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 separate 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. The Frontier Moderate 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 use of more aggressive asset categories and sectors is constrained to a moderate level. 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 Frontier Moderate Growth Portfolio does not utilize leverage or derivatives, although ICON may invest in mutual funds that utilize these tactics. Frontier Moderate Portfolio assets as of 9/30/08 were $96.1 million, which represented approximately 2.7% of ICON’s total assets under management.
Non-fee paying accounts comprised 0.0% of the Frontier Moderate Growth 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 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. 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 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. 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. 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.

Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus and the statement of additional information contain this and other information about the Funds; please read the prospectus and the statement of additional information carefully before investing. ICON Distributors^SM, Distributor

* Effective January 29, 2007, ICON Covered Call Fund was renamed ICON Income Opportunity Fund and amended its investment strategy to broaden the type of investments it may buy and sell. The ICON Income Opportunity Fund intends to distribute the net investment income it generates from option premiums at least quarterly and net capital gains annually. To pursue its amended investment objective, the Fund will normally invest in U.S. equity securities, options on equity securities, and securities indexes. The Fund may also write calls on exchange-traded funds and other derivatives.