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International Equity Fund - Class I

Data as of 9/10/2010


Share Price Ticker Symbol CUSIP Inception Date
$11.31 IIQIX 44929K622 2/6/2004


Fund Data

Average Annual Total Return (%) as of 6/30/10 1 Yr. 3 Yrs. 5 Yrs. Since
Inception 2/6/2004
ICON International Equity Fund - Class I 14.84 -13.63 3.56 4.14
MSCI All Country World Index ex.-U.S. 10.87 -10.28 3.84 5.73
Expenses - Class I
Gross Expense Ratio 1.76%
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.

ICON has contractually agreed to limit the total expenses of the Fund (excluding interest, taxes, brokerage and extraordinary expenses) to an annual rate for Class I of 1.80%. This expense limitation may be terminated at any time after January 31, 2020 upon 30 days’ written notice of termination to the Fund’s Board of Trustees. ICON is entitled to reimbursement from the Fund of any fees waived pursuant to this arrangement if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed.

Fund expenses shown are as of the most recent prospectus.
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. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Performance is for the Fund's Class I shares. Performance for the Fund's other share classes will vary due to differences in charges and expenses.

The Morgan Stanley Capital International (MSCI) All Country World Index ex-United States (ACWI ex-U.S.) is a leading unmanaged benchmark of international stock performance. The capitalization-weighted index is representative of the performance of securities of companies located in developed and emerging markets outside of the United States. 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 index. Individuals cannot invest directly in an index.

Source: FactSet Research Systems Inc.

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 International Equity 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 foreign equity securities. Foreign equity securities refer to securities of issuers, wherever organized, whose securities are listed or traded principally on a recognized stock exchange or over-the-counter market outside the United States. This strategy may not be changed unless Fund shareholders are given at least 60 days’ prior notice. Equity securities in which the Fund may invest include common 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. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. 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 - Class I 2/6/2004
Minimum Investment * $1,000
Total Net Assets as of 6/30/10 $96.3   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 9/30/09 182.73%
Total Holdings as of 6/30/10 111
* Minimum is waived with Automatic Investment Plan of $100 or more per month.
Top 10 Holdings as of 7/31/2010
SAMSUNG ELECTRONICS CO. LTD. 2.70
SIEMENS AG REG 2.53
OMEGA PHARMA SA 2.49
GUANGDONG INVEST 2.48
TORONTO DOMINION BANK 2.08
TECHTRONIC INDUSTRIES CO. 2.03
HON HAI PRECISION INDUSTRY 1.89
CHINA PETROLEUM + CHEMICAL H 1.87
NATIONAL AUSTRALIA BANK LTD. 1.75
HSBC HOLDINGS PLC 1.75
Top 10 Holdings As % of Portfolio 21.57
Emerging Market Exposure as of 6/30/10 42.89%
The Fund’s emerging market exposure reflects countries that are members of the Morgan Stanley Capital International (MSCI) Emerging Markets IndexSM, a free float-adjusted market capitalization index that is designed to measures equity market performance in the global emerging markets. As of June 2010, the MSCI Emerging Market Index consisted of the following 25 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
Top 5 Sectors as of 6/30/2010
Financials 18.28
Industrials 16.25
Materials 14.07
Consumer Discretionary 12.04
Leisure & Consumer Staples 9.38
Top 5 Industries as of 6/30/2010
Diversified Banks 17.70
Integrated Oil & Gas 5.93
Water Utilities 4.56
Diversified Metals & Mining 4.51
Apparel Accessories & Luxury Goods 4.14
Top 5 Countries as of 6/30/2010
China 13.05
South Korea 11.83
Brazil 8.92
Canada 8.47
United Kingdom 7.15
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. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. 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 6/30/2010  
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.
Historical 3Yr EPS Growth  The annualized growth rate of a company’s earning per share over the past three years.
Estimated 3-5 Yr EPS Growth  The estimated 3 to 5 year annualized earnings per share growth rate as of a specific date.
Return on Assets  The net income of a security divided by the total assets of a security expressed as a percentage.
Return on Equity  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 International Equity Fund
 
$9,369.90
$30,765.94
 
18.73
12.96
13.78
 
11.77
15.65
2.10
1.70
2.94
19.42
6.04
12.77
32.22
Performance statistics ending 6/30/2010  
  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 relative to a specific benchmark. 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 as represented by the benchmark. 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 as it relates to the underlying benchmark. 		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 International Equity Fund - Class I N/A N/A N/A N/A N/A N/A
MSCI ACWI ex.-U.S. N/A N/A N/A N/A N/A 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. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Performance is for the Fund's Class I shares. Performance for the Fund's other share classes will vary due to differences in charges and expenses.

The Morgan Stanley Capital International (MSCI) All Country World Index ex-United States (ACWI ex-U.S.) is a leading unmanaged benchmark of international stock performance. The capitalization-weighted index is representative of the performance of securities of companies located in developed and emerging markets outside of the United States. The Fund's composition may differ significantly from the index. Individuals cannot invest directly in an index.

Source: FactSet Research Systems Inc.

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 - Class I (%)
  Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual Return
2004 -1.37* -3.24 1.24 13.77 11.46*
2005 0.00 -0.99 17.99 12.03 30.87
2006 8.10 -2.07 2.12 11.45 20.48
2007 4.07 11.55 8.36 -2.54 22.58
2008 -13.36 -3.72 -26.04 -25.72 -54.17
2009 -10.14 29.00  21.48 4.99 47.84
2010 2.56 -12.20
*Since Inception 2/6/04
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. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Performance is for the Fund's Class I shares. Performance for the Fund's other share classes will vary due to differences in charges and expenses.

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.