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Financial Fund


Fund Data

Average Annual Total Return (%) as of 12/30/11
Ticker 4Q-11 YTD 1
Yr. 		3 Yrs. 5 Yrs. 10 Yrs. Since
Inception		 Inception
Date
ICON Financial Fund - Class S ICFSX 9.81 11.60 11.60 10.59 0.25 5.03 8.04 7/1/97
ICON Financial Fund - Class A at NAV ICFAX 9.69 11.23 11.23 n/a n/a n/a 14.12 9/30/10
ICON Financial Fund - Class A with Maximum Sales Charge ICFAX 3.29 4.86 4.86 n/a n/a n/a 8.86 9/30/10
ICON Finanical Fund - Class C* ICOCX 8.63 9.37 9.37 n/a n/a n/a 13.28 9/30/10
S&P 1500 Index 12.10 1.75 1.75 50.69 5.69 39.69 n/a
S&P 1500 Financials 11.64 -15.01 -15.01 3.60 -15.40 -3.55 n/a
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses.

* If you redeem Class C shares within one year of purchase, you may be charged 1.00% maximum contingent deferred sales charge. Class C share total returns for the one-year period reflect the deduction of the contingent deferred sales charge.

Performance figures shown for Class A shares with maximum sales charge are calculated with payment of a 5.75% maximum sales charge at the inception of the time period indicated. Please consult the prospectus for information regarding purchases which may be eligible for breakpoints.
Expenses Class S Class A Class C
Gross Expense Ratio 1.43% 1.68% 2.43%
Net Expense Ratio 1.43% 1.68% 2.43%
Fund expenses shown are as of the most recent prospectus.

Effective January 1, 2012, ICON has contractually agreed to limit the total expenses of the Financial Fund (excluding interest, taxes, brokerage and extraordinary expenses) to an annual rate for Class A of 1.75%, Class C of 2.50% and Class S of 1.50%. This expense limitation may be terminated at any time after January 31, 2013 upon 30 days written notice to the Fund’s Board of Trustees. ICON is entitled to reimbursement from the Fund of any fees waived pursuant to this arrangement if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the expenses were reimbursed or absorbed.

Gross Expenses are all customary expenses incurred by a Fund, excluding, where applicable, waivers, reimbursements, and contractually agreed-to limits of the total expenses by the Fund’s adviser. Net Expenses are all customary expenses incurred by a Fund, including, where applicable, waivers, reimbursements, and contractually agreed-to limits of the total expenses by the Fund adviser. Fund expenses shown are as of the most recent prospectus.
Maximum Sales Load (Class A) 5.75%*
* Lower sales charges are available for purchases of $25,000 or more and eliminated for purchases of $1 million or more. See the prospectus for more information.
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses. Investing for short periods makes losses more likely. Investments are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.

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. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

The unmanaged Standard & Poor’s Composite 1500 (S&P1500) Index is a broad-based capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. The Standard and Poor’s (S&P) 1500 Financials Index is an unmanaged capitalization-weighted index comprising companies in the Financials sector as determined by S&P. Total returns for the unmanaged indexes include the reinvestment of dividends and capital gain distributions, except as noted, but do not reflect the costs of managing a mutual fund. The Fund's composition may differ significantly from the indexes. Individuals cannot invest directly in an index.

Sources: FactSet Research Systems Inc.

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
Investment Objective & Strategy
ICON Financial Fund seeks long-term capital appreciation.

The Fund uses a quantitative methodology to identify securities ICON believes are underpriced relative to value. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Financial sector (as determined by the Global Industry Classification Standard) including, but not limited to: Asset Management & Custody Banks, Consumer Finance, Diversified Banks, Diversified Capital Markets, Insurance Brokers, Investment Banking & Brokers, Life & Health Insurance, Multi-line Insurance, Multi-sector Holdings, Other Diversified Financial Services, Property & Casualty Insurance, Real Estate Investment Trusts, Real Estate Management & Development, Regional Banks, Reinsurance, Specialized Finance, and Thrifts & Mortgage Finance. This strategy may not be changed unless the Fund shareholders are given at least 60 days’ prior notice. Equity securities in which the Fund may invest include common stocks and preferred stocks of companies of any market capitalization.
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. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

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
Fund Highlights
Minimum Investment * $1,000
Total Net Assets as of 9/30/11 $32.5 million
Maximum Sales Load for Class A* 5.75%
Maximum Contingent Deferred Sales Charge for Class C† 1.00%
Redemption Fee  0.00%
Portfolio turnover for the 12-month period ended 9/30/10 143.36%
Total Holdings as of 9/30/11 60
* Minimum is waived with Automatic Investment Plan of $100 or more per month.

** Lower sales charges are available for purchases of $25,000 or more and eliminated for purchases of $1 million or more. See the prospectus for more information.

† A contingent deferred sales charge applies to certain redemptions made within one year of purchase. See the most recent prospectus for additional information.
Top 10 Holdings as of 12/31/2011 and Total Holdings as of 12/31/11
Wells Fargo & Co. 8.58
JPMorgan Chase & Co. 5.02
Citigroup Inc. 4.40
OTHER ASSETS AND LIABILITIES 4.07
Bank of America Corp. 3.75
BB&T Corp. 3.13
U.S. Bancorp 2.62
Goldman Sachs Group Inc. 2.51
MetLife Inc. 2.50
Hancock Holding Co. 2.15
The top 10 securities exclude other assets and liabilities, as well as any cash and cash equivalents.
Top 5 Industries as of 12/31/11
Other Diversified Financial Services 14.10
Regional Banks 12.02
Diversified Banks 11.20
Life & Health Insurance 10.43
Asset Management & Custody Banks 10.22
Lipper Rankings as of 9/30/11
Lipper Category: Financial Services Funds
Rank Percentile
1-Year 39/77 51
3-Year 60/69 87
5-Year 50/62 81
10-Year 31/45 69
Lipper Rankings: 1 = Best
Lipper rankings are for Class S shares and are based on average annual total returns. Lipper rankings are based on average annual total returns (but do not consider sales charges) among Financial Services Funds for the 1-, 3-, 5-, and 10-year periods ended 9/30/11. A Lipper ranking does not ensure positive Fund performance.
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses.

Fund holdings and composition are subject to change, based on market and other conditions, and should not be construed as a recommendation of any security, sector or industry.

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. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

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
Statistics based on fund holdings as of 12/31/2011  ICON Financial S&P Composite 1500 Financials
Market Capitalization ($Millions) The value of a corporation as determined by the market price of its issued and outstanding common stock.
Median The midway value between the highest market capitalization and the lowest market capitalization. Half the values would be above this value while the remaining half would be below this value. 8,813.44 2,268.06
Weighted Average The average market value of all securities in a portfolio or index weighted in proportion to their percentage of net assets in the portfolio or index. 37,112.94 51,620.75
Price/Earnings (P/E) Price/Earnings Ratio is the market price of a stock divided by its earnings per share.
Weighted Average The average price to earnings ratio of all securities in a portfolio or index weighted in proportion to their percentage of net assets in the portfolio or index. 13.84 26.10
Weighted Harmonic Average The average price to earnings ratio of all securities in a portfolio or index weighted in proportion to their percentage of net assets in the portfolio or index using a harmonic average. The harmonic average is used when averaging ratios that may produce extreme results due to a small number in the denominator. The methodology does not exclude extreme values but reduces the impact of outliers. The harmonic average is always less than the geometric average which is always less than the arithmetic average. 10.72 12.55
Median The midway value between the highest Price/Earnings Ratio of a stock and the lowest Price/Earnings Ratio of a stock. Half the values would be above this value while the remaining half would be below this value. 12.10 15.84
P/E using FYX Est The Price/Earnings Ratio employs an analyst’s forecast for today’s current unreported fiscal year. 22.76 28.80
Price/Cash Flow The price to cash flow ratio is the market price of a security divided by the cash flow per share of the same security as of a specific date. 6.81 9.11
Price/Book Price/Book Ratio is the ratio of a stock’s price to its book value per share. 0.88 1.38
Price/Sales Price/Sales Ratio is the ratio of a stock’s price to its per-share sales. 1.70 2.70
Historical 3Yr EPS Growth The annualized growth rate of a company’s earning per share over the past three years. -5.83 -3.53
Estimated 3-5 Yr EPS Growth The estimated 3 to 5 year annualized earnings per share growth rate as of a specific date. 12.13 10.86
Return on Assets The net income of a security divided by the total assets of a security expressed as a percentage. 3.07 2.92
Return on Equity The amount, expressed as a percentage representing a company’s total net income divided by its total equity. 10.70 9.51
Long-Term Debt/Capital The long term debt of a company expressed as a percentage of the total capital of a company. 37.17 42.56
Performance statistics ending 12/31/2011 Annualized Standard Deviation
Standard deviation is a measure of a portfolio’s volatility, or variability in expected return. As such, it is a measure of risk since risk can be defined as the uncertainty of the expected return. Higher numbers indicated higher historical volatility. Standard deviation is most often used as a measure of risk relative to other portfolios or indexes, although it does not measure all aspects of investment risk. 		Beta
The beta coefficient is a measure of a portfolio’s volatility relative to the market. An index relevant to the portfolio is used as the proxy for the market, and is considered to have a 1.00 Beta. Therefore, if the portfolio has a beta of 1.50, it has historically been 50% more volatile than the market for the periods shown. 		Annualized Alpha (a)
The alpha coefficient is a measure of risk-adjusted return relative to a specific benchmark. This number represents the difference between the portfolio’s actual performance and the performance anticipated in light of the portfolio’s risk posture and the market’s behavior as represented by the benchmark. A positive alpha indicates that the manager has been successful at security selection and has produced a rate of return which is more than commensurate with the portfolio’s risk posture as it relates to the underlying benchmark. 		Sharpe Ratio
The Sharpe Ratio is a measure of risk-adjusted performance calculated by dividing a portfolio’s excess return above a “risk-free” rate by its standard deviation. The 90-day Treasury-bill returns are used as the risk-free rate. 		R-Square
R2 is a measure of diversification relative to the market, as represented by an index relevant to the portfolio’s stated investment category. It indicates, in precise percentage terms, just how closely a portfolio’s performance variation paralleled the market over the time period shown. 		Info Ratio
The Information Ratio is defined as excess return divided by tracking error. The ratio shows the risk-adjusted excess return of a portfolio over its benchmark. Excess return is the amount of performance over or under a given benchmark index. Tracking error is the standard deviation of the excess return. 		Up Capture
The Upside Capture % explains how well a portfolio performs in monthly periods where the benchmark returns are greater than zero. For example, if the benchmark’s upside capture is 100% and the portfolio’s is 117%, then when the benchmark is up 10%, the portfolio would be up 17%. Upside Capture percentages are based on past performance and do not guarantee future results. Future Upside Capture percentages may be higher or lower. 		Down Capture
The Downside Capture % explains how well a portfolio performs in monthly periods where the benchmark returns are less than zero. For example, if the benchmark’s downside capture is 100% and the portfolio’s is 96%, then when the benchmark is down 10%, the portfolio would be down 9.6%. Downside Capture percentages are based on past performance and do not guarantee future results. Future Downside Capture percentages may be higher or lower.
3 Yrs ICON Financial Cl. S 28.28 0.86 -4.41 -0.05 0.93 -0.55 79.78 99.26
S&P Super Financials - Total Return 31.54 1.00 0.00 0.11 1.00 100.00 100.00
5 Yrs ICON Financial Cl. S 26.81 0.85 -3.04 -0.65 0.92 -0.04 75.29 97.81
S&P Super Financials - Total Return 30.05 1.00 0.00 -0.56 1.00 100.00 100.00
10 Yrs ICON Financial Cl. S 21.91 0.89 -0.29 -0.25 0.90 0.02 91.54 99.48
S&P Super Financials - Total Return 23.38 1.00 0.00 -0.24 1.00 100.00 100.00
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses. Statistics are based on past performance, and current performance may be higher or lower. Please click here for performance results current to the most recent month-end.

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. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Performance is for the Fund's Class S shares. Performance for the Fund's other share classes will vary due to differences in charges and expenses.

The unmanaged Standard & Poor’s Composite 1500 (S&P1500) Index is a broad-based capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. The Standard and Poor’s (S&P) 1500 Financials Index is an unmanaged capitalization-weighted index comprising companies in the Financials sector as determined by S&P. Total returns for the unmanaged indexes include the reinvestment of dividends and capital gain distributions, except as noted, but do not reflect the costs of managing a mutual fund. The Fund's composition may differ significantly from the indexes. Individuals cannot invest directly in an index.

Source: FactSet Research Systems Inc.

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
Year-by-Year Historical Quarterly Returns - Financial Fund, Class S (%)
  Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual Return
1997 N/A N/A 5.10*  0.15  5.26* 
1998 14.03  2.43  -23.45  19.72  7.04 
1999 5.42  4.75  -16.76  6.93  -1.71 
2000 2.42  0.21  25.87  16.12  50.02 
2001 -6.11  13.44  -11.41  8.75  2.61 
2002 3.39  -7.09  -15.65  1.46  -17.79 
2003 -7.16  24.46  4.36  16.33  40.27 
2004 7.05  -1.57  1.60  10.54  18.34 
2005 -6.57  1.80  2.99  4.59  2.46 
2006 6.95  -1.43  4.78  7.84  19.11 
2007 -3.70  5.17  -4.92  -1.75  -5.39 
2008 -17.50  -16.21  0.23  -32.93  -53.53 
2009 -31.44  22.13 30.35 -3.57 5.24
2010 9.57 -14.40 4.91 9.96 8.20
2011 2.47 -3.05 -22.35
*Since Inception 7/1/97
The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or click here for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses.

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. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

Performance is for the Fund's Class S shares. Performance for the Fund's other share classes will vary due to differences in charges and expenses.

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.