AUGUST 16, 2000 SUPPLEMENT TO
ICON FUNDS PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMTATION DATED JANUARY 20, 2000
I. CHANGES MADE IN RESPONSE TO CHANGES IN S&P SECTOR/INDUSTRY CLASSIFICATION
Standard & Poor's ("S&P") recently changed its Global Industry Classification
Standard revising sectors and industries in the respective sectors. Since
the ICON Funds were formed using a value-based strategy focused primarily on
industry rotation using industries and companies comprising the Standard &
Poors SuperComposite 1500 Index, these changes needed to be addressed. In
response to the S&P changes, on August 14, 2000, the ICON Funds Board of
Trustees: renamed six of the funds; eliminated two funds that have never
been opened; and instructed that an amendment to the ICON Funds registration
statement be made to adjust industries for the respective funds in accordance
with the S&P changes.
A. Name Changes:
Old Name New Name
ICON Basic Materials Fund ICON Materials Fund
ICON Consumer Cyclicals Fund ICON Consumer Discretionary Fund
ICON Financial Services Fund ICON Financial Fund
ICON Technology Fund ICON Information Technology Fund
ICON Transportation Fund ICON Industrials Fund
ICON Leisure Fund ICON Leisure and Consumer Staples Fund
B. Elimination of Two Funds:
ICON Capital Goods Fund and ICON Consumer Staples Fund have been eliminated as
series of ICON Funds. Shares of these funds are no longer available for sale.
C. Changes to be Made in Near Future:
It is anticipated that an amendment to the ICON Funds registration statement
reflecting the S&P changes and incorporating current audited financial
information will be filed with the Securities and Exchange Commission at
the end of November 2000. It is also anticipated that the amendment will
become effective by the end of January 2001. In the meantime, the various
funds will be managed in a manner reflecting the S&P changes to the extent
consistent with prior sector/industry listings.
II. ADDITIONAL PORTFOLIO MANAGER
Dr. Nicholas G. Azari is a portfolio manager for the Advisor and a member of
the Investment Committee. He previously obtained a PhD in Electrical
Engineering from Cornell University. Dr. Azari began his investment career
in 1994, and has been an assistant portfolio manager and analyst for two
investment firms prior to joining Meridian in September 1999.
III. SECRETARY
Page 16 of the Statement of Additional Information should reflect that
Deborah Zele Urtz has been appointed Secretary to the Trust. She also serves
as Chief Compliance Officer of the Advisor, Financial and Operations
Principal of Meridian Clearing Corporation, the principal underwriter of the
Funds. Ms. Urtz has 14 years experience in the securities industry in
operations and compliance.
