Common use of Other Allocations Clause in Contracts

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 % (1) 2.25 % (1) 1.25 % (1) ICON Bond Fund 1.00 % (1) 1.60 % (2) 0.75 % (2) ICON Risk-Managed Balanced Fund 1.45 % (2) 2.20 % (2) 1.20 % (2) CON Equity Income Fund 1.45 % (2) 2.20 % (2) 1.20 % (2) ICON Long/Short Fund 1.55 % (2) 2.30 % (2) 1.25 % (2) ICON International Equity Fund 1.80 % (2) 2.55 % (2) 1.55 % (2) ICON Emerging Markets Fund 1.80 % (2) 2.55 % (2) 1.55 % (1) ICON Consumer Discretionary Fund 1.99 % (1) N/A 1.74 % (1) ICON Energy Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Financial Fund 1.75 % (1) N/A 1.50 % (1) ICON Healthcare Fund 1.75 % (1) N/A 1.50 % (1) ICON Industrials Fund 1.75 % (1) N/A 1.50 % (1) ICON Information Technology Fund 1.75 % (1) N/A 1.50 % (1) ICON Consumer Staples Fund 1.75 % (1) N/A 1.50 % (1) ICON Natural Resources Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Utilities Fund 1.75 % (1) N/A 1.50 % (1) ICON Opportunities Fund(3) 1.50 % (3) (1) This Agreement may be terminated at any time after January 31, 2017, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The ICON Opportunities Fund is not a multi-class fund. This Agreement may be terminated at any time after January 31, 2017, upon 30 days written notice of termination to the Funds’ Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 % (1) 2.25 % (1) 1.25 % (1) ICON Bond Fund 1.00 % (1) 1.60 % (2) 0.75 % (2) ICON Risk-Managed Balanced Fund 1.45 % (2) 2.20 % (2) 1.20 % (2) CON ICON Equity Income Fund 1.45 1.24 % (25) 2.20 1.99 % (25) 1.20 0.99 % (25) ICON Long/Short Fund 1.55 % (2) 2.30 % (2) 1.25 % (2) ICON International Equity Fund 1.80 % (2) 2.55 % (2) 1.55 % (2) ICON Emerging Markets Fund 1.80 % (2) 2.55 % (2) N/A 1.55 % (1) ICON Consumer Discretionary Fund 1.99 % (1) N/A 1.74 % (1) ICON Energy Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Financial Fund 1.75 % (1) N/A 1.50 % (1) ICON Healthcare Fund 1.75 % (1) N/A 1.50 % (1) ICON Industrials Fund 1.75 % (1) N/A 1.50 % (1) ICON Information Technology Fund 1.75 % (1) N/A 1.50 % (1) ICON Consumer Staples Fund 1.75 % (1) N/A 1.50 % (1) ICON Natural Resources Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Utilities Fund 1.75 1.47 % (13) N/A 1.50 1.22 % (13) ICON Opportunities Fund(3) 1.50 Fund 1.30% (34) (1) This Agreement may be terminated at any time after January 31, 20172018, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The ICON Utilities Fund is a multi-class fund. This Agreement may be terminated at any time after January 31, 2019, upon 30 days written notice of termination to the Funds’ Board of Trustees. (4) The ICON Opportunities Fund is not a multi-class fund. This Agreement may be terminated at any time after January 31, 20172019, upon 30 days written notice of termination to the Funds’ Board of Trustees. (5) In addition to the current expense waiver through January 31, 2021, the total expenses of the ICON Equity Income Fund (excluding interest, taxes, brokerage, acquired fund fees and expenses and extraordinary expenses) are contractually limited to an annual rate for Class A of 1.24%, an annual rate for Class C of 1.99%, and an annual rate of 0.99% for Class S through January 31, 2018. This expense limitation may revert back to the current limits of 1.45% for Class A, 2.20% for Class C and 1.20% for Class S any time after January 31, 2018 upon 30 days’ written notice of termination to the Fund’s Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 % (1) 2.25 % (1) 1.25 % (1) ICON Bond Fund 1.00 % (1) 1.60 % (2) 0.75 % (2) ICON Risk-Managed Balanced Fund 1.45 % (2) 2.20 % (2) 1.20 % (2) CON Equity Income Fund 1.45 % (2) 2.20 % (2) 1.20 % (2) ICON Long/Short Fund 1.55 % (2) 2.30 % (2) 1.25 % (2) ICON International Equity Fund 1.80 % (2) 2.55 % (2) 1.55 % (2) ICON Emerging Markets Fund 1.80 % (2) 2.55 % (2) 1.55 % (1) ICON Consumer Discretionary Fund 1.99 % (1) N/A 2.74 % (1) 1.74 % (1) ICON Energy Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Financial Fund 1.75 % (1) N/A 1.50 % (1) ICON Healthcare Fund 1.75 % (1) N/A 1.50 % (1) ICON Industrials Fund 1.75 % (1) N/A 1.50 % (1) ICON Information Technology Fund 1.75 % (1) N/A 1.50 % (1) ICON Consumer Staples Fund 1.75 % (1) N/A 1.50 % (1) ICON Natural Resources Materials Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Utilities Fund 1.75 % (1) N/A 1.50 % (1) ICON High Yield Bond Fund(3) 0.80 % (3) ICON Opportunities Fund(3) 1.50 % (34) (1) This Agreement may be terminated at any time after January 31, 2017, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) This ICON High Yield Bond Fund is not a multi-class fund. This agreement may be terminated at any time after January 31, 2016, or upon termination of the Fund, whichever shall first occur. (4) The ICON Opportunities Fund is not a multi-class fund. This Agreement may be terminated at any time after January 31, 2017, upon 30 days written notice of termination to the Funds’ Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 1.50% (1) 2.25 2.25% (1) 1.25 1.25% (1) ICON Bond Fund 1.00 1.00% (1) 1.60 1.60% (2) 0.75 0.75% (2) ICON Risk-Managed Balanced Fund 1.45 1.45% (2) 2.20 2.20% (2) 1.20 1.20% (2) CON Equity Income Fund 1.45 1.45% (2) 2.20 2.20% (2) 1.20 1.20% (2) ICON Long/Short Fund 1.55 1.55% (2) 2.30 2.30% (2) 1.25 1.25% (2) ICON International Equity Fund 1.80 1.80% (2) 2.55 2.55% (2) 1.55 1.55% (2) ICON Emerging Markets Europe Fund 1.80 1.80% (2) 2.55 2.55% (2) 1.55 N/A ICON Asia-Pacific Region Fund 1.80% (2) 2.55% (2) N/A ICON Consumer Discretionary Fund 1.99% (1) ICON Consumer Discretionary Fund 1.99 2.74% (1) N/A 1.74 1.74% (1) ICON Energy Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Financial Fund 1.75 1.75% (1) N/A 1.50 2.50% (1) 1.50% (1) ICON Healthcare Fund 1.75 1.75% (1) N/A 1.50 2.50% (1) 1.50% (1) ICON Industrials Fund 1.75 1.75% (1) N/A 1.50 2.50% (1) 1.50% (1) ICON Information Technology Fund 1.75 1.75% (1) N/A 1.50 2.50% (1) 1.50% (1) ICON Consumer Staples Fund 1.75 1.75% (1) N/A 1.50 2.50% (1) 1.50% (1) ICON Natural Resources Materials Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Utilities Fund 1.75 1.75% (1) N/A 1.50 2.50% (1) 1.50% (1) ICON Opportunities Fund(3Fund(1) 1.50 1.50% (31) (1) This Agreement may be terminated at any time after January 31, 20172015, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The ICON Opportunities Fund is not a multi-class fund. This Agreement may be terminated at any time after January 31, 2017, upon 30 days written notice of termination to the Funds’ Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 1.50% (1) 2.25 2.25% (1) 1.25 1.25% (1) ICON Bond Fund 1.00 1.00% (1) 1.60 1.60% (2) 0.75 0.75% (2) ICON Risk-Managed Balanced Fund 1.45 1.45% (2) 2.20 2.20% (2) 1.20 1.20% (2) CON Equity Income Fund 1.45 1.24% (2) 2.20 1.99% (2) 1.20 0.99% (2) ICON Long/Short Fund 1.55 1.55% (2) 2.30 2.30% (2) 1.25 1.25% (2) ICON International Equity Fund 1.80 1.80% (2) 2.55 2.55% (2) 1.55 1.55% (2) ICON Emerging Markets Fund 1.80 1.80% (2) 2.55 2.55% (2) 1.55 1.55% (1) ICON Consumer Discretionary Fund 1.99 1.99% (1) N/A 1.74 1.74% (1) ICON Energy Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Financial Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Healthcare Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Industrials Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Information Technology Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Consumer Staples Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Natural Resources Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Utilities Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Opportunities Fund(3) 1.50 1.50% (3) (1) This Agreement may be terminated at any time after January 31, 20172018, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The ICON Opportunities Fund is not a multi-class fund. This Agreement may be terminated at any time after January 31, 20172018, upon 30 days written notice of termination to the Funds’ Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 % %(1) 2.25 % %(1) 1.25 % %(1) ICON Flexible Bond Fund 1.00 % %(1) 1.60 % %(2) 0.75 % %(2) ICON Risk-Managed Balanced Fund 1.45 % %(2) 2.20 % %(2) 1.20 % %(2) CON ICON Equity Income Fund 1.45 % 1.24 %(21)(2) 2.20 % 1.99 %(21)(2) 1.20 % 0.99 %(21)(2) ICON Long/Short Fund 1.55 % %(2) 2.30 % %(2) 1.25 % %(2) ICON International Equity Fund 1.80 % %(2) 2.55 % %(2) 1.55 % %(2) ICON Emerging Markets Fund 1.80 % %(2) 2.55 % %(2) 1.55 % %(1) ICON Consumer Discretionary Fund 1.99 % %(1) N/A 1.74 % %(1) ICON Energy Fund 1.75 % %(1) 2.50 % %(1) 1.50 % %(1) ICON Financial Fund 1.75 % %(1) N/A 1.50 % %(1) ICON Healthcare Fund 1.75 % %(1) N/A 1.50 % %(1) ICON Industrials Fund 1.75 % %(1) N/A 1.50 % %(1) ICON Information Technology Fund 1.75 % %(1) N/A 1.50 % %(1) ICON Consumer Staples Fund 1.75 % %(1) N/A 1.50 % %(1) ICON Natural Resources Fund 1.75 % %(1) 2.50 % %(1) 1.50 % %(1) ICON Utilities Fund 1.75 % 1.47 %(1) N/A 1.50 % 1.22 %(1) ICON Opportunities Fund(3) 1.50 % Fund 1.30 %(31) (1) This Agreement may be terminated at any time after January 31, 20172020, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The . For the ICON Opportunities Fund Equity Income Fund, between January 31, 2020 until January 31, 2021, the limit is not a multi-class fund. This Agreement 1.45% for Class A, 2.20% for Class C and 1.20% for Class S, at which time, it may be terminated at any time after January 31, 2017, upon 30 days days’ written notice of termination to the Funds’ Fund’s Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 1.50% (1) 2.25 2.25% (1) 1.25 1.25% (1) ICON Flexible Bond Fund 1.00 1.00% (1) 1.60 1.60% (2) 0.75 0.75% (2) ICON Risk-Managed Balanced Fund 1.45 1.45% (2) 2.20 2.20% (2) 1.20 1.20% (2) CON Equity Income Fund 1.45 1.24% (21)(2) 2.20 1.99% (21)(2) 1.20 0.99% (21)(2) ICON Long/Short Fund 1.55 1.55% (2) 2.30 2.30% (2) 1.25 1.25% (2) ICON International Equity Fund 1.80 1.80% (2) 2.55 2.55% (2) 1.55 1.55% (2) ICON Emerging Markets Fund 1.80 1.80% (2) 2.55 2.55% (2) 1.55 1.55% (1) ICON Consumer Discretionary Fund 1.99 1.99% (1) N/A 1.74 1.74% (1) ICON Energy Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Financial Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Healthcare Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Industrials Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Information Technology Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Consumer Staples Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Natural Resources Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Utilities Fund 1.75 1.47% (1) N/A 1.50 1.22% (1) ICON Opportunities Fund(3) 1.50 1.30% (31) (1) This Agreement may be terminated at any time after January 31, 20172019, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The . For the ICON Opportunities Fund Equity Income Fund, between January 31, 2019 until January 31, 2021, the limit is not a multi-class fund. This Agreement 1.45% for Class A, 2.20% for Class C and 1.20% for Class S, at which time, it may be terminated at any time after January 31, 2017, upon 30 days days’ written notice of termination to the Funds’ Fund’s Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 % (1) 2.25 % (1) 1.25 % (1) ICON Bond Fund 1.00 % (1) 1.60 % (2) 0.75 % (2) ICON Risk-Managed Balanced Fund 1.45 % (2) 2.20 % (2) 1.20 % (2) CON ICON Equity Income Fund 1.45 1.24 % (21)(2) 2.20 1.99 % (21)(2) 1.20 0.99 % (21)(2) ICON Long/Short Fund 1.55 % (2) 2.30 % (2) 1.25 % (2) ICON International Equity Fund 1.80 % (2) 2.55 % (2) 1.55 % (2) ICON Emerging Markets Fund 1.80 % (2) 2.55 % (2) 1.55 % (1) ICON Consumer Discretionary Fund 1.99 % (1) N/A 1.74 % (1) ICON Energy Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Financial Fund 1.75 % (1) N/A 1.50 % (1) ICON Healthcare Fund 1.75 % (1) N/A 1.50 % (1) ICON Industrials Fund 1.75 % (1) N/A 1.50 % (1) ICON Information Technology Fund 1.75 % (1) N/A 1.50 % (1) ICON Consumer Staples Fund 1.75 % (1) N/A 1.50 % (1) ICON Natural Resources Fund 1.75 % (1) 2.50 % (1) 1.50 % (1) ICON Utilities Fund 1.75 1.47 % (1) N/A 1.50 1.22 % (1) ICON Opportunities Fund(3) 1.50 Fund 1.30 % (31) (1) This Agreement may be terminated at any time after January 31, 20172019, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The . For the ICON Opportunities Fund Equity Income Fund, between January 31, 2019 until January 31, 2021, the limit is not a multi-class fund. This Agreement 1.45% for Class A, 2.20% for Class C and 1.20% for Class S, at which time, it may be terminated at any time after January 31, 2017, upon 30 days days’ written notice of termination to the Funds’ Fund’s Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. ​ The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 1.50% (1) 2.25 2.25% (1) 1.25 1.25% (1) ICON Flexible Bond Fund 1.00 1.00% (1) 1.60 1.60% (21) 0.75 0.75% (21) ICON Risk-Managed Balanced Fund 1.45 1.45% (21) 2.20 2.20% (21) 1.20 1.20% (21) CON Equity Income Fund 1.45 1.24% (21) 2.20 1.99% (21) 1.20 0.99% (21) ICON Long/Short Fund 1.55 1.55% (21) 2.30 2.30% (21) 1.25 1.25% (21) ICON International Equity Fund 1.80 1.80% (21) 2.55 2.55% (21) 1.55 1.55% (21) ICON Emerging Markets Fund 1.80 1.80% (21) 2.55 2.55% (21) 1.55 1.55% (1) ICON Consumer Discretionary Fund 1.99 1.99% (1) N/A 1.74 1.74% (1) ICON Energy Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Financial Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Healthcare Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Industrials Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Information Technology Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Consumer Staples Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Natural Resources Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Utilities Fund 1.75 1.47% (1) N/A 1.50 1.22% (1) ICON Opportunities Fund(3) 1.50 Fund* 1.30% (31) (1) This Agreement may be terminated at any time after January 31, 2017, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The ICON Opportunities Fund is not a multi-class fund. This Agreement may be terminated at any time after January 31, 2017, upon 30 days written notice of termination to the Funds’ Board of Trustees.

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. 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. In light of the foregoing, the Trust and the Adviser agree that the Adviser’s payment of Fund/Class expenses under this Agreement shall be monitored to assure compliance with Rule 18f-3 limitations. The Adviser is entitled to reimbursement from a Fund of any expenses waived pursuant to this amendment if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed. All other terms of the Agreement shall remain in full force and effect. This Amendment is effective as of the date set forth above and has been duly authorized by an officer of each party. ICON Fund 1.50 1.50% (1) 2.25 2.25% (1) 1.25 1.25% (1) ICON Bond Fund 1.00 1.00% (1) 1.60 1.60% (2) 0.75 0.75% (2) ICON Risk-Managed Balanced Fund 1.45 1.45% (2) 2.20 2.20% (2) 1.20 1.20% (2) CON Equity Income Fund 1.45 1.24% (24) 2.20 1.99% (24) 1.20 0.99% (24) ICON Long/Short Fund 1.55 1.55% (2) 2.30 2.30% (2) 1.25 1.25% (2) ICON International Equity Fund 1.80 1.80% (2) 2.55 2.55% (2) 1.55 1.55% (2) ICON Emerging Markets Fund 1.80 1.80% (2) 2.55 % (2) 1.55 N/A 1.55% (1) ICON Consumer Discretionary Fund 1.99 1.99% (1) N/A 1.74 1.74% (1) ICON Energy Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Financial Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Healthcare Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Industrials Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Information Technology Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Consumer Staples Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Natural Resources Fund 1.75 1.75% (1) 2.50 2.50% (1) 1.50 1.50% (1) ICON Utilities Fund 1.75 1.75% (1) N/A 1.50 1.50% (1) ICON Opportunities Fund(3Fund (3) 1.50 1.50% (3) (1) This Agreement may be terminated at any time after January 31, 20172018, upon 30 days written notice of termination to the Funds’ Board of Trustees. (2) This Agreement may be terminated at any time after January 31, 2021, upon 30 days written notice of termination to the Funds’ Board of Trustees. (3) The ICON Opportunities Fund is not a multi-class fund. This Agreement may be terminated at any time after January 31, 20172018, upon 30 days written notice of termination to the Funds’ Board of Trustees. (4) In addition to the current expense waiver through January 31, 2021, the total expenses of the ICON Equity Income Fund (excluding interest, taxes, brokerage, acquired fund fees and expenses and extraordinary expenses) are contractually limited to an annual rate for Class A of 1.24%, an annual rate for Class C of 1.99%, and an annual rate of 0.99% for Class S through January 31, 2018. This expense limitation may revert back to the current limits of 1.45% for Class A, 2.20% for Class C and 1.20% for Class S any time after January 31, 2018 upon 30 days’ written notice of termination to the Fund’s Board of Trustees.