High Yield - Institutional Class
Price $9.21
Change ($0.02) / -0.22%
As Of 10/26/16

Investment Strategy

Seeks high current income. Capital appreciation is a secondary objective.

Fees and Expenses

Gross Expense Ratio
Net Expense Ratio
Redemption Fee*
* The fund will charge shareholders a 2.00% redemption fee when they redeem shares held for ninety (90) days or less.

Fund Highlights & Applications

  • Has the flexibility to invest across a broad array of high yield securities including corporate bonds, syndicated bank loans, mortgage backed and asset backed securities and convertible securities.
  • Investments are made through rigorous credit selection based on proprietary research that incorporates knowledge of companies, industries and capital structures to develop a unique perspective on the worthiness of each investment.
  • An allocation to high yield securities when added to a mixed asset portfolio may provide additional diversification1 along with higher income and return potential.

Distributions as of 9/30/16

Most Recent Income
Most Recent Capital Gain

Distribution Yield
(as of 9/30/16)
SEC 30 Day Yield (subsidized)
(as of 9/30/16)
SEC 30 Day Yield (unsubsidized)
(as of 9/30/16)

Overall Morningstar RatingTM *

as of 6/30/16

(Based on risk-adjusted returns out of 653 High Yield Bond funds.)

Symbols & CUSIPS


Investment Team

B. Scott Minerd
Kevin H. Gundersen
Jeffrey B. Abrams


Fund Type
Fixed Income
Distribution Frequency
Accrued Daily/Paid Monthly
Bloomberg Barclays U.S. Corporate High Yield Index
Trading Hours
Phone 09:30 AM - 4:00 PM ET
Web 09:30 AM - 4:00 PM ET
Note: Each financial intermediary may have its own rules about shares transactions, and may have earlier cut-off times for processing your transaction.
Investment Adviser
Security Investors, LLC
Guggenheim Funds Distributors, LLC


*This Fund was rated, based on its risk-adjusted returns, 5 stars for 3 years, 4 stars for 5 years, and 4 stars Overall out of 653, 529, and 653 High Yield Bond funds, respectively. The Overall Morningstar Rating for a Fund is derived from a weighted average of the performance figures associated with its three-, five-and ten year (if applicable) Morningstar Rating metrics. The overall rating includes effects of sales charges, loads and redemption fees. Please read a current prospectus for more information.

For each Fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.

©2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary of Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, nor its content providers, are responsible for any damages or losses arising from any use of its information. Past performance is no guarantee of future results.

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. Class A-Share with load performance reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.00%. Effective 10/1/2015 the A-Class maximum front-end sales charge was changed from 4.75% to 4.00%. For performance periods that begin prior to 10/1/2015, a 4.75% load was used and for performance periods that begin after 10/1/2015, a 4.00% load was used. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase. For additional information, see the fund's prospectus.

Data is subject to change on a daily basis. Partial year returns are cumulative, not annualized. Returns reflect the reinvestment of dividends. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

1Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.

The annualized rate an investor would receive if the most recent fund distribution stayed the same going forward. This rate does not represent the total return of a fund.

SEC 30-day yield is based on net investment income for the most recent 30-day period, is annualized and is divided by the offering price at month-end.

This fund may not be suitable for all investors. • The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. • The Fund’s exposure to high yield securities may subject the Fund to greater volatility. • The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. •The Fund’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. • Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. • The Fund may invest in foreign securities which carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). • Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. • The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. • The Fund’s investments in restricted securities may involve financial and liquidity risk. • You may have a gain or loss when you sell your shares. • It is important to note that the Fund is not guaranteed by the U.S. government. • Please read the prospectus for more detailed information regarding these and other risks.

+The advisor has contractually agreed to waive fees and expenses through February 1, 2017, to limit the ordinary operating expenses of the fund. The fund may have net expenses greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. Total annual operating expenses vary by share class. See the prospectus for information on the fees and expenses that apply to each share class.

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or contact us.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investment Advisors, LLC, ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisers to the referenced funds. Securities offered through Guggenheim Funds Distributors, LLC, an affiliate of Guggenheim, SI, GFIA and GPIM.


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