ACTIVE INVESTMENT SOLUTIONS.

For more information contact the ICON Sales Desk at 1-800-828-4881 or visit www.InvestwithICON.com

VALUE INSIGHTS, DELIVERING 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. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment

ICON’s value-to-price ratio is a ratio of the intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’system as compared to the current market price of those securities. To analyze intrinsic value, the ICON valuation methodology

EPS: Earnings from ongoing operations; earnings per share equals total earnings divided by the number of shares outstanding. Grper share over the next five years. Beta: A measure of relative volatility; beta is the covariance of a stock relative Index has a beta coefficient of 1. Any individual stock with a beta greater than 1 would be more volatile than the Index. Bond

ICON’s value-based investing model is an analytical, quantitative approach to investing that employs various factors, including projto determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. ICON’based on judgments and projections that are neither predictive nor guarantees of future results. Value readings are contingent growth estimates, interest rates and overall market conditions. Although valuation readings serve as guidelines for our investment decisions, we retain the discretion to buy and sell securitithat fall beyond these guide-lines as needed. Value investing involves risks

Active Share measures the percentage of a portfolio that is different from the benchmark index.

The unmanaged Standard & Poor’s Composite 1500 (S&P 1500) Index is a broad-based capitalization-weighted companies. The Standard and Poor’s (S&P) 1500 Consumer Discretionary Index is an unmanaged capitalization-weighted as determined by S&P. The Standard and Poor’s (S&P) 1500 Healthcare Index is an unmanaged capitalization-weighted S&P. The Standard and Poor’s (S&P) 1500 Materials Index is an unmanaged capitalization-weighted index comprising and Poor’s (S&P) 1500 Energy Index is an unmanaged capitalization-weighted index comprising companies in the Energy sector as determine

Price/Earnings Ratio is the price of a stock divided by its earnings per share. Price/Book Ratio is the ratio of a stock’s price to its book value per 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.

Please visit ICON online at www.InvestwithICON.com or call 1-800-828-4881 for the most recent copy of ICON’s Form ADV, Part 2.

ICON Advisers, Inc. is the adviser to the ICON Funds. ICON Distributors, Inc. is the distributor of the ICON Funds. ICON Advisers, Inc. and ICON Distributors, Inc. are af

© 2019 ICON DistributorsSM, distributor

Research in active management concludes managers with the high-est Active Share outperform their benchmark indexes 2

ICON launches three diversified mutual funds and a fixed income fund

ICON Advisers by the numbers

Over 30 Yearsindustry experience

8 ITAPstactical allocation portfolios

17 Mutual Fundsdomestic, international, and fixed income

3 SBIPsstrategy based investing portfolios

1,800approximate domestic equity universe

3,000approximate international equity universe

For over 30 years, ICON has taken a disciplined, objective, and value-oriented approach to the way we manage client assets.

Valuation ModelOne Investment System Since 1986.

ICON Advisers is a boutique firm based in Greenwood Village, Colorado, and since its inception, ICON has employed a unique and disciplined investment approach to the way we manage assets. In 1986, Dr. Craig Callahan founded ICON using a proprietary valuation model to systematically determine the intrinsic value of individual companies.

Using the fundamentals of finance we calculate intrinsic value by taking average earnings per share, future earnings growth estimates, beta, and bond yield as opposed to using what we believe to be overly simplis-tic measures such as price-to-earnings (P/E) and price-to-book (P/B). This process enables us to identify value opportunities within industries and sectors. By going where the numbers pull us, we’re able to select discounted companies within industries that show potential and rotate among these industries through changing market conditions.

ICON Advisers at a glance

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»

»

»

»

»

value process

active, tactical industry rotation

disciplined

systematic

market-cap indifferent

do not speculate on unpredictable market or interest rate events

Why ICON?Capturing Market Themes.

ICON systematically analyzes fundamental data in an attempt to pinpoint sector and industry leadership. We believe markets experience themes which typically change every one to two years. The years 2015-2016 are a clear example of a sector theme change from year-to-year. We can see that leading sectors, with returns above the benchmark in 2015, have, in-turn, some of the lowest returns versus the benchmark in 2016. Consumer Discretionary, for example, was the top performing sector in 2015 before dropping, along with Health Care, to the bottom third in sector returns versus the benchmark for 2016. Conversely, Energy was the lowest performing sector in 2015 but had the highest return in 2016. For more detailed information on historic sector themes in the market, see our “Markets Have Themes” piece available at iconadvisers.com.

ICON celebrates its 30 Year Anniversary!

ICON opens a small-cap focused fund, managed by Dr. Craig Callahan

“After more than three decades of serving financial advisers, the dedicated team of in-vestment professionals at ICON Advisers looks forward to what the next 30 years will bring.”

To your success,ICON is pulled away from the Info-tech sector during the Tech-bubble by following our disciplined valuation process.

Dr. Callahan starts ICON’s predecessor firm as a Regis-tered Investment Advisor (RIA)

ICON opens the Global Conservative Portfolio

Craig Callahan, DBA, was a Finance professor at the University of Denver

Dr. Callahan modifies Benjamin Graham’s formula for computing value

ICON establishes the International Growth, Global Growth, and Global Moderate Portfolios

1985 1986 1986 1994 1995 1997 2001 2002 2009 2009 2011 2012 2012 2016 2018

Dr. Callahan begins managing discretionary accounts

ICON begins managing what would become its Tactical Allocation Portfolios (ITAPs)

The proprietary ICON Funds are launched, giving advisers access to sector and international mutual funds

ICON’s valuation process reflects what would later become known as high Active Share through significant sector and industry tilts.

ICON enhances its Valuation Equation to reassess risk measures in the model

Inception of ICON Strategy Based Investing Portfolios (SBIPs), based on research in behavioral finance

ICON builds its first income-oriented Allocation Portfolio: U.S. Income

In combining these observed market themes and our disciplined valuation methodology, we employ a tacti-cal, rotation-based process that tilts our portfolios toward the industries, sectors & countries we believe will be the next market leaders in an attempt to outperform passive investments. We believe this combination of a systematic investment methodology and active rotation distinguishes ICON from other investment man-agers. We take a consistent and disciplined approach while focusing on making clear, objective investment decisions.

EARNINGS, GROWTH =BETA, BOND YIELD

INDIVIDUALSTOCK VALUATION

Value Equation

The ICON DifferenceReliable Partnerships to Support Your Practice.

Since its inception, ICON has kept to our consistent and disciplined methodology, and everything we do is derived from the value we place on integrity and good corporate governance. As a dedicated partner, ICON offers a high level of service that includes access to Portfolio Managers, consistent industry thought leader-ship, and a dedicated staff of sales and client service support.

Today, ICON offers a diverse lineup of Mutual Funds, Tactical Allocation Portfolios, and Strategy Based In-vesting Portfolios providing a wide range of investment options. With our broad scope and commitment to uncovering value across the market, our Funds and Portfolios can accommodate a wide range of investment needs.

2 Cremers, Martijn and Petajisto, Antti, How Active is Your Fund Manager? A New Measure That Predicts Performance (March 31, 2009). AFA 2007 Chicago Meetings Paper; EFA 2007 Ljubljana Meetings Paper; Yale ICF Working Paper No. 06-14.

Performance data shown represents past performance, and current performance may be higher or lower. Past performance does not guarantee future results.

2015

2016

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

CONSUMER DISCRETIONARY HEALTH CARE MATERIALS ENERGY

+6.8 +6.4

-11.0

-23.1

-6.4

-15.1

+8.7

+14.3

Over/Under-Performance vs. BenchmarkS&P 1500 Sector Indexes vs. S&P 1500 Index

2015

2016

2015

2015

2015

2016

2016

2016

S&P 1500 Benchmark Index

ACTIVE INVESTMENT SOLUTIONS.

For more information contact the ICON Sales Desk at 1-800-828-4881 or visit www.InvestwithICON.com

VALUE INSIGHTS, DELIVERING 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. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment.

ICON’s value-to-price ratio is a ratio of the intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. To analyze intrinsic value, the ICON valuation methodology relies on the integrity of publicly released financial statements.

EPS: Earnings from ongoing operations; earnings per share equals total earnings divided by the number of shares outstanding. Growth Rate: An expected rate of growth per year for earnings per share over the next five years. Beta: A measure of relative volatility; beta is the covariance of a stock relative to the entire market. For example, the Standard & Poor’s Composite 1500 Index has a beta coefficient of 1. Any individual stock with a beta greater than 1 would be more volatile than the Index. Bond Yield represents an opportunity cost in the valuation model.

ICON’s value-based investing model is an analytical, quantitative approach to investing that employs various factors, including projected earnings growth estimates and bond yields, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. ICON’s value approach involves forward-looking statements and assumptions based on judgments and projections that are neither predictive nor guarantees of future results. Value readings are contingent on several variables including, without limitation, earnings, growth estimates, interest rates and overall market conditions. Although valuation readings serve as guidelines for our investment decisions, we retain the discretion to buy and sell securities that fall beyond these guide-lines as needed. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies.

Active Share measures the percentage of a portfolio that is different from the benchmark index.

The unmanaged Standard & Poor’s Composite 1500 (S&P 1500) 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 Consumer Discretionary Index is an unmanaged capitalization-weighted index comprising companies in the Consumer Discretionary sector as determined by S&P. The Standard and Poor’s (S&P) 1500 Healthcare Index is an unmanaged capitalization-weighted index comprising companies in the Healthcare sector as determined by S&P. The Standard and Poor’s (S&P) 1500 Materials Index is an unmanaged capitalization-weighted index comprising companies in the Materials sector as determined by S&P. The Standard and Poor’s (S&P) 1500 Energy Index is an unmanaged capitalization-weighted index comprising companies in the Energy sector as determined by S&P.

Price/Earnings Ratio is the price of a stock divided by its earnings per share. Price/Book Ratio is the ratio of a stock’s price to its book value per 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 infor-mation carefully before investing.

Please visit ICON online at www.InvestwithICON.com or call 1-800-828-4881 for the most recent copy of ICON’s Form ADV, Part 2.

ICON Advisers, Inc. is the adviser to the ICON Funds. ICON Distributors, Inc. is the distributor of the ICON Funds. ICON Advisers, Inc. and ICON Distributors, Inc. are affiliates.

© 2019 ICON DistributorsSM, distributor