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2005 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, 2005
November, 2005
October, 2005
September, 2005
August, 2005
July, 2005
June, 2005
May, 2005
April, 2005
March, 2005
February, 2005
January, 2005


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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