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2004 Portfolio Reallocation 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 8, 2004
November 2, 2004
October 5, 2004
September 15, 2004
July 14, 2004
April 29, 2004


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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.

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