Huntington Fixed Income Securities Fund Summary Prospectus
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Share Class & Ticker |
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Class A |
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Class B |
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Trust Shares |
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HFIIX |
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HFIBX |
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HFISX |
Summary
Prospectus May 1, 2010
Huntington Fixed Income
Securities Fund
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s
prospectus and other information about the Fund, including its statement of additional information (SAI) and most recent reports to shareholders, online at http://www.huntingtonfunds.com/ prospectussummary. You can also get this information at no
cost by calling 800-253-0412, by emailing a request to info@huntingtonfunds.com, or by asking any financial advisor, bank, or broker-dealer who offers shares of the Fund. This Summary Prospectus incorporates by reference the Fund’s entire
prospectus and SAI, each dated May 1, 2010.
Investment Objective
The Fund’s investment objective is to seek to achieve high current income through
investment in fixed income securities where the average maturity of the Fund will not exceed 10 years.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares
of the Fund. You may qualify for sales charge discounts if you and members of your household invest, or agree to invest in the future, at least $50,000 in Huntington Funds. More information about these and other discounts is available from your
financial professional and in the “Sales Charge” section at page 218 of the prospectus and “Other Purchase Information — Sales Charge Reductions/Waivers (Class A Shares)” at page 88 of the Fund’s statement of
additional information.
Shareholder Fees (fees paid directly from your
investment)
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Share Class |
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Maximum Sales Charge (Load) Imposed on Purchase
(as a percentage of offering price) |
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Maximum Deferred Sales Charge (Load)
(as a percentage of net asset value) |
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Redemption Fee (as a percentage of amount redeemed, if applicable) |
Trust |
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None |
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None |
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None |
Class A |
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3.75% |
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None |
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None |
Class B |
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None |
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5.00% |
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None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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Share Class |
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Management Fees |
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Distribution (12b-1) Fees |
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Other Expenses (including shareholder services fee) |
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Acquired Fund Fees and Expenses |
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Total Annual Fund Operating Expenses |
Trust |
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0.50% |
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None |
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0.58% |
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0.01% |
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1.09% |
Class A |
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0.50% |
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0.25% |
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0.58% |
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0.01% |
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1.34% |
Class B |
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0.50% |
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0.75% |
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0.58% |
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0.01% |
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1.84% |
Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Example:
Assuming you redeem your shares at the end of each period |
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Example: Assuming you do not redeem your shares |
Share Class |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
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1 Year |
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3 Years |
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5 Years |
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10 Years |
Trust |
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$111 |
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$347 |
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$601 |
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$1,329 |
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$111 |
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$347 |
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$601 |
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$1,329 |
Class A |
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$506 |
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$784 |
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$1,082 |
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$1,927 |
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$506 |
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$784 |
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$1,082 |
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$1,927 |
Class B |
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$687 |
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$879 |
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$1,195 |
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$2,028 |
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$187 |
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$579 |
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$995 |
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$2,028 |
Portfolio Turnover
The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio.
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Not A Deposit
• Not FDIC Insured
• May Lose Value
• No Bank Guarantee
• Not Insured By Any Government Agency |
Huntington Fixed Income Securities Fund
Principal Investment Strategy
The Advisor, under normal circumstances, invests at least 80% of assets in fixed income securities, principally by
investing in a combination of corporate debt, such as bonds, notes and debentures, obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, U.S. government-sponsored entities (“GSEs”), mortgage-backed
securities and asset-backed securities. The selection of corporate debt obligations is limited to those: (i) rated in one of the top four categories by a NRSRO or (ii) not rated, but deemed by the Advisor to be of comparable quality.
Securities will be investment-grade at the time of purchase. Within these parameters, the Advisor focuses on securities
that offer the highest level of income. For all types of investments, the Advisor considers various economic factors, Federal Reserve policy, interest rate trends, spreads between different types
of fixed income securities and the credit quality of existing holdings.
In
managing the portfolio, the Advisor monitors the Fund’s cash flow, maturities and interest payments and tracks a variety of other portfolio security statistics. The Advisor also follows closely new issue and secondary activity in the corporate
debt market.
Principal Risks
All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. An
investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The primary factors that may reduce the Fund’s net asset value (“NAV”) and
returns include:
Active Trading Risk. The Fund may trade securities
actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate.
Credit Risk. Issuers of securities in which the Fund invests may have their credit
ratings downgraded or may default in the payment of principal or interest on the securities, which would cause the Fund to lose money.
Counterparty Risk. The value of the Fund’s investments may be adversely affected if a security’s credit rating is downgraded; an issuer of an investment
held by the Fund fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy; or a counterparty to a derivatives or other transaction with the Fund files for bankruptcy, becomes
insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Fund.
Interest Rate Risk. The value of the Fund’s investments in fixed income securities may decline when prevailing
interest rates rise or increase when interest rates go down. The longer a security’s maturity or duration, the greater its value will change in response to changes in interest rates. The interest earned on the Fund’s investments in fixed
income securities may decline when prevailing interest rates decline.
Mortgage-Backed and Asset-Backed Securities Risk. Mortgage-backed and asset-backed securities, particularly those with complex or highly variable terms, entail
greater prepayment and liquidity risks than other fixed-income securities. As a result, their prices may be more volatile and their trading market may be more limited than that of other fixed income securities.
Prepayment Risk. When homeowners prepay their mortgages in response to lower interest
rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage backed securities may not rise to as great an extent as that of other fixed-income securities.
Call Risk. Issuers of securities may redeem the securities prior to
maturity at a price below their current market value.
Performance Information
The performance information shown below will help you analyze the Fund’s investment risks in light of its
historical returns. The bar chart shows the variability of the Fund’s Trust shares total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged over the stated periods, and includes
comparative performance information. The Fund’s performance will fluctuate, and past performance (before and
after taxes) is not necessarily an indication of future results. Updated performance information will be available at www.huntingtonfunds.com, or by calling 1-800-253-0412.
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Best and Worst Quarter Returns |
(for periods shown in the bar chart) |
Best Quarter Q4 2008 |
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5.74% |
Worst Quarter Q2 2004 |
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(2.83)% |
Risk/Return Bar Chart
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Summary Prospectus |
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May 1, 2010 |
Average Annual Total Returns (for
periods ended 12/31/09)
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1 Year |
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5 Years |
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10 Years |
Trust — Before Taxes |
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5.36% |
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4.49% |
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5.52% |
Trust — After Taxes on
Distributions(1) |
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3.99% |
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3.06% |
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3.84% |
Trust — After Taxes on Distributions and Sale of Trust
Shares(1) |
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3.52% |
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3.00% |
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3.72% |
Class A — Before Taxes (with 3.75% sales charge) |
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1.16% |
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3.43% |
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4.86% |
Class B — Before Taxes (with applicable Contingent Deferred Sales Charge)* |
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(0.42)% |
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3.37% |
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4.71% |
Barclays Government/Credit Bond Index (BGCBI) (reflects no deduction for fees, expenses or
taxes)(2) |
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4.52% |
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4.71% |
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6.34% |
(1) |
After tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax
rates. Returns after taxes on distributions assumes a continued investment in the Fund and show the effect of taxes on Fund distributions. Returns after taxes on distributions and sales of Fund Shares assumes all Shares were redeemed at the end of
each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on Fund distributions. These after tax returns do not reflect the effect of any applicable state and local taxes.
After tax returns are not relevant to investors holding Shares through tax-deferred programs, such as IRA or 401(k) plans. |
(2) |
The unmanaged BGCBI (formerly, the Lehman Brothers Government/Credit Bond Index) is comprised of all bonds that are investment grade Baa or higher by
Moody’s or BBB or higher by S&P, if unrated by Moody’s. Issues must have at least one year to maturity. |
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Prior to May 1, 2000 (the inception date for Class B Shares), performance for Class B Shares is based on the performance of Class A Shares (and Trust Shares), adjusted for the
Class B Shares 12b-1 fees and contingent deferred sales charge. |
Investment Advisor and Portfolio Manager
The Fund’s investment advisor is Huntington Asset Advisors, Inc. Kirk
Mentzer, Senior Vice President and Director of Investment Research of the Advisor, has served as the Fund’s Portfolio Manager since 2000.
Purchasing and Redeeming Shares
The minimum initial purchase for the Fund’s Class A Shares, Class B Shares
and Trust Shares is $1,000. For Class A Shares and Class B Shares, the minimum subsequent investment is $50; for Trust Shares the minimum subsequent investment is $500. For Class A Shares, Class B Shares and Trust Shares, the minimum
initial and subsequent investment through the Systematic Investment Program (“SIP”) is $50.
Shares may be purchased or redeemed by calling your investment professional or directly from the Trust at (800) 253-0412; by check payable to the Huntington
Fixed Income Securities Fund and applicable Share class (e.g., Huntington Fixed Income Securities Fund — Class A Shares) (Mail to The Huntington Funds, P.O. Box 6110, Indianapolis, IN 46206-6110); or by Federal funds wire (Huntington
National Bank NA, ABA #044000024, Huntington Fund, Account #01892228947, Shareholder Name, Shareholder Account Number). Redeem on any business day when the New York Stock Exchange is open by telephone at (800) 253-0412, or by calling your
Investment Professional; or by mail at the Huntington Funds address above.
Tax
Information
The Fund’s distributions are taxable as
ordinary income or capital gains, except when your investment is through an Individual Retirement Account (IRA).
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase the Fund through a broker-dealer
or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or
other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s Web site for more information.
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Summary Prospectus |
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May 1, 2010 |