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Consumer Discretionary Fund

Data as of 3/9/2010


Share Price Ticker Symbol CUSIP Inception Date
$7.55 ICCCX 44929K309 7/9/1997


Fund Data

Average Annual Total Return (%) as of 12/31/09 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs. Since
Inception
7/9/1997
ICON Consumer Discretionary Fund 47.19 -8.39 -3.53 1.13 1.57
S&P 1500 Index 27.23   -5.30 0.69 -0.19 3.93 
S&P 1500 Consumer Discretionary Index 43.45 -6.81 -2.21 -1.28 3.84
Expenses
Gross Expense Ratio 1.63%
Fund expenses shown are as of the most recent prospectus.
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses. Investing for short periods makes losses more likely. Investments are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.

There are risks involved with mutual fund investing, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

The unmanaged Standard & Poor’s Composite 1500 (S&P1500) Index is a broad-based capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. The Standard and Poor’s (S&P) 1500 Consumer Discretionary Index is an unmanaged capitalization-weighted index comprising companies in the Consumer Discretionary sector as determined by S&P. Total returns for the unmanaged S&P 1500 Consumer Discretionary Index include the reinvestment of dividends and capital gain distributions beginning on January 1, 2002. Index returns with reinvested dividends and distributions are unavailable prior to that date. Total returns for the unmanaged index include the reinvestment of dividends and capital gain distributions but do not reflect the costs of managing a mutual fund. The Fund's composition may differ significantly from the indexes. Individuals cannot invest directly in an index.

Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus, summary prospectus and the statement of additional information contain this and other information about the Funds; please read the prospectus, summary prospectus and the statement of additional information carefully before investing. ICON DistributorsSM, Distributor
Investment Objective & Strategy
ICON Consumer Discretionary Fund seeks long-term capital appreciation.

The Fund uses a quantitative methodology to identify securities ICON believes are underpriced relative to value. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Consumer Discretionary sector (as determined by the Global Industry Classification Standard) including, but not limited to: Advertising, Apparel & Accessories & Luxury Goods, Apparel Retail, Auto Parts & Equipment, Automobile Manufacturers, Catalog Retail, Computer And Electronics Retail, Consumer Electronics, Department Stores, Distributors, Footwear, General Merchandise Stores, Home Furnishings, Home Improvement Retail, Homebuilding, Household Appliances, Housewares & Specialties, Internet Retail, Motorcycle Manufacturers, Specialty Stores, Textiles and Tire & Rubber. Industries and companies within the ICON Consumer Discretionary Sector are determined by the Global Industrial Classified Standard, except where the Adviser believes the industry(s) is best characterized as leisure. This strategy may not be changed unless the Fund shareholders are given at least 60 days’ prior notice. Equity securities in which the Fund may invest include common stocks and preferred stocks of companies of any market capitalization.
There are risks involved with mutual fund investing, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus, summary prospectus and the statement of additional information contain this and other information about the Funds; please read the prospectus, summary prospectus and the statement of additional information carefully before investing. ICON DistributorsSM, Distributor
Fund Highlights
Inception Date 7/9/1997
Minimum Investment * $1,000
Total Net Assets as of 12/31/09 $9.9 million
Maximum Sales Load  0.00%
Maximum Contingent Deferred Sales Charge  0.00%
Redemption Fee  0.00%
Portfolio turnover for the 12-month period ended 9/30/09 200.23%
Total Holdings as of 12/31/09 39
* Minimum is waived with Automatic Investment Plan of $100 or more per month.
Top 10 Holdings as of 2/28/2010
TARGET CORP. 9.94
NIKE, INC., CLASS B 8.03
TJX COMPANIES, INC. 7.86
SNAP-ON INC. 3.66
V.F. CORP. 3.35
THE HOME DEPOT, INC. 3.15
JOS A BANK CLOTHIERS INC. 3.14
FAMILY DOLLAR STORES 3.06
TRACTOR SUPPLY CO. 2.93
DOLLAR TREE INC. 2.76
Top 10 Holdings As % Of Portfolio 47.88
Top 5 Industries as of 12/31/2009
Apparel Retail 16.37
Footwear 15.61
General Merchandise Stores 10.55
Industrial Machinery 5.80
Apparel Accessories & Luxury Goods 5.49
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses.

Fund holdings and composition are subject to change, based on market and other conditions, and should not be construed as a recommendation of any security, sector or industry.

There are risks involved with mutual fund investing, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus, summary prospectus and the statement of additional information contain this and other information about the Funds; please read the prospectus, summary prospectus and the statement of additional information carefully before investing. ICON DistributorsSM, Distributor
Statistics based on fund holdings as of 12/31/2009 
Market Capitalization ($Millions)  The value of a corporation as determined by the market price of its issued and outstanding common stock.
Median  The midway value between the highest market capitalization and the lowest market capitalization. Half the values would be above this value while the remaining half would be below this value.
Weighted Average  The average market value of all securities in a portfolio or index weighted in proportion to their percentage of net assets in the portfolio or index.
Price/Earnings (P/E)  Price/Earnings Ratio is the market price of a stock divided by its earnings per share.
Weighted Average  The average price to earnings ratio of all securities in a portfolio or index weighted in proportion to their percentage of net assets in the portfolio or index.
Weighted Harmonic Average  The average price to earnings ratio of all securities in a portfolio or index weighted in proportion to their percentage of net assets in the portfolio or index using a harmonic average. The harmonic average is used when averaging ratios that may produce extreme results due to a small number in the denominator. The methodology does not exclude extreme values but reduces the impact of outliers. The harmonic average is always less than the geometric average which is always less than the arithmetic average.
Median  The midway value between the highest Price/Earnings Ratio of a stock and the lowest Price/Earnings Ratio of a stock. Half the values would be above this value while the remaining half would be below this value.
 
P/E using FY1 Est  The Price/Earnings Ratio employs an analyst’s forecast for today’s current unreported fiscal year.
Price/Cash Flow  The price to cash flow ratio is the market price of a security divided by the cash flow per share of the same security as of a specific date.
Price/Book  Price/Book Ratio is the ratio of a stock’s price to its book value per share.
Price/Sales  Price/Sales Ratio is the ratio of a stock’s price to its per-share sales.
Hist 3Yr EPS Growth  The annualized growth rate of a company’s earning per share over the past three years.
Est 3-5 Yr EPS Growth  The estimated 3 to 5 year annualized earnings per share growth rate as of a specific date.
ROA  The net income of a security divided by the total assets of a security expressed as a percentage.
ROE  The amount, expressed as a percentage representing a company’s total net income divided by its total equity.
Long-Term Debt/Capital  The long term debt of a company expressed as a percentage of the total capital of a company.
ICON Consumer Discretionary Fund S&P 1500 Consumer Discretionary Index
   
$3,678.80 $1,341.70
$13,285.90 $22,740.30
   
18.31 22.70
17.14 17.12
18.09 18.66
   
16.30 23.30
17.99 23.32
2.97 3.56
1.14 1.41
5.30 7.97
13.65 12.40
8.33 6.72
15.80 17.30
21.40 36.11
Performance statistics ending 12/31/2009 
  Annualized Standard Deviation
Standard deviation is a measure of a portfolio’s volatility, or variability in expected return. As such, it is a measure of risk since risk can be defined as the uncertainty of the expected return. Higher numbers indicated higher historical volatility. Standard deviation is most often used as a measure of risk relative to other portfolios or indexes, although it does not measure all aspects of investment risk. 		Beta
The beta coefficient is a measure of a portfolio’s volatility relative to the market. An index relevant to the portfolio is used as the proxy for the market, and is considered to have a 1.00 Beta. Therefore, if the portfolio has a beta of 1.50, it has historically been 50% more volatile than the market for the periods shown. 		Annualized Alpha (a)
The alpha coefficient is a measure of risk-adjusted return. This number represents the difference between the portfolio’s actual performance and the performance anticipated in light of the portfolio’s risk posture and the market’s behavior. A positive alpha indicates that the manager has been successful at security selection and has produced a rate of return which is more than commensurate with the portfolio’s risk posture. 		Sharpe Ratio
The Sharpe Ratio is a measure of risk-adjusted performance calculated by dividing a portfolio’s excess return above a “risk-free” rate by its standard deviation. The 90-day Treasury-bill returns are used as the risk-free rate. 		R-Square
R2 is a measure of diversification relative to the market, as represented by an index relevant to the portfolio’s stated investment category. It indicates, in precise percentage terms, just how closely a portfolio’s performance variation paralleled the market over the time period shown. 		Info Ratio
The Information Ratio is defined as excess return divided by tracking error. The ratio shows the risk-adjusted excess return of a portfolio over its benchmark. Excess return is the amount of performance over or under a given benchmark index. Tracking error is the standard deviation of the excess return.
3 Yrs. ICON Consumer Discretionary Fund 25.18  0.98 -1.67 -0.43 0.93 -0.23
S&P 1500 Consumer Discretionary Index 24.84 1.00 0.00 -0.37 1.00 N/A
5 Yrs. ICON Consumer Discretionary Fund 21.05 0.97 -1.26 -0.31 0.92 -0.22
S&P 1500 Consumer Discretionary Index 20.71 1.00 0.00 -0.26 1.00 N/A
10 Yrs. ICON Consumer Discretionary Fund 22.07 1.00 2.74 -0.09 0.82 0.24
S&P 1500 Consumer Discretionary Index 19.99 1.00 0.00 -0.21 1.00 N/A
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses. Statistics are based on past performance, and current performance may be higher or lower. Please click here for performance results current to the most recent month-end.

There are risks involved with mutual fund investing, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

The unmanaged Standard & Poor’s Composite 1500 (S&P1500) Index is a broad-based capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. The Standard and Poor’s (S&P) 1500 Consumer Discretionary Index is an unmanaged capitalization-weighted index comprising companies in the Consumer Discretionary sector as determined by S&P. Total returns for the unmanaged S&P 1500 Consumer Discretionary Index include the reinvestment of dividends and capital gain distributions beginning on January 1, 2002. Index returns with reinvested dividends and distributions are unavailable prior to that date. Total returns for the unmanaged indexes include the reinvestment of dividends and capital gain distributions, except as noted, but do not reflect the costs of managing a mutual fund. The Fund's composition may differ significantly from the indexes. Individuals cannot invest directly in an index.

Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus, summary prospectus and the statement of additional information contain this and other information about the Funds; please read the prospectus, summary prospectus and the statement of additional information carefully before investing. ICON DistributorsSM, Distributor
Year-by-Year Historical Quarterly Returns (%)
  Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual Return
1997 N/A N/A 9.70* -10.57 -1.90*
1998 13.56 -2.60 -27.47 31.63 5.60
1999 -3.16 10.31 -10.55 9.62 4.74
2000 -3.21 -6.73 -3.55 1.63 -11.51
2001 1.60 16.47 -19.28 32.14 26.23
2002 10.39 1.68 -23.85 -5.34 -19.09
2003 -7.41 25.70 5.74 14.08 40.40
2004 2.97 -0.58 -7.77 11.81 5.58
2005 -2.25 3.82 -5.55 1.37 -2.84
2006 8.13 -5.20 2.19 6.77 11.85
2007 0.46 4.85 -6.09 -7.87 -8.87
2008 -10.98 -9.13 1.70 -30.32 -42.68
2009 -3.19 15.88  21.53 7.97 47.19
*Since Inception 7/9/97
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses.

There are risks involved with mutual fund investing, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus, summary prospectus and the statement of additional information contain this and other information about the Funds; please read the prospectus, summary prospectus and the statement of additional information carefully before investing. ICON DistributorsSM, Distributor

ICON Funds are offered only to U.S. citizens or residents of the U.S., and the information on this Website is intended only for such persons. Nothing on this Website should be considered a solicitation to buy or an offer to sell shares of any ICON Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.