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Multi-Cap International (ADR) Portfolio


Portfolio Data

Total Return (%) as of 3/31/12 YTD^ 1 Year 3 Year Since Inception
7/1/2008
Multi-Cap International (ADR) Portfolio 13.50* -5.85* 18.56* -5.46*
MSCI ACWI ex. U.S. 11.34 -6.75 19.65 -1.92

^Not annualized.
* Performance restated as of 11/10/11.

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 visit www.iconadvisers.com 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.
Portfolio Strategy
The ICON Multi-Cap International ADR Portfolio strives to increase the value of your account through a rise in the market price of securities (capital appreciation) by investing in foreign securities that are traded on U.S. exchanges, primarily American Depository Receipts (ADRs), in selected industries and sectors utilizing a value-based sector allocation strategy.
 Relative Risk Profile:  Moderate to High

 
 
This relative risk profile shows our assessment of the potential volatility of the ICON-managed portfolios relative to one another and should not be used to compare the portfolios to other types of investments. Each Portfolio has its own strategy and risk/reward profile, and a Portfolio’s risk profile is subject to change.
Top 10 Holdings as of 3/31/2012**
iShares MSCI Korea Index Fund 6.09
SPDR S&P China ETF 4.72
Total S.A. ADS 3.75
adidas AG ADS  3.45
Nestle S.A. ADS 3.01
Siemens AG ADS 2.87
Baidu Inc. ADS 2.47
Desarrolladora Homex S.A.B. de C.V. ADS 2.25
Novartis AG ADS 2.25
Shinhan Financial Group Co. Ltd. ADS 2.19
The top 10 securities exclude other assets and liabilities, as well as any cash and cash equivalents.
View Quarter-End Portfolio Holdings
Top Industries as of 3/31/12**
Pharmaceuticals 7.65
Integrated Oil & Gas 7.51
Diversified Banks 6.69
Packaged Foods & Meats 5.41
Wireless Telecommunication Services 5.28
Sector Weightings as of 3/31/12**
Materials 13.12
Health Care 11.19
Consumer Discretionary 10.41
Consumer Staples 10.15
Telecommunication Services 10.03
Industrials 9.38
Financials 8.60
Energy 7.95
Information Technology 5.60
Cash & Cash Equivalents 2.76
Top Regions as of 3/31/12**
Europe 45.19
Asia-Pacific 23.55
United States 12.57
Western Hemisphere 12.51
Africa/Mid-East 3.43
** Portfolio composition and holdings are subject to change at any time and should not be construed as a recommendation of any security. Weightings based on a representative account.

Past performance does not guarantee future results.

Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will consistently lead to successful results. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. 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.

Investments in separately managed accounts, like all investments, involve certain risks, including the risk of loss of principal, which will vary depending on the securities selected. Managed accounts are subject to other risks including, but not limited to the risk of a concentration in sectors, industries, asset classes, or geographic regions.

Investors may find there are fewer managed accounts focused on certain asset classes, limiting one’s ability to gain access to those classes. Investors without significant assets to invest may find it difficult to achieve broad diversification within a portfolio, and this could result in a concentrated, non-diversified portfolio. Managed accounts may not be suitable for all investors.

You are responsible for knowing your clients’ needs, goals, and tolerance for risk and advising your clients accordingly.

The inception date for the ICON Multi-Cap International ADR Portfolio is 7/1/08.

An American Depository Receipt (ADR) is a certificate that trades in the U.S. markets representing shares of a foreign company. U.S. depository banks issue these certificates and the price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of ADRs to foreign company shares. Investments in ADRs have many of the same risks as international investing, including politi¬cal, market, regulatory, inflation, exchange rate, and currency risks of the underlying shares in foreign countries.

ICON Advisers, Inc. (“ICON”) is a registered investment adviser incorporated in 1991. ICON’s disciplined, quantitative investment system utilizes sector and industry rotation to invest in U.S. and foreign securities of any market capitalization. ICON offers its disciplined, quantitative investment system across a wide range of portfolio solutions, including mutual fund allocation portfolios, diversified and sector mutual funds, as well as diversified and concentrated separate accounts.

ICON has prepared and presented this report in compliance with Global Investment Performance Standards (GIPS®). The results of the Composite have been verified from January 1, 2005 through December 31, 2007 by independent verifiers whose report is available upon request. In addition ICON Advisers, Inc. has been verified for the periods from January 1, 1995 through December 31, 2007 by the independent verifiers. The periods prior to January 1, 1995 have not been verified. A copy of the independent verifier’s report is available upon request. To receive a complete list and description of ICON’s composites and/or a presentation that adheres to the GIPS® standards, please call 1-800-828-4881 or visit www.iconadvisers.com. Additional information regarding ICON’s policies for calculating and reporting returns is available upon request. Returns are calculated in U.S. dollars. The Portfolios do not utilize leverage or derivatives. The ICON Multi-Cap International ADR Portfolio strives to increase the value of your account through a rise in the market price of securities (capital appreciation) by investing in foreign securities that are traded on U.S. exchanges, primarily American Depository Receipts (ADRs), in selected industries and sectors utilizing a value-based sector allocation strategy. The Multi-Cap International ADR Portfolio does not utilize leverage or derivatives. Multi-Cap International ADR Composite assets as of 3/31/12 were $1.35 millon, which represented approximately 0.07% of ICON’s total assets under management. Non-fee paying accounts comprised 12.2% of the Multi-Cap International ADR Composite. Results are net of fees and calculated in U.S. dollars.

The Morgan Stanley Capital International (MSCI) All Country World Index ex-United States (ACWI ex-U.S.) is a leading unmanaged benchmark of international stock performance. The capitalization-weighted index is representative of the performance of securities of companies located in developed and emerging markets outside of the United States. The Portfolio’s composition may differ significantly from the index. Individuals cannot invest directly in an index.

The performance results displayed represent the composite performance for all discretionary client accounts in a Portfolio. The performance results reflect the deduction of management fees, brokerage commissions, and expenses and the reinvestment of dividends and other distributions made to client accounts. Please refer to Part 2 of ICON’s Form ADV for ICON’s current management fee structure.

Source: FactSet Research Systems Inc.

Please click here for the most recent copy of ICON's Form ADV, Part 2.

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 Total Return (%) as of 3/31/2012 YTD^ '11 '10 '09 '08*
Multi-Cap International (ADR) Portfolio 13.50** -14.29** 9.07** 42.17 -45.04
MSCI ACWI ex.-U.S. 11.34 -13.33 11.60 42.16 -39.38
*Portfolio's inception date was 7/1/08.
**Performance restated as of 11/10/11.

^Not annualized.
Average Annual Total Return (%) as of 3/31/2012 1 Year 3 Years Since
Inception
7/1/2008
Multi-Cap International (ADR) Portfolio -5.85† 18.56† -5.46†
MSCI ACWI ex. - U.S. -6.75 19.65 -1.92
† Performance restated as of 11/10/11.

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 visit www.iconadvisers.com 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 in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will consistently lead to successful results. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. 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.

Investments in separately managed accounts, like all investments, involve certain risks, including the risk of loss of principal, which will vary depending on the securities selected. Managed accounts are subject to other risks including, but not limited to the risk of a concentration in sectors, industries, asset classes, or geographic regions.

Investors may find there are fewer managed accounts focused on certain asset classes, limiting one’s ability to gain access to those classes. Investors without significant assets to invest may find it difficult to achieve broad diversification within a portfolio, and this could result in a concentrated, non-diversified portfolio. Managed accounts may not be suitable for all investors.

You are responsible for knowing your clients’ needs, goals, and tolerance for risk and advising your clients accordingly.

Weightings are based upon the ICON ADR SMA composite, which consists of a single account.

An American Depository Receipt (ADR) is a certificate that trades in the U.S. markets representing shares of a foreign company. U.S. depository banks issue these certificates and the price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of ADRs to foreign company shares. Investments in ADRs have many of the same risks as international investing, including politi¬cal, market, regulatory, inflation, exchange rate, and currency risks of the underlying shares in foreign countries.

ICON Advisers, Inc. (“ICON”) is a registered investment adviser incorporated in 1991. ICON’s disciplined, quantitative investment system utilizes sector and industry rotation to invest in U.S. and foreign securities of any market capitalization. ICON offers its disciplined, quantitative investment system across a wide range of portfolio solutions, including mutual fund allocation portfolios, diversified and sector mutual funds, as well as diversified and concentrated separate accounts.

ICON has prepared and presented this report in compliance with Global Investment Performance Standards (GIPS®). The results of the Composite have been verified from January 1, 2005 through December 31, 2007 by independent verifiers whose report is available upon request. In addition ICON Advisers, Inc. has been verified for the periods from January 1, 1995 through December 31, 2007 by the independent verifiers. The periods prior to January 1, 1995 have not been verified. A copy of the independent verifier’s report is available upon request. To receive a complete list and description of ICON’s composites and/or a presentation that adheres to the GIPS® standards, please call 1-800-828-4881 or visit www.iconadvisers.com. Additional information regarding ICON’s policies for calculating and reporting returns is available upon request. Returns are calculated in U.S. dollars. The Portfolios do not utilize leverage or derivatives. The ICON Multi-Cap International ADR Portfolio strives to increase the value of your account through a rise in the market price of securities (capital appreciation) by investing in foreign securities that are traded on U.S. exchanges, primarily American Depository Receipts (ADRs), in selected industries and sectors utilizing a value-based sector allocation strategy. The Multi-Cap International ADR Portfolio does not utilize leverage or derivatives. Multi-Cap International ADR Composite assets as of 9/30/11 were $4.4 millon, which represented approximately 0.25% of ICON’s total assets under management. Non-fee paying accounts comprised 3.1% of the Multi-Cap International ADR Composite. Results are net of fees and calculated in U.S. dollars.

The Morgan Stanley Capital International (MSCI) All Country World Index ex-United States (ACWI ex-U.S.) is a leading unmanaged benchmark of international stock performance. The capitalization-weighted index is representative of the performance of securities of companies located in developed and emerging markets outside of the United States. The Portfolio’s composition may differ significantly from the index. Individuals cannot invest directly in an index.

The performance results displayed represent the composite performance for all discretionary client accounts in a Portfolio. The performance results reflect the deduction of management fees, brokerage commissions, and expenses and the reinvestment of dividends and other distributions made to client accounts. Please refer to Part 2 of ICON’s Form ADV for ICON’s current management fee structure.

Source: FactSet Research Systems Inc.

Please click here for the most recent copy of ICON's Form ADV, Part 2. 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 (%)
  Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual Return
2008*  N/A N/A -24.93* -26.78 -45.04*
2009  -11.58 29.11 20.60 3.27 42.17
2010 -0.08** -14.16 15.66 7.42 6.56**
2011 3.32 3.01 -23.91 5.84 -14.29
2012 13.50
*The inception date for the ICON Multi-Cap International ADR Portfolio is 7/1/08.
**Performance restated as of 11/10/11.

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 visit www.iconadvisers.com 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 in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will consistently lead to successful results. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. 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.

Investments in separately managed accounts, like all investments, involve certain risks, including the risk of loss of principal, which will vary depending on the securities selected. Managed accounts are subject to other risks including, but not limited to the risk of a concentration in sectors, industries, asset classes, or geographic regions.

Investors may find there are fewer managed accounts focused on certain asset classes, limiting one’s ability to gain access to those classes. Investors without significant assets to invest may find it difficult to achieve broad diversification within a portfolio, and this could result in a concentrated, non-diversified portfolio. Managed accounts may not be suitable for all investors.

You are responsible for knowing your clients’ needs, goals, and tolerance for risk and advising your clients accordingly.

The inception date for the ICON Multi-Cap International ADR Portfolio is 7/1/08.

An American Depository Receipt (ADR) is a certificate that trades in the U.S. markets representing shares of a foreign company. U.S. depository banks issue these certificates and the price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of ADRs to foreign company shares. Investments in ADRs have many of the same risks as international investing, including politi¬cal, market, regulatory, inflation, exchange rate, and currency risks of the underlying shares in foreign countries.

ICON Advisers, Inc. (“ICON”) is a registered investment adviser incorporated in 1991. ICON’s disciplined, quantitative investment system utilizes sector and industry rotation to invest in U.S. and foreign securities of any market capitalization. ICON offers its disciplined, quantitative investment system across a wide range of portfolio solutions, including mutual fund allocation portfolios, diversified and sector mutual funds, as well as diversified and concentrated separate accounts.

ICON has prepared and presented this report in compliance with Global Investment Performance Standards (GIPS®). The results of the Composite have been verified from January 1, 2005 through December 31, 2007 by independent verifiers whose report is available upon request. In addition ICON Advisers, Inc. has been verified for the periods from January 1, 1995 through December 31, 2007 by the independent verifiers. The periods prior to January 1, 1995 have not been verified. A copy of the independent verifier’s report is available upon request. To receive a complete list and description of ICON’s composites and/or a presentation that adheres to the GIPS® standards, please call 1-800-828-4881 or visit www.iconadvisers.com. Additional information regarding ICON’s policies for calculating and reporting returns is available upon request. Returns are calculated in U.S. dollars. The Portfolios do not utilize leverage or derivatives. The ICON Multi-Cap International ADR Portfolio strives to increase the value of your account through a rise in the market price of securities (capital appreciation) by investing in foreign securities that are traded on U.S. exchanges, primarily American Depository Receipts (ADRs), in selected industries and sectors utilizing a value-based sector allocation strategy. The Multi-Cap International ADR Portfolio does not utilize leverage or derivatives. Multi-Cap International ADR Composite assets as of 3/31/12 were $1.35 millon, which represented approximately 0.07% of ICON’s total assets under management. Non-fee paying accounts comprised 12.2% of the Multi-Cap International ADR Composite. Results are net of fees and calculated in U.S. dollars.

The performance results displayed represent the composite performance for all discretionary client accounts in a Portfolio. The performance results reflect the deduction of management fees, brokerage commissions, and expenses and the reinvestment of dividends and other distributions made to client accounts. Please refer to Part 2 of ICON’s Form ADV for ICON’s current management fee structure.

Source: FactSet Research Systems Inc.

Please click here for the most recent copy of ICON's Form ADV, Part 2.

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.