AMENDMENT TO THE ADVISORY AGREEMENT

                                   ICON FUNDS

                                AMENDMENT TO THE
                               ADVISORY AGREEMENT


THIS AMENDMENT to the 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 October 9, 1996,
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/ ▇▇▇▇ ▇. ▇▇▇▇▇▇                    By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇

Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇                     Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇

Title: Vice President and CFO            Title: Vice President