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EXHIBIT (O)
ICON FUNDS
MULTIPLE CLASS EXPENSE ALLOCATION PLAN
ADOPTED PURSUANT TO RULE 18f-3
WHEREAS, ICON Funds, an unincorporated association of the type commonly know as
a business trust organized under the laws of the Commonwealth of Massachusetts
(the "Trust"), engages in business as an open-end management investment company
and is registered as such under the Investment Company Act of 1940, as amended
(the "Act"); and
WHEREAS, the Trust is authorized to (i) issue shares of beneficial interest (the
"Shares") in separate series, with the Shares of each such series representing
the interests in a separate portfolio of securities and other assets, and (ii)
divide the Shares within each such series into two or more classes; and
WHEREAS, the Trust has established two classes of Shares designated as the Class
C and Class I Shares with respect to the ICON Fund (the "Fund"); and
WHEREAS, the Board of Trustees as a whole and the Trustees who are not
interested persons of the Trust (as defined in the Act) (the "Qualified
Trustees"), having determined in the exercise of their reasonable business
judgement that this Plan is in the best interest of each class of the Fund and
of the Trust as a whole, have accordingly approved this Plan.
NOW, THEREFORE, the Trust hereby adopts this Plan in accordance with Rule18f-3
under the Act, on the following terms and conditions:
1. CLASS DIFFERENCES
Each class of shares of a Fund shall represent interests in the same portfolio
of investments of the Fund and shall be identical in all respects, except that
each class shall differ with respect to: (i) distribution and related services
and expenses as provided for in Sections 2 and 3 of the Plan; (ii) such
differences relating to purchase minimums, eligible investors and exchange
privileges as may be set forth in the prospectus and statement of additional
information of the
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Multiple Class Expense Allocation Plan
May 16, 2000
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Fund as the same may be amended or supplemented from time to time (the
"Prospectus" and "SAI"); and (iii) the designation of each class of shares.
2. DIFFERENCES IN DISTRIBUTION AND RELATED SERVICES
The Class C and Class I Shares of the Fund shall differ in the manner in which
such Shares are distributed and in the related services provided to shareholders
of each such class as follows:
(a) BASE AMOUNT FOR ALL CLASSES OF SHARES. Fund assets may be utilized to pay
for or reimburse expenditures in connection with personal services provided
to prospective and existing Fund shareholders, provided the total amount
expended pursuant to this Plan does not exceed 0.25% of net assets on an
annual basis.
(b) ADDITIONAL AMOUNT FOR CLASS C SHARES. Fund assets attributable to Class C
Shares in specific shareholder accounts will be utilized to cover fees paid
to broker-dealers and others for marketing sales and promotional services
related to distribution of said shares in an amount not to exceed 0.75% of
net assets on an annual basis.
(c) ADDITIONAL AMOUNT FOR CLASS I SHARES. Fund assets attributable to Class I
Shares in specific shareholder accounts will not be utilized to pay
additional fees to broker-dealers and others for marketing sales and
promotional services related to distribution.
3. ALLOCATION OF EXPENSES
(a) CLASS EXPENSES. Expenses incurred in connection with any meeting of
shareholders of a particular class, and litigation expenses incurred with
respect to matters affecting only a particular class shall be allocated to
that class.
(b) OTHER ALLOCATIONS. All other expenses of a Series shall be allocated to
each class on the basis of the net asset value of that class in relation to
the net asset of the Series.
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Multiple Class Expense Allocation Plan
May 16, 2000
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Notwithstanding the foregoing, the distributor or advisor of a Series may
waive or reimburse the expenses of a specific class or classes to the
extent permitted under Rule 18f-3 under the Act.
4. TERMS AND TERMINATION
(a) INITIAL SERIES. This Plan shall become effective with respect to each
Series as of the later of (i) the date on which a Registration Statement
becomes effective under the Securities Act of 1933, as amended, or (ii) the
date on which such class of the Series commences offering its Shares to the
public, and shall continue in effect with respect to such class of Shares
(subject to Section 4(c) hereof) until terminated in accordance with the
provisions of Section 4(c).
(b) ADDITIONAL SERIES OR CLASSES. This plan shall become effective with respect
to any class of a Series other than the Fund and with respect to each
additional Series or class thereof established by the Trust after the date
hereof and made subject to this plan upon commencement of the initial
public offering thereof, provided that the Plan has previously been
approved with respect to such additional Series or class by votes of a
majority of both (i) the Board of Trustees of the Trust and (ii) the
Qualified Trustees shall continue in effect with respect to each such
additional Series or class (subject to Section 4(c) hereof) until
terminated in accordance with the provisions of Section 4(c) hereof. An
addendum hereto setting forth such specific and different terms of such
additional series of classes shall be attached to this Plan.
(c) TERMINATION. This Plan may be terminated at any time with respect to the
Trust or any Series or class thereof, as the case may be, by vote of a
majority of both the Trustees of the Trust and the Qualified Trustees. The
Plan may remain in effect with respect to a Series or class thereof even if
it has been terminated in accordance with the Section 4(c) with respect to
another Series or class or one or more other Series of the Trust.
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Multiple Class Expense Allocation Plan
May 16, 2000
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(d) SHAREHOLDER VOTING. In connection with any meeting of shareholders of a
Series, on matters affecting only a particular class, only shareholders of
said class shall be entitled to vote on the matters.
5. AMENDMENTS
Any material amendment to the Plan shall require the affirmative vote of a
majority of both the Trustees of the Trust and the Qualified Trustees.
Dated: May 16, 2000
