0000891804-13-000267.txt : 20130219 0000891804-13-000267.hdr.sgml : 20130219 20130219162702 ACCESSION NUMBER: 0000891804-13-000267 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20130219 DATE AS OF CHANGE: 20130219 EFFECTIVENESS DATE: 20130219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY EQUITY FUND CENTRAL INDEX KEY: 0000088525 IRS NUMBER: 486104426 STATE OF INCORPORATION: KS FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-19458 FILM NUMBER: 13623769 BUSINESS ADDRESS: STREET 1: SECURITY INVESTORS, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 BUSINESS PHONE: 7854383127 MAIL ADDRESS: STREET 1: SECURITY INVESTORS, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 0000088525 S000008805 Large Cap Core Fund C000023958 A SECEX C000023959 B SEQBX C000023960 C SFECX C000110205 Institutional GILIX 0000088525 S000008806 Alpha Opportunity C000023961 A SAOAX C000023962 B SAOBX C000023963 C SAOCX C000071557 Institutional SAOIX 0000088525 S000008807 MSCI EAFE Equal Weight C000023964 A SEQAX C000023965 B SGOBX C000023966 C SFGCX C000100456 I SEWIX 0000088525 S000008809 Mid Cap Value C000023970 A SEVAX C000023971 B SVSBX C000023972 C SEVSX 0000088525 S000008810 Small Cap Growth C000023973 A SSCAX C000023974 B SEPBX C000023975 C SESCX C000110206 Institutional GIMIX 0000088525 S000008812 Large Cap Concentrated Growth C000023979 A SEFAX C000023980 B SEFBX C000023981 C SSSCX C000110207 Institutional GIQIX 0000088525 S000022641 Small Cap Value C000065507 A SSUAX C000065508 C SSVCX C000065509 Institutional SSUIX 0000088525 S000022644 Mid Cap Value Institutional C000065512 Mid Cap Value Institutional SVUIX 497 1 sb56095-497bxbrl.htm SECURITY EQUITY FUND sb56095-497bxbrl.htm
EXHIBIT LIST
 
Exhibit Number
Exhibit:
   
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Label Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase

 
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sef:ProspectusTwoMember sef:S000008810Member sef:C000110206Member 2013-02-01 2013-02-01 0000088525 sef:ProspectusTwoMember sef:S000008812Member sef:C000110207Member 2013-02-01 2013-02-01 iso4217:USD xbrli:pure 497 2012-09-30 SECURITY EQUITY FUND 0000088525 false sef 2013-02-01 2013-02-01 2013-02-01 <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><b>INVESTMENT OBJECTIVE</b></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT OBJECTIVE</b></font></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT OBJECTIVE</b></font></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT OBJECTIVE</b></font></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt 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You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;16 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional and in the &#147;Buying Shares&#160;&#150; Class&#160;A Shares&#148; section on page&#160;19 of the Fund&#146;s prospectus and the &#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;35 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;14 of the Fund&#146;s prospectus and the &#147;How to Purchase Shares&#148; section on page&#160;34 of the Fund&#146;s Statement of Additional Information.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page 37 of the Fund&#146;s prospectus and the &#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;37 of the Fund&#146;s prospectus and the &#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;37 of the Fund&#146;s prospectus and the &#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39 of the Fund&#146;s prospectus. 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More information about these and other discounts is available from your financial professional and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;37 of the Fund&#146;s prospectus and the &#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font-size: 8pt"><b>FEES AND EXPENSES OF THE FUND</b></font></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-size: 8pt"><b>FEES AND EXPENSES OF THE FUND</b></font></p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; background-color: white"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; 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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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 707% of the average value of its portfolio.</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. 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During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 82% of the average value of its portfolio.</p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 184% of the average value of its portfolio.</font></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 62% of the average value of its portfolio.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 33% of the average value of its portfolio.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 19% of the average value of its portfolio.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 101% of the average value of its portfolio.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 101% of the average value of its portfolio.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 82% of the average value of its portfolio.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 62% of the average value of its portfolio.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 184% of the average value of its portfolio.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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 Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 41% of the average value of its portfolio.</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Principal Investment Strategies</b></font></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Principal Investment Strategies</b></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="margin: 0">PRINCIPAL INVESTMENT STRATEGIES</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The Fund pursues its objective by investing, under normal market conditions, approximately (1)&#160;37.5% of its total assets according to a long/short strategy with an emphasis on securities of domestic issuers managed by Mainstream Investment Advisers, LLC (&#147;Mainstream&#148; and the &#147;Domestic Long/Short Sub-Portfolio&#148;), the Fund&#146;s sub-adviser, (2)&#160;37.5% of its total assets, managed directly by Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), according to a long/short strategy with an emphasis on securities of non-U.S. issuers (the &#147;Global Long/Short Sub-Portfolio&#148;), and (3)&#160;25% of its total assets, also managed directly by the Investment Manager, in a portfolio of equity securities, equity derivatives and fixed income securities (the &#147;Indexed Sub-Portfolio&#148;) that is intended to closely track the performance of the S&#38;P 500 Composite Stock Price Index (the &#147;S&#38;P 500 Index&#148;), which consists of common stocks representing approximately two-thirds of the total market value of all U.S. common stocks. 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Approximately once a month, the Investment Manager will review the allocations in each of the sub-portfolios. When the Indexed Sub-Portfolio is greater than 25% or less than 15% of the Fund&#146;s total assets, the Investment Manager usually will rebalance the Fund&#146;s portfolio by reallocating the assets among the sub-portfolios so that the Fund returns to the target allocation. The Investment Manager will also usually rebalance the Domestic and Global Long/Short Sub-Portfolios of the Fund when the difference between those sub-portfolios is more than 10% of the Fund&#146;s total assets so that the percentage of the Fund&#146;s total assets in each of the Domestic and Global Long/Short Sub-Portfolios returns to approximately 37.5%.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The Fund may invest up to 50% of its net assets in foreign securities, in addition to American Depositary Receipts (ADRs). ADRs are dollar-denominated receipts issued generally by U.S. banks, which represent the deposit with the bank of a foreign company&#146;s securities. ADRs are publicly traded on exchanges or over-the-counter in the United States. Each of the Fund&#146;s sub-portfolios can invest in foreign securities although the Global Long/Short Sub-Portfolio will invest a larger portion of its assets in foreign securities so that the assets in the Global Long/Short Sub-Portfolio generally will be diversified among investments in a number of different countries throughout the world. The Fund may invest in issuers of any size, including small-capitalization issuers.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Certain investment vehicles&#146; securities in which the Fund may invest may be illiquid.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">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.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Under adverse or unstable market conditions, the Fund (or each of its sub-portfolios) 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.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt"><b>Strategies of the Domestic Long/Short Sub-Portfolio</b>&#160;&#150;&#160;The Fund pursues its domestic long/short strategy by investing primarily in publicly-traded equity securities, principally common stocks, but to a lesser degree in (&#147;ETFs) and other securities with equity characteristics. If there are an insufficient number of available securities meeting the purchase criteria of Mainstream, the Fund may also hold a portion of its assets in cash and money market instruments, and such holdings may be substantial. Dividend and interest income will be an incidental consideration. The Fund may engage in short sales of securities believed to be overvalued.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">&#160;</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Mainstream seeks to identify individual stocks with solid underlying financial fundamentals, trading at levels representing value relative to the market generally. Mainstream uses technical and fundamental methods of analysis to choose stocks for the Fund&#146;s portfolio. The technical analyses used include a relative strength index (&#147;RSI&#148;), price moving averages and price relative to historical market averages.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Mainstream also uses bottom-up analysis by evaluating approximately 2,000 actively traded stocks in the marketplace. The bottom-up analysis reviews stock prices in relationship to their stock price moving averages and ranks them by their RSIs. A purchase candidate is identified as a stock that is at fair value or undervalued to the marketplace. A sale candidate is identified as a stock that is expensive or overbought. These action candidates are then grouped by industry. Mainstream prefers that the candidates are concentrated in a particular industry. Mainstream also considers the industry and underlying financial fundamentals of the action candidates. Where the fundamentals are positive relative to their valuations, the stocks may be purchased. Stocks with high RSIs may be sold. Stocks with high RSIs and deteriorating fundamentals may be sold short.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">A top-down evaluation of the stock and bond markets, primarily based on their RSIs, is also used. A high RSI may indicate that the marketplace is expensive or overbought; conversely, a low RSI may indicate that the marketplace is inexpensive or oversold. Mainstream uses the RSI in combination with an analysis of the short-term outlook for corporate earnings, interest rates, currencies and commodities to determine the overall stock to cash and long stock to short stock allocations.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Mainstream actively manages its portion of the Fund&#146;s portfolio and will buy and sell securities frequently.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt"><b>Strategies of the Global Long/Short Sub-Portfolio</b>&#160;&#150;&#160;The Fund pursues a global long/short strategy by holding long (purchasing) foreign and domestic common stocks or convertible stocks of companies which the Investment Manager believes will outperform the market and by selling short those securities believed to be overvalued or expected to underperform the market.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The Investment Manager may also invest a portion of the Fund&#146;s assets in options, futures contracts and foreign currencies, which may be used to hedge its portion of the Fund&#146;s portfolio, to increase returns or to maintain exposure to the equity markets. The Investment Manager may engage in short sales of securities believed to be overvalued or expected to underperform the market. The Investment Manager may also invest in emerging market countries. With respect to investments in foreign securities, there is no limit in the amount that the Global Long/Short Sub-Portfolio may invest in securities issued by companies from emerging markets.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The Investment Manager uses both quantitative and qualitative techniques to identify long and short investment opportunities. The Investment Manager&#146;s universe of securities begins with the approximately 5,000 of the largest publicly traded companies globally. Through quantitative screening and fundamental analysis, the Investment Manager narrows the universe of securities to a list of long and short investment opportunities. The Investment Manager then builds a portfolio of securities designed to maximize the absolute returns of the sub-portfolio from the Investment Manager&#146;s selection methodology while working to maintain prudent risk controls.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The Investment Manager will consider buying a security that is not currently held in the Global Long/Short Sub-Portfolio when the security candidate has passed through the research process and the Investment Manager believes that there is a potential for upside price movement over the following year with a return to risk ratio that meets its criteria. In the case of a security already held in the Global Long/Short Sub-Portfolio, the Investment Manager will consider adding to the position in the event the security has been unusually weak in the market based on the Investment Manager&#146;s analysis and the Investment Manager continues to believe that the one year price objective is valid. The Investment Manager will consider selling a security if it believes that the price objective is no longer valid. The Investment Manager may also reduce a position in the Global Long/Short Sub-Portfolio with respect to a security if the position approaches its price objective and the risk/return is deteriorating.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt"><b>Strategies of the Indexed Sub-Portfolio</b>&#160;&#150;&#160;With respect to the Indexed Sub-Portfolio, the Investment Manager seeks investment returns that are similar to those of the S&#38;P 500 Index by primarily investing in equity derivatives, such as futures contracts, options on futures contracts, and equity options. An equity derivative is a financial instrument whose value depends on, or is &#147;derived&#148; from, the value of an underlying asset or index, such as the S&#38;P 500 Index. Using S&#38;P 500 equity derivatives, the Investment Manager can obtain investment exposure to the S&#38;P 500 Index equal to the net asset value of the Fund that it manages with a fraction of the assets that would be needed to purchase an equivalent amount of equity securities directly. Obtaining magnified investment exposure on a small investment is referred to as &#147;leverage,&#148; and it can increase the volatility of the Fund&#146;s performance. However, because the Fund ultimately is responsible for the entire amount of the investment exposure under an equity derivative, the Investment Manager will manage the remainder of its portion of the Fund so that any leverage achieved through equity derivatives is reduced by other investments. While there are a number of ways of offsetting the leverage achieved through equity derivatives, the Investment Manager generally will do so by investing in fixed income securities in an amount sufficient to meet the Fund&#146;s obligations under the equity derivatives.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">&#160;</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The Investment Manager actively manages the fixed income securities with a view toward enhancing the Fund&#146;s total return and recouping some of the transaction and financing costs associated with investing in equity derivatives, which are reflected in the operating costs of the Fund. The Fund&#146;s overall portfolio duration for its investments in fixed income securities is normally not expected to exceed one year. The fixed income securities in which the Fund may invest include securities issued or guaranteed by the U.S. government, its agencies or instrumentalities; corporate debt securities of U.S. issuers, including mortgage backed and other asset-backed securities; and bank certificates of deposit, fixed time deposits and bankers&#146; acceptances.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Although the Investment Manager does not normally invest the Indexed Sub-Portfolio this portion of the Fund&#146;s portfolio directly in S&#38;P 500 securities, when equity derivatives appear to be overvalued relative to the S&#38;P 500 Index, the Fund may invest in a &#147;basket&#148; of S&#38;P 500 stocks. The S&#38;P&#160;500 Index is a well known stock market index composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. Individual stocks are selected based on an analysis of the historical correlation between the return of every S&#38;P 500 stock and the return of the S&#38;P 500 Index itself. The Investment Manager may employ fundamental analysis of factors such as earnings and earnings growth, price to earnings ratio, dividend growth, and cash flows to choose among stocks that satisfy the correlation tests.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Stocks chosen for the Fund are not limited to those with any particular weighting in the S&#38;P 500 Index. The Fund may also invest in ETFs based on the S&#38;P 500 Index, such as Standard&#160;&#38; Poor&#146;s Depositary Receipts.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 9pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Fund uses a passive management strategy, known as &#147;representative sampling,&#148; to track the performance of the Underlying Index. &#147;Representative sampling&#148; refers to an indexing strategy that generally involves investing in a representative sample of securities or financial instruments, primarily consisting of American Depositary Receipts (&#147;ADRs&#148;) and Global Depositary Receipts (&#147;GDRs&#148;), that have an investment profile similar to the Underlying Index and some, but not all, of the component securities of the Underlying Index. This technique involves the use of risk management and quantitative stock picking strategies. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in the equity securities included in the Underlying Index. The Fund may hold up to 20% of its assets in securities not included in or representative of the Underlying Index. The Investment Manager expects that, over time, if the Fund has sufficient assets, the correlation between the Fund&#146;s performance, before fees and expenses, and that of the Underlying Index will be 95% or better. A figure of 100% would indicate perfect correlation. However, fees and expenses incurred by the Fund as well as the size and frequency of cash flows into and out of the Fund as well as other factors will cause differences in performance, usually making it harder for the Fund to correlate to the Underlying Index. The Fund may invest in a variety of investment vehicles, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these 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. The Fund may also invest in futures contracts in order to maintain exposure to the securities and currency markets at times when it is not able to purchase the corresponding securities and currencies or it believes that it is more appropriate to use futures.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The MSCI EAFE Equal Weighted Index is an unmanaged equal-weighted version of the MSCI EAFE Index, which means that each security included in the index has the same weight on each rebalancing date and then fluctuates based on the performance of the security until weights are reset equally on the next rebalancing date. The MSCI EAFE Equal Weighted Index is generally rebalanced quarterly. The Fund&#146;s investments will be weighted and rebalanced in accordance with the MSCI EAFE Equal Weighted Index. The MSCI EAFE Index (Europe, Australasia, Far East) is an index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of December&#160;31, 2012, the MSCI EAFE Index consisted of separate sub-indices representing the following 22 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom, with capitalizations ranging from $1 to $209 billion. Both Indices are denominated in U.S.&#160;Dollars.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in equity securities, which include common and preferred stocks, warrants and securities convertible into common or preferred stocks, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 2500 Growth Index. The Fund&#146;s benchmark is the Russell 2000 Growth Index, which measures the performance of securities of smaller U.S. companies with greater-than-average growth orientation. 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 2500 Growth Index, which is an unmanaged index that measures the performance of securities of small-to-mid cap U.S. companies with higher price-to-book ratios and higher forecasted growth values. As of December&#160;31, 2012, the Russell 2500 Growth Index consisted of securities of companies with capitalizations that ranged from $28 million to $5 billion.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), uses a combination of a qualitative economic approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest rates, along with a quantitative fundamental bottom-up approach in selecting growth stocks. The Investment Manager chooses portfolio securities that it believes are attractively valued with the greatest potential for long term growth of capital and may invest in a limited number of industries or industry sectors. The Investment Manager identifies the securities of companies that it believes are in the early to middle stages of growth and are valued at a reasonable price. Equity securities considered to have appreciation potential may include securities of smaller and less mature companies which have unique proprietary products or profitable market niches and the potential to grow very rapidly (including, without limitation, technology companies).</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund typically sells a stock if its growth prospects diminish, or if better opportunities become available.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 Fund's portfolio, to increase returns or to maintain exposure to the equity markets. The Fund may also invest in American Depositary Receipts (&#147;ADRs&#148;).</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may actively trade its investments without regard to the length of time they have been owned by the Fund, which results in higher portfolio turnover.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 (&#147;ETFs&#148;) 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 company securities and other securities in which the Fund may invest are restricted securities, which may be illiquid.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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, and American Depositary Receipts (&#147;ADRs&#148;), of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 1000 Growth Index. The Fund focuses its investments in a core position of 20-30 common stocks of growth companies which have exhibited consistent above average earnings and/or revenue growth. The Fund is non-diversified, which means that it may invest a larger portion of its assets in a limited number of companies than a diversified fund. Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), selects what it believes to be premier growth companies as the core position for the Fund using a combination of a qualitative top-down approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest rates, along with a quantitative fundamental bottom-up approach. Portfolio holdings will be replaced when one or more of a company&#146;s fundamentals have changed, and, in the opinion of the Investment Manager, it is no longer a premier growth company. Although a universal definition of large market capitalization companies does not exist, for purposes of this fund, 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 Growth Index, which is an unmanaged index measuring the performance of the large cap growth segment of the U.S. equity universe and which includes companies with higher price-to-book ratios and higher forecasted growth values.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be used to hedge the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns. The Fund also may invest in ADRs.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may actively trade its investments without regard to the length of time they have been owned by the Fund, which results in higher portfolio turnover.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund also 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 (&#147;ETFs&#148;) 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund typically sells a stock if its growth prospects diminish or if better opportunities become available.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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 (&#147;ADRs&#148;), 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may sell a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">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 Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">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 (&#147;ETFs&#148;) 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&#146; securities and other securities in which the Fund may invest are restricted securities, which may be illiquid.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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 (&#147;ADRs&#148;), that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 2500 Value Index. Although a universal definition of mid-capitalization companies does not exist, the Fund generally defines mid-capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell 2500 Value Index, which is an unmanaged index that measures the performance of securities of small-to-mid cap U.S. companies with greater-than-average value orientation. As of December&#160;31, 2012, the index consisted of securities of companies with capitalizations that ranged from $30 million to $10 billion.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), typically chooses equity securities that appear undervalued relative to assets, earnings, growth potential or cash flows and may invest in&#160;a limited number of industries or industry sectors, including the technology sector. Due to the nature of value companies, the securities included in the Fund&#146;s portfolio typically consist of small-to medium-sized companies.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may sell a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify"><b>&#160;</b></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333">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 Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">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 (&#147;ETFs&#148;) 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&#146; securities and other securities in which the Fund may invest are restricted securities, which may be illiquid.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333">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 (&#147;ADRs&#148;), that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 2500 Value Index. Although a universal definition of mid-capitalization companies does not exist, the Fund generally defines mid-capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell 2500 Value Index, which is an unmanaged index that measures the performance of securities of small-to-mid cap U.S. companies with greater-than-average value orientation. As of December&#160;31, 2012, the index consisted of securities of companies with capitalizations that ranged from $30 million to $10 billion.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), 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. Due to the nature of value companies, the securities included in the Fund&#146;s portfolio typically consist of small- to medium-sized companies.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Fund may sell a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">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 Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">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 (&#147;ETFs&#148;) 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&#146; securities and other securities in which the Fund may invest are restricted securities, which may be illiquid.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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 widely-diversified portfolio of equity securities, which may include common stocks, rights, options, warrants, American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the S&#38;P 500 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 S&#38;P 500 Index, which is an unmanaged index composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pursues its objective by investing, under normal market conditions, in two discrete strategies as follows: (1)&#160;approximately 50% of its total assets according to a Large Cap Growth strategy managed by Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), and (2)&#160;approximately 50% of its total assets to a Large Cap Value strategy also managed by the Investment Manager.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Investment Manager manages its allocation of the Fund&#146;s assets according to each of the two respective strategies, and the trading decisions with respect to each of the strategies are made independently. In order to maintain the target allocations between the two strategies, all daily cash inflows (purchases and reinvested distributions) and outflows (redemptions and expense items) will be divided between the two strategies, as appropriate. The Investment Manager will rebalance the allocation to the Fund&#146;s two strategies promptly to the extent the percentage of the Fund&#146;s assets allocated to either strategy equals or exceeds 60% of the Fund&#146;s total assets.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Investment Manager in its discretion may make adjustments if either of the two strategies becomes over- or under-weighted as a result of market appreciation or depreciation. Accordingly, the performance of the Fund could differ from the performance of each strategy if either had been maintained as a separate portfolio. As a consequence of the Investment Manager&#146;s efforts to maintain assets between the two strategies at the targeted percentages, the Investment Manager will allocate assets and rebalance when necessary by (1)&#160;allocating cash inflow to the strategy that is below its targeted percentage or (2)&#160;selling securities in the strategy that exceeds its targeted percentage with proceeds being reallocated to the strategy that is below its targeted percentage.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">In choosing equity securities, the Investment Manager uses a blended approach, investing in growth stocks and value stocks and may invest in a limited number of industries or industry sectors, including the technology sector. Growth-oriented stocks are stocks of established companies that typically have a record of consistent earnings growth. The Investment Manager typically chooses growth-oriented companies through a combination of a qualitative top-down approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest rates, and a quantitative fundamental bottom-up approach. The Investment Manager will also invest in value-oriented stocks. Value-oriented companies appear to be undervalued relative to assets, earnings, growth potential or cash flows. The Investment Manager uses a blend of qualitative 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 typically sells a security when the reasons for buying it no longer apply, when the company begins to show deteriorating fundamentals or poor relative performance, or falls short of the Investment Manager&#146;s expectations.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 (&#147;ETFs&#148;) 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Although the Fund primarily invests in securities issued by domestic companies, there is no limit in the amount that the Fund may invest in securities issued by foreign companies.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="margin: 0pt">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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 widely-diversified portfolio of equity securities, which may include common stocks, rights, options, warrants, American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the S&#38;P 500 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 S&#38;P 500 Index, which is an unmanaged index composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pursues its objective by investing, under normal market conditions, in two discrete strategies as follows: (1)&#160;approximately 50% of its total assets according to a Large Cap Growth strategy managed by Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), and (2)&#160;approximately 50% of its total assets to a Large Cap Value strategy also managed by the Investment Manager.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Investment Manager manages its allocation of the Fund&#146;s assets according to each of the two respective strategies, and the trading decisions with respect to each of the strategies are made independently. In order to maintain the target allocations between the two strategies, all daily cash inflows (purchases and reinvested distributions) and outflows (redemptions and expense items) will be divided between the two strategies, as appropriate. The Investment Manager will rebalance the allocation to the Fund&#146;s two strategies promptly to the extent the percentage of the Fund&#146;s assets allocated to either strategy equals or exceeds 60% of the Fund&#146;s total assets.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse"> <tr> <td style="width: 94%">&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td>&#160;</td> <td style="vertical-align: bottom; width: 1%">&#160;</td> <td style="width: 2%">&#160;</td></tr> </table> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The Investment Manager in its discretion may make adjustments if either of the two strategies becomes over- or under-weighted as a result of market appreciation or depreciation. Accordingly, the performance of the Fund could differ from the performance of each strategy if either had been maintained as a separate portfolio. As a consequence of the Investment Manager&#146;s efforts to maintain assets between the two strategies at the targeted percentages, the Investment Manager will allocate assets and rebalance when necessary by (1)&#160;allocating cash inflow to the strategy that is below its targeted percentage or (2)&#160;selling securities in the strategy that exceeds its targeted percentage with proceeds being reallocated to the strategy that is below its targeted percentage.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">In choosing equity securities, the Investment Manager uses a blended approach, investing in growth stocks and value stocks and may invest in a limited number of industries or industry sectors, including the technology sector. Growth-oriented stocks are stocks of established companies that typically have a record of consistent earnings growth. The Investment Manager typically chooses growth-oriented companies through a combination of a qualitative top-down approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest rates, and a quantitative fundamental bottom-up approach. The Investment Manager will also invest in value-oriented stocks. Value-oriented companies appear to be undervalued relative to assets, earnings, growth potential or cash flows. The Investment Manager uses a blend of qualitative 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 typically sells a security when the reasons for buying it no longer apply, when the company begins to show deteriorating fundamentals or poor relative performance, or falls short of the Investment Manager&#146;s expectations.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 (&#147;ETFs&#148;) 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Although the Fund primarily invests in securities issued by domestic companies, there is no limit in the amount that the Fund may invest in securities issued by foreign companies.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in equity securities, which include common and preferred stocks, warrants and securities convertible into common or preferred stocks, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 2500 Growth Index. The Fund&#146;s benchmark is the Russell 2000 Growth Index, which measures the performance of securities of smaller U.S. companies with greater-than-average growth orientation. 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 2500 Growth Index, which is an unmanaged index that measures the performance of securities of small-to-mid cap U.S. companies with higher price-to-book ratios and higher forecasted growth values. 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The Investment Manager identifies the securities of companies that it believes are in the early to middle stages of growth and are valued at a reasonable price. Equity securities considered to have appreciation potential may include securities of smaller and less mature companies which have unique proprietary products or profitable market niches and the potential to grow very rapidly (including, without limitation, technology companies).</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The Fund typically sells a stock if its growth prospects diminish, or if better opportunities become available.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 Fund&#146;s portfolio, to increase returns or to maintain exposure to the equity markets. The Fund may also invest in American Depositary Receipts (&#147;ADRs&#148;).</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may actively trade its investments without regard to the length of time they have been owned by the Fund, which results in higher portfolio turnover.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 (&#147;ETFs&#148;) 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 company securities and other securities in which the Fund may invest are restricted securities, which may be illiquid.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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 (&#147;ADRs&#148;) 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may sell a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 (&#147;ETFs&#148;) 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&#146; securities and other securities in which the Fund may invest are restricted securities, which may be illiquid.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white"><font style="color: #333333">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, and American Depositary Receipts (&#147;ADRs&#148;), of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 1000 Growth Index. The Fund focuses its investments in a core position of 20-30 common stocks of growth companies which have exhibited consistent above average earnings and/or revenue growth. The</font><font style="color: black">&#160;</font><font style="color: #333333">Fund is non-diversified, which means that it may invest a larger portion of its assets in a limited number of companies than a diversified fund. Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), selects what it believes to be premier growth companies as the core position for the Fund using a combination of a qualitative top-down approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest rates, along with a quantitative fundamental bottom-up approach. Portfolio holdings will be replaced when one or more of a company&#146;s fundamentals have changed, and, in the opinion of the Investment Manager, it is no longer a premier growth company. Although a universal definition of large market capitalization companies does not exist, for purposes of this fund, 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 Growth Index, which is an unmanaged index measuring the performance of the large cap growth segment of the U.S. equity universe and which includes companies with higher price-to-book ratios and higher forecasted growth values.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be used to hedge the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns. The Fund also may invest in ADRs.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may actively trade its investments without regard to the length of time they have been owned by the Fund, which results in higher portfolio turnover.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund may, from time to time, invest a portion of its assets in technology stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund also 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 (&#147;ETFs&#148;) 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund typically sells a stock if its growth prospects diminish or if better opportunities become available.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.35pt 0 0; text-align: justify; background-color: white"><font style="color: #333333">The Fund uses a passive management strategy, known as &#147;representative sampling,&#148; to track the performance of the Underlying Index. &#147;Representative sampling&#148; refers to an indexing strategy that generally involves investing in a representative sample of securities or financial instruments, primarily consisting of American Depositary Receipts (&#147;ADRs&#148;) and Global Depositary Receipts</font><font style="color: black"> </font><font style="color: #333333"> (&#147;GDRs&#148;), that have an investment profile similar to the Underlying Index and some, but not all, of the component securities of the Underlying Index. This technique involves the use of risk management and quantitative stock picking strategies. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in the equity securities included in the Underlying Index. The Fund may hold up to 20% of its assets in securities not included in or representative of the Underlying Index. The Investment Manager expects that, over time, if the Fund has sufficient assets, the correlation between the Fund&#146;s performance, before fees and expenses, and that of the Underlying Index will be 95% or better. A figure of 100% would indicate perfect correlation. However, fees and expenses incurred by the Fund as well as the size and frequency of cash flows into and out of the Fund as well as other factors will cause differences in performance, usually making it harder for the Fund to correlate to the Underlying Index. The Fund may invest in a variety of investment vehicles, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these 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. The Fund may also invest in futures contracts in order to maintain exposure to the securities and currency markets at times when it is not able to purchase the corresponding securities and currencies or it believes that it is more appropriate to use futures.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The MSCI EAFE Equal Weighted Index is an unmanaged equal-weighted version of the MSCI EAFE Index, which means that each security included in the index has the same weight on each rebalancing date and then fluctuates based on the performance of the security until weights are reset equally on the next rebalancing date. The MSCI EAFE Equal Weighted Index is generally rebalanced quarterly. The Fund&#146;s investments will be weighted and rebalanced in accordance with the MSCI EAFE Equal Weighted Index. The MSCI EAFE Index (Europe, Australasia, Far East) is an index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of December&#160;31, 2012, the MSCI EAFE Index consisted of separate sub-indices representing the following 22 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom, with capitalizations ranging from $1 to $209 billion. Both Indices are denominated in U.S. Dollars.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>PRINCIPAL RISKS</b></font><b> </b></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-variant: small-caps"><b>Principal Risks</b></font></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL RISKS </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL RISKS</b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Credit Risk</b>&#160;&#150;&#160;The Fund could lose money if the issuer of a bond is unable to repay interest and principal on time or defaults. The issuer of a bond could also suffer a decrease in quality rating, which would affect the volatility of the price and liquidity of the bond.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Emerging Markets Risk</b>&#160;&#150;&#160;Investments in emerging markets securities are generally subject to a greater level of those risks associated with investing in foreign securities, as emerging markets are considered less developed and developing countries.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities Risk</b> &#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities Risk</b> &#150; 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Growth Stocks Risk</b> &#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Interest Rate Risk</b> &#150; Investments in fixed income securities are subject to the possibility that interest rates could rise sharply, causing the value of the Fund&#146;s securities, and share price to decline. Fixed income securities with longer durations are subject to more volatility than those with shorter durations.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment Vehicles Risk</b> &#150; 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&#146; expenses.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Large-Capitalization Securities Risk</b> &#150; 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150; The Fund&#146;s 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Management Risk</b> &#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150; 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Regulatory and Legal Risk</b> &#150; 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Short Sales Risk</b> &#150; Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect the Fund&#146;s ability to engage in short selling.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Small-Capitalization Securities Risk</b> &#150; 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Value Stocks Risk &#150;</b> 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Correlation and Tracking Error Risk</b> &#150; A number of factors may affect the Fund&#146;s ability to track its benchmark index or achieve a high degree of correlation with its benchmark either on a single trading day or for a longer time period. Factors such as Fund expenses, imperfect correlation between the Fund&#146;s investments and those of its Underlying Index, rounding of share prices, regulatory policies, high portfolio turnover rate and the use of leverage all contribute to tracking error or correlation risk. There can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Capitalization Securities Risk</b> &#150; The Fund&#146;s Underlying Index may be composed primarily of, or have significant exposure to, securities in a particular capitalization range, <i>e.g.,</i> large-, mid- or small-cap securities. As a result, the Fund may be subject to the risk that the pre-dominate capitalization range represented in the Underlying Index may underperform other segments of the equity market or the equity market as a whole.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">&#160;</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Currency Risk</b> &#150; Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Depositary Receipt Risk</b> &#150; The Fund may hold the securities of non-U.S. companies in the form of ADRs and GDRs. The underlying securities of the ADRs and GDRs in the Fund&#146;s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund&#146;s portfolio. In addition, the value of the securities underlying the ADRs and GDRs may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities Risk</b> &#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities Risk</b> &#150; Foreign securities 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Geographic Focus Risk</b> &#150; To the extent that the Fund&#146;s investments are focused in a particular country or region, the Fund will be susceptible to loss due to adverse market, political, regulatory, and geographic events affecting that country or region. The Fund&#146;s exposure generally will be focused on a particular country or region to the same extent as the Underlying Index. The Fund has focused investment exposure to the regions listed below.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; color: #333333"><b>Asia</b> &#150; While certain Asian economies are exemplars of growth and development others have been and continue to be subject, to some extent, to over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, decreased exports and economic recessions.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; color: #333333"><b>Europe</b> &#150; The European economy is diverse and includes both large, competitive economies and small, struggling economies. The European economy is vulnerable to decreasing imports or exports, changes in governmental regulations on trade, changes in the exchange rate of the euro and recessions in EU economies. The European financial markets have recently experienced volatility due to concerns about rising government debt levels of several European countries and increased unemployment levels. Economic uncertainty may have an adverse effect on the value of the Fund&#146;s investments.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment Vehicles Risk</b> &#150; 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&#146; expenses.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150; The Fund&#146;s 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150; 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Passive Investment/Index Strategy Risk</b> &#150; The Fund has an investment strategy that is designed to track the performance of its Underlying Index and is not actively managed. The Investment Manager does not base its securities selection based upon its view of the relative benefits and detriments of issuers or securities, and the Investment Manager does not attempt to purchase or sell securities due to declining market prices or changes in an issuer of a security held by the Fund or otherwise take defensive positions in declining markets. The Fund will purchase, hold or sell securities when an actively managed fund would not do so. Therefore, the Fund may be subject to greater losses in a declining market than a fund that is actively managed.</p> <p style="font: 5.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities Risk </b>&#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Growth Stocks Risk</b> &#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment Vehicles Risk</b> &#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Management Risk</b> &#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Preferred Securities Risk</b> &#150; A company&#146;s preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company&#146;s financial condition or prospects.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Regulatory and Legal Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Restricted Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Small-Capitalization Securities Risk </b>&#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Technology Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Equity Securities Risk</b> &#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Foreign Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Growth Stocks Risk</b> &#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment Vehicles Risk</b> &#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Large-Capitalization Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Management Risk &#150; </b>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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Non-Diversification Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Regulatory and Legal Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify"><font style="color: #333333"><b>Technology Stocks Risk</b></font> &#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Equity Securities Risk</b> &#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment Vehicles Risk</b> &#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Management Risk</b> &#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Regulatory and Legal Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Restricted Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Small-Capitalization Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Technology Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Value Stocks Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Equity Securities Risk</b> &#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment Vehicles Risk</b> &#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Management Risk</b> &#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Mid-Capitalization Securities Risk</b> &#150; The Fund is subject to the risk that medium-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Securities of medium-capitalization companies may experience more price volatility, greater spreads between their bid and ask prices, lower trading volumes, and cyclical or static growth prospects. Medium-capitalization companies often have limited product lines, markets or financial resources, and may therefore be more vulnerable to adverse developments than larger capitalization companies.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Regulatory and Legal Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Restricted Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Technology Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Value Stocks Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities Risk</b> &#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment Vehicles Risk</b> &#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>&#160;</b></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Liquidity and Valuation Risk</b> &#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Management Risk</b> &#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Mid-Capitalization Securities Risk</b> &#150; The Fund is subject to the risk that medium-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Securities of medium-capitalization companies may experience more price volatility, greater spreads between their bid and ask prices, lower trading volumes, and cyclical or static growth prospects. Medium-capitalization companies often have limited product lines, markets or financial resources, and may therefore be more vulnerable to adverse developments than larger capitalization companies.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Regulatory and Legal Risk </b>&#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Restricted Securities Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Technology Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Value Stocks Risk</b> &#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white"><font style="color: #333333"><b>Derivatives Risk</b>&#160;&#150; 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 Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the</font><font style="color: black"> </font><font style="color: #333333">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.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity Securities Risk</b>&#160;&#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment in Investment Vehicles Risk</b>&#160;&#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage Risk&#160;</b>&#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity and Valuation Risk</b>&#160;&#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management Risk</b>&#160;&#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory and Legal Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value Stocks Risk</b>&#160;&#150; 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.</p> <p style="margin: 0pt">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives Risk</b>&#160;&#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity Securities Risk</b>&#160;&#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Growth Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment in Investment Vehicles Risk</b>&#160;&#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage Risk</b>&#160;&#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity and Valuation Risk</b>&#160;&#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management Risk</b>&#160;&#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory and Legal Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value Stocks Risk</b>&#160;&#150; 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.</p> <p style="margin: 0pt"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives Risk</b>&#160;&#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity Securities Risk</b>&#160;&#150; 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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment in Investment Vehicles Risk</b>&#160;&#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage Risk</b>&#160;&#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity and Valuation Risk</b>&#160;&#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>&#160;</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Management Risk</b>&#160;&#150; 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 &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Preferred Securities Risk</b>&#160;&#150; A company&#146;s preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. 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These may impact the investment strategies, performance, costs and operations of the Fund or taxation of shareholders.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Small-Capitalization Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives Risk</b>&#160;&#150; 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 Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the counterparty may default on its obligations. 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Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment in Investment Vehicles Risk</b>&#160;&#150; 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&#146; expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage Risk</b>&#160;&#150; The Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity and Valuation Risk</b>&#160;&#150; 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 Fund&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management Risk</b>&#160;&#150; 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 &#147;high turnover,&#148; may have a negative impact on performance. 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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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value Stocks Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives Risk</b>&#160;&#150; 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 Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the counterparty may default on its obligations. 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Growth stocks may be more volatile than value stocks.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign Securities Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. 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Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles&#146; expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization Securities Risk</b>&#160;&#150; 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. 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There is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management, also called &#147;high turnover,&#148; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market Risk</b>&#160;&#150; 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Non-Diversification Risk</b>&#160;&#150; The Fund is considered non-diversified because it invests a large portion of its assets in a small number of issuers. 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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.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Equity Securities Risk &#150;</b>&#160;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 company&#146;s 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 company&#146;s stock. Growth stocks may be more volatile than value stocks.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign Securities Risk</b>&#160;<b>&#150;</b>&#160;Foreign securities 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.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Geographic Focus Risk</b>&#160;<b>&#150;</b>&#160;To the extent that the Fund&#146;s investments are focused in a particular country or region, the Fund will be susceptible to loss due to adverse market, political, regulatory, and geographic events affecting that country or region. The Fund&#146;s exposure generally will be focused on a particular country or region to the same extent as the Underlying Index. 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The Investment Manager does not base its securities selection based upon its view of the relative benefits and detriments of issuers or securities, and the Investment Manager does not attempt to purchase or sell securities due to declining market prices or changes in an issuer of a security held by the Fund or otherwise take defensive positions in declining markets. The Fund will purchase, hold or sell securities when an actively managed fund would not do so. 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Performance prior to April 29, 2011 was achieved when the Fund had a different investment objective and used different strategies. 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">RS Investment Management Co. LLC served as the sub-adviser to the Fund from September&#160;30, 2002 to November&#160;24, 2008. Since then, advisory services have been provided by the Investment Manager, and the Fund has new principal investment strategies.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; color: #333333; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling&#160;&#160;1-800-820-0888.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class A shares for one, five, and ten years 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown. Although the table reflects the sales charge, Institutional Class shares are not subject to the sales charge.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Because Institutional Class shares have not operated for a full calendar year as of the date of this Prospectus, the figures shown provide performance for Class A shares of the Fund. Class A shares are not offered in this Prospectus. Institutional Class shares would have substantially similar returns as the Class A shares because Institutional Class shares represent interests in the same portfolio of securities. Annual returns would differ only to the extent that Institutional Class shares have different expenses.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class A shares for one, five, and ten years 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown. Although the table reflects the sales charge, Institutional Class shares are not subject to the sales charge.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Because Institutional Class shares have not operated for a full calendar year as of the date of this Prospectus, the figures shown provide performance for Class A shares of the Fund. Class A shares are not offered in this Prospectus. Institutional Class shares would have substantially similar returns as the Class A shares because Institutional Class shares represent interests in the same portfolio of securities. Annual returns would differ only to the extent that Institutional Class shares have different expenses.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">RS Investment Management Co. LLC served as the sub-adviser to the Fund from September 30, 2002 to November 24, 2008. Since then, advisory services have been provided by the Investment Manager, and the Fund has new principal investment strategies.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling&#160;1-800-820-0888.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class A shares for one, five, and ten years 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown. Although the table reflects the sales charge, Institutional Class shares are not subject to the sales charge.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Because Institutional Class shares have not operated for a full calendar year as of the date of this Prospectus, the figures shown provide performance for Class A shares of the Fund. Class A shares are not offered in this Prospectus. Institutional Class shares would have substantially similar returns as the Class A shares because Institutional Class shares represent interests in the same portfolio of securities. Annual returns would differ only to the extent that Institutional Class shares have different expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s 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 Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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 investor&#146;s 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. After-tax returns are shown for Class&#160;A only. After-tax returns for Class&#160;B and C will vary.</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">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 investor&#146;s 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. After-tax returns are shown for Class&#160;A only. After-tax returns for Class&#160;B and C will vary.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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 investor&#146;s 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. After-tax returns are shown for Class&#160;A only. After-tax returns for Class&#160;B and C will vary.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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 investor&#146;s 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. After-tax returns are shown for Class&#160;A only. After-tax returns for Class&#160;B and C will vary.</p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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 investor&#146;s 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. After-tax returns are shown for Class&#160;A only. After-tax returns for Class&#160;C will vary.</p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">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 investor&#146;s 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.</font></p> <p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">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 investor&#146;s 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. After-tax returns are shown for Class&#160;A only. After-tax returns for Class&#160;B and C will vary.</p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="background-color: white">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 investor&#146;s 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. After-tax returns are shown for Class&#160;A only. After-tax returns for Class&#160;B and C will vary.</font></p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">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 investor&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">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 investor&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">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 investor&#146;s 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.</p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 investor&#146;s 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.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax returns for Class&#160;A shares 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 investor&#146;s 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.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December&#160;31, 2012) </b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December&#160;31, 2012) </b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December&#160;31, 2012) </b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December&#160;31, 2012) </b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December&#160;31, 2012) </b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0"><font style="font-size: 8pt"><b>AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December&#160;31, 2012)</b></font><b> </b></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December&#160;31, 2012) </b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December&#160;31, 2012)</b></font><b> </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p> <p style="margin: 0">(For the periods ended December&#160;31, 2012)</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the periods ended December&#160;31, 2012)</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(For the periods ended December&#160;31, 2012)</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(for the periods ended December&#160;31, 2012)</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p> <p 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Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest Quarterly Return</font></font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest Quarterly Return</font></p> 0.1870 0.2077 0.2757 0.1622 0.3114 0.2400 0.2721 0.1638 0.1638 0.2757 0.3134 0.1622 0.1260 -0.2265 -0.1828 -0.2611 -0.1983 -0.2095 -0.1986 -0.2021 -0.2203 -0.2203 -0.2611 -0.2091 -0.1983 -0.0826 2010-09-30 2003-06-30 2003-06-30 2009-09-30 2009-06-30 2009-06-30 2003-06-30 2009-09-30 2009-09-30 2003-06-30 2009-06-30 2009-09-30 2012-03-31 2008-12-31 2011-09-30 2008-12-31 2008-12-31 2011-09-30 2011-09-30 2008-12-31 2008-12-31 2008-12-31 2008-12-31 2011-09-30 2008-12-31 2012-06-30 <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333">www.rydex-sgi.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 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0.33 0.19 1.01 1.01 0.82 0.62 1.84 0.41 2003-07-07 2003-07-07 2003-07-07 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2008-07-14 2003-07-07 2003-07-07 2008-07-11 2003-07-07 2011-05-02 2011-05-02 2011-05-02 2011-05-02 0.0000 0.05 0.01 0.0000 0.05 0.01 0.0000 0.05 0.01 0.0000 0.05 0.01 0.0000 0.05 0.01 0.0000 0.05 0.01 0.00 0.01 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0475 0.0000 0.0000 0.0475 0.0000 0.0000 0.0475 0.0000 0.0000 0.0475 0.0000 0.0000 0.0475 0.0000 0.0000 0.0475 0.0000 0.0000 0.0475 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0221 0.0296 0.0296 0.0163 0.0238 0.0238 0.0135 0.0210 0.0210 0.0136 0.0211 0.0111 0.0196 0.0136 0.0110 -0.0078 -0.0091 -0.0084 -0.0042 -0.0096 -0.0050 -0.0051 -0.0104 -0.0047 -0.0084 -0.0065 -0.0039 -0.0072 -0.0054 -0.0030 0.0136 0.0259 0.0222 0.0299 0.0387 0.0380 0.0205 0.0334 0.0288 0.0152 0.0239 0.0223 0.0220 0.0381 0.0294 0.0186 0.0314 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0.3340 -0.376 -0.3510 -0.3820 -0.272 -0.4800 -0.3740 -0.3760 -0.4800 -0.3740 -0.051 0.1810 0.1120 0.01 0.0480 -0.0640 -0.0510 0.0480 -0.0640 0.12 0.1240 0.1660 0.149 0.0460 0.0650 0.1200 0.0460 0.0650 0.038 0.0710 0.1310 0.157 0.067 0.1170 0.0380 0.0670 0.1170 0.074 0.1230 0.1800 0.268 0.1610 0.1090 0.0740 0.1610 0.1090 0.209 0.4160 0.518 0.5510 0.1690 0.2090 0.5510 0.1690 <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Alpha Opportunity Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>MSCI EAFE Equal Weight Fund</b></p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Small Cap Growth Fund</b></p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Large Cap Concentrated Growth Fund</b></p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Small Cap Value 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Although a universal definition of mid-capitalization companies does not exist, the Fund generally defines mid-capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell 2500 Value Index, which is an unmanaged index that measures the performance of securities of small-to-mid cap U.S. companies with greater-than-average value orientation. As of December&#160;31, 2012, the index consisted of securities of companies with capitalizations that ranged from $30 million to $10 billion.</p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&#160;</p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 widely-diversified portfolio of equity securities, which may include common stocks, rights, options, warrants, American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the S&#38;P 500 Index.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 widely-diversified portfolio of equity securities, which may include common stocks, rights, options, warrants, American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the S&#38;P 500 Index.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in equity securities, which include common and preferred stocks, warrants and securities convertible into common or preferred stocks, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 2500 Growth Index.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 (&#147;ADRs&#148;) that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 2000 Value Index.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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, and American Depositary Receipts (&#147;ADRs&#148;), of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 1000 Growth Index.</font></p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333">Under normal circumstances, the Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in the equity securities included in the Underlying Index. The Fund may hold up to 20% of its assets in securities not included in or representative of the Underlying Index.</p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one year, five years, and since inception have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of broad measures of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class&#160;A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class&#160;A shares for one, five, and ten years have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class&#160;A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class&#160;A shares for one, five, and ten years have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class&#160;A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class&#160;A shares for one, five, and ten years have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">The following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have compared to those of a broad measure of market performance.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">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.</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">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.</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">After-tax returns for Class&#160;A shares 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.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual after-tax returns depend on an investor&#146;s 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.</p> <p style="margin: 0; text-align: justify"><font style="font-size: 8pt">Actual after-tax returns depend on an investor&#146;s 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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s 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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s 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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s 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.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual after-tax returns depend on an investor&#146;s 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.</p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s 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.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s 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.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual after-tax returns depend on an investor&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual after-tax returns depend on an investor&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual after-tax returns depend on an investor&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual after-tax returns depend on an investor&#146;s 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.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual after-tax returns depend on an investor&#146;s 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.</p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p> 0.0010 0.0010 0.0010 0.0010 Mid Cap Value Fund pays an advisory fee at an annual rate of 1.00% of the average daily net assets of $200 million or less, plus 0.75% of the average daily net assets of the Fund in excess of $200 million. 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 average daily net assets for each class of shares as follows: Class A - 1.30% and Class C - 2.05%. 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). 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 average daily net assets for each class of shares as follows: Class A - 1.35%, Class B - 2.10% and Class C - 2.10%. 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). 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). 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 1.10% 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). 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 average daily net assets for each class of shares as follows: Class A - 2.11%, Class B - 2.86%, Class C - 2.86% and Institutional Class - 1.86%. 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). The inception date for the Institutional Class is 11/7/2008. 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 average daily net assets for each class of shares as follows: Class A - 1.61%, Class B - 2.36% and Class C - 2.36%. 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). 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 1.36% 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). Closed to new subscriptions The MSCI EAFE Equal Weighted Index inception date is January 22, 2008 and therefore index performance for certain time periods is not available. 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