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Performance Benchmark

A Valuation Discipline Focused on Industries

As a multi-cap manager, ICON views the U.S. market as one asset class, affording us the flexibility to go anywhere on the market cap and style grid in order to find value. While the ICON system starts with the calculation of value-to-price ratios (V/P) for individual stocks, we calculate them in order to establish industry V/P ratios. We believe markets have themes with industries assuming leadership for many quarters, even years. We use industry V/P ratios in an attempt to identify those themes early in the market cycle.

Our investment approach is based on the belief that it is easier to select industries than it is to select individual stocks. By stressing industry exposure, and by holding a selected group of stocks within an industry, we try to reduce the random risk associated with investing in individual securities. We use this methodology to manage all ICON portfolios.

Sectors and Industries in Today’s Economy
Listed below are the 154* industries, categorized by ICON among 9 sectors, that make up the Standard & Poor’s and MSCI Barra Global Industry Classification Standard (GICS ®) structure.

Consumer Discretionary Sector Energy Sector Financials Sector
(26 Industries) (7 Industries) (26 Industries)
Advertising Coal & Consumable Fuels Asset Management & Custody Banks
Apparel, Accessories & Luxury Goods Integrated Oil & Gas Consumer Finance
Apparel Retail Oil & Gas Drilling Diversified Banks
Auto Parts & Equipment Oil & Gas Equipment & Services Diversified Capital Markets
Automobile Manufacturers Oil & Gas Exploration & Production Diversified Real Estate Activities
Automotive Retail Oil & Gas Refining & Marketing Diversified REIT’s
Catalog Retail Oil & Gas Storage & Transportation Industrial REIT’s
Computer & Electronics Retail   Insurance Brokers
Consumer Electronics   Investment Banking & Brokerage
Department Stores   Life & Health Insurance
Distributors   Mortgage REIT’s
Education Services   Multi-line Insurance
Footwear   Multi-Sector Holdings
General Merchandise Stores   Office REIT’s
Home Furnishings   Other Diversified Financial Services
Home Improvement Retail   Property & Casualty Insurance
Homebuilding   Real Estate Development
Homefurnishing Retail   Real Estate Operating Companies
Household Appliances   Real Estate Services
Housewares & Specialties   Regional Banks
Internet Retail   Reinsurance
Motorcycle Manufacturers   Residential REIT’s
Specialized Consumer Services   Retail REIT’s
Specialty Stores   Specialized Finance
Textiles   Specialized REIT’s
Tires & Rubber   Thrifts & Mortgage Finance
Health Care Sector Industrials Sector Information Technology Sector
(10 Industries) (24 Industries) (16 Industries)
Biotechnology Aerospace & Defense Application Software
Health Care Distributors Air Freight & Logistics Communications Equipment
Health Care Equipment Airlines Computer Hardware
Health Care Facilities Airport Services Computer Storage & Peripherals
Health Care Services Building Products Data Processing & Outsourced Services
Health Care Supplies Commercial Printing Electronic Components
Health Care Technology Construction & Engineering Electronic Equipment & Instruments
Life Sciences Tools & Services Construction & Farm Machinery & Heavy Trucks Electronic Manufacturing Services
Managed Health Care Diversified Support Services Home Entertainment Software
Pharmaceuticals Diversified Support Services Internet Software & Services
Electrical Components & Equipment IT Consulting & Other Services
Environmental & Facilities Services Office Electronics
Heavy Electrical Equipment Semiconductor Equipment
Highways & Railtracks Semiconductors
Human Resource & Employment Services Systems Software
Industrial Conglomerates Technology Distributors
Industrial Machinery
Marine
Marine Ports & Services
Office Services & Supplies
Railroads
Research & Consulting Services
Security & Alarm Services
Trading Companies & Distributors
Trucking
Leisure & Consumer Staples Sector Materials Sector Telecommunication and Utilities Sector
(22 Industries) (15 Industries) (8 Industries)
Agricultural Products Aluminum Alternative Carriers
Brewers Commodity Chemicals Electric Utilities
Broadcasting Construction Materials Gas Utilities
Cable & Satellite Diversified Chemicals Independent Power Producers & Energy Traders
Casinos & Gaming Diversified Metals & Mining Integrated Telecommunication Services
Distillers & Vintners Fertilizers & Agricultural Chemicals Multi-Utilities
Drug Retail Forest Products Water Utilities
Food Distributors Gold Wireless Telecommunication Services
Food Retail Industrial Gases
Hotels, Resorts & Cruise Lines Metal & Glass Containers
Household Products Paper Packaging
Hypermarkets & Super Centers Paper Products
Leisure Facilities Precious Metals & Minerals
Leisure Products Specialty Chemicals
Movies & Entertainment Steel
Packaged Foods & Meats
Personal Products
Photographic Products
Publishing
Restaurants
Soft Drinks
Tobacco

Holdings Data as of :
S&P Composite 1500 Index – 12/31/09
MSCI AC World Index – 12/31/09
* Industries subject to change. As of December 31, 2009. This number may vary 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. 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. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

ICON’s value-based investing model is an analytical, quantitative approach to investing that employs various factors, including projected earnings growth estimates and bond yields, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. ICON’s value approach involves forward-looking statements and assumptions based on judgments and projections that are neither predictive nor guarantees of future results. Value readings are contingent on several variables including, without limitation, earnings, growth estimates, interest rates and overall market conditions. Although valuation readings serve as guidelines for our investment decisions, we retain the discretion to buy and sell securities that fall beyond these guidelines as needed. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies.

ICON’s value-to-price ratio is a ratio of the intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. To analyze intrinsic value, the ICON valuation methodology relies on the integrity of publicly released financial statements.

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.