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| Portfolio |
Total Return |
Average Annual
Total Return (%)
as of 6/30/08 |
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| Click on a Portfolio for most recent
quarter-end performance. |
YTD as of 6/30/08 |
1
Yr. |
3
Yrs. |
5
Yrs. |
10
Yrs. |
Since 1/1/93
or inception
through 6/30/08 |
| Balanced Portfolio |
-12.33 |
-11.10 |
1.40 |
5.33 |
5.54 |
7.22 |
| Frontier Conservative Portfolio * |
-9.73 |
-7.19 |
4.19 |
6.35 |
5.24 |
5.67 |
| Frontier Growth Portfolio * |
-17.86 |
-15.43 |
6.59 |
10.53 |
6.36 |
6.45 |
| Frontier Moderate Portfolio * |
-12.95 |
-9.66 |
6.82 |
9.33 |
6.10 |
6.16 |
| Income/Equity Portfolio |
-6.89 |
-4.35 |
1.73 |
3.92 |
4.09 |
4.63 |
| International Portfolio ** |
-17.58 |
-13.91 |
14.98 |
17.41 |
4.92 |
3.34 |
| Tactical Portfolio |
-19.48 |
-19.08 |
-0.10 |
5.59 |
5.92 |
7.89 |
| S&P 1500/500 Index |
-11.11 |
-12.72 |
4.65 |
8.16 |
3.53 |
9.40 |
| LB U.S. Universal Index |
0.83 |
6.22 |
4.15 |
4.16 |
5.78 |
6.48 |
| MSCI ACWI ex.-U.S. |
-9.86 |
-6.22 |
16.15 |
19.41 |
7.73 |
7.89 |
* Frontier Growth Portfolio and Frontier
Moderate Growth Portfolio inception date, 7/1/94; Frontier Conservative
Portfolio inception date, 4/1/95.
** Performance for the International Composite began 1/1/94.
On non-quarter ending periods, performance returns for the 10-year period are
not available because returns prior to 2000 were calculated on a quarterly, not
monthly, basis.
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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 established in 1991 and was founded in 1986 by a predecessor entity of Dr. Callahan. 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 high-net-worth accounts.
ICON has prepared and presented this report in compliance with Global Investment Performance Standards (GIPS®). GIPS® has not been involved with or reviewed ICON’s claim of compliance. ICON has been verified from January 1, 2005 through December 31, 2006 by an independent verifier. In addition, ICON AdvisersSM has been verified for the periods from January 1, 1995 through December 31, 2006 by the independent verifier. 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.
Tactical Portfolio assets as of 6/30/08 were $345.7 million, which represented approximately 7.7% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.6% of the Tactical Composite.
Balanced Portfolio assets as of 6/30/08 were $105.0 million, which represented approximately 2.3% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.0% of the Balanced Composite.
Income/Equity Portfolio assets as of 6/30/08 were $11.3 million, which represented approximately 0.3% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.0% of the Income/Equity Composite.
Effective January 1, 2005, the name of the Income Portfolio was changed to the Income/Equity Portfolio.
International Portfolio assets as of 6/30/08 were $50.3 million, which represented approximately 1.1% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.1% of the International Composite.
Frontier Growth Portfolio assets as of 6/30/08 were $240.5 million, which represented approximately 5.3% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.8% of the Frontier Growth Composite.
Frontier Moderate Portfolio assets as of 6/30/08 were $110.8 million, which represented approximately 2.5% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.1% of the Frontier Moderate Composite.
Frontier Conservative Portfolio assets as of 6/30/08 were $33.5 million, which represented approximately 0.7% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.0% of the Frontier Conservative Composite.
Results are net of fees and calculated in U.S. dollars.
ICON is the investment adviser to mutual funds in which the Portfolios invest 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 Mid Cap investing such as less liquidity, limited product lines, and small market share.
The Tactical Portfolio seeks capital appreciation through investments in industry-focused sector and diversified mutual funds.
The Balanced Portfolio seeks a combination of capital appreciation and income through investments in industry-focused sector, bond, and diversified mutual funds. The proportions of equity and fixed-income assets will vary through time. Normally, the Portfolio will invest a significant portion of assets in equity investments.
The Income/Equity Portfolio seeks total return using a strategic mix of industry-focused U.S. bond, diversified, and sector mutual funds,
including funds that invest in utility stocks and convertible securities. Normally, the Portfolio will invest a significant portion of assets in
fixed-income and dividend-paying investments.
The International Portfolio seeks capital appreciation through investments in international industry-focused mutual funds.
The Frontier Growth Portfolio seeks total return through investments in select U.S. industry-focused sector mutual funds including funds that invest in real estate, gold and mining securities; and international, bond, and diversified mutual funds. The Frontier Moderate Growth and Frontier Conservative Portfolios also seek total return through investments in select U.S. industry-focused sector funds including funds that invest in real estate, gold and mining securities; and international, bond, and diversified mutual funds. The key distinction is that the Moderate Growth and Conservative Portfolios constrain their use of more aggressive asset categories and sectors to a moderate and conservative level respectively.
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 II 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 Lehman Brothers (LB) 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.
Returns do not reflect deductions for commissions, management fees, and expenses.
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.
These changes were applied retroactively.
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: Bloomberg Finance L.P., FactSet Research Systems Inc.
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