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.
Small Cap Value Institutional Fund
INVESTMENT OBJECTIVE
The Small Cap Value Institutional Fund seeks long-term capital appreciation.
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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1.00%
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Distribution and Service (12b-1) Fees
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None
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Acquired Fund Fees and Expenses
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0.06%
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Other Expenses
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0.44%
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Total Annual Fund Operating Expenses
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1.50%
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Fee Waiver (and/or expense reimbursement)
1
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-0.39%
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Total Annual Fund Operating Expenses After Fee Waiver (and/or expense
reimbursement)
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1.11%
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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 1.05% 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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113
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$
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436
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$
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781
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$
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1,757
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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 62% 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 a diversified portfolio of equity securities, which include common stocks, rights, options, warrants, convertible debt securities, and American Depositary Receipts (ADRs) that, when purchased, have
market
capitalizations that are usually within the range of companies in the Russell 2000 Value Index. Although a universal definition of small-capitalization companies does not exist, the Fund
generally defines small-capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell 2000 Value Index, which is an unmanaged index measuring the performance of the small cap value
segment of the U.S. equity universe and which includes companies with lower price-to-book ratios and lower forecasted growth values.
Security Investors, LLC, also known as Guggenheim Investments (the Investment Manager), typically chooses equity securities that appear
undervalued relative to assets, earnings, growth potential or cash flows and may invest in a limited number of industries or industry sectors, including the technology sector.
The Fund may sell a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.
The Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be used to hedge the Funds portfolio, to maintain exposure to
the equity markets or to increase returns.
The Fund may, from time to time, invest a portion of its assets in technology stocks.
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 index-based investments as a way of managing its cash position to gain exposure to the equity markets or a particular sector of the
equity market, while maintaining liquidity. Certain investment vehicles securities and other securities in which the Fund may invest are restricted securities, which may be illiquid.
The Fund actively trades its investments without regard to the length of time they have been owned by the Fund, which results in higher portfolio turnover.
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.
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.
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.
Restricted Securities Risk
Restricted securities generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which may result in
substantial losses to the Fund.
Small-Capitalization Securities Risk
The Fund is subject to the risk that small
capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable than larger, more established organizations to adverse business or economic
developments. Securities of small-capitalization companies may experience much more price volatility, greater spreads between their bid and ask prices, significantly lower trading volumes, and cyclical or static growth prospects.
Small-capitalization companies often have limited product lines, markets or financial resources, and may therefore be more vulnerable to adverse developments than larger capitalization companies.
Technology Stocks Risk
Stocks of companies involved in the technology sector may be very volatile.
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 31.34%
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3Q 2011 -20.91%
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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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18.97%
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17.24%
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Return After Taxes on Distributions
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16.00%
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14.75%
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Return After Taxes on Distributions and Sale of Fund Shares
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12.86%
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13.73%
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Index
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Russell 2000 Value Index
(reflects no deductions for fees, expenses or
taxes)
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18.05%
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6.90%
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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. James Schier 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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