaudited)
<S> <C> <C>
Shares Value
Common Stock - 91.5%
Diversified - 9.0%
Abbott Laboratories 6,800 $ 381,650
Bristol Myers Squibb 9,800 578,200
Johnson & Johnson 8,600 454,725
Sierra Health Services (a) 15,400 390,775
Warner Lambert Co. 7,600 657,400
----------------
2,462,750
----------------
Drugs - 13.2%
Alpharma Inc. - CLA 51,400 706,750
Forest Laboratories - CLA (a) 20,000 752,500
Mylan Laboratories (a) 47,600 696,155
RP Scherer /DE (a) 11,100 575,813
US Bioscience Inc.(a) 27,400 318,525
Watson Pharmaceuticals, Inc. 15,700 561,275
----------------
3,611,018
----------------
Drugs/Pharmaceuticals - 8.6%
Eli Lilly & Co. 5,600 460,600
Merck & Co. 5,300 446,525
Pfizer, Inc. 5,400 454,275
Rhone - Poulenc Rorer 7,100 525,400
Schering-Plough 6,600 480,150
----------------
2,366,950
----------------
Long Term Care - 28.3%
Beverly Enterprises (a) 44,400 632,700
Genesis Health Ventures, Inc. (a) 47,500 1,484,375
Health Care & Retirement/DE (a) 22,600 649,750
Healthsouth Corp (a) 31,000 592,875
Horizons/CMS Healthcare Corp. (a) 23,000 356,500
Integrated Health Services, Inc. (a) 47,200 1,380,600
Living Centers of America, Inc. (a) 40,300 1,390,350
Mariner Health Group, Inc.(a) 42,500 374,531
Novacare, Inc.(a) 71,900 871,788
----------------
7,733,469
----------------
Managed Care - 16.2%
Express Scripts Inc. - CLA (a) 26,900 961,675
Foundation Health Systems Corp (a) 17,300 631,450
Healthcare Compare Corp. (a) 18,400 747,500
Oxford Healthplans, Inc.(a) 11,500 674,188
Pacificare Health Systems - CLB (a) 9,400 810,750
United Healthcare Corp. 12,900 614,363
----------------
4,439,925
----------------
Medical Products, Supplies - 7.0%
Biomet, Inc. (a) 36,900 622,688
Datascope Corp. 22,900 417,925
ICON Healthcare Fund
Schedule of Investments - March 31, 1997 (Continued)
Medical Products, Supplies - 7.0% (Continued)
Medtronic, Inc. 8,100 504,225
US Surgical Corp. 12,000 366,000
----------------
1,910,838
----------------
Special Services - 9.1%
Alza Corp. - Class A (a) 8,700 239,250
Apria Healthcare Group (a) 37,200 674,250
Lincare Holdings, Inc.(a) 6,100 251,625
Omnicare Inc. 23,100 542,850
Rotech Medical Corp.(a) 43,700 797,525
----------------
2,505,500
----------------
Total Common Stocks (Cost $26,543,616) $25,030,449
================
Principal
Short Term Corporate Notes - 8.5% Amount Value
American Family - 5.2865%, 12/31/31 $608,222 $ 608,222
Johnson Controls - 5.32%, 12/31/31 100,918 100,918
Eli Lilly - 5.1045%, 12/31/31 504,712 504,712
Sara Lee - 5.2652%, 12/31/31 644,987 644,987
Warner-Lambert - 5.257%, 12/31/31 493,635 493,635
================
Total Short-Term Corporate Notes (Cost $2,352,474) $ 2,352,474
================
Total Investments (Cost $28,896,090) - 100.1% $27,382,923
Other Liabilities less Other Assets - 0.1% (24,453)
================
Total Net Assets - 100.0% $27,358,470
<FN>
================
Legend:
(a) Non-Income producing security
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Healthcare Fund
Statement of Assets and Liabilities (Unaudited)
March 31, 1997
<S> <C>
Assets
Investment in securities, at value (cost $28,896,090) $ 27,382,923
Dividends receivable 4,130
Interest receivable 6,745
Deferred organization costs,
net of accumulated amortization of $353 18,062
----------------
----------------
Total assets 27,411,860
----------------
Liabilities
Accrued investment advisory fee 23,567
Payable to investment advisor and
administrator for organizational costs 18,415
Other payables and accrued expenses 11,408
----------------
----------------
Total liabilities 53,390
----------------
Net Assets $ 27,358,470
================
Net Assets consist of:
Paid in capital $ 28,890,035
Accumulated net investment loss (18,398)
Net unrealized appreciation (depreciation) of investments (1,513,167)
----------------
Net Assets, for 2,890,948 shares $ 27,358,470
================
Net Asset Value, Per Share
Offering price and redemption price per share
($27,358,470/2,890,948) $ 9.46
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
================
ICON Healthcare Fund
Statement of Operations (Unaudited)
For the period February 25, 1997 (inception) to March 31, 1997
<S> <C>
Investment Income
Dividend income $ 4,130
Interest income 15,833
---------------------
Total Investment Income 19,963
---------------------
Expenses
Investment advisory fee 26,456
Administration fee 1,323
Fund accounting, custodial and transfer agent fee 3,968
Insurance expense 2,205
Legal fees 1,332
Amortization of deferred organizational costs 353
Miscellaneous expenses 2,724
---------------------
Total Expenses 38,361
---------------------
Net Investment Income (Loss) (18,398)
---------------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 0
Change in net unrealized appreciation or depreciation on
investment securities (1,513,167)
---------------------
---------------------
Net gain (loss) on investments (1,513,167)
---------------------
Net increase (decrease) in net assets resulting
from operations $ (1,531,565)
=====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Healthcare Fund
Statement of Changes in Net Assets (Unaudited) For the period February 25, 1997
(inception) to to March 31, 1997
<S> <C>
Increase/(Decrease) in Net Assets
Operations
Net investment income (loss) $ (18,398)
Net realized gain (loss) on investment transactions 0
Change in net unrealized appreciation (depreciation) (1,513,167)
----------------
Net Increase (decrease) in net assets
resulting from operations (1,531,565)
----------------
Distributions to shareholders from:
Net investment income 0
----------------
Capital Share Transactions:
Net proceeds from sale of shares 29,134,783
Shares issued in reinvestment of distributions 0
Shares redeemed (244,748)
----------------
Net increase (decrease) in net assets resulting
from share transactions 28,890,035
----------------
================
Total increase (decrease) in net assets $ 27,358,470
================
Net Assets
Beginning of period 0
----------------
End of period $ 27,358,470
================
Transactions in Fund Shares:
Shares:
Sold 2,915,681
Issued in reinvestment of distributions 0
Redeemed (24,733)
----------------
Net increase (decrease) 2,890,948
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Healthcare Fund
Financial Highlights (Unaudited)
For a share outstanding throughout the period February 25, 1997 (inception) to
March 31, 1997 Selected Per Share Data and Ratios
<S> <C>
Net asset value,
beginning of period $10.00
-------------
Income from investment operations:
Net investment income (0.06)
Net realized and
unrealized gain (loss) on investments (0.48)
-------------
Total from investment operations (0.54)
-------------
Less Distribution From:
Net investment income 0.00
-------------
Net asset value,
end of period $9.46
=============
Total Return -5.40%
=============
Ratios:
Net assets, end of period (000's) $27,358
=============
Ratio of expenses to
average net assets 1.500%
=============
Ratio of net investment income to
average net assets -0.47%
=============
Portfolio turnover rate 0.0000%
=============
Average commission rate per share $0.0410
=============
<FN>
* Annualized
** Total Returns for periods less than one year are not annualized
</FN>
</TABLE>
<PAGE>
ICON Technology Fund and ICON Healthcare Fund
Notes to Financial Statements
March 31, 1997
1. Organization and Significant Accounting Policies.
The ICON Technology Fund (Technology Fund) and the ICON Healthcare Fund
(Healthcare Fund) -- (The Funds) are series funds which are part of the ICON
Funds (the Trust), a Massachusetts business trust, which was registered under
the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end,
non-diversified management investment company. The Trust has sixteen funds which
invest primarily in securities of companies whose principal business activities
fall within specific industries or regions, and one short-term fixed income fund
which invests in short-term U.S. Treasury and U.S. Government instruments. Each
fund is authorized to issue an unlimited number of no par shares. The investment
objective of the above listed funds is to provide long-term capital
appreciation.
The following is a summary of significant accounting policies consistently
followed by The Funds in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles 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 could differ from these estimates.
Security Valuation. Equity securities for which quotations are readily available
are valued at the last sale price, or if no sale price, at the closing bid
price. Debt securities for which quotations are readily available are valued by
a pricing service at their market values as determined by their most recent bid
prices in the principal market (the principal market is an exchange) in which
such securities are normally traded. Securities (including restricted
securities) for which market quotations are not readily available are valued at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees. Short-term
securities with remaining maturities of sixty days or less for which quotations
are not readily available are valued at amortized cost or original cost plus
accrued interest, both of which approximate market value.
Income Taxes. Each fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code and, accordingly, each fund is
not subject to federal and state income taxes, or federal excise taxes to the
extent that it intends to make sufficient distributions of net investment income
and net realized capital gain.
<PAGE>
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.
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
market value of the securities received. Interest income is accrued as earned.
Expenses. Most expenses of The Funds can be directly attributed to each specific
fund. Expenses which cannot be directly attributed are apportioned between all
funds in the Trust.
Deferred Organizational Costs. Meridian Investment Management Corporation
(MIMCO) and AmeriPrime Financial Services, Inc. (AmeriPrime) paid all
organizational expenses on behalf of The Funds. These costs will be reimbursed
and are being amortized over five years. The amortization starts once The Funds
have assets and begin operations.
Security Transactions. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
<TABLE>
<CAPTION>
2. Purchases and Sales of Investments.
<S> <C> <C>
Fund Purchases Sales
ICON Technology Fund $10,244,293 $426,881
ICON Healthcare Fund $26,543,613 0
</TABLE>
3. Fees and Other Transactions with Affiliates.
Investment Advisory Fees. As The Funds' investment adviser, MIMCO receives a
monthly fee that is computed daily at an annual rate of 1.00% of The Funds'
average net assets.
Transfer Agent, Custody and Accounting Fees. Firstar Trust Company (Firstar)
provides custodial services, transfer agent services and fund accounting for The
Funds. The Funds pay a fee at an annual rate of 0.15% on the Trust's first $500
million average daily net assets, 0.13% on the next $500 million average daily
net assets, and 0.12% on the balance average daily net assets. The Funds also
pay for various out-of- pocket costs incurred by Firstar that are estimated to
be 0.02% of the average daily net assets.
Administrative Services. The Funds have entered into an administrative services
agreement with AmeriPrime. This agreement provides for an annual fee of 0.05% on
the Trust's first $500 million average daily net assets and 0.04% on average
daily net assets in excess of $500 million.
Related parties. Certain officers and directors of MIMCO are also officers and
trustees of The Funds.
<PAGE>
4. Federal Income Tax.
Net investment income distributions and capital gain distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are due to differing
treatments for items such as deferral of wash sales, foreign currency
transactions, net operating losses and capital loss carryforwards. The aggregate
cost of investments and the composition of unrealized appreciation and
depreciation of investment securities for federal income tax purposes as of
March 31, 1997, are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Unrealized Unrealized Net Appreciation
Fund Federal Tax Cost Appreciaiton (Depreciation) (Depreciation)
ICON Technology Fund $14,070,950 $ 16,874 $(1,017,244) $(1,000,370)
ICON Healthcare Fund $28,896,090 $245,028 $(1,758,195) $(1,513,167)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Short-Term Fixed Income Fund
Schedule of Invesments - March 31, 1997 (Unaudited)
<S> <C> <C>
Principal Amount Value
Federal Farm Credit Bank - 5.19%, 4/11/97 500,000 $ 419,395
Federal Farm Credit Bank - 5.19%, 4/14/97 500,000 499,063
Federal Farm Credit Bank - 5.19%, 4/29/97 385,000 383,446
Federal Home Loan Bank - 6.45%, 4/1/97 8,980,000 8,980,000
FHLMC Discount Note - 5.15%, 4/10/97 480,000 479,380
FHLMC Discount Note - 5.3499%, 4/25/97 3,015,000 3,004,508
FHLMC Discount Note - 8.61%, 5/23/97 10,000,000 9,923,661
FNMA Discount Note - 8.28%, 5/16/97 450,000 447,041
FNMA Discount Note - 8.28%, 5/23/97 15,000,000 14,886,467
SLMA - 7.72%, 4/1/97 8,000,000 8,000,000
US Treasury Note - 5.75%, 12/31/98 10,000,000 9,896,879
US Treasury Note - 7.25%, 02/15/98 20,000,000 20,187,500
US Treasury Note - 6.125%, 3/31/98 10,000,000 10,003,130
-----------------------
Total Investments - 100% 87,110,469
(Total Cost for Income Tax Purposes $87,299,834)
Other Assets less Other Liabilities 38,890
=======================
Net Assets $ 87,149,359
=======================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Short-Term Fixed Income Fund
Statement of Assets & Liabilities (Unaudited)
March 31, 1997
<S> <C>
Assets
Investment in securities, at value (cost $87,299,834) $ 87,110,469
Cash 4,857
Interest receivable 326,468
Deferred organizational costs,
net of accumulated amortization of $646 17,769
----------------
Total assets 87,459,563
Liabilities
Accrued investment advisory fee 46,160
Payable to investment advisor and
adminstrator for organizational costs 18,415
Dividends payable 207,394
Other payables and accrued expenses 38,235
----------------
Total liabilities 310,204
----------------
Net Assets $ 87,149,359
================
Net Assets consist of:
Paid in capital $ 87,338,495
Undistributed net investment income 229
Net unrealized appreciation (depreciation) of investments (189,365)
----------------
Net Assets, for 8,728,185 shares $ 87,149,359
================
Net Asset Value Per Share
Offering price and redemption price per share
($87,149,359/8,728,185) $ 9.98
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Short - Term Fixed Income Fund
Statement of Operations (Unaudited)
For the period February 9, 1997 (inception) to March 31, 1997
<S> <C>
Investment Income
Interest Income $ 500,181
--------------------
Expenses
Investment advisory fee 57,413
Administration fee 4,416
Legal fee 1,332
Insurance expense 2,205
Amortization of deferred organizational costs 646
Fund accounting, custodial and transfer agent fees 13,249
Miscellaneous expenses 17,899
--------------------
Total Expenses 97,160
--------------------
Net Investment Income (Loss) 403,021
--------------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 229
Change in net unrealized appreciation or depreciation on
investment securities (189,365)
---------------------
---------------------
Net gain (loss) (189,136)
--------------------
Net increase (decrease) in net assets resulting
from operations $ 213,885
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Short-Term Fixed Income Fund
Statement of Changes in Net Assets (Unaudited)
For the period February 9, 1997 (inception) to March 31, 1997
<S> <C>
Increase/(Decrease) in Net Assets
Operations
Net investment income (loss) $ 403,021
Net realized gain (loss) on investment transactions 229
Change in net unrealized appreciation (depreciation) (189,365)
----------------
Net Increase (decrease) in net assets
resulting from operations 213,885
----------------
Distributions to shareholders from:
Net investment income (403,021)
----------------
Capital share transactions:
Net proceeds from sale of shares 101,389,991
Shares issued in reinvestment of distributions 195,628
Shares redeemed (14,247,124)
----------------
Net increase (decrease) in net assets resulting
from share transactions 87,338,495
----------------
Total increase (decrease) in net assets 87,552,380
Net Assets
Begining of period 0
----------------
End of period $ 87,149,359
================
Transactions in Fund Shares:
Shares
Sold 10,130,787
Issued in reinvestment of distributions 19,563
Redeemed (1,422,165)
----------------
Net increase (decrease) 8,728,185
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ICON Short-Term Fixed Income Fund
Financial Highlights (Unaudited)
For a share outstanding througout the period February 9, 1997 (inception) to
March 31, 1997 Selected Per Share Data and Ratios:
<S> <C>
Net asset value,
begining of period $10.00
--------------
Income from investment
Operations:
Net investment income 0.04
Net realized and (0.02)
--------------
unrealized gain (loss)
Total from investment operations 0.02
--------------
Less Distributions
From net investment income (0.04)
--------------
Net asset value,
end of period $ 9.98
==============
Total Return -0.20%
==============
Ratios:
Net assets, end of period (000's) $87,149
==============
Ratio of expenses to
average net assets 1.10%
==============
Ratio of net investment income to
average net assets 4.55%
==============
Portfolio turnover rate 0.00%
==============
<FN>
* Annualized
** Total Returns for periods less than one year are not annualized
</FN>
</TABLE>
<PAGE>
ICON Short-Term Fixed Income Fund
Notes to Financial Statements
March 31, 1997
1. Organization and Significant Accounting Policies.
The ICON Short-Term Fixed Income Fund (The Fund) is a series fund which is part
of the ICON Funds (the Trust), a Massachusetts business trust, which was
registered under the Investment Company Act of 1940, as amended (the 1940 Act),
as an open-end, non-diversified management investment company. The Trust has
sixteen funds which invest primarily in securities of companies whose principal
business activities fall within specific industries or regions, and one
short-term fixed income fund which invests in short-term U.S. Treasury and U.S.
Government instruments. The Fund is authorized to issue an unlimited number of
no par shares. The investment objective of the above listed Fund is to attain
high current income consistent with the preservation of capital.
The following is a summary of significant accounting policies consistently
followed by The Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles 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 could differ from these estimates.
Security Valuation. Debt securities for which quotations are readily available
are valued by a pricing service at their market values as determined by their
most recent bid prices in the principal market (the principal market is an
exchange) in which such securities are normally traded. Securities (including
restricted securities), for which market quotations are not readily available
are valued at their fair value as determined in good faith under consistently
applied procedures under the general supervision of the Board of Trustees.
Short-term securities with remaining maturities of sixty days or less for which
quotations are not readily available are valued at amortized cost or original
cost plus accrued interest, both of which approximate market value.
Income Taxes. The Fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code and, accordingly, The Fund is
not subject to federal and state income taxes, or federal excise taxes to the
extent that it intends to make sufficient distributions of net investment income
and net realized capital gain.
Dividends paid by The Fund from net investment income and distributions of net
realized short-term gains are for federal income tax purposes, taxable as
ordinary income to shareholders.
Investment Income. Dividend income is recorded on the ex-dividend date and
recorded as soon as The Fund is informed of the ex-dividend date. Non-cash
dividends included in dividend income, if any, are recorded at the fair market
value of the securities received. Interest income is accrued as earned.
Expenses. Most expenses of The Fund can be directly attributed to The Fund.
Expenses which cannot be directly attributed are apportioned between all funds
in the Trust.
Deferred Organizational Costs. Meridian Investment Management Corporation MIMCO)
and AmeriPrime Financial Services, Inc. (AmeriPrime) paid all organizational
expenses on behalf of The Fund. These costs will be reimbursed and are being
amortized over five years. The amortization starts once The Fund has assets and
begins operation.
<PAGE>
Security Transactions. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. Fees and Other Transactions with Affiliates.
Investment Advisory Fees. As the fund's investment adviser, MIMCO receives a
monthly fee that is computed daily at an annual rate of .65% of the Fund's
average net assets. MIMCO, in its capacity as advisor to the Fund, has entered
into a sub-advisory agreement with Wellington Management Company, LLP
(Wellington) to assist in advising the Fund. MIMCO will pay Wellington a fee
based upon an annual rate of 0.20% of The Fund's first $250 million of average
daily net assets, 0.15% on the next $250 million of average daily net assets and
0.125% on average daily net assets over $500 million. The agreement requires a
minimum annual fee of $100,000.
Transfer Agent, Custody and Accounting Fees. Firstar Trust Company (Firstar)
provides custodial services, transfer agent services and fund accounting for The
Fund. The Fund pays a fee at an annual rate of 0.15% on the Trust's first $500
million average daily net assets, 0.13% on the next $500 million average daily
net assets, and 0.12% on the balance average daily net assets. The Fund also
pays for various out-of-pocket costs incurred by Firstar that are estimated to
be 0.02% of the average daily net assets.
Administrative Services. The Fund has entered into an administrative services
agreement with AmeriPrime. This agreement provides for an annual fee of 0.05% on
the Trust's first $500 million average daily net assets and 0.04% on average
daily net assets in excess of $500 million.
Related parties. Certain officers and directors of MIMCO are also officers and
trustees of The Fund.
3. Federal Income Tax
Net investment income distributions and capital gain distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are due to differing
treatments for items such as deferral of wash sales, foreign currency
transactions, net operating losses and capital loss carryforwards. The aggregate
cost of investments and the composition of unrealized appreciation and
depreciation of investment securities for federal income tax purposes as of
March 31, 1997 are as follows:
<TABLE>
<S> <C>
Federal Tax Cost $87,299,834
Unrealized (Depreciation) $(189,365)
Net Appreciaiton $(189,365)
</TABLE>
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1025770
<NAME> ICON FUNDS
<SERIES>
<NUMBER> 3
<NAME> ASIA REGION FUND
<MULTIPLIER> 3
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-25-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 16,643
<INVESTMENTS-AT-VALUE> 15,911
<RECEIVABLES> 33
<ASSETS-OTHER> 179
<OTHER-ITEMS-ASSETS> 160,940
<TOTAL-ASSETS> 16,123
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 39
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,776
<SHARES-COMMON-STOCK> 1,685
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 39
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (732)
<NET-ASSETS> 16,084
<DIVIDEND-INCOME> 27
<INTEREST-INCOME> 34
<OTHER-INCOME> 0
<EXPENSES-NET> 22
<NET-INVESTMENT-INCOME> 39
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (732)
<NET-CHANGE-FROM-OPS> (693)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,699
<NUMBER-OF-SHARES-REDEEMED> (14)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,084
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22
<AVERAGE-NET-ASSETS> 13,907
<PER-SHARE-NAV-BEGIN> $10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.47)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $9.55
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1025770
<NAME> ICON FUNDS
<SERIES>
<NUMBER> 1
<NAME> HEALTHCARE FUND
<MULTIPLIER> 3
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-24-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 28,896
<INVESTMENTS-AT-VALUE> 27,383
<RECEIVABLES> 4,137
<ASSETS-OTHER> 18
<OTHER-ITEMS-ASSETS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> ICON FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1025770
<NAME> ICON FUNDS
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1025770
<NAME> ICON FUNDS
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<NAME> SHORT-TERM FIXED INCOME FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1025770
<NAME> ICON FUNDS
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<NAME> TECHNOLOGY FUND
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<S> <C>
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