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2004 Portfolio Commentaries

The opinions expressed herein reflect the opinions of ICON Advisers, Inc. as of the date shown and do not necessarily reflect the opinions of ICON Advisers, Inc. today.

December, 2004
November, 2004
October, 2004
September, 2004
August, 2004
July, 2004
June, 2004
May, 2004
April, 2004
March, 2004
February, 2004
January, 2004


Investing in securities involves inherent risks, including the risk that you can lose the value of your investment.

Opinions and forecasts regarding sectors, industries, companies, countries and/or themes, and portfolio composition and holdings, are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security, industry, or sector.

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


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