Four Security funds impose $15 annual maintenance fee on some accounts

By Toni Weeks

San Diego, Dec. 9 - The Security Mid Cap Growth Fund, Security Income Fund, Security Equity Fund and Security Large Cap Value Fund will charge an annual maintenance fee of $15 on some of its retirement plan accounts, according to 497 filings with the Securities and Exchange Commission.

The fee will be imposed on IRA, SEP, Roth IRA, 403(b) and Simple Coverdell-ESA accounts and on Rydex/SGI prototype money purchase plan and profit sharing plan accounts.

The annual fee may be paid by check at any time during the calendar year; otherwise it will be automatically deducted in December. The fee does not apply with respect to accounts under employer-sponsored retirement plans for which Security Financial Resources, Inc., an affiliate of the distributor, offers plan recordkeeping services.

The company also will charge an account closing fee of $15 upon liquidation of IRA, SEP, Roth IRA, 403(b), Simple and Coverdell-ESA accounts. The fee will be deducted from redemption proceeds. However, if a liquidation fee is being charged, the annual maintenance fee will be waived.

The filings also noted that the correct address for Security Investors, LLC, the fund's investment adviser, is in Rockville, Md. The funds' statement of additional information had reported that the investment adviser was based in Topeka, Kan. The funds' sponsor, Rydex/SGI Funds, is located in Topeka, Kan.

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