AMENDMENT TO
                            TRANSFER AGENT AGREEMENT

This Amendment to the Transfer Agent Agreement (the "Agreement") is made this
9th day of July, 2002 between the ICON Funds (the "Funds") and US Bancorp Fund
Services, LLC, ("US Bancorp").

WHEREAS, the Funds and US Bancorp entered into an agreement on October 9, 1996,
to have US Bancorp provide to the Funds certain transfer agency services. The
Funds and US Bancorp agree to amend paragraph 7 of the Agreement to reflect that
the following portfolios are currently covered under this Agreement:

I.    Portfolios that are no-load and have no 12b-1 fees:

      U.S. Equity Funds
      ICON Consumer Discretionary Fund
      ICON Energy Fund
      ICON Financial Fund
      ICON Healthcare Fund
      ICON Industrials Fund
      ICON Information Technology Fund
      ICON Leisure & Consumer Staples Fund
      ICON Materials Fund
      ICON Telecommunications & Utilities Fund

      Foreign Equity Funds
      ICON Asia-Pacific Region Fund
      ICON North Europe Region Fund
      ICON South Europe Region Fund
      ICON Western Hemisphere Fund

      Fixed Income Funds
      ICON Short-Term Fixed Income Fund

II.   Portfolios with a 12b-1 plan:

      ICON Bond Fund
      ICON Covered Call Fund
      ICON Equity Income Fund
      ICON Fund
      ICON Long/Short Fund

This Amendment may be contemporaneously executed in two or more counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

                                      -1-


IN WITNESS WHEREOF, the parties have caused their duly authorized officers to
execute this Amendment as of the date first written above.

ICON FUNDS                               US BANCORP FUND SERVICES, LLC



By: /s/ Craig Callahan                   By: /s/ Michael R. McVoy
    --------------------------------         --------------------

Name: Craig Callahan                     Name: Michael R. McVoy
     -------------------------------          -----------------

Title: President                         Title: Senior Vice President
       -----------------------------            ---------------------

                                      -2-