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Long/Short Fund


Important Information Regarding ICON Fund Share Classes

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Fund Data

Average Annual Total Return (%) as of 12/30/11
Ticker 4Q-11 YTD 1
Yr.
3 Yrs. 5 Yrs. 10 Yrs. Since
Inception
Inception
Date
ICON Long/Short Fund - Class C* IOLCX 8.73 -0.50 -0.50 5.41 -5.48 n/a 2.86 10/17/02
ICON Long/Short Fund - Class A at NAV** ISTAX 9.97 1.21 1.21 6.22 -4.79 n/a -3.84 5/31/06
ICON Long/Short Fund - Class A with Maximum Sales Charge** ISTAX 3.62 -4.62 -4.62 4.15 -5.19 n/a -4.86 5/31/06
S&P 1500 Index 12.10 1.75 1.75 14.66 0.11 3.40 n/a
Effective January 23, 2012, Class Z was renamed Class S.

** Effective January 23, 2012, Class I merged with and into Class A. The performance data presented is that of Class A before the merger.

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.

* If you redeem Class C shares within one year of purchase, you may be charged 1.00% maximum contingent deferred sales charge. Class C share total returns for the one-year period reflect the deduction of the contingent deferred sales charge.

Performance figures shown for Class A shares with maximum sales charge are calculated with payment of a 5.75% maximum sales charge at the inception of the time period indicated. Please consult the prospectus for information regarding purchases which may be eligible for breakpoints.
Expenses Class C Class A
Gross Expense Ratio 3.14% 3.23%
Net Expense Ratio 2.70% 1.91%
Fund expenses shown are as of the most recent prospectus.

ICON has contractually agreed to limit the total expenses of the Long/Short Fund (excluding interest, taxes, brokerage, dividends on short sales and extraordinary expenses) to an annual rate for Class A of 1.55% and an annual rate for Class C of 2.30%. This expense limitation may be terminated at any time after January 31, 2021 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.

The Net Expense Ratio exceeds the contractually limited expenses because of interest, taxes, brokerage, and extraordinary expenses not waived by the Adviser.

Gross Expenses are all customary expenses incurred by a Fund, excluding, where applicable, waivers, reimbursements, and contractually agreed-to limits of the total expenses by the Fund’s adviser. Net Expenses are all customary expenses incurred by a Fund, including, where applicable, waivers, reimbursements, and contractually agreed-to limits of the total expenses by the Fund adviser. Fund expenses shown are as of the most recent prospectus.
Maximum Sales Load (Class A) 5.75%*
* Lower sales charges are available for purchases of $25,000 or more and eliminated for purchases of $1 million or more. See the prospectus for more information.
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. There are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The Fund's loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. 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. 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.

Sources: 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
The ICON Long/Short Fund seeks capital appreciation.

The Fund uses a quantitative methodology to identify securities ICON believes are underpriced relative to value. It normally invests in equity securities of companies of any market capitalization and traded in U.S. markets. The Fund will generally take long positions in equity securities identified as undervalued and take short positions in equity securities identified as overvalued. This strategy may not be changed unless Fund shareholders are given at least 60 days’ prior notice. Each long or short position will be determined by considering the tradeoff between the attractiveness of each position and its impact on the risk of the overall portfolio.
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. There are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The Fund's loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. 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
Minimum Investment * $1,000
Total Net Assets as of 9/30/11 $14.2  million
Maximum Sales Load for Class A** 5.75%
Maximum Contingent Deferred Sales Charge for Class C 1.00%
Redemption Fee  0.00%
Portfolio turnover for the 12-month period ended 9/30/10 136.50%
Total Holdings as of 9/30/11 56
* Minimum is waived with Automatic Investment Plan of $100 or more per month.

** Lower sales charges are available for purchases of $25,000 or more and eliminated for purchases of $1 million or more. See the prospectus for more information.

A contingent deferred sales charge applies to certain redemptions made within one year of purchase. See the most recent prospectus for additional information.
Top 10 Holdings as of 12/31/2011 and Total Holdings as of 12/31/11
General Electric Co. 4.87
Apple Inc. 4.63
International Business Machines Corp. 4.45
OTHER ASSETS AND LIABILITIES 3.73
TJX Cos. 3.60
Comcast Corp. Cl A 3.43
Accenture PLC 3.40
Dover Corp. 3.36
Caterpillar Inc. 3.35
Danaher Corp. 3.32
The top 10 securities exclude other assets and liabilities, as well as any cash and cash equivalents.
Long/Short Exposure as of 9/30/2011
Long Positions as a percent of Total Gross Exposure: 89.64%
Short Positions as a percent of Total Gross Exposure: 5.22%
Top 5 Sectors as of 12/31/11
Industrials 26.15
Information Technology 23.34
Consumer Discretionary 18.30
Financials 11.15
Energy 10.22
Top 5 Industries as of 12/31/11
IT Consulting & Other Services 12.62
Industrial Conglomerates 8.09
Cable & Satellite 5.80
Industrial Machinery 5.09
Oil & Gas Equipment & Services 5.05
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 selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The Fund's loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

ICON’s value-to-price ratio is a ratio of the intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. To analyze intrinsic value, the ICON valuation methodology relies on the integrity of publicly released financial statements. ICON’s “relative strength” estimate reflects ICON’s calculation of how an individual stock has performed compared to the broad stock market over a specified period of time.

ICON’s value-based investing model is an analytical, quantitative approach to investing that employs various factors, including projected earnings growth estimates and bond yields, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. ICON’s value approach involves forward-looking statements and assumptions based on judgments and projections that are neither predictive nor guarantees of future results. Value readings are contingent on several variables including, without limitation, earnings, growth estimates, interest rates and overall market conditions. Although valuation readings serve as guidelines for our investment decisions, we retain the discretion to buy and sell securities that fall beyond these guidelines as needed. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies.

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 12/31/2011  ICON Long/Short S&P Composite 1500
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. 24,416.55 2,129.65
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. 62,740.32 85,468.91
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. 16.23 25.30
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. 14.43 14.16
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. 14.75 16.83
P/E using FYX Est The Price/Earnings Ratio employs an analyst’s forecast for today’s current unreported fiscal year. 14.17 18.18
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. 11.71 11.64
Price/Book Price/Book Ratio is the ratio of a stock’s price to its book value per share. 3.40 3.65
Price/Sales Price/Sales Ratio is the ratio of a stock’s price to its per-share sales. 2.14 2.47
Historical 3Yr EPS Growth The annualized growth rate of a company’s earning per share over the past three years. 8.45 5.86
Estimated 3-5 Yr EPS Growth The estimated 3 to 5 year annualized earnings per share growth rate as of a specific date. 14.93 11.92
Return on Assets The net income of a security divided by the total assets of a security expressed as a percentage. 9.65 9.48
Return on Equity The amount, expressed as a percentage representing a company’s total net income divided by its total equity. 21.92 20.31
Long-Term Debt/Capital The long term debt of a company expressed as a percentage of the total capital of a company. 26.82 31.29
* Statistics for the ICON Long/Short Fund are based on long equity holdings only.

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. There are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The Fund's loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. 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. 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
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. There are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The Fund's loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. 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.