FIFTH AMENDMENT TO EXPENSE LIMITATION AGREEMENT
THIS FIFTH AMENDMENT ("Amendment") to the Expense Limitation Agreement, as
previously amended ("Agreement") between ICON Funds (the "Trust") and ICON
Advisers, Inc. (the "Adviser") is made this 22nd day of November, 2004.
WHEREAS, the Trust and the Adviser entered into an Agreement whereby the Adviser
agreed to pay expenses related to Class C, Class I and Class Z shares of the
ICON Bond Fund, ICON Covered Call Fund, ICON Equity Income Fund and ICON
Long/Short Fund (the "Funds") to the extent that Total Fund Operating Expenses
of each class of the Funds exceeded the limits set forth in Schedule A to the
Agreement.
The Trust and the Adviser hereby agree to amend the Agreement as follows:
1. The expense limitation for the ICON Bond Fund is hereby changed to 1.60% for
Class C, 1.00% for Class I and 0.75% for Class Z.
2. The term of the Agreement as amended is hereby extended through January 31,
2006.
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: EVP & CFO Title:EVP & GC
