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Dear Valued Client This letter is to advise you of a transfer of

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Dear Valued Client This letter is to advise you of a transfer of Powered By Docstoc
					                                                                   5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111
                                                                                      800.828.4881 phone | 303.790.1600 local




March 31, 2008


Re: ANNOUNCING A NEW CUSTODIAN FOR ICON MUTUAL FUND ALLOCATION PORTFOLIO (MFAP) ACCOUNTS


Dear Valued Client:

This letter is to advise you of a transfer of custodial services from Fiserv Trust Company (“Fiserv Trust”) to
Trust Company of America (“TCA”) for your ICON MFAP account.

Fiserv Trust Change of Ownership
As you may know, the current custodian for your MFAP account with ICON is Fiserv Trust. In May 2007,
Fiserv Trust’s parent company announced that it had signed definitive agreements to sell Fiserv Trust to
TD AMERITRADE Holding Corporation. The closing of that transaction occurred during the first quarter of
2008, and we expect all of the Fiserv Trust accounts will be converted from the existing Fiserv Trust
platform to the TD AMERITRADE platform in the summer of 2008.

Based upon our analysis and after extensive conversations and working sessions with Fiserv Trust, we,
along with Fiserv Trust, have decided that TCA will serve the role that Fiserv Trust has provided to ICON
investors since 1993. Thus, we are migrating to TCA. On January 14, 2008, we contacted your financial
representative to explain the move.

Your management agreement with ICON gives ICON the authority to change custodians with 30 days
written notice and to transfer custody of your account to a new custodian. We have exercised that
authority on your behalf and have terminated your/our relationship with Fiserv Trust/TD AMERITRADE.
Also, on your behalf, and after extensive research and evaluation of other recognized third-party
providers, ICON has finalized arrangements with TCA to act as your new custodian. It is your account,
however, and ultimately your custodial relationship. Therefore, we wanted to inform you of the change
before it becomes effective. IF YOU DO NOT OBJECT TO OUR DECISION, NO ACTION IS REQUIRED ON YOUR
PART; however, please read the remainder of this letter for important information about your account.

While custodial transfers always offer challenges, we feel we have taken the necessary precautions to
make this as smooth a transition as possible under the circumstances. We would like to assure you that the
change to TCA should not affect the management of your account, or change your fee structures or
existing agreements with ICON.

Please be aware that even if you do object to the movement of your account to TCA, Fiserv Trust may
terminate its custodial relationship with you because it will no longer have a relationship with ICON.
Similarly, ICON will have to terminate its Investment Management Agreement with respect to any Fiserv
Trust accounts since it will not have an agreement with Fiserv Trust/TD AMERITRADE going forward. If you
decide to terminate your account at ICON, and retain Fiserv Trust/TD AMERITRADE as your custodian, you
must send us a written notice of your objection to ICON Advisers, Inc., Attn: Operations, 5299 DTC
Boulevard, Suite 1200, Greenwood Village, CO 80111.

If we do not receive a written objection/opposition from you by May 2, 2008, we will assume that you
consent to the termination of your account at Fiserv Trust and the transfer of your assets to TCA as your
new custodian. Before you decide, you should consult with your financial representative.
Some Additional Information to Consider About the Move to TCA
Since August 2006, ICON has been working with TCA, a Denver-based custodial services company, to
provide an additional custodial option for you. ICON currently has about 200 accounts custodied by TCA.
Based on our review of TCA, ICON believes that TCA has the systems and services to handle all of ICON’s
MFAP accounts. TCA also intends to enhance these services in the future. As such, ICON expects to do a
block transfer from Fiserv Trust to TCA after the close of business on May 9, 2008.

NOTE: All purchases will be made with TCA after May 2, 2008.

Release of Fiserv Trust
Fiserv Trust normally requires that each account owner complete and sign transfer paperwork prior to
Fiserv Trust executing any transfer instructions. Transfer paperwork is usually also executed by the
receiving custodian, and transfers are normally processed on an account-by-account basis. To minimize the
amount of paperwork required to be completed by you and the amount of paperwork Fiserv Trust will
eventually process, we have instructed Fiserv Trust to process the transfer of your account from Fiserv
Trust to TCA using a block-transfer process. Under this process you would not be required to complete any
additional forms for Fiserv Trust.

Implementation Timeline
Fiserv Trust has assured ICON that it will cooperate with TCA to affect the transfer of your assets in a
timely and orderly manner. With the exception of automatic contribution and distribution authorizations,
we expect that all relevant account information will be provided to TCA, which should eliminate the need
for substantial paperwork from you. Should you require an automatic contribution and/or distribution to
be set up with TCA, please fill out the enclosed form and return it to the address indicated.

All parties have agreed to the proposed timetable below:

   •   Close of business May 9, 2008: Block transfer of assets from Fiserv Trust to TCA
   •   Opening of business May 12, 2008: Commence normal business operations at TCA

Within 60 days of the transfer of assets, TCA will send you a letter with relevant information concerning
your new custodian. This communication will also include all of your account information for confirmation
of correct account setup. If you would like some additional information on Trust Company of America,
please visit www.trustamerica.com or call your financial representative.

Thank you for your time and consideration in this matter.

Very truly yours,




Craig C. Callahan                                   Sean Gultig
President                                           Vice President
ICON Advisers, Inc.                                 Fiserv Investment Support Services

				
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