† Effective January 3, 2011, Tactical Portfolio was renamed U.S. Growth Portfolio; Balanced Portfolio was renamed U.S. Moderate Portfolio; Income/Equity Portfolio was renamed U.S. Conservative Portfolio; International Portfolio was renamed International Growth Portfolio; Frontier Growth Portfolio was renamed Global Growth Portfolio; Frontier Moderate Portfolio was renamed Global Moderate Portfolio; and Frontier Conservative Portfolio was renamed Global Conservative Portfolio.
* Global Growth Portfolio and Global Moderate Portfolio inception date, 7/1/94; Global Conservative Portfolio inception date, 4/1/95.
** Performance for the International Growth Composite began 1/1/94.
The performance results for the U.S. Moderate, U.S. Conservative, Global Moderate and Global Conservative portfolios reflect returns that were restated for 6/30/08 and have been revised as of 9/2/08.
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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.
ICON Advisers, Inc. (“ICON”) is a registered investment adviser incorporated in 1991. ICON’s disciplined, quantitative investment system utilizes sector and industry rotation to invest in U.S. and foreign securities of any market capitalization. ICON offers its disciplined, quantitative investment system across a wide range of portfolio solutions, including mutual fund allocation portfolios, diversified and sector mutual funds, as well as diversified and concentrated separate accounts. ICON has prepared and presented this report in compliance with Global Investment Performance Standards (GIPS®). The results of the Composite have been verified from January 1, 2005 through December 31, 2007 by independent verifiers whose report is available upon request. In addition ICON Advisers, Inc. has been verified for the periods from January 1, 1995 through December 31, 2007 by the independent verifiers. The periods prior to January 1, 1995 have not been verified. A copy of the independent verifier’s report is available upon request. To receive a complete list and description of ICON’s composites and/or a presentation that adheres to the GIPS® standards, please call 1-800-828-4881 or visit www.iconadvisers.com. Additional information regarding ICON’s policies for calculating and reporting returns is available upon request. Returns are calculated in U.S. dollars. The Portfolios do not utilize leverage or derivatives, although ICON may invest in mutual funds that utilize these tactics.
U.S. Growth Portfolio assets as of 11/30/11 were $107.3 million, which represented approximately 5.58% of ICON’s total assets under management. Non-fee paying accounts comprised 1.24% of the U.S. Growth Composite. U.S. Moderate Portfolio assets as of 11/30/11 were $37.2 million, which represented approximately 1.93% of ICON’s total assets under management. Non-fee paying accounts comprised 0.0% of the U.S. Moderate Composite. U.S. Conservative Portfolio assets as of 11/30/11 were $11.2 million, which represented approximately 0.6% of ICON's total assets under management. Non-fee paying accounts comprised 0.0% of the U.S. Conservative Composite. International Growth Portfolio assets as of 11/30/11 were $14.1 million, which represented approximately 0.7% of ICON's total assets under management. Non-fee paying accounts comprised 0.93% of the International Growth Composite. Global Growth Portfolio assets as of 11/30/11 were $80.9 million, which represented approximately 4.2% of ICON’s total assets under management. Non-fee paying accounts comprised 0.6% of the Global Growth Composite. Global Moderate Portfolio assets as of 11/30/11 were $53.0 million, which represented approximately 2.8% of ICON's total assets under management. Non-fee paying accounts comprised 0.1% of the Global Moderate Composite. Global Conservative Portfolio assets as of 11/30/11 were $20.8 million, which represented approximately 1.1% of ICON's total assets under management. Non-fee paying accounts comprised 0.0% of the Global Conservative Composite.
ICON is the investment adviser to the mutual funds in which the Portfolio invests and receives a management fee from the Funds for its advisory services. 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, and the Technology sector has been among the most volatile sectors in the market. 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.
The U.S. Growth Portfolio, formerly known as the Tactical Portfolio, strives to increase the value of your account through a rise in the market price of securities or NAV of funds (capital appreciation) invested in U.S. sector, diversified, and bond mutual funds. The U.S. Moderate Portfolio, formerly known as the Balanced Portfolio, strives to increase the value of your account through a rise in the market price of securities or NAV of funds (capital appreciation) and to a lesser extent, providing income from investment assets invested in U.S. sector, diversified, and bond mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s U.S. Moderate Portfolio will generally invest a greater portion of assets in equity investments than ICON’s U.S. Conservative Portfolio would. The U.S. Conservative Portfolio, formerly known as the Income/Equity Portfolio, strives to increase the value of your account through a rise in the market price of securities or NAV of funds (capital appreciation) and to provide income from investment assets invested in U.S. sector, diversified, and bond mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s U.S. Conservative Portfolio will generally invest a greater portion of assets in fixed-income and dividend-paying investments than ICON’s U.S. Moderate Portfolio would. The International Growth Portfolio, formerly known as the International Portfolio, strives to increase the value of your account through a rise in the market price of securities or NAV of funds (capital appreciation) invested in international mutual funds. The Global Growth Portfolio, formerly known as the Frontier Growth Portfolio, strives to increase the value of your account through a rise in the market price of securities or NAV of funds (capital appreciation) invested in U.S. diversified and sector, bond, and international mutual funds. The Global Moderate Portfolio, formerly known as the Frontier Moderate Portfolio, strives to increase the value of your account through a rise in the market price of securities or NAV of funds (capital appreciation) and to a lesser extent, providing income from investment assets invested in U.S. diversified and sector, bond, and international mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s Global Moderate Portfolio will generally invest a greater portion of assets in equity investments than ICON’s Global Conservative Portfolio would. The Global Conservative Portfolio, formerly known as the Frontier Conservative Portfolio, strives to increase the value of your account through a rise in the market price of securities or NAV of funds (capital appreciation) and to provide income from investment assets invested in U.S. diversified and sector, bond, and international mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s Global Conservative Portfolio will generally invest a greater portion of assets in fixed-income and dividend-paying investments than ICON’s Global Moderate Portfolio would.
The performance results displayed represent the composite performance for all discretionary client accounts in a Portfolio. The performance results reflect the deduction of management fees, brokerage commissions, and expenses and the reinvestment of dividends and other distributions made to client accounts. Please refer to Part 2 of ICON’s Form ADV for ICON’s current management fee structure.
For periods prior to 2000, performance represents performance of all discretionary accounts invested before the beginning of a quarter. Beginning with the first quarter of 2000, performance represents performance of all discretionary accounts invested before the beginning of a month. For accounts opened prior to 11/15/96, an account may have incurred a mutual fund sales load and/or an account origination commission which are deducted from beginning quarter numbers for the calculation of any cumulative, trailing year(s) and/or multi-year performance representations. Effective 11/15/96, the use of front-end loaded mutual funds and the assessment of an origination commission were discontinued.
The unmanaged Standard & Poor’s (S&P) Composite 1500 Index is a broad-based, capitalization-weighted index comprising 500 Large-cap, 400 Mid-cap, and 600 Small-cap U.S. companies. The inception date of the S&P 1500 Index was 1/1/95. For time periods prior to that date, performance results are compared to the S&P 500 Index, which is a market value weighted index of Large-Cap common stocks considered representative of the broad market. The unmanaged Barclays Capital U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-ERISA portion of the Commercial Mortgage-Backed Securities (CMBS) Index and the CMBS High-Yield Index. All securities in this market-value weighted index have at least one year remaining to maturity and meet certain minimum issue size criteria. 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 indexes are not covered by the report of independent accountants. The Portfolios’ composition may differ significantly from the indexes. The Portfolios are not invested in countries that are not included in the benchmark. As of April 2004, the international benchmark was changed from the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index to the MSCI All Country World Index ex-U.S. (ACWI ex-U.S.) to better reflect the Portfolio's investable universe of countries. As of April 2004, the bond benchmark was changed from the Lehman Brothers Aggregate Bond Index to the Lehman Brothers U.S. Universal Index to better reflect the Portfolio's investable universe. As of November 3, 2008, the name of the Lehman Brothers U.S. Universal Index was changed to the Barclays Capital U.S. Universal Index. Total returns for the unmanaged indexes include the reinvestment of dividends and capital gain distributions but do not reflect deductions for commissions, management fees, and expenses. Individuals cannot invest directly in an index.
Sources: FactSet Research Systems Inc.
Please click here for the most recent copy of ICON's Form ADV, Part 2.
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
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