Icon Advisers Inc

Item 5 – Fees and Compensation

                                             Mutual Fund Advisory Fee

 If you own a share in one of the ICON Funds, you pay Shelton the ICON Funds Advisory Annual Fee listed in the
 table below. You indirectly pay ICON for its investment sub-advisory services via ICON’s sub-advisory agreement
 with SCM Trust, under which ICON receives a portion of the ICON Funds Advisory Annual Fees from Shelton.
                                         ICON Funds Advisory Annual Fee*
 ICON Multi-Sector Funds                                            ICON Diversified Funds
 ICON Consumer Select Fund                          1.00%           ICON Flexible Bond Fund                 0.60%
 ICON Health and Information Technology Fund        1.00%           ICON Equity Income Fund                 0.75%
 ICON Natural Resources and Infrastructure Fund     1.00%           ICON Equity Fund                        0.75%
 ICON Utilities and Income Fund                     1.00%

 If you own a share in one of the Shelton Funds, you pay Shelton the Shelton Funds Advisory Annual Fee listed in the
 table below. ICON receives (from Shelton) a portion of the Shelton Funds Advisory Annual Fee with respect to
 investments through ICON model allocations in these funds. ICON will also be compensated by Shelton for certain
 assets attributable to the former ICON International Equity Fund and ICON Emerging Markets Fund. ICON will
 receive quarterly compensation for a mutually agreed period, based on a calculation of the advisory fee earned by
 Shelton, less certain expenses.
                                         Shelton Funds Advisory Annual Fee
 Shelton International Funds
 Shelton Emerging Markets Fund                      1.00%
 Shelton International Select Equity Fund           0.74%

 *The ICON Funds also have an expense reimbursement agreement with Shelton for certain expenses paid by
 Shelton due to the expense limitation agreement. Please refer to the prospectus for further information regarding
 fees and expenses.

 The investment sub-advisory agreement between ICON and Shelton may be terminated for various reasons under
 the Investment Company Act of 1940 or by a vote of the Board of Trustees (“Trustees”) of the Funds or by ICON
 upon written notice. The agreement terminates automatically if it is assigned. Please refer to the prospectus for
 further information regarding fees and expenses.

                                       ITAP Investment Management Fees

For accounts custodied at Innovayte (formerly Equity Advisor Solutions), management fees are generally deducted
monthly in arrears based on the average daily value of the account. Individual Client fees are detailed in their
individual Client agreement. You may elect to have the custodian debit the account directly for fees or youmay
authorize ICON to debit fees from a separate bank account. Management fees are adjusted for each capital
contribution and withdrawal made during the applicable month. Clients must read their Investment Management
Agreement and the ADV thoroughly.

For accounts custodied at Charles Schwab, management fees are generally deducted quarterly in arrears based on
the account value at the end of each quarter. You may elect to have the custodian debit the account directly for
fees or you may authorize ICON to debit fees from a separate bank account. Management fees are not adjusted
for each capital contribution and withdrawal made during the applicable calendar quarter.

Accounts opened or closed during a month (Innovayte (formerly Equity Advisor Solutions)) or calendar quarter
(Charles Schwab) will be charged a prorated fee. When you close your account, any earned, unpaid fees will be
due and payable. Please refer to yourInvestment Management Agreement for more details on fees and how they
are charged.

ICON pays custodial fees for the ITAP accounts, exclusive of charges imposed by the custodians for transfer taxes,
wire transfer and electronic fund fees, other security transaction fees and/or other fees disclosed and imposed
upon you by the custodian. Mutual funds also charge their own advisory fees, which are disclosed in a fund’s
prospectus and in your Investment Management Agreement with ICON. For its services as investment adviser,
Client agrees to pay ICON a management fee for managing the allocation in the portfolio and servicing the
account, which is in addition to the fees charged by ICON Funds and other funds not managed by ICON. ICON does
not offset its fees it receives for managing the allocation and servicing Client accounts with the fees you pay on
the underlying mutual funds managed by ICON. These charges, fees and commissions areexclusive of and in
addition to ICON’s management fee. ICON receives a portion of the advisory fee on the investments in the ICON
Funds and certain Shelton Funds. If you own an ITAP, you indirectly pay Mutual Fund Advisory Fees to ICON as
discussed under Mutual Fund Advisory Fee above. ITAPs invest exclusively in no-load mutual fund shares.

The investment management fees paid by ITAP clients to ICON for managing allocations and servicing the accounts,
represent fees for managing the client’s assets andare separate from the fees and expenses of the underlying ICON
Funds and custodial transaction fees.

What is the management fee to you?
   •     The maximum management fee to a client is 2% per year.
   •     That maximum 2% management fee includes a solicitor’s fee for your representative, if applicable. The
         portion of the fee that goes to your representative varies depending on the firm. Your representative
         may receive up to 100% of the management fee. Please contact your representative for further
         information.

While ICON reserves the right to, and in fact does, negotiate management fees, the following annual management
fees apply, in general, to ITAP accounts:
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Item 7 – Types of Clients

ICON provides sub-advisory and portfolio management services to registered mutual funds, individuals and high net
worth individuals. Please refer to Item 4 for account minimums