AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT

                                   ICON FUNDS

                                AMENDMENT TO THE
                          INVESTMENT ADVISORY AGREEMENT


THIS AMENDMENT to the Investment  Advisory Agreement  ("Agreement") is made this
1st  day  of  January,  2004  by  and  between  Meridian  Investment  Management
Corporation  (the  "Adviser"),  a  Colorado  corporation  and  ICON  Funds  (the
"Trust"), a Massachusetts business trust.

WHEREAS, the Trust and the Adviser entered into an Agreement on July 9, 2002, to
have the Adviser provide certain  advisory  services to the Trust. The Trust and
the Adviser hereby amend the Agreement as follows:

Effective January 1, 2004, the name Meridian Investment  Management  Corporation
has been changed to ICON Advisers,  Inc. All  references to Meridian  Investment
Management  Corporation in this Agreement  shall be replaced with ICON Advisers,
Inc.

All other terms of the Agreement shall remain in full force and effect.

This  Amendment  has been  executed  as of the date  set  forth  above by a duly
authorized officer of each party.

ICON FUNDS                                 ICON ADVISERS, INC.


By: /s/ Xxxx X. Xxxxxx                     By: /s/ Xxxxx X. Xxxxx

Name: Xxxx X. Xxxxxx                       Name: Xxxxx X. Xxxxx

Title: Vice President and CFO              Title: Vice President