Before you invest, you may wish to review the Funds Prospectus, which contains more information about the Fund and its risks. You may obtain
the Prospectus and other information about the Fund, including the Statement of Additional Information (SAI) and most recent reports to shareholders, at no cost by visiting http://guggenheiminvestments.com/services/prospectuses-and-reports, calling
(800) 820-0888 or e-mailing sservices@sg-investors.com. The Funds Prospectus and SAI, both dated January 28, 2013, as revised from time to time, and the Funds most recent shareholder reports, are incorporated by reference into this
Summary Prospectus.
Large Cap Value Institutional Fund
INVESTMENT OBJECTIVE
The Large Cap Value Institutional Fund seeks long-term growth of capital.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if
you buy and hold shares of the Fund.
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SHAREHOLDER FEES
(fees paid directly from your
investment)
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Maximum Sales Charge (Load) Imposed on Purchases
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None
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Maximum Deferred Sales Charge (Load)
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None
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your
investment)
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Management Fees
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0.65%
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Distribution and Service (12b-1) Fees
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None
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Other Expenses
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3.44%
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Tax Expenses
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0.03%
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Remaining Other Expenses
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3.41%
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Total Annual Fund Operating Expenses
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4.09%
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Fee Waiver (and/or expense reimbursement)
1
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-3.06%
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Total Annual Fund Operating Expenses After Fee Waiver (and/or expense
reimbursement)
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1.03%
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1
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The
Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage
costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (Operating Expenses) of the Fund to the annual percentage of 0.96% of the average daily
net assets for the Fund. The Fund may have Total annual fund operating expenses after fee waiver greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation.
The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the
investment adviser ceases to serve as such (subject to recoupment rights).
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EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$
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105
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$
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963
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$
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1,837
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$
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4,093
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The above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of
the arrangements only.
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year,
the Funds portfolio turnover rate was 19% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in equity securities,
which include common stocks, rights, options, warrants, convertible debt securities of both U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (ADRs), of companies that, when purchased, have market
capitalizations that are usually within the range of companies in the Russell 1000 Value Index. Although a universal definition of large market capitalization companies does not exist, the Fund generally defines large market capitalization
companies as those whose market capitalization is similar to the market capitalization of companies in the Russell 1000 Value Index, which is an unmanaged index measuring the performance of the large cap value segment of the U.S. equity universe and
which includes companies with lower price-to-book ratios and lower expected growth values.
In choosing securities, Security Investors,
LLC, also known as Guggenheim Investments (the Investment Manager), primarily invests in value-oriented companies. Value-oriented companies are companies that appear to be undervalued relative to assets, earnings, growth potential or
cash flows. The Investment Manager uses a blend of quantitative analysis and fundamental research to identify securities that appear favorably priced and that may be able to sustain or improve their pre-tax ROIC (Return on Invested Capital) over
time. The Fund may, consistent with its status as a non-diversified mutual fund, focus its investments in a limited number of issuers.
The Fund may invest a portion of its assets in futures contracts, options on futures contracts, and options on securities. These instruments are
used to hedge the Funds portfolio, to maintain exposure to the equity markets, or to increase returns.
The Fund may invest in a
variety of investment vehicles, including those that seek to track the composition and performance of a specific index, such as exchange traded funds (ETFs) and other mutual funds. The Fund may use these investments as a way of managing
its cash position or to gain exposure to the equity markets or a particular sector of the equity markets, while maintaining liquidity.
The Fund typically sells a security when its issuer is no longer considered a value company, shows deteriorating fundamentals or falls short of the
Investment Managers expectations, among other reasons.
Under adverse or unstable market conditions, the Fund could invest some or
all of its assets in cash, fixed-income securities, government bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the Fund may be unable to pursue its investment objective
during that time, and it could reduce the benefit from any upswing in the market.
PRINCIPAL RISKS
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money. The principal risks of investing in the Fund are listed below.
Derivatives Risk
Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with underlying investments or the Funds other portfolio holdings, leverage risk, lack of availability
and the risk that the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could result in a loss, which in some cases may be unlimited.
Equity Securities Risk
Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing companys financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a companys stock. Growth stocks may be more volatile than value stocks.
Foreign Securities Risk
Foreign securities, including investments in foreign securities through ADRs, carry additional risks when compared to U.S. securities, including currency
fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity, limited legal recourse and higher transactional costs.
Investment in Investment Vehicles Risk
Investing in other investment vehicles, including ETFs and other mutual funds, subjects the Fund to those risks affecting the investment vehicle,
including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles expenses.
Large-Capitalization Securities Risk
The Fund is subject to the risk that
large-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may
not be able to attain the high growth rate of smaller companies, especially during extended periods of economic expansion.
Leverage
Risk
The Funds use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile than if it had not been leveraged.
Liquidity and Valuation Risk
In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the
price at which it has been valued by the Investment Manager for purposes of the Funds net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment.
Management Risk
The Fund is actively managed, which means that investment decisions are made based on investment views.
There is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management, also called high turnover, may have a negative impact on performance. Active trading may result in
higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.
Market Risk
The
market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company or other factors such as changing economic, political or financial market conditions.
Non-Diversification Risk
The Fund is considered non-diversified because it invests a large portion of its assets in a small number of
issuers. As a result, the Fund is more susceptible to risks associated with those issuers than a more diversified portfolio, and its performance may be more volatile.
Regulatory and Legal Risk
U.S. and other regulators and governmental agencies may implement additional regulations and legislators may pass new laws that affect the investments held by
the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance, costs and operations of the
Fund or taxation of shareholders.
Value Stocks Risk
Value stocks are subject to the risk that the intrinsic value of the
stock may never be realized by the market or that the price goes down.
PERFORMANCE INFORMATION
The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Funds performance from
year to year and by showing how the Funds average annual returns for the one year and since inception periods have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Funds website at www.guggenheiminvestments.com or by calling 1-800-820-0888.
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Highest Quarter Return
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Lowest Quarter Return
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2Q 2009 19.40%
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3Q 2011 -18.41%
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AVERAGE ANNUAL TOTAL RETURNS
(For the periods ended December 31, 2012)
After-tax returns shown in the table are
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown.
After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
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1 Year
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Since Inception
7/14/2008
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Institutional Fund
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Return Before Taxes
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14.73%
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3.91%
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Return After Taxes on Distributions
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14.35%
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3.59%
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Return After Taxes on Distributions and Sale of Fund Shares
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9.57%
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3.15%
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Index
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Russell 1000 Value Index
(reflects no deductions for fees, expenses or
taxes)
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17.51%
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4.91%
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MANAGEMENT OF THE FUND
Security Investors, LLC, also known as Guggenheim Investments (the Investment Manager), serves as the investment manager of the Fund. Mark Mitchell is primarily responsible for the
day-to-day management of the Fund and holds the title of Portfolio Manager with the Investment Manager. He has managed the Fund since July 2008.
PURCHASE AND SALE OF FUND SHARES
You may purchase or redeem Fund shares through your broker/
dealer, other financial intermediary that has an agreement with Guggenheim Distributors, LLC, the Funds distributor, or through the transfer agent (by mail or telephone, if you select the telephone option on your account application). You may
purchase, redeem or exchange shares of the Fund on any day the New York Stock Exchange is open for business. The minimum initial investment is $2 million, although the Fund may waive this requirement at its discretion. The Fund has a minimum account
balance of $1 million. Due to the relatively high cost of maintaining accounts below the minimum account balance, the Fund reserves the right to redeem shares if an account balance falls below the minimum account balance for any reason. Investors
will be given 60 days advance notice to reestablish the minimum account balance. If the account balance is not increased, the account may be closed, and the proceeds sent to the investor. Fund shares will be redeemed at net asset value on the
day the account is closed.
TAX INFORMATION
Fund distributions are taxable as ordinary income or capital gains (or a combination of both), unless your investment is in an IRA or other tax-advantaged retirement account.
PAYMENTS TO BROKER/DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase Fund shares through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial
intermediarys website for more information.
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805 KING FARM BLVD. SUITE 600
ROCKVILLE, MARYLAND 20850
800 820 0888
WWW.GUGGENHEIMINVESTMENTS.COM
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