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2006 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, 2006
November, 2006
October, 2006
September, 2006
August, 2006
July, 2006
June, 2006
May, 2006
April, 2006
March, 2006
February, 2006
January, 2006


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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