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Balanced Portfolio


Portfolio Data

Average Annual Total Return (%) as of 6/30/2010 1 Yr. 3
Yrs.		 5
Yrs.		 10
Yrs.		 Since
Inception
1/1/1993
Balanced Portfolio 10.91 -8.85 -2.34 2.14 5.40
S&P 1500/500 Index 15.57 -9.43 -0.49 -0.86 7.38
Barclays Capital U.S. Universal Index 10.60 7.22 5.56 6.59 6.62
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.

The performance results for the Balanced, Income/Equity, Frontier Moderate and Frontier Conservative portfolios reflect returns that were restated for 6/30/08 and have been revised as of 9/2/08.

Asset Allocation* as of 6/30/2010
Domestic Equity 51.17%
Fixed Income 45.58%
Cash & Cash Equivalents 3.25%

*Weightings are based on the New Money Target report as of the most recent quarter end. Cash & Cash Equivalents data is based on the aggregate of the cash position in the Portfolio and any cash positions in the underlying mutual funds. All fund holdings data is an estimate based on the most recent quarter end positions. Other Assets and Liability figures within each Fund are not separately reported but are included in the Funds’ Net Asset Value.
Portfolio Strategy
As part of ICON's Sector Allocation Series, 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, as directed by the ICON system.

Normally, the Balanced Portfolio will invest a significant portion of assets in equity investments. The Portfolio's equity strategy focuses on industry rotation among 154* industries within nine market sectors. A similar strategy is applied to the bond market in which the ICON system seeks value among bond types, maturities, and investment grades.

*Standard & Poor's classifications, as of June 30, 2010. This number may vary over time. 		Relative Risk Profile: Moderate
Investment Minimum: $25,000
This relative risk profile shows our assessment of the potential volatility of the ICON-managed portfolios relative to one another and should not be used to compare the portfolios to other types of investments. Each Portfolio has its own strategy and risk/reward profile, and a Portfolio’s risk profile is subject to change.
Target Weightings
New accounts invested in the Balanced Portfolio are allocated in the ICON mutual funds shown below, effective July 29, 2010. Learn what motivated the most recent changes in portfolio positioning by reading the Portfolio Reallocation Commentary.
view quarter-end portfolio weightings
U.S. Equities 58.0%
ICON Core Equity Fund - Class I 11.0%
ICON Equity Income Fund - Class I 10.0%
ICON Financial Fund 7.0%
ICON Information Technology Fund 5.0%
ICON Industrials Fund 5.0%
ICON Leisure & Consumer Staples Fund 5.0%
ICON Risk-Managed Equity Fund - Class I* 4.0%
ICON Materials Fund 4.0%
ICON Telecommunications & Utilities Fund 3.0%
ICON Healthcare Fund 2.0%
ICON Energy Fund 2.0%
U.S. Bonds 40.0%
ICON Bond Fund - Class I 40.0%
Cash Reserves 2.0%
* Effective May 19, 2009, ICON Income Opportunity Fund was renamed the ICON Risk-Managed Equity Fund.

The target weightings are for each new ICON account as of the stated date. The holdings of individual accounts will vary over time due to fluctuations in the market value of individual holdings. Target weightings will change over time.

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. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The Bond Fund may invest up to 25% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds. Call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share. 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, and the Technology sector has been among the most volatile sectors in the market.

Portfolio composition and holdings are subject to change at any time and should not be construed as a recommendation of any security.
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. 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 Balanced Portfolio does not utilize leverage or derivatives, although ICON may invest in mutual funds that utilize these tactics. 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. Balanced Portfolio assets as of 6/30/10 were $44.0 million, which represented approximately 2.0% of ICON’s total assets under management. Non-fee paying accounts comprised 0.0% of the Balanced Composite. Results are net of fees and calculated in U.S. dollars.

The performance results displayed represent the composite performance for all discretionary client accounts in a Portfolio. The performance results reflect the deduction of advisory 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 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. 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. The index is not covered by the report of independent accountants. 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. This change was applied retroactively. 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. The Portfolio’s composition may differ significantly from the indexes. Individuals cannot invest directly in an index.

Sources: Bloomberg Finance L.P., FactSet Research Systems Inc.

Please click here for the most recent copy of ICON's Form ADV, Part II.

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 Total Return (%) as of 7/31/2010
YTD '09 '08 '07 '06 '05 '04 '03 '02 '01 '00 '99 '98 '97 '96 '95 '94 '93
Balanced Portfolio 0.84 13.02 -31.80 7.51 7.83 1.59 9.61 26.97 -13.79 1.83 19.37 11.73 8.75 8.50 9.79 23.14 -2.45 18.79
S&P 1500/500 Index 0.53 27.23 -36.72 5.47 15.35 5.67 11.81 29.58 -21.31 -10.64 -6.97 20.25 26.32 32.92 22.32 34.99 1.32 10.05
Barclays Captital U.S. Universal Index 6.61 8.60 2.38 6.50 4.98 2.73 4.95 5.84 9.83 8.10 10.83 0.17 7.32 9.76 4.46 18.48 -3.09 10.40
Average Annual Total Return (%) as of 7/31/2010 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs. Since
1/1/1993
Balanced Portfolio 9.64 -7.03 -1.90 2.37 5.61
S&P 1500/500 Index 14.73 -6.34 0.08 -0.05 7.75
Barclays Capital U.S. Universal Index 9.95 7.50 5.99 6.62 6.66
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. 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. 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. The Balanced Portfolio does not utilize leverage or derivatives, although ICON may invest in mutual funds that utilize these tactics. Balanced Portfolio assets as of 7/31/10 were $45.2 million, which represented approximately 2.0% of ICON’s total assets under management. Non-fee paying accounts comprised 0.0% of the Balanced Composite. Results are net of fees and calculated in U.S. dollars.

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.

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. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The Bond Fund may invest up to 25% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds. Call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share. 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, and the Technology sector has been among the most volatile sectors in the market.

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. 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. The Portfolio’s composition may differ significantly from the indexes. Individuals cannot invest directly in an index.

Sources: Bloomberg Finance L.P., FactSet Research Systems Inc.

Please click here for the most recent copy of ICON's Form ADV, Part II.

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
Performance Statistics as of 6/30/10  
  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
Information Ratio is a measure of consistency in excess return. The annualized excess return over a benchmark divided by the annualized standard deviation (population) of excess return.
3 Yrs.* Balanced Portfolio 14.03 0.65 -3.20 -0.75 0.94 0.07
S&P 500/1500 Index 20.84 1.00 0.00 -0.53 1.00 N/A
5 Yrs.* Balanced Portfolio 11.91 0.67 -2.29 -0.43 0.92 -0.28
S&P 500/1500 Index 17.00 1.00 0.00 -0.20 1.00 N/A
10 Yrs.** Balanced Portfolio 15.18 0.75 2.67 -0.04 0.80 0.37
S&P 500/1500 Index 18.21 1.00 0.00 -0.20 1.00 N/A
* Performance statistics for 3 and 5 year time periods are based on monthly returns data.

** Performance statistics for 10 year time period are based on quarterly returns data.

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 current performance information.

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. Total returns for the unmanaged index include the reinvestment of dividends and capital gain distributions but do not reflect deductions for commissions, management fees, and expenses. The Portfolio’s composition may differ significantly from the indexes. Individuals cannot invest directly in an index.

The performance based statistics for the Balanced, Income/Equity, Frontier Moderate and Frontier Conservative portfolios reflect returns that were restated for 6/30/08 and have been revised as of 9/2/08.

Please click here for the most recent copy of ICON's Form ADV, Part II.

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
1993 5.17 1.14 8.45 2.98 18.79
1994 -4.96 0.37 3.89 -1.57 -2.45
1995 3.88 10.80 7.07 -0.08 23.14
1996 1.86 1.93 1.94 3.73 9.79
1997 0.39 4.66 6.65 -3.17 8.50
1998 7.86 -1.58 -9.31 12.96 8.75
1999 1.01 8.27 -6.01 8.70 11.73
2000 3.92 -0.09 6.94 7.51 19.37
2001 -6.52 6.97 -11.87 15.55 1.83
2002 5.60 -5.17 -14.68 0.90 -13.79
2003 -5.52 17.30 4.10 10.06 26.97
2004 3.09 -0.78 -1.29 8.56 9.61
2005 -2.73 1.79 2.52 0.08 1.59
2006 5.96 -3.09 -0.01 5.02 7.83
2007 0.26 5.75 0.78 0.62 7.51
2008 -9.47 -3.02 -7.89 -15.66 -31.80
2009 -11.09 11.05 10.94 3.18 13.02
2010 2.94 -5.87
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.

The performance results for the Balanced, Income/Equity, Frontier Moderate and Frontier Conservative portfolios reflect returns that were restated for 6/30/08 and have been revised as of 9/2/08.
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. The Balanced Portfolio does not utilize leverage or derivatives, although ICON may invest in mutual funds that utilize these tactics. 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. Balanced Portfolio assets as of 6/30/10 were $44.0 million, which represented approximately 2.0% of ICON’s total assets under management. Non-fee paying accounts comprised 0.0% of the Balanced Composite. Results are net of fees and calculated in U.S. dollars.

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.

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. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The Bond Fund may invest up to 25% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds. Call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share. 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, and the Technology sector has been among the most volatile sectors in the market.

Please click here for the most recent copy of ICON's Form ADV, Part II.

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 Monthly Returns (%)
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Return
2010 -1.11 1.27 2.79 0.80 -4.32 -2.40 4.07
2009 -6.52  -7.04  2.31  6.27   4.60   -0.09  5.28   2.47  2.84 -0.85  3.21  0.82  13.02
2008 -5.67  -3.11  -0.94  2.71  0.51  -6.06  -1.28  0.59  -7.25  -12.19  -6.24  2.44  -31.80 
2007 1.45  -1.75  0.59  3.15  3.38  -0.83  -1.92  0.04  2.71  2.53  -2.68  0.84  7.51 
2006 4.39  -0.33  1.84  1.33  -4.21  -0.16  -1.47  0.19  1.29  2.68  1.37  0.90  7.83 
2005 -2.15  1.41  -1.98  -3.14  3.24  1.79  1.77  -0.50  1.24  -2.81  2.51  0.44  1.59 
2004 1.49  1.41  0.16  -4.09  0.07  3.38  -3.64  -0.38  2.83  0.80  4.66  2.90  9.61 
2003 -4.26  -1.32  0.00  7.44  6.97  2.07  2.83  3.98  -2.64  6.22  2.10  1.48  26.97 
2002 1.84  -1.00  4.74  0.98  -1.66  -4.50  -10.21  0.71  -5.65  1.78  1.64  -2.46  -13.79 
2001 0.96  -3.94  -3.61  4.20  1.09  1.55  0.75  -2.21  -10.55  4.58  7.47  2.81  1.83 
2000 -3.85  4.17  3.76  -0.66  1.95  -1.35  1.67  5.37  -0.18  -0.10  0.21  7.39  19.37 
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.

The performance results for the Balanced, Income/Equity, Frontier Moderate and Frontier Conservative portfolios reflect returns that were restated for 6/30/08 and have been revised as of 9/2/08.

Performance results on a month-to-month basis are not available prior to 2000.
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. The Balanced Portfolio does not utilize leverage or derivatives, although ICON may invest in mutual funds that utilize these tactics. 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. Balanced Portfolio assets as of 7/31/10 were $45.2 million, which represented approximately 2.0% of ICON’s total assets under management. Non-fee paying accounts comprised 0.0% of the Balanced Composite. Results are net of fees and calculated in U.S. dollars.

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.

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. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The Bond Fund may invest up to 25% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds. Call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share. 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, and the Technology sector has been among the most volatile sectors in the market.

Please click here for the most recent copy of ICON's Form ADV, Part II.

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.