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Frontier Moderate Portfolio


Portfolio Data

Average Annual Total Return (%) as of 6/30/2010
  1 Yr. 3 Yrs. 5 Yrs. 10 Yrs. Since
Inception
7/1/1994
Frontier Moderate Portfolio 11.87 -9.87 -0.25 1.84 3.99
S&P 1500/500 Index 15.57 -9.43 -0.49 -0.86 7.68
Barclays Capital U.S. Universal Index 10.60 7.22 5.56 6.59 6.87
MSCI ACWI ex.-U.S. 10.87 -10.28 3.84 2.29 4.96
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 6/30/10
International Equity 19.46%
Domestic Equity 35.03%
Fixed Income 41.93%
Cash & Cash Equivalents 3.58%
*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
The Frontier Moderate Growth Portfolio seeks total return, with a secondary goal of capital preservation, through moderate investments in select domestic industry-focused sector funds, including funds that invest in real estate, gold, and mining securities, international funds, diversified U.S. equity funds, and bond funds. The Portfolio's strategy focuses on timely industry rotation among a universe of 154* industries within nine market sectors in domestic and overseas markets.

*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 Frontier Moderate Growth 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 37.0%
ICON Equity Income Fund - Class I 12.0%
ICON Industrials Fund 7.0%
ICON Risk-Managed Equity Fund - Class I* 5.0%
ICON Core Equity Fund - Class I 5.0%
ICON Information Technology Fund 3.0%
ICON Energy Fund 3.0%
ICON Healthcare Fund 2.0%
International Equities 20.0%
ICON International Equity Fund - Class S 10.0%
ICON Europe Fund - Class S 6.0%
ICON Asia-Pacific Region Fund - Class S 4.0%
U.S. Bonds
 41.0%
ICON Bond Fund - Class I 41.0%
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. 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. An investment in a region fund may involve greater risk and volatility than a more diversified fund. 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 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. The Frontier Moderate Growth 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. Frontier Moderate Portfolio assets as of 6/30/10 were $67.8 million, which represented approximately 3.1% of ICON’s total assets under management. Non-fee paying accounts comprised 0.1% of the Frontier Moderate 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.

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. 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 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. 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 Portfolios’ 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*
Frontier Moderate Portfolio 0.47 17.46 -37.54 13.06 12.17 9.56 9.66 30.77 -18.60 -4.66 6.30 23.48 8.23 0.39 15.24 15.26 -7.00
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 4.87
Barclays Capital 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 1.01
MSCI ACWI ex.-U.S. -2.72 42.16 -45.25 17.11 27.14 17.11 21.38 41.40 -14.68 -19.50 -15.09 30.92 14.46 2.04 6.68 9.94 -0.11
* From Portfolio Inception date of 7/1/94
Average Annual Total Return (%) as of 7/31/2010  1
Yr.		 3
Yrs.		 5
Yrs.		 10
Yrs.		 Since
Inception
7/1/1994
Frontier Moderate Portfolio 9.90 -8.55 0.10 2.27 4.25
S&P 1500/500 Index 14.73 -6.34 0.08 -0.05 8.09
Barclays Capital U.S. Universal Index 9.95 7.50 5.99 6.62 6.92
MSCI ACWI ex.-U.S. 10.12 -7.56 4.89 3.60 5.51
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 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. The Frontier Moderate Growth 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. Frontier Moderate Portfolio assets as of 7/31/10 were $70.3 million, which represented approximately 3.1% of ICON's total assets under management. Non-fee paying accounts comprised 0.1% of the Frontier Moderate 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. 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. An investment in a region fund may involve greater risk and volatility than a more diversified fund. 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. 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. 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 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. 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 Portfolios’ 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.
5 Yrs.* Frontier Moderate Portfolio 16.88 0.76 -3.05 -0.68 0.88 -0.06
S&P 500/1500 Index 20.84 1.00 0.00 -0.53 1.00 N/A
3 Yrs.* Frontier Moderate Portfolio 14.46 0.78 0.05 -0.21 0.84 0.04
S&P 500/1500 Index 17.00 1.00 0.00 -0.20 1.00 N/A
10 Yrs.** Frontier Moderate Portfolio 17.48 0.88 2.66 -0.05 0.84 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.

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
1994 N/A N/A -0.76 -6.29 -7.00
1995 1.12 6.85 4.99 1.61 15.26
1996 2.62 2.44 3.36 6.06 15.24
1997 -0.74 4.25 1.99 -4.88 0.39
1998 7.86 -2.39 -11.32 15.92 8.23
1999 0.90 7.75 0.28 13.26 23.48
2000 -0.94 -2.41 2.56 7.21 6.30
2001 -9.12 7.34 -15.83 16.12 -4.66
2002 4.88 -6.18 -18.05 0.95 -18.60
2003 -5.51 17.59 5.88 11.16 30.77
2004 3.25 -2.04 -0.56 9.03 9.66
2005 -1.78 1.06 5.59 4.53 9.56
2006 6.42 -2.65 0.91 7.30 12.17
2007 1.33 7.52 3.94 -0.16 13.06
2008 -10.25 -2.85 -13.57 -17.12 -37.54
2009 -11.86 14.54 12.73 3.21 17.46
2010 2.60 -6.28
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 Frontier Moderate Growth 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. Frontier Moderate Portfolio assets as of 6/30/10 were $67.8 million, which represented approximately 3.1% of ICON’s total assets under management. Non-fee paying accounts comprised 0.1% of the Frontier Moderate Composite.

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. 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. An investment in a region fund may involve greater risk and volatility than a more diversified fund. 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 -1.63 1.11 3.16 0.56 -5.25 -1.64 4.48
2009  -7.58  -7.25  2.83  7.35  6.87  -0.16  6.36 2.43 3.47 -0.72 2.97  0.96  17.46 
2008  -7.92  -1.34  -1.21  3.25  0.60  -6.47  -2.62  -2.05  -9.39  -14.68  -6.51  3.90  -37.54 
2007  0.80  -0.69  1.22  3.36  3.78  0.24  0.00  -0.48  4.45  3.90  -4.00  0.10  13.06 
2006  4.75  -1.20  2.83  3.26  -4.50  -1.28  -1.12  1.19  0.85  2.86  2.17  2.10  12.17 
2005  -1.88  2.68  -2.51  -3.25  2.23  2.19  2.69  0.58  2.24  -3.44  3.63  4.46  9.56 
2004  1.76  1.28  0.18  -5.36  0.21  3.30  -3.52  0.16  2.90  0.93  5.16  2.73  9.66 
2003  -3.91  -1.07  -0.60  8.07  6.79  1.89  3.49  4.24  -1.85  6.83  1.23  2.79  30.77 
2002  0.86  -1.41  5.48  -0.02  -1.96  -4.28  -11.75  0.36  -7.47  1.69  1.73  -2.42  -18.60 
2001  1.22  -5.50  -4.98  5.38  0.92  0.94  -0.56  -2.56  -13.13  4.59  7.84  2.95  -4.66 
2000  -6.45  3.17  2.64  -2.51  -0.45  0.56  0.23  4.07  -1.67  -0.23  -0.06  7.53  6.30 
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 Frontier Moderate Growth 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. Frontier Moderate Portfolio assets as of 7/31/10 were $70.3 million, which represented approximately 3.1% of ICON's total assets under management. Non-fee paying accounts comprised 0.1% of the Frontier Moderate Composite.

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. 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. An investment in a region fund may involve greater risk and volatility than a more diversified fund. 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.